The theme running through these properties is low to moderate price-earnings ratios, impeccable balance sheet strength, high free cash flow generation and the capacity to indulge in financial engineering in the form of share buybacks, dividends and deal activity.

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That might dilute the stakes which are held by some of the magnates who control these businesses, but would be a fair price to pay to resuscitate the balance-sheet of a vital industry.

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In addition, Alliance Fiber sports a debt-free balance sheet with 75 cents per share in cash, while Bookham's price-to-sales ratio is 1.6.

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Finally, the acquisition binge has left Danaher with a mountain of goodwill on its balance sheet--goodwill being the excess of the purchase price over the book value of the acquired business.

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It too has a debt-free balance sheet and gets only marginally higher marks for share price value from the charts.

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The sector may be paying a price for its cleverness, and for all those complex products and-off balance-sheet vehicles that seemed to be working so well in the good years.

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First and foremost, however, we look closely at the balance sheet and make sure the company is fiscally sound, with a lean price-to-earnings ratio.

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Obviously if the derivative assets were included in the balance sheet as they are under the International Financial Reporting Standards (IFRS) rules, the price-to-book ratio would be significantly lower.

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