Alexandria Real Estate Equities Inc. Analysis – Initial Coverage $ARE

REITs often attract a great deal of investors because of their strong cash flows and dividends, and those investors often overlook other parts of the business, choosing to analyze the company under a different set of criteria than companies in other sectors.  This can create a problem in that it becomes difficult to compare a REIT to an industrial, which is fine if you use the typical top-down approach to stock selection; however, a top-down approach invites speculation in the fact that you are theorizing which sector will perform well going forward.  Benjamin Graham taught that we should avoid speculation as much as possible, which is why it is critical to develop a system for analyzing companies that will allow them to be compared across industries.  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 investment opportunity.  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 specific look at how Alexandria Real Estate Equities Inc. (ARE) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Alexandria Real Estate Equities, Inc. is a self-administered and self-managed real estate investment (REIT). The Company is engaged in the business of providing office/laboratory and tech office space for lease to the science and technology industries. The Company has five properties in Canada, as well as eight operating properties, one development project, and several land parcels in Asia. As of December 31, 2014, the Company had 193 properties containing approximately 18.7 million rentable square feet (RSF) of office/laboratory and tech office space. As of December 31, 2014, the Company had 562 leases with a total of 441 client tenants and 87 of its 193 properties were single-tenant properties. The Company’s portfolio includes Alexandria Center at Kendall Square; Alexandria Park at 128; Alexandria Technology Center-Gateway; Alexandria Center for Life Science; ARE Nautilus; ARE Towne Centre; ARE Portola, and Alexandria Technology Center-Gaithersburg I, among others.

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ModernGraham Valuation of ARE

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 Pass
2. Earnings Stability Positive EPS for 10 years prior Pass
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 Fail
5. Moderate PEmg Ratio PEmg < 20 Fail
6. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 Pass
Score
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 1.96
MG Growth Estimate -2.02%
MG Value $8.72
Opinion Overvalued
MG Value based on 3% Growth $28.37
MG Value based on 0% Growth $16.63
Market Implied Growth Rate 19.32%
Current Price $92.23
% of Intrinsic Value 1057.31%

Alexandria Real Estate Equities Inc. does not satisfy the requirements of either the Defensive Investor or the Enterprising Investor.  The Defensive Investor is concerned with the insufficient earnings growth over the last ten years, and the high PEmg ratio.  The Enterprising Investor is only initially concerned by the lack of earnings growth over the last five years.  As a result, all value investors following the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities or proceed with a cautious speculative attitude.

As for a valuation, the company appears to be overvalued after seeing its EPSmg (normalized earnings) decline from $2.26 in 2011 to an estimated $1.96 for 2015.  This level of demonstrated earnings growth does not support the market’s implied estimate of 19.32% 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 next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Alexandria Real Estate Equities Inc. (ARE)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Stage 3: Information for Further Research

ARE Charts - August 2015

PEmg 47.14
PB Ratio 1.72
Dividend Yield 3.22%
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

Long-Term Debt $1,721,435,000
Total Assets $8,524,891,000
Intangible Assets $0
Total Liabilities $4,702,015,000
Shares Outstanding (Diluted Average) 71,412,000

Earnings Per Share History

Next Fiscal Year Estimate $3.32
Dec14 $1.01
Dec13 $1.60
Dec12 $1.09
Dec11 $1.73
Dec10 $2.19
Dec09 $2.72
Dec08 $2.86
Dec07 $2.63
Dec06 $2.25
Dec05 $2.22
Dec04 $2.33
Dec03 $3.10
Dec02 $1.76
Dec01 $1.64
Dec00 $1.77
Dec99 $1.46
Dec98 $1.58
Dec97 -$0.35
Dec96 $0.60

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $1.96
Dec14 $1.36
Dec13 $1.64
Dec12 $1.82
Dec11 $2.26
Dec10 $2.53
Dec09 $2.64
Dec08 $2.56
Dec07 $2.44
Dec06 $2.34
Dec05 $2.33
Dec04 $2.29
Dec03 $2.16
Dec02 $1.68
Dec01 $1.50
Dec00 $1.29
Dec99 $0.92

Recommended Reading:

Other ModernGraham posts about the company

None

Other ModernGraham posts about related companies

Weyerhaeuser Company Analysis – August 2015 Update $WY
Boston Properties Inc. Analysis – August 2015 Update $BXP
Health Care REIT Inc. Analysis – August 2015 Update $HCN
Kimco Realty Corporation Analysis – August 2015 Update $KIM
American Campus Communities Inc. Analysis – Initial Coverage $ACC
Ventas Inc. Analysis – 2015 Update $VTR
National Retail Properties Inc. Analysis – Initial Coverage $NNN
SL Green Realty Corp Analysis – Initial Coverage $SLG
Essex Property Trust Inc. Analysis – Initial Coverage $ESS
Equity Residential Analysis – 2015 Update $EQR

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.  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.

[/level-mg-stocks-screens-subscriber]

Weyerhaeuser Company Analysis – August 2015 Update $WY

REITs often attract a great deal of investors because of their strong cash flows and dividends, and those investors often overlook other parts of the business, choosing to analyze the company under a different set of criteria than companies in other sectors.  This can create a problem in that it becomes difficult to compare a REIT to an industrial, which is fine if you use the typical top-down approach to stock selection; however, a top-down approach invites speculation in the fact that you are theorizing which sector will perform well going forward.  Benjamin Graham taught that we should avoid speculation as much as possible, which is why it is critical to develop a system for analyzing companies that will allow them to be compared across industries.  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 investment opportunity.  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 specific look at how Weyerhaeuser Company (WY) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Weyerhaeuser Company is a real estate investment trust (REIT). The Company is an owner of timberlands. It is principally engaged in growing and harvesting timber, as well as manufacturing, distributing and selling products made from trees. The Company owns nearly 7 million acres of timberlands, primarily in the United States, and manages additional timberlands under long-term licenses in Canada. It is engaged in the manufacturing of wood and specialty cellulose fibers products. The Company’s operational segments include Timberlands, Wood Products and Cellulose Fibers. The Company’s Timberlands segment manages approximately 6.9 million acres of private commercial timberlands across the world. The Wood Products segment manufactures and distributes wood products primarily in North America and Asia. The Cellulose Fibers segment is involved in the production of absorbent fluff pulp used in products, such as diapers.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of WY

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 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 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 Fail
6. Moderate PEmg Ratio PEmg < 20 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 Fail
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg 1.49
MG Growth Estimate 10.05%
MG Value $42.51
Opinion Undervalued
MG Value based on 3% Growth $21.56
MG Value based on 0% Growth $12.64
Market Implied Growth Rate 6.24%
Current Price $31.19
% of Intrinsic Value 73.37%

Weyerhaeuser Company qualifies for the Enterprising Investor but is not suitable for the more conservative Defensive Investor.  The Defensive Investor is concerned with the insufficient earnings growth or stability over the last ten years, and the high PEmg and PB ratios.  The Enterprising Investor is only initially concerned by the level of debt relative to the net current assets.  As a result, all Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company.

As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.89 in 2011 to an estimated $1.49 for 2015.  This level of demonstrated earnings growth outpaces the market’s implied estimate of 6.24% 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.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Weyerhaeuser Company (WY)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Stage 3: Information for Further Research

WY Charts - August 2015

Net Current Asset Value (NCAV) -$10.47
PEmg 20.98
Current Ratio 2.74
PB Ratio 3.29
Dividend Yield 3.72%
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

Total Current Assets $2,517,000,000
Total Current Liabilities $919,000,000
Long-Term Debt $5,402,000,000
Total Assets $12,883,000,000
Intangible Assets $40,000,000
Total Liabilities $7,958,000,000
Outstanding Shares 519,804,000

Earnings Per Share History

Next Fiscal Year Estimate $0.94
Dec14 $3.18
Dec13 $0.95
Dec12 $0.71
Dec11 $0.61
Dec10 $3.99
Dec09 -$0.96
Dec08 -$2.06
Dec07 $1.33
Dec06 $0.68
Dec05 $1.10
Dec04 $2.01
Dec03 $0.46
Dec02 $0.40
Dec01 $0.60
Dec00 $1.38
Dec99 $0.94
Dec98 $0.54
Dec97 $0.63
Dec96 $0.86
Dec95 $1.45

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $1.49
Dec14 $1.80
Dec13 $1.10
Dec12 $0.93
Dec11 $0.89
Dec10 $0.89
Dec09 -$0.44
Dec08 $0.09
Dec07 $1.14
Dec06 $1.01
Dec05 $1.09
Dec04 $1.04
Dec03 $0.63
Dec02 $0.73
Dec01 $0.87
Dec00 $0.96
Dec99 $0.80

Recommended Reading:

Other ModernGraham posts about the company

5 Undervalued Companies for Enterprising Investors Near 52 Week Lows – July 2015
47 Companies in the Spotlight This Week – 5/16/15
Weyerhaeuser Company Quarterly Valuation – May 2015 $WY
34 Companies in the Spotlight This Week – 2/7/15
Weyerhaeuser Company Quarterly Valuation – February 2015 $WY

Other ModernGraham posts about related companies

Boston Properties Inc. Analysis – August 2015 Update $BXP
Health Care REIT Inc. Analysis – August 2015 Update $HCN
Kimco Realty Corporation Analysis – August 2015 Update $KIM
American Campus Communities Inc. Analysis – Initial Coverage $ACC
Ventas Inc. Analysis – 2015 Update $VTR
National Retail Properties Inc. Analysis – Initial Coverage $NNN
SL Green Realty Corp Analysis – Initial Coverage $SLG
Essex Property Trust Inc. Analysis – Initial Coverage $ESS
Equity Residential Analysis – 2015 Update $EQR
Macerich Stock Analysis – May 2015 Quarterly Update $MAC

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.  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.

