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16 Companies in the Spotlight This Week – 3/8/14

image (7)We looked at 16 different companies this week.  Here’s a summary of the ModernGraham Valuations.  For more detailed analysis, click on the name of the company.  To see screens of all of our valuations, be sure to get a copy of this month’s edition of ModernGraham Stocks and Screens!

The Elite (Defensive or Enterprising and Undervalued)

  • 500px-Aflac.svgAflac Inc. (AFL) - Aflac is suitable for either the Defensive Investor or the Enterprising Investor, having passed all of the requirements of each investor type.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research into the company.  Such research may include a review of ModernGraham’s valuation of Unum Group (UNM) or 5 Low PEmg Companies for the Defensive Investor.  From a valuation perspective, the company appears strong, having grown its EPSmg (normalized earnings) from $3.01 in 2009 to $5.59 for 2013.  This is a level of demonstrated historical growth that significantly outpaces the market’s current implied estimate of only 1.57% earnings growth.  The ModernGraham valuation model accordingly returns an estimate of intrinsic value that is well above a margin of safety when compared to the market price.

The Good (Defensive or Enterprising and Fairly Valued)

  • Exxon Mobil Corporation (XOM) - Exxon Mobil Corporation is suitable for the Defensive Investor after having passed every one of the investor type’s requirements except for the current ratio.  The company is then also suitable for the Enterprising Investor by default, despite having a high level of debt relative to the company’s current assets.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and the potential investment opportunity.  This research should also include a review of ModernGraham’s valuation of Chevron Corporation (CVX) and a list of 5 Undervalued Companies for the Defensive Investor.  From a valuation perspective, the company appears to be fairly valued after growing its EPSmg (normalized earnings) from $6.39 in 2009 to $7.82 for 2013.  This level of growth supports the market’s current implied estimate of earnings growth of 1.9%, leading the ModernGraham valuation model to return an estimate of intrinsic value that falls within a margin of safety when compared to the current price.

 

  • Norfolk Southern Corporation (NSC) - Norfolk Southern Corporation is suitable for the Defensive Investor, having passed every requirement of the investor type except for the current ratio requirement.  The company is also suitable for the Enterprising Investor by default since it qualifies for Defensive Investors, despite having a higher level of debt relative to current assets than the Enterprising Investor typically likes to see.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research into the company.  One example of further research may be to compare the company to a competitor such as through a review of ModernGraham’s valuation of Union Pacific Corp (UNP).  From a valuation perspective, the company has grown its EPSmg (normalized earnings) from $3.56 in 2009 to $5.29 for 2013.  This is a solid level of historically demonstrated growth that surpasses the market’s current implied estimate for earnings growth of 4.63%, and the ModernGraham valuation model returns an estimate of intrinsic value that is greater than the market price, indicating the company may be undervalued presently.

 

  • Teradata Corporation (TDC) - Teradata Corporation appears suitable for the Enterprising Investor but not the Defensive Investor due to the lack of dividend payments and the high PEmg and PB ratios.  The Enterprising Investor’s only concern is the lack of dividend payments, which is not enough of a concern by itself to eliminate the company from potential investment.  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.  Such research should include comparison to other opportunities such as through a review of ModernGraham’s valuation of International Business Machines (IBM) and ModernGraham’s valuation of Oracle (ORCL).  From a valuation perspective, the company appears fairly valued, having grown its EPSmg (normalized earnings) from $1.29 in 2009 to $2.15 for 2013.  This is a solid level of growth that supports the market’s implied estimate of earnings growth in the amount of 6.43%, leading the ModernGraham valuation model to return an estimate of intrinsic value that falls within a margin of safety in relation to the price.

