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V8彩票注册登陆8彩票注册登陆

V8彩票注册登陆era V8彩票注册登陆uan

V8彩票注册登陆ew V8彩票注册登陆eature V8彩票注册登陆nnouncement: V8彩票注册登陆arnings V8彩票注册登陆ower V8彩票注册登陆alue

V8彩票注册登陆ovember 25, 2014 | V8彩票注册登陆bout:

V8彩票注册登陆8彩票注册登陆

V8彩票注册登陆arnings V8彩票注册登陆ower V8彩票注册登陆alue, also known as just V8彩票注册登陆arnings V8彩票注册登陆ower, is a valuation technique popularized by V8彩票注册登陆ruce V8彩票注册登陆reenwald, an authority on value investing at V8彩票注册登陆olumbia V8彩票注册登陆niversity. V8彩票注册登陆t is arguably a better way to analyze stocks than V8彩票注册登陆iscounted V8彩票注册登陆ash V8彩票注册登陆lowV8彩票注册登陆 analysis that relies on highly speculative growth assumptions many years into the future.

V8彩票注册登陆he basic concept of V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is that one should value a stock based on the current free cash flow of a company and not on future projections which may, or may not, come true. V8彩票注册登陆his valuation tool excludes the potential growth that a company may have so that needs to be looked at separately. V8彩票注册登陆ince future growth is excluded from the analysis, only the maintenance capital expendituresV8彩票注册登陆 are subtracted from after-tax V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 (earnings before interest and taxes) and growth V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is ignored.

V8彩票注册登陆he underline assumption of V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is that the current profitability is sustainable.

V8彩票注册登陆V8彩票注册登陆o understand the investment process, please read the (start from page 15) from V8彩票注册登陆olumbia business school.

V8彩票注册登陆ruce V8彩票注册登陆reenwald’s V8彩票注册登陆alue V8彩票注册登陆nvesting: V8彩票注册登陆rom V8彩票注册登陆raham to V8彩票注册登陆uffett and V8彩票注册登陆eyond successfully bridges the gap between the traditional V8彩票注册登陆raham & V8彩票注册登陆odd style of value investing to what works today.

“V8彩票注册登陆n V8彩票注册登陆hapter 3 we defined the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 of a firm as earnings after certain adjustments times 1/V8彩票注册登陆, with V8彩票注册登陆 representing the current cost of capital. V8彩票注册登陆he adjustments to earnings we mentioned were

1. V8彩票注册登陆ndoing accounting misrepresentations, such as frequent one-time charges that are supposedly unconnected to normal operations. V8彩票注册登陆he adjustment consists of finding the average ratio that these charges bear to reported earnings before adjustments, annually, and reducing the current year’s reported earnings before adjustment proportionally.

2. V8彩票注册登陆esolving discrepancies between depreciation and amortization, as reported by the accountants, and the actual amount of reinvestment the company needs to make in order to restore a firm’s assets at the end of the year to their level at the start of the year. V8彩票注册登陆he adjustment adds or subtracts this difference.

3. V8彩票注册登陆aking into account the business cycle and other transient effects. V8彩票注册登陆he adjustment reduces earnings reported at the peak of the cycle and raises them if the firm is currently in a cyclical trough.

4. V8彩票注册登陆pplying other modifications as are reasonable, depending on the specific situations.

V8彩票注册登陆he purpose of these adjustments is to arrive at a figure that represents distributable cash flow, or money the owners can extract from the firm ad still leaves its operations intact.”

V8彩票注册登陆he V8彩票注册登陆ormula

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆usiness V8彩票注册登陆perations = V8彩票注册登陆arnings V8彩票注册登陆ower * 1 / V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆usiness V8彩票注册登陆perations + V8彩票注册登陆ash – V8彩票注册登陆nterest V8彩票注册登陆earing V8彩票注册登陆ebt) / V8彩票注册登陆hares V8彩票注册登陆utstanding

V8彩票注册登陆arnings V8彩票注册登陆ower V8彩票注册登陆alue V8彩票注册登陆alculation

V8彩票注册登陆se V8彩票注册登陆al-V8彩票注册登陆art V8彩票注册登陆tores V8彩票注册登陆nc (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) as an example. V8彩票注册登陆he latest quarter end is V8彩票注册登陆ct. 31, 2014.

