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P&G swaps Duracell at 7x EBITDA for shares in itself at 13x. Buffet wins again!
When a company such as P&G can sell 10 year debt at little more than a 3% coupon, then we should not be surprised at some of the pricing decisions being taken. With regards its subsidiary Duracell, it has a business in slow structural decline, which provides a drag to its own organic growth figures, […]
Continue readingCorrelation <> causation, but sometimes maybe!
When I was but a nipper, a wise old Chairman of a large and successful financial information business gave me a valuable piece of advice:Â That mediators extract better margins in poor information environments and when price discovery is obscured. As his business, amongst others, picked off and commoditised market after market with real-time pricing, […]
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