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Boston Properties Inc. Analysis – August 2015 Update $BXP

REITs often attract a great deal of investors because of their strong cash flows and dividends, and those investors often overlook other parts of the business, choosing to analyze the company under a different set of criteria than companies in other sectors.  This can create a problem in that it becomes difficult to compare a REIT to an industrial, which is fine if you use the typical top-down approach to stock selection; however, a top-down approach invites speculation in the fact that you are theorizing which sector will perform well going forward.  Benjamin Graham taught that we should avoid speculation as much as possible, which is why it is critical to develop a system for analyzing companies that will allow them to be compared across industries.  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 investment opportunity.  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 specific look at how Boston Properties Inc. (BXP) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Boston Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company is engaged in owning and developing office properties in the United States. The Company’s properties are concentrated in four markets: Boston, New York, San Francisco and Washington, DC. The Company conducts all of its business through its subsidiary, Boston Properties Limited Partnership. The Company considers office/technical properties to be properties that support office, research and development, laboratory and other technical uses. The Company is also engaged in providing resources in acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, risk management, tax and legal services.

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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 BXP – August 2015

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

Stage 2: Determination of Intrinsic Value

EPSmg 3.55
MG Growth Estimate 10.13%
MG Value $102.16
Opinion Overvalued
MG Value based on 3% Growth $51.52
MG Value based on 0% Growth $30.20
Market Implied Growth Rate 12.76%
Current Price $120.86
% of Intrinsic Value 118.30%

Boston Properties Inc. qualifies for the Enterprising Investor but is not suitable for the more conservative Defensive Investor.  The Defensive Investor is concerned with the insufficient earnings growth over the last ten years, and the high PEmg and PB ratios.  The Enterprising Investor is only initially concerned by the level of debt relative to the net current assets.  As a result, all Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company.

As for a valuation, the company appears to be overvalued after growing its EPSmg (normalized earnings) from $2.12 in 2011 to an estimated $3.55 for 2015.  This level of demonstrated earnings growth does not support the market’s implied estimate of 12.76% annual earnings growth over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value below the price.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Boston Properties Inc. (BXP)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Stage 3: Information for Further Research

BXP charts August 2015

 

Net Current Asset Value (NCAV) -$71.05
PEmg 34.01
Current Ratio 4.59
PB Ratio 3.21
Dividend Yield 2.15%
Number of Consecutive Years of Dividend Growth 0

 

 

Useful Links:

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

Most Recent Balance Sheet Figures

Total Current Assets $2,402,242,000
Total Current Liabilities $523,340,000
Long-Term Debt $9,867,459,000
Total Assets $19,113,960,000
Intangible Assets $0
Total Liabilities $13,330,980,000
Outstanding Shares 153,815,000

Earnings Per Share History

Next Fiscal Year Estimate $4.34
Dec14 $2.83
Dec13 $4.86
Dec12 $1.92
Dec11 $1.86
Dec10 $1.14
Dec09 $1.76
Dec08 $0.87
Dec07 $10.94
Dec06 $7.46
Dec05 $3.86
Dec04 $2.61
Dec03 $3.65
Dec02 $4.50
Dec01 $2.19
Dec00 $2.05
Dec99 $1.71
Dec98 $1.52
Dec97 $0.90

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $3.55
Dec14 $2.95
Dec13 $2.77
Dec12 $1.66
Dec11 $2.12
Dec10 $2.98
Dec09 $4.26
Dec08 $5.39
Dec07 $7.00
Dec06 $4.82
Dec05 $3.46
Dec04 $3.17
Dec03 $3.24
Dec02 $2.82
Dec01 $1.88
Dec00 $1.56
Dec99 $1.16

Recommended Reading:

Other ModernGraham posts about the company

47 Companies in the Spotlight This Week – 5/16/15
Boston Properties Inc. Quarterly Valuation – May 2015 $BXP
34 Companies in the Spotlight This Week – 2/7/15
Boston Properties Inc. Quarterly Valuation – January 2015 $BXP
18 Companies in the Spotlight This Week – 10/25/14

Other ModernGraham posts about related companies

Health Care REIT Inc. Analysis – August 2015 Update $HCN
Kimco Realty Corporation Analysis – August 2015 Update $KIM
American Campus Communities Inc. Analysis – Initial Coverage $ACC
Ventas Inc. Analysis – 2015 Update $VTR
National Retail Properties Inc. Analysis – Initial Coverage $NNN
SL Green Realty Corp Analysis – Initial Coverage $SLG
Essex Property Trust Inc. Analysis – Initial Coverage $ESS
Equity Residential Analysis – 2015 Update $EQR
Macerich Stock Analysis – May 2015 Quarterly Update $MAC
Iron Mountain Inc. Annual Valuation – 2015 $IRM

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.  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.

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Health Care REIT Inc. Analysis – August 2015 Update $HCN

REITs often attract a great deal of investors because of their strong cash flows and dividends, and those investors often overlook other parts of the business, choosing to analyze the company under a different set of criteria than companies in other sectors.  This can create a problem in that it becomes difficult to compare a REIT to an industrial, which is fine if you use the typical top-down approach to stock selection; however, a top-down approach invites speculation in the fact that you are theorizing which sector will perform well going forward.  Benjamin Graham taught that we should avoid speculation as much as possible, which is why it is critical to develop a system for analyzing companies that will allow them to be compared across industries.  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 investment opportunity.  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 specific look at how Health Care REIT Inc. (HCN) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Health Care REIT, Inc. is a real estate investment trust (REIT). The Company’s portfolio spans the spectrum of seniors housing and health care real estate, including seniors housing communities, post-acute care facilities, medical office buildings, inpatient and outpatient medical centers and life science facilities. It operates through three segments. The Seniors Housing Triple-Net segment’s properties include independent living facilities, independent supportive living facilities (Canada), continuing care retirement communities, assisted living facilities, care homes with and without nursing, Alzheimer’s/dementia facilities, post-acute care facilities and hospitals. The Seniors Housing Operating segment’s properties include independent living facilities and independent supportive living facilities, assisted living facilities, care homes and Alzheimer’s/dementia care facilities. The Medical Facilities segment’s properties include medical office buildings and life science facilities.

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

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Downloadable PDF version of this valuation:

ModernGraham Valuation of HCN – August 2015

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 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 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 Fail
6. Moderate PEmg Ratio PEmg < 20 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 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 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg 1.84
MG Growth Estimate 6.45%
MG Value $39.29
Opinion Overvalued
MG Value based on 3% Growth $26.63
MG Value based on 0% Growth $15.61
Market Implied Growth Rate 14.32%
Current Price $68.20
% of Intrinsic Value 173.59%

Health Care REIT Inc. qualifies for the Enterprising Investor but is not suitable for the more conservative Defensive Investor.  The Defensive Investor is concerned with the low current ratio, insufficient earnings growth over the last ten years as well as the high PEmg ratio.  The Enterprising Investor is only concerned by the level of debt relative to the net current assets.  As a result, all Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company.

