Discover and read the best of Twitter Threads about #Valuation
Most recents (24)
A la hora de invertir, muchos se centran únicamente en el #retorno y el #riesgo, pero hay un tercer factor que se debe tener en cuenta: el #impacto. Este trípode Retorno+Riesgo+Impacto es la nueva base del Análisis de Proyectos de Inversión en #Finanzas: #ImpactInvesting. Abro🧵 
¿Qué es la #inversion de #impacto? Es una forma de invertir que busca generar un impacto positivo en la sociedad y el medio ambiente, al tiempo que se obtiene un retorno financiero. Es una inversión consciente que combina beneficios sociales y financieros.
Según la Global Impact Investing Network (#GIIN), el mercado global de inversión de impacto alcanzó los $715 mil millones en 2020. Este número sigue creciendo y demuestra la importancia y el atractivo de este tipo de inversión.
#PERatio is the most widely used valuation ratio. But very often, it can be highly misleading and is very often misinterpreted by investors.
In today’s thread, let us understand how to use the ratio and deep dive into the factors influencing it.
#Investing #valuation #stocks
In today’s thread, let us understand how to use the ratio and deep dive into the factors influencing it.
#Investing #valuation #stocks
What is PE?
PE ratio is calculated as shown below:
PE ratio is calculated as shown below:
What the P/E simply means is how much are you willing to pay for ₹1 earning of an asset. So using this analogy for stock investing, the lower the PE ratio the cheaper the stock is and vice versa.
Set a reminder for my upcoming Space! twitter.com/i/spaces/1kvJp…
We are going live in 5!
Follow the thread below for slides!
#nifty50 #NiftyBank #corporateindia
We are going live in 5!
Follow the thread below for slides!
#nifty50 #NiftyBank #corporateindia
Before we begin, here is the Disclaimer
A thread 🧵 on P/E ratio
P/E ratio is a financial metric that compares a company's stock price to its earnings per share. It's used to evaluate the relative value of a stock and assess its potential for growth.
A P/E ratio of 15, for example, means that the stock's price is 15 times its earnings per share. A higher P/E ratio indicates that investors are paying more for each rupee of earnings.
1/21 Let's talk about $WE. Last month @SeekingAlpha reported that WeWork could declare bankruptcy in 2023. They have a $ problem.
loom.ly/roQICwI twitter.com/i/web/status/1…
loom.ly/roQICwI twitter.com/i/web/status/1…
2/21 Their analysis of WeWork's failed business model is spot on.
"The problem for $WE is the margin between what they pay and what they receive from their #customers has not been enough to cover the very large administrative/marketing/advertising #expenses."
"The problem for $WE is the margin between what they pay and what they receive from their #customers has not been enough to cover the very large administrative/marketing/advertising #expenses."
3/21 Their story is wild. WeWork was founded in 2010. By 2014, it "the fastest-growing lessee of new #office space in New York" and was on track to become "the fastest-growing lessee [lessor] of new space in America."
A Sources and Uses analysis for any company can be helpful when analyzing a potential investment
#SMB #investing #valuation
Let's look at $ADBE 👇(1-5)
#SMB #investing #valuation
Let's look at $ADBE 👇(1-5)
1/5 $ADBE 's
Sources: Primarily cash flow from operations. Debt is used for acquisitions.
Uses: A capital light business so little on Capex. The main uses are M&A and Buybacks.
Let's review why $ADBE buys back so much stock, but first we need to look at returns on capital
Sources: Primarily cash flow from operations. Debt is used for acquisitions.
Uses: A capital light business so little on Capex. The main uses are M&A and Buybacks.
Let's review why $ADBE buys back so much stock, but first we need to look at returns on capital
2/5 During past 5 years, $ADBE increased sales by $8.5b, and Opr Inc by $3.6b for an incremental margin of 42.8%
Same period, added $8.6b in total capital & generated a 42% return on that capital. Impressive!
Total capital incudes NWC, PPE, & Goodwill/Intangibles
Same period, added $8.6b in total capital & generated a 42% return on that capital. Impressive!
