I believe that it is important to "follow the cash". Compare the...

I believe that it is important to "follow the cash". Compare the amounts in the cash flow statement being paid for assets that are capitalised vs the amortisation that goes through the P&L. Ultimately it is the cash flows that the company generates that derive its value. In PRT's case earnings conversion to free cash flow is strong. In fact I think that depreciation & amortisation through the P&L is running higher than the company is actually spending on capitalised assets. This is symptomatic of a business that is effectively running off - harvesting cash flows.