U.S Middle-market private equity activity remained strong in Q2 2015 with elevated multiples holding steady. Deal multiples of 15.0x EBITDA are no longer seen as outliers, prompting data providers to increase their deal parameters to include these transactions. The continued abundance of cheap liquidity will likely keep deal prices elevated for the near term, which… Read More >
News & Insights
Birmingham Area Economic Report, Q2 2015
This report explores a few key statistics that paint a picture of the Birmingham area economy. This is the fifth edition of the newly reinstated Porter, White & Company Birmingham Area Economic Report, which is published quarterly. The results in this report are the best of the reports we have published thus far. Click here… Read More >
Shifting Sands in Birmingham’s Banking Scene
Deposit market share data for the U.S. banking system, which provide insight to a given market’s competitive landscape, were released in late September by the FDIC. Such data are released annually by the FDIC as of each June 30th. An examination of metro Birmingham’s banking market demonstrates growth by community banks at the expense of… Read More >
Political Tales of Private Sector Success
During the CNN Republican Debate on September 16, 2015, the top eleven (yes, eleven) hopefuls for the party’s nomination spoke to policy issues, personal achievements, and of course, the shortcomings of others. When the topic shifted to the economy and job creation, Carly Fiorina, in response to criticism from Donald Trump, stated that she “led… Read More >
PW&Co’s Jim White Authors Op-Ed on Uber
On September 1, AL.com published an opinion-editorial authored by Porter White & Company’s Chairman, Jim White. In the piece, Jim discusses the benefits of the service and shares insights gleaned from a conversation with a business executive who visited Birmingham recently. Although several articles have been published about Uber throughout the past year, very few… Read More >
Uber: A Test for Birmingham
The local media have reported that conversations have restarted between the Birmingham City Council and Uber, the ride sharing service that is the prime exemplar of the “sharing economy.” A deal with Uber involving a revised city transportation ordinance would be a good thing, evidence that Birmingham is open to the benefits of free market… Read More >
Birmingham Area Economic Report, Q1 2015
This report explores a few key statistics that paint a picture of the Birmingham area economy. This is the fourth edition of the newly reinstated Porter, White & Company Birmingham Area Economic Report, which is published quarterly. The results in this report are the best of the reports we have published thus far. Click here… Read More >
Principal Trends and Interest, Q2 2015
We are pleased to present “Addressing Activist Shareholders” by Robert Klingler with Bryan Cave LLP. Klingler explores how banks can manage the delicate issue of activist shareholders. In “The Long and Winding Road…First Half 2015 Bank M&A Scorecard,” we review the merger marketplace and look for clues to understand the forces currently affecting bank M&A…. Read More >
Remember the Lost Decade
Five years ago, the financial press was talking about the “lost decade.” The S&P 500 had not earned an investor any money, even when including dividends, for the first decade of this century (ending December 2009). While 2009 saw stocks plummet to a market low on March 9, 2009, they came back significantly by the… Read More >
PW&Co Provides Valuation Opinion for HomeTown Bancorp of Alabama
PW&Co was retained by HomeTown Bancorp of Alabama, Inc. (Oneonta, AL) to provide a valuation opinion to the board of directors. 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 >
Projecting Long Term Returns
One of our fundamental responsibilities as an investment manager is to build sound investment portfolios. The objective of our portfolios is to meet the fundamental return needs of our clients while taking an acceptable level of risk. Inevitably, this requires that we take a long term perspective on the returns that are available from the… Read More >
What’s it Worth, Q1 2015
This report explores recent valuation trends in the public and private markets, 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… Read More >
PW&Co Provides Valuation on Option to Purchase Publicly Traded Shares
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 >
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 >