As for a valuation, the company appears to be overvalued after growing its EPSmg (normalized earnings) from $1.28 in 2011 to an estimated $1.84 for 2015.  This level of demonstrated earnings growth does not support the market’s implied estimate of 14.32% 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 next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Health Care REIT Inc. (HCN)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Stage 3: Information for Further Research

HCN charts August 2015

Net Current Asset Value (NCAV) -$32.68
PEmg 37.13
Current Ratio 1.90
PB Ratio 1.63
Dividend Yield 4.75%
Number of Consecutive Years of Dividend Growth 8

 

Useful Links:

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

Most Recent Balance Sheet Figures

Total Current Assets $1,239,000,000
Total Current Liabilities $650,437,000
Long-Term Debt $11,552,370,000
Total Assets $27,407,480,000
Intangible Assets $68,321,000
Total Liabilities $12,720,310,000
Outstanding Shares 351,366,000

Earnings Per Share History

Next Fiscal Year Estimate $3.61
Dec14 $1.45
Dec13 $0.28
Dec12 $0.98
Dec11 $0.90
Dec10 $0.83
Dec09 $1.49
Dec08 $2.76
Dec07 $1.46
Dec06 $1.31
Dec05 $1.15
Dec04 $1.39
Dec03 $1.60
Dec02 $1.48
Dec01 $1.52
Dec00 $1.91
Dec99 $2.21
Dec98 $2.24
Dec97 $2.12
Dec96 $2.18
Dec95 $1.16

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $1.84
Dec14 $0.93
Dec13 $0.74
Dec12 $1.12
Dec11 $1.28
Dec10 $1.51
Dec09 $1.78
Dec08 $1.82
Dec07 $1.36
Dec06 $1.33
Dec05 $1.37
Dec04 $1.52
Dec03 $1.63
Dec02 $1.72
Dec01 $1.90
Dec00 $2.10
Dec99 $2.13

Recommended Reading:

Other ModernGraham posts about the company

47 Companies in the Spotlight This Week – 5/16/15
Health Care REIT Inc. Quarterly Valuation – May 2015 $HCN
15 Companies in the Spotlight This Week – 5/3/2014
Health Care REIT (HCN) Annual Valuation – 2014

Other ModernGraham posts about related companies

Kimco Realty Corporation Analysis – August 2015 Update $KIM
American Campus Communities Inc. Analysis – Initial Coverage $ACC
Ventas Inc. Analysis – 2015 Update $VTR
National Retail Properties Inc. Analysis – Initial Coverage $NNN
SL Green Realty Corp Analysis – Initial Coverage $SLG
Essex Property Trust Inc. Analysis – Initial Coverage $ESS
Equity Residential Analysis – 2015 Update $EQR
Macerich Stock Analysis – May 2015 Quarterly Update $MAC
Iron Mountain Inc. Annual Valuation – 2015 $IRM
Vornado Realty Trust Annual Valuation – 2015 $VNO

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.  Logo taken from Wikipedia for the sole purpose of identifying the company; this article is not affiliated with the company in any manner.

[/level-mg-stocks-screens-subscriber]

June 2014 in Review

image (8)Site News

June was another good month for ModernGraham.  We had over 24,500 visits by over 11,000 unique visitors, while the number of people who have signed up for the free daily email list grew from 3,348 to 3,423!  We released the eighth issue of ModernGraham Stocks & Screens for premium subscribers listing all of the valuations and screens them for various criteria including Low PEmg, Undervalued Companies, Low Beta, etc.  This month’s edition includes over 325 companies.

Most Popular Content from June out of 111 posts:

  1. 5 Undervalued Companies for the Defensive Investor Near 52 Week Lows – June 2014
  2. 5 Undervalued Companies to Research with a Low Beta – June 2014
  3. 5 Highest Dividend Yields Among Undervalued Companies for the Defensive Investor – June 2014
  4. 5 Undervalued Companies for the Defensive Investor – June 2014
  5. Apple Inc. Quarterly Valuation – June 2014

Articles Posted Exclusively on Seeking Alpha in June:

Companies Reviewed in June

Ticker Name with Link
AAPL Apple Inc.
ABT Abbott Laboratories
ACN Accenture Plc
ADBE Adobe Systems Incorporated
ADI Analog Devices, Inc.
AEE Ameren Corp
AFL AFLAC Incorporated
AMGN Amgen, Inc.
BF.B Brown-Forman Corporation
BGS B&G Foods, Inc.
CAM Cameron International Corporation
CB The Chubb Corporation
CF CF Industries Holdings, Inc.
DE Deere & Company
DLPH Delphi Automotive PLC
ED Consolidated Edison, Inc.
EMC EMC Corporation
EQR Equity Residential
FCX Freeport-McMoRan Copper & Gold Inc.
FDX FedEx Corporation
FITB Fifth Third Bancorp
GE General Electric Company
GHC GRAHAM HOLDINGS COMPANY
GOOG Google Inc
GRMN Garmin Ltd.
GWW W.W. Grainger, Inc.
HAL Halliburton Company
HOG Harley-Davidson, Inc.
INFY Infosys Ltd ADR
ITW Illinois Tool Works Inc.
JEC Jacobs Engineering Group Inc
KORS Michael Kors Holdings Ltd
LEG Leggett & Platt, Inc.
LLTC Linear Technology Corporation
MA Mastercard Inc
MCO Moody’s Corporation
MDLZ Mondelez International Inc
MDT Medtronic, Inc.
MON Monsanto Company
MSI Motorola Solutions Inc
MTSC MTS Systems Corporation
NFX Newfield Exploration Co.
NI NiSource Inc.
NOV National-Oilwell Varco, Inc.
NPK National Presto Industries Inc.
NSC Norfolk Southern Corp.
OLN Olin Corporation
ORCL Oracle Corporation
OXY Occidental Petroleum Corporation
PDCO Patterson Companies, Inc.
PEG Public Service Enterprise Group Inc.
PFE Pfizer Inc.
PMD Psychemedics Corp.
QCOM QUALCOMM, Inc.
RBC REGAL-BELOIT CORPORATION
RL Ralph Lauren Corp
ROK Rockwell Automation
RTN Raytheon Company
SIAL Sigma-Aldrich Corporation
SJM The J.M. Smucker Company
SLB Schlumberger Limited.
TDC Teradata Corporation
TDW Tidewater Inc.
TGT Target Corporation
TIF Tiffany & Co.
TJX The TJX Companies, Inc.
TXN Texas Instruments Incorporated
URBN Urban Outfitters, Inc.
VFC VF Corp
VIAB Viacom, Inc.
VRSN Verisign, Inc.
VRTX Vertex Pharmaceuticals Incorporated
WAT Waters Corporation
WDC Western Digital Corp
WLP WellPoint, Inc.
WWW Wolverine World Wide, Inc.
XEL Xcel Energy Inc
XOM Exxon Mobil Corporation
ZMH Zimmer Holdings, Inc.

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17 Companies in the Spotlight This Week – June 21, 2014

image (7)We evaluated 17 different companies this week to determine whether they are suitable for Defensive Investors, those unwilling to do substantial research, or Enterprising Investors, those who are willing to do such research.  We also put each company through the ModernGraham valuation model based on Benjamin Graham’s value investing formulas in order to determine an intrinsic value for each.  Here’s a summary of the ModernGraham Valuations.  To see a listing and screenings of all the valuations, be sure to sign up to be a premium subscriber!

The Elite (Defensive or Enterprising and Undervalued)

Amgen Inc. (AMGN)

500px-Amgen.svgAmgen Inc. is suitable for Enterprising Investors but not for Defensive Investors.  The Defensive Investor has concerns with the lack of a long enough dividend record and the high PB ratio.  The Enterprising Investor’s only concern is with the high level of debt relative to the net current assets.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities through a review of ModernGraham’s valuation of Johnson & Johnson (JNJ) and ModernGraham’s valuation of Pfizer Inc. (PFE).  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $4.12 in 2010 to an estimated $6.40 for 2014.  This level of demonstrated growth more than supports the market’s implied estimate of 4.82% earnings growth and leads the ModernGraham valuation model, based on Benjamin Graham’s value investing formula, to return an estimate of intrinsic value above the price.  (See the full valuation)

Deere & Co.

