Koppers Holdings Inc Valuation – March 2018 $KOP

Company Profile (obtained from Marketwatch): Koppers Holdings, Inc. operates as a holding company, which produces treated wood products, wood treatment chemicals and carbon compounds. It operates through three segments: Carbon Materials & Chemicals; Railroad and Utility Products & Services; and Performance Chemicals. The Carbon Materials & Chemicals segment manufactures carbon pitch naphthalene, phthalic anhydride, creosote and carbon black feedstock. The Railroad and Utility Products & Services segment sells treated and untreated wood products, manufactured products and services primarily to the railroad and public utility markets. The Performance Chemicals segment sells preservatives for residential and agricultural treated lumber that includes decking and fencing. The company was incorporated on November 18, 2004 and is headquartered in Pittsburgh, PA.

KOP Chart

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Downloadable PDF version of this valuation:

ModernGraham Valuation of KOP – March 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 $878,570,199 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.80 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 33.26% Fail
6. Moderate PEmg Ratio PEmg < 20 32.83 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 9.42 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 1.80 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 2.95 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $1.29
MG Growth Estimate 4.45%
MG Value $22.46
Opinion Overvalued
MG Grade F
MG Value based on 3% Growth $18.71
MG Value based on 0% Growth $10.97
Market Implied Growth Rate 12.16%
Current Price $42.35
% of Intrinsic Value 188.59%

Koppers Holdings 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 or growth over the last ten years, and the poor dividend history, and the high PEmg and PB ratios. 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, 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 Overvalued after growing its EPSmg (normalized earnings) from $0.99 in 2014 to an estimated $1.29 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 12.16% 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 Koppers Holdings Inc. revealed the company was trading above its Graham Number of $19.44. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 32.83, which was above the industry average of 31.55. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-26.72.

Koppers Holdings 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) -$26.72
Graham Number $19.44
PEmg 32.83
Current Ratio 1.80
PB Ratio 9.42
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

Useful Links:

ModernGraham tagged articles Morningstar
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Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2017
Total Current Assets $506,700,000
Total Current Liabilities $281,200,000
Long-Term Debt $665,600,000
Total Assets $1,200,200,000
Intangible Assets $317,800,000
Total Liabilities $1,100,300,000
Shares Outstanding (Diluted Average) 22,219,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $3.70
Dec2017 $1.32
Dec2016 $1.39
Dec2015 -$3.51
Dec2014 -$1.58
Dec2013 $1.94
Dec2012 $3.13
Dec2011 $1.77
Dec2010 $2.13
Dec2009 $0.91
Dec2008 $6.65
Dec2007 $3.03
Dec2006 $0.75
Dec2005 -$6.58
Dec2004 -$23.15
Dec2003 -$21.09
Dec2002 $1.19
Dec2001 $0.79

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $1.29
Dec2017 $0.03
Dec2016 -$0.32
Dec2015 -$0.67
Dec2014 $0.99
Dec2013 $2.18
Dec2012 $2.51
Dec2011 $2.43
Dec2010 $2.74
Dec2009 $2.34
Dec2008 $0.75
Dec2007 -$4.60
Dec2006 -$8.87
Dec2005 -$12.37
Dec2004 -$13.00
Dec2003 -$6.55
Dec2002 $0.61

Recommended Reading:

Other ModernGraham posts about the company

Koppers Holdings Inc Valuation – Initial Coverage $KOP

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LyondellBasell Industries NV Valuation – March 2018 $LYB
DowDuPont Inc Valuation – February 2018 $DWDP
Green Plains Inc Valuation – Initial Coverage $GPRE
PolyOne Corp Valuation – Initial Coverage $POL
Ingevity Corp Valuation – Initial Coverage $NGVT

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.

The Coca-Cola Co Valuation – February 2018 $KO

Company Profile (obtained from Marketwatch): The Coca-Cola Co. operates as a beverage company. It manufactures, markets, and sells non-alcoholic beverages which include sparkling beverages and still beverages such as waters; enhanced waters; juices and juice drinks; ready-to-drink teas and coffees; and energy and sports drinks. Its brands include Coca-Cola, Diet Coke, Coca-Cola Zero, Fanta, Sprite, Minute Maid, Georgia, Powerade, Del Valle, Schweppes, Aquarius, Minute Maid Pulpy, Dasani, Simply, Glaceau Vitaminwater, Bonaqua, Gold Peak, Fuze Tea, Glaceau Smartwater, and Ice Dew. It operates through the following segments: Eurasia and Africa, Europe, Latin America, North America, Asia Pacific, Bottling Investments, and Corporate. The company was founded by Asa Griggs Candler in 1886 and is headquartered in Atlanta, GA.

