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What is your view of Warren Buffet's definition of free cash flow, what he calls "owner earnings"? He simply takes reported net income and adds back depreciation and amortization and then subtracts the average (arithmetic mean) capital expenditures over the last 5-7 years.
He says he defines free cash flow this way, because he looks at the company as an on going concern. Hence, averaging capital expenditures over the last 5-7 years.
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David I liked the video but may I make a suggestion?
When you are explaining the changes in operating assets and liabilities your excel model is a bit confusing because you are adding "inventories/accounts payble" in the model yet describe these as "Accounts and notes receivable, what happened there was a decrease in A/R is a source of cash" The line in the income statement showed a decline by 11 in A/R...Ditto for inventory.
@2009worstyearever thanks, I'm not sure what you are suggesting? I agree it's inherently difficult: an increase to a current asset account (e.g., account receivable) is deducted from net income to get to cash flow. Conversely, the A/R account on the balance sheet must have decreased in order that it was ADDED back to net income as a source of cash. I'm not showing here either B/S or I/S, so not sure how to better overcome the inherent difficulty of: change in WC translating into cash flows?
@2009worstyearever please, no worries. You are right, i just used RSH statement, but it is still a confusing concept that takes me several minutes to grasp!
Business and project valuation (and all aspcts of finance really) is something I'm really keen to know a lot more about and your videos are certainly proving excellent material. Guy like you who put in a great deal of effort into these uploads do great job. Thanks again.
@AtticBoy68 thank you, i really appreciate that. As i've been operating in quant for a while, My FinStatement analysis is rusty but I look forward to learning-by-doing more of this sort of thing as i try to figure out my own investments.
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Jamesurobertson 3 months ago
What is your view of Warren Buffet's definition of free cash flow, what he calls "owner earnings"? He simply takes reported net income and adds back depreciation and amortization and then subtracts the average (arithmetic mean) capital expenditures over the last 5-7 years.
He says he defines free cash flow this way, because he looks at the company as an on going concern. Hence, averaging capital expenditures over the last 5-7 years.
I'd to hear your feedback.
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mastermoneymentor 9 months ago
Thanks! Very illustrative and useful!!!
axekoyo 10 months ago
Great video. Who is the better for estimating the value of a firm, FCFF or FCFE ?
Altvel1 11 months ago
David I liked the video but may I make a suggestion?
When you are explaining the changes in operating assets and liabilities your excel model is a bit confusing because you are adding "inventories/accounts payble" in the model yet describe these as "Accounts and notes receivable, what happened there was a decrease in A/R is a source of cash" The line in the income statement showed a decline by 11 in A/R...Ditto for inventory.
2009worstyearever 1 year ago
@2009worstyearever thanks, I'm not sure what you are suggesting? I agree it's inherently difficult: an increase to a current asset account (e.g., account receivable) is deducted from net income to get to cash flow. Conversely, the A/R account on the balance sheet must have decreased in order that it was ADDED back to net income as a source of cash. I'm not showing here either B/S or I/S, so not sure how to better overcome the inherent difficulty of: change in WC translating into cash flows?
bionicturtledotcom 1 year ago
@bionicturtledotcom David I just re-read my reply and I feel silly! Of course its Radio Shack's statement of cash flows! Sorry about that.
2009worstyearever 1 year ago
@2009worstyearever please, no worries. You are right, i just used RSH statement, but it is still a confusing concept that takes me several minutes to grasp!
bionicturtledotcom 1 year ago
Hi David
Business and project valuation (and all aspcts of finance really) is something I'm really keen to know a lot more about and your videos are certainly proving excellent material. Guy like you who put in a great deal of effort into these uploads do great job. Thanks again.
AtticBoy68 1 year ago
David
Great upload, really helped understand the concepts.
AtticBoy68 1 year ago
@AtticBoy68 thank you, i really appreciate that. As i've been operating in quant for a while, My FinStatement analysis is rusty but I look forward to learning-by-doing more of this sort of thing as i try to figure out my own investments.
bionicturtledotcom 1 year ago