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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Graham Osborn who wrote (60781)	5/4/2018 11:38:52 AM
From: Graham Osborn	Respond to of 78753

Errors: dividends are obviously value-accretive to investors and should included in unrestricted cash flow with a standard tax deduction. Buybacks may or may not be depending on whether the repurchases are at a premium or discount to intrinsic value. If at a premium, the amount of the premium is deducted from unrestricted cash flow.

To: Graham Osborn who wrote (60781)	5/4/2018 11:40:23 AM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78753

To be honest, I did not look at your PEG valuations since I'm not gonna use them anyway. So you might be right that they reflect stuff fine. I am arguing about your claim of having zero terminal value in DCF. And that is completely separate from your PEG or any other non-DCF valuation methods. I am not arguing whether your PEG/whatever is comparable to DCF or not, BTW. So to the contrary - I would argue a great many (perhaps >1/3) of Fortune 500 companies are worth zero or less to a passive owner. Then I think this discussion is rather pointless, since I disagree. What multiple of earnings or cash flow should we pay for Facebook, and how did you arrive at that figure? My FB conservative valuation is very likely lower than yours, but that's not what the discussion was about. Have fun.