Total capital incudes NWC, PPE, & Goodwill/Intangibles
Mar 2019, #BYJUS showcased investors that in FY21, Revenue shall be 5609 Cr and profit be 549 Cr and justified its Val at 16364 Cr
Done Revenue of only 2800 Cr and loss of 4500 Cr in FY21 but now at Valuation of 1,75,606 Cr
Startup Valuation is biggest MLM scam of this century!
Done Revenue of only 2800 Cr and loss of 4500 Cr in FY21 but now at Valuation of 1,75,606 Cr
Startup Valuation is biggest MLM scam of this century!
Every #MLM needs an innovative Product.
So here comes an "An Idea + flamboyant Founders who can Pitch + a legal entity" packaged as a Product wherein an existing investor is expected to recruit new investors at higher valuation.
#BYJUS #startups #sharktankindia
So here comes an "An Idea + flamboyant Founders who can Pitch + a legal entity" packaged as a Product wherein an existing investor is expected to recruit new investors at higher valuation.
#BYJUS #startups #sharktankindia
The Investors are more to be blamed for this #MLM
New Age Investors are happy when their money is burnt with no resulting revenue growth because if there is enough revenue; to fund the expense means no need of follow-round
Loss is needed to validate next #Valuation
#BYJUS (3/n)
New Age Investors are happy when their money is burnt with no resulting revenue growth because if there is enough revenue; to fund the expense means no need of follow-round
Loss is needed to validate next #Valuation
#BYJUS (3/n)
In Financial markets, Exit strategy is least talked about topic but plays very important role in generating Alpha, here is a thread covering the 15 point strategy on the same with 2022 case study. Retweet for wider reach & get rewarded #StockMarket #cryptocurrency #Markets (1/n)
Equity markets goes through Greed & Fear cycle and pendulum tends to swing to the extreme with Overvaluation/ exuberance in Bull market peak and Undervaluation/ panic in Bear market #StockMarketindia #DowJones #SmallCaps (2/n)
It is very important to stay unbiased, calm and take rationale decision in all the situations. The rationale decision can be change in investing style/ strategy to conservative ( during bull market peak) or aggressive during bear marker bottom #StockMarket #cryptocurrency (3/n)
1) Herkese merhaba 🙋🏻♂️
Pazartesi sendromu var mıdır bilmiyorum, ama bu akışta Şişecam şirketinin 2022 yılı ikinci çeyrek sonuçları sonrası aldığım notları paylaşarak sizleri biraz daha yoracağım. Şimdiden vakit ayırdığınız için teşekkür ederim.
Buyrun başlayalım.
Pazartesi sendromu var mıdır bilmiyorum, ama bu akışta Şişecam şirketinin 2022 yılı ikinci çeyrek sonuçları sonrası aldığım notları paylaşarak sizleri biraz daha yoracağım. Şimdiden vakit ayırdığınız için teşekkür ederim.
Buyrun başlayalım.
2) Malum, finansal tablolar 2 Ağustos gece açıklanmış ve birçok kişi gibi ben de geç saatlere kadar son durumu incelemiştim. Ertesi gün de Sayın Görkem Elverici Bey (CEO) ve Sayın Gökhan Güralp Bey'in (CFO) geçmiş ve geleceğe ilişkin paylaşımlarını da dinlemek istedim.
0/ Those interested in SaaS investing and need a quick reference point on public market valuations, @MeritechCapital has just released v2 of their benchmarking (free) tool. Check it out!
⬇️🧵⬇️
#software #SaaS #valuation #VentureCapital #privateequity
meritechcapital.com/benchmarking/v…
⬇️🧵⬇️
#software #SaaS #valuation #VentureCapital #privateequity
meritechcapital.com/benchmarking/v…
1/ The tool provides a perspective on what scaled listed SaaS companies look like in the US, in terms of growth, retention, sales efficiency and how these metrics correlate with valuation. US is the most relevant market as it sets the world price for such assets, viz. enterprises
2/ It’s based on non-GAAP financials and allows users to filter by SaaS type (infra, application, freemium / bottoms-up). The types of analysis (incl. charts, tables) the tool allows you to quickly undertake is organized as follows…
1 New to investing?
2 Confused by #fintwit jargon?
3 Do we trust people presenting “valuation” to know what they don't know?
(Hint: “my-laser-eyed-golden-skin-ape-pic-is-worth-at-least-twice-your-diamond-skin-ape-pic” = relative pricing. Not valuation)
Follow #PiggyBack🧵
1/X
2 Confused by #fintwit jargon?
3 Do we trust people presenting “valuation” to know what they don't know?
(Hint: “my-laser-eyed-golden-skin-ape-pic-is-worth-at-least-twice-your-diamond-skin-ape-pic” = relative pricing. Not valuation)
Follow #PiggyBack🧵
1/X
Equity = Assets - Liabilities
But what asset and liability values are we going to use?
