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Hi BBQ

The reason I asked is that I have found when doing FCF valuations when I credit R&D spending to income, deduct amortization from income then add the capitalized amount to capex, its often times a wash.

The method of doing ROC by adding back intangibles(R&D,advertising)& lease expense to NOPAT, then subtracting the amortization and then adding the the research value of the R&D and debt value of leases to capex is very time consuming and I was wondering if it made a big difference. And if it did if there was a dominant direction. All that by way of saying I have limited time and take grievous shortcuts.

I agree that Yahoo is not to be trusted. In fact any source(even CapIQ) where you don't know the method leaves you at sea without a life jacket
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