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Research Report: AMD

Apr. 04, 2011 3:55 PM ETAMD
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Seeking Alpha Analyst Since 2011

McLean Capital Management is a Registered Investment Advisory (RIA) firm providing leading-edge expertise and services in asset management. Its clients are high net-worth individuals, corporations, pension plans, qualified retirement plans, and other investment advisors. Objective: We strive to earn the highest possible risk-adjusted return for our clients on a long-term basis using our own proprietary valuation methodology. The fundamental premise of our valuation model is that each company has a true intrinsic value, and that shareholder prices will correct and gravitate toward that value price over time. Strategy: McLean Capital is a bottom up fundamentally driven firm. We invest in companies that have superior cash flow characteristics. We focus on the Cash Flow Statement as it validates the quality of earnings as measured by Generally Accepted Accounting Principles (GAAP). We evaluate the relative quality of a company’s cash flow stream, which comes closer than any other measurement for analysis and valuation in revealing how successfully a company allocates, manages and redeploys resources to maximize the net present value of the enterprise.

Advanced Micro Devices, Incorporated (AMD) had positive earnings during the last 12 months, but negative operational and free cash flows. Generally, cash flow from operations shortfall relative to operational income indicates poor quality of earnings. AMD is not generating significant amounts of free cash flow and is clearly not self-funding.

AMD Fundamentals:

  • $471 million of Earnings in the last 12 months
  • Negative $412 million of Operational Cash flow in the last 12 months
  • Negative $560 million of Free Cash flow in the last 12 months

View the Full Research Report for AMD

This report and information is for educational purposes only.

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