Canadian Oil & Gas Companies Message Board

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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (4490)	1/15/1998 12:31:00 PM
From: TheMajor	Read Replies (1) of 24927

Kerm/Debt Adjusted Cash Flow. I don't have a broker or analyst ( prefer the economics of a discount shop) but I do use a reference book on security analysis which is oriented to the Canadian market and includes specific references to oil and gas companies. Debt-adjusted cash flow is defined as "discretionary cash flow plus all financial charges including interest expense, preferred share dividends and current income taxes." It is comparable to EBITDA-Earnings before before interest, taxes, depreciation and amortization-used in other sectors. The reference adds that estimating future production and cash flow should incorporate the capital required to meet those estimates. This helps to identify those companies that are gowing from internal cash flow and those that are growing through expanded bank lines and/or equity capital. A bona fide analyst may be able to put this more succinctly than I have, but in the meantime, perhaps this will tide you over. Kind regards TM

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