KO Chart

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Downloadable PDF version of this valuation:

ModernGraham Valuation of KO – February 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 $187,639,750,395 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 -35.33% Fail
6. Moderate PEmg Ratio PEmg < 20 32.11 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 11.13 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 3.33 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 $1.37
MG Growth Estimate -3.88%
MG Value $1.02
Opinion Overvalued
MG Grade C
MG Value based on 3% Growth $19.88
MG Value based on 0% Growth $11.66
Market Implied Growth Rate 11.81%
Current Price $44.04
% of Intrinsic Value 4305.76%

The Coca-Cola Co 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 growth over the last ten years, and the high PEmg and PB ratios. 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 $1.85 in 2014 to an estimated $1.37 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 11.81% 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 The Coca-Cola Co revealed the company was trading above its Graham Number of $13.43. The company pays a dividend of $1.48 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 32.11, which was below the industry average of 34.94, 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 $-7.94.

The Coca-Cola Co receives an average overall rating in the ModernGraham grading system, scoring a C.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$7.94
Graham Number $13.43
PEmg 32.11
Current Ratio 1.34
PB Ratio 11.13
Current Dividend $1.48
Dividend Yield 3.36%
Number of Consecutive Years of Dividend Growth 20

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 12/1/2017
Total Current Assets $36,545,000,000
Total Current Liabilities $27,194,000,000
Long-Term Debt $31,182,000,000
Total Assets $87,896,000,000
Intangible Assets $16,636,000,000
Total Liabilities $70,824,000,000
Shares Outstanding (Diluted Average) 4,315,000,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $2.00
Dec2017 $0.29
Dec2016 $1.49
Dec2015 $1.67
Dec2014 $1.60
Dec2013 $1.90
Dec2012 $1.97
Dec2011 $1.85
Dec2010 $2.53
Dec2009 $1.47
Dec2008 $1.25
Dec2007 $1.29
Dec2006 $1.08
Dec2005 $1.02
Dec2004 $1.00
Dec2003 $0.89
Dec2002 $0.62
Dec2001 $0.80
Dec2000 $0.44
Dec1999 $0.49
Dec1998 $0.71

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $1.37
Dec2017 $1.17
Dec2016 $1.65
Dec2015 $1.75
Dec2014 $1.85
Dec2013 $1.96
Dec2012 $1.93
Dec2011 $1.84
Dec2010 $1.73
Dec2009 $1.29
Dec2008 $1.18
Dec2007 $1.11
Dec2006 $0.99
Dec2005 $0.92
Dec2004 $0.83
Dec2003 $0.71
Dec2002 $0.62

Recommended Reading:

Other ModernGraham posts about the company

5 Most Overvalued Dow Components – May 2015
5 Speculative and Overvalued Companies to Avoid – March 2015
5 Most Overvalued Dow Components – February 2015
23 Companies in the Spotlight This Week – 3/9/15
The Coca-Cola Company Annual Valuation – 2015 $KO

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Hormel Foods Corp Valuation – March 2017 $HRL
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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.

Osisko Gold Royalties Ltd Valuation – Initial Coverage $TSE:OR

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 Osisko Gold Royalties Ltd (TSE:OR) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Osisko Gold Royalties Ltd (Osisko) is a Canada-based company engaged in the business of acquiring and managing precious metal and other interests in Canada and across the world. The Company’s assets include the Canadian Malartic mine, located in Malartic, Quebec and Eleonore mine, located in the James Bay area in Quebec. It invests in equities of exploration and royalty companies, as well as holds interest in exploration and evaluation projects in over four prolific gold camps: the Abitibi Gold Belt, the James Bay area, the Cariboo mining district and the Guerrero Gold Belt in Mexico. It holds interest in Vezza gold property, which is located over 20 kilometers from Matagami, Quebec, and Cariboo Gold Project, which covers an area of approximately 1,160 square kilometers. It owns a portfolio of royalties, options on royalties and exclusive rights to participate in future royalty/stream financings on various projects, in Canada and the United States.

OR Chart

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Downloadable PDF version of this valuation:

ModernGraham Valuation of TSE-OR – September 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 $2,706,063,686 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 12.75 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 3233.33% Pass
6. Moderate PEmg Ratio PEmg < 20 3.90 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.51 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 12.75 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.14 Pass
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 $4.42
MG Growth Estimate 15.00%
MG Value $170.30
Opinion Undervalued
MG Grade B-
MG Value based on 3% Growth $64.14
MG Value based on 0% Growth $37.60
Market Implied Growth Rate -2.30%
Current Price $17.24
% of Intrinsic Value 10.12%

Osisko gold royalties Ltd 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 poor dividend history. The Enterprising Investor is only concerned with the lack of earnings stability over the last five years.  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 $-3.47 in 2013 to an estimated $4.42 for 2017.  This level of demonstrated earnings growth outpaces the market’s implied estimate of 2.3% 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 Osisko gold royalties Ltd revealed the company was trading above its Graham Number of $8.47.  The company pays a dividend of $0.16 per share, for a yield of 0.9%  Its PEmg (price over earnings per share – ModernGraham) was 3.9, which was below the industry average of 146.28, 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 $1.27.

