Underpinning 1: Position in the Business Cycle, 404
Underpinnings 2, 3 and 4: Opportunities for Analysis, 405
The Leverage State, 406
Changes in Economic Profit, 411
The Extreme Consensus Method, 411
Economic Profit, 416
Too Much of a Good Thing, 417
Marginal Benefits Analysis, 418
Basic Methodology, 419
Tax Benefits for Kimberly-Clark, 420
Amount of Loss for Kimberly-Clark, 420
The Probability of Default, 421
The Cost of Bankruptcy, 422
Marginal Benefits, 423
Confirmation, 424
Altman’s Z Score: Book Value Version, 424
Kimberly-Clark’s Z Score, 426
Investment Conclusion, 427
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