bnb, page-2

Just goes to show that the most important financial statement is the statement of cashflows. If you're paying out dividends by borrowing funds you don't have a right to pay anything out at all.

I'm surprised that so much emphasis is still placed on P/E - I have always used P/Free Cash Flow (P/FCF) or a discounted cashflow (DCF) method instead. You would think that the last crash proved that the E in P/E can be whatever you want it to be... or have investors already forgotten that?