Reconstruct earning power from public filings and compare US and NSE companies through their distinct capital, asset and sector economics.
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A public company gives us more information than most private businesses, but it does not give us a line called “owner earnings.” We have to build one from the report and keep every analyst judgment visible.
Read the article →A company can outsource factories and still require enormous amounts of capital. NVIDIA is a useful case because its business is often described as “fabless” or asset-light, yet its filings show material investment in research and development, working capital, supplier commitments, and…
Read the article →A data centre building is not one asset with one replacement date. It combines land, buildings, power systems, cooling, core systems, servers, networking, leasehold improvements, software, and contractual access to electricity and fibre. Some equipment may be refreshed every few years. A…
Read the article →A bank’s debt is not like a manufacturer’s debt. Customer deposits are part of the product that lets the bank lend and earn a spread. An insurer’s premium is not an immediate profit cheque: the insurer has agreed to cover future claims. That is why an industrial-company owner-earnings formula…
Read the article →An industrial-company formula can be useful for a Kenyan listed business, but only after we know what its assets and liabilities do. A bank’s customer deposits fund lending. An insurer’s premiums come with future claims. A farm may harvest seasonally and carry biological assets. A utility spends…
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