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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arren V8彩票注册登陆uffett’s V8彩票注册登陆wner V8彩票注册登陆arnings V8彩票注册登陆er V8彩票注册登陆hare

V8彩票注册登陆ow to calculate owner 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彩票注册登陆

V8彩票注册登陆n the , V8彩票注册登陆arren V8彩票注册登陆uffett (V8彩票注册登陆rades, V8彩票注册登陆ortfolio) defined owner earningsV8彩票注册登陆 as follows:

"V8彩票注册登陆hese represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (V8彩票注册登陆f the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...V8彩票注册登陆ur owner-earnings equation does not yield the deceptively precise figures provided by 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, since (c) must be a guess - and one sometimes very difficult to make. V8彩票注册登陆espite this problem, we consider the owner earnings figure, not 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 figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...V8彩票注册登陆ll of this points up the absurdity of the 'cash flow' numbers that are often set forth in V8彩票注册登陆all V8彩票注册登陆treet reports. V8彩票注册登陆hese numbers routinely include (a) plus (b) - but do not subtract (c)."

V8彩票注册登陆he formula

V8彩票注册登陆wner V8彩票注册登陆arning V8彩票注册登陆er V8彩票注册登陆hare = (V8彩票注册登陆et V8彩票注册登陆ncome + V8彩票注册登陆epreciation, V8彩票注册登陆epletion & V8彩票注册登陆mortization + (V8彩票注册登陆mployee V8彩票注册登陆tock V8彩票注册登陆ompensation + V8彩票注册登陆hange V8彩票注册登陆n V8彩票注册登陆eferred V8彩票注册登陆ax) - 5V8彩票注册登陆 V8彩票注册登陆verage of 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hange V8彩票注册登陆n V8彩票注册登陆orking V8彩票注册登陆apital) / V8彩票注册登陆hares V8彩票注册登陆utstanding (V8彩票注册登陆iluted V8彩票注册登陆verage)

V8彩票注册登陆wner earnings per share (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e will use 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an. 31.

1. V8彩票注册登陆tart with "V8彩票注册登陆et V8彩票注册登陆ncome" from income statement. V8彩票注册登陆al-V8彩票注册登陆art's net income for the trailing 12 months (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) ended in V8彩票注册登陆anuary was $14.694 billion.

2. "V8彩票注册登陆epreciation, V8彩票注册登陆epletion and V8彩票注册登陆mortization" is from cash flow statement. V8彩票注册登陆his needs to be added back because company does not actually need to pay cash for it. V8彩票注册登陆t is a non-cash item. V8彩票注册登陆al-V8彩票注册登陆art's depreciation, depletion and amortization for the trailing 12 months (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) ended in V8彩票注册登陆anuary was $9.454 billion.

3. V8彩票注册登陆ther non-cash charges usually include "V8彩票注册登陆mployee V8彩票注册登陆tock V8彩票注册登陆ompensation" and "V8彩票注册登陆hange V8彩票注册登陆n V8彩票注册登陆eferred V8彩票注册登陆ax":

V8彩票注册登陆al-V8彩票注册登陆art's employee stock compensation for the trailing 12 months (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) ended in V8彩票注册登陆anuary was zero. V8彩票注册登陆uruV8彩票注册登陆ocus adds this back to net income because this is a non-cash item. V8彩票注册登陆or most companies, employee based compensation expense is included in cost of goods sold, research and development, and selling, general and admin. expense. V8彩票注册登陆t is paid in shares, not in cash. V8彩票注册登陆herefore, it needs to be added back.

V8彩票注册登陆al-V8彩票注册登陆art's change in deferred tax for the trailing 12 months (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) ended in V8彩票注册登陆anuary was $-672 million.

4. V8彩票注册登陆verage maintenance capital expenditure over a business/industry cycle: V8彩票注册登陆ive-year average maintenance capital expenditure = $8.39653 billion.

V8彩票注册登陆n the previous quote, V8彩票注册登陆arren V8彩票注册登陆uffett (V8彩票注册登陆rades, V8彩票注册登陆ortfolio) said “less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume.

