Planēta Zeme. – Manas Eiropas staigas un vērojumi. – Objekti.

22 Oct

1 Comment

Posted by on 22/10/2011 in Galerija


One response to “Planēta Zeme. – Manas Eiropas staigas un vērojumi. – Objekti.

  1. Rinku

    26/04/2014 at 11:18

    I respectfully dirsgaee..Would it be fair to say interest rates will eventually increate, and cost of debt more so, and would it be fair to expect consumption rates to go down due to higher needed savings rates. Is it also likely the velocity of ROCE towards WACC will increase in the future due to globalization and continuing decreasing product lifecycles? Take one of your DCF and increase WACC a bit, try lower the projected annual increase in FCFE and the all important exit FCFE growth rate. You know what im getting at…If you use Monte Carlo, try to be fair and model the increased uncertainty by widening or left-tilt the associated probability distribution. How much has your median valuation decreased?The PE funds are making a risky bet that the ever increasing multiple expansion will continue to increase…but it wont. PE used to be sexy when cheap finance was ample, and pension funds and Hedge Funds needed these stale priced assets to smooth their volatile portfolio returns. Also what is the time value for a European put option for the 7-10 life cycle years of a PE fund. That is the illiquidity premium I want on top for locking up money all those years. I expect PE AUM with a Nordic mandate to go down, except for infrastructure funds put I don’t know shit…Anyway speaking of valuation, it may be a more sustainable business in trying to that the DCF one step further, by creating transparency into value creation/destroying factors on ledger level, and help companies build KPIs around these on a ongoing basis. Steer them towards operational excellence and lover cash-flow at risk rather that a static valuation.Maybe the CFOs at the Industrial buyers are just being prudent…



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