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It was very difficult to base our cashflow on this".
Executives had recovered their nerve by the start of last year, spending 19% of their cashflow on buy-backs.
"It comes down to the simple things like turning up on time, making sure they have enough cashflow on the day and managing the stall," he says.
Its capital investment has fallen by two-thirds and it is investing heavily in something else: its own shares.Since 2008 it has spent 28 cents of every dollar of cashflow on dividends and a further 52 cents on share repurchases.
In 2009, when valuations were depressed, they used only a small proportion of their cashflow on buying back shares.On a more encouraging note, Andrew found that more and more stocks were passing valuation tests at the moment.
They spent 40% of their cashflow on buy-backs in the first quarter of 2008, just before the Bear Stearns rescue and just 20% of their casfhow in early 2009 when the market bottomed.The most rational answer is that low yields imply low future returns, for equities and property as well as bonds.
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However, the changes to capital allowances will have at least an initial negative impact on cashflow for manufacturers who invest in greater levels of capital equipment than other sectors of the economy".
However, free cashflow based on Vivendi's actual stakes in its various holdings was a far more modest euro800m, barely enough to cover an estimated euro700m of interest charges on Vivendi's debts, let alone the euro1.2 billion dividend and related taxes it paid in 2001.This raises a question: where did Vivendi find the money for its dividend?
According to HOLT Value Associates, a consultancy, Target has improved its "cashflow return on investment" (a measure of returns that strips out depreciation) more than any other American retailer since 1995.But in terms of overall returns, as well as sheer size, Target still lags Wal-Mart, retailing's gold standard.
But both the IMF and the World Bank have promised to get 20 countries to their "decision points", at which the level of debt forgiveness is determined and countries begin to receive immediate cashflow relief on their debt-service payments, by the end of this year.
And the advance company is betting the borrower will come in for renewal to get extra money if they take the shorter term because of the cashflow pressure on their business.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com