The answer as always: it depends on what we are going to use it for.
Here is a summary of equity metrics, from the most conservative:
2/X
But what asset and liability values are we going to use?
The answer as always: it depends on what we are going to use it for.
Here is a summary of equity metrics, from the most conservative:
2/X
Price/”Net-Net” Working Capital (P/NNWC)
Classic Graham/Dodd strategy
Assumes: Use only most liquid current assets, deduct subjective discounts.
Conditions (often missed in screens):
1) Not consuming assets (melting ice cube/negative cash-flow)
2) Historical profitability
3/X
Classic Graham/Dodd strategy
Assumes: Use only most liquid current assets, deduct subjective discounts.
Conditions (often missed in screens):
1) Not consuming assets (melting ice cube/negative cash-flow)
2) Historical profitability
3/X
#GM!
1/ There have been many amazing #threads about $stETH and $ETH, to complement that we will uncover the basis of #liquidstaking in our latest #visualguide
#DeFi #Crypto #Cryptocurrency #Bitcoin #Ethereum #staking #ETH #BTC #AVAX #BNB #SOL #NFT #Lido #LDO #trading #merge
1/ There have been many amazing #threads about $stETH and $ETH, to complement that we will uncover the basis of #liquidstaking in our latest #visualguide
#DeFi #Crypto #Cryptocurrency #Bitcoin #Ethereum #staking #ETH #BTC #AVAX #BNB #SOL #NFT #Lido #LDO #trading #merge
2/ #LiquidStaking is one of the ways to generate a #yield from an asset by utilizing the #composability of liquid staking derivative (LSD) #tokens
#DeFi #Crypto #Cryptocurrency #Bitcoin #Ethereum #staking #ETH #BTC #AVAX #BNB #SOL #NFT #Lido #LDO #trading #merge
#DeFi #Crypto #Cryptocurrency #Bitcoin #Ethereum #staking #ETH #BTC #AVAX #BNB #SOL #NFT #Lido #LDO #trading #merge
3/ #LiquidStaking is needed to reduce the barrier to become #validator and indirectly to increase #liquidity across the networks.
#DeFi #Crypto #Cryptocurrency #Bitcoin #Ethereum #staking #ETH #BTC #AVAX #BNB #SOL #NFT #Lido #LDO #trading #merge
#DeFi #Crypto #Cryptocurrency #Bitcoin #Ethereum #staking #ETH #BTC #AVAX #BNB #SOL #NFT #Lido #LDO #trading #merge
Let's analyze Cement Sector in India and also check few companies with respect to their Relative #Valuation.
This learning Thread 🧵will give you detail information on #Cement Business Future outlook.
Like ❤️and Retweet 🔄 for more such learning thread in the future.
1/9
This learning Thread 🧵will give you detail information on #Cement Business Future outlook.
Like ❤️and Retweet 🔄 for more such learning thread in the future.
1/9
#India is the second largest producer of #Cement in the world.
It accounts for more than 7% of the global installed capacity. India has a lot of potential for development in the infra and construction sector and the cement sector is expected to largely benefit from it.
2/9
It accounts for more than 7% of the global installed capacity. India has a lot of potential for development in the infra and construction sector and the cement sector is expected to largely benefit from it.
2/9
Major Cement Companies in India are:
⚡️Ultra Tech Cement
⚡️Shree Cement
⚡️Ambuja Cement
⚡️ACC
⚡️Dalmia Bharat
⚡️JK Cement
⚡️Ramco Cement
3/9
⚡️Ultra Tech Cement
⚡️Shree Cement
⚡️Ambuja Cement
⚡️ACC
⚡️Dalmia Bharat
⚡️JK Cement
⚡️Ramco Cement
3/9
DueDilio Case Study Tuesday
Sharing some of the projects we facilitate.
