RE:RE:RE:To FoldingGreenWe can look at the numbers for the Company either on the portion that is attributable to us as shareholders or on the consolidated business in order to keep things apples to apples. In all of my analyses, I tend to look at the portion that is attributable to us.
Either way though, I tend to be less focused on analyst expectations and more focused on the actual fundamental performance of the business. Remember, these same analysts were saying CRH was a buy at the beginning of the year when the stock was trading in the stratosphere, and now they're pitching holds and sells when the stock is actually giving us far better odds of success.
Everything about this Company almost entirely hinges on this one question of whether you think the amortization is a real economic expense. If it isn't, then you can look at CFO Less CapEx to give you a back of the envelope way of thinking about Owner Earnings, and you'll see that the stock is extremely cheap. If you think that it is a real expense, then you look at GAAP/IFRS earnings and you think the stock is expensive. Again, it's fine if you come out to the opposite view. I'd just be curious to hear why you think the opposite view is the right one.