Invest Like a Guru by Charlie Tian

Author:Charlie Tian
Language: eng
Format: epub
ISBN: 9781119362401
Publisher: Wiley
Published: 2017-04-24T00:00:00+00:00

Figure 5.1 CHD EPS vs. FCF

In deciding which parameter to use for , be aware of the impact of the onetime effect. Earnings can be distorted by a onetime boost from selling businesses or a tax rebate, or a onetime impairment from write-downs of inventories or other assets. With free cash flow, it may be even more random, as management's decision on spending in the year can have a major impact. The normalized earnings over several years is a better number. GuruFocus uses earnings without nonrecurring items in the past 12 months as the default.

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