I try to find mean reverting variables in terms of valuation, it makes the entire exercise very easy. For mature businesses with stable margins, EV/sales looks through business cycles and is a good metric.
I largely focus on free cashflow generation as a filter for accounting jugglery. By no means its perfect as companies can easily manipulate free cashflow. However, if a company returns a large part of its free cashflow to investors, its highly unlikely that they will be fudging accounts. But it can still happen.
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