//www.

AutoNation Inc Valuation – September 2018 $AN

Company Profile (excerpt from Reuters): AutoNation, Inc. (AutoNation), incorporated on May 30, 1991, is an automotive retailer in the United States. The Company offers a range of automotive products and services, including new vehicles, used vehicles, parts and service, which includes automotive repair and maintenance services, as well as wholesale parts and collision businesses, and automotive finance and insurance products, which include vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. It operates through three segments: Domestic, Import and Premium Luxury. These segments consist of retail automotive franchises that sell various new vehicle brands, including Ram, Genesis, Volkswagen, Jaguar, Porsche, Infiniti, Volvo, Land Rover, smart and Mazda. As of December 31, 2016, it owned and operated 371 new vehicle franchises from 260 stores located in the United States, predominantly in metropolitan markets in the Sunbelt region.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of AN – September 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 $4,119,282,216 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.86 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 191.70% Pass
6. Moderate PEmg Ratio PEmg < 20 10.69 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.65 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 0.86 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -2.53 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $4.24
MG Growth Estimate 7.42%
MG Value $98.97
Opinion Undervalued
MG Grade C+
MG Value based on 3% Growth $61.50
MG Value based on 0% Growth $36.05
Market Implied Growth Rate 1.10%
Current Price $45.35
% of Intrinsic Value 45.82%

AutoNation, Inc. 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, poor dividend history. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of dividends. 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 Undervalued after growing its EPSmg (normalized earnings) from $2.84 in 2014 to an estimated $4.24 for 2018. This level of demonstrated earnings growth outpaces the market’s implied estimate of 1.1% 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 AutoNation, Inc. revealed the company was trading below its Graham Number of $50.79. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 10.69, which was below the industry average of 29.84, 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 $-33.82.

AutoNation, Inc. receives an average overall rating in the ModernGraham grading system, scoring a C+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$33.82
Graham Number $50.79
PEmg 10.69
Current Ratio 0.86
PB Ratio 1.65
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

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 6/1/2018
Total Current Assets $4,703,900,000
Total Current Liabilities $5,476,400,000
Long-Term Debt $1,958,100,000
Total Assets $10,288,600,000
Intangible Assets $2,087,400,000
Total Liabilities $7,788,000,000
Shares Outstanding (Diluted Average) 91,200,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $4.43
Dec2017 $4.43
Dec2016 $4.15
Dec2015 $3.89
Dec2014 $3.52
Dec2013 $3.04
Dec2012 $2.52
Dec2011 $1.91
Dec2010 $1.43
Dec2009 $1.12
Dec2008 -$6.99
Dec2007 $1.39
Dec2006 $1.38
Dec2005 $1.85
Dec2004 $1.59
Dec2003 $1.67
Dec2002 $1.19
Dec2001 $0.69
Dec2000 $0.91
Dec1999 $0.66
Dec1998 $1.06

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $4.24
Dec2017 $4.03
Dec2016 $3.70
Dec2015 $3.31
Dec2014 $2.84
Dec2013 $2.33
Dec2012 $1.32
Dec2011 $0.40
Dec2010 -$0.35
Dec2009 -$0.91
Dec2008 -$1.33
Dec2007 $1.52
Dec2006 $1.57
Dec2005 $1.58
Dec2004 $1.37
Dec2003 $1.18
Dec2002 $0.92

Recommended Reading:

Other ModernGraham posts about the company

AutoNation Inc Valuation – March 2017 $AN
AutoNation Inc Valuation – November 2015 Update $AN
22 Companies in the Spotlight This Week – 11/29/14
AutoNation Inc. Annual Valuation – 2014 $AN

Other ModernGraham posts about related companies

Lithia Motors Inc Valuation – August 2018 $LAD
Carlisle Companies Inc Valuation – August 2018 $CSL
Delphi Technologies PLC Valuation – August 2018 $DLPH
Cooper-Standard Holdings Inc Valuation – August 2018 $CPS
Copart Inc Valuation – August 2018 $CPRT
Standard Motor Products Inc Valuation – August 2018 $SMP
Harley-Davidson Inc Valuation – June 2018 $HOG
Advance Auto Parts Inc Valuation – June 2018 $AAP
LKQ Corporation – June 2018 $LKQ
Aptiv PLC Valuation – Initial Coverage May 2018 $APTV

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.

Superior Industries International Inc Valuation – August 2018 $SUP

Company Profile (excerpt from Reuters): Superior Industries International, Inc., incorporated on May 4, 2015, is engaged in the design and manufacture of aluminum wheels for sale to original equipment manufacturers (OEMs). The Company supplies cast aluminum wheels to automobile and light truck manufacturers, with wheel manufacturing operations in the United States and Mexico. The Company offers wheels in a range of finishes, which include Bright Machined, Polished Face with Painted Window, Fully Painted, Premium Paint, Polished, Chrome Clad and Mirror Finish Ultra Bright Machining.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of SUP – August 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 $554,201,164 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.33 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 -71.98% Fail
6. Moderate PEmg Ratio PEmg < 20 302.71 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.07 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 2.33 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 2.75 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

 

Stage 2: Determination of Intrinsic Value

EPSmg $0.07
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $1.07
MG Value based on 0% Growth $0.63
Market Implied Growth Rate 147.11%
Current Price $22.30
% of Intrinsic Value N/A

Superior Industries International Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, insufficient earnings stability or growth over the last ten years, and the high PEmg ratio. The Enterprising Investor has concerns regarding the level of debt relative to the net current assets, and the lack of earnings stability or 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 $1.01 in 2014 to an estimated $0.07 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 147.11% 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 Superior Industries International Inc revealed the company was trading above its Graham Number of $0. The company pays a dividend of $0.45 per share, for a yield of 2% Its PEmg (price over earnings per share – ModernGraham) was 302.71, which was above the industry average of 18.51. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-23.17.

