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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (16604)4/22/2005 11:33:04 PM
From: DewDiligence_on_SI  Read Replies (2) | Respond to of 52153
 
Two points:

1. The repatriated amount will include a portion of cash flow from 2005 foreign operations – not just foreign assets held on 12/31/04.

2. Most of PFE’s cash and cash equivalents are outside the U.S. .The U.S. cash is quickly used up for dividends, share repurchases and R&D, while overseas cash just piles up.

Dew



To: Ian@SI who wrote (16604)4/23/2005 3:29:36 AM
From: Icebrg  Read Replies (1) | Respond to of 52153
 
Ian

If they don't have the cash, they can always borrow the amounts needed (in local currency) to enable the repatriation.

Note, that what they want to do here is not to bring home cash surpluses held abroad, but to repatriate accumulated foreign earnings. These earnings may well have been invested in more things than current assets.

The unremitted earnings of international subsidiaries amounted to 51,5 billion USD according to the 10-K.

Erik


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