MetLife Inc Valuation – March 2018 $MET

Company Profile (obtained from Marketwatch): MetLife, Inc. provides insurance and financial services to individual and institutional customers. It offers life insurance, annuities, automobile and homeowner’s insurance and retail banking services to individuals as well as group insurance, reinsurance and retirement and savings products and services. The company operates its business through six segments: Retail, Group, Voluntary and Worksite Benefits, Corporate Benefit Funding, Latin America, Asia, and Europe, the Middle East and Africa. The Retail segment organized into two businesses: Life and Other, and Annuities. The Life and Other business products include variable life, universal life, term life, whole life, disability, property and casualty. The Annuities business offers a variety of variable and fixed annuities that are primarily sold to individuals and tax-qualified groups in the education, healthcare and not-for-profit sectors. The Group, Voluntary and Worksite Benefits segment is organized into two businesses: Group, and Voluntary and Worksite. The Group insurance products and services include life, dental, group short- and long-term disability and accidental, death and dismemberment coverage. The Voluntary and Worksite products and services include long-term care, prepaid legal plans, critical illness and property and casualty products. The Corporate Benefit Funding segment provides funding and financing solutions that help institutional customers mitigate and manage liabilities primarily associated with their qualified, nonqualified and welfare employee benefit programs using a spectrum of life and annuity-based insurance and investment products. The Latin America segment engages in the accident and health insurance, savings oriented pension product and credit insurance. The Asia segment engages in the life insurance, accident and health insurance, retirement and savings products and credit insurance. The Europe, the Middle East and Africa segment operates in 31 countries across EMEA, which is engaged in the life insurance, accident and health insurance, retirement and savings products and credit insurance. Metlife was founded on 1999 and is headquartered in New York, NY.

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ModernGraham Valuation of MET – 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 all 6 of the following tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $48,816,165,787 Pass
2. Earnings Stability Positive EPS for 10 years prior Fail
3. Dividend Record Dividend Payments for 10 years prior Pass
4. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 56.02% Pass
5. Moderate PEmg Ratio PEmg < 20 12.79 Pass
6. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 0.84 Pass
Enterprising Investor; must pass all 3 of the following tests, or be suitable for the Defensive Investor.
1. Earnings Stability Positive EPS for 5 years prior Pass
2. Dividend Record Currently Pays Dividend Pass
3. Earnings Growth EPSmg greater than 5 years ago Fail

 

Stage 2: Determination of Intrinsic Value

EPSmg $3.63
MG Growth Estimate -0.55%
MG Value $26.82
Opinion Overvalued
MG Grade C
MG Value based on 3% Growth $52.59
MG Value based on 0% Growth $30.83
Market Implied Growth Rate 2.15%
Current Price $46.39
% of Intrinsic Value 172.97%

Metlife 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 over the last ten years. The Enterprising Investor has concerns regarding 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 $3.77 in 2014 to an estimated $3.63 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 2.15% 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.

At the time of valuation, further research into Metlife Inc revealed the company was trading below its Graham Number of $76.7. The company pays a dividend of $1.6 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 12.79, which was below the industry average of 22.76, which by some methods of valuation makes it one of the most undervalued stocks in its industry.

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

Stage 3: Information for Further Research

Graham Number $76.70
PEmg 12.79
PB Ratio 0.84
Dividend Yield 3.45%
TTM Dividend $1.60
Number of Consecutive Years of Dividend Growth 5

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
Long-Term Debt & Capital Lease Obligation $18,830,000,000
Total Assets $719,892,000,000
Intangible Assets $9,590,000,000
Total Liabilities $661,216,000,000
Shares Outstanding (Diluted Average) 1,062,000,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $4.65
Dec2017 $3.62
Dec2016 $0.67
Dec2015 $4.62
Dec2014 $5.42
Dec2013 $2.91
Dec2012 $1.12
Dec2011 $5.76
Dec2010 $2.86
Dec2009 -$2.89
Dec2008 $4.14
Dec2007 $5.48
Dec2006 $7.99
Dec2005 $6.16
Dec2004 $3.65
Dec2003 $2.94
Dec2002 $2.20
Dec2001 $0.62
Dec2000 $1.49

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $3.63
Dec2017 $3.23
Dec2016 $3.00
Dec2015 $4.10
Dec2014 $3.77
Dec2013 $2.61
Dec2012 $2.37
Dec2011 $3.02
Dec2010 $2.27
Dec2009 $2.71
Dec2008 $5.50
Dec2007 $5.87
Dec2006 $5.57
Dec2005 $3.95
Dec2004 $2.62
Dec2003 $1.89
Dec2002 $1.20

Recommended Reading:

Other ModernGraham posts about the company

10 Stocks for Using A Benjamin Graham Value Investing Strategy – December 2016
10 Best Dividend Paying Stocks for the Enterprising Investor – September 2016
10 Low PE Stock Picks for the Enterprising Investor – September 2016
Best Stocks Below Their Graham Number – August 2016
10 Best Dividend Paying Stocks for the Enterprising Investor – August 2016

Other ModernGraham posts about related companies

Progressive Corp Valuation – February 2018 $PGR
Cincinnati Financial Corp Valuation – February 2018 $CINF
Lincoln National Corp Valuation – February 2018 $LNC
Aon PLC Valuation – February 2018 $AON
Travelers Companies Inc Valuation – February 2018 $TRV
Hanover Insurance Group Valuation – Initial Coverage $THG
Prudential Financial Inc Valuation – July 2017 $PRU
Assurant Inc Valuation – March 2017 $AIZ
American International Group Inc Valuation – March 2017 $AIG
Torchmark Corporation Valuation – March 2017 $TMK

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.

