Angelawang896

I suspect he is adding back some special item costs, such as recall expense, restructuring cost etc., that may not be repeated in following years. Still I could not get to his #s. P/E: if we use 2014 NI of $2.8B + $4.1B recall = $7B, Mkt cap $50B, so P/E around 7 FCF: 2014 is about $3.7B + $4 recall = $7.7B. He might add back some more. My concern is that where you stop. How do we know that restructuring is not going to happen again, just somewhere else. Or under increasingly tighter regulation, more (could be at lesser extent) recalls will continue.