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Introduce yourself

I have been investing for decades and I thought I understood what Free Cash Flow was. Ie The surplus cash derived from the operations of the business after capex. This surplus cash could be used by the business to pay dividends, buy back shares, make new investments and retain the rest for working capital.

I have been making a spreadsheet to quickly perform fundamental analysis in a format that meets my requirements. It is 95% done and I have discovered this FCF issue, using EOFY-21 data from GuruFocus for $AX1 as an example. PS I have checked other data services and their raw data matches GuruFocus.

Operating cashflow $159M

Minus Investing cashflow $45M, add back Investments $13M. Net deduction $32M ~equiv to Capex.

The established formulas imply that this is the free cashflow. Ie $127M. BUT

There are subsequent adjustments to the cashflow

Funds raised from new stock issuance. +$1M executive remuneration? Understood, funds expended on share buy-backs (discretionary). Also understood

Funds are raised by borrowing more or repaying debt. +$15M. Repaying debt is understood (discretionary) but borrowings?? It is not a free choice, it needs to be repaid.??

Dividends paid. $65M. Understood (discretionary)

The next item is the crux of my problem.

Other financing -$87M??? What is this? Probably something to do with leasing or an accountant dumping ground. Why isn't this above the operating cashflow line?

Financing net result -$136M

The EOFY change in cash is -$21M.

If I add back to the -$21M; the discretionary dividends +$65M, Stock changes +$1M, Investments +$13M and the extra Debt +15M. The apparent TRUE- FCF becomes $73M or $58M vs the formula $127M

Using the above example, is FCF a relevant number for most investors?

I need input understanding Free Cash Flow

Electroanalysis can be classified by the type of electrode used:




-Solid electrodes are those where the entire surface of the electrode is in contact with the species being analyzed.




-Liquid electrodes are those where a liquid electrolyte bridges two solid electrodes, allowing an analyte to come into contact with one or both of the electrodes. 




-Gas electrodes are those where a gas phase acts as the electrolyte between two solid electrodes.

Classification of Electroanalysis

Boron-based catalytic cracking (CC) processes are some of the most efficient and effective ways to produce high- quality petroleum products. 




CC is a chemical process that "cracks" longer chain hydrocarbon molecules into shorter ones, using a catalyst. 




The boron catalyst helps to increase the speed of the reaction and also enhances the quality of the products produced. 




There are several advantages to using a boron catalyst in CC processes. 




For example, boron-based catalysts can operate at lower temperatures than other types of catalysts, which results in energy savings. 




In addition, they can help to improve product yield and selectivity.

Catalytic Cracking Processes with Boron Catalyst

There is a lot of excitement around boron-based quantum computing due to the many benefits it offers.




Some of the benefits include: - Higher qubit stability and coherence times, resulting in increased processing power and longer operational lifetimes -




The potential for scalable architectures, making large-scale implementations feasible -




Reduced manufacturing costs compared to traditional silicon-based quantum computers.




All of this means that boron-based quantum computing has the potential to revolutionize how we process information, making it faster and more efficient than ever before.

The role of boron in quantum computing

Boron is a chemical element with atomic number 5 with the symbol B.




Amazonite, borosilicate minerals, and kernite are all examples of this trivalent metallic element.




Boron is inert in arid environments because of its high solubility in groundwater.




However, Turkey, Russia, and China have significant boron reserves.




As a result, boron supplies have become increasingly reliant on Turkey and China.

Boron: New Suppliers Ramp up for Production

The importance of sustainable mining cannot be understated. 




As the demand for minerals and other natural resources continues to grow, it is critical that we adopt sustainable practices in order to ensure that these resources are available for future generations.




There are a number of reasons why sustainable mining is so important. 




First and foremost, it is essential for protecting the environment. Unsustainable mining practices can lead to devastating consequences for local ecosystems, including deforestation, water pollution, and soil erosion.




By adopting sustainable practices, we can help minimize these negative impacts.

Sustainable Mining: The Future of the Industry

There are many different types of clean fuels, but they all have one thing in common: they produce significantly lower emissions than traditional fossil fuels. 




This means that burning clean fuels can help reduce air pollution and climate change. 




Some examples of clean fuels include biomass, biogas, natural gas, hydrogen fuel cells, and electric vehicles. 




Biomass is a renewable energy source made from organic matter such as wood, crops, and manure. 




Biogas is produced when biomass breaks down in the absence of oxygen (anaerobic digestion).




