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Strategies & Market Trends : Value Investing

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To: TimbaBear who wrote (12040)	2/15/2001 7:09:04 PM
From: Mark Adams	Read Replies (1) of 78476

True sounds good to me. I know they use the term 'net debt', which is simpler than Debt-(CA-CL) <g> As to the TEV being higher; in my post on the paper companies, I try to calculate TEV for a couple other stocks to compare to the reported TEV for IP despite knowing for sure what TEV is. The TEV I'm calculating uses EBITDA rather than final earnings as a proxy for cash flow. I'm not quite in agreement with looking only at EBITDA, I think final earnings also need to be considered. I'd use EBITDA to find companies with high cash flow but low reported earnings only. This would give certain sectors exposure that might be overlooked. Otherwise, ignoring non cash costs of business is misleading.

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