Osisko gold royalties Ltd performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $1.27
Graham Number $8.47
PEmg 3.90
Current Ratio 12.75
PB Ratio 1.51
Current Dividend $0.16
Dividend Yield 0.93%
Number of Consecutive Years of Dividend Growth 3

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Useful Links:

ModernGraham tagged articles Morningstar
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Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2017
Total Current Assets $358,002,000
Total Current Liabilities $28,075,000
Long-Term Debt $46,236,000
Total Assets $1,438,511,000
Intangible Assets $654,406,000
Total Liabilities $221,902,000
Shares Outstanding (Diluted Average) 106,771,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.28
Dec2016 $0.40
Dec2015 $0.32
Dec2014 $36.40
Dec2013 -$10.41

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $4.42
Dec2016 $6.11
Dec2015 $7.73
Dec2014 $9.36
Dec2013 -$3.47

Recommended Reading:

Other ModernGraham posts about the company

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

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Teck Resources Ltd Valuation – Initial Coverage $TSE:TECK.B
Consol Energy Inc Valuation – March 2017 $CNX
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Allegheny Technologies Inc Valuation – March 2017 $ATI
Silver Standard Resources Inc Valuation – Initial Coverage $TSE:SSO

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.

Anadarko Petroleum Co Valuation – April 2017 $APC

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 Anadarko Petroleum Co (APC) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. The Company is engaged in developing, acquiring, and exploring for oil and natural-gas resources. The Company’s segments include Oil and Gas Exploration and Production; Midstream, and Marketing. The Company’s geographical segments include the United States and International. The Oil and Gas Exploration and Production segment explores for and produces oil, condensate, natural gas and natural gas liquids (NGLs), and focuses on the development and operation of the Company’s liquefied natural gas (LNG) project in Mozambique. The Midstream segment engages in gathering, processing, treating and transporting Anadarko and third-party oil, natural-gas and NGLs production. The Marketing segment sells Anadarko’s oil, natural-gas and NGLs production, as well as third-party purchased volumes. As of December 31, 2016, the Company had approximately 1.7 billion barrels of oil equivalent (BOE).

APC Chart

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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. 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.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of APC – 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 $35,074,839,836 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.58 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 -350.80% Fail
6. Moderate PEmg Ratio PEmg < 20 -12.41 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.66 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 1.58 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 7.88 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 -$5.02
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$72.79
MG Value based on 0% Growth -$42.67
Market Implied Growth Rate -10.46%
Current Price $62.32
% of Intrinsic Value N/A

Anadarko Petroleum 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, insufficient earnings stability or growth over the last ten years, and the high PEmg and PB ratios. 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 $0.91 in 2013 to an estimated $-5.02 for 2017. This level of negative earnings does not support a positive valuation.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 Anadarko Petroleum Corporation revealed the company was trading above its Graham Number of $0. The company pays a dividend of $0.2 per share, for a yield of 0.3% Its PEmg (price over earnings per share – ModernGraham) was -12.41, which was below the industry average of 63.11, 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 $-53.8.

Anadarko Petroleum Corporation 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) -$53.80
Graham Number $0.00
PEmg -12.41
Current Ratio 1.58
PB Ratio 2.66
Current Dividend $0.20
Dividend Yield 0.32%
Number of Consecutive Years of Dividend Growth 0

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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 $5,266,000,000
Total Current Liabilities $3,328,000,000
Long-Term Debt $15,281,000,000
Total Assets $45,564,000,000
Intangible Assets $5,904,000,000
Total Liabilities $33,352,000,000
Shares Outstanding (Diluted Average) 522,000,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate -$1.36
Dec2016 -$5.90
Dec2015 -$13.18
Dec2014 -$3.47
Dec2013 $1.58
Dec2012 $4.74
Dec2011 -$5.32
Dec2010 $1.52
Dec2009 -$0.28
Dec2008 $6.91
Dec2007 $8.08
Dec2006 $10.24
Dec2005 $4.90
Dec2004 $3.18
Dec2003 $2.55
Dec2002 $1.61
Dec2001 -$0.38
Dec2000 $2.08
Dec1999 $0.13
Dec1998 -$0.21
Dec1997 $0.45

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$5.02
Dec2016 -$5.65
Dec2015 -$4.73
Dec2014 -$0.40
Dec2013 $0.91
Dec2012 $0.89
Dec2011 $0.04
Dec2010 $3.57
Dec2009 $5.06
Dec2008 $7.37
Dec2007 $7.00
Dec2006 $5.80
Dec2005 $3.18
Dec2004 $2.15
Dec2003 $1.49
Dec2002 $0.86
Dec2001 $0.46

Recommended Reading:

Other ModernGraham posts about the company

Anadarko Petroleum Corp Valuation – January 2016 Update $APC
32 Companies in the Spotlight This Week – 12/6/14
Anadarko Petroleum Corporation Annual Valuation – 2014 $APC

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Tidewater Inc Valuation – February 2017 $TDW

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.

