Good post, with a lot of good arguments and theories.
<what will TTM sales be? This is a question you have been asking, over and over, and no one has been answering. No, I can't answer it either. Not even approximately, other than to state the obvious: it won't be anywhere near 3.2B$.> I really think JDSU gave us all a general clue with the breakeven point of sales. I'd guess under $2 Billion by early 2002.
<Interestingly, the 1995 P/CF range was 12-36, and the current value is 6. So, using the 1995 yardstick, the current value is Value.> P/CF = Price to Cash Flow?
<For a good laugh, look at the P/B. With the denominator of that ratio approaching zero (as goodwill is taken off the books at an impressive rate), we should see a rebound in the P/B, from the recent multi-year trough of 0.2, taking out the 1998 peak of 13. Which will signify precisely......nothing.> Below (next post due to fonting problems) is a balance sheet essentially sans Goodwill. Nowhere near zero. In fact it looks strong until a name gets put on it and preconceived notions potentially take over? Comments?
Also Price/Book of 0.2? That included Goodwill right? Do you have a number for Price/Tangible Book?
June 30, 2001 June 30, 2000
Current assets:
Cash, cash equivalents and short-term
investments $1,812.3 $1,114.3
Accounts receivable, less allowances
for doubtful accounts 477.6 381.6
Inventories 356.3 375.4
Prepaid assets and other current
assets 458.8 101.6
Total current assets 3,105.0 1,972.9
Property, plant, and equipment, net 1,183.3 670.7
Other assets 1,025.5 1,407.7
TOTAL ASSETS
$5313.8 4051.3
Current liabilities:
Accounts payable $190.6 $195.2
Accrued payroll and related expenses 133.0 98.8
Income taxes payable 30.6 108.6
Other accrued expenses 423.5 244.6
Deferred income taxes 63.0 --
Total current liabilities 840.7 647.2
Deferred tax liabilities 707.4 902.1
Other non-current liabilities 18.0 61.2
Stockholders' equity:
Common stock and additional paid-in
capital
3747.70 2440.8
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $5313.8 $4051.3 |
