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JohnT is offline JohnT
Emperor
Capitalist
Mar 1999
time: 00:33
Question  Old Post 17-05-2005 23:59
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Finance Gurus - help me decode this line from a news report... Enter the AD-FREE zone

Yell Group PLC (English) company bought out TransWestern Publishing (American) in our industry. In an article about how the Brits overpaid by 200+ million pounds, the following sentence appears:

quote:
Yell trades on 13.3x 05 EP/FCF at a discount to directories peers on 14.9x, and to pan-European media on 18.9x.


What am I missing? Here's how I read it:

"Yell trades at 13.3X 2005 Earnings Per/Free Cash Flow..."

Perhaps I'm stupid (always a strong possibility), perhaps it's a typo, but I'm just not getting this formulation. "Earnings Per Free Cash Flow?" Are they implying that the FCF figure is on a per/share basis?

Thanks!

http://www.newratings.com/analyst_n...cle_827720.html
Japher is offline Japher
Prince
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Jun 2002
time: 05:33
  Old Post 18-05-2005 00:11
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Increase Your PM Length

Why would the do a "Earning Per/" when the "/" is the "Per"?

Not that I get it... and maybe Per = Percentage

eh?

Maybe it's an "Earning Percentage" per "Free Cash Flow"
JohnT is offline JohnT
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Mar 1999
time: 00:33
  Old Post 18-05-2005 00:13
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Full PM-box? Change here!

I've seen some reports that have the abbreviation EP/S when discussing Earnings Per Share... you're right, the "per" coupled with the "/" doesn't make sense. But I have seen it, which could be the source of my confusion in the OP.
BeBro is offline BeBro
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Mar 2000
time: 06:33
  Old Post 18-05-2005 00:16 Visit BeBro's homepage!
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Suffering from ads?

I think there's some hidden message in it, maybe for terrorists or worse.
JohnT is offline JohnT
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Mar 1999
time: 00:33
  Old Post 18-05-2005 00:17
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Tired of ads?

It's a message from the Tri-Lateral Commission, by way of the Bilderberg Group, to the Illuminati!

Fnord!
BeBro is offline BeBro
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Mar 2000
time: 06:33
  Old Post 18-05-2005 00:22 Visit BeBro's homepage!
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If we are able to decode it, we can rule Teh Universe!!!

JohnT is offline JohnT
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Mar 1999
time: 00:33
  Old Post 18-05-2005 00:22
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Remove this text

I'll just take this little blue planet over here, if you don't mind. Thanks!

Japher is offline Japher
Prince
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Jun 2002
time: 05:33
  Old Post 18-05-2005 00:24
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You mean that one that's blocking my view of Saturn!?
BeBro is offline BeBro
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Mar 2000
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  Old Post 18-05-2005 00:31 Visit BeBro's homepage!
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I think the finance gurus aren't responding because they want to decode the truth for themselves only

JohnT is offline JohnT
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Mar 1999
time: 00:33
  Old Post 18-05-2005 00:47
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Lose 30 kilos (of popups)

DanS is offline DanS
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Jan 1970
time: 00:33
  Old Post 18-05-2005 01:11 Visit DanS's homepage!
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quote:
Yell trades on 13.3x 05 EP/FCF at a discount to directories peers on 14.9x, and to pan-European media on 18.9x.


Yell trades at 13.3 times 2005 equity (?) price/free cash flow, a slight discount to its directories peers who are at 14.9 times and to its pan-European media peers who are at 18.9 times.
JohnT is offline JohnT
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Mar 1999
time: 00:33
  Old Post 18-05-2005 01:13
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Are you assuming that the "E" stands for "Equity"?

That does make more sense... I think. Is it a common formulation (I'm thinking not, but...)?
Dauphin is offline Dauphin
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time: 05:33
  Old Post 18-05-2005 01:14
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Put an end to popups!

Nay mind
DanS is offline DanS
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  Old Post 18-05-2005 01:14 Visit DanS's homepage!
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Not sure whether it's a common formulation.
MichaeltheGreat is offline MichaeltheGreat
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Oct 1999
time: 21:33
  Old Post 18-05-2005 01:17
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EP = Estimated Profits?

It's an odd one, I haven't seen that notation before.
Japher is offline Japher
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Jun 2002
time: 05:33
  Old Post 18-05-2005 01:17
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Inflate your Upload Space

if DanS doesn't know, I say it doesn't exist!
JohnT is offline JohnT
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Mar 1999
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  Old Post 18-05-2005 01:17
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Remove this text



Japher, it means we just need to bring out the Big Guns. Where's Roland Stenish when you need 'em?

DanS is offline DanS
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time: 00:33
  Old Post 18-05-2005 01:17 Visit DanS's homepage!
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Nah, I'm no professional. Roland isn't either.

Sten would probably know.
Japher is offline Japher
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  Old Post 18-05-2005 01:18
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quote:
EP = Estimated Profits?


That sounds most right so far, as that is usually what analysts valuate stocks off of...
DanS is offline DanS
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time: 00:33
  Old Post 18-05-2005 01:19 Visit DanS's homepage!
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Profits divided by Free Cash Flow? I don't know that valuation method.
Dauphin is offline Dauphin
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time: 05:33
  Old Post 18-05-2005 01:21
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I would have thought Earnings Power was more likely, but doesn't feel right.
Japher is offline Japher
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Jun 2002
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  Old Post 18-05-2005 01:22
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quote:
Profits divided by Free Cash Flow? I don't know that valuation method


Well not the Free Cash Flow thing.

I also hear them take next years earnings and multiply it by the PE to get what the current stock price.

This EP/FCF seems more like a Price/Book type thing, removing all debts from a similar evaluation method.
JohnT is offline JohnT
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Mar 1999
time: 00:33
  Old Post 18-05-2005 01:25
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Yell Group laid on $2 billion in debt to fund this purchase. Perhaps that's why they're popping out Enron-esque financial ratios on an unwary public.

MichaeltheGreat is offline MichaeltheGreat
Apolyton Grand Executioner
mooning the house that Ruth built.
Oct 1999
time: 21:33
  Old Post 18-05-2005 01:26
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quote:
 Originally posted by DanS
Profits divided by Free Cash Flow? I don't know that valuation method.


No, but I'm wondering if the / is a grammatic symbol instead of mathematical, like "and/or"
Kuciwalker is offline Kuciwalker
Emperor
of Schmooism
Feb 2001
time: 00:33
  Old Post 18-05-2005 01:33
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Re: Finance Gurus - help me decode this line from a news report... Get a bigger avatar today!

I thought you were a finance guru.
JohnT is offline JohnT
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Mar 1999
time: 00:33
  Old Post 18-05-2005 01:37
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Got spare money?

This has even stumped the Great Minds* of Apolyton, Kuci!

* Well, "mind." And by that I mean MtG.

Kuciwalker is offline Kuciwalker
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  Old Post 18-05-2005 01:37
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Dauphin is offline Dauphin
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Jan 1970
time: 05:33
  Old Post 18-05-2005 01:38
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GIGO.
JohnT is offline JohnT
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Mar 1999
time: 00:33
  Old Post 18-05-2005 01:38
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Suffering from ads?

Probably, Dauphin.
DanS is offline DanS
Emperor
Kickball Capital of the World
Jan 1970
time: 00:33
  Old Post 18-05-2005 01:44 Visit DanS's homepage!
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Got spare money?

quote:
 Originally posted by Dauphin
GIGO.


Excuses. Excuses.
 
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