Superior Industries International Inc 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) -$23.17
Graham Number $0.00
PEmg 302.71
Current Ratio 2.33
PB Ratio 1.07
Current Dividend $0.45
Dividend Yield 2.02%
Number of Consecutive Years of Dividend Growth 0

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 6/1/2018
Total Current Assets $426,762,000
Total Current Liabilities $182,906,000
Long-Term Debt $669,620,000
Total Assets $1,529,874,000
Intangible Assets $480,817,000
Total Liabilities $1,007,349,000
Shares Outstanding (Diluted Average) 25,053,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate -$0.37
Dec2017 -$1.01
Dec2016 $1.62
Dec2015 $0.90
Dec2014 $0.33
Dec2013 $0.83
Dec2012 $1.13
Dec2011 $2.46
Dec2010 $1.93
Dec2009 -$3.53
Dec2008 -$0.98
Dec2007 $0.35
Dec2006 -$0.40
Dec2005 -$0.27
Dec2004 $1.99
Dec2003 $2.97
Dec2002 $3.07
Dec2001 $2.10
Dec2000 $3.04
Dec1999 $2.62
Dec1998 $1.88

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.07
Dec2017 $0.37
Dec2016 $1.03
Dec2015 $0.87
Dec2014 $1.01
Dec2013 $1.09
Dec2012 $0.88
Dec2011 $0.52
Dec2010 -$0.47
Dec2009 -$1.44
Dec2008 -$0.22
Dec2007 $0.42
Dec2006 $0.79
Dec2005 $1.58
Dec2004 $2.55
Dec2003 $2.81
Dec2002 $2.67

Recommended Reading:

Other ModernGraham posts about the company

Superior Industries International Inc Valuation – Initial Coverage $SUP

Other ModernGraham posts about related companies

Lithia Motors Inc Valuation – August 2018 $LAD
Carlisle Companies Inc Valuation – August 2018 $CSL
Delphi Technologies PLC Valuation – August 2018 $DLPH
Cooper-Standard Holdings Inc Valuation – August 2018 $CPS
Copart Inc Valuation – August 2018 $CPRT
Standard Motor Products Inc Valuation – August 2018 $SMP
Harley-Davidson Inc Valuation – June 2018 $HOG
Advance Auto Parts Inc Valuation – June 2018 $AAP
LKQ Corporation – June 2018 $LKQ
Aptiv PLC Valuation – Initial Coverage May 2018 $APTV

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.

Lydall Inc Valuation – August 2018 $LDL

Company Profile (excerpt from Reuters): Lydall, Inc., incorporated on August 26, 1987, designs and manufactures specialty engineered filtration media, industrial thermal insulating solutions, automotive thermal and acoustical barriers for filtration/separation and thermal/acoustical applications. The Company’s segments are Performance Materials, Technical Nonwovens, Thermal/Acoustical Metals and Thermal/Acoustical Fibers. The Performance Materials segment includes filtration, thermal insulation and life sciences filtration businesses. The Technical Nonwovens segment includes its industrial filtration and advanced materials products. The Thermal/Acoustical Metals segment includes its metal parts and related tooling used in automotive applications. The Thermal/Acoustical Fibers segment includes its fiber parts business and related tooling used in automotive applications.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of LDL – August 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 $772,392,250 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.82 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 7420.00% Pass
6. Moderate PEmg Ratio PEmg < 20 17.67 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.05 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 2.82 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.40 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $2.48
MG Growth Estimate 15.00%
MG Value $95.30
Opinion Undervalued
MG Grade B-
MG Value based on 3% Growth $35.89
MG Value based on 0% Growth $21.04
Market Implied Growth Rate 4.59%
Current Price $43.75
% of Intrinsic Value 45.91%

Lydall, Inc. is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, insufficient earnings stability over the last ten years, and the poor dividend history. The Enterprising Investor is only concerned with the lack of dividends. 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 $1.05 in 2014 to an estimated $2.48 for 2018. This level of demonstrated earnings growth outpaces the market’s implied estimate of 4.59% 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 Lydall, Inc. revealed the company was trading above its Graham Number of $33.93. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 17.67, which was below the industry average of 18.51, 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 $5.29.

