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M&A Valuation: Company Sale & Share Buyback
Hello everybody! Maybe somebody could help me with the following question. Let's imagine the situation: the public holding company A sells a part of its business (company B) for a certain amount of money to another company C. The company A uses the proceeds from the sale of the company B to...
Stock Buybacks: They are big, they are back and they scare some people!
This has been a big year for stock buybacks, continuing a return to a trend that started more than two decades ago and was broken only briefly by the crisis in 2008. Focusing just on the S&P 500 companies, buybacks in the 2013 amounted to $475.6 billion, not quite as substantial as the best buyback...
Danier Leather, a retrospective on a cheap stock.
Almost three years ago to the day I looked at Danier Leather -a Canadian leather retailer- and walked away because I couldn't identify a margin of safety. The company was cheap at 2x EV /EBIT, earned an ROE of 12% and traded for slightly more than NCAV. After passing on the investment I mostly...
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