A Couple Interview questions

A couple of questions if anyone wants some more:

1) Can you apply CAPM in Latin America? Why or why not?

2) In a secondary offering, if you could only use one method of valuation, which would you use? Why?

3) If company A owned its store and company B leased its stores which would have a higher EBITDA?

Feel free to post your answers/more questions if anybody has any interesting ones.

Apologies in advance if these have been posted before

4 Comments
 
Best Response
  1. Yes, but you have to make adjustments accordingly (there are different adjustments you can make depending on the information available and what you want to benchmark to, how you define "investment universe", etc.) I'll let others chime in if they wish.
  2. The share price of the stock since you've already had an initial offering? (unless you mean a dilutive offering, unsure whether you mean a series B in a private company, a pipe, a secondary market offering in a public co., etc.).
  3. A has a higher EBITDA because the capex and the D&A are not captured whereas the one that leases expenses rent in SG&A, which is deducted prior to EBITDA (and thus makes EBITDA lower, ceteris paribus). For industries with a heavy real estate component where corp. strategies differ, the best metric is EBITDAR (R being rent), such that it's a more apples to apples comparison.
 

CAPM relies on the efficient market hypothesis, which deals with the risk free rates of USTs that never default. Since some countries in S.A have defaulted, perhaps this isnt the best measure, however id still be inclined to say CAPM should work to a certain extent.

DCF method for secondaries.

As for owning vs lease, too little info given to calculate earnings or any variance of it. Presumabely, the leased store has larger OpEx (due to the lease itself) but then again the owner of the store (A) could have large loans which destroy its EBT after interest...

 

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