500px-John_Deere_logo.svgDeere & Co. is suitable for either the Defensive Investor or the Enterprising Investor.  The Defensive Investor’s only concern is with the high PB ratio while the Enterprising Investor has no significant concerns.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities through a review of ModernGraham’s valuation of Caterpillar Inc. (CAT).  From a valuation side of things, the company appears to be significantly undervalued after growing its EPSmg (normalized earnings) from $3.68 in 2010 to an estimated $7.77.  This strong level of demonstrated growth is greater than the market’s implied estimate of 1.57% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s methods, to return an estimate of intrinsic value that is well above the market price at this time.  (See the full valuation)

EMC Corp (EMC)

500px-EMC_Corporation_logo.svgEMC Corp qualifies for the Enterprising Investor but not the Defensive Investor, who is concerned with the company’s low current ratio and the short dividend history.  The Enterprising Investor does not have many initial concerns with the company, though, as it passes all of the investor type’s requirements.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities through a review of ModernGraham’s valuation of International Business Machines (IBM) and ModernGraham’s valuation of Hewlett-Packard Co. (HPQ).  From a valuation side of things, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.70 in 2010 to an estimated $1.33 for 2014.  This level of demonstrated growth outpaces the market’s implied estimate of 5.72% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value that is well above the current price.  (See the full valuation)

Fifth Third Bancorp (FITB)

220px-Fifth_Third_Bank.svgFifth Third Bancorp is suitable for Enterprising Investors but not for Defensive Investors, who are concerned with the lack of earnings stability over the last ten years and the lack of earnings growth over the same period.  The company passes all of the Enterprising Investor’s requirements.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities through a review of ModernGraham’s valuation of JP Morgan Chase (JPM) and ModernGraham’s valuation of Wells Fargo (WFC).  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.02 in 2010 to an estimated $1.59 for 2014.  This level of demonstrated growth outpaces the market’s implied estimate of 2.43% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value well above the market price.  (See the full valuation)

Harley-Davidson (HOG)

186px-Harley-Davidson.svgHarley-Davidson is suitable for the Enterprising Investor but not the Defensive Investor.  The Defensive Investor has concerns with the company’s low current ratio, insufficient earnings growth over the last ten years, and high PEmg and PB ratios.  The Enterprising Investor’s only initial concern is the level of debt relative to the net current assets.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities.  From a valuation side of things, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $1.77 in 2010 to an estimated $3.09 for 2014.  This low level of demonstrated growth does not support the market’s implied estimate of 7.07% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value that is below the current price.  (See the full valuation)

W.W. Grainger Inc. (GWW)

Grainger_logoW.W. Grainger qualifies for Enterprising Investors but not for Defensive Investors.  The Defensive Investor is concerned with the high PEmg and PB ratios, but the company passes all of the Enterprising Investor’s requirements.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities.  As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $6.04 in 2010 to an estimated $10.77 for 2014.  This strong level of demonstrated growth outpaces the market’s implied estimate of 7.64% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value that is well above the market price.  (See the full valuation)

The Good (Defensive or Enterprising and Fairly Valued)

Fedex Corp (FDX)

Fedex Corp qualifies for the Enterprising Investor but not the Defensive Investor.  The Defensive Investor has concerns with the company’s low current ratio, insufficient earnings growth over the last ten years, and high PEmg and PB ratios.  The Enterprising Investor does not have many initial concerns with the company, though, as it passes all of the investor type’s requirements.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities through a review of ModernGraham’s valuation of United Parcel Service (UPS).  From a valuation side of things, the company appears to be fairly valued after growing its EPSmg (normalized earnings) from $3.31 in 2010 to an estimated $5.66 for 2014.  This level of demonstrated growth supports the market’s implied estimate of 8.91% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value that is within a margin of safety relative to the current price.  (See the full valuation)

Google Inc. (GOOG)

Google Inc. qualifies for Enterprising Investors but not for Defensive Investors.  The Defensive Investor is concerned with the lack of dividend payments and the high PEmg and PB ratios, while the Enterprising Investor is concerned about the lack of dividends.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities through a review of ModernGraham’s valuation of Microsoft Corp (MSFT) and ModernGraham’s valuation of Apple (AAPL).  From a valuation side of things, the company appears to be fairly valued after growing its EPSmg (normalized earnings) from $9.15 in 2010 to an estimated $17.90.  This level of demonstrated growth supports the market’s implied estimate of 1.57% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s methods, to return an estimate of intrinsic value that is within a margin of safety relative to the market price at this time. (See the full valuation)

Illinois Tool Works (ITW)

Illinois Tool Works is suitable for the Enterprising Investor but not the Defensive Investor.  The Defensive Investor has concerns with the company’s low current ratio, and high PEmg and PB ratios.  The Enterprising Investor has no major issues as the company passed all of the investor type’s requirements.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities through a review of ModernGraham’s valuation of Dover Corp (DOV) and ModernGraham’s valuation of 3M Corp (MMM).  From a valuation perspective, the company appears to be fairly valued after growing its EPSmg (normalized earnings) from $2.77 in 2010 to an estimated $4.25 for 2014.  This level of demonstrated growth supports the market’s implied estimate of 6.20% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value that is within a margin of safety relative to the current price.  (See the full valuation)

Infosys Limited (INFY)

Infosys Limited qualifies for both the Defensive Investor and the Enterprising Investor.  The Defensive Investor’s only concern is with the high PB ratio, while the company passes all of the Enterprising Investor’s requirements.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities through a review of ModernGraham’s valuation of Oracle Corp. (ORCL).  From a valuation side of things, the company appears to be fairly valued after growing its EPSmg (normalized earnings) from $2.03 in 2010 to $2.93 for 2014.  This level of demonstrated growth supports the market’s implied estimate of 4.90% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value that falls within a margin of safety relative to the current price.  (See the full valuation)

Leggett & Platt (LEG)

Leggett & Platt qualifies for the Enterprising Investor but not the Defensive Investor.  The Defensive Investor has concerns with the company’s low current ratio, and high PEmg and PB ratios.  The Enterprising Investor’s only initial concern is the level of debt relative to the net current assets.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities.  From a valuation side of things, the company appears to be fairly valued after growing its EPSmg (normalized earnings) from $0.87 in 2010 to an estimated $1.46 for 2014.  This level of demonstrated growth supports the market’s implied estimate of 7.39% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value that is within a margin of safety relative to the current price.  (See the full valuation)

Mastercard Inc. (MA)

Mastercard is suitable for the Enterprising Investor but not the Defensive Investor.  The Defensive Investor has concerns with the company’s low current ratio, short dividend history and high PEmg and PB ratios.  The Enterprising Investor has no major issues as the company passed all of the investor type’s requirements.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities through a review of ModernGraham’s valuation of Visa Inc. (V) and ModernGraham’s valuation of Capital One Financial (COF).  From a valuation perspective, the company appears to be fairly valued after growing its EPSmg (normalized earnings) from $0.84 in 2010 to an estimated $2.39 for 2014.  This level of demonstrated growth supports the market’s implied estimate of 11.31% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value that is within a margin of safety relative to the current price.  (See the full valuation)

The Mediocre (Defensive or Enterprising and Overvalued)

Graham Holdings Company (GHC)

Graham Holdings Company is suitable for Enterprising Investors but does not qualify for Defensive Investors.  The Defensive Investor has concerns about the low current ratio, the lack of sufficient earnings growth over the last ten years, and the high PEmg ratio.  The Enterprising Investor’s only concern is the lack of earnings growth over the last five years.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities.  As for a valuation, the company appears to be overvalued after seeing its EPSmg (normalized earnings) drop from $21.71 in 2010 to an estimated $21.66 for 2014.  This lack of earnings growth does not support the market’s implied estimate of 11.89% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s methods, to return an estimate of intrinsic value that is well above the market price at this time. (See the full valuation)

Jacobs Engineering Group (JEC)

Jacobs Engineering is suitable for the Enterprising Investor but not the Defensive Investor.  The Defensive Investor has concerns with the company’s low current ratio and lack of dividend payments.  The Enterprising Investor’s only initial concern is the lack of dividend payments.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing it to other opportunities.  From a valuation side of things, the company appears to be overvalued after growing its EPSmg (normalized earnings) from $2.61 in 2010 to only an estimated $2.86 for 2014.  This low level of demonstrated growth does not support the market’s implied estimate of 5.33% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value that is below the current price.  (See the full valuation)

The Bad (Speculative and Undervalued or Fairly Valued)

No companies fit this criteria this week.

