Moody’s Corp Valuation – March 2019 #MCO

Company Profile (excerpt from Reuters): Moody’s Corporation (Moody’s), incorporated on June 2, 2000, is a provider of credit ratings; credit, capital markets and economic related research, data and analytical tools; software solutions and related risk management services, quantitative credit risk measures, financial services training and certification services, and research and analytical services to financial institution customers. The Company operates in two segments: Moody’s Investors Service (MIS) and Moody’s Analytics (MA). The Company’s MIS segment consists of the Company’s ratings operations. The Company’s MA segment develops a range of products and services that support financial analysis and risk management activities of institutional participants in financial markets.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of MCO – March 2019

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $33,481,677,645 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.61 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 146.68% Pass
6. Moderate PEmg Ratio PEmg < 20 31.24 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 52.53 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.61 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 4.06 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $5.68
MG Growth Estimate 5.95%
MG Value $115.79
Opinion Overvalued
MG Grade C-
MG Value based on 3% Growth $82.32
MG Value based on 0% Growth $48.26
Market Implied Growth Rate 11.37%
Current Price $177.38
% of Intrinsic Value 153.19%

Moody’s Corporation is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor is only concerned with the level of debt relative to the net current assets. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $4.07 in 2015 to an estimated $5.68 for 2019. This level of demonstrated earnings growth does not support the market’s implied estimate of 11.37% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Moody’s Corporation revealed the company was trading above its Graham Number of $19.55. The company pays a dividend of $1.76 per share, for a yield of 1% Its PEmg (price over earnings per share – ModernGraham) was 31.24, which was above the industry average of 21.22. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-28.2.

Moody’s Corporation receives an average overall rating in the ModernGraham grading system, scoring a C-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$28.20
Graham Number $19.55
PEmg 31.24
Current Ratio 1.61
PB Ratio 52.53
Current Dividend $1.76
Dividend Yield 0.99%
Number of Consecutive Years of Dividend Growth 9

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2018
Total Current Assets $3,386,900,000
Total Current Liabilities $2,098,500,000
Long-Term Debt $5,226,100,000
Total Assets $9,526,200,000
Intangible Assets $5,347,400,000
Total Liabilities $8,869,700,000
Shares Outstanding (Diluted Average) 194,400,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $7.08
Dec2018 $6.74
Dec2017 $5.15
Dec2016 $1.36
Dec2015 $4.63
Dec2014 $4.61
Dec2013 $3.60
Dec2012 $3.05
Dec2011 $2.49
Dec2010 $2.15
Dec2009 $1.69
Dec2008 $1.87
Dec2007 $2.58
Dec2006 $2.58
Dec2005 $1.84
Dec2004 $1.40
Dec2003 $1.19
Dec2002 $0.92
Dec2001 $0.66
Dec2000 $0.49
Dec1999 $0.48

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $5.68
Dec2018 $4.82
Dec2017 $3.86
Dec2016 $3.29
Dec2015 $4.07
Dec2014 $3.58
Dec2013 $2.91
Dec2012 $2.46
Dec2011 $2.16
Dec2010 $2.06
Dec2009 $2.04
Dec2008 $2.17
Dec2007 $2.18
Dec2006 $1.85
Dec2005 $1.39
Dec2004 $1.09
Dec2003 $0.87

Recommended Reading:

Other ModernGraham posts about the company

Moody’s Corporation – June 2018 $MCO
Moody’s Corporation Valuation – March 2017 $MCO
21 Best Undervalued Stocks of the Week – 8/27/16
Moody’s Corporation Valuation – August 2016 $MCO
Moody’s Corporation Stock Valuation – February 2016 $MCO

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Franklin Resources Inc Valuation – March 2019 #BEN
S&P Global Inc Valuation – March 2019 #SPGI
Equifax Inc Valuation – March 2019 #EFX
CME Group Inc Valuation – March 2019 #CME
Northern Trust Corp Valuation – March 2019 #NTRS
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Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Kimco Realty Corp Valuation – March 2019 #KIM

Company Profile (excerpt from Reuters): Kimco Realty Corporation, incorporated on March 25, 1994, is a self-administered real estate investment trust. The Company is engaged in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, grocery stores or drugstores. As of June 30, 2017, the Company had interests in 510 shopping center properties, including 84 million square feet of gross leasable area (GLA), located in 32 states, Puerto Rico and Canada. As of March 31, 2017, the Company had 380 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 5.8 million square feet of GLA.

KIM Chart

KIM data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of KIM – March 2019

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $7,773,219,770 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.12 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 163.74% Pass
6. Moderate PEmg Ratio PEmg < 20 21.56 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.43 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.12 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 130.35 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

 

Stage 2: Determination of Intrinsic Value

EPSmg $0.85
MG Growth Estimate -2.95%
MG Value $2.22
Opinion Overvalued
MG Grade D+
MG Value based on 3% Growth $12.39
MG Value based on 0% Growth $7.26
Market Implied Growth Rate 6.53%
Current Price $18.43
% of Intrinsic Value 830.10%

Kimco Realty Corp does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $1.06 in 2015 to an estimated $0.85 for 2019. This level of demonstrated earnings growth does not support the market’s implied estimate of 6.53% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Kimco Realty Corp revealed the company was trading above its Graham Number of $12.05. The company pays a dividend of $1.12 per share, for a yield of 6.1%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 21.56, which was below the industry average of 61.92, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-12.51.

