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Hi Rusmin,
Happy New Yr.
You mentioned in the webinars (valuation Quadrant – under breadtalk) that you ‘stripped’ the operating cashflow for yr 2013 from 71mil to 53mil. The items removed were taxes and finance expenses. Are you able to share which items in the statement specifically that you removed to come to 53mil?
Also, with operating cashflow of 53mil (price of $1.335) gives an estimated intrinsic value of $1.7 -$2.26 (based on 9-12x industry P/OCF). Your marginof safety is +27% to +69%. May I know how you derived as My MOS is +22% to +41%.
Thank you very much.