Douglas Emmett Inc Valuation – Initial Coverage $DEI

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 Douglas Emmett Inc (DEI) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Douglas Emmett, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company is owner and operator of office and multifamily properties located in submarkets in Los Angeles and Honolulu. The Company operates through two segments: the acquisition, development, ownership and management of office real estate (Office Segment), and the acquisition, development, ownership and management of multifamily real estate (Multifamily Segment). The services for its Office segment include primarily rental of office space and other tenant services, including parking and storage space rental. The services for its Multifamily segment include primarily rental of apartments and other tenant services, including parking and storage space rental. It focuses on owning, acquiring developing and managing a substantial share of office properties and multifamily communities in neighborhoods.

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ModernGraham Valuation of DEI – 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 $5,798,643,382 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.40 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 -325.37% Fail
6. Moderate PEmg Ratio PEmg < 20 79.81 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.13 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 1.40 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 82.65 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $0.48
MG Growth Estimate 15.00%
MG Value $18.31
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $6.90
MG Value based on 0% Growth $4.04
Market Implied Growth Rate 35.65%
Current Price $37.95
% of Intrinsic Value 207.29%

Douglas Emmett, 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 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 $0.1 in 2013 to an estimated $0.48 for 2017.  This level of demonstrated earnings growth does not support the market’s implied estimate of 35.65% 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 Douglas Emmett, Inc. revealed the company was trading above its Graham Number of $12.75.  The company pays a dividend of $0.89 per share, for a yield of 2.3%, putting it among the best dividend paying stocks today.  Its PEmg (price over earnings per share – ModernGraham) was 79.81, which was above the industry average of 51.63.  Finally, the company was trading above its Net Current Asset Value (NCAV) of $-36.03.

Douglas Emmett, 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) -$36.03
Graham Number $12.75
PEmg 79.81
Current Ratio 1.40
PB Ratio 3.13
Current Dividend $0.89
Dividend Yield 2.35%
Number of Consecutive Years of Dividend Growth 6

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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 3/1/2017
Total Current Assets $185,678,000
Total Current Liabilities $132,544,000
Long-Term Debt $4,391,410,000
Total Assets $7,586,699,000
Intangible Assets $6,821,000
Total Liabilities $5,722,209,000
Shares Outstanding (Diluted Average) 153,655,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.57
Dec2016 $0.55
Dec2015 $0.39
Dec2014 $0.30
Dec2013 $0.31
Dec2012 $0.16
Dec2011 $0.01
Dec2010 -$0.22
Dec2009 -$0.22
Dec2008 -$0.23
Dec2007 -$0.12
Dec2006 -$0.32

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.48
Dec2016 $0.40
Dec2015 $0.29
Dec2014 $0.20
Dec2013 $0.10
Dec2012 -$0.03
Dec2011 -$0.14
Dec2010 -$0.22
Dec2009 -$0.20
Dec2008 -$0.17
Dec2007 -$0.13
Dec2006 -$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

LTC Properties Inc Valuation – Initial Coverage $LTC
REIT Industry Review – April 2017
Starwood Property Trust Inc Valuation – April 2017 $STWD
Dream Office REIT – Initial Coverage $TSE:D.UN
Liberty Property Trust Valuation – Initial Coverage $LPT
Taubman Centers Inc Valuation – Initial Coverage $TCO
Corecivic Inc Valuation – Initial Coverage $CXW
Kimco Realty Corp Valuation – March 2017 $KIM
LaSalle Hotel Properties Valuation – Initial Coverage $LHO
Cousins Properties Inc Valuation – Initial Coverage $CUZ

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.

Mettler-Toledo International Inc Valuation – Initial Coverage $MTD

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 Mettler-Toledo International Inc (MTD) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Mettler-Toledo International Inc. is a supplier of precision instruments and services. The Company operates through five segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company is also a provider of analytical instruments for use in life science, reaction engineering and real-time analytic systems used in drug and chemical compound development, and process analytics instruments used for in-line measurement in production processes. In addition, the Company is also a supplier of end-of-line inspection systems used in production and packaging for food, pharmaceutical and other industries. The Company serves food and beverage producers; food retailers; chemical, specialty chemicals and cosmetics companies, and the transportation and logistics industry, among others.

MTD 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 MTD – 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 $12,501,269,295 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.53 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 143.42% Pass
6. Moderate PEmg Ratio PEmg < 20 34.72 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 29.93 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 1.53 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 2.83 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 $13.87
MG Growth Estimate 9.08%
MG Value $369.97
Opinion Overvalued
MG Grade F
MG Value based on 3% Growth $201.17
MG Value based on 0% Growth $117.93
Market Implied Growth Rate 13.11%
Current Price $481.71
% of Intrinsic Value 130.20%

Mettler-Toledo 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 low current ratio, 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 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 $8.64 in 2013 to an estimated $13.87 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 13.11% 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 Mettler-Toledo International Inc. revealed the company was trading above its Graham Number of $78.03. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 34.72, which was above the industry average of 32.29. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-30.9.