 

  • Urban Outfitters Inc. (URBN) - Urban Outfitters Inc. appears suitable for the Enterprising Investor but not the Defensive Investor, due to the lack of dividend payments and high PEmg and PB ratios.  The Enterprising Investor is not quite as strict as the Defensive Investor, due to the Enterprising Investor’s willingness to undergo extensive analysis, and the only initial drawback of the company for the Enterprising Investor is the lack of dividend payments.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable conducting further research into this company, including a review into other opportunities such as by reading ModernGraham’s valuation of The Gap Inc. (GPS) and a list of 5 Low PEmg Companies for the Enterprising Investor.  From a valuation perspective, the company appears to be fairly valued at the present time.  The company has grown its EPSmg (normalized earnings) from $1.07 in 2010 to an estimated $1.58 for 2014, a level of growth that supports the market’s implied estimate of earnings growth of 7.61%.  The ModernGraham valuation model accordingly returns an estimate of intrinsic value that falls within a safety margin in relation to the current price.

 

  • VF Corporation (VFC) - VF Corporation is suitable for the Enterprising Investor but not the Defensive Investor, due to the high PEmg and PB ratios.  The company passes all of the requirements of the Enterprising Investor, and that investor type should feel comfortable proceeding with further research into to the company.  Such research should also include a review of other opportunities, such as through a review of ModernGraham’s valuation of Nike Inc. (NKE).  From a valuation standpoint, the company appears fairly valued after growing its EPSmg (normalized earnings) from $1.21 in 2009 to $2.19 for 2013.  This is a level of demonstrated historical growth that supports the market’s implied estimate for earnings growth of 9.11%, and the ModernGraham valuation model returns an intrinsic value estimate that falls within a margin of safety in relation to the price.

 

  • Waters Corporation (WAT) - Waters Corporation is not suitable for the Defensive Investor because it does not pay a dividend and is currently trading at high PEmg and PB ratios.  The Enterprising Investor is willing to overlook the lack of a dividend payment, however, because the company passes all of the investor type’s other requirements.  As a result, Enterprising Investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company.  further research should also include a review of other opportunities.  As for a valuation, the company has grown its EPSmg (normalized earnings) from $2.89 in 2009 to $4.82, an impressive level of demonstrated historical growth that supports the market’s implied estimate of earnings growth of 7.43%.  Accordingly, the ModernGraham valuation model returns an estimate of intrinsic value that is within a margin of safety relative to the market price, and the company appears to be fairly valued.

 

  • Xcel Energy Inc. (XEL) - Xcel Energy Inc. is a very intriguing utility company, having passed every requirement of the Defensive Investor except the current ratio requirement. It also qualifies for the Enterprising Investor by default because it is suitable for Defensive Investors, despite having a level of debt relative to its current assets that normally turns Enterprising Investors away.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable researching the company further.  From a valuation perspective, the company appears to be fairly valued, having grown its EPSmg (normalized earnings) from $1.42 in 2009 to $1.79 in 2013.  This level of historically demonstrated growth supports the market’s implied estimate of earnings growth of 4.15%, leading the ModernGraham valuation model to return an estimate of intrinsic value that falls within a margin of safety relative to the market price.

The Mediocre (Defensive or Enterprising and Overvalued)

  • Garmin Ltd. (GRMN) - Garmin is a strong company suitable for Defensive Investors and Enterprising Investors, but it doesn’t have a strong valuation at this time.  The company only fails the Defensive Investor’s PB ratio requirement, and the Enterprising Investor’s earnings growth over 5 years requirement.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable researching the company further and certainly keeping it on a watch list going forward.  As for the valuation, the company has seen a slight drop in EPSmg (normalized earnings) over the last 5 years, from $3.28 in 2009 to $2.94 for 2013.  This historical performance does not support the market’s implied estimate for earnings growth of 5.03%, and leads the ModernGraham valuation model to return an estimate of intrinsic value that trails the market price, indicating the company may be overvalued at the current time.  If the earnings improve significantly in 2014, and return the company to growth, then the valuation may improve.

 

  • General Electric (GE) - General Electric appears suitable for either the Defensive Investor or the Enterprising Investor; however, the lack of earnings growth is a serious concern for either investor type.  The Defensive Investor is disappointed in the insufficient earnings growth over the ten year historical period and the Enterprising Investor is frustrated by the lack of growth over even a five year historical period.  Both investor types should keep the company on their watch lists.  From a valuation perspective, the lack of earnings growth plays a big factor.  The company has seen a drop in EPSmg (normalized earnings) from $1.64 in 2009 to $1.33 for 2013.  Until the earnings improve, the company’s historical performance does not support the market’s implied growth estimate of 5.33%.  As a result, the ModernGraham valuation model returns an estimate of intrinsic value that is below the current price, indicating the company is overvalued.

