I've noticed that there is a lot of focus on margins when it comes companies (i.e. within a particular industry, better margins are better). My question is what do you think is more important when valuing a company, margins or absolute profits? If in the end we care about absolute cash flows, why is there such a big focus on margins? Maybe I'm simply thinking about this wrong, but I'm curious to hear what you all think.
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Capex has low margins for breakfast (i.e. low cash flow). Especially if you expect companies to grow, high margins are awesome especially when a signiciant chunck of the costs are fixed.
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