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WBA’s traditional EPS is materially distorted by the treatment of operating lease expenses on the as-reported accounting statements
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After making the appropriate UAFRS adjustments, EPS’ has been significantly greater than the as-reported EPS historically at $4.66 LTM vs traditional EPS of $3.78
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Adjusted EPS growth has also been greater than as-reported EPS growth at 9% on an LTM basis, versus traditional -9% EPS growth
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Materially stronger EPS’ at strong growth rates indicates that the firm is likely fairly valued at worst, with an Adjusted PEG ratio of 1.0x
Submitted April 06, 2017 at 09:15PM by Valens_Research http://ift.tt/2p7vJAj
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