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Non-Tech : Tyco International Limited (TYC)
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To: deeno who wrote (3699)1/10/2006 5:28:09 PM
From: rich evans  Read Replies (1) of 3770
 
Deeno,, I used a similar approach, but actually ran the numbers based on allocating the debt and using present tax rates. My difference was using a PE of 30 for Health instead of 20 used by ML. My other PEs were the same or less. If you run my numbers using the ML PEs you get about $43 per share consisting of 3 companies contributing $18,11,and $13 totalling $43. ML analysis is wrong because it adds in the corporate SGA exense which would not exist and be a savings. ML allocates the net Tyco earnings reported but it should use the segment results which have their own SGA and then allocate the debt which I did according to REVS. JMHO
Rich
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