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The Institutional Limited Partner
🚨Private Equity - European Mid-Market update Q1 2024.
1. Transaction multiples slightly declined to 8.9x EV/EBITDA, down from 9.0x
2. Decrease in multiples mainly driven by multiples paid by funds. Strategics remain stable.
3. Record proportion of deals made below 7x EV/EBITDA
4. M&A Activity quite stable in Q1 2024 vs Q4 2023
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🚨Private Equity - European Mid-Market update Q1 2024.
1. Transaction multiples slightly declined to 8.9x EV/EBITDA, down from 9.0x
2. Decrease in multiples mainly driven by multiples paid by funds. Strategics remain stable.
3. Record proportion of deals made below 7x EV/EBITDA
4. M&A Activity quite stable in Q1 2024 vs Q4 2023
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Antonio Linares
RT @alc2022: Predictions for the next 10 years:
1. $HIMS will evolve into a healthcare giant, by deflating healthcare prices worldwide.
2. $AMD will disrupt $NVDA’s dominance of the AI space.
3. $SPOT will evolve into an audio search engine will billions of MAUs.
4. $PLTR will evolve into the platform that enables AI adoption in the West and on which folks build companies on first.
5. $AMZN’s market cap will increase multiple fold as its FCF/share levels increase exponentially, driven by its proprietary AI models.
6. $TSLA will unlock material abundance by combining AI, cheap energy and hyper-efficient manufacturing.
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RT @alc2022: Predictions for the next 10 years:
1. $HIMS will evolve into a healthcare giant, by deflating healthcare prices worldwide.
2. $AMD will disrupt $NVDA’s dominance of the AI space.
3. $SPOT will evolve into an audio search engine will billions of MAUs.
4. $PLTR will evolve into the platform that enables AI adoption in the West and on which folks build companies on first.
5. $AMZN’s market cap will increase multiple fold as its FCF/share levels increase exponentially, driven by its proprietary AI models.
6. $TSLA will unlock material abundance by combining AI, cheap energy and hyper-efficient manufacturing.
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The Institutional Limited Partner
🔴⚫️ AC Milan x FC Internazionale Milano 🔵⚫
2016 🔵 Chinese electronics giant Suning acquires ~70% of FC Internazionale Milano from Massimo Moratti and Erick Thohir for €270 million.
2017 🔴 Silvio Berlusconi sells AC Milan to Chinese businessman Li Yonghong for €740 million after 20 years of ownership, with €300 million in high-interest loans from Elliott Management.
2018 🔴 Li Yonghong defaults on his loan, and Elliott Management takes control of AC Milan through a debt-to-equity swap.
In 2021 🔵 Oaktree Capital provided Suning with a €275 million emergency bridge loan secured against its stake in Inter Milan. Due to over 12% annual interest, this loan amount rises to €395 million.
2022 🔴 RedBird Capital buys AC Milan from Elliott for €1.2 billion. Elliott retains a minority stake and seats on the Board after gaining full ownership due to a previous loan default.
2024 (today) 🔵 Oaktree Capital seizes control of FC Internazionale Milano after Suning fails to repay the almost €400 million loan.
Fast-forward to 2028: Oaktree sells their stake in Inter Milan for €1.6 billion?
Sourced from Achille de Rauglaudre / Linkedin
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🔴⚫️ AC Milan x FC Internazionale Milano 🔵⚫
2016 🔵 Chinese electronics giant Suning acquires ~70% of FC Internazionale Milano from Massimo Moratti and Erick Thohir for €270 million.
2017 🔴 Silvio Berlusconi sells AC Milan to Chinese businessman Li Yonghong for €740 million after 20 years of ownership, with €300 million in high-interest loans from Elliott Management.
2018 🔴 Li Yonghong defaults on his loan, and Elliott Management takes control of AC Milan through a debt-to-equity swap.
In 2021 🔵 Oaktree Capital provided Suning with a €275 million emergency bridge loan secured against its stake in Inter Milan. Due to over 12% annual interest, this loan amount rises to €395 million.
2022 🔴 RedBird Capital buys AC Milan from Elliott for €1.2 billion. Elliott retains a minority stake and seats on the Board after gaining full ownership due to a previous loan default.
2024 (today) 🔵 Oaktree Capital seizes control of FC Internazionale Milano after Suning fails to repay the almost €400 million loan.
Fast-forward to 2028: Oaktree sells their stake in Inter Milan for €1.6 billion?
Sourced from Achille de Rauglaudre / Linkedin
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The Long Investor
I do a cold plunge every morning, not solely because of the recovery benefits but because it exposes me to a stress event
Your body is immediately under threat to survive due to the ice cold water that your brains defence system kicks in
Each day it gets easier, as you develop a method to deal with this shock
Red days in the market also trigger people to sell because they are not prepared for any pull backs
Develop a strategy to take advantage of pull backs by identifying support levels
Turn the event into an opportunity
Each stress event can be taken advantage of
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I do a cold plunge every morning, not solely because of the recovery benefits but because it exposes me to a stress event
Your body is immediately under threat to survive due to the ice cold water that your brains defence system kicks in
Each day it gets easier, as you develop a method to deal with this shock
Red days in the market also trigger people to sell because they are not prepared for any pull backs
Develop a strategy to take advantage of pull backs by identifying support levels
Turn the event into an opportunity
Each stress event can be taken advantage of
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Hidden Value Gems
RT @HiddenValueGems: 🎉Excited to announce that I will be hosting the second Investment Masterclass starting from 11 June.