Kohl’s Corporation Valuation – March 2017 $KSS

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 Kohl’s Corporation (KSS) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Kohl’s Corporation (Kohl’s) is an operator of department stores. The Company also operates an e-commerce Website (www.Kohls.com). The Company operates over 1,160 department stores in approximately 50 states. The Company sells private label, exclusive and national brand apparel, footwear, accessories, beauty and home products. Its Website includes merchandise, which is available in its stores, as well as merchandise, which is available only on-line. The Company’s private brands include Apt. 9, Croft & Barrow, Jumping Beans, SO and Sonoma Goods for Life. Its exclusive brands include Food Network, Jennifer Lopez, Marc Anthony, Rock & Republic and Simply Vera Vera Wang.

KSS Chart

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ModernGraham Valuation of KSS – 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 $7,205,242,652 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.76 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 2.47% Fail
6. Moderate PEmg Ratio PEmg < 20 12.03 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.42 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 1.76 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.23 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 $3.49
MG Growth Estimate -1.99%
MG Value $15.73
Opinion Overvalued
MG Grade C
MG Value based on 3% Growth $50.56
MG Value based on 0% Growth $29.64
Market Implied Growth Rate 1.77%
Current Price $41.95
% of Intrinsic Value 266.70%

Kohl’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, insufficient earnings 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 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 $4.02 in 2014 to an estimated $3.49 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 1.77% 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 Kohl’s Corporation revealed the company was trading below its Graham Number of $47.5. The company pays a dividend of $2 per share, for a yield of 4.8%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 12.03, which was below the industry average of 50.09, 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 $-18.

Kohl’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) -$18.00
Graham Number $47.50
PEmg 12.03
Current Ratio 1.76
PB Ratio 1.42
Current Dividend $2.00
Dividend Yield 4.77%
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 1/1/2017
Total Current Assets $5,247,000,000
Total Current Liabilities $2,974,000,000
Long-Term Debt $2,795,000,000
Total Assets $13,574,000,000
Intangible Assets $0
Total Liabilities $8,397,000,000
Shares Outstanding (Diluted Average) 175,000,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $3.39
Jan2017 $3.11
Jan2016 $3.46
Jan2015 $4.24
Jan2014 $4.05
Jan2013 $4.17
Jan2012 $4.30
Jan2011 $3.66
Jan2010 $3.17
Jan2009 $2.89
Jan2008 $3.39
Jan2007 $3.31
Jan2006 $2.43
Jan2005 $2.04
Jan2004 $1.59
Jan2003 $1.85
Jan2002 $1.45
Jan2001 $1.10
Jan2000 $0.77
Jan1999 $0.59
Jan1998 $0.23

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $3.49
Jan2017 $3.63
Jan2016 $3.94
Jan2015 $4.14
Jan2014 $4.02
Jan2013 $3.88
Jan2012 $3.65
Jan2011 $3.32
Jan2010 $3.11
Jan2009 $2.99
Jan2008 $2.88
Jan2007 $2.49
Jan2006 $2.02
Jan2005 $1.74
Jan2004 $1.51
Jan2003 $1.37
Jan2002 $1.02

Recommended Reading:

Other ModernGraham posts about the company

Kohl’s Corporation Valuation – November 2015 Update $KSS
The Best Companies of the Retail Industry – August 2015
15 Best Stocks For Value Investors This Week – 8/22/15
Kohl’s Corporation Analysis – August 2015 Update $KSS
30 Companies in the Spotlight This Week – 5/23/15

Other ModernGraham posts about related companies

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Dollar Tree Inc Valuation – February 2017 $DLTR
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Stein Mart Inc Valuation – Initial Coverage $SMRT
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TJX Companies Inc Valuation – December 2016 $TJX
Shoe Carnival Inc Valuation – Initial Coverage $SCVL
Aaron’s Inc Valuation – November 2016 $AAN
Tractor Supply Company Valuation – August 2016 $TSCO
Fossil Group Inc Valuation – August 2016 $FOSL

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.

