Trinity Biotech (TRIBY) Message Board

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Biotech / Medical : Trinity Biotech (TRIBY)

TRIB 0.900

-4.3%

Dec 19 9:30 AM EST

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To: Scott H. Davis who wrote (9942)	8/3/1998 9:38:00 AM
From: Steve Stuart	Read Replies (1) of 14328

I side with Scott on this one, although dowman brings up some interesting points. Personally, I value all of my stocks as a stream of future earnings/dividends/etc. I don't "penalize" TRIBY for their low-tax status, although I do "penalize" some U.S. stocks chewing through years of tax loss writeoffs. Another accounting point that is perhaps more relevant in this case: under Irish rules, TRIBY is allowed to capitalize goodwill costs instead of expensing them over several years as a U.S. company would have to. This creates another type of "penalty" that should be applied to TRIBY's earnings when comparing them to those of U.S. companies. Another way of looking at it: many analysts use EBITDA or some such construction to get at the real cash flow behind the reported earnings. For acquisitive U.S. companies, EBITDA is typically higher than EPS. For TRIBY, this difference is not as significant. TRIBY doesn't get penalized in this case, it just doesn't get as big a boost as U.S. companies. -Steve Stuart

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