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Michael Loeb

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  • Don't Buy Brown Forman Today [View article]
    Tim,
    I think you're right not to be worried about BF.B's ROE dropping 4 percentage points, especially if you break it down using DuPont. Net Margin is in line with historical trends, as is its Asset Turnover. The only noticeable change is BF.B's reduced financial leverage from 2.7 to 1.7 over the last decade. Another minor component of ROE, tax rate, also has not fluctuated to a great extent over the last decade.
    Aug 30 07:35 PM | Likes Like |Link to Comment
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