By Peter L. Bernstein
While the 1974 recession hit Wall road, funding execs desperately became to academia to aid regain the price in their consumers' holdings. Bernstein exhibits how Wall highway eventually embraced the advences wrought in educational seminars and technical journals tht finally remodeled the paintings of making an investment.
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Extra resources for Capital Ideas: The Improbable Origins Of Modern Wall Street
Some examples of confidential reports are an accounts receivable aging (how many dollars of receivables are current, past due 30 days, past due 60 days, and so on), an inventory aging, a detailed Capex schedule (how Capex is allocated to various projects and to maintenance) and an accounts payable aging. Of course, the key report for bankers is the company’s confidential cash flow projection because cash, not Net Income, pays interest and repays loans. Having seen the P1: TEMP c02 JWBT020-Christy November 18, 2008 7:32 Printer: Yet to come 22 FREE CASH FLOW different from their book value.
Our Capex is the Capex in the GAAP Cash Flow plus any new assets financed by capital leases. Many public companies include a pro forma definition of Free Cash Flow toward the end of their quarterly earnings press releases. The vast majority use the same two numbers from the GAAP Statement of Cash Flow. They define Free Cash Flow as the “Cash provided by operating activities” line minus the capital expenditures number in the Investing section. This definition of Free Cash Flow results in the same Free Cash Flow number we use.
But if the company is going to have multiple owners, whether it is a private or public company, we must shift our primary focus to Free Cash Flow per share because changes in the amount of Free Cash Flow and in the total number of shares that divide up the company’s Free Cash Flow affect the value of our shares in the company. DEBT VERSUS EQUITY If we know we can fund the new plant with either debt or with new stock, how do we determine whether debt or new equity would have the more favorable impact on our investment return?