Kimco Realty Corp scores quite poorly in the ModernGraham grading system, with an overall grade of D+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$12.51
Graham Number $12.05
PEmg 21.56
Current Ratio 1.12
PB Ratio 1.43
Current Dividend $1.12
Dividend Yield 6.08%
Number of Consecutive Years of Dividend Growth 8

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2018
Total Current Assets $342,557,000
Total Current Liabilities $305,165,000
Long-Term Debt $4,873,872,000
Total Assets $10,999,100,000
Intangible Assets $0
Total Liabilities $5,588,047,000
Shares Outstanding (Diluted Average) 419,246,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.51
Dec2018 $1.02
Dec2017 $0.87
Dec2016 $0.79
Dec2015 $2.00
Dec2014 $0.89
Dec2013 $0.43
Dec2012 $0.42
Dec2011 $0.27
Dec2010 $0.22
Dec2009 -$0.15
Dec2008 $0.78
Dec2007 $1.65
Dec2006 $1.70
Dec2005 $1.52
Dec2004 $1.15
Dec2003 $0.97
Dec2002 $0.98
Dec2001 $0.95
Dec2000 $0.84
Dec1999 $0.74

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.85
Dec2018 $1.06
Dec2017 $1.05
Dec2016 $1.06
Dec2015 $1.06
Dec2014 $0.55
Dec2013 $0.33
Dec2012 $0.29
Dec2011 $0.33
Dec2010 $0.52
Dec2009 $0.82
Dec2008 $1.32
Dec2007 $1.53
Dec2006 $1.40
Dec2005 $1.20
Dec2004 $1.02
Dec2003 $0.94

Recommended Reading:

Other ModernGraham posts about the company

Kimco Realty Corp Valuation – June 2018 $KIM
Kimco Realty Corp Valuation – March 2017 $KIM
5 Companies for Enterprising Investors Near 52 Week Lows – March 2017
10 Best Dividend Paying Stocks for the Enterprising Investor – February 2017
5 Companies for Enterprising Investors Near 52 Week Lows – February 2017

Other ModernGraham posts about related companies

Essex Property Trust Inc Valuation – March 2019 #ESS
Federal Realty Investment Trust Valuation – March 2019 #FRT
UDR Inc Valuation – March 2019 #UDR
Mid-America Apartment Communities Inc Valuation – March 2019 #MAA
Extra Space Storage Inc Valuation – March 2019 #EXR
Digital Realty Trust Inc Valuation – March 2019 #DLR
Equity Residential Valuation – March 2019 #EQR
Prologis Inc Valuation – March 2019 #PLD
Duke Realty Corp Valuation – March 2019 $DRE
Realty Income Corp Valuation – February 2019 $O

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Moody’s Corporation – June 2018 $MCO

Company Profile (excerpt from Reuters): Moody’s Corporation (Moody’s), incorporated on June 2, 2000, is a provider of credit ratings; credit, capital markets and economic related research, data and analytical tools; software solutions and related risk management services, quantitative credit risk measures, financial services training and certification services, and research and analytical services to financial institution customers. The Company operates in two segments: Moody’s Investors Service (MIS) and Moody’s Analytics (MA). The Company’s MIS segment consists of the Company’s ratings operations. The Company’s MA segment develops a range of products and services that support financial analysis and risk management activities of institutional participants in financial markets.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of MCO – June 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $33,085,476,772 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.47 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 121.17% Pass
6. Moderate PEmg Ratio PEmg < 20 34.03 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 79.84 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.47 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 5.70 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $5.07
MG Growth Estimate 6.22%
MG Value $106.07
Opinion Overvalued
MG Grade F
MG Value based on 3% Growth $73.47
MG Value based on 0% Growth $43.07
Market Implied Growth Rate 12.76%
Current Price $172.41
% of Intrinsic Value 162.55%

Moody’s Corporation does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $3.58 in 2014 to an estimated $5.07 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 12.76% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Moody’s Corporation revealed the company was trading above its Graham Number of $0. The company pays a dividend of $1.52 per share, for a yield of 0.9% Its PEmg (price over earnings per share – ModernGraham) was 34.03, which was above the industry average of 22.96. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-29.69.

Moody’s Corporation scores quite poorly in the ModernGraham grading system, with an overall grade of F.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$29.69
Graham Number $0.00
PEmg 34.03
Current Ratio 1.47
PB Ratio 79.84
Current Dividend $1.52
Dividend Yield 0.88%
Number of Consecutive Years of Dividend Growth 8

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2018
Total Current Assets $2,818,800,000
Total Current Liabilities $1,920,900,000
Long-Term Debt $5,118,000,000
Total Assets $9,014,000,000
Intangible Assets $5,473,100,000
Total Liabilities $8,594,000,000
Shares Outstanding (Diluted Average) 194,500,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $7.49
Dec2017 $5.15
Dec2016 $1.36
Dec2015 $4.63
Dec2014 $4.61
Dec2013 $3.60
Dec2012 $3.05
Dec2011 $2.49
Dec2010 $2.15
Dec2009 $1.69
Dec2008 $1.87
Dec2007 $2.58
Dec2006 $2.58
Dec2005 $1.84
Dec2004 $1.40
Dec2003 $1.19
Dec2002 $0.92
Dec2001 $0.66
Dec2000 $0.49
Dec1999 $0.48
Dec1998 $0.82