This one comes from a search fund...👇
1/4
Sharing some of the projects we facilitate.
This one comes from a search fund...👇
1/4
"We're acquiring a commercial landscaping business in the Southeast that does about $6M in revenue. We're looking to have a valuation of hard assets performed. It's a combination of trucks/vehicles, trailers, heavy equipment and mowers.
2/4
2/4
We'd really just like to confirm the asset value is generally in line with what the seller is saying."
Results...👇
3/4
Results...👇
3/4
Value tip: Look at both ROIC for TANGIBLE and TOTAL capital
The difference is acquisitions/goodwill. The fundamental economics of a business don’t change if a high/low premium is paid
$AMZN
5 yr avg ROIC
Tangible: 15.7%
Total: 10.8%
Cost of Cap= 7%
👇🏼
#valuation #investing
The difference is acquisitions/goodwill. The fundamental economics of a business don’t change if a high/low premium is paid
$AMZN
5 yr avg ROIC
Tangible: 15.7%
Total: 10.8%
Cost of Cap= 7%
👇🏼
#valuation #investing
1/ Company’s will pay high premiums for a good biz. Classic example is Kraft-Heinz. Both CO’s had high ROIC Tangible Capital combined at 30%.
BUT the TOTAL ROIC after the merger was 6%.
Went from 30% to 6%. Why?
They paid too high a price.
BUT the TOTAL ROIC after the merger was 6%.
Went from 30% to 6%. Why?
They paid too high a price.
2/ Tangible ROIC like Kraft-Heinz make investors salivate. You cannot buy a biz for the invested capital (IC) amount only. No one would sell it since the IC generates valuable cash flows.
BUT paying too much for the cash flows reduces any benefits of the high Tangible ROIC biz
BUT paying too much for the cash flows reduces any benefits of the high Tangible ROIC biz
DoubleLine founder and CEO Jeffrey Gundlach presents:
Just Markets 2022 - I Feel Young Again
Today at 1:15pm PT, register here: event.webcasts.com/starthere.jsp?…
#macro #markets #stocks #FX #bonds #commodities #rates #inflation #Fed #QE #bitcoin
Live recap thread⬇️
Just Markets 2022 - I Feel Young Again
Today at 1:15pm PT, register here: event.webcasts.com/starthere.jsp?…
#macro #markets #stocks #FX #bonds #commodities #rates #inflation #Fed #QE #bitcoin
Live recap thread⬇️
Jeffrey Gundlach: 2021 might end up running 7% year on the CPI
#inflation #QE #Powell #fed #hikes #rates
#inflation #QE #Powell #fed #hikes #rates
Jeffrey Gundlach: Low interest rates coupled with inflation generating negative interest rate.
#JustMarkets2022 #CPI #QE #Fed
#JustMarkets2022 #CPI #QE #Fed
(1/8)
Bir işin gerçek değerini ne belirler?
Bunu basitçe ama finansal kavramlar kullanarak anlatmaya çalışacağım.
Bir işin gerçek değeri,
(i) mevcut faaliyetlerin nakit üretme gücü ile
(ii) gelecekte büyümenin yaratacağı ek değerin toplamıdır.
Bir işin gerçek değerini ne belirler?
Bunu basitçe ama finansal kavramlar kullanarak anlatmaya çalışacağım.
Bir işin gerçek değeri,
(i) mevcut faaliyetlerin nakit üretme gücü ile
(ii) gelecekte büyümenin yaratacağı ek değerin toplamıdır.
(2)
Yani şirketin mevcut haliyle değerine gelecekteki büyümenin katkısını ekliyoruz. Her büyümenin şirkete değer katmayabileceğini aşağıda anlatacağım.
Yani şirketin mevcut haliyle değerine gelecekteki büyümenin katkısını ekliyoruz. Her büyümenin şirkete değer katmayabileceğini aşağıda anlatacağım.
