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I came across Tom G's valuation thumbnail recently and found it to be a real eye opener. I have a question about subtracting out cap ex. Tom is suggesting to break out only the maintenance portion of cap ex, I beleive he is referring to recurring types of expenditures but I was hoping someone could eleaborate on this a little bit. Examples would be nice. Also what do you do if a company does not break down cap ex?

I also have a question about a possible shortcut. I have been using One year cash flows from operating activities as provided by Edgar online in lieu of trying to adjust earnings and then subtracting out cap ex from cash flows. Does this work?
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