GLOTZ presentation

Delta / Southwest

Used Debt as a flex account

Delta / Southwest

Important factors
-LT debt, PPE, Inventory / COGS

Eagle / Vulcan

Public - infrastructure (bridges, schools, roads)
Private - residential / corporate

Eagle / Vulcan

Risk factors
-government regulation
-cyclical
-contracts
-demand exceeds ability to provide

Eagle / Vulcan

Restatements:
-Operating lease - 2% immaterial
-Inventory - LIFO to FIFO - .53% difference - immaterial

Eagle / Vulcan

Ratio differences
- size of company DOES NOT MATTER
-pays out high % of income as dividends

Kaman / Spirit

Aerospace industry:
- One sells small parts (materials) to form big part
- one sells big finished parts

Kaman / Spirit

Glotz disagreed with deferred income tax explanation

MK / Coach

capitalized leases but did not include in valuation

Walmart / Amazon

-capital leases
-equalize fixed assets / inventory
-change fiscal year to calendar end

Weyerhaeuser / Rayoneir

timber and wood market
-REIT - where 75% of assets and income invested in real estate, cash, us treasury

Ingles / SFS

turnover for ingles is longer since they are involved in more than grocery business. they expanded into gas, hospital, etc.