Mettler-Toledo International 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) -$30.90
Graham Number $78.03
PEmg 34.72
Current Ratio 1.53
PB Ratio 29.93
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 12/1/2016
Total Current Assets $896,784,000
Total Current Liabilities $587,515,000
Long-Term Debt $875,056,000
Total Assets $2,166,777,000
Intangible Assets $643,433,000
Total Liabilities $1,731,834,000
Shares Outstanding (Diluted Average) 27,024,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $16.19
Dec2016 $14.22
Dec2015 $12.48
Dec2014 $11.44
Dec2013 $9.96
Dec2012 $9.14
Dec2011 $8.21
Dec2010 $6.80
Dec2009 $5.03
Dec2008 $5.79
Dec2007 $4.70
Dec2006 $3.86
Dec2005 $2.52
Dec2004 $2.37
Dec2003 $2.11
Dec2002 $2.21
Dec2001 $1.68
Dec2000 $1.66
Dec1999 $1.16
Dec1998 $0.92
Dec1997 -$2.06

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $13.87
Dec2016 $12.29
Dec2015 $10.97
Dec2014 $9.85
Dec2013 $8.64
Dec2012 $7.65
Dec2011 $6.64
Dec2010 $5.65
Dec2009 $4.84
Dec2008 $4.45
Dec2007 $3.56
Dec2006 $2.86
Dec2005 $2.30
Dec2004 $2.13
Dec2003 $1.93
Dec2002 $1.73
Dec2001 $1.22

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

UnitedHealth Group Inc Valuation – February 2017 $UNH
Davita Inc Valuation – February 2017 $DVA
Steris PLC Valuation – Initial Coverage $STE
Danaher Corporation Valuation – February 2017 $DHR
Cryolife Inc Valuation – Initial Coverage $CRY
CorVel Corp Valuation – Initial Coverage $CRVL
Charles River Laboratories Intl Inc Valuation – Initial Coverage $CRL
Kindred Healthcare Inc Valuation – Initial Coverage $KND
SurModics Inc Valuation – Initial Coverage $SRDX
Agilent Technologies Inc Valuation – February 2017 $A

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.

Kennametal Inc Valuation – Initial Coverage $KMT

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 Kennametal Inc (KMT) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Kennametal Inc. is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense. The Infrastructure segment generally serves customers that operate in the earthworks and energy sectors supporting primary industries, such as oil and gas, power generation, underground, surface and hard-rock mining, highway construction and road maintenance. It provides wear-resistant products, application engineering and services backed by material science serving customers across various sectors. The Company’s product offerings include a selection of standard and customized technologies for metalworking, such as metal cutting tools, tooling systems and services, as well as materials, such as cemented tungsten carbide products and super alloys.

KMT 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 KMT – 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 $3,152,627,524 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.49 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 -731.48% Fail
6. Moderate PEmg Ratio PEmg < 20 -38.02 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.49 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.49 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 Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$1.02
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D+
MG Value based on 3% Growth -$14.84
MG Value based on 0% Growth -$8.70
Market Implied Growth Rate -23.25%
Current Price $38.89
% of Intrinsic Value N/A

Kennametal 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 high PEmg and PB ratios. The Enterprising Investor has concerns regarding 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 $2.36 in 2013 to an estimated $-1.02 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 Kennametal Inc. revealed the company was trading above its Graham Number of $13.53. The company pays a dividend of $0.8 per share, for a yield of 2.1%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was -38, which was below the industry average of 22.25, 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 $-4.69.

Kennametal 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) -$4.69
Graham Number $13.53
PEmg -38.00
Current Ratio 2.49
PB Ratio 3.49
Current Dividend $0.80
Dividend Yield 2.06%
Number of Consecutive Years of Dividend Growth 2

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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 $971,745,000
Total Current Liabilities $390,151,000
Long-Term Debt $0
Total Assets $2,254,781,000
Intangible Assets $489,219,000
Total Liabilities $1,351,975,000
Shares Outstanding (Diluted Average) 81,026,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.72
Jun2016 -$2.83
Jun2015 -$4.71
Jun2014 $1.99
Jun2013 $2.52
Jun2012 $3.77
Jun2011 $2.76
Jun2010 $0.57
Jun2009 -$1.64
Jun2008 $2.15
Jun2007 $2.22
Jun2006 $3.24
Jun2005 $1.57
Jun2004 $1.01
Jun2003 $0.26
Jun2002 -$3.35
Jun2001 $0.87
Jun2000 $0.85
Jun1999 $0.66
Jun1998 $1.29
Jun1997 $1.35

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$1.02
Jun2016 -$1.21
Jun2015 $0.15
Jun2014 $2.50
Jun2013 $2.36
Jun2012 $2.03
Jun2011 $1.18
Jun2010 $0.69
Jun2009 $1.01
Jun2008 $2.23
Jun2007 $2.07
Jun2006 $1.51
Jun2005 $0.45
Jun2004 -$0.09
Jun2003 -$0.48
Jun2002 -$0.54
Jun2001 $0.91

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

SPX Corporation Valuation – Initial Coverage $SPXC
KLX Inc Valuation – Initial Coverage $KLXI
AGCO Corporation Valuation – February 2017 $AGCO
PACCAR Inc Valuation – February 2017 $PCAR
Kaman Corporation Valuation – Initial Coverage $KAMN
John Bean Technologies Corp Valuation – Initial Coverage $JBT
W. W. Grainger Inc Valuation – January 2017 $GWW
Allegion PLC Valuation – January 2017 $ALLE
Xylem Inc Valuation – January 2017 $XYL
Clarcor Inc Valuation – Initial Coverage $CLC

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.