The Ugly (Speculative and Overvalued)

Mr. Market

Delphi Automotive (DLPH)

Delphi Automotive is not suitable for either the Defensive Investor or the Enterprising Investor, in large part due to its short operating history post-bankruptcy.  In time, it may demonstrate sufficient financials to warrant interest from Intelligent Investors, but for now value investors have too many concerns.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should seek other opportunities.  From a valuation perspective, the company appears to be overvalued.  The ModernGraham valuation model, based on Benjamin Graham’s formulas, returns an estimate of intrinsic value below the market price at this time.  (See the full valuation)

Equity Residential (EQR)

Equity Residential is not suitable for either the Defensive Investor or the Enterprising Investor.  The Defensive Investor has major issues with the low current ratio, lack of earnings stability, and high PEmg ratio while the Enterprising Investor is concerned with the level of debt relative to current assets and the lack of earnings stability.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities.  As for a valuation, the company appears overvalued after growing its EPSmg (normalized earnings) from $0.04 in 2010 to an estimated $1.09 for 2014.  While this is an impressive level of demonstrated growth, it does not support the market’s implied estimate of 23.82% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s methods, to return an estimate of intrinsic value that is below the current market price.  (See the full valuation)

Target Corp (TGT)

Target Corp is not suitable for either the Defensive Investor or the Enterprising Investor.  For the Defensive Investor, the company has a current ratio too low and has not shown sufficient earnings growth over the last ten years.  The Enterprising Investor has concerns with the level of debt relative to the current assets.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities.  As for a valuation, the company appears to be overvalued after growing its EPSmg (normalized earnings) from $3.45 in 2011 to only an estimated $3.76 for 2015.  This low level of demonstrated growth does not support the market’s implied estimate of 3.51% earnings growth and leads the ModernGraham valuation model, which is based on Benjamin Graham’s formula, to return an estimate of intrinsic value that is well below the market price.  (See the full valuation)

Disclaimer:  The author held a long position in Apple Inc. (AAPL), Deere & Co. (DE), and Dover Corp (DOV), but did not hold a position in any of the other companies listed in this article at the time of publication and had no intention of changing that position within the next 72 hours.  Logos taken from either the company website or Wikipedia; this article is not affiliated with the companies in any manner.

Valuation Index

Updated as of July 20, 2017:

Here is a list of all companies currently covered by ModernGraham, as of the date listed above.  Clicking on the company name will bring you to the latest valuation of the company published by ModernGraham.

