January 2006
Beginner
416 pages
8h 7m
English
Content preview from Fire Your Stock Analyst!: Analyzing Stocks on Your Own
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Step 9: Red Flags
Value investors don’t have to look for red flags pointing to future disaster, because usually the disaster has already happened. However, there is still one earnings quality issue that should be assessed.
Capital Expenses vs. Depreciation
Smart managers know that they must continue to invest in new capital equipment, even when times are tough. Generally, capital expenditures should at least equal depreciation charges. Table 16-15 shows ATI’s record on that score.
| 11/00 & 2/01 | FY 8/00 | FY 8/99 | FY 8/98 | FY 8/97 | |
|---|---|---|---|---|---|
| Depreciation | 10 | 18 | 14 | 7 | 4 |
| Capital Expend | 15 | 26 | 31 | 22 | 22 |
The data shows that ...
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