Hey guys, I'd appreciate any insight you can provide. I'm going through one of those IB reports in buyout proxies for an equipment leasing company and they use a valuation metric I've never heard of: premium-to-net-receivables ratio.
Does anyone have any idea of what it is and how to calculate it? Other transactions have happened at an average of 21.5%, in case that helps. If you're interested, the company is MicroFinancial (MFI) bought by FIG late 2014 via a tender offer.
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