Newsletters

I would love to tell you that I am infallible, but I make mistakes all the time. In fact, since my book revisions often require wholesale replacement of old companies with new ones, I make fresh errors in each new edition. I will keep a running tally of these corrections in this page, with reference to the date found, since these corrections will find their way into the next printing of the book. I thank you and I apologize for any heartburn my mistakes may have caused you.

Page number	Date found	Mistake	Correction
49	March 30, 2024	Table 3.3 corrected for dividend miscategorization	Corrected table 3.3
49	March 30, 2024	-$1,194 million in line 8 of middle paragraph	-$159 million in line 8 of middle paragraph
50	July 1, 2024	Last line before FCFF equation, should end with FCFE, not FCFF: "defined exactly the same way it was to get to FCFF:"	"defined exactly the same way it was to get to FCFE:"
57	July 1, 2024	"higher interest coverage ratios will yield higher ratings, and lower interest coverage ratios"	"higher interest coverage ratios will yield higher ratings, and lower interest coverage ratios to lower ratings"
64	March 19, 2024	Table 3.8 has wrong values	Corrected table 3.8
68	March 19, 2024	Line 4: 'be in stable growth after the fifth year"	Line 4: 'be in stable growth after the tenth year"
68	March 19, 2024	Numerator of equation for terminal value at bottom of page: (After-tax operating income in year 6)	Numerator of equation for terminal value at bottom of page: (After-tax operating income in year 11)
69	March 23, 2024	Table 3.9 has carry over problem with wrong values	Corrected table 3.9
126	June 28, 2024	Footnote equation has wrong superscript in the last line:
127	June 28, 2024	Last column of table is in wrong currency ($)	Last column should be in rupees (not dollars)
151	July15, 2024	Numbers in year 6-9 for EBIT, EBIT (1-t) and FCFF incorrect
236	July 1, 2024	"results in an enterprise value of $6,277 million"	"results in an enterprise value of $1,877 million"