Download PDF Introduction In the last two months, we have seen a flurry of bids come in for the most prized assets in the world of football, namely Tottenham Hotspur FC and the infamous Manchester United. The astronomical valuations that analysts had speculated for some of these football clubs have Read more…
Download PDF Introduction Throughout history, gold has played a central role in the economies of the world. With its uses ranging from a store of value and currency to an indicator of wealth, it still stirs up heated debate. With the global gold mining industry, worth just shy of $205bn Read more…
Download PDF Introduction Commercial sports, from football to ice hockey, have captivated fans across the globe and it is no surprise that this has turned the heads of investors. The industry has seen ever-growing revenues coming from broadcasting rights, merchandising and sponsorship deals. Consequently, sports franchises have become an attractive Read more…
Download PDF Introduction The power and utilities industry refers to a category of companies that focus on providing services to satisfy basic needs. The five main businesses classified as utilities are electric power, natural gas, water supply, steam supply and sewage removal. The sector is mainly known for its stability Read more…
Download PDF Introduction about Fintech In the years following the financial crisis of 2008, regulators have focused their attention on making the financial system a much safe a place as possible, in particular adopting new regulations for traditional financial institutions. Meanwhile, in places like Sillicon Valley, London, and in parts Read more…
Download PDF Introduction By typing “hybrid” in the Google search bar, the first results that come out are hybrid cars and their cutting-edge technology that is revolutionizing the automotive sector. If, on the other hand, the same question is made to a bond trader, the first thought that springs to Read more…
Download PDF Introduction We continue our series on the impact of negative interest rate policies (NIRP) on various asset classes by looking at equities valuations this time. The years after the Great Financial Crisis have brought secular macroeconomic, policy and structural shifts, which have resulted in an unmatched collapse in Read more…
Download as PDF Introduction Relative valuation is a widely spread approach among practitioners and is, broadly speaking, a double-check methodology, to back-test more sophisticated valuation techniques. Relative valuation relies on the main assumption that stock markets are on average efficient and fundamentals are correctly priced in. The aim of this Read more…
Intro There has been a growing interest among private equity firms in the past 5 to 6 years towards sports. During these past recent years, the sports industry has become a major economic sector, exceeding €600bn in value and growing at around 7% annually. The sports’ market is divided into Read more…
In this article, we introduce distressed debt securities. Then, we investigate what are the problems of valuing a company in financial distress and how we can address those problems. Finally, we present some investment strategies that can be applied when a company is financially distressed. Overview Distressed companies are companies Read more…
Projecting growth of earnings and revenues has always been bread and butter of equity analysis, with equity research departments deploying state of art models and tools in order to gain an advantage in forecasting the high growth industries. However, as 2019 certainly has been for many investors a year of Read more…
Lyft inc. [LYFT: NASDAQ] – Market Cap as of 5/4/2019 $21.28bn Introduction On March 29, Lyft – a leading US ride-hailing company – went public on the Nasdaq. Its IPO price settled at the top end of the pricing range, with shares at $72 a piece valuing the company at Read more…
Whitbread plc (LON:WTB) – market cap as of 04/05/2018: £7.84bn Introduction Conflicts of interest between shareholders and managers represent an old phenomenon and an inherent element of capitalistic governance systems. It stems from the fact that managers tend to profit from simply because their companies are getting bigger (through higher Read more…
Alibaba Group Holding Ltd. (NYSE:BABA) – market cap as of 20/04/2018: $462.0bn Tencent Holdings Ltd. (HKG:0700) – market cap as of 20/04/2018: HK$3,780bn Introduction The first two weeks of April 2018 have seen a string of aggressive acquisitions and the announcement of financing rounds by companies backed by the Chinese Read more…
Introduction In January 2018, M&A activity surpassed investors’ expectations. According to a report by law firm Baker McKenzie, global mergers and acquisitions are expected to hit an 18-year record, reaching $3.2 trillion in 2018. To the same extent, cross-border M&A is expected to reach new time highs. In the December Read more…