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $5.07
Dec2017 $3.86
Dec2016 $3.29
Dec2015 $4.07
Dec2014 $3.58
Dec2013 $2.91
Dec2012 $2.46
Dec2011 $2.16
Dec2010 $2.06
Dec2009 $2.04
Dec2008 $2.17
Dec2007 $2.18
Dec2006 $1.85
Dec2005 $1.39
Dec2004 $1.09
Dec2003 $0.87
Dec2002 $0.70

Recommended Reading:

Other ModernGraham posts about the company

Moody’s Corporation Valuation – March 2017 $MCO
21 Best Undervalued Stocks of the Week – 8/27/16
Moody’s Corporation Valuation – August 2016 $MCO
Moody’s Corporation Stock Valuation – February 2016 $MCO
10 Best Stocks For Value Investors This Week – 9/26/15

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Willis Towers Watson PLC Valuation – Initial Coverage June 2018 $WLTW
PayPal Holdings Inc Valuation – June 2018 $PYPL
Synchrony Financial Valuation – June 2018 $SYF
CBRE Group Inc Valuation – June 2018 $CBRE
Franklin Resources Inc Valuation – May 2018 $BEN
S&P Global Inc Valuation – May 2018 $SPGI
Equifax Inc Valuation – May 2018 $EFX
CME Group Inc Valuation – May 2018 $CME
Discover Financial Services Valuation – May 2018 $DFS

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Kimco Realty Corp Valuation – June 2018 $KIM

Company Profile (excerpt from Reuters): Kimco Realty Corporation, incorporated on March 25, 1994, is a self-administered real estate investment trust. The Company is engaged in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, grocery stores or drugstores. As of June 30, 2017, the Company had interests in 510 shopping center properties, including 84 million square feet of gross leasable area (GLA), located in 32 states, Puerto Rico and Canada. As of March 31, 2017, the Company had 380 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 5.8 million square feet of GLA.

KIM Chart

KIM data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of KIM – June 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $7,605,660,094 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 3.30 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 494.12% Pass
6. Moderate PEmg Ratio PEmg < 20 21.41 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.38 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 3.30 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 16.79 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $0.84
MG Growth Estimate 7.97%
MG Value $20.43
Opinion Fairly Valued
MG Grade B-
MG Value based on 3% Growth $12.12
MG Value based on 0% Growth $7.11
Market Implied Growth Rate 6.46%
Current Price $17.90
% of Intrinsic Value 87.63%

Kimco Realty Corp is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability over the last ten years, and the high PEmg ratio. The Enterprising Investor is only concerned with the level of debt relative to the net current assets. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Fairly Valued after growing its EPSmg (normalized earnings) from $0.55 in 2014 to an estimated $0.84 for 2018. This level of demonstrated earnings growth supports the market’s implied estimate of 6.46% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value within a margin of safety relative to the price.

At the time of valuation, further research into Kimco Realty Corp revealed the company was trading above its Graham Number of $10.13. The company pays a dividend of $1.09 per share, for a yield of 6.1%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 21.41, which was below the industry average of 49.08, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-12.8.

Kimco Realty Corp performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$12.80
Graham Number $10.13
PEmg 21.41
Current Ratio 3.30
PB Ratio 1.38
Current Dividend $1.09
Dividend Yield 6.09%
Number of Consecutive Years of Dividend Growth 7

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2018
Total Current Assets $435,849,000
Total Current Liabilities $132,209,000
Long-Term Debt $5,097,322,000
Total Assets $11,372,502,000
Intangible Assets $0
Total Liabilities $5,870,100,000
Shares Outstanding (Diluted Average) 424,521,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.36
Dec2017 $0.87
Dec2016 $0.79
Dec2015 $2.00
Dec2014 $0.89
Dec2013 $0.43
Dec2012 $0.42
Dec2011 $0.27
Dec2010 $0.22
Dec2009 -$0.15
Dec2008 $0.78
Dec2007 $1.65
Dec2006 $1.70
Dec2005 $1.52
Dec2004 $1.15
Dec2003 $0.97
Dec2002 $0.98
Dec2001 $0.95
Dec2000 $0.84
Dec1999 $0.74
Dec1998 $0.66

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.84
Dec2017 $1.05
Dec2016 $1.06
Dec2015 $1.06
Dec2014 $0.55
Dec2013 $0.33
Dec2012 $0.29
Dec2011 $0.33
Dec2010 $0.52
Dec2009 $0.82
Dec2008 $1.32
Dec2007 $1.53
Dec2006 $1.40
Dec2005 $1.20
Dec2004 $1.02
Dec2003 $0.94
Dec2002 $0.89

Recommended Reading:

Other ModernGraham posts about the company

Kimco Realty Corp Valuation – March 2017 $KIM
5 Companies for Enterprising Investors Near 52 Week Lows – March 2017
10 Best Dividend Paying Stocks for the Enterprising Investor – February 2017
5 Companies for Enterprising Investors Near 52 Week Lows – February 2017
10 Best Dividend Paying Stocks for the Enterprising Investor – January 2017

Other ModernGraham posts about related companies

Essex Property Trust Inc Valuation – June 2018 $ESS
Federal Realty Investment Trust Valuation – June 2018 $FRT
UDR Inc Valuation – June 2018 $UDR
Mid-America Apartment Communities Inc Valuation – June 2018 $MAA
Extra Space Storage Inc Valuation – June 2018 $EXR
Digital Realty Trust Inc Valuation – June 2018 $DLR
Equity Residential Valuation – June 2018 $EQR
Prologis Inc Valuation – May 2018 $PLD
Duke Realty Corp Valuation – Initial Coverage $DRE
Realty Income Corp Valuation – April 2018 $O