 

  • Halliburton Company (HAL) - Halliburton is suitable for the Enterprising Investor but not the Defensive Investor, due to high PEmg and PB ratios.  The company passes all of the requirements of the Enterprising Investor.  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.  That research could include a review of ModernGraham’s valuation of Schlumberger Limited (SLB).  From a valuation perspective, the company has risen its EPSmg (normalized earnings) from $1.98 in 2009 to $2.52 for 2013, a level of demonstrated historical growth that does not provide enough support for the market’s current implied estimate of earnings growth of 7.05%.  The low earnings growth results in the ModernGraham valuation model providing an estimate of intrinsic value that is below the market’s current price, indicating the company may be overvalued currently.

 

  • Regal-Beloit Corp (RBC) - Regal-Beloit Corporation is suitable for either the Defensive Investor or Enterprising Investor.  The only test for either investor type that the company did not pass was the Defensive Investor’s PEmg requirement.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research, including a review of 5 Outstanding Dow Components.  From a valuation standpoint, the company does not fare as well after poor growth in EPSmg (normalized earnings) from $3.19 in 2009 to $3.57 for 2013.  This low level of historically demonstrated growth does not support the market’s current implied estimate of growth of 6.42%, leading the ModernGraham valuation model to return an estimate of intrinsic value that trails the current price.

 

The Bad (Speculative and Undervalued or Fairly Valued)

  • Coca-Cola Company (KO) - Coca-Cola is a difficult company for value investors because it is so famous for being one of Warren Buffett’s favorite investments, but the fact is that Buffett has moved away from Benjamin Graham’s teachings most likely because Buffett is able to exert significant pressure on management.  As Coke looks today, it does not appear suitable for either the Defensive Investor or the Enterprising Investor.  The company’s current ratio is too low and the company’s PB ratio is far too high for the Defensive Investor, and the company holds too much debt relative to its current assets for the Enterprising Investor.  Value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities.  From a valuation perspective, the company appears to be fairly valued after growing its EPSmg (normalized earnings) from $1.29 in 2009 to $1.96.  This level of growth supports the market’s implied estimate for earnings growth of 5.48%, leading the ModernGraham valuation model to return an estimate of intrinsic value that is within a margin of safety as the price.

The Ugly (Speculative and Overvalued)

Mr. Market

  • Host Hotels & Resorts (HST) - Host Hotels and Resorts is a better than average REIT, but still does not qualify for either the Defensive Investor or the Enterprising Investor.  The company’s poor earnings stability, lack of earnings growth, and high PEmg ratio are all disqualifying factors.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities.  From a valuation perspective, the earnings situation severely impacts the ModernGraham valuation model’s view of the company.  The company’s EPSmg (normalized earnings) have gone from $0.34 in 2009 to $0.04 for 2013, and at the $0.04 level, the PEmg is through the roof.  As a result, the ModernGraham valuation model indicates the company may be overvalued presently.

 

  • Verizon Communications (VZ) - Verizon Communications is not suitable for either the Defensive Investor or the Enterprising Investor.  For the Defensive Investor, the company has not shown sufficient earnings growth over the ten year historical period, and is trading at too high PEmg and PB ratios.  For the Enterprising Investor, the company has too much debt relative to its current assets and has not grown its EPSmg (normalized earnings) over the five year historical period.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities.  From a valuation perspective, the company does not fare well, after seeing EPSmg fall from $1.84 in 2009 to $1.79 in 2013.  This demonstrated lack of earnings growth does not support the market’s implied growth rate estimate of 8.95%, and the ModernGraham valuation model returns an intrinsic value estimate that is significantly below the market price.