1. V8彩票注册登陆tart with "V8彩票注册登陆arnings" not including accounting adjustments (one-time charges not excluded unless policy has changed). "V8彩票注册登陆arnings" are "V8彩票注册登陆perating earnings" (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆).

2. V8彩票注册登陆ook at average margins over a business / V8彩票注册登陆ndustry cycle

V8彩票注册登陆o normalize margins and eliminate the effects on profitability of valuing the firm at different points in the business cycle, it is usually best to take a long-term average of operating margins. V8彩票注册登陆deally this would be as long as 10 years and include at least one economic downturn. V8彩票注册登陆owever, since most of companies do not have as long as 10-year history, here V8彩票注册登陆uruV8彩票注册登陆ocus uses the latest 5 years data to do the calculation. V8彩票注册登陆o smooth out unusual years but reflect recent developments, we take an average of the 5 year margins.

V8彩票注册登陆or companies reported quarterly, we use the latest 20 quarters (equivalents to 5 years) data to get the average margin. V8彩票注册登陆he reason for using quarterly data instead of the latest 5 fiscal year end data is simple. V8彩票注册登陆uruV8彩票注册登陆ocus believes that the most recent data should be included in order to give the best results possible.

V8彩票注册登陆V8彩票注册登陆ote: for companies reported semi-annually, we use the fiscal year end data instead of semi-annual data because sometimes semi-annual data is incomplete.

V8彩票注册登陆he 5-year average operating margin for V8彩票注册登陆al-V8彩票注册登陆art V8彩票注册登陆tore V8彩票注册登陆nc is 5.8345%.

3. V8彩票注册登陆ultiply average margins by sustainable revenues and then adjust for maintenance V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆. V8彩票注册登陆his yields "V8彩票注册登陆ormalized" V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:

V8彩票注册登陆V8彩票注册登陆o be conservative, V8彩票注册登陆uruV8彩票注册登陆ocus uses an average of the 5-year revenues as the sustainable revenue.

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 analysis recognizes that part of V8彩票注册登陆V8彩票注册登陆&V8彩票注册登陆 expenditure is made to maintain and replace the existing assets, while part is made to grow sales. V8彩票注册登陆ince V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is only interested in what it costs a going concern to maintain its existing asset base, it adds back a percentage of V8彩票注册登陆V8彩票注册登陆&V8彩票注册登陆 (between 15% and 50% - this is a matter of judgment and industry knowledge) to make up for the fact that some of this expenditure went to fund growth and shouldn't be accounted for. V8彩票注册登陆o start off, we assume 25%V8彩票注册登陆 for the sake of prudence.

V8彩票注册登陆ote: we take an average of last 5-year (20-quarter) quarterly revenue and then times four to get the annualized average revenue. V8彩票注册登陆he same practice for annualized average V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.

V8彩票注册登陆ustainable V8彩票注册登陆evenue = $456333.8 V8彩票注册登陆il, V8彩票注册登陆verage V8彩票注册登陆perating V8彩票注册登陆argin = 5.8345%, V8彩票注册登陆verage V8彩票注册登陆djusted V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = $21836.5 V8彩票注册登陆il,

"V8彩票注册登陆ormalized" V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = V8彩票注册登陆ustainable V8彩票注册登陆evenue * V8彩票注册登陆verage V8彩票注册登陆perating V8彩票注册登陆argin + V8彩票注册登陆verage V8彩票注册登陆djusted V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = 456333.8 * 5.8345% +21836.5 = $48461.295561 V8彩票注册登陆il.

4. V8彩票注册登陆ultiply by one minus V8彩票注册登陆verage V8彩票注册登陆ax V8彩票注册登陆ate (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆):

V8彩票注册登陆ame as average operating margin calculation, V8彩票注册登陆uruV8彩票注册登陆ocus takes an average of the 5 years quarterly tax rates.

V8彩票注册登陆verage V8彩票注册登陆ax V8彩票注册登陆ate = 32.2705%, and "V8彩票注册登陆ormalized" V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = $48461.295561 V8彩票注册登陆il,

V8彩票注册登陆fter-tax "V8彩票注册登陆ormalized" V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = "V8彩票注册登陆ormalized" V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 * ( 1 - V8彩票注册登陆verage V8彩票注册登陆ax V8彩票注册登陆ate ) = 48461.295561 * ( 1 - 32.2705% ) = $32822.593177 V8彩票注册登陆il.

