Van Tuyl Companies · Private Equity
Every position graded on each metric, year over year, counted across the portfolio. This is the roll-up the workbook draws as pie charts on its Output Table.
Year-over-year change for each position, graded on the workbook's red / yellow / green thresholds. Price columns compare the holding against the S&P 500 and its sector ETF over the trailing year.
| Company | Inception | Sector | Revenue | EBITDA | Margin | Multiple | Equity value | Price | vs SPY 1Y | vs sector 1Y |
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Each position at four points in time: the last twelve months as of inception, as of a year ago, as of today, and the next twelve months on consensus estimates.
Grading. Growth metrics (revenue, EBITDA, margin, TEV, equity value, FCF conversion, price) grade green at ≥ 5%, yellow at ≥ 0%, red below 0%. Valuation metrics (multiple, P/E) invert: green below 0%, yellow at ≥ 0%, red at ≥ 15%. Share count and net leverage grade green when falling, red when rising. Relative price performance grades green at ≥ +2 points, yellow within ±2 points, red below −2 points.
Units. Dollars in millions, share counts in millions, unless noted. NM marks values the workbook treats as not meaningful (typically net leverage where the company holds net cash); NA marks values it does not compute.
Currency. Everything is shown in USD. ADYEN, ASML, LVMH and Ferrovial report in EUR, Novo Nordisk in DKK and TSMC in TWD; each figure is converted at the rate for the date it is struck on — the inception column at that position's entry date, the prior-year column a year back, the current column today. Because the rate moves between those dates, growth rates here are USD growth rates and will differ from the local-currency figures in the workbook. Ratios — margins, multiples, P/E, FCF conversion, dividend yield — are unaffected, since numerator and denominator share a currency. Rates are ECB reference rates (Taiwan dollar excepted, which the ECB does not publish).
TSMC. Its price is the NYSE ADR, already quoted in USD and representing five ordinary shares, while its statements are in TWD and its share count is ordinary shares. Price × share count therefore does not tie to equity value for this position, in the workbook or here. Its dividend yield is suppressed for the same reason.
Inception. The "at inception" column is fixed to each position's entry date and does not change between refreshes.