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Moody’s Corporation Valuation – March 2017 $MCO

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – March 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Moody’s Corporation (MCO) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Moody’s Corporation (Moody’s) is a provider of credit ratings; credit, capital markets and economic related research, data and analytical tools; software solutions and related risk management services, quantitative credit risk measures, financial services training and certification services, and research and analytical services to financial institution customers. The Company operates in two segments: Moody’s Investors Service (MIS) and Moody’s Analytics (MA). The MIS segment includes its ratings operations. The MA segment develops a range of products and services that support financial analysis and risk management activities of institutional participants in financial markets. The MIS segment includes corporate finance group; structured finance group; financial institutions group; public, project and infrastructure finance, and MIS Other. The MA segment consists of three lines of business: data and analytics business, enterprise risk solutions and professional service.

MCO Chart

MCO data by YCharts

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Downloadable PDF version of this valuation:

ModernGraham Valuation of MCO – March 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $21,338,397,663 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.34 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 95.45% Pass
6. Moderate PEmg Ratio PEmg < 20 28.81 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 -17.77 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.34 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 3.71 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $3.87
MG Growth Estimate 4.93%
MG Value $70.97
Opinion Overvalued
MG Grade F
MG Value based on 3% Growth $56.07
MG Value based on 0% Growth $32.87
Market Implied Growth Rate 10.16%
Current Price $111.41
% of Intrinsic Value 156.99%

Moody’s Corporation does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $2.91 in 2013 to an estimated $3.87 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 10.16% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Moody’s Corporation revealed the company was trading above its Graham Number of $0. The company pays a dividend of $1.48 per share, for a yield of 1.3% Its PEmg (price over earnings per share – ModernGraham) was 28.81, which was above the industry average of 21.55. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-16.88.

Moody’s Corporation scores quite poorly in the ModernGraham grading system, with an overall grade of F.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$16.88
Graham Number $0.00
PEmg 28.81
Current Ratio 1.34
PB Ratio -17.77
Current Dividend $1.48
Dividend Yield 1.33%
Number of Consecutive Years of Dividend Growth 8

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $3,253,100,000
Total Current Liabilities $2,428,200,000
Long-Term Debt $3,063,000,000
Total Assets $5,327,300,000
Intangible Assets $1,320,000,000
Total Liabilities $6,552,300,000
Shares Outstanding (Diluted Average) 195,400,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $5.17
Dec2016 $1.36
Dec2015 $4.63
Dec2014 $4.61
Dec2013 $3.60
Dec2012 $3.05
Dec2011 $2.49
Dec2010 $2.15
Dec2009 $1.69
Dec2008 $1.87
Dec2007 $2.58
Dec2006 $2.58
Dec2005 $1.84
Dec2004 $1.40
Dec2003 $1.19
Dec2002 $0.92
Dec2001 $0.66
Dec2000 $0.49
Dec1999 $0.48
Dec1998 $0.82

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $3.87
Dec2016 $3.29
Dec2015 $4.07
Dec2014 $3.58
Dec2013 $2.91
Dec2012 $2.46
Dec2011 $2.16
Dec2010 $2.06
Dec2009 $2.04
Dec2008 $2.17
Dec2007 $2.18
Dec2006 $1.85
Dec2005 $1.39
Dec2004 $1.09
Dec2003 $0.87
Dec2002 $0.70
Dec2001 $0.55

Recommended Reading:

Other ModernGraham posts about the company

Moody’s Corporation Stock Valuation – February 2016 $MCO
10 Best Stocks For Value Investors This Week – 9/26/15
Moody’s Corporation Analysis – September 2015 Update $MCO
The Best Stocks of the Financial Services Industry – September 2015
The 10 Best Stocks For Value Investors This Week – 6/20/15

Other ModernGraham posts about related companies

KKR & Co Ltd Valuation – March 2017 $KKR
Charles Schwab Corp Valuation – March 2017 $SCHW
Synchrony Financial Valuation – Initial Coverage $SYF
Franklin Resources Inc Valuation – February 2017 $BEN
S&P Global Inc Valuation – Initial Coverage $SPGI
CME Group Inc Valuation – February 2017 $CME
Equifax Inc Valuation – February 2017 $EFX
Janus Capital Group Inc Valuation – Initial Coverage $JNS
Jones Lang LaSalle Inc Valuation – Initial Coverage $JLL
Sun Life Financial Inc Valuation – Initial Coverage $TSE:SLF

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Kimco Realty Corp Valuation – March 2017 $KIM

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – March 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Kimco Realty Corp (KIM) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Kimco Realty Corporation is a self-administered real estate investment trust. The Company is engaged in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, grocery stores or drugstores. As of December 31, 2016, the Company had interests in 525 shopping center properties, aggregating 85.4 million square feet of gross leasable area (GLA), located in 34 states, Puerto Rico and Canada. As of December 31, 2016, the Company had 384 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 6.3 million square feet of GLA. The Company’s open-air shopping center properties had an average size of 162,618 square feet as of December 31, 2016. The Company’s open-air shopping center properties had various national and regional companies as competitors, such as TJX Companies, The Home Depot, Ahold Delhaize, Albertsons and Ross Stores.