(3)
İlk kısım, faaliyetlerden elde edilen nakit akışından tüm işletme maliyetleri ve vergi giderleri düşüldükten sonra kalan nakit (NOPAT) ile ilgilidir. Yani şirketin mevcut faaliyetlerinden elde ettiği yıllık sürdürülebilir net nakit akışı.
İlk kısım, faaliyetlerden elde edilen nakit akışından tüm işletme maliyetleri ve vergi giderleri düşüldükten sonra kalan nakit (NOPAT) ile ilgilidir. Yani şirketin mevcut faaliyetlerinden elde ettiği yıllık sürdürülebilir net nakit akışı.
(1)
Bir şirketin değeri, yaptığı işin değerinden farklı mıdır Peki piyasa fiyatı şirketin gerçek değeri midir?
Şirket diye neyi alıp sattığımızı bilmeliyiz. Önümüzdeki pastanın hepsi bizim olmayabilir :)
Bir şirketin değeri, yaptığı işin değerinden farklı mıdır Peki piyasa fiyatı şirketin gerçek değeri midir?
Şirket diye neyi alıp sattığımızı bilmeliyiz. Önümüzdeki pastanın hepsi bizim olmayabilir :)
(2)
Şirketler gelir elde ettikleri faaliyetleri yürütmek için kaynak (sermaye, dış kaynak) ihtiyacı vardır. Girişimciler şirketi büyütmek için yeni ortak alırlar (stratejik, finansal, melek yatırımcı, risk sermayesi, halka arz vb) ve borçlanırlar (banka kredisi, bono ihracı vb)
Şirketler gelir elde ettikleri faaliyetleri yürütmek için kaynak (sermaye, dış kaynak) ihtiyacı vardır. Girişimciler şirketi büyütmek için yeni ortak alırlar (stratejik, finansal, melek yatırımcı, risk sermayesi, halka arz vb) ve borçlanırlar (banka kredisi, bono ihracı vb)
(3)
Şirket borç aldıklarına faiz öder, borç verenler kazanç pastasından başka ısırık almaz. Tüm giderler sonunda kazanç kalıyorsa devlet de vergi olarak payını alır. İşin riskini üstlenen hissedarlar ise faaliyet kazancının faiz ve vergi gideri sonrası kalanında hak sahibidir.
Şirket borç aldıklarına faiz öder, borç verenler kazanç pastasından başka ısırık almaz. Tüm giderler sonunda kazanç kalıyorsa devlet de vergi olarak payını alır. İşin riskini üstlenen hissedarlar ise faaliyet kazancının faiz ve vergi gideri sonrası kalanında hak sahibidir.
Came across an interview of @sidd1307 conducted by @varinder_bansal.
The one hour was packed with learning both related to #stockmarkets and daily life.
Below is the thread about key learning which i found important.
Like or retweet if you found it worthwhile.
The one hour was packed with learning both related to #stockmarkets and daily life.
Below is the thread about key learning which i found important.
Like or retweet if you found it worthwhile.
Intro of Siddharth bhaiya
(a) he has completed CA.
(b) Entered into the stock market in early 2000's as analyst covering FINANCIALS
(c) Currently running Aequitas Investment Consultancy.
(1/n)
(a) he has completed CA.
(b) Entered into the stock market in early 2000's as analyst covering FINANCIALS
(c) Currently running Aequitas Investment Consultancy.
(1/n)
Importance of stock market
Human like any other animals, performs 4 core activities in his lifetime;
(a) Searching for food
(b) Protecting themselves from enemy
(c) Occupy territory
(d) Sex/mating
In modern world, all these activities are dependent on money.
(2/n)
Human like any other animals, performs 4 core activities in his lifetime;
(a) Searching for food
(b) Protecting themselves from enemy
(c) Occupy territory
(d) Sex/mating
In modern world, all these activities are dependent on money.
(2/n)
#EuanBlair Doing bits! 🤑
#Multiverse goes from being valued at £14m in 2018 - £648m today
To be fair, it sounds like a good idea (and apparently, unlike many other 'Unicorns' is actually turning a profit)
US Hedge Fund driving that #valuation though #D1 💸
Shades of #WeWork?