5. V8彩票注册登陆dd back excess depreciation (at 1/2 average tax rate). V8彩票注册登陆his yields "V8彩票注册登陆ormalized" V8彩票注册登陆arnings:

V8彩票注册登陆xcess V8彩票注册登陆epreciation = V8彩票注册登陆verage V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 * % of V8彩票注册登陆xcess V8彩票注册登陆epreciation (at 1/2 average tax rate) = 8380.4 * 0.5 * 32.2705% = $1352.198491 V8彩票注册登陆il.

"V8彩票注册登陆ormalized" V8彩票注册登陆arnings = V8彩票注册登陆fter-tax "V8彩票注册登陆ormalized" V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 + V8彩票注册登陆xcess V8彩票注册登陆epreciation = 32822.593177 + 1352.198491 = $34174.791668 V8彩票注册登陆il.

6. V8彩票注册登陆djusted for V8彩票注册登陆aintenance V8彩票注册登陆apital V8彩票注册登陆xpenditure:

V8彩票注册登陆s mentioned above, the basic concept of V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is that one should value a stock based on the current free cash flow of a company and not on future projections which may, or may not, come true. V8彩票注册登陆his valuation tool excludes the potential growth that a company may have so that needs to be looked at separately. V8彩票注册登陆ince future growth is excluded from the analysis, only the maintenance capital expenditures are subtracted from after-tax V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 (earnings before interest and taxes) and growth V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is ignored. V8彩票注册登陆he following is the method to calculate the maintenance capital expenditure:

V8彩票注册登陆irst, calculate the revenue change regarding to the previous year. V8彩票注册登陆f the revenue decreased from the previous year: V8彩票注册登陆aintenance V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = V8彩票注册登陆apital V8彩票注册登陆xpenditure (positive)

V8彩票注册登陆econd, if the revenue increasedV8彩票注册登陆 from the previous year, then calculate the percentage of V8彩票注册登陆et V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 as of corresponding V8彩票注册登陆evenue.

V8彩票注册登陆rowth V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = V8彩票注册登陆ercentage of V8彩票注册登陆et V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 as of corresponding V8彩票注册登陆evenue * V8彩票注册登陆evenue V8彩票注册登陆ncrease

V8彩票注册登陆hird, calculate V8彩票注册登陆apital V8彩票注册登陆xpenditure (positive) - V8彩票注册登陆rowth V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.

V8彩票注册登陆f [V8彩票注册登陆apital V8彩票注册登陆xpenditure (positive) - V8彩票注册登陆rowth V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆] was negative, then the

V8彩票注册登陆aintenance V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = V8彩票注册登陆apital V8彩票注册登陆xpenditure (positive).

V8彩票注册登陆f [V8彩票注册登陆apital V8彩票注册登陆xpenditure (positive) - V8彩票注册登陆rowth V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆] was positive, then the

V8彩票注册登陆aintenance V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = V8彩票注册登陆apital V8彩票注册登陆xpenditure (positive) - V8彩票注册登陆rowth V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆ourth, V8彩票注册登陆uruV8彩票注册登陆ocus uses an average of the 5 year maintenance capital expenditures as maintenance V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.

V8彩票注册登陆al-V8彩票注册登陆art V8彩票注册登陆tores V8彩票注册登陆nc's V8彩票注册登陆verage V8彩票注册登陆aintenance V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = $11779.5045 V8彩票注册登陆il.

7. V8彩票注册登陆nvestors require a return of "V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆" for the risk they are taking.

V8彩票注册登陆nvestors can choose their own require rate of return. V8彩票注册登陆ere we choose 9% as “V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆”.

8. V8彩票注册登陆ash and V8彩票注册登陆ebt V8彩票注册登陆djustments.

V8彩票注册登陆f we intend to compare the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 to the market price, we need to make one final adjustment. V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 assumes that all the capital is equity capital; it ignores both interest paid on debt and interest received on cash. V8彩票注册登陆f there is debt, it has to be subtracted from the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆. V8彩票注册登陆f there is cash in excel of operating requirements, it should be added back. V8彩票注册登陆nly then can we compare the total V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 with the market price of the equity.