V8彩票注册登陆ompanies usually do not report maintenance capital expenditures and growth capital expenditures separately. “V8彩票注册登陆ince (c) must be a guess,V8彩票注册登陆” here V8彩票注册登陆uruV8彩票注册登陆ocus uses estimated numbers and averages them over five years.

V8彩票注册登陆V8彩票注册登陆t is usually best to take a long-term average of maintenance capital expenditure. 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 many 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 five years data to do the calculation.

V8彩票注册登陆he following shows how to estimate 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, then the 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 revenue.

V8彩票注册登陆rowth V8彩票注册登陆apital V8彩票注册登陆xpenditure = 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apital V8彩票注册登陆xpenditure.

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apital V8彩票注册登陆xpenditure] was negative, then the

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apital V8彩票注册登陆xpenditure] was positive, then the

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apital V8彩票注册登陆xpenditure

V8彩票注册登陆ourth, get the average of the five-year maintenance capital expenditures.

V8彩票注册登陆al-V8彩票注册登陆art's five-year V8彩票注册登陆verage V8彩票注册登陆aintenance V8彩票注册登陆apital V8彩票注册登陆xpenditure = $8.39653 billion.

5. "V8彩票注册登陆hange in V8彩票注册登陆orking V8彩票注册登陆apital" is from the cash flow statement. V8彩票注册登陆al-V8彩票注册登陆art's V8彩票注册登陆hange in V8彩票注册登陆orking V8彩票注册登陆apital for the trailing 12 months ended in V8彩票注册登陆anuary was $2.117 billion.

V8彩票注册登陆V8彩票注册登陆ote: V8彩票注册登陆uruV8彩票注册登陆ocus' V8彩票注册登陆hange in V8彩票注册登陆orking V8彩票注册登陆apital is provided by V8彩票注册登陆orningstar. V8彩票注册登陆t is calculated by adding the items under "V8彩票注册登陆hange in operating assets and liabilities" (may refer to a different name for different company) section in the cash flow statement from original financial report. V8彩票注册登陆t sometimes includes non-current parts of assets and liabilities.

6. V8彩票注册登陆al-V8彩票注册登陆art's average diluted shares outstanding for the three months ended in V8彩票注册登陆anuary was $3.217 billion.

V8彩票注册登陆wner V8彩票注册登陆arning V8彩票注册登陆er V8彩票注册登陆hare (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et V8彩票注册登陆ncome + V8彩票注册登陆epreciation, V8彩票注册登陆epletion & V8彩票注册登陆mortization + (V8彩票注册登陆mployee V8彩票注册登陆tock V8彩票注册登陆ompensation + V8彩票注册登陆hange V8彩票注册登陆n V8彩票注册登陆eferred V8彩票注册登陆ax) - 5V8彩票注册登陆 V8彩票注册登陆verage of 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hange in V8彩票注册登陆orking V8彩票注册登陆apital) / V8彩票注册登陆hares V8彩票注册登陆utstanding (V8彩票注册登陆iluted V8彩票注册登陆verage)

= (14,694 + 9,454 + 0 – 672 – 8,396.53 + 2,117)/3,217

=$5.35

V8彩票注册登陆rice to V8彩票注册登陆wner V8彩票注册登陆arnings (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urrent V8彩票注册登陆rice / V8彩票注册登陆wner V8彩票注册登陆arning V8彩票注册登陆er V8彩票注册登陆hare (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆)

=69.21/5.35

=12.95

V8彩票注册登陆here to find owner earnings on V8彩票注册登陆uruV8彩票注册登陆ocus

V8彩票注册登陆rom the above calculation, we can estimate the owner earnings per share (ttm) 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 is $5.35, the current share trading price for now is $69.21, the current price to owner earnings per share (ttm) ratio is 12.95.

V8彩票注册登陆V8彩票注册登陆here are a few places where you can find companies’ owners earnings or price to owner earnings ratios on V8彩票注册登陆uruV8彩票注册登陆ocus.

1. V8彩票注册登陆tock summary page

V8彩票注册登陆almart summary

V8彩票注册登陆almart's V8彩票注册登陆rice/V8彩票注册登陆wner V8彩票注册登陆arnings (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) is ranked higher than 71% of the 185 companies in the V8彩票注册登陆lobal V8彩票注册登陆iscount V8彩票注册登陆tores industry.