Kopin Corporation Valuation – Initial Coverage $KOPN

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 Kopin Corporation (KOPN) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Kopin Corporation is an inventor, developer, manufacturer and seller of wearable technologies, which include components and systems. It operates in two segments, which include Forth Dimension Displays Ltd. (FDD) and Kopin. FDD is the manufacturer of its reflective display products for test and simulation products. Kopin consists of Kopin Corporation, Kowon Technology Co. LTD (Kowon), Kopin Software Ltd. and eMDT America, Inc. (eMDT). The components that it sells consist of its active-matrix liquid crystal displays (AMLCD), liquid crystal on silicon (LCOS) displays, application specific integrated circuits (ASICs), backlights and optical lenses. Its transmissive AMLCDs and reflective LCOS micro-displays are manufactured in its facilities in United States and United Kingdom, provide either color or monochrome images, and are offered in various sizes and resolutions. Its ASICs, optical lenses and backlights are manufactured by third parties.

KOPN Chart

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ModernGraham Valuation of KOPN – February 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 $241,161,719 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 6.95 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 -565.22% Fail
6. Moderate PEmg Ratio PEmg < 20 -11.34 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.80 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 6.95 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$0.31
MG Growth Estimate -4.25%
MG Value $1.20
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$4.51
MG Value based on 0% Growth -$2.65
Market Implied Growth Rate -9.92%
Current Price $3.53
% of Intrinsic Value 294.15%

Kopin Corporation 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, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the lack of earnings stability or growth over the last five years, 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 Overvalued after seeing its EPSmg (normalized earnings) decline from $-0.02 in 2012 to an estimated $-0.31 for 2016. This level of negative earnings does not support a positive valuation.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 Kopin Corporation revealed the company was trading above its Graham Number of $0. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was -11.34, which was below the industry average of 28.12, 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 $1.2.

Kopin Corporation 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) $1.20
Graham Number $0.00
PEmg -11.34
Current Ratio 6.95
PB Ratio 2.80
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 9/1/2016
Total Current Assets $90,354,000
Total Current Liabilities $12,993,000
Long-Term Debt $0
Total Assets $94,285,000
Intangible Assets $870,000
Total Liabilities $13,491,000
Shares Outstanding (Diluted Average) 64,048,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate -$0.39
Dec2015 -$0.23
Dec2014 -$0.45
Dec2013 -$0.08
Dec2012 -$0.29
Dec2011 $0.05
Dec2010 $0.13
Dec2009 $0.29
Dec2008 $0.04
Dec2007 -$0.10
Dec2006 -$0.03
Dec2005 $0.15
Dec2004 -$0.22
Dec2003 -$0.14
Dec2002 -$0.46
Dec2001 -$0.34
Dec2000 $0.09
Dec1999 $0.01
Dec1998 -$0.06
Dec1997 -$0.14
Dec1996 -$0.50

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$0.31
Dec2015 -$0.25
Dec2014 -$0.21
Dec2013 -$0.06
Dec2012 -$0.02
Dec2011 $0.11
Dec2010 $0.11
Dec2009 $0.09
Dec2008 -$0.01
Dec2007 -$0.05
Dec2006 -$0.06
Dec2005 -$0.12
Dec2004 -$0.24
Dec2003 -$0.22
Dec2002 -$0.23
Dec2001 -$0.10
Dec2000 -$0.03

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

Texas Instruments Inc Valuation – February 2017 $TXN
Knowles Corp Valuation – Initial Coverage $KN
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Cray Inc Valuation – Initial Coverage $CRAY
Kulicke and Soffa Industries Inc Valuation – Initial Coverage $KLIC
Keysight Technologies Inc Valuation – Initial Coverage $KEYS
Cohu Inc Valuation – Initial Coverage $COHU
Semtech Corporation Valuation – Initial Coverage $SMTC
Coherent Inc Valuation – Initial Coverage $COHR
Apple Inc Valuation – January 2017 $AAPL

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.

Koppers Holdings Inc Valuation – Initial Coverage $KOP

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 Koppers Holdings Inc (KOP) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Koppers Holdings Inc. is an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds. The Company operates through three business segments: Railroad and Utility Products and Services (RUPS), Carbon Materials and Chemicals (CMC) and Performance Chemicals (PC). The Railroad and Utility Products and Services segment sells treated and untreated wood products, rail joint bars and services primarily to the railroad industry and treated wood products to the utility industry. Its utility products include transmission and distribution poles and pilings. The Carbon Materials and Chemicals segment is primarily a manufacturer of creosote, carbon pitch, naphthalene, phthalic anhydride and carbon black feedstock. The Performance Chemicals segment develops, manufactures, and markets wood preservation chemicals and wood treatment technologies and services a range of markets including infrastructure, residential and commercial construction and agriculture.

