My shopping list

These are the prices I would pay for the stocks below:

BVMF3: 8,85
AMBV3: 45,00
ITSA4: 9,50
BBDC3: 21,00
GOAU3: 16,00
RAPT4: 9,00
POMO3: 4,50

The future's not ours to see

Orbe, an asset management, had Hering (HGTX3) in its portfolio since 2006 to the beginning of 2008. Since they sold it, Hering has been a spectacular growth, both operational and in price, as you can see below (numbers are approximated):

Revenue                 225%
EBIT                      650%
Income              >1.000%
Price                  >1.500%

Net Debt x Cash Flow

M. Dias Branco (MDIA3) cash flow for 2011 is the following:

• Net Cash generated in operating activities: 431.50
• Net Cash used in Investment Activities: -273.70
• Net Cash used in Financing Activities: -116.90

So, in 2011 the increase in cash and cash equivalents was 40.90. That is, it generated cash to pay investments, dividends and also to amortize 29,4 in debt.

However, net debt totaled 468.4 million in 4Q11, up 121.8% on 4Q10! 

How could that be? Where the trick is?