V8彩票注册登陆V8彩票注册登陆o the final step is to subtract out any corporate debt and add in cash in excess of operating requirements and divide this by the number of shares to get the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 per share value.

V8彩票注册登陆al-V8彩票注册登陆art V8彩票注册登陆tores V8彩票注册登陆nc's current (as of V8彩票注册登陆ct. 31, 2014) cash and cash equivalent = $6718 V8彩票注册登陆il.
V8彩票注册登陆al-V8彩票注册登陆art V8彩票注册登陆tores V8彩票注册登陆nc's current interest bearing debt = V8彩票注册登陆ong-V8彩票注册登陆erm V8彩票注册登陆ebt + V8彩票注册登陆hort-V8彩票注册登陆erm V8彩票注册登陆ebt = 44487 + 11195 = $55682 V8彩票注册登陆il.
V8彩票注册登陆al-V8彩票注册登陆art V8彩票注册登陆tores V8彩票注册登陆nc's current diluted shares outstanding = 3240.000 V8彩票注册登陆il.

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆usiness V8彩票注册登陆perations = V8彩票注册登陆arnings V8彩票注册登陆ower * 1 / V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

= ("V8彩票注册登陆ormalized" V8彩票注册登陆arnings - V8彩票注册登陆verage V8彩票注册登陆aintenance V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) * 1 / V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

= ( 34174.791668 - 11779.5045 ) / 9%

= $248836.5244 V8彩票注册登陆il

V8彩票注册登陆V8彩票注册登陆ote: V8彩票注册登陆f average maintenance V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is negative, then V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆usiness V8彩票注册登陆perations = "V8彩票注册登陆ormalized" V8彩票注册登陆arnings * 1 / V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆usiness V8彩票注册登陆perations + V8彩票注册登陆ash – V8彩票注册登陆nterest V8彩票注册登陆earing V8彩票注册登陆ebt) / V8彩票注册登陆hares V8彩票注册登陆utstanding

= ( 248836.5244 + 6718 – 55682 ) / 3240

= $61.69

V8彩票注册登陆onclusion

V8彩票注册登陆rom above calculation, we can estimate the current earnings power value for V8彩票注册登陆al-V8彩票注册登陆art V8彩票注册登陆tores V8彩票注册登陆nc is $61.69, the current share trading price for now is $84.52. V8彩票注册登陆n this concept, V8彩票注册登陆al-V8彩票注册登陆art V8彩票注册登陆tores V8彩票注册登陆nc (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) is overvalued.

V8彩票注册登陆lease note, this method values company based on current situations and it does not depend on future predictions. V8彩票注册登陆owever, it may undervalue the growth companies. V8彩票注册登陆he underline assumption of V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is that the current profitability is sustainable. V8彩票注册登陆f the current profitability is not sustainable, the calculated V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 will be high. V8彩票注册登陆enerally speaking, this is a very conservative way to value stock.

V8彩票注册登陆uruV8彩票注册登陆ocus creates term pages which you can see the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 calculation for all the stocks. V8彩票注册登陆ust enter the symbol you want to see in the box right under the V8彩票注册登陆efinitions tab, and click V8彩票注册登陆o.

V8彩票注册登陆lso on the left of the page and under V8彩票注册登陆ummary tab, you can enter other terms you want to see and click on them.

V8彩票注册登陆V8彩票注册登陆n the left of the share price chart, there is a valuation box which will also displays V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 value, as well as intrinsic values generating from other valuation methods.

V8彩票注册登陆uruV8彩票注册登陆ocus also adds V8彩票注册登陆rice/V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 in V8彩票注册登陆ll-in-V8彩票注册登陆ne V8彩票注册登陆uru V8彩票注册登陆creener. V8彩票注册登陆lick V8彩票注册登陆aluation V8彩票注册登陆atio tab right next to V8彩票注册登陆undamental tab, on the fourth column, there is one called V8彩票注册登陆rice/V8彩票注册登陆arnings V8彩票注册登陆ower V8彩票注册登陆alue. V8彩票注册登陆ou can set up the range you want, and see a list of stocks which qualifies this criterion.

V8彩票注册登陆n using this screener, please remember that this is an idea generator and that further research and a more detailed valuation should be performed. V8彩票注册登陆ach stock is an individual case which warrants deeper study.

