Musings on Markets

JULY 22, 2021

The business model for the company is built upon intermediation, where customers can connect to restaurants on the platform, and order food, for pick up or delivery, and advertising. Unit Economics : The company does provide a sprinkling of unit economics to suggest that the underlying business is moving towards profitability.

Marketing 99

Marketing Valuation Profit and Loss Advertising 99

Musings on Markets

FEBRUARY 12, 2025

Profitability - Absolute and Relative While we may all agree with the proverbial bottom line being profits, there seems to be no consensus on how best to measure profitability, either from an accounting or an economic perspective.

Hurdle Rate 72

Hurdle Rate Accounting Investments Economics 72

Musings on Markets

NOVEMBER 10, 2022

That skewing can affect valuation and pricing judgments about these firms, and correcting accounting inconsistencies is a key step towards leveling the playing field. Accounting 101 I am not an accountant, and have no desire to be one, but I have used their output (accounting statements) as raw material in valuation and corporate finance.

Accounting 97

Accounting Advertising Valuation Investments 97

Musings on Markets

NOVEMBER 4, 2022

I have written about the firm many times, over that period, starting with a valuation that I did of the company in 2012, just ahead of it going public. billion, but it generated an operating margin of 47.3%, with its online advertising model.

Advertising 105

Advertising Profit and Loss Investments Marketing 105

PYMNTS

SEPTEMBER 5, 2018

According to The Economic Times , Udaan hit the $1 billion valuation mark after 26 months. Reports said a $225 million fund raise would increase its valuation fivefold. While India is no stranger to unicorns , it is the speed with which Udaan has reportedly hit a $1 billion valuation that is surprising the industry.

B2B 40

B2B eCommerce Valuation B2C 40

Future CFO

NOVEMBER 5, 2023

These issues include a broader correction in valuations compared to the highs of 2021, uncertainty surrounding the profitability pathways of some companies and a challenging capital market environment which makes potential exits more difficult to achieve. Online Media’s GMV grows to $26 billion, increasing 10% YoY.

Transportation 52

Transportation Advertising Valuation Investments 52

PYMNTS

APRIL 15, 2019

Uber’s valuation is pegged at $100 billion. Lyft’s valuation is less than 20 percent of that. We’ve seen online advertising disrupted by Google, Facebook and now Amazon. Others, those who understand platform economics, beg to differ. Uber considers its competitors to be Amazon and Alphabet.

Transportation 73

Transportation Healthcare Economics Leverage 73

PYMNTS

APRIL 29, 2016

And Alibaba gets the boon of having a finance arm that now has an implied valuation of $60 billion. . The positive for Ant Financial is that should the company need a cash infusion, or should the economic shoals become too rocky to navigate (remember, China’s growth is slowing), there could possibly be a bailout. . Sizzle or Fizzle?

Advertising 40

Advertising Valuation Sales Construction 40

Musings on Markets

DECEMBER 2, 2020

Setting the Table As with any valuation, the first step in valuing Airbnb is trying to understand its history and its business model, including how it has navigated the economic consequences of the COVID. It’s relative: The first is that it was not just Airbnb that felt the pain from the economic shut down.

Profit and Loss 52

Profit and Loss Valuation Numbers Investments 52

Musings on Markets

OCTOBER 19, 2021

Total Addressable Market (TAM) Companies going public have increasingly supported high valuations by pointing to market potential, using large TAMs as one of the justifications. Cost of acquiring subscribers (CAC) : Subscription-based companies attract new subscribers by offering special deals or discounts, or through paid advertising.

Profit and Loss 96

Profit and Loss Accounting Numbers Valuation 96

Barry Ritholtz

SEPTEMBER 3, 2024

A bachelor’s in economics from Northwestern and then an MBA from University of Chicago. Barry Ritholtz: The old, the old joke, half of our advertising dollars are wasted. But there’s always gotta be some element of the valuation really being compelling. Welcome to Bloomberg. Was that the plan?

Investments 59

Investments Valuation Concentration Marketing 59

Barry Ritholtz

MAY 7, 2024

And she has really managed to accomplish tremendous things, not just at Microsoft, where she ran MSNs advertising and marketing, not just at Yahoo or Pinterest, but even a small startup like Honey, which she was president and sold pretty quickly to PayPal for $4 billion. San Diego State studying journalism and advertising. It was fun.