Lydall, Inc. performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $5.29
Graham Number $33.93
PEmg 17.67
Current Ratio 2.82
PB Ratio 2.05
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

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 6/1/2018
Total Current Assets $299,846,000
Total Current Liabilities $106,310,000
Long-Term Debt $76,784,000
Total Assets $578,774,000
Intangible Assets $103,351,000
Total Liabilities $208,059,000
Shares Outstanding (Diluted Average) 17,335,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $2.51
Dec2017 $2.85
Dec2016 $2.16
Dec2015 $2.71
Dec2014 $1.28
Dec2013 $1.14
Dec2012 $0.99
Dec2011 $0.82
Dec2010 $0.16
Dec2009 -$0.88
Dec2008 -$0.31
Dec2007 $0.55
Dec2006 $0.63
Dec2005 $0.32
Dec2004 -$0.03
Dec2003 $0.47
Dec2002 $0.69
Dec2001 $0.39
Dec2000 -$0.15
Dec1999 $0.68
Dec1998 $0.26

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $2.48
Dec2017 $2.31
Dec2016 $1.92
Dec2015 $1.66
Dec2014 $1.05
Dec2013 $0.77
Dec2012 $0.44
Dec2011 $0.14
Dec2010 -$0.13
Dec2009 -$0.16
Dec2008 $0.21
Dec2007 $0.44
Dec2006 $0.40
Dec2005 $0.31
Dec2004 $0.30
Dec2003 $0.44
Dec2002 $0.41

Recommended Reading:

Other ModernGraham posts about the company

11 Best Stocks for Value Investors This Week – 3/4/17
Lydall Inc Valuation – Initial Coverage $LDL

Other ModernGraham posts about related companies

Lithia Motors Inc Valuation – August 2018 $LAD
Carlisle Companies Inc Valuation – August 2018 $CSL
Delphi Technologies PLC Valuation – August 2018 $DLPH
Cooper-Standard Holdings Inc Valuation – August 2018 $CPS
Copart Inc Valuation – August 2018 $CPRT
Standard Motor Products Inc Valuation – August 2018 $SMP
Harley-Davidson Inc Valuation – June 2018 $HOG
Advance Auto Parts Inc Valuation – June 2018 $AAP
LKQ Corporation – June 2018 $LKQ
Aptiv PLC Valuation – Initial Coverage May 2018 $APTV

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.

Fox Factory Holding Corp Valuation – Initial Coverage $FOXF

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 Undervalued Stocks for the Enterprising Investor – August 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 Fox Factory Holding Corp (FOXF) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Fox Factory Holding Corp. is engaged in the manufacturing, sale and service of ride dynamics products. The Company’s products fall into two categories: bikes, and powered vehicles, including side-by-sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles (ATVs), snowmobiles, specialty vehicles and applications, and motorcycles. The Company’s brands include FOX, FOX RACING SHOX and RACE FACE. The Company’s products include 34 Factory Series FLOAT FIT4, which provides external adjustability with its fourth-generation FOX Isolated Technology and closed-cartridge damper, and includes a self-adjusting negative chamber air spring; X2 technology, utilized in its Factory Series FLOAT and DH rear shocks; PODIUM Internal Bypass, and X2 technology utilized in its 2.5 PODIUM shocks for side-by-sides that feature high and low speed rebound adjustment, high and low speed compression adjustment, and a dual-rate spring for the rear shocks.

FOXF Chart

FOXF 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.

Learn More About Premium Membership

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of FOXF – August 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 $1,411,077,023 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.23 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 785.29% Pass
6. Moderate PEmg Ratio PEmg < 20 37.88 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 6.81 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 2.23 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.53 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $1.00
MG Growth Estimate 15.00%
MG Value $38.32
Opinion Fairly Valued
MG Grade C
MG Value based on 3% Growth $14.43
MG Value based on 0% Growth $8.46
Market Implied Growth Rate 14.69%
Current Price $37.70
% of Intrinsic Value 98.38%

Fox Factory Holding Corp is suitable for the Enterprising Investor but not the more conservative Defensive Investor.  The Defensive Investor is concerned with the  small size, insufficient earnings stability over the last ten years, and the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor is only concerned with the lack of dividends.  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 $0.47 in 2013 to an estimated $1 for 2017.  This level of demonstrated earnings growth supports the market’s implied estimate of 14.69% 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 Fox Factory Holding Corp revealed the company was trading above its Graham Number of $12.61.  The company does not pay a dividend.  Its PEmg (price over earnings per share – ModernGraham) was 37.88, which was above the industry average of 18.18.  Finally, the company was trading above its Net Current Asset Value (NCAV) of $1.38.

Fox Factory Holding Corp receives an average overall rating in the ModernGraham grading system, scoring a C.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $1.38
Graham Number $12.61
PEmg 37.88
Current Ratio 2.23
PB Ratio 6.81
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

[/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 6/1/2017
Total Current Assets $207,958,000
Total Current Liabilities $93,176,000
Long-Term Debt $60,774,000
Total Assets $368,729,000
Intangible Assets $114,359,000
Total Liabilities $154,435,000
Shares Outstanding (Diluted Average) 38,725,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.41
Dec2016 $0.94
Dec2015 $0.66
Dec2014 $0.73
Dec2013 $0.68
Dec2012 $0.44
Dec2011 $0.42
Dec2010 $0.34

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $1.00
Dec2016 $0.76
Dec2015 $0.64
Dec2014 $0.59
Dec2013 $0.47
Dec2012 $0.33
Dec2011 $0.23
Dec2010 $0.11

Recommended Reading:

Other ModernGraham posts about the company

None.  This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Monro Muffler Brake Inc Valuation – Initial Coverage $MNRO
Group 1 Automotive Inc Valuation – Initial Coverage $GPI
Dana Inc Valuation – Initial Coverage $DAN
Linamar Corp Valuation – Initial Coverage $TSE:LNR
AutoNation Inc Valuation – March 2017 $AN
Superior Industries International Inc Valuation – Initial Coverage $SUP
Canadian Tire Corp Limited Valuation – Initial Coverage $TSE:CTC.A
LKQ Corporation Valuation – Initial Coverage $LKQ
Lithia Motors Inc Valuation – Initial Coverage $LAD
Delphi Automotive PLC Valuation – February 2017 $DLPH

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.

