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Hi everyone,
I am a relative newcomer to the value investing approach. After reading IETC, I am just getting acquainted with the IETC spreadsheet, so it has been quite a challenge evaluating Movado. Is there anyone on this board that can provide their insight as to the Defensive and Enterprising earnings per share, and whether this company has earnings power. Based on my rought analysis, this company is strong. However, it would be greatly appreciated if I can collaborate with someone while setting up this spreadsheet, since there are have been some pitfalls that I ran into. I am currently using Foulweather's template with the calculations.
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Investinfinity -

1. Thanks for reading IETC. And if you bought the book and kept it, double-thanks.

2. As for Movado, what aspect of the defensive or enterprising income statement do you need help with?


Hewitt
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Hewit,

I just finished reading your book (I bought over a year ago, and saddly, I only started reading it last week), and I thought it was great.

Investinfinity,

I'm also kind of new to this, and started analyzing Movado using IETC's criteria. First of all, where do I get the spreadsheet you mention in your post? (I made all my calculations on an Excel file I prepared -with data from finance.yahoo-).

Second, from my basic IETC analysis, I find Accrual, Defensive and Enterprising profits for 2008 and 2007, while my analysis shows Enterprising losses in 2006 ('06 is located in the lower right box, while '07 and '08 are in the Earnings Power Box -though not showing any stair formation).

Regarding the Enterprising profit in 30 second calculation, for debt you include only the debt portion (working capital, current and long term) of the liabilities? or all liabilities? (for example for WACC calculation I included all liabilities over D+E and all stockholders equity over D+E -should I exclude other liabilities??-).

Thanks again for a wonderful book, hope to keep on learning.
fvh
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fvh,
Nice to hear that someone is also analyzing movado. I don't have my spreadsheet out in front of me, but for the last ~3 years movado has had both defensive, enterprising, and accrual profits. Furthermore, I HIGHLY suggest that you obtain the data directly from the 10K annual filings. I never trust the numbers second hand, since they are likely prone to error. Secondly, the spreadsheet is made by foulweather. I would not use sand's spreadsheet at this point, since you are likely to learn a lot more manually typing in the data yourself. Anyways, good luck and I hope we collaborate more about the earnings power of Movado.

Regards,

investinginfinity
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Investinginfinity,

Thanks for that insight. Do you have a link to that spreadsheet?
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