Forum Search: technical analysis
Re: investments in JV or associates
This is a tricky question and the answer is counter-intuitive. In essence, JVs that are treated as equity method (20%-50%) are considered the opposite of Minority Interest / Non-Controlling Interest. The idea is that in theory, one call sell off all the JV stakes and receive cash. Therefore, mar... Read More
This is a tricky question and the answer is counter-intuitive. In essence, JVs that are treated as equity method (20%-50%) are considered the opposite of Minority Interest / Non-Controlling Interest. The idea is that in theory, one call sell off all the JV stakes and receive cash. Therefore, mar... Read More
Re: Where can I find the other templates for these standalone clips or are these just teasers, must we purchase the advanced package to get the same tutorial as we did with the basic?
Hi, as you mentioned, the Excel templates and/or slide materials referenced in this free package act as a preview of the full package. For a more detailed glimpse at several specific courses, please feel free to sign up for the six-month free trial (head to our webpage at http://wallst-training.com ... Read More
Hi, as you mentioned, the Excel templates and/or slide materials referenced in this free package act as a preview of the full package. For a more detailed glimpse at several specific courses, please feel free to sign up for the six-month free trial (head to our webpage at http://wallst-training.com ... Read More
Re: Non-Controlling Interests IAS 10 accounting reclassification
Yes correct, we still treat MI / NCI as NOT part of Equity, therefore in our financial model and valuation analysis, we will reclassify MI / NCI back as part of Liability and make sure Equity does not include MI / NCI. This also applies to US GAAP, not just IFRS, since the same rule impacts US GAAP ... Read More
Yes correct, we still treat MI / NCI as NOT part of Equity, therefore in our financial model and valuation analysis, we will reclassify MI / NCI back as part of Liability and make sure Equity does not include MI / NCI. This also applies to US GAAP, not just IFRS, since the same rule impacts US GAAP ... Read More
Re: Gain/Loss on Derivative for Oil & Gas Company
It shouldn't matter. Non-cash gains /losses are typically due to mark to market and go through OCI as they are likely classified as AFS securities and shouldn't change original analysis.
It shouldn't matter. Non-cash gains /losses are typically due to mark to market and go through OCI as they are likely classified as AFS securities and shouldn't change original analysis.
Re: WST Macros Add-In not appearing on toolbar
In Excel for Mac 2016, the menu/ribbon does not show up, but the shortcut keys all work. The natural downside to this is that any functions without shortcut keys cannot be accessed. This is due to Microsoft’s decision to exclude certain code functionality in their latest versions of Excel for M... Read More
In Excel for Mac 2016, the menu/ribbon does not show up, but the shortcut keys all work. The natural downside to this is that any functions without shortcut keys cannot be accessed. This is due to Microsoft’s decision to exclude certain code functionality in their latest versions of Excel for M... Read More
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#54
Re: Gain/Loss on Derivative for Oil & Gas Company
Historically, we typically do not adjust because it is considered recurring. Exceptions might be one-time shock events, but even then, it depends because chances are their comps will have similar impact. Exceptions apply of course - if one company hedges a lot and one doesn't, then you might want to... Read More
Historically, we typically do not adjust because it is considered recurring. Exceptions might be one-time shock events, but even then, it depends because chances are their comps will have similar impact. Exceptions apply of course - if one company hedges a lot and one doesn't, then you might want to... Read More
Re: Comparable companies analysis
Please refer to the discussion in your previous post on "Equity value derived from DCF". Based on the phrasing of your question here, we would consider the market cap to be pre-money since it presumably is based on current EPS / Net Income and doesn't incorporate the new money (again, see previous p... Read More
Please refer to the discussion in your previous post on "Equity value derived from DCF". Based on the phrasing of your question here, we would consider the market cap to be pre-money since it presumably is based on current EPS / Net Income and doesn't incorporate the new money (again, see previous p... Read More
Comparable companies analysis
My subject company is a private one going to IPO. Let's say I have concluded the industry average P/E and am going to calculate subject company's implied market cap. Is this market cap considered pre-money or post-money? Because if that is a post-money market cap a.k.a. enlarged share capital, the o... Read More
My subject company is a private one going to IPO. Let's say I have concluded the industry average P/E and am going to calculate subject company's implied market cap. Is this market cap considered pre-money or post-money? Because if that is a post-money market cap a.k.a. enlarged share capital, the o... Read More
Re: Cash
If a true asset sale, then correct, you are only purchasing certain assets and liabilities. Each of those would be valued separately to arrive at "fair" value. The analysis basically becomes build the asset vs. buy the asset. You could also look at it from an TEV perspective based on the nature of t... Read More
If a true asset sale, then correct, you are only purchasing certain assets and liabilities. Each of those would be valued separately to arrive at "fair" value. The analysis basically becomes build the asset vs. buy the asset. You could also look at it from an TEV perspective based on the nature of t... Read More
Yes - in a change of control context. If you're doing a DCF (even in the context of and M&A or LBO), you would use options EXERCISABLE because DCF is always standalone valuation, which his exercisable and not outstanding options. Options outstanding become exercisable upon change of control - ... Yes - in a change of control context.
If you're doing a DCF (even in the context of and M&A or LBO), you would use options EXERCISABLE because DCF is always standalone valuation, which his exercisable and not outstanding options.
Options outstanding become exercisable upon change of control - the non-vested options become vested and therefore exercisable, although they may still be out of the money (hence treasury method will handle easily).
Therefore, when calculating multiples using an AVP (Analysis at Various Prices), we would calculate Equity Value and TEV using options outstanding - essentially it's a sensitivity of multiples based on an acquisition. Basically, the same analysis as Trading Statistics (current market multiples) but using options outstanding instead of exercisable. Read More