KIM Chart

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[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of KIM – March 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $9,649,290,382 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.86 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 289.41% Pass
6. Moderate PEmg Ratio PEmg < 20 24.24 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.80 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.86 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 21.74 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $0.93
MG Growth Estimate 15.00%
MG Value $35.86
Opinion Undervalued
MG Grade B
MG Value based on 3% Growth $13.50
MG Value based on 0% Growth $7.92
Market Implied Growth Rate 7.87%
Current Price $22.58
% of Intrinsic Value 62.97%

Kimco Realty Corp is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings stability over the last ten years, and the high PEmg ratio. The Enterprising Investor is only concerned with the level of debt relative to the net current assets. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $0.33 in 2013 to an estimated $0.93 for 2017. This level of demonstrated earnings growth outpaces the market’s implied estimate of 7.87% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Kimco Realty Corp revealed the company was trading above its Graham Number of $12.03. The company pays a dividend of $1.04 per share, for a yield of 4.6%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 24.24, which was below the industry average of 31.91, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-13.04.

Kimco Realty Corp performs fairly well in the ModernGraham grading system, scoring a B.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$13.04
Graham Number $12.03
PEmg 24.24
Current Ratio 1.86
PB Ratio 1.80
Current Dividend $1.04
Dividend Yield 4.58%
Number of Consecutive Years of Dividend Growth 7

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $503,301,000
Total Current Liabilities $270,268,000
Long-Term Debt $5,066,368,000
Total Assets $11,230,600,000
Intangible Assets $0
Total Liabilities $5,974,461,000
Shares Outstanding (Diluted Average) 419,709,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.52
Dec2016 $0.79
Dec2015 $2.00
Dec2014 $0.89
Dec2013 $0.43
Dec2012 $0.42
Dec2011 $0.27
Dec2010 $0.22
Dec2009 -$0.15
Dec2008 $0.78
Dec2007 $1.65
Dec2006 $1.70
Dec2005 $1.52
Dec2004 $1.15
Dec2003 $0.97
Dec2002 $0.98
Dec2001 $0.95
Dec2000 $0.84
Dec1999 $0.74
Dec1998 $0.66
Dec1997 $0.59

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.93
Dec2016 $1.06
Dec2015 $1.06
Dec2014 $0.55
Dec2013 $0.33
Dec2012 $0.29
Dec2011 $0.33
Dec2010 $0.52
Dec2009 $0.82
Dec2008 $1.32
Dec2007 $1.53
Dec2006 $1.40
Dec2005 $1.20
Dec2004 $1.02
Dec2003 $0.94
Dec2002 $0.89
Dec2001 $0.81

Recommended Reading:

Other ModernGraham posts about the company

10 Best Dividend Paying Stocks for the Enterprising Investor – August 2016
Dividend Investors Should Research These 10 Stocks – July 2016
10 Companies for Enterprising Dividend Investors – June 2016
Kimco Realty Corp Stock Valuation – February 2016 $KIM
10 Undervalued Companies for Enterprising Dividend Investors – November 2015

Other ModernGraham posts about related companies

LaSalle Hotel Properties Valuation – Initial Coverage $LHO
Cousins Properties Inc Valuation – Initial Coverage $CUZ
Cominar Real Estate Investment Trust – Initial Coverage $TSE:CUF.UN
Essex Property Trust Inc Valuation – March 2017 $ESS
Caretrust REIT Inc Valuation – Initial Coverage $CTRE
Federal Realty Investment Trust Valuation – Initial Coverage $FRT
Extra Space Storage Inc Valuation – Initial Coverage $EXR
UDR Inc Valuation – Initial Coverage $UDR
Digital Realty Trust Inc Valuation – Initial Coverage $DLR
Mid-America Apartment Communities Inc Valuation – Initial Coverage $MAA

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Moody’s Corporation Valuation – August 2016 $MCO

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – August 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Moody’s Corporation (MCO) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Moody’s Corporation (Moody’s) is a provider of credit ratings; credit, capital markets and economic related research, data and analytical tools; software solutions and related risk management services; quantitative credit risk measures, financial services training and certification services, and outsourced research and analytical services to financial institution customers. It operates in two segments: Moody’s Investors Service (MIS) and Moody’s Analytics (MA). The MIS segment publishes credit ratings on a range of debt obligations and the entities that issue such obligations in markets across the world. It consists of approximately five lines of business, which include corporate finance group (CFG); structured finance group (SFG); financial institutions group (FIG); Public, project and infrastructure finance (PPIF), and MIS Other. The MA segment consists of approximately three lines of business, which include enterprise risk solutions (ERS) and professional service (PS).

MCO Chart

MCO data by YCharts

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of MCO – August 2016

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $20,312,641,542 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.64 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 121.82% Pass
6. Moderate PEmg Ratio PEmg < 20 24.58 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 -34.49 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.64 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.82 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

MCO value chart August 2016

EPSmg $4.30
MG Growth Estimate 11.21%
MG Value $132.98
Opinion Fairly Valued
MG Grade C
MG Value based on 3% Growth $62.35
MG Value based on 0% Growth $36.55
Market Implied Growth Rate 8.04%
Current Price $105.69
% of Intrinsic Value 79.48%

Moody’s Corporation is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the high PEmg and PB ratios. The Enterprising Investor is only concerned with the level of debt relative to the net current assets. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Fairly Valued after growing its EPSmg (normalized earnings) from $2.46 in 2012 to an estimated $4.3 for 2016. This level of demonstrated earnings growth supports the market’s implied estimate of 8.04% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value within a margin of safety relative to the price.

At the time of valuation, further research into Moody’s Corporation revealed the company was trading above its Graham Number of $0. The company pays a dividend of $1.42 per share, for a yield of 1.3% Its PEmg (price over earnings per share – ModernGraham) was 24.58, which was above the industry average of 19.87. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-13.35.