 

  • Yum Brands Inc. (YUM) - Yum Brands does not qualify for either the Defensive Investor or the Enterprising Investor.  The Defensive Investor is turned away by the low current ratio, and the high PEmg and PB ratios.  The Enterprising Investor does not like the high level of debt relative to the company’s current assets.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities.  From a valuation perspective, the company appears overvalued.  The company’s EPSmg (normalized earnings) have only grown from $1.88 in 2009 to $2.70 for 2013.  This low level of historically demonstrated growth does not support the market’s implied estimate for earnings growth of 10.05%, and the ModernGraham valuation model estimates an intrinsic value that is well below the market price.

Disclaimer:  The author did not hold a position in any of the 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.

Halliburton Company (HAL) Quarterly Valuation

Halliburton_logo.svgBenjamin 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.  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 Halliburton Company fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Halliburton Company is an oilfield services company. The Company is provider of services and products to the energy industry related to the exploration, development, and production of oil and natural gas. It serves national, and independent oil and natural gas companies worldwide and operates in two segments: Completion and Production segment and Drilling and Evaluation segment. The Company conducts business worldwide in approximately 80 countries. The business operations of its divisions are organized around four primary geographic regions: North America, Latin America, Europe/Africa/CIS, and Middle East/Asia. During the year ended December 31, 2011, based on the location of services provided and products sold, 55% of its consolidated revenue was from the United States. In October 2011, the Company completed the acquisition of Multi-Chem Group, LLC. In August 2012, its Landmark Software and Services acquired Petris Technology Inc.

HAL Chart

HAL data by YCharts

Defensive Investor – must pass at least 6 of the following 7 tests: Score = 5/7

  1. Adequate Size of Enterprise – market capitalization of at least $2 billion – PASS
  2. Sufficiently Strong Financial Condition – current ratio greater than 2 – PASS
  3. Earnings Stability – positive earnings per share for at least 10 straight years – PASS
  4. Dividend Record – has paid a dividend for at least 10 straight years – PASS
  5. Earnings Growth – earnings per share has increased by at least 1/3 over the last 10 years using 3 year averages at beginning and end of period – PASS
  6. Moderate PEmg ratio – PEmg is less than 20 – FAIL
  7. Moderate Price to Assets – PB ratio is less than 2.5 or PB x PEmg is less than 50 – FAIL

Enterprising Investor – must pass at least 4 of the following 5 tests or be suitable for a defensive investor: Score = 5/5

  1. Sufficiently Strong Financial Condition, Part 1 – current ratio greater than 1.5 – PASS
  2. Sufficiently Strong Financial Condition, Part 2 – Debt to Net Current Assets ratio less than 1.1 – PASS
  3. Earnings Stability – positive earnings per share for at least 5 years – PASS
  4. Dividend Record – currently pays a dividend – PASS
  5. Earnings growth – EPSmg greater than 5 years ago – PASS

Valuation Summary

Key Data:

Recent Price $56.90
MG Value $42.09
MG Opinion Overvalued
Value Based on 3% Growth $36.51
Value Based on 0% Growth $21.40
Market Implied Growth Rate 7.05%
Net Current Asset Value (NCAV) -$2.28
PEmg 22.60
Current Ratio 2.73
PB Ratio 3.56

Balance Sheet – 12/31/2013

Current Assets $13,704,000,000
Current Liabilities $5,026,000,000
Total Debt $7,816,000,000
Total Assets $29,223,000,000
Intangible Assets $2,168,000,000
Total Liabilities $15,642,000,000
Outstanding Shares 849,000,000

Earnings Per Share

2013 $2.33
2012 $2.78
2011 $3.26
2010 $1.97
2009 $1.28
2008 $2.17
2007 $2.66
2006 $2.16
2005 $2.27
2004 $0.44
2003 $0.39
2002 -$0.4

Earnings Per Share – ModernGraham 

2013 $2.52
2012 $2.51
2011 $2.33
2010 $1.93
2009 $1.98
2008 $2.20

Dividend History

HAL Dividend Chart

HAL Dividend data by YCharts

Conclusion:

Halliburton is suitable for the Enterprising Investor but not the Defensive Investor, due to high PEmg and PB ratios.  The company passes all of the requirements of the Enterprising Investor.  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.  That research could include a review of ModernGraham’s valuation of Schlumberger Limited (SLB) and perhaps a list of 5 Low PEmg Companies for the Enterprising Investor.  From a valuation perspective, the company has risen its EPSmg (normalized earnings) from $1.98 in 2009 to $2.52 for 2013, a level of demonstrated historical growth that does not provide enough support for the market’s current implied estimate of earnings growth of 7.05%.  The low earnings growth results in the ModernGraham valuation model providing an estimate of intrinsic value that is below the market’s current price, indicating the company may be overvalued currently.