Commercial Metals Company Valuation – Initial Coverage $CMC

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 – January 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 Commercial Metals Company (CMC) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds. Its Americas Fabrication segment consists of its steel fabrication facilities that bend, weld, cut and fabricate steel, primarily rebar. Its International Mill segment consists of its mill, recycling and fabrication operations located in Poland. Its International Marketing and Distribution segment includes international operations for the sales, distribution and processing of primary and secondary metals, fabricated metals, semi-finished, long and flat steel products, and other industrial products.

CMC Chart

CMC 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.

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of CMC – January 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 $2,283,218,139 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.58 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 411.76% Pass
6. Moderate PEmg Ratio PEmg < 20 32.35 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.79 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 2.58 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.64 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 $0.63
MG Growth Estimate 15.00%
MG Value $24.26
Opinion Fairly Valued
MG Grade B-
MG Value based on 3% Growth $9.14
MG Value based on 0% Growth $5.36
Market Implied Growth Rate 11.92%
Current Price $20.38
% of Intrinsic Value 84.02%

Commercial Metals Company is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability over the last ten years, and the high PEmg ratio. The Enterprising Investor 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 $0.24 in 2013 to an estimated $0.63 for 2017. This level of demonstrated earnings growth supports the market’s implied estimate of 11.92% 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 Commercial Metals Company revealed the company was trading above its Graham Number of $12.47. The company pays a dividend of $0.48 per share, for a yield of 2.4%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 32.35, which was below the industry average of 35.02, 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 $2.06.

Commercial Metals Company performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $2.06
Graham Number $12.47
PEmg 32.35
Current Ratio 2.58
PB Ratio 1.79
Current Dividend $0.48
Dividend Yield 2.36%
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 11/1/2016
Total Current Assets $1,912,670,000
Total Current Liabilities $740,451,000
Long-Term Debt $755,161,000
Total Assets $3,002,580,000
Intangible Assets $66,114,000
Total Liabilities $1,672,647,000
Shares Outstanding (Diluted Average) 116,605,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.60
Aug2016 $0.47
Aug2015 $0.67
Aug2014 $0.95
Aug2013 $0.66
Aug2012 $1.78
Aug2011 -$1.12
Aug2010 -$1.81
Aug2009 $0.18
Aug2008 $1.97
Aug2007 $2.92
Aug2006 $2.89
Aug2005 $2.32
Aug2004 $1.11
Aug2003 $0.17
Aug2002 $0.36
Aug2001 $0.23
Aug2000 $0.39
Aug1999 $0.40
Aug1998 $0.35
Aug1997 $0.32

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.63
Aug2016 $0.73
Aug2015 $0.77
Aug2014 $0.58
Aug2013 $0.24
Aug2012 $0.09
Aug2011 -$0.36
Aug2010 $0.42
Aug2009 $1.71
Aug2008 $2.40
Aug2007 $2.37
Aug2006 $1.85
Aug2005 $1.17
Aug2004 $0.54
Aug2003 $0.28
Aug2002 $0.34
Aug2001 $0.33

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

Nucor Corporation Valuation – December 2016 $NUE
Nucor Corp Valuation – August 2016 $NUE
United States Steel Corp Valuation – July 2016 $X
Nucor Corp Valuation – February 2016 Update $NUE
Allegheny Technologies Inc. Valuation – November 2015 Update $ATI
Nucor Corporation Analysis – September 2015 Update $NUE
Cliffs Natural Resources Inc. Analysis – August 2015 Update $CLF
Nucor Corporation Analysis – June 2015 Update $NUE
Nucor Corporation Quarterly Valuation – March 2015 $NUE
United States Steel Corporation Annual Valuation – 2015 $X

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.

MetLife Inc Valuation – December 2016 $MET

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 MetLife Inc (MET) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): MetLife, Inc. (MetLife) is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; Latin America (collectively, the Americas); Asia, and Europe, the Middle East and Africa (EMEA). Its Retail segment is organized into two businesses: Life & Other, and Annuities. Its Group, Voluntary & Worksite Benefits insurance products and services include life, dental, group short- and long-term disability, property and casualty, long-term care, accidental death and dismemberment, critical illness, vision, and accident and health coverages, as well as prepaid legal plans. Its Corporate Benefit Funding segment provides funding and financing solutions that help institutional customers manage liabilities primarily associated with their qualified, nonqualified and welfare employee benefit programs using a spectrum of life and annuity-based insurance and investment products.