Moody’s Corporation receives an average overall rating in the ModernGraham grading system, scoring a C.

Stage 3: Information for Further Research

MCO charts August 2016

Net Current Asset Value (NCAV) -$13.35
Graham Number $0.00
PEmg 24.58
Current Ratio 2.64
PB Ratio -34.49
Current Dividend $1.42
Dividend Yield 1.34%
Number of Consecutive Years of Dividend Growth 7

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2016
Total Current Assets $3,030,100,000
Total Current Liabilities $1,146,400,000
Long-Term Debt $3,420,400,000
Total Assets $5,044,900,000
Intangible Assets $1,366,400,000
Total Liabilities $5,644,900,000
Shares Outstanding (Diluted Average) 195,800,000

Earnings Per Share History

Next Fiscal Year Estimate $4.38
Dec2015 $4.63
Dec2014 $4.61
Dec2013 $3.60
Dec2012 $3.05
Dec2011 $2.49
Dec2010 $2.15
Dec2009 $1.69
Dec2008 $1.87
Dec2007 $2.58
Dec2006 $2.58
Dec2005 $1.84
Dec2004 $1.40
Dec2003 $1.19
Dec2002 $0.92
Dec2001 $0.66
Dec2000 $0.49
Dec1999 $0.48
Dec1998 $0.82

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $4.30
Dec2015 $4.07
Dec2014 $3.58
Dec2013 $2.91
Dec2012 $2.46
Dec2011 $2.16
Dec2010 $2.06
Dec2009 $2.04
Dec2008 $2.17
Dec2007 $2.18
Dec2006 $1.85
Dec2005 $1.39
Dec2004 $1.09
Dec2003 $0.87
Dec2002 $0.70
Dec2001 $0.55
Dec2000 $0.45

Recommended Reading:

Other ModernGraham posts about the company

10 Best Stocks For Value Investors This Week – 9/26/15
Moody’s Corporation Analysis – September 2015 Update $MCO
The Best Stocks of the Financial Services Industry – September 2015
The 10 Best Stocks For Value Investors This Week – 6/20/15
Moody’s Corporation Analysis – June 2015 Update $MCO

Other ModernGraham posts about related companies

Franklin Resources Inc Valuation – August 2016 $BEN
Equifax Inc Valuation – August 2016 $EFX
Charles Schwab Corp Valuation – August 2016 $SCHW
Northern Trust Corp Valuation – July 2016 $NTRS
O’Reilly Automotive Inc Valuation – July 2016 $ORLY
Invesco Ltd Valuation – July 2016 $IVZ
Nasdaq Inc Valuation – July 2016 $NDAQ
Leucadia National Corp Valuation – July 2016 $LUK
E*Trade Financial Corp Valuation – July 2016 $ETFC
CBRE Group Inc Valuation – July 2016 $CBG

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Kimco Realty Corp Valuation – August 2016 $KIM

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – August 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Kimco Realty Corp (KIM) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Kimco Realty Corporation is a real estate investment trust. The Company is engaged principally in the ownership, management, development and operation of open-air shopping centers. The Company holds interests in approximately 610 shopping center properties, aggregating over 100 million square feet of gross leasable area (GLA), located in approximately 40 states of the United States, Puerto Rico and Canada. The Company holds approximately 450 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling over 7.3 million square feet of GLA. The Company’s shopping centers are anchored generally by discount department stores, supermarkets or drugstores. The Company’s shopping center properties have various national and regional companies as tenants, such as TJX Companies, The Home Depot, Bed Bath & Beyond, Royal Ahold, Albertsons, Wal-Mart, Kohl’s, Petsmart and Ross Stores.

KIM Chart

KIM data by YCharts

[level-free]
To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of KIM – August 2016

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $12,563,676,930 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 4.63 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 85.53% Pass
6. Moderate PEmg Ratio PEmg < 20 24.07 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.36 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 4.63 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 12.22 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

KIM value chart August 2016

EPSmg $1.24
MG Growth Estimate 15.00%
MG Value $47.87
Opinion Undervalued
MG Grade B
MG Value based on 3% Growth $18.03
MG Value based on 0% Growth $10.57
Market Implied Growth Rate 7.79%
Current Price $29.93
% of Intrinsic Value 62.53%

Kimco Realty Corp is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability over the last ten years, and the high PEmg ratio. The Enterprising Investor is only concerned with the level of debt relative to the net current assets. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $0.29 in 2012 to an estimated $1.24 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 7.79% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Kimco Realty Corp revealed the company was trading above its Graham Number of $19.53. The company pays a dividend of $1.01 per share, for a yield of 3.4%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 24.09, which was below the industry average of 34.03, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-13.21.

Kimco Realty Corp performs fairly well in the ModernGraham grading system, scoring a B.

