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Strategies & Market Trends : Gorilla and King Portfolio Candidates -- Ignore unavailable to you. Want to Upgrade?

To: EnricoPalazzo who wrote (48815)	11/13/2001 12:51:09 AM
From: Stock Farmer	Read Replies (1) \| Respond to of 54805

I was careful in my choice of words. close to "reasonable" is not exactly a glowing endorsement. But here's what I get digging in latest 10K. FCF 10,556 M$ is growing very close to revenue rate of about 15%. Dilution of 2.9% on 5.341 B shares. Equity of about $3.50/sh net of paid in capital, with relatively low pollution index (e.g. not bloated by Goodwill). Adding book net of paid in capital plus annuity value of FCF (20 years @ 15% growth, dilution of 3% and rate of return 6% with residual value of zero) gives about $72 per share vs current price of $67. No room for risk or gorillaesque S&P trompling astounding rate of return... but much closer than most come. John.