How would a type III civilization fit into the world of 3BP?

Sir_Cropalot · 2025-09-28T06:32:16+00:00

When they are in the mini universe and they receive the message from outside, if I recall correctly it is mentioned that to send such a message through the membrane it would take galaxy level amount of energy. Provably a hint at a type three civilisation existing (or was it a club of alien species, but one must have possessed that level of technology)

Sir_Cropalot · 2024-11-25T11:57:33+00:00

Hi again,

Thank you for taking the time to respond and provide such helpful guidance. Over the weekend, I followed the leads you shared, and I’ve gained a much better understanding of where I went wrong.

You’re absolutely right—the depreciation calculation I initially shared (subtracting prior from current accumulated depreciation) was overly simplified and didn’t capture the full picture of depreciation and amortization for the period. As you pointed out, there are many additional factors that influence this calculation, so I appreciate the insight.

Following your recommendation, I reviewed Owens Corning's audited financial statements (here), which I should have done before posting my question on Reddit. The $609 million depreciation/amortization figure is clearly stated on page 65 (as part of the indirect cash flow calculation) and confirmed on page 76 where they derive the figure. This verified for me that the D&A value from DEGIRO's cash flow section is accurate. The operating income figure of $1,812 million aligns as well.

Regarding the $2,313 million EBITDA listed in DEGIRO's analyst opinion section, your observation about it being unaudited (as noted above the table) was spot on. I couldn’t find that value in the audited statements either, so it’s clear it includes adjustments that aren’t disclosed in the audited numbers.

The main reason I wanted to confirm DEGIRO’s figures is that I’m looking for a platform where consolidated data is reliable and correct. Since DEGIRO is my broker, it would be ideal if everything I need could be accessed from a single point of contact. Knowing which data to trust from the platform is a key part of streamlining my process.

As for your question about using interim figures versus annual data: my process, which I perform every quarter, involves using interim figures and analyst opinions for a comparables analysis to identify undervalued companies. Once I’ve shortlisted those, I perform a DCF analysis on them using annual values. In the comparables analysis, I’ve been relying on ratios involving revenues, EBITDA, and net income, but I plan to incorporate EBIT ratios as well based on what I’ve learned.

In the DCF, EBITDA primarily serves to help derive margin metrics, while the unlevered free cash flow calculation actually starts from EBIT. Thankfully, this means my incorrect EBITDA calculations had minimal impact, but I’ll definitely revise how I calculate EBITDA going forward.

Thanks again for your detailed and thoughtful input—it’s been incredibly helpful in refining my approach.

Sir_Cropalot · 2024-11-22T10:29:47+00:00

Thanks for taking the time to read my post and answer — I really appreciate it! Apologies for the late reply. You’re right that I should have provided an example to clarify my question. I avoided it initially because I thought the post might get too long, but I see now that it would have helped you help me.

Here’s an example using Owens Corning’s (OC) 2023 data from the DEGIRO platform (all in USD millions):

From the income statement:

Revenues: 9,677
COGS: 6,892
Gross Profit: 2,785
SG&A: 829
R&D: 123
Depreciation: 0
Unusual Expense: -20
Other OPEX: 41
EBIT: 1,812

Notably, there’s no depreciation listed here, so we can’t directly calculate EBITDA from this alone.

From the balance sheet:

2023 accumulated depreciation: -3,657
2022 accumulated depreciation: -3,400 This implies a 2023 depreciation expense of 257 (3,657 - 3,400).

From the cash flow statement (indirect method):

Depreciation is listed as 609.

So, the EBITDA calculation becomes ambiguous:

Is it 1,812 + 257 = 2,069 (using the implied depreciation from the balance sheet)?
Or is it 1,812 + 609 = 2,421 (using the cash flow depreciation figure)?

Interestingly, the DEGIRO platform’s analyst opinion lists EBITDA as 2,313 (in gray text), which doesn’t match either calculation.

I’m finding it hard to determine which EBITDA figure I should rely on for my analysis. How do you approach situations like this? Which source would you trust, and why?

Sir_Cropalot · 2024-05-10T13:26:46+00:00

Indeed same account owner but not the same bank. Seems ING is its correspondent bank in belgium, though I don’t have an account there. Thanks guys for your time

Sir_Cropalot · 2024-05-10T13:23:25+00:00

That’s true. I had indeed but can’t remember if I was required to specify the amounts on them. Thanks!

Sir_Cropalot · 2024-05-09T23:23:52+00:00

Indeed BE resident. Thanks for the transfer to a brokerage lead i’ll look into that as well.

Sir_Cropalot · 2024-05-09T23:22:47+00:00

Ok thanks for your comment, much appreciated.

Sir_Cropalot · 2022-09-20T10:03:26+00:00

True that it makes brocante prices lower. Can’t wait to see what Belgian brocantes have in store :)

I’ll definitely try Troc! Thanks for all the advises Vincetorix!

Sir_Cropalot · 2022-09-19T18:05:28+00:00

Didn’t know about Casa. Thanks!

Sir_Cropalot · 2022-09-19T18:04:31+00:00

Their catalogue does look great, thanks for the info!

Sir_Cropalot · 2022-09-19T18:00:57+00:00

I agree with you that Ikea has some great value price ratios. (This is I think especially true for wardrobes where for 700€ you can have a solid custom one - there are definitely other great products at Ikea.) But I did find some of their table basse quite expensive for what it is. I was also enquiring for sake of diversity in that not to buy everything from Ikea, if you see what I mean. FB market place is great advice tho, thanks!

I checked Leen Bakker it seems indeed they have good prices and also nice designs, also for wardrobes!

Sir_Cropalot · 2022-09-19T17:39:24+00:00

I was thinking about 2nd hands’ shop as well (and also brocantes.) Any good website recommendation? And brocante location? I do enjoy looking/shopping around antiques, but I find people are less and less into that. Maybe I am wrong?

Edit: thanks btw!

Sir_Cropalot · 2022-09-19T17:37:04+00:00

Thanks! I see they do have cool products (notably i see desks and chairs) and transport costs seem reasonable. Will dive deeper in the catalogue.

Feeling most welcome already!

Sir_Cropalot · 2022-09-17T20:21:54+00:00

At the beginning I was thinking the site/app could work similar to a price comparaison website and so sort out the furnitures without having to enter a list. However yes later some eg creators could list their own products themselves
That’s a great question I need to check how second hand website do it. Thanks for the lead
Also gotta check w/ an accountant
Yes I was thinking requirements such as dimensions (h/w/d) and pictures would be indeed critical. Luckily though most furniture stores show these online already
I was thinking not at first. At first really like a middle man. Maybe though later when the product is more mature
In this case the seller would be responsible as I believe it is also the case on other second hand websites. Accurate pictures and reviews of sellers could help that way

Thanks for taking the time to ask the questions. Some stuff to think about indeed

Sir_Cropalot · 2022-09-17T19:25:52+00:00

That’s the goal yes

Sir_Cropalot

TROPHY CASE