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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: hueyone who wrote (43440)	6/13/2001 9:04:30 AM
From: Mike Buckley	Read Replies (2) of 54805

huey, Regarding Epoch's assertion that Siebel had negative free cash flow (FCF) last year ... Because there are so many flaws in the quantitative stuff in the rest of the report, I haven't delved into trying to understand their DCF model. A quick glance at it, though, reveals to me that their methodology for calculating FCF might be different from the norm. Their FCF is the difference between NOPAT and Incremental Investment. (What the heck is NOPAT? It's defined but the acronym isn't explained.) Their FCF becomes positive only when their Incremental Investment is less than the NOPAT. In other words, I don't know the answer to your question. :) --Mike Buckley

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