Enterprise Value Explained: When EV/EBITDA Beats P/E
Enterprise value captures the debt and cash that market cap ignores. Here’s the EV formula, the EV/EBITDA multiple, a worked example, and when it misleads.
Market Education
Learn how stocks, bonds and capital markets work. Explore plain-English explanations, worked examples and charts, then follow related coverage to connect market concepts with current events. Find your way around ECMSource.
Leveraged Buyouts 101: How LBOs Actually Work
How buyout funds use debt to acquire companies — the capital stack, IRR math, value-creation levers, and when LBO math breaks.
Workday Beats: Subs +14%, Raises FY27 Margin to 30.5%
Workday’s Q1 FY27 hit $2.54B in revenue and $616M in free cash flow; FY27 non-GAAP operating margin guidance was raised to 30.5%.
How ETFs Actually Work: Creation, Redemption, Tax Trick
How ETFs really work: authorized participants, the creation/redemption mechanism, in-kind tax efficiency, premiums/discounts to NAV, and Rule 6c-11.
Uber Eyes Full Delivery Hero Bid After 25% Stealth Stake
Bloomberg: Uber holds 19.5% of Delivery Hero plus 5.6% in options. A full bid on the EUR10B Frankfurt-listed delivery giant would reshape global food delivery.
TJX Beats and Raises: Comps +6%, EPS $1.19, Buyback to $3B
TJX Companies posted Q1 FY27 comps up 6%, EPS of $1.19 (+29% YoY), returned $1.1B to shareholders, and lifted its FY27 sales, margin, EPS, and buyback guidance.
Convertible Bonds Explained: When Debt Turns Into Stock
How convertible bonds work: conversion ratio, conversion premium, the bond floor, convertible arbitrage, and the four main types of converts.
FedEx-Advent $9.3B InPost Tender Opens May 26
InPost’s €7.8B/$9.3B take-private tender from FedEx, Advent, PPF and founder Rafal Brzoska opens May 26 at EUR15.60/share – a 50% premium over Jan 2 levels.
Hedge Funds Explained: Strategies, Fees, and Structure
What a hedge fund actually is, the 2-and-20 fee structure with high-water marks, the four main strategies, and how hedge funds differ from mutual funds, PE, and VC.
Beta, Alpha, and CAPM: What They Actually Measure
Beta measures how a stock moves with the market. CAPM converts that risk into a required return. Alpha is what’s left over. Here is what each really means, with verified data.