Including intangible assets in CAPEX? (Morningstar vs. Bloomberg analysts) DCF model
When Morningstar calculates AAPL'sfrom CFO (2013 ) they calculate:
Free Cash Flow = Cash flow from operations - (Payments for property, plant and equipment + Payments for acquisitions of intangible assets)
Bloomberg doesn't include intangibles in their calculation.
How can we argue that Morningstar's estimate is stronger/weaker than Bloomberg's?