Ticker Name with Link
A Agilent Technologies Inc
AA Alcoa Corp
AAL American Airlines Group Inc
AAN Aaron’s, Inc.
AAP Advance Auto Parts, Inc.
AAPL Apple Inc.
AAXN Axon Enterprise Inc
ABBV AbbVie Inc
ABC AmerisourceBergen Corp.
ABT Abbott Laboratories
ACC American Campus Communities, Inc.
ACIW ACI Worldwide Inc
ACM Aecom
ACN Accenture Plc
ACXM Acxiom Corporation
ADBE Adobe Systems Incorporated
ADI Analog Devices, Inc.
ADM Archer Daniels Midland Company
ADP Automatic Data Processing
ADS Alliance Data Systems Corporation
ADSK Autodesk, Inc.
AEE Ameren Corp
AEO American Eagle Outfitters
AEP American Electric Power Company Inc
AES AES Corp
AET Aetna Inc
AFG American Financial Group Inc
AFL AFLAC Incorporated
AGCO AGCO Corporation
AGN Allergan plc Ordinary Shares
AHL Aspen Insurance Holdings Limited
AIG American International Group Inc
AIV Apartment Investment and Management Co
AIZ Assurant, Inc.
AJG Arthur J Gallagher & Co
AKAM Akamai Technologies, Inc.
AKRX Akorn, Inc.
ALB Albemarle Corporation
ALEX Alexander & Baldwin Inc
ALGN Align Technology, Inc.
ALK Alaska Air Group, Inc.
ALL Allstate Corp
ALLE Allegion PLC
ALXN Alexion Pharmaceuticals, Inc.
AMAT Applied Materials, Inc.
AMCX AMC Networks Inc
AMD Advanced Micro Devices, Inc.
AME AMETEK, Inc.
AMG Affiliated Managers Group, Inc.
AMGN Amgen, Inc.
AMP Ameriprise Financial, Inc.
AMT American Tower Corp
AMZN Amazon.com, Inc.
AN AutoNation, Inc.
ANF Abercrombie & Fitch Co.
ANSS ANSYS, Inc.
ANTM Anthem Inc
AON Aon plc Class A Ordinary Shares (UK)
AOS A. O. Smith Corp
APA Apache Corporation
APC Anadarko Petroleum Corporation
APD Air Products & Chemicals, Inc.
APH Amphenol Corporation
APOL Apollo Education Group Inc
ARE Alexandria Real Estate Equities Inc
ARLP Alliance Resource Partners, L.P.
ARRS ARRIS International plc
ARW Arrow Electronics, Inc.
ASH Ashland Global Holdings Inc.
ATI Allegheny Technologies Incorporated
AVB AvalonBay Communities Inc
AVGO Broadcom Ltd
AVP Avon Products, Inc.
AVY Avery Dennison Corp
AWK American Water Works Company Inc
AXP American Express Company
AYI Acuity Brands, Inc.
AZO AutoZone, Inc.
BA Boeing Co
BAC Bank of America Corp
BAX Baxter International Inc
BBBY Bed Bath & Beyond Inc.
BBT BB&T Corporation
BBY Best Buy Co Inc
BCR C R Bard Inc
BDX Becton Dickinson and Co
BEN Franklin Resources, Inc.
BF.B Brown-Forman Corporation
BGS B&G Foods, Inc.
BHI Baker Hughes A GE Co
BIIB Biogen Inc
BK Bank of New York Mellon Corp
BLK BlackRock, Inc.
BLL Ball Corporation
BMS Bemis Company, Inc.
BMY Bristol-Myers Squibb Co
BRK.B Berkshire Hathaway Inc.
BSX Boston Scientific Corporation
BWA BorgWarner Inc.
BXP Boston Properties, Inc.
C Citigroup Inc
CA CA, Inc.
CAG Conagra Brands Inc
CAH Cardinal Health Inc
CAM Cameron International Corporation
CAT Caterpillar Inc.
CB Chubb Ltd
CBG CBRE Group Inc
CBS CBS Corporation
CCE Coca-Cola European Partners plc Ordinary Shares
CCI Crown Castle International Corp. (REIT)
CCL Carnival Corp
CELG Celgene Corporation
CENX Century Aluminum Co
CERN Cerner Corporation
CEVA CEVA, Inc.
CF CF Industries Holdings, Inc.
CFG Citizens Financial Group Inc
CFNL Cardinal Financial Corporation
CFR Cullen/Frost Bankers, Inc.
CGI Celadon Group, Inc.
CGNX Cognex Corporation
CHCO City Holding Company
CHD Church & Dwight Co., Inc.
CHE Chemed Corporation
CHK Chesapeake Energy Corporation
CHRW C.H. Robinson Worldwide Inc
CHS Chico’s FAS, Inc.
CHSP Chesapeake Lodging Trust
CHTR Charter Communications, Inc.
CHUY Chuy’s Holdings Inc
CI CIGNA Corporation
CIEN Ciena Corporation
CIG Companhia Energetica de Minas Gers CEMIG
CINF Cincinnati Financial Corporation
CIR CIRCOR International, Inc.
CKH Seacor Holdings, Inc.
CL Colgate-Palmolive Company
CLD Cloud Peak Energy Inc.
CLF Cliffs Natural Resources Inc
CLGX Corelogic Inc
CLH Clean Harbors Inc
CLI Mack Cali Realty Corp
CLMS Calamos Asset Management, Inc
CLW Clearwater Paper Corp
CLX Clorox Co
CMA Comerica Incorporated
CMC Commercial Metals Company
CMCSA Comcast Corporation
CME CME Group Inc
CMG Chipotle Mexican Grill, Inc.
CMI Cummins Inc.
CMO Capstead Mortgage Corporation
CMP Compass Minerals International, Inc.
CMS CMS Energy Corporation
CMTL Comtech Telecomm. Corp.
CNC Centene Corp
CNK Cinemark Holdings, Inc.
CNMD CONMED Corporation
CNO CNO Financial Group Inc
CNP CenterPoint Energy, Inc.
CNSL Consolidated Communications Holdings Inc
CNX CONSOL Energy Inc.
COF Capital One Financial Corp.
COG Cabot Oil & Gas Corporation
COH Coach Inc
COHR Coherent, Inc.
COHU Cohu, Inc.
COL Rockwell Collins, Inc.
COLB Columbia Banking System Inc
COO Cooper Companies Inc
COP ConocoPhillips
COR CoreSite Realty Corp
CORE Core-Mark Holding Company, Inc.
COST Costco Wholesale Corporation
COTY Coty Inc
CPB Campbell Soup Company
CPF Central Pacific Financial Corp.
CPLA Capella Education Company
CPRT Copart, Inc.
CPS Cooper-Standard Holdings Inc
CPSI Computer Programs & Systems, Inc.
CPT Camden Property Trust
CRAY Cray Inc.
CRC California Resources Corp
CREE Cree, Inc.
CRI Carter’s, Inc.
CRL Charles River Laboratories Intl. Inc
CRM salesforce.com, inc.
CROX Crocs, Inc.
CRR CARBO Ceramics Inc.
CRS Carpenter Technology Corporation
CRVL CorVel Corporation
CRY Cryolife Inc
CRZO Carrizo Oil & Gas Inc
CSCO Cisco Systems, Inc.
CSGS CSG Systems International, Inc.
CSL Carlisle Companies, Inc.
CSRA CSRA Inc
CST CST Brands Inc
CSX CSX Corporation
CTAS Cintas Corporation
CTL Centurylink Inc
CTRE Caretrust REIT Inc
CTS CTS Corporation
CTSH Cognizant Technology Solutions Corp
CTXS Citrix Systems, Inc.
CUB Cubic Corporation
CUBI Customers Bancorp Inc
CUZ Cousins Properties Inc
CVBF CVB Financial Corp.
CVCO Cavco Industries, Inc.
CVG Convergys Corp
CVGW Calavo Growers, Inc.
CVLT CommVault Systems, Inc.
CVS CVS Health Corp
CVX Chevron Corporation
CWT California Water Service Group
CXO Concho Resources Inc
CXW Corecivic Inc
CY Cypress Semiconductor Corporation
CYH Community Health Systems
D Dominion Energy Inc
DAKT Daktronics, Inc.
DAL Delta Air Lines, Inc.
DAN Dana Inc
DAR Darling Ingredients Inc
DBD Diebold Nixdorf Inc
DCI Donaldson Company, Inc.
DCOM Dime Community Bancshares, Inc.
DD E I Du Pont De Nemours And Co
DDD 3D Systems Corporation
DE Deere & Company
DEI Douglas Emmett, Inc.
DFS Discover Financial Services
DG Dollar General Corp.
DGX Quest Diagnostics Inc
DHI D.R. Horton, Inc.
DHR Danaher Corporation
DIS Walt Disney Co
DISCA Discovery Communications Inc.
DISCK Discovery Communications Inc.
DLPH Delphi Automotive PLC
DLR Digital Realty Trust, Inc.
DLTR Dollar Tree, Inc.
DNB Dun & Bradstreet Corp
DNR Denbury Resources Inc.
DO Diamond Offshore Drilling Inc
DOV Dover Corp
DOW Dow Chemical Co
DPS Dr Pepper Snapple Group Inc.
DRI Darden Restaurants, Inc.
DTE DTE Energy Co
DUK Duke Energy Corp
DVA Davita Inc
DVN Devon Energy Corp
EA Electronic Arts Inc.
EBAY eBay Inc
ECL Ecolab Inc.
ED Consolidated Edison, Inc.
EFX Equifax Inc.
EIX Edison International
EL Estee Lauder Companies Inc
EMN Eastman Chemical Company
EMR Emerson Electric Co.
ENDP Endo International plc – Ordinary Shares
EOG EOG Resources Inc
EPD Enterprise Products Partners L.P.
EQIX Equinix, Inc.
EQR Equity Residential
EQT EQT Corporation
ES Eversource Energy
ESRX Express Scripts Holding Company
ESS Essex Property Trust Inc
ESV ENSCO PLC
ETFC E*TRADE Financial Corp
ETN Eaton Corporation, PLC Ordinary Shares
ETR Entergy Corporation
EVHC Envision Healthcare Corporation
EW Edwards Lifesciences Corp
EXC Exelon Corporation
EXPD Expeditors International of Washington
EXPE Expedia Inc
EXR Extra Space Storage, Inc.
F Ford Motor Company
FAST Fastenal Company
FB Facebook Inc
FBHS Fortune Brands Home & Security Inc
FCX Freeport-McMoRan Inc
FDX FedEx Corporation
FE FirstEnergy Corp.
FFIV F5 Networks, Inc.
