Tax reform will put a lot more cash in business coffers, but, when doing a valuation, you need to determine just how that extra cash will manifest itself in the future. Some indication comes from a recent survey by Morgan Stanley that showed Wall Street stock analysts expect companies to allocate 43% of tax savings to dividends and buybacks, 17% to capital spending, and 13% to workers, the Associated Press reports. Some say that money used for buybacks is often better spent on improving operations and making workers more productive. “What are you getting from buying back stock? It doesn’t generate any growth, any real activity,” said James Abate, chief investment officer of Centre Asset Management.