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Strategies & Market Trends : Value Investing

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To: Bob Rudd who wrote (16726)	4/1/2003 9:19:11 AM
From: TimbaBear	Read Replies (2) of 78656

Hi Bob Rudd Regarding EK, what I found interesting is that they have 63% market share in China. Like the dividend too. BA... while parked planes is definitely major bad news, what causes me to steer away from BA is a news report I saw somewhere a while back that indicated that they "manage" their income and expense numbers via how they cost account for major projects. Unless I see something in the 10K which makes it clear to me why something like this would make sense to a passive owner, I probably won't become one. On another point, I don't calculate FCF in the traditional way. I use Depreciation as a proxy for the real upkeep expense and, if Depreciation is greater than CAPEX, subtract the difference from cash flow, because I believe the enterprise is artificially inflating the cash flow through under allowing for proper maintenence of the factors of production. If CAPEX is greater than Depreciation, I add the difference back to cash flow because I then view the excess as an optional use of cash flow, which under some different circumstances, might have flowed directly to the shareholder via dividends. Timba

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