FIS Fidelity National Information Servcs Inc
FISV Fiserv Inc
FITB Fifth Third Bancorp
FL Foot Locker, Inc.
FLIR FLIR Systems, Inc.
FLR Fluor Corporation (NEW)
FLS Flowserve Corp
FMC FMC Corp
FOSL Fossil Group Inc
FOXA Twenty-First Century Fox Inc
FRT Federal Realty Investment Trust
FSLR First Solar, Inc.
FTI TechnipFMC plc Ordinary Share
FTR Frontier Communications Corp
FTV Fortive Corp
GAS AGL Resources Inc.
GD General Dynamics Corporation
GE General Electric Company
GG Goldcorp Inc. (USA)
GGP GGP Inc
GHC Graham Holdings Co
GILD Gilead Sciences, Inc.
GIS General Mills, Inc.
GLW Corning Incorporated
GM General Motors Company
GME GameStop Corp.
GNW Genworth Financial Inc
GOOG Alphabet Inc
GOOGL Alphabet Inc
GPC Genuine Parts Company
GPN Global Payments Inc
GPS Gap Inc
GRMN Garmin Ltd.
GS Goldman Sachs Group Inc
GT Goodyear Tire & Rubber Co
GWW W W Grainger Inc
HAL Halliburton Company
HAR Harman International Industries Inc
HAS Hasbro, Inc.
HBAN Huntington Bancshares Incorporated
HBI Hanesbrands Inc.
HCA HCA Healthcare Inc
HCN Welltower Inc
HCP HCP, Inc.
HD Home Depot Inc
HES Hess Corp.
HIG Hartford Financial Services Group Inc
HOG Harley-Davidson Inc
HOLX Hologic, Inc.
HON Honeywell International Inc.
HP Helmerich & Payne, Inc.
HPE Hewlett Packard Enterprise Co
HPQ HP Inc
HRB H & R Block Inc
HRL Hormel Foods Corp
HRS Harris Corporation
HSIC Henry Schein, Inc.
HST Host Hotels and Resorts Inc
HSY Hershey Co
HUM Humana Inc
IBM International Business Machines Corp.
ICE Intercontinental Exchange Inc
IDXX IDEXX Laboratories, Inc.
IFF International Flavors & Fragrances Inc
IIVI II-VI, Inc.
ILG ILG Inc
ILMN Illumina, Inc.
IM Ingram Micro Inc.
IMO Imperial Oil Ltd (USA)
INDB Independent Bank Corp
INFY Infosys Ltd ADR
INGN Inogen Inc
INGR Ingredion Inc
INN Summit Hotel Properties Inc
INT World Fuel Services Corp
INTC Intel Corporation
INTL INTL Fcstone Inc
INTU Intuit Inc.
IOSP Innospec Inc.
IP International Paper Co
IPAR Inter Parfums, Inc.
IPCC Infinity Property and Casualty Corp.
IPG Interpublic Group of Companies Inc
IPGP IPG Photonics Corporation
IPHS Innophos Holdings, Inc.
IPI Intrepid Potash, Inc.
IPXL Impax Laboratories Inc
IR Ingersoll-Rand PLC
IRBT iRobot Corporation
IRDM Iridium Communications Inc
IRM Iron Mountain Incorporated (Delaware) REIT
ISCA International Speedway Corp
ISRG Intuitive Surgical, Inc.
ITG Investment Technology Group
ITRI Itron, Inc.
ITT ITT Inc.
ITW Illinois Tool Works Inc.
IVC Invacare Corporation
IVZ Invesco Ltd.
JACK Jack in the Box Inc.
JBHT J B Hunt Transport Services Inc
JBL Jabil Inc
JBLU JetBlue Airways Corporation
JBT John Bean Technologies Corp
JCI Johnson Controls International plc Ordinary Share
JCP J C Penney Company Inc
JEC Jacobs Engineering Group Inc
JJSF J & J Snack Foods Corp
JKHY Jack Henry & Associates, Inc.
JLL Jones Lang LaSalle Inc
JNJ Johnson & Johnson
JNPR Juniper Networks, Inc.
JOY Joy Global Inc.
JPM JPMorgan Chase & Co.
JW.A John Wiley & Sons Inc
JWN Nordstrom, Inc.
K Kellogg Company
KALU Kaiser Aluminum Corp.
KAMN Kaman Corporation
KATE Kate Spade & Co
KBH KB Home
KBR KBR, Inc.
KELYA Kelly Services, Inc.
KEX Kirby Corporation
KEY KeyCorp
KEYS Keysight Technologies Inc
KFY Korn/Ferry International
KHC Kraft Heinz Co
KIM Kimco Realty Corp
KIRK Kirkland’s, Inc.
KKR KKR & Co. L.P.
KLAC KLA-Tencor Corp
KLIC Kulicke and Soffa Industries Inc.
KLXI KLX Inc
KMB Kimberly Clark Corp
KMI Kinder Morgan Inc
KMPR Kemper Corp
KMT Kennametal Inc.
KMX CarMax, Inc
KN Knowles Corp
KND Kindred Healthcare, Inc.
KNX Knight Transportation
KO The Coca-Cola Co
KOP Koppers Holdings Inc.
KOPN Kopin Corporation
KORS Michael Kors Holdings Ltd
KR Kroger Co
KRA Kraton Corp
KRC Kilroy Realty Corp
KRG Kite Realty Group Trust
KS KapStone Paper and Packaging Corp.
KSS Kohl’s Corporation
KSU Kansas City Southern
KWR Quaker Chemical Corp
L Loews Corporation
LABL Multi-Color Corporation
LAD Lithia Motors Inc
LAMR Lamar Advertising Company
LANC Lancaster Colony Corp.
LB L Brands Inc
LCI Lannett Company, Inc.
LDL Lydall, Inc.
LDOS Leidos Holdings, Inc.
LDR Landauer Inc
LECO Lincoln Electric Holdings, Inc.
LEG Leggett & Platt, Inc.
LEN Lennar Corporation
LFUS Littelfuse, Inc.
LGIH LGI Homes Inc
LGND Ligand Pharmaceuticals Inc.
LH Laboratory Corp. of America Holdings
LHCG LHC Group, Inc.
LHO LaSalle Hotel Properties
LII Lennox International Inc.
LITE Lumentum Holdings Inc
LKQ LKQ Corporation
LL Lumber Liquidators Holdings Inc
LLL L3 Technologies Inc
LLTC Linear Technology Corporation
LLY Eli Lilly and Co
LM Legg Mason Inc
LMNX Luminex Corporation
LMOS Lumos Networks Corp
LMT Lockheed Martin Corporation
LNC Lincoln National Corporation
LNN Lindsay Corporation
LNT Alliant Energy Corporation
LOCO El Pollo LoCo Holdings Inc
LOGM LogMeIn Inc
LOW Lowe’s Companies, Inc.
LPNT LifePoint Health Inc
LPSN LivePerson, Inc.
LPT Liberty Property Trust
LPX Louisiana-Pacific Corporation
LQDT Liquidity Services, Inc.
LRCX Lam Research Corporation
LSTR Landstar System, Inc.
LTC LTC Properties Inc
LTXB LegacyTexas Financial Group Inc
LUK Leucadia National Corp.
LUV Southwest Airlines Co
LVLT Level 3 Communications, Inc.
LXP Lexington Realty Trust
LYB LyondellBasell Industries NV
LYV Live Nation Entertainment, Inc.
M Macy’s Inc
MA Mastercard Inc
MAA Mid-America Apartment Communities Inc
MAC Macerich Co
MAIN Main Street Capital Corporation
MAR Marriott International Inc
MAS Masco Corp
MAT Mattel, Inc.
MCD McDonald’s Corporation
MCHP Microchip Technology Inc.
MCK McKesson Corporation
MCO Moody’s Corporation
MDLZ Mondelez International Inc
MDT Medtronic plc. Ordinary Shares
MET Metlife Inc
MHK Mohawk Industries, Inc.
MKC McCormick & Company, Incorporated
MLM Martin Marietta Materials, Inc.
MMC Marsh & McLennan Companies, Inc.
MMM 3M Co
MMP Magellan Midstream Partners, L.P.
MNK Mallinckrodt PLC
MNST Monster Beverage Corporation
MO Altria Group Inc
MON Monsanto Company
MOS Mosaic Co
MPC Marathon Petroleum Corp
MRK Merck & Co., Inc.
MRO Marathon Oil Corporation
MS Morgan Stanley
MSFT Microsoft Corporation
MSI Motorola Solutions Inc
MTB M&T Bank Corporation
MTD Mettler-Toledo International Inc.
MTSC MTS Systems Corporation
MU Micron Technology, Inc.
MUR Murphy Oil Corporation
MYL Mylan N.V.
NAVI Navient Corp
NBL Noble Energy, Inc.
NBR Nabors Industries Ltd.
NDAQ Nasdaq Inc
NE Noble Corporation Ordinary Shares (UK)
NEE NextEra Energy Inc
NEM Newmont Mining Corp
NFLX Netflix, Inc.
NFX Newfield Exploration Co.
NI NiSource Inc.
NKE Nike Inc
NLSN Nielsen N.V. Ordinary Shares
NNN National Retail Properties, Inc.
NOC Northrop Grumman Corporation
NOV National-Oilwell Varco, Inc.
NPK National Presto Industries Inc.
NRP Natural Resource Partners LP
NSC Norfolk Southern Corp.
NTAP NetApp Inc.
NTRS Northern Trust Corporation
NUE Nucor Corporation
NVDA NVIDIA Corporation
NWL Newell Brands Inc
NWS News Corp
NWSA News Corp
O Realty Income Corp
OI Owens-Illinois Inc
OKE ONEOK, Inc.
OLN Olin Corporation
OMC Omnicom Group Inc.
ORCL Oracle Corporation
ORLY O’Reilly Automotive Inc
OXY Occidental Petroleum Corporation
PAYX Paychex, Inc.
PBCT People’s United Financial, Inc.
PBI Pitney Bowes Inc.
PCAR PACCAR Inc
PCG PG&E Corporation
PCLN Priceline Group Inc
PDCO Patterson Companies, Inc.
PEG Public Service Enterprise Group Inc.
PEP PepsiCo, Inc.
PFE Pfizer Inc.
PFG Principal Financial Group Inc
PG Procter & Gamble Co
PGR Progressive Corp
PH Parker-Hannifin Corp
PHM PulteGroup, Inc.
PKI PerkinElmer, Inc.
PLD Prologis Inc
PM Philip Morris International Inc.
PMD Psychemedics Corp.
PNC PNC Financial Services Group Inc
PNR Pentair plc. Ordinary Share
PNW Pinnacle West Capital Corporation
PPG PPG Industries, Inc.
PPL PPL Corp
PRGO Perrigo Company plc Ordinary Shares
PRU Prudential Financial Inc