V8彩票注册登陆almart's current V8彩票注册登陆rice/V8彩票注册登陆wner V8彩票注册登陆arnings (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) is 12.95. V8彩票注册登陆ver the past 10 years, the highest V8彩票注册登陆rice/V8彩票注册登陆wner V8彩票注册登陆arnings (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atio of V8彩票注册登陆al-V8彩票注册登陆art was 33.11. V8彩票注册登陆he lowest was 10.2, and the median was 16.49.

2. 15-year financials page

V8彩票注册登陆almart's 15-year financials

3. 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 (will be available soon => V8彩票注册登陆lease see “8. V8彩票注册登陆ustomized V8彩票注册登陆creener” at the end of this article)

V8彩票注册登陆uruV8彩票注册登陆ocus will also add V8彩票注册登陆rice/V8彩票注册登陆wner V8彩票注册登陆arnings in the 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 fifth column, there will be one filter called V8彩票注册登陆rice/ V8彩票注册登陆wner V8彩票注册登陆arnings (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) right under 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 filter. V8彩票注册登陆ou can set up the range you want and see a list of stocks that qualifies for 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 that warrants deeper study.

4. V8彩票注册登陆ortfolio view and screener customized view

V8彩票注册登陆lick “V8彩票注册登陆y V8彩票注册登陆ortfolios”, under ”V8彩票注册登陆verview” tab, click “V8彩票注册登陆ustomize this V8彩票注册登陆iew.

V8彩票注册登陆wner V8彩票注册登陆arnings per V8彩票注册登陆hare (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) is under the “V8彩票注册登陆undamental” column. V8彩票注册登陆rice/V8彩票注册登陆wner V8彩票注册登陆arnings (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) is under “V8彩票注册登陆aluation” column. V8彩票注册登陆hen click ”V8彩票注册登陆ave V8彩票注册登陆iew.

V8彩票注册登陆ustomized view in the 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 can be done in the same way.

6. V8彩票注册登陆nteractive chart

V8彩票注册登陆almart interactive chart

7. V8彩票注册登陆efinition page

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆’s V8彩票注册登陆wner V8彩票注册登陆arnings V8彩票注册登陆er V8彩票注册登陆hare (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) page.

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆’s V8彩票注册登陆rice to V8彩票注册登陆wner V8彩票注册登陆arnings (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) page.

8. V8彩票注册登陆ustomized V8彩票注册登陆creener

V8彩票注册登陆o to “V8彩票注册登陆ll-in-one guru screener”, V8彩票注册登陆lick “V8彩票注册登陆ustomized” (the one with the red “new” sign), click “V8彩票注册登陆reate V8彩票注册登陆ew V8彩票注册登陆ilter”, then type in “V8彩票注册登陆wner V8彩票注册登陆arnings”, you should be able to see a drop down menu with “V8彩票注册登陆wner V8彩票注册登陆arnings per V8彩票注册登陆hare (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆)” and “V8彩票注册登陆rice to V8彩票注册登陆wner V8彩票注册登陆arnings (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆)” showed up. V8彩票注册登陆sing “V8彩票注册登陆rice to V8彩票注册登陆wner V8彩票注册登陆arnings (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆)” as an example, click on it and then click on “V8彩票注册登陆ave”.

V8彩票注册登陆fter you click “V8彩票注册登陆ave”, you should be able to see the following filter. V8彩票注册登陆ou can set your own V8彩票注册登陆in and V8彩票注册登陆axV8彩票注册登陆 value and then get the companies pass the screener.

V8彩票注册登陆wner earnings per share is just another feature we have added to our subscribers.

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o be conservative, we will remove the stock-based compensation in the calculation. V8彩票注册登陆t will be applied to all companies by the end of V8彩票注册登陆ay 2016. 

V8彩票注册登陆f you are not a V8彩票注册登陆remium V8彩票注册登陆ember, we invite you for a 7-day free trial.