It can be used to generate electricity or heat.




Natural gas is composed mostly of methane and is considered a cleaner fuel than coal or oil because it produces less carbon dioxide when burned.

Types of clean fuels

Yes, boron is essential for plants! This micronutrient helps with cell wall strength and overall plant structure. 




Plants need boron for many different functions, including seed production, root development, and flower development. 




Boron also helps with moisture regulation in plants and can promote improved uptake of other minerals. 




In short, boron is a vital part of plant nutrition and plays an important role in plant health!

Is boron essential for plants?

As per the latest article by Borates Today, boron nitride nanostructures are interesting materials that have a range of potential applications. 




They are made of boron and nitrogen atoms and can be in the form of nanoparticles, nanotubes, or sheets. 




Boron nitride has a number of interesting properties.




It is an excellent conductor of heat, it is thermally stable, and it has a high melting point. 




It is also very tough and resistant to wear and tear. 




These properties make it a potentially good material for use in applications such as thermal insulation, wear-resistant coatings, and high-temperature environments.

The potential applications of boron nitride nanostructures

Entering the 21st century, an awareness of the harmful effects of certain materials on our environment has grown. 




We now know that materials like boron nitride can help to reduce the presence of harmful PFAs in our world.




But what exactly are PFAs? PFAs, or perfluoroalkyl acids, are a category of chemicals that have been shown to have negative effects on human health. 




They're commonly found in products like non-stick cookware and waterproof clothing. 




Studies have linked exposure to PFAs with low birth weight, cancer, and other health problems.

Harmful effects of PFAs

Boron is necessary for a reef tank because it helps corals calcify. It's typically not found in natural seawater, so it needs to be added in order for corals to grow and thrive.




Calcium carbonate (CaCO3) is the main mineral that makes up coral skeletons, and boron is necessary for its formation. 




Corals get most of their boron from the water that flows over them, but levels can vary depending on the water source. 




Some hobbyists add boron to their tanks as a way to ensure that there is enough available for the corals.




Read more about it here. https://borates.today/boron-health-coral-reefs/ [link]

Why is boron necessary for a reef tank?

There has been an increase in demand for lithium batteries, and  NASDAQ: FEAM is looking to capitalize on this trend. 




They are building a plant that will convert boron waste into lithium carbonate in the future. 




This will help to meet the growing demand for lithium, and it will also help to reduce the amount of waste that is produced.




Know more about NASDAQ: FEAM by checking out this. https://5eadvancedmaterials.com/ [link]

An increase in the demand for lithium batteries worldwide

Boron-based polymers have a lot of potential for use in EV storage.  Their high capacity and fast charging rate make them a great choice for electric vehicles. 




They're also non-toxic, meaning they won't release any harmful chemicals into the environment when used.




One downside to boron-based polymers is that they can be expensive to produce.  However, as more and more people switch to electric vehicles, the cost of producing these polymers should come down over time. 




So overall, boron-based polymers are a great option for EV storage and should become more prevalent in the near future.




Learn more about it here. https://borates.today/boron-polymers-ev-storage/ [link]

Boron-based polymers for EV storage

The US personal care sector is currently focusing on bringing new formulations of personal care products to the market. 




Boron is one of the minerals that is being used to improve these products.




Some of the most popular brands that are using boron in their products include L'Oreal, Estee Lauder, and Proctor & Gamble. 




These companies all have a focus on sustainability and use recycled materials whenever possible. 




One company that specifically focuses on mining boron for use in personal care and beauty products is NASDAQ: FEAM.




Learn more about NASDAQ: FEAM here. https://5eadvancedmaterials.com/ [link]

US personal care sector

Boronated fiberglass is a type of glass that has been treated with boron. This gives the glass enhanced properties, making it ideal for a variety of applications.




One common use for boronated fiberglass is in bulletproof vests and other types of body armor.




The boron makes the glass harder and more resistant to shattering, which helps to protect the wearer from injury.




Another common use for this type of glass is in protective clothing for firefighters and other first responders.




The boron treatment helps to make the fabric more resistant to heat and flames, providing an extra layer of protection for those who need it most.




Know more about it here. https://borates.today/boronated-fiberglass/ [link]

Ever heard of boronated fiberglass?

However, skeptics have raised doubts about the feasibility of extracting the boron deposit, and only time will tell if NASDAQ: FEAM's discovery is as significant as it appears to be.

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