PSA Public Storage
PSX Phillips 66
PVH PVH Corp
PWR Quanta Services Inc
PX Praxair, Inc.
PXD Pioneer Natural Resources
PYPL Paypal Holdings Inc
QCOM QUALCOMM, Inc.
QEP QEP Resources Inc
QRVO Qorvo Inc
R Ryder System, Inc.
RAI Reynolds American, Inc.
RAVN Raven Industries, Inc.
RBC Regal Beloit Corp
RDC Rowan Companies PLC
REGN Regeneron Pharmaceuticals Inc
RF Regions Financial Corp
RHI Robert Half International Inc.
RHT Red Hat Inc
RIG Transocean LTD
RL Ralph Lauren Corp
ROK Rockwell Automation
ROP Roper Technologies Inc
ROST Ross Stores, Inc.
RRC Range Resources Corp.
RSG Republic Services, Inc.
RTN Raytheon Company
SAIA Saia Inc
SAIC Science Applications International Corp
SAM Boston Beer Company Inc
SANM Sanmina Corp
SBNY Signature Bank
SBRA Sabra Health Care REIT Inc
SBSI Southside Bancshares, Inc.
SBUX Starbucks Corporation
SCAI Surgical Care Affiliates Inc
SCG SCANA Corporation
SCHL Scholastic Corp
SCHW Charles Schwab Corp
SCI Service Corporation International
SCLN SciClone Pharmaceuticals, Inc.
SCSC ScanSource, Inc.
SCSS Select Comfort Corp.
SCVL Shoe Carnival, Inc.
SE Spectra Energy Corp.
SEE Sealed Air Corp
SEIC SEI Investments Company
SEM Select Medical Holdings Corporation
SENEA Seneca Foods Corp
SF Stifel Financial Corp
SFBS ServisFirst Bancshares, Inc.
SFNC Simmons First National Corporation
SGMS Scientific Games Corp
SHLM A Schulman Inc
SHOO Steven Madden, Ltd.
SHW Sherwin-Williams Co
SIG Signet Jewelers Ltd.
SIGI Selective Insurance Group
SIVB SVB Financial Group
SJI South Jersey Industries Inc
SJM J M Smucker Co
SKT Tanger Factory Outlet Centers Inc.
SKYW SkyWest, Inc.
SLAB Silicon Laboratories
SLB Schlumberger Limited.
SLCA U.S. Silica Holdings Inc
SLG SL Green Realty Corp
SLGN Silgan Holdings Inc.
SLM SLM Corp
SLW SWISS LIFE HLDG SF 5,10
SM SM Energy Co
SMCI Super Micro Computer, Inc.
SMG Scotts Miracle-Gro Co
SMP Standard Motor Products, Inc.
SMRT Stein Mart, Inc.
SMTC Semtech Corporation
SNA Snap-on Incorporated
SNCR Synchronoss Technologies, Inc.
SNH Senior Housing Properties Trust
SNI Scripps Networks Interactive, Inc.
SNPS Synopsys, Inc.
SNV Synovus Financial Corp.
SO Southern Co
SON Sonoco Products Co
SONC Sonic Corporation
SPG Simon Property Group Inc
SPGI S&P Global Inc
SPH Suburban Propane Partners LP
SPLS Staples, Inc.
SPN Superior Energy Services, Inc.
SPOK Spok Holdings, Inc.
SPPI Spectrum Pharmaceuticals, Inc.
SPSC SPS Commerce, Inc.
SPTN SpartanNash Co
SPXC SPX Corp
SR Spire Inc
SRCL Stericycle Inc
SRDX SurModics, Inc.
SRE Sempra Energy
SSD Simpson Manufacturing Co, Inc.
SSI Stage Stores Inc
SSP E. W. Scripps Co
SSTK Shutterstock Inc
STBA S & T Bancorp Inc
STC Stewart Information Services Corp
STE Steris PLC
STI SunTrust Banks, Inc.
STL Sterling Bancorp
STLD Steel Dynamics, Inc.
STMP Stamps.com Inc.
STRA Strayer Education Inc
STT State Street Corp
STWD Starwood Property Trust, Inc.
STX Seagate Technology PLC
STZ Constellation Brands, Inc.
SUP Superior Industries International Inc
SUPN Supernus Pharmaceuticals Inc
SVU SUPERVALU INC.
SWK Stanley Black & Decker, Inc.
SWKS Skyworks Solutions Inc
SWM Schweitzer-Mauduit International, Inc.
SWN Southwestern Energy Company
SXC SunCoke Energy Inc
SXI Standex Int’l Corp.
SXT Sensient Technologies Corporation
SYF Synchrony Financial
SYK Stryker Corporation
SYKE Sykes Enterprises, Incorporated
SYMC Symantec Corporation
SYY SYSCO Corporation
T AT&T Inc.
TAP Molson Coors Brewing Co
TBI Trueblue Inc
TCBI Texas Capital Bancshares Inc
TCF TCF Financial Corporation
TCO Taubman Centers, Inc.
TDC Teradata Corporation
TDG TransDigm Group Incorporated
TDS Telephone & Data Systems, Inc.
TDW Tidewater Inc.
TDY Teledyne Technologies Incorporated
TECD Tech Data Corp
TECH BIO-TECHNE Corp
TEL TE Connectivity Ltd
TER Teradyne, Inc.
TESO Tesco Corporation (USA)
TEX Terex Corporation
TFX Teleflex Incorporated
TGNA Tegna Inc
TGT Target Corporation
THC Tenet Healthcare Corp
TIF Tiffany & Co.
TJX TJX Companies Inc
TMK Torchmark Corporation
TMO Thermo Fisher Scientific Inc.
TRIP Tripadvisor Inc
TROW T. Rowe Price Group Inc
TRV Travelers Companies Inc
TSCO Tractor Supply Company
TSE:ARE Aecon Group Inc
TSE:CEU CES Energy Solutions Corp
TSE:CFP Canfor Corporation
TSE:CG Centerra Gold Inc.
TSE:CGX Cineplex Inc
TSE:CHE.UN Chemtrade Logistics Income Fund
TSE:CIX CI Financial Corp
TSE:CJR.B Corus Entertainment Inc.
TSE:CLS Celestica Inc
TSE:CM Canadian Imperial Bank of Commerce
TSE:CNQ Canadian Natural Resources Limited
TSE:CNR Canadian National Railway Company
TSE:CP Canadian Pacific Railway Limited
TSE:CPG Crescent Point Energy Corp
TSE:CPX Capital Power Corp
TSE:CR Crew Energy Inc
TSE:CRR.UN Crombie Real Estate Investment Trust
TSE:CSH.UN Chartwell Retirement Residences
TSE:CSU Constellation Software Inc.
TSE:CTC.A Canadian Tire Corporation Limited
TSE:CU Canadian Utilities Limited
TSE:CUF.UN Cominar REIT
TSE:CVE Cenovus Energy Inc
TSE:CWB Canadian Western Bank
TSE:DDC Dominion Diamond Corp
TSE:D.UN Dream Office Real Estate Investment Trst
TSE:IGM IGM Financial Inc.
TSE:IMG IAMGOLD Corp
TSE:INE Innergex Renewable Energy Inc
TSE:IPL Inter Pipeline Ltd
TSE:ITP Intertape Polymer Group
TSE:IVN Ivanhoe Mines Ltd
TSE:JE Just Energy Group Inc
TSE:KDX Klondex Mines Ltd
TSE:KEL Kelt Exploration Ltd
TSE:KL KIRKLAND LAKE GOLD LTD
TSE:KXS Kinaxis Inc
TSE:LIF LABRADOR IRON ORE ROYALTY CORPORATION
TSE:LNR Linamar Corporation
TSE:LUC Lucara Diamond Corp
TSE:LUN Lundin Mining Corporation
TSE:SAP Saputo Inc.
TSE:SCL Shawcor Ltd
TSE:SES Secure Energy Services Inc
TSE:SGY Surge Energy Inc
TSE:SJ Stella-Jones Inc
TSE:SJR.B Shaw Communications Inc
TSE:SLF Sun Life Financial Inc
TSE:SMF Semafo Inc.
TSE:SNC Snc-Lavalin Group Inc
TSE:SPB Superior Plus Corp.
TSE:SPE Spartan Energy Corp
TSE:SRU.UN Smart REIT
TSE:SSL Sandstorm Gold Ltd
TSE:SSO Silver Standard Resources Inc.
TSE:STN Stantec Inc.
TSE:SU Suncor Energy Inc.
TSE:SW Sierra Wireless, Inc.
TSE:TA TransAlta Corporation
TSE:TCL.A Transcontinental Inc.
TSE:TCN Tricon Capital Group Inc
TSE:TD Toronto-Dominion Bank
TSE:TECK.B Teck Resources Ltd
TSE:tFII TFI International Inc
TSN Tyson Foods, Inc.
TSO Tesoro Corporation
TSS Total System Services, Inc.
TWX Time Warner Inc
TXN Texas Instruments Incorporated
TXT Textron Inc.
UA Under Armour Inc
UAA Under Armour Inc
UDR UDR, Inc.
UHS Universal Health Services, Inc.
ULTA Ulta Beauty Inc
UNH UnitedHealth Group Inc
UNIT Uniti Group Inc
UNM Unum Group
UNP Union Pacific Corporation
UPS United Parcel Service, Inc.
URBN Urban Outfitters, Inc.
URI United Rentals, Inc.
USB U.S. Bancorp
UTX United Technologies Corporation
V Visa Inc
VAR Varian Medical Systems, Inc.
VFC VF Corp
VIAB Viacom, Inc.
VLO Valero Energy Corporation
VMC Vulcan Materials Company
VNO Vornado Realty Trust
VRSK Verisk Analytics, Inc.
VRSN Verisign, Inc.
VRTX Vertex Pharmaceuticals Incorporated
VTR Ventas, Inc.
VZ Verizon Communications Inc.
WAT Waters Corporation
WBA Walgreens Boots Alliance Inc
WDC Western Digital Corp
WEC WEC Energy Group Inc
WFC Wells Fargo & Co
WFM Whole Foods Market, Inc.
WHR Whirlpool Corporation
WIN Windstream Holdings, Inc.
WM Waste Management, Inc.
WMB Williams Companies Inc
WMT Wal-Mart Stores Inc
WNR Western Refining, Inc.
WPX WPX Energy Inc
WR Westar Energy Inc
WRK WestRock Co
WU The Western Union Company
WWW Wolverine World Wide, Inc.
WY Weyerhaeuser Co
WYN Wyndham Worldwide Corporation
WYNN Wynn Resorts, Limited
X United States Steel Corporation
XEL Xcel Energy Inc
XL XL Group Ltd.
XLNX Xilinx, Inc.
XOM Exxon Mobil Corporation
XRAY DENTSPLY SIRONA Inc
XRX Xerox Corp
XYL Xylem Inc
YUM Yum! Brands, Inc.
ZBH Zimmer Biomet Holdings Inc
ZION Zions Bancorp
ZTS Zoetis Inc
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