Stage 3: Information for Further Research

KIM charts August 2016

Net Current Asset Value (NCAV) -$13.21
Graham Number $19.53
PEmg 24.09
Current Ratio 4.63
PB Ratio 2.36
Current Dividend $1.01
Dividend Yield 3.36%
Number of Consecutive Years of Dividend Growth 6

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2016
Total Current Assets $541,338,000
Total Current Liabilities $116,857,000
Long-Term Debt $5,188,817,000
Total Assets $11,392,432,000
Intangible Assets $0
Total Liabilities $6,078,305,000
Shares Outstanding (Diluted Average) 419,302,000

Earnings Per Share History

Next Fiscal Year Estimate $1.34
Dec2015 $2.00
Dec2014 $0.89
Dec2013 $0.43
Dec2012 $0.42
Dec2011 $0.27
Dec2010 $0.22
Dec2009 -$0.15
Dec2008 $0.78
Dec2007 $1.65
Dec2006 $1.70
Dec2005 $1.52
Dec2004 $1.15
Dec2003 $0.97
Dec2002 $0.98
Dec2001 $0.95
Dec2000 $0.84
Dec1999 $0.74
Dec1998 $0.66
Dec1997 $0.59
Dec1996 $0.54

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $1.24
Dec2015 $1.06
Dec2014 $0.55
Dec2013 $0.33
Dec2012 $0.29
Dec2011 $0.33
Dec2010 $0.52
Dec2009 $0.82
Dec2008 $1.32
Dec2007 $1.53
Dec2006 $1.40
Dec2005 $1.20
Dec2004 $1.02
Dec2003 $0.94
Dec2002 $0.89
Dec2001 $0.81
Dec2000 $0.72

Recommended Reading:

Other ModernGraham posts about the company

10 Undervalued Companies for Enterprising Dividend Investors – November 2015
10 Undervalued Companies for the Enterprising Dividend Stock Investor – October 2015
10 Undervalued Companies for the Enterprising Dividend Stock Investor – August 2015
The 20 Best Stocks For Value Investors This Week – 8/15/15
Kimco Realty Corporation Analysis – August 2015 Update $KIM

Other ModernGraham posts about related companies

Equity Residential Valuation – August 2016 $EQR
Host Hotels and Resorts Inc Valuation – July 2016 $HST
Iron Mountain Inc Valuation – July 2016 $IRM
Vornado Realty Trust Valuation – July 2016 $VNO
Public Storage Valuation – July 2016 $PSA
Macerich Co Valuation – July 2016 $MAC
HCP Inc Valuation – July 2016 $HCP
Apartment Investment & Management Co Valuation – July 2016 $AIV
Crown Castle International Corp Valuation – June 2016 $CCI
General Growth Properties Inc Valuation – June 2016 $GGP

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Kimco Realty Corp Stock Valuation – February 2016 $KIM

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – February 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Kimco Realty Corp (KIM) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Kimco Realty Corporation (Kimco) is a self-administered real estate investment trust (REIT), which owns and operates neighborhood and community shopping centers. The Company had interests in approximately 754 shopping center properties, aggregating 109.5 million square feet of gross leasable area (GLA), and 533 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling approximately 11.7 million square feet of GLA, for a total of 1,287 properties aggregating 121.2 million square feet of GLA, located in 41 states in the United States and also in Puerto Rico, Canada, Mexico and Chile. The Company’s investment strategy is to be the owner and operator of neighborhood and community shopping centers through investments primarily in the United States. The Company’s tenants include TJX Companies, The Home Depot, Wal-Mart, Kohl’s and Bed Bath.

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Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of KIM

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $10,968,351,297 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 3.44 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 92.54% Pass
6. Moderate PEmg Ratio PEmg < 20 20.45 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.17 Pass
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 3.44 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 13.39 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

KIM value chart February 2016

EPSmg $1.30
MG Growth Estimate 15.00%
MG Value $49.92
Opinion Undervalued
MG Grade B
MG Value based on 3% Growth $18.80
MG Value based on 0% Growth $11.02
Market Implied Growth Rate 5.98%
Current Price $26.52
% of Intrinsic Value 53.12%

Kimco Realty Corp is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability over the last ten years, and the high PEmg ratio. The Enterprising Investor is only concerned with the level of debt relative to the net current assets. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $0.29 in 2012 to an estimated $1.30 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 5.98% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price. Kimco Realty Corp performs fairly well in the ModernGraham grading system, scoring a B.

Stage 3: Information for Further Research

KIM charts February 2016

Net Current Asset Value (NCAV) -$14.29
Graham Number $20.30
PEmg 20.45
Current Ratio 3.44
PB Ratio 2.17
Dividend Yield 3.68%
Number of Consecutive Years of Dividend Growth 6

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information Dec2015
Total Current Assets $396,175,000
Total Current Liabilities $115,182,000
Long-Term Debt $3,761,328,000
Total Assets $11,344,171,000
Intangible Assets $0
Total Liabilities $6,297,871,000
Shares Outstanding (Diluted Average) 412,851,000

Earnings Per Share History

Next Fiscal Year Estimate $1.50
Dec2015 $2.00
Dec2014 $0.89
Dec2013 $0.43
Dec2012 $0.42
Dec2011 $0.27
Dec2010 $0.22
Dec2009 -$0.15
Dec2008 $0.78
Dec2007 $1.65
Dec2006 $1.70
Dec2005 $1.52
Dec2004 $1.15
Dec2003 $0.97
Dec2002 $0.98
Dec2001 $0.95
Dec2000 $0.84
Dec1999 $0.74
Dec1998 $0.66
Dec1997 $0.59
Dec1996 $0.54

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $1.30
Dec2015 $1.06
Dec2014 $0.55
Dec2013 $0.33
Dec2012 $0.29
Dec2011 $0.33
Dec2010 $0.52
Dec2009 $0.82
Dec2008 $1.32
Dec2007 $1.53
Dec2006 $1.40
Dec2005 $1.20
Dec2004 $1.02
Dec2003 $0.94
Dec2002 $0.89
Dec2001 $0.81
Dec2000 $0.72