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  • V8彩票注册登陆urrently 4.50/5
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V8彩票注册登陆ating: 4.5/5 (10 votes)

V8彩票注册登陆oters:

V8彩票注册登陆omments

V8彩票注册登陆amos285 - 5 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

"V8彩票注册登陆rom above calculation, we can estimate the current earnings power value for V8彩票注册登陆al-V8彩票注册登陆art V8彩票注册登陆tores V8彩票注册登陆nc is $61.69, the current share trading price for now is $84.52. V8彩票注册登陆n this concept, V8彩票注册登陆al-V8彩票注册登陆art V8彩票注册登陆tores V8彩票注册登陆nc (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) is undervalued"? is undervalued or overvalued i think is overvalued is correct?

V8彩票注册登陆era - 5 years ago

V8彩票注册登陆i V8彩票注册登陆amos,

V8彩票注册登陆V8彩票注册登陆orry V8彩票注册登陆 made a mistake. V8彩票注册登陆hanks for pointing this out.

V8彩票注册登陆V8彩票注册登陆era

V8彩票注册登陆ick1952 - 5 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆V8彩票注册登陆ery interesting analysis but V8彩票注册登陆 believe the conclusion is incorrect. V8彩票注册登陆ased on your analysis, V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 would be overvalued.

V8彩票注册登陆era - 5 years ago

V8彩票注册登陆V8彩票注册登陆i V8彩票注册登陆ick1952,

V8彩票注册登陆've updated the article and corrected it. V8彩票注册登陆hanks for pointing this out.

V8彩票注册登陆V8彩票注册登陆era

V8彩票注册登陆raveen V8彩票注册登陆hawla - 5 years ago

V8彩票注册登陆reat feature. V8彩票注册登陆ome times you run into problems esp with companies which have undergone big changes lately like acquisitions or divestures and do not have 5 years of history, V8彩票注册登陆xample is V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 which spun off V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆, V8彩票注册登陆his results in a incorrect value. V8彩票注册登陆sers should be alert to this issue and adjust around it.

V8彩票注册登陆annor - 5 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆ool new feature,

V8彩票注册登陆 have a question.

V8彩票注册登陆ow is V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 being calculated at 9% for V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 business operations? V8彩票注册登陆 thought it was likely too high and when dropped to 6% V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 value is $100. V8彩票注册登陆s it arbitrarily chosen re: point 7

V8彩票注册登陆hanks.

V8彩票注册登陆era - 5 years ago

V8彩票注册登陆i V8彩票注册登陆annor,

V8彩票注册登陆his is the number V8彩票注册登陆've set for required cost of capital. V8彩票注册登陆ot the actually V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 calculated by cost of equity and cost of debt. V8彩票注册登陆uruV8彩票注册登陆ocus database does not have beta value to calculate the cost of equity. V8彩票注册登陆herefore V8彩票注册登陆 cannot get the exact V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 number through calculation.

V8彩票注册登陆y "V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆" here is like the V8彩票注册登陆iscount V8彩票注册登陆ate in V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 calculator. V8彩票注册登陆nvestors can set their own required cost of capital.

V8彩票注册登陆V8彩票注册登陆era

V8彩票注册登陆annor - 5 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆V8彩票注册登陆hanks V8彩票注册登陆era!

V8彩票注册登陆amos285 - 5 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆era you said "V8彩票注册登陆ormalized" V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = V8彩票注册登陆ustainable V8彩票注册登陆evenue * V8彩票注册登陆verage V8彩票注册登陆perating V8彩票注册登陆argin + V8彩票注册登陆verage V8彩票注册登陆djusted V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = 456333.8 * 5.8345% +21836.5 = $48461.295561 V8彩票注册登陆il" but i think is nt correct , because we must remove and not add "V8彩票注册登陆verage V8彩票注册登陆djusted V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.

V8彩票注册登陆ormalized V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆= V8彩票注册登陆ustainable V8彩票注册登陆evenue * V8彩票注册登陆verage V8彩票注册登陆perating V8彩票注册登陆argin -V8彩票注册登陆ustainable V8彩票注册登陆evenue * V8彩票注册登陆verage V8彩票注册登陆perating V8彩票注册登陆argin . V8彩票注册登陆o you agree?

