Optus, SingTel's Australian subsidiary, rang up two-thirds of $7.6 billion in group revenue last year and, along with SingTel's investments in other Asian telcos, generates nearly two-thirds of the group's cash flow.
But with unexpected events like the terrorist attacks of September 2001, which caused a siphoning in corporate gifts, the purchase put a severe crimp in the group's cash flow.
The CBS network has been doing well in the ratings game, but it still accounts for under 10% of the media groups cash flow.
The research firm said Cablevision is currently trading at 7.5 times 2005 cable group operating cash flow, compared with a multiple of 8.7 times for rival Comcast.
Selling at an estimated 7.4 times 2005 telecommunications group operating cash flow, and 6.5 times 2006 estimates, the stock is at a 15% multiple discount to Comcast, while posting better trailing numbers and giving better 2005 guidance, in our view," the firm said.
The regulator, known as the AMF, said Mr. Messier had "deceived the public" and "had been detrimental to the interests of the stockholders" in relation to information disseminated on some of Vivendi's businesses and the group's debt, cash flow and financial perspectives from October 2000 to April 2002.
These 14 stations account for nearly 40% of the media groups $1 billion cash flow this year.
These valuation functions belong to the group of discounted cash flow valuation approaches, which determine an asset's or decision's value based on the present value of associated cash flows.
"Moody's updated assessment is that the spill will have a sustained negative impact on the group's free cash flow generation and overall financial profile for a number of years," the agency said.
Using a Japanese dataset, Hoshi, Kashyap, and Scharfstein (1991) find that firms that are part of the industrial groups display lower cash flow sensitivities.
