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Value Investing Research Since 2006

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Thursday, February 22, 2018

Archives for March 2014

Zoetis Inc. (ZTS) Annual Valuation

As a recent spin-off, Zoetis has an uphill battle in the ModernGraham approach, and contains too much speculation for Intelligent Investors. Spin-offs inherently have speculation because of the uncertainty surrounding earnings results from before the spin-off (i.e. how does one determine how much the company would have earned as a stand-alone during that time?), and speculation is one of the greatest contributors to risk in investing.

Raytheon Company (RTN) Quarterly Valuation – March 2014

Raytheon Company is suitable for the Enterprising Investor but not the Defensive Investor. The company does not satisfy the Defensive Investor’s current ratio requirement or the PB ratio requirement, but the only requirement it does not satisfy for the Enterprising Investor is the debt level relative to current assets.

XL Group PLC (XL) Annual Valuation – 2014

XL Group does not qualify for either the Defensive Investor or the Enterprising Investor. For the Defensive Investor, the company’s failings are the lack of earnings stability over the ten year period and the lack of earnings growth over the ten year period.

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