MET Chart

MET data by YCharts

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

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

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of MET – 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 all 6 of the following tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $61,376,377,207 Pass
2. Earnings Stability Positive EPS for 10 years prior Fail
3. Dividend Record Dividend Payments for 10 years prior Pass
4. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 105.35% Pass
5. Moderate PEmg Ratio PEmg < 20 14.01 Pass
6. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 0.80 Pass
Enterprising Investor; must pass all 3 of the following tests, or be suitable for the Defensive Investor.
1. Earnings Stability Positive EPS for 5 years prior Pass
2. Dividend Record Currently Pays Dividend Pass
3. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $4.04
MG Growth Estimate 10.56%
MG Value $119.73
Opinion Undervalued
MG Grade B
MG Value based on 3% Growth $58.61
MG Value based on 0% Growth $34.36
Market Implied Growth Rate 2.75%
Current Price $56.61
% of Intrinsic Value 47.28%

Metlife Inc 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. 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 Undervalued after growing its EPSmg (normalized earnings) from $2.37 in 2012 to an estimated $4.04 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 2.75% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Metlife Inc revealed the company was trading below its Graham Number of $78.35. The company pays a dividend of $1.55 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 14.01, which was below the industry average of 16.56, which by some methods of valuation makes it one of the most undervalued stocks in its industry.

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

Stage 3: Information for Further Research

Graham Number $78.35
PEmg 14.01
PB Ratio 0.80
Dividend Yield 2.74%
TTM Dividend $1.55
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 9/1/2016
Long-Term Debt & Capital Lease Obligation $19,721,000,000
Total Assets $952,904,000,000
Intangible Assets $9,592,000,000
Total Liabilities $874,618,000,000
Shares Outstanding (Diluted Average) 1,109,254,000

Earnings Per Share History

Next Fiscal Year Estimate $3.83
Dec2015 $4.57
Dec2014 $5.42
Dec2013 $2.91
Dec2012 $1.12
Dec2011 $5.76
Dec2010 $2.86
Dec2009 -$2.89
Dec2008 $4.14
Dec2007 $5.48
Dec2006 $7.99
Dec2005 $6.16
Dec2004 $3.65
Dec2003 $2.94
Dec2002 $2.20
Dec2001 $0.62
Dec2000 $1.49

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $4.04
Dec2015 $4.08
Dec2014 $3.77
Dec2013 $2.61
Dec2012 $2.37
Dec2011 $3.02
Dec2010 $2.27
Dec2009 $2.71
Dec2008 $5.50
Dec2007 $5.87
Dec2006 $5.57
Dec2005 $3.95
Dec2004 $2.62
Dec2003 $1.89
Dec2002 $1.20
Dec2001 $0.60
Dec2000 $0.50

Recommended Reading:

Other ModernGraham posts about the company

14 Best Undervalued Stocks of the Week – 8/6/16
MetLife Inc Valuation – August 2016 $MET
Stocks Trading Below Their Graham Number – July 2016
Dividend Investors Should Research These 10 Stocks – July 2016
Stocks Trading Below Their Graham Number – June 2016

Other ModernGraham posts about related companies

Travelers Companies Inc Valuation – November 2016 $TRV
Allstate Corp Valuation – November 2016 $ALL
Unum Group Valuation – August 2016 $UNM
Principal Financial Group Inc Valuation – August 2016 $PFG
Assurant Inc Valuation – August 2016 $AIZ
American International Group Inc Valuation – August 2016 $AIG
Humana Inc Valuation – August 2016 $HUM
Chubb Limited Valuation – August 2016 $CB
Torchmark Corporation Valuation – August 2016 $TMK
Anthem Inc Valuation – August 2016 $ANTM

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.

AMETEK Inc Valuation – December 2016 $AME

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

Company Profile (obtained from Google Finance): AMETEK, Inc. (AMETEK) is a manufacturer of electronic instruments and electromechanical devices. The Company operates through two segments: Electronic Instruments (EIG) and Electromechanical (EMG). EIG designs and manufactures advanced instruments for the process, aerospace, power and industrial markets. EIG supplies the aerospace industry with aircraft and engine sensors, monitoring systems, power supplies, fuel and fluid measurement systems and data acquisition systems. EMG is a supplier of electrical interconnects, precision motion control solutions, specialty metals, thermal management systems, and floor care and specialty motors. EMG offers electrical connectors and electronics packaging used in aerospace and defense, medical and industrial applications, as well as its advanced technical motor and motion control products, which are used in a range of medical devices, office and business equipment, factory automation, robotics and other applications.

AME Chart

AME data by YCharts

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

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

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of AME – 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 $11,996,025,428 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.39 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 152.93% Pass
6. Moderate PEmg Ratio PEmg < 20 22.15 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.51 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 1.39 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 3.21 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 $2.30
MG Growth Estimate 8.51%
MG Value $58.58
Opinion Fairly Valued
MG Grade D+
MG Value based on 3% Growth $33.29
MG Value based on 0% Growth $19.52
Market Implied Growth Rate 6.82%
Current Price $50.85
% of Intrinsic Value 86.80%

AMETEK, 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, 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 Fairly Valued after growing its EPSmg (normalized earnings) from $1.47 in 2012 to an estimated $2.3 for 2016. This level of demonstrated earnings growth supports the market’s implied estimate of 6.82% 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 AMETEK, Inc. revealed the company was trading above its Graham Number of $27.4. The company pays a dividend of $0.36 per share, for a yield of 0.7% Its PEmg (price over earnings per share – ModernGraham) was 22.15, which was below the industry average of 22.64, 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 $-8.19.

