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- First Step to Final Offer (05/07/24)
First Step to Final Offer (05/07/24)
Brooks Gammill
May 07, 2024
Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internship, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!
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MARKET NEWS
Apple announces largest-ever $110 billion share buyback as iPhone sales drop 10%
Apple reported a slight increase over expected earnings in Q2 2024, with revenue totaling $90.75 billion. This figure represents a slight decline from the previous year, but includes revenues from new products like the Apple Vision Pro. The results also highlighted strong performances in services despite drops in some hardware sectors (CNBC)
Coinbase Experiences Surge in Q1
Coinbase reported a significant earnings beat for the first quarter, driven by a notable increase in cryptocurrency trading volumes. This performance is a robust indicator of the trading platform's resilience amid fluctuating crypto market conditions (CNBC)
Qualcomm Advances on Strong Q2 Results and Positive Guidance:
Qualcomm reported better-than-expected results for the second quarter, with advancements in revenue and profit forecasts that pleased investors. The company's stock responded positively to the news, reflecting confidence in its growth trajectory and product demand (Tradytics)
M&A DEAL OVERVIEW
Sony and Apollo make formal $26-billion joint bid for Paramount
Sony Pictures Entertainment and Apollo Global Management have placed a $26-billion all-cash bid to acquire Paramount Global, with Sony aiming for a majority stake and Apollo as a minority shareholder. This offer, seen as a bold move in the intensifying battle for the major media company, does not anticipate regulatory approval issues despite potential FCC rules impacting broadcast TV station ownership. This development comes as Paramount is also considering a revised offer from David Ellison's Skydance Media, further complicating the acquisition landscape.
TECHNICAL QUESTION OF THE WEEK:
What would be the impact on a company's earnings per share (EPS) if it decided to issue $100 million in debt to buy back its stock? Assume the company's stock is currently priced at $50 per share and it has a weighted average cost of capital (WACC) of 5%. |
ADDITIONAL RESOURCES
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANWSER:
Correct Answer - "Depends on discount rate" is correct because the choice between receiving a lump sum today versus an annuity (a fixed amount every year forever) hinges on how you value money over time. This valuation is expressed through the discount rate, which helps in calculating the present value of future cash flows. If the discount rate is high, it makes more sense to take the $1,000 today because the future value of $100 annually diminishes significantly when discounted back to the present. Conversely, if the discount rate is very low, the $100 yearly might be more attractive because its present value adds up to more than $1,000 over a long period.