Net operating losses, or NOLs, accumulate when a business has tax losses in a given year rather than profits. They are typically carried back to earlier profits but may be accumulated in as carry-forwards for up to 20 years. Sirius, after recently merging with XM, has an unfortunate asset: accumulated NOLs of about $6 billion.…
Most valuations follow a traditional pathway, with only slight differences between public and private companies: 1. Determine a valuation range based on the values of comparable public companies 2. Determine a valuation range based on the values revealed by transactions involving comparable companies 3. Perform a discounted cash flow analysis Using the three legs of…
Geoffrey Colvin, the star of our last post, is once again delivering basic finance concepts to the masses in his all-too-short article on the AT&T- BellSouth merger. Believe us, basic is the level that many corporate finance & management teams are working at, so Colvin is doing shareholders a favor (we can assume a broad…
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