2005次媒介区段外型金钱谈话(pdf 58)
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2005次媒介区段外型金钱谈话(pdf 58)内容简介
We see 10-15% upside in the sector in 05 on DCF, CROCI, PE/g ratios
and historical multiples analysis. A high FCF yield of 6.5% in 05E and the
prospect of sector FCF exceeding net debt in 06E (1.4x) underscore our
belief that stock picks must be conditioned by a view on the quality of
managements' deployment of surplus cash. While 05 should not be a year
of strong cyclical upgrades, we are more bullish on the outlook for 06
when we expect the sector to move to discount through the year.
..............................
and historical multiples analysis. A high FCF yield of 6.5% in 05E and the
prospect of sector FCF exceeding net debt in 06E (1.4x) underscore our
belief that stock picks must be conditioned by a view on the quality of
managements' deployment of surplus cash. While 05 should not be a year
of strong cyclical upgrades, we are more bullish on the outlook for 06
when we expect the sector to move to discount through the year.
..............................
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