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Are you applying the wrong valuation currency?

Prices are set by the marginal buyer, while financial markets establish conformity around valuation currencies that encourage buying, which in turn stimulates more borrowing and therefore more ‘moolah’ for those that dominate these markets. The latter obscures the ‘real’ price that is being paid by the former, which is why they need tools such as […]

Harvesters target Unilever

The merger of Kraft and Heinz was the combination of two processed foods groups that were nearing the end of the road in terms of organic revenue growth and cost savings. In a world of sub-normal carrying costs for debt and over $1.5bn of additional cost synergies from merging the groups, their PE owners were […]