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 Halliburton Company (HAL)?  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.

If you like our valuations, why not check out ModernGraham Stocks & Screens?  It’s a great way to review the valuations while screening for things like low PE ratio, undervalued companies, etc.!

Disclaimer:  The author did not hold a position in Halliburton Company (HAL) or 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.

Logo taken from the Wikipedia; this article is not affiliated with the company in any manner.

14 Companies in the Spotlight This Week – 2/22/14

We looked at 14 different companies this week.  Here’s a summary of the ModernGraham Valuations.  For more detailed analysis, click on the name of the company.  To see screens of all of our valuations, be sure to get a copy of this month’s edition of ModernGraham Stocks and Screens!

The Elite (Defensive or Enterprising and Undervalued)

  • 500px-Ford_Motor_Company_Logo.svgFord Motor Company (F) - Ford Motor Company remains unsuitable for the Defensive Investor due to its lack of stability in earnings and dividends over the ten year period.  The Enterprising Investor looks at a much shorter time horizon, though, and the company passes all of the requirements of this investor type.  As a result, Enterprising Investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods will feel comfortable proceeding with further research.  An example of further research would be to look at other companies that pass the ModernGraham requirements through a review of ModernGraham Stocks & Screens.  As for a valuation, the company performs well in the ModernGraham valuation model after growing its EPSmg (normalized earnings) from -$3.60 in 2008 to $2.23 for 2013.  This solid level of growth is not reflected by the market, as the market is currently implying a growth rate estimate of -0.82%.  In other words, the market price indicates an expectation that the company’s EPSmg will shrink by 0.82% annually over the next 7-10 years.  Clearly this assumption is not supported by the historical achievements of the company, and the ModernGraham valuation model accordingly returns an intrinsic value estimate that exceeds the market price.

 

  • 500px-Intel-logo.svgIntel Corp (INTC) - Intel Corp. fares extremely well in the ModernGraham requirements, passing every test of both the Defensive Investor and the Enterprising Investor.  This is a company that appears to present low risk of financial strife and may present relative safety of principal.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research into the opportunity.  An example of further research would be to look into some competitors, such as by a review of ModernGraham’s valuation of Hewlett-Packard Company (HPQ) and ModernGraham’s valuation of Texas Instruments (TXN).  From a valuation standpoint, the company looks very strong, having grown its EPSmg (normalized earnings) from $0.95 in 2009 to $2.00 for 2013.  This level of growth easily supports the market’s implied estimate for growth of 1.95%, and the ModernGraham valuation model returns an intrinsic value that exceeds the current market price.  Therefore, the company appears to be undervalued at the current time.

 

  • UnitedHealth_Group_logoUnitedHealth Group (UNH) - UnitedHealth Group is suitable for the Defensive Investor, and by default is also suitable for the Enterprising Investor.  The company passes all of the requirements of the Defensive Investor except the current ratio requirement.  The Enterprising Investor normally would like to see lower debt levels relative to the current assets, but is willing to overlook that in this case because the company passes so many requirements for the Defensive Investor.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should feel very comfortable proceeding with further research into the company.  Such research should also include a review of other companies that pass these requirements, through a review of ModernGraham Stocks & Screens.  As for a valuation, the company has grown its EPSmg (normalized earnings) from $2.77 in 2008 to $4.95 for 2013.  This is a solid level of growth that outpaces the market’s implied estimate for growth of only 3.18% and leads the ModernGraham valuation model to return an intrinsic value that is greater than the market price.  As a result, the company appears to be undervalued at this time.