KOP Chart

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ModernGraham Valuation of KOP – February 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 $874,184,790 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.57 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 -135.88% Fail
6. Moderate PEmg Ratio PEmg < 20 -120.82 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 44.67 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 1.57 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 3.98 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$0.35
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$5.14
MG Value based on 0% Growth -$3.01
Market Implied Growth Rate -64.66%
Current Price $42.85
% of Intrinsic Value N/A

Koppers Holdings 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 or growth over the last ten years, the poor dividend history, and the high PEmg and PB ratios. 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, 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 Overvalued after seeing its EPSmg (normalized earnings) decline from $2.51 in 2012 to an estimated $-0.35 for 2016. This level of negative earnings does not support a positive valuation.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 Koppers Holdings Inc. revealed the company was trading above its Graham Number of $5.34. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was -120.82, which was below the industry average of 22.46, 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 $-30.03.

Koppers Holdings 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) -$30.03
Graham Number $5.34
PEmg -120.82
Current Ratio 1.57
PB Ratio 44.67
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 9/1/2016
Total Current Assets $445,000,000
Total Current Liabilities $283,800,000
Long-Term Debt $642,000,000
Total Assets $1,100,800,000
Intangible Assets $334,300,000
Total Liabilities $1,080,500,000
Shares Outstanding (Diluted Average) 21,163,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.29
Dec2015 -$3.51
Dec2014 -$1.58
Dec2013 $1.94
Dec2012 $3.13
Dec2011 $1.77
Dec2010 $2.13
Dec2009 $0.91
Dec2008 $6.65
Dec2007 $3.03
Dec2006 $0.75
Dec2005 -$6.58
Dec2004 -$23.15
Dec2003 -$21.09
Dec2002 $1.19
Dec2001 $0.79

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$0.35
Dec2015 -$0.67
Dec2014 $0.99
Dec2013 $2.18
Dec2012 $2.51
Dec2011 $2.43
Dec2010 $2.74
Dec2009 $2.34
Dec2008 $0.75
Dec2007 -$4.60
Dec2006 -$8.87
Dec2005 -$12.37
Dec2004 -$13.00
Dec2003 -$6.55
Dec2002 $0.61
Dec2001 $0.26

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

Air Products & Chemicals Inc Valuation – January 2017 $APD
Compass Minerals International Inc Valuation – Initial Coverage $CMP
A Schulman Inc Valuation – Initial Coverage $SHLM
Innophos Holdings Inc Valuation – Initial Coverage $IPHS
Innospec Inc Valuation – Initial Coverage $IOSP
Chemtrade Logistics Income Fund Valuation – Initial Coverage $TSE:CHE.UN
Albemarle Corporation Valuation – August 2016 $ALB
Air Products & Chemicals Inc Valuation – August 2016 $APD
Ashland Inc Valuation – July 2016 $ASH
FMC Corporation Valuation – July 2016 $FMC

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.

Korn-Ferry International Valuation – Initial Coverage $KFY

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 Korn/Ferry International (KFY) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Korn/Ferry International (Korn Ferry) is a people and organizational advisory company. The Company and its subsidiaries are engaged in the provision of talent management solutions, including executive search on a retained basis, recruitment for non-executive professionals, recruitment process outsourcing, and leadership and talent consulting services. Its segments include Executive Search, Hay Group and Futurestep. The Executive Search segment focuses on recruiting Board of Director and C-level positions, in addition to research-based interviewing and onboarding solutions, for clients predominantly in the consumer, financial services, industrial, life sciences/healthcare and technology industries. The Hay Group segment assists clients with ongoing assessment, compensation and development of their senior executives and management teams. The Futurestep segment provides talent acquisition solutions and services, such as project recruitment, individual professional search and consulting.

KFY Chart

KFY 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.

Learn More About Premium Membership

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of KFY – February 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 $1,587,964,354 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.96 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 194.81% Pass
6. Moderate PEmg Ratio PEmg < 20 21.58 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.52 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 1.96 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.70 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 $1.30
MG Growth Estimate 9.49%
MG Value $35.65
Opinion Fairly Valued
MG Grade C+
MG Value based on 3% Growth $18.81
MG Value based on 0% Growth $11.03
Market Implied Growth Rate 6.53%
Current Price $27.98
% of Intrinsic Value 78.49%

Korn/Ferry International is suitable for the Enterprising Investor but not 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, the poor dividend history, and the high PEmg ratio. 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 Fairly Valued after growing its EPSmg (normalized earnings) from $0.79 in 2013 to an estimated $1.3 for 2017. This level of demonstrated earnings growth supports 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 within a margin of safety relative to the price.

At the time of valuation, further research into Korn/Ferry International revealed the company was trading above its Graham Number of $25.94. The company pays a dividend of $0.4 per share, for a yield of 1.4% Its PEmg (price over earnings per share – ModernGraham) was 21.57, which was below the industry average of 21.9, 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 $-3.23.

