Thursday, October 20, 2005 1:13:36 PM
While capex drops out of book value as cash, it shows right back up as capital, so is book value neutral.
Eventually that capital is depreciated and disappears from corporate assets and shows up as an expense in either COGS or R&D depending on the type of capital. I suspect you knew this, but wanted to make sure everybody else was clear on it
--Alan
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