Monro Muffler Brake Inc Valuation – Initial Coverage $MNRO

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 Munro Muffler Brake Inc (MNRO) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Monro Muffler Brake, Inc. is engaged in the provision of automotive undercar repair and tire services in the United States. The Company provides a range of services on passenger cars, light trucks and vans for brakes; mufflers and exhaust systems, and steering, drive train, suspension and wheel alignment. It also offers tires and routine maintenance services, which include state inspections. It offers repair and replacement of parts. Its store provides a range of undercar repair services for brakes, steering, mufflers and exhaust systems, suspension and wheel alignment, as well as tire replacement and service. It also offers scheduled maintenance services in its stores where services are packaged and offered to consumers based upon the year, make, model and mileage of each specific vehicle. Its maintenance services include oil change services, heating and cooling system flush and fill service, belt installation, fuel system service and a transmission flush and fill service.

MNRO Chart

MNRO 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.

Learn More About Premium Membership

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of MNRO – August 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 $1,533,125,394 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.02 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 76.74% Pass
6. Moderate PEmg Ratio PEmg < 20 24.38 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.63 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 1.02 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 51.28 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 $1.92
MG Growth Estimate 4.09%
MG Value $32.07
Opinion Overvalued
MG Grade F
MG Value based on 3% Growth $27.87
MG Value based on 0% Growth $16.34
Market Implied Growth Rate 7.94%
Current Price $46.85
% of Intrinsic Value 146.09%

Monro Muffler Brake Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor.  The Defensive Investor is concerned with the  small size, 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 $1.51 in 2014 to an estimated $1.92 for 2018.  This level of demonstrated earnings growth does not support the market’s implied estimate of 7.94% 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 Monro Muffler Brake Inc revealed the company was trading above its Graham Number of $28.29.  The company pays a dividend of $0.68 per share, for a yield of 1.5%  Its PEmg (price over earnings per share – ModernGraham) was 24.38, which was above the industry average of 18.18.  Finally, the company was trading above its Net Current Asset Value (NCAV) of $-11.92.

Monro Muffler Brake Inc 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) -$11.92
Graham Number $28.29
PEmg 24.38
Current Ratio 1.02
PB Ratio 2.63
Current Dividend $0.68
Dividend Yield 1.45%
Number of Consecutive Years of Dividend Growth 4

[/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 6/1/2017
Total Current Assets $200,947,000
Total Current Liabilities $197,866,000
Long-Term Debt $157,997,000
Total Assets $1,191,670,000
Intangible Assets $558,179,000
Total Liabilities $597,722,000
Shares Outstanding (Diluted Average) 33,292,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $2.00
Mar2017 $1.85
Mar2016 $2.00
Mar2015 $1.88
Mar2014 $1.67
Mar2013 $1.32
Mar2012 $1.69
Mar2011 $1.44
Mar2010 $1.07
Mar2009 $0.80
Mar2008 $0.67
Mar2007 $0.65
Mar2006 $0.67
Mar2005 $0.60
Mar2004 $0.51
Mar2003 $0.51
Mar2002 $0.36
Mar2001 $0.33
Mar2000 $0.25
Mar1999 $0.09
Mar1998 $0.32

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $1.92
Mar2017 $1.84
Mar2016 $1.79
Mar2015 $1.66
Mar2014 $1.51
Mar2013 $1.37
Mar2012 $1.31
Mar2011 $1.06
Mar2010 $0.83
Mar2009 $0.70
Mar2008 $0.64
Mar2007 $0.62
Mar2006 $0.58
Mar2005 $0.51
Mar2004 $0.44
Mar2003 $0.37
Mar2002 $0.29

Recommended Reading:

Other ModernGraham posts about the company

None.  This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Group 1 Automotive Inc Valuation – Initial Coverage $GPI
Dana Inc Valuation – Initial Coverage $DAN
Linamar Corp Valuation – Initial Coverage $TSE:LNR
AutoNation Inc Valuation – March 2017 $AN
Superior Industries International Inc Valuation – Initial Coverage $SUP
Canadian Tire Corp Limited Valuation – Initial Coverage $TSE:CTC.A
LKQ Corporation Valuation – Initial Coverage $LKQ
Lithia Motors Inc Valuation – Initial Coverage $LAD
Delphi Automotive PLC Valuation – February 2017 $DLPH
Cooper-Standard Holdings Inc Valuation – Initial Coverage $CPS

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.

Group 1 Automotive Inc Valuation – Initial Coverage $GPI

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 Group 1 Automotive Inc (GPI) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Group 1 Automotive, Inc. is an operator in the automotive retail industry. The Company, through its dealerships, sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services, and sells vehicle parts. The Company operates through three segments: the U.S., which includes the activities of its corporate office, the United Kingdom and Brazil. The Company owned and operated 224 franchises, representing 32 brands of automobiles, at 171 dealership locations and 47 collision centers.