Korn/Ferry International receives an average overall rating in the ModernGraham grading system, scoring a C+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$3.23
Graham Number $25.94
PEmg 21.57
Current Ratio 1.96
PB Ratio 1.52
Current Dividend $0.40
Dividend Yield 1.43%
Number of Consecutive Years of Dividend Growth 3

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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 10/1/2016
Total Current Assets $715,356,000
Total Current Liabilities $365,436,000
Long-Term Debt $246,099,000
Total Assets $1,950,073,000
Intangible Assets $811,327,000
Total Liabilities $899,520,000
Shares Outstanding (Diluted Average) 56,983,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.64
Apr2016 $0.58
Apr2015 $1.76
Apr2014 $1.48
Apr2013 $0.70
Apr2012 $1.15
Apr2011 $1.27
Apr2010 $0.12
Apr2009 -$0.23
Apr2008 $1.46
Apr2007 $1.24
Apr2006 $1.32
Apr2005 $0.90
Apr2004 $0.13
Apr2003 -$0.63
Apr2002 -$2.62
Apr2001 $0.81
Apr2000 $0.82
Apr1999 -$2.37
Apr1998 $0.23

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $1.30
Apr2016 $1.13
Apr2015 $1.36
Apr2014 $1.09
Apr2013 $0.79
Apr2012 $0.81
Apr2011 $0.69
Apr2010 $0.52
Apr2009 $0.80
Apr2008 $1.21
Apr2007 $0.92
Apr2006 $0.45
Apr2005 -$0.09
Apr2004 -$0.49
Apr2003 -$0.80
Apr2002 -$0.79
Apr2001 $0.05

Recommended Reading:

Other ModernGraham posts about the company

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

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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.

Akorn Inc Valuation – December 2016 $AKRX

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 – December 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 Akorn Inc (AKRX) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Akorn Inc., together with its subsidiaries, is a specialty pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as private-label over-the-counter (OTC) consumer health products and animal health pharmaceuticals. The Company operates through two segments: Prescription Pharmaceuticals and the Consumer Health. The Prescription Pharmaceuticals segment is engaged in manufacturing and marketing generic and branded prescription pharmaceuticals, including ophthalmics, injectables, oral liquids, otics, topical, inhalants and nasal sprays. The Consumer Health segment is engaged in manufacturing and marketing branded and private-label animal health and OTC products. The Company’s Akorn Consumer Health division (ACH) markets a portfolio of OTC brands and various formulations of private-label OTC pharmaceutical products. Its OTC brand is TheraTears Therapy for Your Eyes, which is a family of therapeutic eye care products.

AKRX Chart

AKRX data by YCharts

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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. 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.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of AKRX – December 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 $2,643,882,038 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 4.14 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 -628.81% Fail
6. Moderate PEmg Ratio PEmg < 20 20.61 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.29 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 4.14 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.65 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 $1.02
MG Growth Estimate 15.00%
MG Value $39.42
Opinion Undervalued
MG Grade C-
MG Value based on 3% Growth $14.85
MG Value based on 0% Growth $8.70
Market Implied Growth Rate 6.05%
Current Price $21.10
% of Intrinsic Value 53.52%

Akorn, Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability or growth over the last ten years, and the poor dividend history, the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the net 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 $0.22 in 2012 to an estimated $1.02 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 6.05% 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 Akorn, Inc. revealed the company was trading above its Graham Number of $16.05. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 20.61, which was below the industry average of 28.95, 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 $-4.01.

Akorn, 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) -$4.01
Graham Number $16.05
PEmg 20.61
Current Ratio 4.14
PB Ratio 3.29
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

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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 9/1/2016
Total Current Assets $644,197,000
Total Current Liabilities $155,494,000
Long-Term Debt $808,675,000
Total Assets $1,960,911,000
Intangible Assets $1,094,655,000
Total Liabilities $1,150,915,000
Shares Outstanding (Diluted Average) 126,334,000

Earnings Per Share History

Next Fiscal Year Estimate $1.77
Dec2015 $1.22
Dec2014 $0.13
Dec2013 $0.46
Dec2012 $0.32
Dec2011 $0.41
Dec2010 $0.22
Dec2009 -$0.28
Dec2008 -$0.09
Dec2007 -$0.22
Dec2006 -$0.09
Dec2005 -$0.49
Dec2004 -$1.80
Dec2003 -$0.62
Dec2002 -$0.66
Dec2001 -$0.78
Dec2000 -$0.13
Dec1999 $0.36
Dec1998 $0.25
Dec1997 $0.11
Jun1996 $0.05

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $1.02
Dec2015 $0.60
Dec2014 $0.30
Dec2013 $0.33
Dec2012 $0.22
Dec2011 $0.11
Dec2010 -$0.05
Dec2009 -$0.21
Dec2008 -$0.29
Dec2007 -$0.48
Dec2006 -$0.65
Dec2005 -$0.91
Dec2004 -$1.01
Dec2003 -$0.53
Dec2002 -$0.39
Dec2001 -$0.18
Dec2000 $0.12

Recommended Reading:

Other ModernGraham posts about the company

Akorn Inc. Analysis – Initial Coverage $AKRX

Other ModernGraham posts about related companies

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Vertex Pharmaceuticals Inc Valuation – August 2016 $VRTX
Amgen Inc Valuation – August 2016 $AMGN
Pfizer Inc Valuation – August 2016 $PFE
Abbott Laboratories Valuation – August 2016 $ABT
Johnson & Johnson Valuation – August 2016 $JNJ
Regeneron Pharmaceuticals Inc Valuation – August 2016 $REGN
AmerisourceBergen Corp Valuation – July 2016 $ABC

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.

