cashflow is superior n cashflow is what counts, page-3

look alot of businesses cover up alot of things and use creative accounting for their EARNINGS PER SHARE FIGURE....but cash flow from core operations is what counts. Thats the bottom-line. Cash flow is pure cash and not accrual based accounting, and doesnt involve dep. amor.t and revaluations etc

And Tolls cash flow from opps and free cash flow is king. take away the money they spent on takeovers and expanding the biz etc and you still have alot left over. Then pay a divvy and you still have a lot in retained earnings.

thats the better measure for a biz rather than EPS.

***But in our case the cash flow after CAPEX is very very similar to NPAT anyways...so cash flow after CAPEX per share is pretty much the same give or take as it should be