GPI Chart

GPI 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.

Learn More About Premium Membership

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of GPI – July 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 $1,321,898,161 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.07 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 1147.26% Pass
6. Moderate PEmg Ratio PEmg < 20 10.55 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.32 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 1.07 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 9.29 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 $5.87
MG Growth Estimate 9.27%
MG Value $158.87
Opinion Undervalued
MG Grade C+
MG Value based on 3% Growth $85.16
MG Value based on 0% Growth $49.92
Market Implied Growth Rate 1.02%
Current Price $61.95
% of Intrinsic Value 38.99%

Group 1 Automotive, Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor.  The Defensive Investor is concerned with the  small size, low current ratio, insufficient earnings stability over the last ten years, and the poor dividend history. 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 Undervalued after growing its EPSmg (normalized earnings) from $3.63 in 2013 to an estimated $5.87 for 2017.  This level of demonstrated earnings growth outpaces the market’s implied estimate of 1.02% 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 Group 1 Automotive, Inc. revealed the company was trading below its Graham Number of $86.42.  The company pays a dividend of $0.91 per share, for a yield of 1.5%  Its PEmg (price over earnings per share – ModernGraham) was 10.55, which was below the industry average of 18.18, 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 $-66.06.

Group 1 Automotive, Inc. receives an average overall rating in the ModernGraham grading system, scoring a C+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$66.06
Graham Number $86.42
PEmg 10.55
Current Ratio 1.07
PB Ratio 1.32
Current Dividend $0.91
Dividend Yield 1.47%
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 3/1/2017
Total Current Assets $2,153,077,000
Total Current Liabilities $2,021,275,000
Long-Term Debt $1,224,718,000
Total Assets $4,489,363,000
Intangible Assets $1,162,351,000
Total Liabilities $3,520,403,000
Shares Outstanding (Diluted Average) 20,698,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $7.64
Dec2016 $6.67
Dec2015 $3.90
Dec2014 $3.60
Dec2013 $4.32
Dec2012 $4.19
Dec2011 $3.47
Dec2010 $2.09
Dec2009 $1.49
Dec2008 -$2.12
Dec2007 $2.90
Dec2006 $3.62
Dec2005 $2.24
Dec2004 $1.18
Dec2003 $3.26
Dec2002 $2.80
Dec2001 $2.59
Dec2000 $1.88
Dec1999 $1.55
Dec1998 $1.16
Dec1997 $0.76

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $5.87
Dec2016 $4.84
Dec2015 $3.91
Dec2014 $3.79
Dec2013 $3.63
Dec2012 $2.80
Dec2011 $1.92
Dec2010 $1.30
Dec2009 $1.14
Dec2008 $1.17
Dec2007 $2.75
Dec2006 $2.66
Dec2005 $2.26
Dec2004 $2.29
Dec2003 $2.71
Dec2002 $2.28
Dec2001 $1.88

Recommended Reading:

Other ModernGraham posts about the company

None.  This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Dana Inc Valuation – Initial Coverage $DAN
Linamar Corp Valuation – Initial Coverage $TSE:LNR
AutoNation Inc Valuation – March 2017 $AN
Superior Industries International Inc Valuation – Initial Coverage $SUP
Canadian Tire Corp Limited Valuation – Initial Coverage $TSE:CTC.A
LKQ Corporation Valuation – Initial Coverage $LKQ
Lithia Motors Inc Valuation – Initial Coverage $LAD
Delphi Automotive PLC Valuation – February 2017 $DLPH
Cooper-Standard Holdings Inc Valuation – Initial Coverage $CPS
Copart Inc Valuation – Initial Coverage $CPRT

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.

Dana Inc Valuation – Initial Coverage $DAN

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 Dana Inc (DAN) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Dana Incorporated, formerly Dana Holding Corporation, is a global provider of technology driveline, sealing and thermal-management products. The Company operates in four segments: Light Vehicle Driveline Technologies (Light Vehicle), Commercial Vehicle Driveline Technologies (Commercial Vehicle), Off-Highway Driveline Technologies (Off-Highway) and Power Technologies. It has operations in North America, South America, Europe and Asia pacific. Its Light Vehicle segment offers products, such as front axles, rear axles, driveshafts/propshafts, differentials, torque couplings and modular assemblies. Its Commercial Vehicle segment offers products, such as steer axles, drive axles, drive shafts and tire inflation systems. Its Off-Highway segment offers products, such as front axles, rear axles, drive shafts, transmissions, torque converters, tire inflation systems and electronic controls. Its Power Technologies segment offers products, including gaskets and cover modules.

DAN Chart

DAN 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.

