Betting on Crown - part 2

Crown plans to invest heavily over the next few years, and valuing the company means estimating the impact it will have on earnings.

It’s one of the major conundrums of value investing. On the one hand you want to give yourself a wide margin of safety, taking a conservative view of earnings and not looking too far ahead. But, on the other hand, the value of a company is defined by what it will earn in the future, not what it has made in the past.


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