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Getting An Edge With Customer Based Valuation
In several posts, I have discussed companies that invest in growth mostly through intangible investment through the income statement (e.g., S&M, G&A, R&D) rather than capital expenditures, and I have highlighted how these investments are incorrectly categorized as expenses under GAAP. If adjustments for this income statement investment are not made, ROIC numbers can be…
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Breaking Down ROIC For Hubspot Stock
It would shock you how many people own, short, or just speak with authority about Hubspot stock without really understanding how the business makes money. Or maybe it wouldn’t, but it’s shocking to me. That’s why in my last post I tried to explain the business in a clear and concise way, in the context…
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SEMR: Recasting Expenses For ROIC (3/3)
Part three of our SEMR series explores their adjusted ROIC & calculate amortization for the assumed investment levels of S&M, G&A, and R&D.
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Semrush (SEMR): Company Basics & Recasting Intangibles (1/3)
Recasting intangibles, a Semrush investor presentation, the Semrush S-1, & more! See how SEMR deals with customer lifetime value & acquisition.
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Recasting Expenses For ROIC: PharmaCo Example (2/2)
Find further observations and considerations about recasting expenses for ROIC in part two of our pharmaceutical company example.
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Recasting Expenses For ROIC: PharmaCo Example (1/2)
Learn about recasting expenses for ROIC in part one of our PharmaCo example from Tim Koller’s Mckinsey Valuation 7th Edition.
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Recasting Expenses As Intangible Assets For ROIC
Explore the topic of recasting expenses as intangible assets for the purposes of ROIC, including how the GAAP approach to expenses falls short.