AMETEK, 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) -$8.19
Graham Number $27.40
PEmg 22.15
Current Ratio 1.39
PB Ratio 3.51
Current Dividend $0.36
Dividend Yield 0.71%
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 9/1/2016
Total Current Assets $1,696,890,000
Total Current Liabilities $1,216,738,000
Long-Term Debt $1,540,742,000
Total Assets $6,977,062,000
Intangible Assets $4,626,391,000
Total Liabilities $3,603,863,000
Shares Outstanding (Diluted Average) 232,721,000

Earnings Per Share History

Next Fiscal Year Estimate $2.29
Dec2015 $2.45
Dec2014 $2.37
Dec2013 $2.10
Dec2012 $1.88
Dec2011 $1.58
Dec2010 $1.18
Dec2009 $0.85
Dec2008 $1.02
Dec2007 $0.94
Dec2006 $0.76
Dec2005 $0.57
Dec2004 $0.47
Dec2003 $0.37
Dec2002 $0.37
Dec2001 $0.29
Dec2000 $0.31
Dec1999 $0.27
Dec1998 $0.18
Dec1997 $0.22
Dec1996 $0.23

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $2.30
Dec2015 $2.22
Dec2014 $2.02
Dec2013 $1.73
Dec2012 $1.47
Dec2011 $1.21
Dec2010 $1.00
Dec2009 $0.88
Dec2008 $0.85
Dec2007 $0.72
Dec2006 $0.57
Dec2005 $0.46
Dec2004 $0.39
Dec2003 $0.34
Dec2002 $0.31
Dec2001 $0.28
Dec2000 $0.26

Recommended Reading:

Other ModernGraham posts about the company

5 Undervalued Stocks Near Lows for Enterprising Value Investors – Aug 2016
5 Companies for Enterprising Investors Near 52 Week Lows – June 2016
26 Best Stocks For Value Investors This Week – 2/6/16
Ametek Inc Valuation – February 2016 Update $AME
12 Best Stocks For Value Investors This Week – 11/7/15

Other ModernGraham posts about related companies

Sanmina Corp Valuation – Initial Coverage $SANM
Qorvo Inc Valuation – December 2016 Update $QRVO
IIVI Inc Valuation – Initial Coverage $IIVI
CEVA Inc Valuation – Initial Coverage $CEVA
NetApp Inc Valuation – August 2016 $NTAP
Applied Materials Inc Valuation – August 2016 $AMAT
Skyworks Solutions Inc Valuation – August 2016 $SWKS
Garmin Limited Valuation – August 2016 $GRMN
Analog Devices Inc Valuation – August 2016 $ADI
Amphenol Corporation Valuation – August 2016 $APH

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.

MetLife Inc Valuation – August 2016 $MET

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 MetLife Inc (MET) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): MetLife, Inc. (MetLife) is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; Latin America (collectively, the Americas); Asia, and Europe, the Middle East and Africa (EMEA). Its Retail segment is organized into two businesses: Life & Other, and Annuities. Its Group, Voluntary & Worksite Benefits insurance products and services include life, dental, group short- and long-term disability, property and casualty, long-term care, accidental death and dismemberment, critical illness, vision, and accident and health coverages, as well as prepaid legal plans. Its Corporate Benefit Funding segment provides funding and financing solutions that help institutional customers manage liabilities primarily associated with their qualified, nonqualified and welfare employee benefit programs using a spectrum of life and annuity-based insurance and investment products.

[level-free]
MET Chart

MET data by YCharts

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

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

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of MET – August 2016

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

What kind of Intelligent Investor are you?

Defensive Investor; must pass all 6 of the following tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $40,896,435,536 Pass
2. Earnings Stability Positive EPS for 10 years prior Fail
3. Dividend Record Dividend Payments for 10 years prior Pass
4. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 117.09% Pass
5. Moderate PEmg Ratio PEmg < 20 9.56 Pass
6. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 0.58 Pass
Enterprising Investor; must pass all 3 of the following tests, or be suitable for the Defensive Investor.
1. Earnings Stability Positive EPS for 5 years prior Pass
2. Dividend Record Currently Pays Dividend Pass
3. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

MET value chart August 2016

EPSmg $4.31
MG Growth Estimate 10.41%
MG Value $126.25
Opinion Undervalued
MG Grade B
MG Value based on 3% Growth $62.43
MG Value based on 0% Growth $36.60
Market Implied Growth Rate 0.53%
Current Price $41.14
% of Intrinsic Value 32.59%

Metlife Inc 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. 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 Undervalued after growing its EPSmg (normalized earnings) from $2.54 in 2012 to an estimated $4.31 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 0.53% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Metlife Inc revealed the company was trading below its Graham Number of $86.55. The company pays a dividend of $1.53 per share, for a yield of 3.7%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 9.56, which was below the industry average of 16.56, which by some methods of valuation makes it one of the most undervalued stocks in its industry.

