Porter White & Company (PW&Co) was retained to provide a valuation of options on shares of a publicly traded company awarded to employees. PW&Co provided a third-party, independent valuation of the stock options after analyzing the Company’s historical trading volatility, pricing, and dividend yield and applying industry standard valuation techniques using option pricing models. Prior… Read More >
News & Insights
PWCo: Top Financial Service Provider in BBJ
Porter, White & Company (PW&Co) has been included on two prominent lists published by the Birmingham Business Journal. According to the Birmingham Business Journal’s Newsroom, PW&Co is the 14th largest “Financial Planner” in Birmingham. Also, based on local assets under management, PW&Co is ranked 16th on “Birmingham’s Top Investment Brokers List”. “We are an investment… Read More >
Birmingham Leading in Charitable Giving
As investment bankers, we analyze the economic environment of the local area as well as the nation to better understand how it might affect our clients. Goodloe White, President of PW&Co, recently wrote an op-ed on charitable giving to the Birmingham News. In it, he considers the factors that make Birmingham the third “most giving… Read More >
SouthPoint Bank Valuation Opinion by PWCo
PW&Co was retained by SouthPoint Bank of Birmingham, AL to provide a valuation opinion in conjunction with a stock option plan. PW&Co provided a third-party, independent valuation after performing due diligence, considering certain scenario analysis, and applying various industry standard valuation techniques using comparable company and transaction data. Michael Stone, CFA, AM worked on this… Read More >
Principal Trends and Interest, Q1 2015
In “Party Like It’s 1999?…First Quarter 2015 Bank M&A Scorecard,” we review the merger marketplace and look for clues to understand the forces currently affecting bank M&A. Porter White is also pleased to present “CFFB ‘Hot-Button’ Areas to Know” by Dave Dresher with Bradley Arant Boult Cummings LLP. In the article, Dresher discusses the typical… Read More >
The BBJ Covers PWCo’s Q4 2014 Economic Report
The Birmingham Business Journal again covered PW&Co’s Birmingham Area Economic Report, noting the Birmingham area’s improvements in most areas. Click here to read the article in the BBJ. Click here to read PW&Co’s 4Q 2014 Report. We will release the economic newsletter quarterly. If you would like to receive the newsletter by email, please subscribe… Read More >
Birmingham Area Economic Report, Q4 2014
This report explores a few key statistics that paint a picture of the Birmingham area economy and indicate that the growth of our economy has generally lagged in comparison to state and national growth rates. This is the third edition of the newly reinstated Porter, White & Company Birmingham Area Economic Report, which is published… Read More >
What’s it Worth, a Valuation Newsletter
This report initiates Porter, White & Company’s Quarterly Valuation Review, directed to small and middle market business owners and the professionals and financial institutions that serve them. The Review is designed to provide realistic guidance on the question, “What’s it Worth?,” keeping in mind that proper preparation for real world transactions requires analysis of specific… Read More >
The BBJ Covers PW&Co’s Economic Report
The Birmingham Business Journal recently covered PW&Co’s Birmingham Area Economic Report in a segment about the growth of metro Birmingham with relation to similar areas. Click here to read the article in the BBJ. Click here to read PW&Co’s most recent Birmingham Area Economic Report. We will release the economic newsletter quarterly. If you would… Read More >
Birmingham Area Economic Report, Q3 2014
This report explores a few key statistics that paint a picture of the Birmingham area economy and indicate that the growth of our economy has generally lagged in comparison to state and national growth rates. This is the second edition of the newly reinstated Porter, White & Company Birmingham Area Economic Report, which is published… Read More >
Great Time to be a Seller – ACG Conference
Last week, Porter White attended the ACG Capital Connection in Atlanta with over 1,000 middle-market private equity professionals and other capital providers. The story we heard all last year continued – competition to invest capital and close deals has continued to drive up valuation multiples. Larger companies ($10+ million EBITDA) are garnering multiples of over… Read More >
Principal Trends and Interest, Q4 2014
Porter, White & Company presents Principal Trends and Interest, a newsletter for community banks. In this issue we look at the curious case of today’s M&A environment and two services banks require but often overlook. 2014 M&A Scorecard: Clear as Mud? What to do about Distressed Business Borrowers? My Bank’s ESOP Needs Advice 2014 BANK… Read More >
PWCo Provides Fairness Opinion for Graham
Porter White & Company (PW&Co) was retained by Graham Commercial Properties (GCP) to provide a fairness opinion in connection with a confidential acquisition. PW&Co provided a third-party, independent valuation of the assets being acquired after performing due diligence, considering certain scenario analysis, and applying various industry standard valuation techniques using comparable company and transaction data…. Read More >
Birmingham Area Economic Report, Q2 2014
This report is the first in a series of reports that we expect to issue quarterly, reinstituting the Porter, White & Company Birmingham Area Economic Report, which was initially published in the early 1980’s. Interim releases will comment on local economic news and analyze in greater depth the statistics presented in this report. Other statistics… Read More >
What is My Company Worth?
This is the third in a series of comments on the use of valuation multiples. All three comments are posted on the website. In our last commentary, we looked at the impact of company size on business value. While a small company’s earnings may be inherently riskier than large public companies, we often find that… Read More >
Examining Public Company Multiples
This is the second of three comments on the use of valuation multiples. All three comments are posted on the website. When investors and business owners quote public company valuation multiples to demonstrate the value of their company, they are typically overstating its value. While the trading of public companies in the stock market provides… Read More >
A Quick Analysis of Roth 401(k)s
After the Employee Retirement Income Security Act (ERISA) of 1974 created the IRA, retirement savings options expanded for Americans, typically allowing for tax-deferred savings. While the benefits of these tax-deferred vehicles are enormous, they also come with strings attached. After reaching age 70½, individuals must withdraw a portion of the account and pay income taxes… Read More >
Concerning Multiples
We use multiples all the time. “It was twice as hot yesterday than today.” “The drive took three times as long because of traffic.” “I would pay five times the company’s dividend to own that stock.” In these cases, as well as in financial analysis, multiples are used to examine a relative relationship. For example,… Read More >
