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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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      "text": "After adjusting Olam's EBITDA to remove non-cash accounting gains, it is showing that Olam is currently leveraged at 9.3x gross debt to LTM EBITDA, and 1.6x interest coverage.",
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      "text": "gross debt to LTM EBITDA: 9.3x",
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      "text": "Olam's capital structure includes a significant amount of loans and bonds that are due within the next 12 months. As of September 30, 2012, Olam had S$1.38 billion in cash and short-term fixed deposits, and S$3.75 billion in borrowings due within the next 12 months.",
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      "text": "After Enron collapsed, Bethany McLean asked “Why were some many people willing to believe in something that so few actually understood?” The same question should be asked about the analysts who are bullish on Olam.",
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      "text": "Trading volumes have grown 86.6% since FY2009. From FY 2009 through Q1 2013, Olam's net cash used in operations has been S$2.5 billion.",
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      "text": "Olam also had S$445.7 million of overdrafts as of FY2012. In other words, the overdrafts mean that Olam took more money out of its bank accounts than it had in them – this brings some of us back to freshman year of college.",
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      "text": "Olam thus only had roughly S$60 million of truly free cash as of FY2012. Olam's cash burn in FY2012 was S$1.1 billion, or over S$20 million per week.",
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      "text": "Why were so many people willing to believe in something that so few actually understood? — Bethany McLean, \"Why Enron Went Bust\", Fortune, December 24, 2001.",
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