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Look at what they need to invest to continue to maintain AND grow the business. This can vary depending on the industry, i.e. some companies require a lot of intangible expenditure whereas others are very capital intensive. Don't forget leases either...
Unless you can see that there is a clear relationship which allows to you reliably calculate disposal of assets, or management has released guidance about disposal schemes (i.e. BP selling off non-core assets in 2010-13) then keep it at zero.
Agree with Asatar.
Also, it might be important to differentiate between maintenance CapEx and growth CapEx (at least on an intuitive level for your own purposes)
I agree with the above comments, but when modeling CapEx, try to focus on the stage of the business in addition to the industry. Generally speaking, high growth businesses will need to invest in more CapEx because of the growth. Whereas a more stable business will need to, as Asatar already mentioned, maintain the business. I.e., CapEx will need to be near 100% of depreciation just to maintain the operational assets they already have.
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