2005次媒介区段外型金钱谈话(pdf 58)
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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.
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