#Multiverse goes from being valued at £14m in 2018 - £648m today
To be fair, it sounds like a good idea (and apparently, unlike many other 'Unicorns' is actually turning a profit)
US Hedge Fund driving that #valuation though #D1 💸
Shades of #WeWork?
-Kernel of a good idea & proof of concept
-Focal Point (Euan Blair - son of former PM)
-Attention of monied US Hedge Funds hunting returns 🚀 in a bubble
-Hedge Funds have influence in big Tech co's. Intro the two parties 📈
-Highfalutin aims
£130m investment ⏩ £260? in a year🎲
-Focal Point (Euan Blair - son of former PM)
-Attention of monied US Hedge Funds hunting returns 🚀 in a bubble
-Hedge Funds have influence in big Tech co's. Intro the two parties 📈
-Highfalutin aims
£130m investment ⏩ £260? in a year🎲
Dubbed "The Blair Rich Project" in the tabloids 😂
In fairness, it's a great idea that could change graduate tech recruitment
Will expand to senior Recruitment brand for it's alumni
A social Network for 'Multiversers'
Own campus/Lifestyle
#Wework 👀
techcrunch.com/2021/09/28/mul…
In fairness, it's a great idea that could change graduate tech recruitment
Will expand to senior Recruitment brand for it's alumni
A social Network for 'Multiversers'
Own campus/Lifestyle
#Wework 👀
techcrunch.com/2021/09/28/mul…
MATERIAIS GRATUITOS SOBRE VALUATION
Esse era o meu Twitte fixado na minha conta anterior do Twitter - que ainda não recuperei.
Mas consegui recuperar o material que havia postado em outro local também.
Segue o fio!
Esse era o meu Twitte fixado na minha conta anterior do Twitter - que ainda não recuperei.
Mas consegui recuperar o material que havia postado em outro local também.
Segue o fio!
1) A primeira recomendação é ver a minha palestra sobre Mitos e Verdades sobre valuation.
As pessoas começam a estudar valuation achando que dominarão o mundo, mas não irão. Valuation é uma ferramenta adicional.
contabilidademq.com.br/2018/10/slides…
As pessoas começam a estudar valuation achando que dominarão o mundo, mas não irão. Valuation é uma ferramenta adicional.
contabilidademq.com.br/2018/10/slides…
2) Sobre Contabilidade, recomendo começar por aqui. Tem uma série de pequenos textos que eu escrevi para o @AprendaComTC e algumas indicações de livros.
contabilidademq.com.br/2019/02/materi…
contabilidademq.com.br/2019/02/materi…
#investing #books have long spoken of it glowingly but happy to note @AswathDamodaran-IMHO among top three #valuation experts in world-went out of his way, in recent lecture to his valuation course, to recommend "Expectations Investing" by @mjmauboussin & A. Rappaport. (1/2)
Can't actually recall other instances of Aswath speaking so highly of a work mid-lecture (which doesn't mean he hasn't) -& the book itself is a masterpiece. Happily, newly revised/expanded edition out 9/21. "Expectations Investing" @mjmauboussin & A. Rappaport. #investing #books
The view from 30,000 ft... a very long term chart of stock market #valuation (via 3Edge):
Similar, but slightly different #valuation gauge from Bridgewater:
S&P 500 Price to Forward Earnings Ratio remains below its pre-pandemic highs but still very stretched historically #valuation
via NDR h/t CMG
via NDR h/t CMG
Fiz essa análise antes das DFs do 2o trim. e ficou parada, mas ainda está atual. É uma análise didática do setor educacional na bolsa. Não é recomendação de compra, uso para fins didáticos. As empresas analisadas foram: $COGN, $SEER, $ANIM e $YDUQ (ticker difícil de memorizar).
Primeiramente, não é um setor que me sinto confortável para investir (e complexo). O setor todo foi impactado fortemente em dois momentos (tirando especificidades de cada Cia). O primeiro impacto negativo foi quando o Governo Dilma decidiu cortar o FIES pela metade em 2015.
Quase todas as Cias tiveram seus preços ladeira abaixo (quase 50% de queda em alguns casos). Depois em 2016 veio mais cortes do MEC e a incerteza dos pagamentos dos financiamentos por causa da crise econômica, ou seja, o setor era (ou ainda é em partes) fortemente dependente