Learn More About Premium Membership

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of DAN – April 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 $2,510,360,302 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.82 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -161.84% Fail
6. Moderate PEmg Ratio PEmg < 20 8.11 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.23 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 1.82 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.55 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $2.17
MG Growth Estimate 15.00%
MG Value $83.42
Opinion Undervalued
MG Grade C-
MG Value based on 3% Growth $31.42
MG Value based on 0% Growth $18.42
Market Implied Growth Rate -0.20%
Current Price $17.57
% of Intrinsic Value 21.06%

Dana Inc 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, insufficient earnings stability or growth over the last ten years, and the poor dividend history. The Enterprising Investor has concerns regarding the level of debt relative to the net current assets, and the lack of earnings stability 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 Undervalued after growing its EPSmg (normalized earnings) from $0.25 in 2013 to an estimated $2.17 for 2017. This level of demonstrated earnings growth outpaces the market’s implied estimate of 0.2% annual earnings loss 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 Dana Inc revealed the company was trading above its Graham Number of $17.53. The company pays a dividend of $0.24 per share, for a yield of 1.4% Its PEmg (price over earnings per share – ModernGraham) was 8.11, which was below the industry average of 18.18, 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 $-9.67.

Dana Inc receives an average overall rating in the ModernGraham grading system, scoring a C-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$9.67
Graham Number $17.53
PEmg 8.11
Current Ratio 1.82
PB Ratio 2.23
Current Dividend $0.24
Dividend Yield 1.37%
Number of Consecutive Years of Dividend Growth 3

[/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 $2,284,000,000
Total Current Liabilities $1,253,000,000
Long-Term Debt $1,595,000,000
Total Assets $4,860,000,000
Intangible Assets $199,000,000
Total Liabilities $3,703,000,000
Shares Outstanding (Diluted Average) 146,800,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.70
Dec2016 $4.36
Dec2015 $0.99
Dec2014 $1.84
Dec2013 -$0.09
Dec2012 $1.40
Dec2011 $1.02
Dec2010 -$0.15
Dec2009 -$4.19
Dec2008 -$7.06
Dec2007 -$3.68
Dec2006 -$4.92
Dec2005 -$10.73
Dec2004 $0.41
Dec2003 $1.53
Dec2002 -$1.03
Dec2001 -$1.77
Dec2000 $2.18
Dec1999 $3.08
Dec1998 $3.20
Dec1997 $1.94

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $2.17
Dec2016 $2.17
Dec2015 $1.06
Dec2014 $1.00
Dec2013 $0.25
Dec2012 -$0.32
Dec2011 -$1.72
Dec2010 -$3.40
Dec2009 -$5.39
Dec2008 -$5.72
Dec2007 -$4.53
Dec2006 -$4.28
Dec2005 -$3.42
Dec2004 $0.25
Dec2003 $0.38
Dec2002 $0.24
Dec2001 $1.16

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Linamar Corp Valuation – Initial Coverage $TSE:LNR
AutoNation Inc Valuation – March 2017 $AN
Superior Industries International Inc Valuation – Initial Coverage $SUP
Canadian Tire Corp Limited Valuation – Initial Coverage $TSE:CTC.A
LKQ Corporation Valuation – Initial Coverage $LKQ
Lithia Motors Inc Valuation – Initial Coverage $LAD
Delphi Automotive PLC Valuation – February 2017 $DLPH
Cooper-Standard Holdings Inc Valuation – Initial Coverage $CPS
Copart Inc Valuation – Initial Coverage $CPRT
Standard Motor Products Inc Valuation – Initial Coverage $SMP

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.

Linamar Corp Valuation – Initial Coverage $TSE:LNR

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 Linamar Corp (TSE:LNR) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Linamar Corporation is a Canada-based diversified manufacturing company of engineered products powering vehicles, motion, work and lives. The Company operates through two segments: the Powertrain/Driveline and the Industrial. The segments are divided into four operating groups: Machining & Assembly, Light Metal Casting, Forging and Skyjack. The Company’s Machining and Assembly, Casting and Forging operating groups focus on precision metallic components, modules and systems for engine, transmission, driveline and body systems designed for global vehicle and industrial markets. The Company’s Skyjack operating group is noted for its mobile industrial equipment, notably its aerial work platforms and tele handlers. The Company provides core engine components, including cylinder blocks and heads, camshafts and connecting rods. For transmission, it builds differential assemblies, gear sets, shaft and shell assemblies, as well as clutch modules.

LNR Chart

LNR 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.

Learn More About Premium Membership

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of TSE-LNR – 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 $3,930,918,802 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.69 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 1200.58% Pass
6. Moderate PEmg Ratio PEmg < 20 8.70 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.53 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 1.69 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.40 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 $6.93
MG Growth Estimate 15.00%
MG Value $266.91
Opinion Undervalued
MG Grade B+
MG Value based on 3% Growth $100.52
MG Value based on 0% Growth $58.93
Market Implied Growth Rate 0.10%
Current Price $60.31
% of Intrinsic Value 22.60%

Linamar Corporation 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. 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 $2.22 in 2013 to an estimated $6.93 for 2017. This level of demonstrated earnings growth outpaces the market’s implied estimate of 0.1% 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 Linamar Corporation revealed the company was trading below its Graham Number of $83.15. The company pays a dividend of $0.4 per share, for a yield of 0.7% Its PEmg (price over earnings per share – ModernGraham) was 8.7, which was below the industry average of 18.47, 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 $-7.49.

