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Strategies & Market Trends : Professional Equity Analysis - the Pursuit of True Value
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To: Reginald Middleton who wrote (12)1/25/1997 12:18:00 PM
From: Louis Cornell   of 102
 
Reginald,

I agree with your emphasis on free cash flow, but disagree on your de-emphasis on sales.

Sales are the lifeblood of any company, and the primary measure that I use is sales growth. That is not to say sales are the be-all and end-all. I look at price to sales ratio, free cash flow, and operating margins in looking at valuation.

I totally agree with your approach to putting R&D and advertising as investments and not as expenses. The rub is how do you figure out what return is attributable to each of the two, and what is attributable to outside factors?

regards,
Louis
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