Why value investing no longer works. Plus, the surprising lack of interest in Canadian dividend ETFs [Globe and Mail, The (Toronto, Canada)]
Morgan Stanley (MS)
Last morgan stanley earnings: 4/16 07:15 am
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Source: Globe and Mail, The
enterprise value to earnings before interest taxation depreciation and amortization (EV to EBITDA) multiples have led the market. Morgan Stanley consultant Michael Mauboussin explains why in a new report this month. Mr. Mauboussin's Valuation Multiples: What They Miss, Why They Differ, and the Link to Fundamentals is typically brilliant for the adjunct finance professor at Columbia University, former head of global financial strategies at Credit Suisse, a leader at the Sante Fe Institute and the author of what I still believe, after 20 years, is the single best short paper ever written for the average investor. The new report argues that the most common multiples used to pick stocks no longer reflect the value creating power of a company. For Mr. Mauboussin, companies become more valuable to the extent that their investments generate a return higher than the average cost of borrowing funds over the long term. (In technical terms, ROIC (return on invested capital) exceeds WACC (wei
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- Haidilao restaurant operator Super Hi prices US IPO at $19.56 per share [Yahoo! Finance]Yahoo! Finance
- Haidilao restaurant operator Super Hi prices US IPO at $19.56 per share [Yahoo! Finance Canada]Yahoo! Finance Canada
- KKR-Backed OneStream Files Confidentially for US IPO [Yahoo! Finance Canada]Yahoo! Finance Canada
- KKR-backed OneStream confidentially files for IPO - Bloomberg [Seeking Alpha]Seeking Alpha
MS
Earnings
- 4/16/24 - Beat
MS
Sec Filings
- 5/16/24 - Form 424B2
- 5/16/24 - Form 424B2
- 5/16/24 - Form 424B2
- MS's page on the SEC website