Linamar Corporation performs fairly well in the ModernGraham grading system, scoring a B+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$7.49
Graham Number $83.15
PEmg 8.70
Current Ratio 1.69
PB Ratio 1.53
Current Dividend $0.40
Dividend Yield 0.66%
Number of Consecutive Years of Dividend Growth 0

[/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 $2,142,900,000
Total Current Liabilities $1,266,290,000
Long-Term Debt $1,228,035,000
Total Assets $5,227,170,000
Intangible Assets $736,378,000
Total Liabilities $2,636,909,000
Shares Outstanding (Diluted Average) 65,925,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $7.82
Dec2016 $7.92
Dec2015 $6.63
Dec2014 $4.90
Dec2013 $3.52
Dec2012 $2.25
Dec2011 $1.56
Dec2010 $1.40
Dec2009 -$0.73
Dec2008 $1.05
Dec2007 $1.57
Dec2006 $1.40
Dec2005 $1.41
Dec2004 $1.31
Dec2003 $0.57
Dec2002 $0.81
Dec2001 $0.60
Dec2000 $1.12
Dec1999 $0.92
Dec1998 $1.17
Dec1997 $1.51

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $6.93
Dec2016 $6.01
Dec2015 $4.62
Dec2014 $3.32
Dec2013 $2.22
Dec2012 $1.42
Dec2011 $0.99
Dec2010 $0.78
Dec2009 $0.63
Dec2008 $1.32
Dec2007 $1.39
Dec2006 $1.23
Dec2005 $1.08
Dec2004 $0.91
Dec2003 $0.74
Dec2002 $0.85
Dec2001 $0.94

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

AutoNation Inc Valuation – March 2017 $AN
Superior Industries International Inc Valuation – Initial Coverage $SUP
Canadian Tire Corp Limited Valuation – Initial Coverage $TSE:CTC.A
LKQ Corporation Valuation – Initial Coverage $LKQ
Lithia Motors Inc Valuation – Initial Coverage $LAD
Delphi Automotive PLC Valuation – February 2017 $DLPH
Cooper-Standard Holdings Inc Valuation – Initial Coverage $CPS
Copart Inc Valuation – Initial Coverage $CPRT
Standard Motor Products Inc Valuation – Initial Coverage $SMP
Harman International Industries Inc Valuation – January 2017 $HAR

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.

AutoNation Inc Valuation – March 2017 $AN

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 – February 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 AutoNation Inc (AN) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): AutoNation, Inc. (AutoNation) is an automotive retailer in the United States. The Company offers a range of automotive products and services, including new vehicles, used vehicles, parts and service, which includes automotive repair and maintenance services, as well as wholesale parts and collision businesses, and automotive finance and insurance products, including vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. It operates through three segments: Domestic, Import and Premium Luxury. Its Domestic segment consists of retail automotive franchises that sell new vehicles manufactured by General Motors, Ford and FCA US. The Import segment consists of retail automotive franchises that sell new vehicles manufactured primarily by Toyota, Honda and Nissan. The Premium Luxury segment consists of retail automotive franchises that sell new vehicles manufactured by Mercedes-Benz, BMW, Audi and Lexus.

AN Chart

AN 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.

Learn More About Premium Membership

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of AN – 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 $4,539,433,107 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.81 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -362.61% Fail
6. Moderate PEmg Ratio PEmg < 20 11.91 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.01 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 0.81 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -1.45 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $3.76
MG Growth Estimate 9.20%
MG Value $101.23
Opinion Undervalued
MG Grade C-
MG Value based on 3% Growth $54.57
MG Value based on 0% Growth $31.99
Market Implied Growth Rate 1.71%
Current Price $44.84
% of Intrinsic Value 44.29%

AutoNation, Inc. 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, insufficient earnings stability or growth over the last ten years, and the poor dividend history. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of dividends. 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 Undervalued after growing its EPSmg (normalized earnings) from $2.33 in 2013 to an estimated $3.76 for 2017. This level of demonstrated earnings growth outpaces the market’s implied estimate of 1.71% 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 AutoNation, Inc. revealed the company was trading above its Graham Number of $43.16. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 11.91, which was below the industry average of 18.47, 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 $-29.24.

AutoNation, Inc. receives an average overall rating in the ModernGraham grading system, scoring a C-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$29.24
Graham Number $43.16
PEmg 11.91
Current Ratio 0.81
PB Ratio 2.01
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

[/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 $4,714,800,000
Total Current Liabilities $5,829,200,000
Long-Term Debt $1,611,100,000
Total Assets $10,060,000,000
Intangible Assets $2,109,500,000
Total Liabilities $7,749,700,000
Shares Outstanding (Diluted Average) 103,800,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $3.62
Dec2016 $4.15
Dec2015 $3.89
Dec2014 $3.52
Dec2013 $3.04
Dec2012 $2.52
Dec2011 $1.91
Dec2010 $1.43
Dec2009 $1.12
Dec2008 -$6.99
Dec2007 $1.39
Dec2006 $1.38
Dec2005 $1.85
Dec2004 $1.59
Dec2003 $1.67
Dec2002 $1.19
Dec2001 $0.69
Dec2000 $0.91
Dec1999 $0.66
Dec1998 $1.06
Dec1997 $1.02

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $3.76
Dec2016 $3.70
Dec2015 $3.31
Dec2014 $2.84
Dec2013 $2.33
Dec2012 $1.32
Dec2011 $0.40
Dec2010 -$0.35
Dec2009 -$0.91
Dec2008 -$1.33
Dec2007 $1.52
Dec2006 $1.57
Dec2005 $1.58
Dec2004 $1.37
Dec2003 $1.18
Dec2002 $0.92
Dec2001 $0.81

