For those who heeded my advice to raise cash and book profits, you have some powder dry and ready.
Value stocks had lowest prices relative to earnings, cash-flow and book value and the highest cash dividends.
Growth stocks had the highest prices relative to earnings, cash-flow and book value as well as the lowest cash dividends.
One is that you have to pay close attention to fundamentals like earnings, operating cash flow and book value.
Better to select investments that have shown a consistent record of paying out cash or building book value and retained earnings.
Russell Croft, managers of the Croft Value and Croft Income funds, combine low earnings multiples with other indicators, such as cash flow, book value and debt-to-enterprise value.
"We don't have any debt and we have cash on the book so these are the kinds of opportunities that we can take advantage of" and the competition often can't, says Matt Brokl, a vice president and associate general counsel.
Thus, most of the hundreds of billions of dollars of losses these financial institutions reported were not actual cash losses but artificial book losses.
Its Gene Hackman look-alike coach, Luiz Felipe Scolari , in the finest tradition of winning coaches, is already planning to cash in with a book on tactics and leadership.
It sells at eight times my estimate of 2009 earnings, less than five times cash flow, one times book value and 1.6 times sales.
By contrast, Facebook trades at 60 times trailing 12-month earnings, 49 times prospective 12-month earnings, 43 times cash flow and 12 times book value.
Other models examine book value, cash flow, revenues, and other measures.
Only when one company buys another, in cash and for more than book value, does capital actually leave the industry (and return to shareholders), and even then only by the amount of the goodwill.
It sells at one times cash flow, 40% of book value and 10% of annual revenue.
In this environment it is time to book profits and raise cash.
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If the opportunity arose for Berkshire to be able to buy back shares below its book value, some cash would be used up, thereby reducing assets, but each remaining shareholder would represent a slightly greater ownership percentage of the company and the intrinsic value of the remaining shares would climb.
The price is also 15% of annual revenue, 30% of book value and 2 times cash flow.
Value has to be measured relative to something such as earnings, revenues, cash in the bank, or accounting book value.
On our relative valuation tables, France is looking good trading at 5.4 times cash flow and 1.54 times book value.
Today's price is 30% of annual revenue, 100% of book value, 3 times cash flow and 13 times likely 2009 earnings.
It trades at 15 times trailing earnings, 1.2 times book value and 4 times cash flow, with a 3.7% dividend yield.
At 50% of annual revenue, 4.5 times cash flow, 1.25 times book value and 10 times my estimate of 2011 earnings, it combines cheapness with growth.
But at 5 times prospective 2010 earnings, 40% of book value, 2 times cash flow and 10% of annual revenue, Magma makes sense even for someone with low expectations for the sector.
Unless, that is, there is never any moment at huge banks like UBS when book profit is reconciled with cash profit - so that all profit is only what is shown by the internal accounting system, even if some of the entries in that accounting system are fictional.
Average annual revenue increased 7.8%, EBITDA at 6.5%, free cash flow at 1.8% and book value at 13.6%.
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With good cash management practices, your month-end book work will seem less daunting.
You cannot book reserves, or enjoy the cash flow that production brings.
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This simple double entry book keeping shows that the net cash flow into the economy produced by government spending is zero, nada, nothing.
The most valuable indicators in the Continental telecom group, according to White, are price to cash flow, dividend yield and price to book.
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