Advertising 59

Advertising Startups Technology Investments 59

PYMNTS

AUGUST 13, 2018

During Facebook’s Q2 quarterly results last month, Facebook COO Sheryl Sandburg said monetization beyond advertising across all of the platforms that Facebook operates, including Messenger, was still “early days.”. And these young businesses — young as in less than a year old — have now raised capital based on multibillion-dollar valuations.

Banking 44

Banking Transportation Investments Accounting 44

Barry Ritholtz

NOVEMBER 21, 2023

It was about $170 million valuation. I think, you know, what we’ve, what we’ve learned about Twitter was they may have had a lot of advertisers, but I’m not sure how well it was actually working for users. I like these big advertisers, but they don’t wanna be associated with that. We are all analysts.

Investments 98

Investments Marketing Startups Accounting 98

Barry Ritholtz

AUGUST 15, 2023

SEIDES: Yeah, I wouldn’t measure it in terms of economic returns. What’s the valuation? SEIDES: It’s mostly that and it goes to what you said, which is I love having these conversations and have never advertised on the podcast. So, it cost the firm $320,000, well worth every penny? RITHOLTZ: Right.

Investments 52

Investments Benchmarking Marketing Treasury 52

Barry Ritholtz

APRIL 7, 2023

American Prospect ) see also Six Ways Existing Economic Models Are Killing the Economy : The alleged science doesn’t match up to the real world. From film to fashion and architecture to advertising, creative fields have become dominated and defined by convention and cliché. American Prospect ) • The Age of Average. class nine times.

Valuation 119

Valuation Corporate Finance Advertising Finance 119

Barry Ritholtz

SEPTEMBER 19, 2022

You graduate Harvard in 1990, with an Economics and Computer Science degree, perfect for the explosion of the Internet; a PhD from MIT and Information Technology in ‘96. The advertising model, as we have learned is not aligned with customers’ interests, right? And I’ve been investing in a lot of computer companies over the years.

Valuation 122

Valuation Investments Marketing Technology 122

Barry Ritholtz

SEPTEMBER 10, 2024

He has a very interesting approach to thinking about market valuations and strategies and when to deploy capital, when to go with the crowd, when to lean against the crowd, and has amassed and excellent track record. But generally starts with the economic cycle. Where are you in the economic cycle? I, I love that area.

Valuation 64

Valuation Investments Economics Marketing 64

Barry Ritholtz

JANUARY 21, 2025

I even went on advertising calls with the advertising director. I think it’s very hard to say stocks are objectively cheap because all of these valuation metrics have, have become unreliable over the decades as the nature of the stock market has changed. It was so much fun and I learned so much.

Investments 59

Investments Finance Education Marketing 59

PYMNTS

AUGUST 20, 2018

These independent grocers further alleged that their inability to compete led to the destruction of the mom-and-pop stores that were the economic underpinning of those towns and those cities. A lot of economic value was unleashed when suddenly consumers weren’t spending a third of what they made to feed their families.

Retail 42

Retail Sales Manufacturing Economics 42

Barry Ritholtz

SEPTEMBER 26, 2022

But thankfully, the next decade, things really accelerated in terms of the growth of the company and growth in the valuation, things like that. The interesting thing about this economic development battle where different states are fighting with each other over the same existing companies has sort of zero sum for America.

Mergers and Acquisitions (M&A) 69

Mergers and Acquisitions (M&A) Startups Investments Healthcare 69

Barry Ritholtz

DECEMBER 12, 2023

But in the New York Times, there was an advertisement that the value line investment survey needed analysts. We thought it was free advertising for their index, but I guess guess they thought that their index was pre advertising for our fund or something. And I thought, I know this job, I know this company.

Benchmarking 105

Benchmarking Concentration Investments Profit and Loss 105

Barry Ritholtz

APRIL 11, 2023

 The transcript from this week’s, MiB: Aswath Damodaran: Valuations, Narratives & Academia , is below. You’re known as the dean of valuation. He said, oh, dean of valuation, it’s easier to say. So let’s start with the question, what led you to focus on valuation? RITHOLTZ: Right. And I said, why?