Coca-Cola Co Valuation – July 2016 $KO

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 - July 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 Coca-Cola Co (KO) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): The Coca-Cola Company is a beverage company. The Company owns or licenses and markets over 500 nonalcoholic beverage brands, primarily sparkling beverages but also a range of still beverages, such as waters, enhanced waters, juices and juice drinks, ready-to-drink teas and coffees, and energy and sports drinks. The Company’s segments include Eurasia and Africa, Europe, Latin America, North America, Asia Pacific, Bottling Investments and Corporate. It owns and markets a range of nonalcoholic sparkling beverage brands, including Coca-Cola, Diet Coke, Fanta and Sprite. It markets, manufactures and sells beverage concentrates, which are referred to as beverage bases, and syrups, including fountain syrups (concentrate business or concentrate operations), and finished sparkling and still beverages (finished product business or finished product operations). In the United States, it manufactures fountain syrups and sells them to fountain retailers, such as restaurants and convenience stores.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of KO – July 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 $182,611,259,722 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.18 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 28.91% Fail
6. Moderate PEmg Ratio PEmg < 20 24.57 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 7.68 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 1.18 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 4.89 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

KO value Chart July 2016

EPSmg $1.78
MG Growth Estimate -1.22%
MG Value $10.76
Opinion Overvalued
MG Grade C
MG Value based on 3% Growth $25.76
MG Value based on 0% Growth $15.10
Market Implied Growth Rate 8.03%
Current Price $43.65
% of Intrinsic Value 405.77%

The Coca-Cola Co 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 growth over the last ten years, and the high PEmg and PB ratios. 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 $1.93 in 2012 to an estimated $1.78 for 2016. This level of demonstrated earnings growth does not support the market’s implied estimate of 8.03% 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 below the price.

The Coca-Cola Co receives an average overall rating in the ModernGraham grading system, scoring a C.

Stage 3: Information for Further Research

KO Charts July 2016

Net Current Asset Value (NCAV) -$6.81
Graham Number $15.60
PEmg 24.57
Current Ratio 1.18
PB Ratio 7.68
Current Dividend $1.34
Dividend Yield 3.07%
Number of Consecutive Years of Dividend Growth 20

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 3/1/2016
Total Current Assets $36,510,000,000
Total Current Liabilities $30,987,000,000
Long-Term Debt $26,990,000,000
Total Assets $91,263,000,000
Intangible Assets $24,030,000,000
Total Liabilities $66,349,000,000
Shares Outstanding (Diluted Average) 4,382,000,000

Earnings Per Share History

Next Fiscal Year Estimate $1.88
Dec2015 $1.67
Dec2014 $1.60
Dec2013 $1.90
Dec2012 $1.97
Dec2011 $1.85
Dec2010 $2.53
Dec2009 $1.47
Dec2008 $1.25
Dec2007 $1.29
Dec2006 $1.08
Dec2005 $1.02
Dec2004 $1.00
Dec2003 $0.89
Dec2002 $0.62
Dec2001 $0.80
Dec2000 $0.44
Dec1999 $0.49
Dec1998 $0.71
Dec1997 $0.82
Dec1996 $0.69

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $1.78
Dec2015 $1.75
Dec2014 $1.85
Dec2013 $1.96
Dec2012 $1.93
Dec2011 $1.84
Dec2010 $1.73
Dec2009 $1.29
Dec2008 $1.18
Dec2007 $1.11
Dec2006 $0.99
Dec2005 $0.92
Dec2004 $0.83
Dec2003 $0.71
Dec2002 $0.62
Dec2001 $0.63
Dec2000 $0.57

Recommended Reading:

Other ModernGraham posts about the company

5 Most Overvalued Dow Components – May 2015
5 Speculative and Overvalued Companies to Avoid – March 2015
5 Most Overvalued Dow Components – February 2015
23 Companies in the Spotlight This Week – 3/9/15
The Coca-Cola Company Annual Valuation – 2015 $KO

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Hormel Foods Corp Stock Valuation – February 2016 $HRL
J.M. Smucker Co Valuation – February 2016 $SJM
Archer-Daniels Midland Co Valuation – February 2016 $ADM

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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