Jul
17
2009
An article titled ‘Foreclosures Rise’ says that according to RealtyTrac (described as the online marketplace for foreclosure properties) 1 in 84 U.S. housing units received at least one foreclosure filing in the first half of 2009, up 15% year/year. This strikes me as an unconscionable number, being 1.2% of all housing units, but at the same time I am surprised that the year/year increase isn’t greater. I think the more useful statistic would be the amount in absolute $ that the average U.S. foreclosed housing unit is fetching in mid-2009 versus what it fetched in mid-2008. That would provide an indicator of the increased losses that are being incurred on foreclosed properties by lenders.
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Nov
11
2008
Background to this Series of Posts
This is the 17th in a Series of 17 Posts that published on this Blog from September 16 to November 11. All 17 Posts can be found under the Blog Category ‘Valuation of Mining Companies’. For previously issued Posts in this Series click here. We hope you find this Post Series useful.
Required Rates of Return on Investment
As a result of the high risks inherent in mining exploration and mineral mining and production, in my view the rates of return investors should seek are much higher at the beginning of the exploration process and through to and including production than are conventional required rates of return. Required rates of return are relevant to, and hence determined at, specific points of time. They can change instantly with mineralization discoveries, enhancements, poor drilling results, quantification of NI43-101 compliant proven and probable reserves, mine permitting, material changes in commodity pricing, and so on.
In my experience conventional ‘starting point’ ‘targeted’ ‘strategic corporate acquirer’ ‘nominal’ (i.e. including consideration of prevailing inflation rates) unlevered (i.e. a pre-levered ‘return on equity’)
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Nov
06
2008
Background to this Series of Posts
This is the 16th in a Series of 17 Posts that will be published on this Blog each Tuesday and Thursday from September 16 to November 11. All 17 Posts will appear under the Blog Category ‘Valuation of Mining Companies’. For previously issued Posts in this Series click here. We hope you find this Post Series useful.
Posts #11 – #16 of this Post Series discuss Valuation Methodologies adopted by stock market investors, stock market analysts, corporate acquirers, merger and acquisition intermediaries, and business valuation experts when they value shares in mining companies. In these Posts the following terms have the following meanings, where each is ‘point in time specific’:
1. Enterprise Value: The total value of a business including both its interest bearing debt and equity components.
2. Equity Value: The total value of the shareholders’ equity of a business, where shareholders’ equity is stated at its fair market value, not at its ‘book’ or ‘carrying’ value.
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Nov
04
2008
Background to this Series of Posts
This is the 15th in a Series of 17 Posts that will be published on this Blog each Tuesday and Thursday from September 16 to November 11. All 17 Posts will be filed under the Blog Category ‘Valuation of Mining Companies’. For previously issued Posts in this Series click here. We hope you find this Post Series useful.
Posts #11 – #16 of this Post Series discuss Valuation Methodologies adopted by stock market investors, stock market analysts, corporate acquirers, merger and acquisition intermediaries, and business valuation experts when they value shares in mining companies. In these Posts the following terms have the following meanings, where each is ‘point in time specific’:
1. Enterprise Value: The total value of a business including both its interest bearing debt and equity components.
2. Equity Value: The total value of the shareholders’ equity of a business, where shareholders’ equity is stated at its fair market value, not at its ‘book’ or ‘carrying’ value.
Continue Reading »
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