Phaceliacapital

Which competitors are you referring too? Also, their growth in receivables this year will be significant when the officially onboard the Paypal book, which I believe will be 3Q. Competitors per Q1 presentation are COF, DFS, AXP What about ADS?

Did anyone ever look at their 2040 bonds? Has a 8.1 coupon & price around 125.

Anyone still looking at Henry or Patterson as a way to "play" the ever increasing pet market?

Interesting or?

Hi all, I know there are several people on the board (some whom I've met personally) who are active in the private company market, be it in business valuation, as a passive/active investor or even their own operator. I was therefore wondering whether I could pick your brain(s) just a little bit. We are looking at a private market transaction where results have been +/- 20% below the initial forecast, which results in a valuation discrepancy of +/- 750k. This was caused due to a lack of qualified personnel in the business (it's mainly project based) so despite a healthy backlog the results for the year were not there (existing personnel was 99% utilized). For the buyer, the 20% lower EBITDA causes a significant penalisation in the company valuation (it's a typical LBO financial structure) and talks with the banks for acquisition financing etc will become slightly more difficult given the lower growth (fortunately, the forecasted results were not yet shared with them). For the seller however, it's much more difficult to comprehend that his business has become +/- 750k less worth over the span of a couple of months, especially as he sees the backlog which looks as healthy as ever. It is clear that coming in with an offer that is just 750k below our previous one will not get his heart racing, as the business to him seem unchanged. We very much understand his point of view and are now looking and thinking about creative ways of how we can structure a payoff for the 750k in "value disappearance" that will create some kind of win/win scenario for both parties. As is often the case in smaller private deals the preliminary offer already consisted of 1) owner reinvesting around 15% in equity (with a predetermined takeout in 3-5 years), + offering the company a vendor loan as additional financing and receive an earnout after x years given certain targets. These are probably the most often used but I was now wondering whether you guys have an idea of other creative/correct structure to solve this problem. Examples: - Structure an additional earnout on gross profit/EBITDA/realisation of certain projects but cash flow wise this is not very desirable - When taking out his equity, increase multiple paid determined by certain metrics (gross profit, EBITDA, ... ). - Use performance units linked to certain metrics which vest year after metrics are obtained? ... - Base compensation both on projects realized & maintaining the backlog? - Make the vendor loan flexible such that if it's not paid back after x years, it will accrue significantly more interest? Any thoughts would be greatly appreciated!!

Yes, overall good but some paragraphs little bit boring, thanks!

Are they multi millionaires??

Post unrelated to Fiat as an investment, but quick question to the sergio followers here. I remember an english book on management/organisation where Sergio wrote the foreword, does anyone remember which book this was? Or am I confusing this with someone else? Thanks!

Thanks a lot. Does this also work for Google Docs?

- End markets are weaker than market thinks - FCF will therefore be lower and no longer cover dividend so dividend cut likely - no more room to leverage for dividend buyback - ... Best part? Unfunded pension of 31bn on mcap of 200.

Any source? Thanks!

Thanks for the color and I agree!

Why the preference for GPC & AZO instead of ORLY & AAP?

DD, this the part about vendors you were talking about?

Another well known name into TRIP: https://static1.squarespace.com/static/5498841ce4b0311b8ddc012b/t/59849dc9f9a61e76c6f15401/1501863370738/Q2+2017+FINAL.pdf