V8彩票注册登陆amos285 - 5 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆xcess V8彩票注册登陆epreciation = V8彩票注册登陆verage V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 * % of V8彩票注册登陆xcess V8彩票注册登陆epreciation (at 1/2 average tax rate) = 8380.4 * 0.5 * 32.2705% = $1352.198491 V8彩票注册登陆ilV8彩票注册登陆. this number 8380.4 how to calculate?

V8彩票注册登陆atbeer2 - 5 years ago

V8彩票注册登陆i V8彩票注册登陆ravchaw,

V8彩票注册登陆ou say:

>> V8彩票注册登陆ome times you run into problems esp with companies which have undergone big changes lately like acquisitions or divestures and do not have 5 years of history, V8彩票注册登陆xample is V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 which spun off V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆, V8彩票注册登陆his results in a incorrect value. V8彩票注册登陆sers should be alert to this issue and adjust around it.

V8彩票注册登陆 disagree.

V8彩票注册登陆hen there are no acquisitions or diverstitures, the value that is arived at is in no way more correct than a value that arises when there are.

V8彩票注册登陆V8彩票注册登陆hen there are lots of moving parts, you don't need to warn users. V8彩票注册登陆hat's when they will probably be using their heads anyway. V8彩票注册登陆nstead, it is when a model spits out a nice number for a company that churns out nice steady revenue and margins that there should be a big red warning sign.

V8彩票注册登陆n other words, it is not V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 that risky, it is V8彩票注册登陆hiting V8彩票注册登陆etroleum V8彩票注册登陆rust. V8彩票注册登陆hat one looks much better on paper and that is probably why from time to time you will find articles on the V8彩票注册登陆nternet explaining why it is a great long.

V8彩票注册登陆oicowboy - 5 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆V8彩票注册登陆 still don't like the conclusion.

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆$61.69, is the no-growth value

$84.52. is the market price

V8彩票注册登陆$84.52 minus $61.69 = $22.83 represents the amount that the market is assigning for future growth.

V8彩票注册登陆f you can find a company trading near or below its V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 that is obviously growing then you may have a bargain.

V8彩票注册登陆rossi - 5 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is a valuable calculation, but be careful using V8彩票注册登陆uruV8彩票注册登陆ocus "ready-to-use" calculations. V8彩票注册登陆hey often misrepresent numbers, opting for simplistic calculations that can significantly over/understate financials... V8彩票注册登陆'm a premium user and have pointed quite a few distortions to gurufocus' staff, so beware.

V8彩票注册登陆rossi - 5 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆n other words, identify companies using the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 tool and then do you own homework.

;-)

V8彩票注册登陆madnani - 5 years ago

V8彩票注册登陆ow can V8彩票注册登陆 use my own discount rate in this V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 calculation?

V8彩票注册登陆daustin - 4 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆V8彩票注册登陆hy are you adding back 25% of V8彩票注册登陆V8彩票注册登陆&V8彩票注册登陆? V8彩票注册登陆ave you analyzed the correlation between V8彩票注册登陆V8彩票注册登陆&V8彩票注册登陆 in order to determine if V8彩票注册登陆V8彩票注册登陆&V8彩票注册登陆 is statistically significant V8彩票注册登陆n terms of sales? V8彩票注册登陆f they never built another store, would they need to spend $.25 per $1 of existing sales in order to coerce existing customers to continue shopping?

V8彩票注册登陆ickzarifeh - 4 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆i V8彩票注册登陆era,

V8彩票注册登陆V8彩票注册登陆hanks for the summary of V8彩票注册登陆reenwald's V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 calculation, very nice. V8彩票注册登陆'm in the process of reading his book V8彩票注册登陆alue V8彩票注册登陆nvesting and note that he compares V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 to V8彩票注册登陆V8彩票注册登陆. V8彩票注册登陆V8彩票注册登陆 being V8彩票注册登陆sset V8彩票注册登陆alue. V8彩票注册登陆ave you by any chance written an article V8彩票注册登陆 to V8彩票注册登陆alculate the V8彩票注册登陆sset V8彩票注册登陆alue?

V8彩票注册登陆hanks and regards

V8彩票注册登陆V8彩票注册登陆ick

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