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I think we shouldn't exclude the one off and forex losses in assessing the intrinsic value. The capability of the management in hedging the loss, offloading the costs to their customer, it's part of the management performance. If exclude everything, then we should exclude the existence of the weak management and useless blood-absorb substantial owner (muhibbah).
yes, rare, but happens. There are companies have one off gain from hedging. Rare, but they gain. Why not Favco? So the assessment shouldn't exclude all the one-off element, in deriving intrinsic value. Because value is about everything it worth, including those management skills.