Recommended Reading:

Other ModernGraham posts about the company

AutoNation Inc Valuation – November 2015 Update $AN
22 Companies in the Spotlight This Week – 11/29/14
AutoNation Inc. Annual Valuation – 2014 $AN

Other ModernGraham posts about related companies

Superior Industries International Inc Valuation – Initial Coverage $SUP
Canadian Tire Corp Limited Valuation – Initial Coverage $TSE:CTC.A
LKQ Corporation Valuation – Initial Coverage $LKQ
Lithia Motors Inc Valuation – Initial Coverage $LAD
Delphi Automotive PLC Valuation – February 2017 $DLPH
Cooper-Standard Holdings Inc Valuation – Initial Coverage $CPS
Copart Inc Valuation – Initial Coverage $CPRT
Standard Motor Products Inc Valuation – Initial Coverage $SMP
Harman International Industries Inc Valuation – January 2017 $HAR
BorgWarner Inc Valuation – December 2016 $BWA

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.

Superior Industries International Inc Valuation – Initial Coverage $SUP

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 – February 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 Superior Industries International Inc (SUP) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Superior Industries International, Inc. is engaged in the design and manufacture of aluminum wheels for sale to original equipment manufacturers (OEMs). The Company supplies cast aluminum wheels to automobile and light truck manufacturers, with wheel manufacturing operations in the United States and Mexico. The Company offers wheels in a range of finishes, which include Bright Machined, Polished Face with Painted Window, Fully Painted, Premium Paint, Polished, Chrome Clad and Mirror Finish Ultra Bright Machining. The Company’s products, which are manufactured in its North American facilities, are delivered primarily to automotive assembly operations in North America for global OEMs. Its OEM aluminum wheels are primarily sold for factory installation, as either optional or standard equipment, on various vehicle models. As of December 31, 2015, the Company operated five manufacturing facilities in the United States and Mexico.

SUP Chart

SUP 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.

Learn More About Premium Membership

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of SUP – 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 $650,874,289 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.95 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 -269.38% Fail
6. Moderate PEmg Ratio PEmg < 20 19.77 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.68 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 2.95 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
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 $1.33
MG Growth Estimate 3.24%
MG Value $19.90
Opinion Overvalued
MG Grade C
MG Value based on 3% Growth $19.26
MG Value based on 0% Growth $11.29
Market Implied Growth Rate 5.63%
Current Price $26.25
% of Intrinsic Value 131.92%

Superior Industries International Inc is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, insufficient earnings stability or growth over the last ten years. The Enterprising Investor has no initial concerns. 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 $1.09 in 2013 to an estimated $1.33 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 5.63% 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 Superior Industries International Inc revealed the company was trading above its Graham Number of $25.53. The company pays a dividend of $0.72 per share, for a yield of 2.7%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 19.77, which was above the industry average of 18.47. Finally, the company was trading above its Net Current Asset Value (NCAV) of $4.31.

Superior Industries International Inc receives an average overall rating in the ModernGraham grading system, scoring a C.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $4.31
Graham Number $25.53
PEmg 19.77
Current Ratio 2.95
PB Ratio 1.68
Current Dividend $0.72
Dividend Yield 2.74%
Number of Consecutive Years of Dividend Growth 0

[/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 $254,100,000
Total Current Liabilities $86,000,000
Long-Term Debt $0
Total Assets $542,800,000
Intangible Assets $0
Total Liabilities $144,600,000
Shares Outstanding (Diluted Average) 25,428,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.85
Dec2016 $1.62
Dec2015 $0.90
Dec2014 $0.33
Dec2013 $0.83
Dec2012 $1.13
Dec2011 $2.46
Dec2010 $1.93
Dec2009 -$3.53
Dec2008 -$0.98
Dec2007 $0.35
Dec2006 -$0.40
Dec2005 -$0.27
Dec2004 $1.99
Dec2003 $2.97
Dec2002 $3.07
Dec2001 $2.10
Dec2000 $3.04
Dec1999 $2.62
Dec1998 $1.88
Dec1997 $1.96

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $1.33
Dec2016 $1.03
Dec2015 $0.87
Dec2014 $1.01
Dec2013 $1.09
Dec2012 $0.88
Dec2011 $0.52
Dec2010 -$0.47
Dec2009 -$1.44
Dec2008 -$0.22
Dec2007 $0.42
Dec2006 $0.79
Dec2005 $1.58
Dec2004 $2.55
Dec2003 $2.81
Dec2002 $2.67
Dec2001 $2.42

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Canadian Tire Corp Limited Valuation – Initial Coverage $TSE:CTC.A
LKQ Corporation Valuation – Initial Coverage $LKQ
Lithia Motors Inc Valuation – Initial Coverage $LAD
Delphi Automotive PLC Valuation – February 2017 $DLPH
Cooper-Standard Holdings Inc Valuation – Initial Coverage $CPS
Copart Inc Valuation – Initial Coverage $CPRT
Standard Motor Products Inc Valuation – Initial Coverage $SMP
Harman International Industries Inc Valuation – January 2017 $HAR
BorgWarner Inc Valuation – December 2016 $BWA
Ford Motor Company Valuation – November 2016 $F

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.

Back To Top