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

Stage 3: Information for Further Research

MET charts August 2016

Graham Number $86.55
PEmg 9.56
PB Ratio 0.58
Dividend Yield 3.71%
TTM Dividend $1.53
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 6/1/2016
Long-Term Debt & Capital Lease Obligation $19,754,000,000
Total Assets $942,567,000,000
Intangible Assets $9,852,000,000
Total Liabilities $863,388,000,000
Shares Outstanding (Diluted Average) 1,109,100,000

Earnings Per Share History

Next Fiscal Year Estimate $4.62
Dec2015 $4.57
Dec2014 $5.42
Dec2013 $2.91
Dec2012 $1.12
Dec2011 $6.29
Dec2010 $3.00
Dec2009 -$2.89
Dec2008 $4.14
Dec2007 $5.48
Dec2006 $7.99
Dec2005 $6.16
Dec2004 $3.65
Dec2003 $2.94
Dec2002 $2.20
Dec2001 $0.62
Dec2000 $1.49

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $4.31
Dec2015 $4.12
Dec2014 $3.85
Dec2013 $2.73
Dec2012 $2.54
Dec2011 $3.24
Dec2010 $2.32
Dec2009 $2.71
Dec2008 $5.50
Dec2007 $5.87
Dec2006 $5.57
Dec2005 $3.95
Dec2004 $2.62
Dec2003 $1.89
Dec2002 $1.20
Dec2001 $0.60
Dec2000 $0.50

Recommended Reading:

Other ModernGraham posts about the company

Stocks Trading Below Their Graham Number – July 2016
Dividend Investors Should Research These 10 Stocks – July 2016
Stocks Trading Below Their Graham Number – June 2016
10 Companies for Enterprising Dividend Investors – June 2016
10 Low PE Stocks for the Enterprising Investor – June 2016

Other ModernGraham posts about related companies

Genworth Financial Inc Valuation – August 2016 $GNW
Aetna Inc Valuation – July 2016 $AET
XL Group Ltd Valuation – July 2016 $XL
Marsh & McLennan Companies Inc Valuation – July 2016 $MMC
Cigna Corp Valuation – July 2016 $CI
Progressive Corporation Valuation – June 2016 $PGR
Cincinnati Financial Corporation Valuation – May 2016 $CINF
Lincoln National Corporation Valuation – May 2016 $LNC
Allstate Corporation Valuation – May 2016 $ALL
The Travelers Companies Valuation – May 2016 $TRV

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.

Ametek Inc Valuation – August 2016 $AME

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 Ametek Inc (AME) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): AMETEK, Inc. (AMETEK) is a manufacturer of electronic instruments and electromechanical devices. The Company operates through two segments: Electronic Instruments (EIG) and Electromechanical (EMG). EIG designs and manufactures advanced instruments for the process, aerospace, power and industrial markets. EIG supplies the aerospace industry with aircraft and engine sensors, monitoring systems, power supplies, fuel and fluid measurement systems and data acquisition systems. EMG is a supplier of electrical interconnects, precision motion control solutions, specialty metals, thermal management systems, and floor care and specialty motors. EMG offers electrical connectors and electronics packaging used in aerospace and defense, medical and industrial applications, as well as its advanced technical motor and motion control products, which are used in a range of medical devices, office and business equipment, factory automation, robotics and other applications.

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AME Chart

AME 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. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of AME August 2016

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

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $10,564,899,862 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.29 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 152.04% Pass
6. Moderate PEmg Ratio PEmg < 20 20.18 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.31 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 1.29 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 4.17 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

AME value chart August 2016

EPSmg $2.29
MG Growth Estimate 8.46%
MG Value $58.18
Opinion Fairly Valued
MG Grade D+
MG Value based on 3% Growth $33.20
MG Value based on 0% Growth $19.46
Market Implied Growth Rate 5.84%
Current Price $46.19
% of Intrinsic Value 79.39%

AMETEK, 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, 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 Fairly Valued after growing its EPSmg (normalized earnings) from $1.46 in 2012 to an estimated $2.29 for 2016. This level of demonstrated earnings growth supports the market’s implied estimate of 5.84% 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 AMETEK, Inc. revealed the company was trading above its Graham Number of $26.86. The company pays a dividend of $0.36 per share, for a yield of 0.8% Its PEmg (price over earnings per share – ModernGraham) was 20.18, which was below the industry average of 22.64, 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 $-8.62.

AMETEK, Inc. scores quite poorly in the ModernGraham grading system, with an overall grade of D+.

Stage 3: Information for Further Research

AME charts August 2016

Net Current Asset Value (NCAV) -$8.62
Graham Number $26.86
PEmg 20.18
Current Ratio 1.29
PB Ratio 3.31
Current Dividend $0.36
Dividend Yield 0.78%
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 3/1/2016
Total Current Assets $1,662,590,000
Total Current Liabilities $1,290,554,000
Long-Term Debt $1,552,674,000
Total Assets $6,994,702,000
Intangible Assets $4,664,609,000
Total Liabilities $3,698,016,000
Shares Outstanding (Diluted Average) 236,216,000

Earnings Per Share History

Next Fiscal Year Estimate $2.27
Dec2015 $2.45
Dec2014 $2.37
Dec2013 $2.10
Dec2012 $1.88
Dec2011 $1.58
Dec2010 $1.17
Dec2009 $0.85
Dec2008 $1.02
Dec2007 $0.94
Dec2006 $0.76
Dec2005 $0.59
Dec2004 $0.48
Dec2003 $0.39
Dec2002 $0.37
Dec2001 $0.29
Dec2000 $0.31
Dec1999 $0.27
Dec1998 $0.18
Dec1997 $0.22
Dec1996 $0.23

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $2.29
Dec2015 $2.22
Dec2014 $2.01
Dec2013 $1.73
Dec2012 $1.46
Dec2011 $1.21
Dec2010 $1.00
Dec2009 $0.88
Dec2008 $0.85
Dec2007 $0.72
Dec2006 $0.58
Dec2005 $0.47
Dec2004 $0.40
Dec2003 $0.35
Dec2002 $0.31
Dec2001 $0.28
Dec2000 $0.26