Recommended Reading:

Other ModernGraham posts about the company

10 Undervalued Companies for Enterprising Dividend Investors – November 2015
10 Undervalued Companies for the Enterprising Dividend Stock Investor – October 2015
10 Undervalued Companies for the Enterprising Dividend Stock Investor – August 2015
The 20 Best Stocks For Value Investors This Week – 8/15/15
Kimco Realty Corporation Analysis – August 2015 Update $KIM

Other ModernGraham posts about related companies

HCP Inc Valuation – January 2016 Update $HCP
Macerich Co Valuation – January 2016 Update $MAC
American Tower Corp Valuation – November 2015 Update $AMT
Weyerhaeuser Co Valuation – November 2015 Update $WY
Boston Properties Inc. Valuation – November 2015 Update $BXP
Welltower Inc. Valuation – November 2015 Update $HCN
Kimco Realty Corporation Valuation – November 2015 Update $KIM
Prologis Inc. Valuation – October 2015 Update $PLD
HCP Inc. Valuation – October 2015 Update $HCP
Essex Property Trust Inc. Analysis – October 2015 Update $ESS

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Moody’s Corporation Stock Valuation – February 2016 $MCO

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – February 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Moody’s Corporation (MCO) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Moody’s Corporation (Moody’s) is a provider of credit ratings; credit, capital markets and economic related research, data and analytical tools; software solutions and related risk management services; quantitative credit risk measures, financial services training and certification services, and outsourced research and analytical services to financial institution customers. The Company operates in two segments: Moody’s Investors Service (MIS) and Moody’s Analytics (MA). The Company’s MIS segment publishes credit ratings on a range of debt obligations and the entities that issue such obligations in markets across the world, including various corporate and Governmental obligations, structured finance securities and commercial paper programs. The Company’s MA segment develops a range of products and services that support financial analysis and risk management activities of institutional participants in financial markets.

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of MCO

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $17,365,833,316 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.66 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 127.04% Pass
6. Moderate PEmg Ratio PEmg < 20 19.00 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 -51.14 Fail
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.66 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.68 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

MCO value chart February 2016

EPSmg $4.41
MG Growth Estimate 11.86%
MG Value $142.01
Opinion Undervalued
MG Grade B
MG Value based on 3% Growth $63.90
MG Value based on 0% Growth $37.46
Market Implied Growth Rate 5.25%
Current Price $83.72
% of Intrinsic Value 58.96%

Moody’s Corporation qualifies for both the Defensive Investor and the Enterprising Investor. The Defensive Investor is only initially concerned with the high PB ratio. The Enterprising Investor is only concerned with the level of debt relative to the net current assets. As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $2.46 in 2012 to an estimated $4.41 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 5.25% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price. Moody’s Corporation performs fairly well in the ModernGraham grading system, scoring a B.

Stage 3: Information for Further Research

MCO charts February 2016

Net Current Asset Value (NCAV) -$10.88
Graham Number $0.00
PEmg 19.00
Current Ratio 2.66
PB Ratio -51.14
Dividend Yield 1.62%
Number of Consecutive Years of Dividend Growth 7

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information Dec2015
Total Current Assets $3,243,100,000
Total Current Liabilities $1,218,500,000
Long-Term Debt $3,401,000,000
Total Assets $5,123,400,000
Intangible Assets $0
Total Liabilities $5,456,400,000
Shares Outstanding (Diluted Average) 203,400,000

Earnings Per Share History

Next Fiscal Year Estimate $4.70
Dec2015 $4.63
Dec2014 $4.61
Dec2013 $3.60
Dec2012 $3.05
Dec2011 $2.49
Dec2010 $2.15
Dec2009 $1.69
Dec2008 $1.87
Dec2007 $2.58
Dec2006 $2.58
Dec2005 $1.84
Dec2004 $1.40
Dec2003 $1.19
Dec2002 $0.92
Dec2001 $0.66
Dec2000 $0.49
Dec1999 $0.48
Dec1998 $0.82

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $4.41
Dec2015 $4.07
Dec2014 $3.58
Dec2013 $2.91
Dec2012 $2.46
Dec2011 $2.16
Dec2010 $2.06
Dec2009 $2.04
Dec2008 $2.17
Dec2007 $2.18
Dec2006 $1.85
Dec2005 $1.39
Dec2004 $1.09
Dec2003 $0.87
Dec2002 $0.70
Dec2001 $0.55
Dec2000 $0.45

Recommended Reading:

Other ModernGraham posts about the company

10 Best Stocks For Value Investors This Week – 9/26/15
Moody’s Corporation Analysis – September 2015 Update $MCO
The Best Stocks of the Financial Services Industry – September 2015
The 10 Best Stocks For Value Investors This Week – 6/20/15
Moody’s Corporation Analysis – June 2015 Update $MCO

Other ModernGraham posts about related companies

KKR & Co LP Stock Valuation – February 2016 $KKR
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Franklin Resources Inc Valuation – January 2016 Update $BEN
Northern Trust Corp Valuation – January 2016 Update $NTRS
Northern Trust Corp Valuation – January 2016 Update $NTRS
Invesco Ltd Valuation – January 2016 Update $IVZ
Legg Mason Inc Valuation – December 2015 Update $LM
Visa Inc Valuation – November 2015 Update $V
Ameriprise Financial Inc. Valuation – November 2015 Update $AMP
BlackRock Inc. Valuation – November 2015 Update $BLK

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

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