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Strategies & Market Trends : Buffettology

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To: James Clarke who wrote (1552)	5/31/1999 7:56:00 PM
From: Shane M	Read Replies (1) of 4691

Jim, Looking at TKS. Very predictable income statement, but capital expenditures are a question. Capital Expenditures have been rising from $182 million in '96, $247 in '97, and $328 in '98. I'd be interested to know what level of cap exp is expected in the future, because the 05/1998 spending level equaled about 88% of net income of around $370 mil. Dividend payout rate is around 65% of earnings and has been steadily climbing over time. Does a rising payout ratio of this magnitude combined with increasing capital expenditures make sense? Found this story: quicken.excite.com BTW: What book value do you get? I'm skeptical of the share numbers I have on ADRs. The latest info I have (as of 5-98) is 4751.5 million shares w/ 522 million in common equity for a book value of around $0.11. Does this sound right? Again, I'm always unsure of share figures I have on ADRs so this could be totally offbase. Shane

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