✅Investing is usually taught in a highly technical way (eg one chapter just on the cost of capital) or as a set of philosophical tenets (be patient).
✅In my course, I will be sharing the investment methods that have worked for me, the five crucial points in company analysis, position sizing and portfolio construction, and other practical questions.
✅A small group of participants will be able to interact and ask questions; there will also be several case studies.
✅This is the last live Masterclass this year. Don’t miss the opportunity to learn practical tools, interact with like-minded investors, and share your story.
🎯Register today on the Hidden Value Gems website!
#InvestingInsights #StockAnalysis #FinancialSuccess #InvestmentTraining #InvestmentCourse
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RT @HiddenValueGems: 🎉Excited to announce that I will be hosting the second Investment Masterclass starting from 11 June.
✅Investing is usually taught in a highly technical way (eg one chapter just on the cost of capital) or as a set of philosophical tenets (be patient).
✅In my course, I will be sharing the investment methods that have worked for me, the five crucial points in company analysis, position sizing and portfolio construction, and other practical questions.
✅A small group of participants will be able to interact and ask questions; there will also be several case studies.
✅This is the last live Masterclass this year. Don’t miss the opportunity to learn practical tools, interact with like-minded investors, and share your story.
🎯Register today on the Hidden Value Gems website!
#InvestingInsights #StockAnalysis #FinancialSuccess #InvestmentTraining #InvestmentCourse
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The Long Investor
You are now considered worse than a terrorist
You have orchestrated genocide and there is a warrant out for your arrest.
124 Member States have signed up to the Rome Statue as part of the ICC
We are all witnessing genocide and it is up to every Member State to fulfill their duties of arresting you the moment you step foot on their jurisdiction.
‘it is the duty of every State to exercise its criminal jurisdiction over those responsible for international crimes’
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You are now considered worse than a terrorist
You have orchestrated genocide and there is a warrant out for your arrest.
124 Member States have signed up to the Rome Statue as part of the ICC
We are all witnessing genocide and it is up to every Member State to fulfill their duties of arresting you the moment you step foot on their jurisdiction.
‘it is the duty of every State to exercise its criminal jurisdiction over those responsible for international crimes’
The intention of several European countries to recognize a Palestinian state is a reward for terrorism.
80% of the Palestinians in Judea and Samaria support the terrible massacre of October 7.
This evil cannot be given a state.
This would be a terrorist state. It will try to repeat the massacre of October 7 again and again; we will not consent to this.
Rewarding terrorism will not bring peace and neither will it stop us from defeating Hamas. tweet
twitter.com
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Brandon Beylo
"I'm glad copper, gold, and silver are down 3-5%+ today.
It shakes out all the paper hands and transfers wealth from the impatient to the patient.
If you're not excited about buying this dip, you don't know commodities, man." https://t.co/tzoVl43ARh
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"I'm glad copper, gold, and silver are down 3-5%+ today.
It shakes out all the paper hands and transfers wealth from the impatient to the patient.
If you're not excited about buying this dip, you don't know commodities, man." https://t.co/tzoVl43ARh
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Offshore
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Antonio Linares
$NVDA is brewing a new way to increase its operating leverage.
The performance trajectory of GPUs is skyrocketing, but their steep costs quickly render large investments outdated.
Introducing $NVDA AI Enterprise, an innovative solution that operates as a real-time operating system, handling management, optimization, patching, fine-tuning, and enhancement of clients' installed bases.
This ensures that clients' investments stay current, all for an annual fee of $4,500 per GPU.
This marks a significant shift in the landscape of computational sales, positioning $NVDA as a pivotal entity in the realm of AI development.
This cutting-edge advancement is expected to significantly boost $NVDA's operational leverage, likely enhancing margins and substantially increasing long-term cash flow.
As we delve deeper into the AI era and computing technologies evolve rapidly, such a distribution model becomes crucial.
$NVDA AI Enterprise is set to capitalize on $NVDA's existing network effects, effectively transforming into a platform.
With each new client joining $NVDA AI Enterprise, the marginal costs of onboarding and servicing decrease, paving the way for increased profitability.
In this iterative cycle, $NVDA AI Enterprise has the potential to become a formidable cash-generating entity.
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$NVDA is brewing a new way to increase its operating leverage.
The performance trajectory of GPUs is skyrocketing, but their steep costs quickly render large investments outdated.
Introducing $NVDA AI Enterprise, an innovative solution that operates as a real-time operating system, handling management, optimization, patching, fine-tuning, and enhancement of clients' installed bases.
This ensures that clients' investments stay current, all for an annual fee of $4,500 per GPU.
This marks a significant shift in the landscape of computational sales, positioning $NVDA as a pivotal entity in the realm of AI development.
This cutting-edge advancement is expected to significantly boost $NVDA's operational leverage, likely enhancing margins and substantially increasing long-term cash flow.
As we delve deeper into the AI era and computing technologies evolve rapidly, such a distribution model becomes crucial.
$NVDA AI Enterprise is set to capitalize on $NVDA's existing network effects, effectively transforming into a platform.
With each new client joining $NVDA AI Enterprise, the marginal costs of onboarding and servicing decrease, paving the way for increased profitability.
In this iterative cycle, $NVDA AI Enterprise has the potential to become a formidable cash-generating entity.
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