Recommended Reading:

Other ModernGraham posts about the company

5 Undervalued Stocks Near Lows for Enterprising Value Investors – Aug 2016
5 Companies for Enterprising Investors Near 52 Week Lows – June 2016
26 Best Stocks For Value Investors This Week – 2/6/16
Ametek Inc Valuation – February 2016 Update $AME
12 Best Stocks For Value Investors This Week – 11/7/15

Other ModernGraham posts about related companies

MTS Systems Corp Valuation – July 2016 $MTSC
Seagate Technology PLC Valuation – July 2016 $STX
Broadcom Limited Valuation – July 2016 $AVGO
Microchip Technology Inc Valuation – July 2016 $MCHP
Jabil Circuit Inc Valuation – July 2016 $JBL
KLA-Tencor Corp Valuation – July 2016 $KLAC
Linear Technology Corp Valuation – July 2016 $LLTC
Arrow Electronics Inc Valuation – July 2016 $ARW
Lam Research Corp Valuation – June 2016 $LRCX
TE Connectivity Ltd Valuation – June 2016 $TEL

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.

Zimmer Biomet Holdings Inc Valuation – June 2016 $ZBH

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 – March 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 Zimmer Biomet Holdings Inc (ZBH) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Zimmer Biomet Holdings, Inc., formerly Zimmer Holdings, Inc., is engaged designing, manufacturing and marketing orthopaedic reconstructive products; sports medicine, biologics, extremities and trauma products; spine, bone healing, craniomaxillofacial and thoracic products; dental implants, and related surgical products. The Company’s products and solutions helps treat patients suffering from disorders of, or injuries to, bones, joints, or supporting soft tissues. The Company manages its operations through three geographic operating segments: the Americas, consists of the United States and includes other North, Central and South American markets; EMEA, consists of Europe and includes the Middle East and African markets, and Asia Pacific, consists of Japan and includes other Asian and Pacific markets. Its four product category segments include Americas Spine, Bone Healing Craniomaxillofacial and Thoracic, and Dental.

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

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

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Downloadable PDF version of this valuation:

ModernGraham Valuation of ZBH – June 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 $23,683,841,548 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 3.36 Pass
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 24.85% Fail
6. Moderate PEmg Ratio PEmg < 20 26.19 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.49 Pass
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 3.36 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 3.12 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

ZBH value chart June 2016

EPSmg $4.55
MG Growth Estimate 3.02%
MG Value $66.24
Opinion Overvalued
MG Grade C-
MG Value based on 3% Growth $66.02
MG Value based on 0% Growth $38.70
Market Implied Growth Rate 8.84%
Current Price $119.23
% of Intrinsic Value 179.98%

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

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $3.79 in 2012 to an estimated $4.55 for 2016. This level of demonstrated earnings growth does not support the market’s implied estimate of 8.84% 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.

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

Stage 3: Information for Further Research

ZBH charts June 2016

Net Current Asset Value (NCAV) -$57.21
Graham Number $92.86
PEmg 26.19
Current Ratio 3.36
PB Ratio 2.49
Current Dividend $0.90
Dividend Yield 0.75%
Number of Consecutive Years of Dividend Growth 1

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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 3/1/2016
Total Current Assets $5,082,000,000
Total Current Liabilities $1,514,600,000
Long-Term Debt $11,117,400,000
Total Assets $26,297,300,000
Intangible Assets $18,617,100,000
Total Liabilities $16,637,600,000
Shares Outstanding (Diluted Average) 202,000,000

Earnings Per Share History

Next Fiscal Year Estimate $7.90
Dec2015 $0.77
Dec2014 $4.19
Dec2013 $4.43
Dec2012 $4.29
Dec2011 $4.03
Dec2010 $2.97
Dec2009 $3.32
Dec2008 $3.72
Dec2007 $3.26
Dec2006 $3.40
Dec2005 $2.93
Dec2004 $2.19
Dec2003 $1.64
Dec2002 $1.31
Dec2001 $0.77
Dec2000 $0.91

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $4.55
Dec2015 $3.10
Dec2014 $4.17
Dec2013 $4.04
Dec2012 $3.79
Dec2011 $3.51
Dec2010 $3.28
Dec2009 $3.40
Dec2008 $3.33
Dec2007 $2.98
Dec2006 $2.66
Dec2005 $2.11
Dec2004 $1.59
Dec2003 $1.17
Dec2002 $0.82
Dec2001 $0.50
Dec2000 $0.30

Recommended Reading:

Other ModernGraham posts about the company

Zimmer Biomet Holdings Inc. Analysis – September 2015 Update $ZBH

Other ModernGraham posts about related companies

Waters Corporation Valuation – May 2016 $WAT
Align Technology Inc Valuation – May 2016 $ALGN
C.R. Bard Inc Stock Valuation – February 2016 $BCR
Psychemedics Corp Stock Valuation – February 2016 $PMD
Patterson Companies Inc Stock Valuation – February 2016 $PDCO
Edwards Lifesciences Corp Valuation – February 2016 $EW
Baxter International Inc Valuation – February 2016 $BAX
Cerner Corporation Valuation – February 2016 Update $CERN
Henry Schein Inc Valuation – February 2016 Update $HSIC
Medtronic PLC Valuation – January 2016 Update $MDT

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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