There’s a hot new publication out of Will Vicars and Mike Messara’s Caledonia (Private) Investments.
There’s a hot new publication out of Will Vicars and Mike Messara’s Caledonia Investments, which isThe duo have mailed out the first edition of their biannual “Valuation Handbook”, spelling out their long-term free cash flow forecasts and valuation frameworks, to make a case for their target prices and expected returns.
The latter are probably still trying to figure out how Vicars and Messara got it so wrong after delivering a few stellar years like FY20 when it posted 38 per cent.Advertisement The letter also had the duo’s meditations on interest rates, and their impact on valuations into 2025. “To be clear, we do not know where interest rates will be in 2025. As announced in June 2022, the Chairman of the Federal Reserve believes the ‘neutral rate’ is currently around 2.5%. If he is right, then we think this is a good reference point for our 2025 targets.“We have highlighted a range of 2.5% to 3.5% in each of the Company Valuation tables. The yield curve currently has cash rates reaching a high of around 3.6% this cycle.
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