Hi,

Been looking at TW - it ticks a lot of boxes for me, as a long term investment - but concerned about persistent EPS>Cash Flow ps - mindful of Edward Croft's warning about this - have looked at Cash Flow and Balance Sheets for all years and there seems to be a variety of reasons with no specific pattern - adjustment for pension deficits seems to be the only standout here - but surely if such adjustment should be charged against earnings too?

Has anyone else looked at this and spotted anything I'm missing? All comments welcome.

Ian

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