To have a good understanding of
the relative value of cash back and airline credit cards you need to consider two elements — raw value and usability / flexibility.
Not exact matches
It is a decent stock selection factor overall, but
relative to the other ways
of measuring
value (earnings to price,
cash flow to price, EBITDA / EV, etc) it is sub par.
Participation from directional buyers and sellers
of bonds should result in greater market inefficiencies between
cash bonds and futures, benefiting less directional
relative value trading.
We argued that the market had experienced a multi-year process
of de-rating, as stock prices languished while corporate
cash flows and book
values had multiplied, and had become inexpensive in absolute and
relative terms.
So, market participants who buy and sell bonds at different prices are expressing different views about a number
of variables: the likelihood that these
cash flows will be received (credit quality); the velocity at which they may be received (prepayment or extension); their
relative value to other bonds; and their interest rates
relative to prevailing rates.
Notably the «
value»
of Bitcoin
Cash has collapsed
relative to Bitcoin since its «birth»... (Bitcoin
Cash is now trading near record lows)
So, market participants who buy and sell bonds at different prices are expressing different views about a number
of variables: the likelihood that these
cash flows will be received (credit quality); the velocity at which they may be received (prepayment or extension); their
relative value to other bonds; and their interest rates
relative to prevailing rates.
A policy might replace or pay a rider the
cash value of their stolen motorcycle, but that could mean an increase in the cost
of premiums for a coverage that is already expensive
relative to standard motorcycle insurance policies.
The stock's price to free
cash flow ratio is lower than those
of all its major competitors except Pfizer, suggesting that not only are
cash flows strong, but shareholders are getting good
relative value for their investments.
Price to
cash flow (ratio
of a company's price
relative to it's most recent four quarters
of cash flow from operations; low
values preferred).
They most often look for solid companies whose stocks are trading at low multiples
of price
relative to book
value,
cash flow, earnings, dividends, or sales.
I think the definition
of value investing is much broader and transcends buying ultra cheap companies
relative to some measure
of cash flow or tangible asset backing.
The team ranks the stocks in this universe based on a series
of growth factors, such as the change in consensus earnings estimates over time, the company's history
of meeting earnings targets, earnings quality and improvements on return on equity, as well as a series
of value criteria, such as price - to - earnings ratio and free
cash flow
relative to enterprise
value.
Value investors seek stocks that are priced attractively relative to some measure of intrinsic worth - for instance, they look for stocks selling at temporarily low multiples of price relative to book value, cash flow, earnings, or s
Value investors seek stocks that are priced attractively
relative to some measure
of intrinsic worth - for instance, they look for stocks selling at temporarily low multiples
of price
relative to book
value, cash flow, earnings, or s
value,
cash flow, earnings, or sales.
That means that assets and debts denominated in dollars, e.g.
cash, loans, bonds, and the like, also decrease in
value relative to all the many assets that are not defined in terms
of dollars, e.g. stocks, commodities, and real estate.
This type
of universal life insurance generally offers the greatest death benefits
relative to premium dollars spent
of cash value policies.
In the process
of scanning the investment landscape to find
value amidst the all time highs for the indices, I've noticed that a number
of big cap tech stocks are priced at low valuations
relative to their earnings and free
cash flow, measured on an absolute basis and
relative to their own historical valuations.
Comparing a company's enterprise
value to its
cash flow from operating activities can help us better understand the strength
of a company's operations
relative to its outstanding stock and debt.
The dividend yield is a financial ratio that measures the amount
of cash dividends distributed to common shareholders
relative to the market
value per share.
Historic
value is calculated from the 10 - year history
of prices
relative to revenue,
cash flow, earnings, dividends, and book
value.
Just as stock prices revert to the
value of their discounted
cash ows, in exchange rates, there's a similar equilibrating force and that's
relative purchasing power.
Furthermore, given the
relative stability
of the
cash flows
of the Company's core business, the significant discount to intrinsic / replacement
value that the stock currently trades at, and the strength
of the balance sheet, we believe ModusLink should immediately implement a $ 50 to $ 75 million share repurchase program.
Whatever the reasons, there's ample market evidence that a 3.5 P / S
Relative Fair
Value multiple for TRIB is eminently reasonable, plus
of course the
Cash on hand, which offers:
While that's not necessarily a truly accurate way to
value the stock's
cash flow and earnings power, it does give us some
relative insight when comparing it to the stock's own five - year average P / E ratio
of 64.7.
For example, a common arrangement is for the employee to pay the cost
of term insurance
relative to the policy and if the policy is permanent life insurance, such as a
cash value life insurance policy OR indexed universal life, the cost
of term may be substantially less than the actual cost paid by the employer.
I think this has mostly to do with the sensitive nature
of a discounted
cash flow analysis
relative to its inputs; small changes in inputs result in large changes in present
values.
It would have been nice to see why it should be worth less such as sum
of the parts is worth less than whole, or on a
relative analysis, or even just showing a simple
cash flow analysis with a slower growth rate creating a terminal
value less than the current
value.
When the difference between the weighted average growth rate
of free
cash flow and the discount rate is small, the terminal
value gets really big
relative to the
value of the
cash lows prior to the terminal
value.
This is due to the fact that the yield on the
cash will likely be lower than the expected return and discount rate
of the investor, which results in an indirect drag on the
relative value of a large
cash value.
But I've been waiting for a little volatility (read: opportunity) in the market which would allow me to squeeze just a little extra
cash out
of my bank account for high - quality stock or two at what I felt would be an attractive long - term price
relative to intrinsic
value.
The cost
of insurance in later years can be extremely high
relative to earlier years and those costs can jump at percentages much higher than any historical returns in stock market indexes, so building
cash value is imperative in order to avoid higher premiums.
It is inexpensive
relative to other types
of life insurance because it is designed to provide temporary protection only and builds no
cash value.
This is due to the fact that the yield on the
cash will likely be lower than the expected return and discount rate
of the investor, which results in an indirect drag on the
relative value of a large
cash value.
The «good» news
of surrendering PUAs is that because that portion
of the coverage is already paid up, its
cash value tends to be high
relative to the death benefit, which means the policyowner can give up less death benefit to get much more
cash value out (at least compared to a partial surrender
of the underlying policy itself).
And the entire gambling industry needs to move across, along with their clients, who may need the help
of the operators to transition into the new chain, so that nobody will be left behind on Bitcoin when it inevitably loses
relative to Bitcoin
Cash value due to the large transaction fees.
Property prices in these other markets
relative to their rent (the rent - to -
value ratio) is much better and produces greater
cash flow and rates
of return.