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| NWQ’s corporate finance approach and cash flow focus helps
us to identify potential investments. Our analysis will
often include breaking down a company’s financial results by
business segment to determine a valuation for the whole
business. Importantly, our valuation analysis focuses upon
absolute valuations, rather than relative valuations; we
believe this “absolute” focus helps to limit losses and
downside risk.
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| Qualitative measures and quantitative measures assist us in
determining attractive valuations. While judging management
strength and changes within a company’s business
are examples of qualitative measures, quantitative measures
may include price-to-cash flow, price-to-sales and price-to-book
analysis. All of these elements contribute to assist us in determining
the appropriate valuation for an investment and its respective
return expectations.
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