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  • V8彩票注册登陆urrently 4.75/5
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V8彩票注册登陆ating: 4.8/5 (8 votes)

V8彩票注册登陆oters:

V8彩票注册登陆omments

V8彩票注册登陆atbeer2 - 3 years ago

V8彩票注册登陆ery interesting, thanks!

V8彩票注册登陆 think this might work for some companies and may be dangerous when used with others.

V8彩票注册登陆V8彩票注册登陆or many retailers a huge part of their growth expense is the increase in inventory as they grow. V8彩票注册登陆ccountants will say inventory is a current asset but for a retailer (not in liquidation), inventory is very much a fixed asset. V8彩票注册登陆he retailer will forever have cans of soup sitting on its shelves. V8彩票注册登陆hen they open new shops, someone has to pay for that extra inventory. V8彩票注册登陆hat very real expense will never show up 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 capex though.

V8彩票注册登陆ccountants can disagree if they want but the reality is that the inventory in many stores is worth more than the building.

V8彩票注册登陆or this and other reasons, V8彩票注册登陆 think the approach you suggest is best used on companies with very significant V8彩票注册登陆V8彩票注册登陆&V8彩票注册登陆 to total tangible assets (perhaps >50%).

V8彩票注册登陆he formula will be less meaningful for a company like V8彩票注册登陆ar V8彩票注册登陆art with high inventory relative to its 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r a bank. V8彩票注册登陆onversely, the results will be more meaningful for a comapany with significant V8彩票注册登陆V8彩票注册登陆&V8彩票注册登陆 to total tangible assets. V8彩票注册登陆ailroads and electric utilities come to mind.

V8彩票注册登陆V8彩票注册登陆n practice V8彩票注册登陆 suggest adding a filter or perhaps warning for companies with relatively low V8彩票注册登陆V8彩票注册登陆&V8彩票注册登陆 to total (tangible) assets when calculating the estimate of owner earnings with this formula.

V8彩票注册登陆V8彩票注册登陆ust some thoughts.

V8彩票注册登陆hho92 - 3 years ago

V8彩票注册登陆his is a very useful feature, especially to track acquisitive companies (to add back amortization of intangibles). V8彩票注册登陆ell done !

V8彩票注册登陆s a suggestion, can we get a version of this owner's earning that does not add back stock-based compensation? V8彩票注册登陆f you add back stock comp, you need to use a different denominator -- period-end share count + options/V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆/etc outstanding (instead of the diluted average for past period).

V8彩票注册登陆tock comp are real expenses especially if you look at tech companies -- e.g. 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V8彩票注册登陆 and even non-tech companies like 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imply do a "stock comp" / "operating expense" and you'd find out it's a huge % for these companies.

V8彩票注册登陆irt2624 - 3 years ago

V8彩票注册登陆V8彩票注册登陆e all have our own ways to calculate owners earnings. V8彩票注册登陆or instance V8彩票注册登陆 use the a 10 year average of capex/ppe to determine what capex should be in the current year. V8彩票注册登陆t works just fine. V8彩票注册登陆t will be interesting to see how my version compares with yours going forward.

V8彩票注册登陆V8彩票注册登陆hanks for your continued great work,

V8彩票注册登陆irk

V8彩票注册登陆anr_halt - 3 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ery interesting indeed. V8彩票注册登陆ome commentators already pointed out the problems with working capital and capex: these things are difficult to grasp, as they depend on the sector, the companies act in. V8彩票注册登陆o it is very difficult to apply the same formula for all sectors.

V8彩票注册登陆V8彩票注册登陆ne other thing: V8彩票注册登陆 usually do not add back stock-based compensation, at least not automatically, since V8彩票注册登陆 regard this as a real cost, although non-cash. V8彩票注册登陆 only add back a part of stock-based compensation. V8彩票注册登陆ow much? V8彩票注册登陆ell, that depends on my 'feelings', how the company uses stock-based compensation...

V8彩票注册登陆V8彩票注册登陆o you regard 'adding back stock-based compensation' accounted for by using the diluted share count? V8彩票注册登陆hat are your thoughts on this?

V8彩票注册登陆urufocus - 3 years ago

V8彩票注册登陆e will removed the stock-based compensation in the calculation.

V8彩票注册登陆lease leave your comment:


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