Not exact matches
That's why buying a startup (as long as the entrepreneur isn't a pig on
valuation) is so much better
for them in many
cases.
Rather than trying to press his
case, he asks
for their thoughts on a more reasonable
valuation.
There are currently two
valuation methods worth considering
for bookstores: on the low end, rely on 15 % of annual sales plus the value of inventory (in this
case, that suggests a $ 120,200 price tag).
The investor points to Facebook as an example of how tech company
valuations can skyrocket postvaluation — and makes the
case that if anyone is in a bubble, it's the traditional incumbent companies, ripe
for disruption.
Case adds that as a native of Hawaii, he subscribes to «wave theory,» saying that «sometimes, the waves are there» and sometimes, when you can't get the deal at the
valuation that you want, you just have to wait
for the next one.
In this
case, many LPs have incorporated the high performance of Unicorn
valuations into their overall results which has created very strong performance gains
for the venture capital category.
Managers employ fundamental credit processes focused on
valuation and asset coverage of securities of distressed firms; in most
cases portfolio exposures are concentrated in instruments that are publicly traded, in some
cases actively and in others under reduced liquidity but in general
for which a reasonable public market exists.
The company faces significant challenges in the near future, but we think the
case for earning a higher
valuation is logical and looks achievable.
And economic reform momentum, improving cash flows and reasonable
valuations make a solid investment
case for EM equities.
Non-competition clauses are frequently included in agreements
for the sale of a business, particularly in
cases where goodwill forms a significant part of the
valuation.
The best
case scenario
for the majority of today's unicorns that actually have viable businesses will be that their
valuations drop by 50 % -90 %.
In some
cases, a lower
valuation with lower preferred share rights may yield a higher economic outcome
for common shareholders than a higher
valuation with a high level of preferred share rights.
In an extreme
case, ExxonMobil could simply go private, removing any need to rely on public markets
for funding or
valuation.
When you start digging around, you can make a strong
case that
valuations for the most part are pretty reasonable among some of the larger tech companies.
Likewise, investors might have believed that the extraordinarily elevated market
valuations of 1929 and 2000 were «justified» by the recent economic prosperity, but that did nothing to prevent the market collapses that completed those cycles, with over a decade of negative total returns
for the S&P 500 in both
cases.
After all, the obstacles
for the new administration were formidable, and the best -
case achievement of those objectives was increasingly priced into
valuations for stocks and bonds.
In general, I'm a fan of index investing (I think it's the best strategy
for most investors), but being forced to buy and hold shares regardless of their
valuation becomes a dangerous proposition when the stock is highly overvalued, which is the
case today in China.
The Series A Preferred shall also be convertible into any future series of Preferred Stock (the «Future Preferred») under either of the following circumstances: (a) if such conversion is approved by the Board or (b) if such conversion is in connection with a future Preferred Stock equity financing in which the Company's fully diluted pre-money
valuation is greater than the Company's fully diluted post-money
valuation immediately following the Series A Financing contemplated by this term sheet (a «Future Financing»), in either
case, on a one -
for - one basis (subject to anti-dilution adjustment) at the option of the holder; provided however, if such conversion is in connection with a Future Financing, that the holder may convert into shares of Future Preferred only in the event that all of such shares of Future Preferred received by the holder upon conversion are sold to an Approved Investor (as defined below) no later than 90 days following the first closing of the Future Financing at a price per share no lower than the price per share at which the Company sells shares of such Future Preferred in the Future Financing and, provided further, that such Approved Investor is not an affiliate, family member, or related party of the holder.
This one of a kind program includes a distinguished speaker series, multiple
valuation case studies of actual businesses and stocks purchased by Warren Buffett, and
for the final exam, student presentations of businesses they think would best fit into the Berkshire family of businesses.
Stronger growth, higher inflation and low equities
valuations make a compelling
case for a fresh look at Japan.
For example, convertible note w / cap of $ 4m, but in
case of acquisition the note converts at $ 6m
valuation.
Rather than
valuations or the dollar, the best
case for EM equities ties back to global growth.
If it's the
case, as some argue, that policymaker approaches around the world are evolving in that direction, then that provides yet another basis
for valuations to get pushed higher, just as it provided a basis in our earlier example
for a depositor to keep money in a bank despite being paid a paltry rate.
The same observations can be made
for developed Non-US equities, and the
valuation case becomes even more compelling when looking at Emerging Markets.
The current
case for non-US versus US equities supposes an eventual mean reversion in historically divergent performance and
valuation trends.
I can only imagine that the Upton Park side have placed this large
valuation on the former Chelsea man in the hopes it would scare off interest, but if that was the
case they couldn't they just say the following sentence instead «He is not
for sale».
It's a similar
case in both in a sense, as the two players are entering the final 12 months of their contracts, and so Milan are keen to bring down their
valuation to make it a sensible deal
for them.