Valuation 119

Valuation Education Finance Numbers 119

Barry Ritholtz

FEBRUARY 13, 2023

ADVERTISEMENT) RITHOLTZ: So you’ve been with BlackRock since the financial crisis. Now, we’re shifting to more international places like China, Europe, et cetera, that are really growing, and that valuations are cheaper. RIEDER: And all of a sudden, you change the economic paradigm so darn fast. RIEDER: Yeah.

Mergers and Acquisitions (M&A) 59

Mergers and Acquisitions (M&A) Investments Marketing Education 59

Musings on Markets

MARCH 15, 2025

That said, to value companies today, I have no choice but to bring in the economics and politics of the world that these companies inhabit. China : The biggest winner from globalization has been China, which has seen its economic and political power surge over the last four decades.

Investments 130

Investments Profit and Loss Valuation Economics 130

Barry Ritholtz

APRIL 10, 2023

The Guardian ) • If It’s Advertised to You Online, You Probably Shouldn’t Buy It. Known as the Dean of Valuation, he teaches Corporate Finance and Valuation to the MBA students at Stern where he has been voted “Professor of the Year” by the graduating M.B.A. Here’s Why. class nine times.

Valuation 115

Valuation Corporate Finance Advertising Investments 115

Barry Ritholtz

APRIL 8, 2025

But let’s start with your background in your career, applied mathematics and economics from Brown and then a Harvard MBA. And, and I know it sounds a little bit like an advertisement, but I really believe that, Barry Ritholtz : Well the the next question, the obvious question is, who are the clients? Lisa Shalett : Not at all.

Mergers and Acquisitions (M&A) 59

Mergers and Acquisitions (M&A) Investments Profit and Loss Numbers 59

Barry Ritholtz

MARCH 21, 2023

But plenty of valuation measures, it has no applicability for price-to-sales. And I do think besides just the advertising aspect, I think one huge benefit to our business is we hire a lot of PhDs, including professors. But I do not recommend trading on just valuation, except that sin a little. It can apply to earnings.

Profit and Loss 69

Profit and Loss Valuation Forecasting Investments 69

CFO News Room

NOVEMBER 15, 2022

The bankruptcy filing of FTX has even more fundamentally damaged perceptions of the asset class, and sent valuations tumbling to lows not seen in several years. . Tom Brady, Gisele Bunchen, Steph Curry, and other celebrities had advertising and marketing deals with the firm. March and Ryan M. Yonk (2022). “A

Economics 130

Economics Investments Finance Benchmarking 130

Musings on Markets

JANUARY 26, 2025

That "small cap premium" has found its way into valuation practitioners playbooks, manifesting as an augmentation (of between 3-5%) on the cost of equity of small companies. Thus, Meta and Alphabet now have dominant market shares of the advertising business, just as Uber, Lyft and Grab have consolidated the car service business.

Investments 76

Investments Marketing Economics Concentration 76

CFO News Room

NOVEMBER 26, 2022

Why RIA M&A activity has slowed down since October and how deal structures could be affected in the current economic environment. But while deal flow remained strong through the first three quarters of 2022, M&A activity appears to be slowing amid higher interest rates, slumping markets, and cooling economic conditions.

Mergers and Acquisitions (M&A) 130

Mergers and Acquisitions (M&A) Planning Securities Investments 130

Barry Ritholtz

JUNE 3, 2024

And you know, it’s the same thing when valuation gets outta control too. It will come home to roost at some point, but doesn’t mean the valuation can’t get worse. Valuations are tight, they’re tight for a reason. We, we continue to see that left and right. But definitely markets are cyclical in nature.

Math 59

Math Marketing Treasury Valuation 59

Barry Ritholtz

NOVEMBER 18, 2024

The biggest pushback I’ve seen is that valuations have been stretched after the big run-up since the 2022 bear market. MIT Technology Review ) • Most “humane” farms are lying to you — and the government isn’t stopping them : A new investigation finds false advertising continues to dupe consumers. (

Advertising 52

Advertising Retail Valuation Leadership 52