Corporate Finance

Showing 1-7 of 7 results
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Looking at Failed IPOs in the Age of the Unicorn

by Natasha Ketabchi

For many years, the IPO market appeared dormant. 2019, however, is bucking the trend with a large number of high-profile tech companies going live on stock exchanges. Not all of these IPOs have been successes. What is the process and what determines success (or lack thereof)?

9 minute readContinue Reading
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Corporate Tax Reform and the Future of Valuation – Part II

by Jacob Wright

In his first article on the effects of the new US corporate tax reform bill, Toptal Finance Expert Jacob Wright assessed one of the most important impacts of the reform: the changes to interest deductibility. In this follow-up article, he runs through some further thoughts related to the effects on capital expenditures, in addition to a more high-level assessment of what the optimal capital structure of the future will look like given these changes.

11 minute readContinue Reading
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Corporate Tax Reform and the Future of Valuation

by Jacob Wright

In December 2017, Congress’ tax reform bill, amongst many sweeping changes, reduced the marginal tax rate to 21% from 35% for corporations, and limited their use of interest expense as a tax shield. This article explores the implications of these changes for traditional methods of valuation, including the discounted cash flow (DCF) method and the EBITDA multiple method for the corporate manager and finance professional.

11 minute readContinue Reading
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Soul Hypercycle and the Wave of New Fitness Boutiques

by Matt Dixon

The fitness industry is large, growing steadily and rapidly evolving. Since the 1980s, health club locations and memberships have more than tripled to 36,000 and 57 million, respectively. Yet, over the past decade, 35% of its customer base has shifted away from incumbent brands. This article analyzes some of the shifts in the fitness industry that are illustrative of broader economic issues and highlights interesting implications for other consumer-facing businesses.

12 minute readContinue Reading
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2017 Holiday Spending Forecast: Will Be Better Than Expected

by Elizabeth J. Howell Hanano, CFA

Retail investors have had a rough year. The SPDR S&P Retail ETF has underperformed the S&P 500 by nearly 30 percentage points. From eCommerce shifts to higher gas prices, there are plenty of arguments to be made against retail. Yet, there are a couple reasons to be jolly heading into the holiday season that few are talking about. In this article, Elizabeth Hanano, CFA suggests that low expectations combined with lesser-known tailwinds indicate it may be time to dip a toe back into the retail pond.

13 minute readContinue Reading
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Pearls of Wisdom - The Best Shareholder Letters Nobody Is Reading

by Elizabeth J. Howell Hanano, CFA

Equity analysts often leave out an important source of wisdom when analyzing companies—the annual shareholder letter. This article intends to elucidate the purpose and traits of good shareholder letters based on an analysis of the 601 companies in the S&P SmallCap 600 Index. The article will also direct readers to some of the best lesser-known shareholder letters to put on their annual reading list.

20 minute readContinue Reading
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What is the Border Adjustment Tax? Potential Benefits and Risks

by Melissa Lin

With tax reform discussions likely to rise to the national forefront, this article provides analysis regarding border adjustment taxes and the recent House proposal. It assesses economic implications and historical comparisons to help you understand how you and your business might be impacted.

11 minute readContinue Reading

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