October 2021
Intermediate to advanced
528 pages
10h 11m
English
book
Capital Allocation: Principles, Strategies, and Processes for Creating Long-Term Shareholder Value
by David R. Giroux
Content preview from Capital Allocation: Principles, Strategies, and Processes for Creating Long-Term Shareholder Value
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CHAPTER 28
Conclusions
In the opening chapter, I cautioned you that there are no easy answers when it comes to the deployment of capital. There is simply no cookie-cutter approach that applies to every company.
The implementation of a share repurchase program might be quite logical for a company with certain characteristics, while it would be highly value destructive for a company with different attributes. Increasing the dividend payout ratio to 60% might be a great long-term decision for a company with limited cyclicality trading at a high valuation. However, a 40% or 50% payout ratio for a company with more volatile cash flows that will need to cut its dividend in the next downturn would be a mistake. Two companies might bid on an acquisition ...
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