Again, no regard or consideration was given by the Respondents inspite of the pendency of the
case in the High Court, Commercial Division and the Order
for a
valuation process to be undertaken by Ernst & Young to enable the Court proceed with the matter pending before it,» the suit explained.
For example, the safe withdrawal rate changes over time depending on equity
valuations and the safe withdrawal rate can be vastly different depending on your age and expectations about Social Security, see two
case studies I did recently at ChooseFI and last week here on our blog.
The current
case for non-US versus US equities supposes an eventual mean reversion in historically divergent performance and
valuation trends.
For every stock we own, we have
valuation goal posts, consisting of a bear
case scenario, base
case and bull
case.
Note: I normally use P / E, P / B and other similar ratios
for screens but not
for the actual
valuations (in some
cases they are appropriate and in others they are not).
However, if you add that into the near - term 10 % compound annual growth
for the company's EPS that is expected by at least one professional analysis firm, you've got a
case for double - digit total return very quickly (assuming the
valuation doesn't compress).
This
valuation of the home is used by the lender to confirm the purchase price on a purchase agreement in the
case of a purchase or to determine the value of a home
for refinance purposes.
While this has been the
case for some time, the
valuation of Hilton was standing in the way.
Almost all of the factors and smart beta strategies exhibit a negative relationship between starting
valuation and subsequent performance whether we use the aggregate measure or P / B to define relative
valuation.9 Out of 192 tests shown here, not a single test has the «wrong» sign: in every
case, the cheaper the factor or strategy gets, relative to its historical average, the more likely it is to deliver positive performance.10
For most factors and strategies (two - thirds of the 192 tests) the relationship holds with statistical significance for horizons ranging from one month to five years and using both valuation measures (44 % of these results are significant at the 1 % leve
For most factors and strategies (two - thirds of the 192 tests) the relationship holds with statistical significance
for horizons ranging from one month to five years and using both valuation measures (44 % of these results are significant at the 1 % leve
for horizons ranging from one month to five years and using both
valuation measures (44 % of these results are significant at the 1 % level).
Juicy Excerpt: It's not that the
case for Valuation - Informed Indexing is not strong enough.
An obscure illiquid stock on a weird exchange sounds like the rights ingredients
for a cheap
valuation, and on the surface that seems to be the
case for TABS Holland as well.
Make sure you keep any
valuations from estate agents and keep adverts
for sales of similar properties in your area in
case there is a dispute in the future over the price
for which the lender sold the property.
In Argo's
case, I address the slippage in AUM in the past couple of years by: i) haircutting my
valuation of the asset management business to 3.75 % of AUM (if AUM were increasing steadily & incentive fees being earned, a
valuation of 7.5 % or even 10 % of AUM wdn't be unreasonable, considering Argo's fee structure, and ii) calling
for more resources to be devoted to fund - raising, and other alternative revenue / fee sources (
for example, like white - label & sub-advisory contracts) to be explored — see here: https://wexboy.wordpress.com/2012/11/16/argo-escape-from-an-evil-state/
If today's Shiller P / E is 22.2, and your long - term plan calls
for a 10 % nominal (or with today's inflation about 7 - 8 % real) return on the stock market, you are basically rooting
for the absolute best
case in history to play out again, and rooting
for something drastically above the average
case from these
valuations.
[btw I'd just like to highlight: If I don't revisit a holding
for a year or more, it actually isn't a
case of neglect — as I've always said, intrinsic
valuation (s) & a good investment thesis change quite slowly, most of the time.
@Andrew F: While I agree with you that at current
valuations a
case can be made
for holding bonds in taxable accounts, that may not always be true.
It's called A Critic of
Valuation - Informed Indexing Offers a Concise
Case for Why Buy - and - Hold Is Superior.
I'd prefer they retain their Monaghan Mushrooms stake, but the court
case endorses my sum - of - the - parts
valuation, and a transaction would be a significant liquidity / value event
for Donegal shareholders.
Fortunately, this final stage may present asymmetric risk / reward — I suspect the judge will have little sympathy
for any argument undermining the previous $ 26 million
valuation, while there's a strong
case for a much higher
valuation.
I assumed that the investors started with a portfolio value of $ 6,000 at age 25 and then made contributions of $ 6,000 per year
for 40 years (in the
case of the Buy - and - Holder) or
for 35 years (in the
case of the
Valuation - Informed Indexer).
Valuations have been on a steady climb
for the past few years and are pricing in a best
case scenario.
But the
case both
for and against Federal Reserve interventions changes with the shift from the Buy - and - Hold Model
for understanding how stock investing works to the
Valuation - Informed Indexing Model.
For example, (type in word in blog search box: Munsingwear, Duff & Phelps, Hudson General, Moody's, etc. for valuation case studi
For example, (type in word in blog search box: Munsingwear, Duff & Phelps, Hudson General, Moody's, etc.
for valuation case studi
for valuation case studies)