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To: alanrs who wrote (191457)	7/8/2015 7:03:53 PM
From: E_K_S	Respond to of 206092

You may be right as CBI did acquire several companies in the last few years. As a result, they probably have a bit of "Goodwill" that they added to their BV. What attracted me to do a small buy today, were the new orders they continue to get. I sold shares in 2012 thinking they were expensive at $38.00/share, but since then, their order book is stellar. CBI continues to land many of the larger contracts, so I suspect they will get many of those new contracts in Asia. You probably would want to adjust their BV accordingly (ie back out some or all of that goodwill). That would make their Grahm No. valuation decrease a bit. Here is the link to the GN calculator. I still think after that adjustment, CBI's current price will still be somewhat undervalued. EKS

To: alanrs who wrote (191457)

7/9/2015 2:17:55 AM

From: bruwin

Respond to of 206092

With regard to CBI's Dividend payments, the one thing that one could point out in their defence is the fact that the amount used in this regard has increased over the last 3 years, as one can see in their Cash Flow statements, see "Dividends Paid" ....

Chicago Bridge & Iron Company N.V. (CBI) -NYQ

44.86

2.74(5.76%) Jul 8, 4:05PM EDT

Cash Flow

Get Cash Flow for:

View: Annual Data | Quarterly Data

All numbers in thousands

Period Ending	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012
Net Income	543,607	454,120	301,655

Operating Activities, Cash Flows Provided By or Used In
Depreciation	181,398	180,026	66,421
Adjustments To Net Income	170,106	72,142	71,276
Changes In Accounts Receivables	78,881	(154,143)	(258,132)
Changes In Liabilities	79,129	(189,705)	194,873
Changes In Inventories	16,832	1,504	2,339
Changes In Other Operating Activities	(898,424)	(535,250)	(191,336)

Total Cash Flow From Operating Activities	264,047	(112,836)	202,504

Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures	(117,624)	(90,492)	(72,279)
Investments	-	-	-
Other Cash flows from Investing Activities	(64,653)	(1,734,817)	5,494

Total Cash Flows From Investing Activities	(182,277)	(1,825,309)	(66,785)

Financing Activities, Cash Flows Provided By or Used In
Dividends Paid	(135,228)	(40,980)	(27,723)
Sale Purchase of Stock	(59,131)	(1,412)	(111,930)
Net Borrowings	(5,104)	1,762,800	(52,925)
Other Cash Flows from Financing Activities	108,658	-	-

Total Cash Flows From Financing Activities	(75,523)	1,732,812	(174,111)
Effect Of Exchange Rate Changes	(75,426)	(17,560)	9,976

Change In Cash and Cash Equivalents	(69,179)	(222,893)	(28,416)

And below are the actual Dividends per share paid out over the last 5 years with the latest amount on the right of $0.28/share.
Generally speaking I'd say that an increasing Dividend usually goes hand in hand with an improving Bottom Line, indicative of an improving business performance ....

NCOME STATEMENT (YEAR-TO-DATE)
Revenue (YTD)	3,642.3	4,550.5	5,485.2	11,094.5	12,974.9
Net Income From Total Operations (YTD)	211.6	255.2	317.1	454.1	543.6
EPS From Total Operations (YTD)	2.04	2.55	3.07	4.29	5.03
Dividends Paid Per Share (YTD)	0.00	0.18	0.19	0.20	0.28