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June 21, 2018

RSS Aswath Damodaran’s Musings on Markets

  • User and Subscriber Businesses: The Good, the Bad and the Ugly! May 29, 2018
    In a series of posts over the course of the last year, I argued that you can value users and subscribers at businesses, using first principles in valuation, and have used the approach to value Uber riders, Amazon Prime members and Spotify & Netflix subscribers. With each iteration, I have learned a few things about user value and ways of distinguishing […]
  • Walmart's India (Flipkart) Gambit: Growth Rebirth or Costly Facelift? May 22, 2018
    On May 9, 2018, Walmart confirmed officially what had been rumored for weeks, and announced that it would pay $16 billion to acquire a 77% stake in Flipkart, an Indian online retail firm, translating into a valuation of more than $21 billion for a firm founded just over ten years ago, with about $10,000 in […]
  • Amazon: Glimpses of Shoeless Joe? April 26, 2018
    It was just over two weeks ago that I started my posts on the FANG stocks, starting with Facebook, which I decided to buy, because I felt that notwithstanding its current pariah status, its user base was too valuable to pass by, at the prevailing market price. I then looked at Netflix, a company that […]
  • Alphabet Soup: Google is Alpha, but where are the Bets? April 19, 2018
    In my last two posts, I looked first at the turn in the market against the FANG stocks, largely precipitated by the Facebook user data fiasco and then at the effect of the blowback on Facebook's value. I concluded that notwithstanding the likely negative consequences for the company, which include more muted revenue growth, higher […]
  • Netflix: The Future of Entertainment or House of Cards? April 16, 2018
    For better or worse, Netflix has changed not just the entertainment business, but also the way that we (the audience) watch television. In the process, it has also enriched its investors, as its market capitalization climbed to $139 billion in March 2018 and even after the market correction for the FANG stocks, its value is […]
  • The Facebook Feeding Frenzy: Time for a Pause! April 10, 2018
    In my last post, I noted that the FANG stocks have been in the spotlight, as tech has taken a beating in the market, but it is Facebook that is at the center of the storm. It was the news story on Cambridge Analytica's misuse of Facebook user data,  in mid-March of 2018, that started […]
  • Come easy, go easy: The Tech Takedown! April 7, 2018
    If there is one thing that I have learned about markets over the years, it is that they have a way of leveling egos and cutting companies and investors down to size. The last three weeks have been humbling ones for tech companies, especially the big four (Facebook, Amazon, Netflix and Alphabet or FANG) which […]
  • Spotify Loose Ends: Pricing, User Value and Big Data! March 23, 2018
    In my last post, I valued Spotify, using information from its prospectus, and promised to come back to cover three loose ends: (1) a pricing of the company to contrast with my intrinsic valuation, (2) a valuation of a Spotify subscriber and, by extension, a subscriber-based valuation of the company, and (3) the value of […]
  • Stream On: An IPO Valuation of Spotify! March 17, 2018
    In the last few weeks, we have seen two high profile unicorns file for initial public offerings. The first out of the gate was Dropbox, a storage solution for a world where gigabyte files are the rule rather than the exception, with a filing on February 23. Following close after, on February 28, Spotify, positioning […]

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RSS The Business Times – Companies & Markets

  • CW Group says unable to redeem SGD bonds; faces statutory demands from lender June 21, 2018
    HONG Kong-listed engineering and renewable energy outfit CW Group expects it will not be able to repay Singapore dollar-denominated (SGD) notes and pay a final dividend to shareholders due to its inability to raise new money from investors.
  • Summons filed to block Singapore Myanmar Investco's US$10.8m TPR divestment June 21, 2018
    A JOINT venture partner of mainboard-listed Singapore Myanmar Investco (SMI) has filed an originating summons to block SMI's US$10.8 million proposed disposal of TPR Myanmar.
  • Stocks to watch: Midas, MTQ, RHT Health Trust June 21, 2018
    THE following companies saw new developments that may affect trading of their shares on Thursday.
  • Corporate digest June 20, 2018
    RHT Health Trust (RHT) has received all outstanding amounts due from Fortis Healthcare for 9MFY2018 and 4QFY2018, it said on Wednesday. RHT had said in May that it was owed certain service fees as well as interest on convertible debentures which had yet to be paid. Fortis had previously provided an undertaking to RHT entities […]
  • Australia's Telstra unveils massive job cuts in strategic reset June 20, 2018
    AUSTRALIA'S largest telecom firm Telstra Corp Ltd said it would cut a quarter of its workforce and flagged asset sales on Wednesday, as competition and new technology crush its mainstay fixed-line businesses and force a strategic reset.

RSS The Business Times – Stocks

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What is speculation?

April 14, 2018

“An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.”
Source: Benjamin Graham, “The Intelligent Investor”

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