characteristic high-growth companies are making money they’re making money but they’re free cash for the equity is probably going to be a big negative number know what I’m asking them to do pay forty percent of net income as dividends it’s going to kill those companies terrible idea right you know who’s going to be lobbying the strongest for this idea large companies making big profits.
There’s always have vested interest when you see something that doesn’t make sense kind of established in practice it doesn’t get there by accident in once it gets a whole group of companies and a whole group of lobbyists will push to keep it there because somebody’s being helped by so when you hear people don’t like we should match mandate that thirty forty percent of early to be Property Valuations Perth paid out as dividends remember who you gonna end up hurting you gonna end up hurting the smallest highest growth companies.
And essentially going to be the largest companies that dominate the market is going to continue to dominate even more there’s also talking to you are strange how people can talk about the same phenomena two sides of the picture about how you s companies are not reinvesting enough big story in The Wall Street Journal The New York Times the political story to the economic story and much of their ire is directed not it didn’t but its stock buybacks right because that’s supposedly the reason companies are not reinvesting money so that’s a plus I throw another popular scheme on the table I said look this is terrible the companies.
I’m trying to tell you in other words if there is an agenda the multiple that you’re going to pick forth the variant that you’re going to pick of PE ratio is going to fit that agenda remember that the next time somebody tries to use a p/e ratio on you now let’s look at the second multiple its its enterprise value / avatar or Ev turbid up perhaps the multiple that’s grown the most.
In usage over the last three decades now this is a multiple that’s widely used in infrastructure cable in fact generic about thirty percent of equity research is now based marketability and one of the question that’s what thinking about is why we net washout of the numerator the answer is actually surprisingly simple but we talked about the consistency row we’re getting cash out of the numerator.
Because the interest income from cash snot part of evidence and if you use that drew think of what else you should begetting out of the numerator remember we talked about cross holdings and other companies % -percent fifteen percent of other companies those are minority holdings the income from those cross holdings don’t shop an effort either so if you’re computing and EV Tabatha for a company like data motors you have to net out the market value of those cross holdings and other companies because the income from those holdings are not part of epics if you have majority holdings in another company you have a different problem your enterprise value the market value of equity comes the market notes you only sixty sixty-five percent another company so it reflects only that holding but everything else in this computation.
Want wouldn’t be expected so one would be expected to be in theoretician one would not be expected to be months think thatch the mine recent why it’s there second reason is Lamont billion this is a little bit more theoretical spun not it might be that the exception was provided as I E a practical mean sand to ensure that small tried is on not disadvantaged if you think a minutes.
we’ll try to some much more likely to use that services applying iTunes to help them with the right to seize hoots then cay line to try to sigh multinational lot to Chinese with we have more resources and even won’t be able to sit up I’m office seen the exporting country for could see who persists so it could have been with that intention to two not disadvantage the smaller China wanna wanna angel one of the proposals that you put to the Uruguay round now was that this exception be removed I you said that it just makes things more complex and difficult and I said particularly for developing countries well it certainly does.
And make things more difficult so it’s with easy to agree with that use point of view in that speaks it’s a thank you Chris knows a good one I K thanks Craig am we will just add take a couple more minutes to try and filtered through the questions that have come mean I’m so place to stay with this I will meet us just high-k I’m moving on to the next question as I said an early I don’t think we can be able to get through all the questions snipe attache will do one more and I’m I think this one because hit.
The it’s quite a good question it’s a mix of that come from now at cousin son the east Island exchange and New Zealand very spiny Zealand has why is it that Australia and the USA choice to exclude I this a sprite and insurance from the custom.
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