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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (14362)	4/30/2002 2:05:50 AM
From: Spekulatius	Read Replies (1) of 78510

FFS valuation- i looked in the last interim report: fcf.co.nz 2,781 M Shares x.23 NZ $ = 639 NZ$ market cap Debt: 425 M NZ$ Equity: 1127 M NZ$ (.405NZ$/share) Cash flow + forest growth (6month) 37 M$ x 2 = 84 M NZ$ market cap / adjusted cash flow = 7.6 Fletcher Challenge adds the net unharvested forest growth to earnings. This is not real cash flow, more an unrealized gain. This is OK IMO as long as Fletcher has low debt and enough real cash flow to run the business and service debt. FFS does not look cheap with a price to adj. cash flow ratio of 7.6 but earnings are in a trough due to low timber prices.

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