The Good (Defensive or Enterprising and Fairly Valued)

  • Boeing Company (BA) - Boeing Company passes the requirements of the Enterprising Investor, but not the Defensive Investor.  The company’s current ratio is too low, and it is trading at too high PEmg and PB ratios for the Defensive Investor.  The Enterprising Investor also does not like the current ratio, but the long-term debt level is low enough that the Enterprising Investor is willing to overlook the low current ratio.  As a result, this investor type should feel comfortable proceeding with further research into the company and other opportunities, beginning with a review of ModernGraham’s valuation of Lockheed Martin (LMT) and ModernGraham’s valuation of Honeywell International (HON).  From strictly a valuation standpoint, the company appears to be trading at a fair price.  The company has grown its EPSmg (normalized earnings) from $3.24 in 2009 to $5.13 for 2013.  This level of growth supports the market’s implied estimate for growth of 8.42%, and the ModernGraham valuation model returns an estimate of an intrinsic value that is within a margin of safety as the current price.

 

  • ConAgra Foods (CAG) - ConAgra Foods is suitable for either the Defensive Investor or the Enterprising Investor.  The company passes all of the requirements of the Defensive Investor except the current ratio requirement, and the company is therefore also suitable for the Enterprising Investor despite having a debt level relative to current assets that the Enterprising Investor normally wouldn’t permit.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company.  Such research should include a review of ModernGraham Stocks & Screens.  From a valuation perspective, the company has grown its EPSmg (normalized earnings) from $1.26 in 2009 to an estimated $1.82 for 2014.  This level of growth is good, not great, and supports the market’s current implied estimate for growth of 3.84%.  The ModernGraham valuation model returns an intrinsic value that is within the margin of safety when compared to the market price, leading to a conclusion that the company is fairly valued.

 

  • Hasbro Inc. (HAS) - Hasbro, Inc. is not suitable for the Defensive Investor due to its low current ratio and its high PB ratio.  The company is suitable for the Enterprising Investor after passing all of the requirements of the investor type, though the current ratio is rather close to the minimum.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods will be comfortable proceeding with further research to determine whether the company fits within their own personal investment strategy.  That research may include a review of other companies such as through a review of ModernGraham’s valuation of The Walt Disney Company (DIS) or ModernGraham’s valuation of Electronic Arts (EA).  From a valuation standpoint, the company appears to be fairly valued after growing its EPSmg (normalized earnings) from $1.65 in 2008 to $2.69 for 2013.  This level of growth is close to the market’s implied estimate for growth in earnings of 5.75%, and the ModernGraham valuation model returns an estimate of intrinsic value that falls within a margin of safety when compared with the current price.

 

  • Visa Inc. (V) - Visa is not suitable for the Defensive Investor because it has not had a long enough history as a publicly traded company.  The Defensive Investor requires ten years of publicly traded status before it may be suitable, as that helps ensure the reliability of the financial data.  The Enterprising Investor is not as strict, however, and Visa passes all of the requirements for this investor type.  As a result, value investors seeking to follow the Enterprising Investor portion of the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company.  Such research might include a review of ModernGraham’s analysis of MasterCard (MA).  From a valuation perspective, the company has grown its EPSmg (normalized earnings) from $0.83 in 2009 to an estimated $6.54 for 2014.  This is a solid level of growth that definitely supports the market’s implied estimate for growth of 13.02%, but the ModernGraham valuation model returns an intrinsic value estimate within a margin of safety as the price.  As a result, the company appears to be fairly valued at the current time, but not undervalued.

The Mediocre (Defensive or Enterprising and Overvalued)

  • Baker Hughes Inc. (BHI) - Baker Hughes Inc. does not qualify for the Defensive Investor but does qualify for the Enterprising Investor.  The Defensive Investor is not interested because of its lack of sufficient earnings growth over the ten year period and its high PEmg ratio.  The Enterprising Investor’s only gripe is the lack of earnings growth over the five year period.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods will feel comfortable proceeding with further research into the company, including a review of ModernGraham’s valuation of National Oilwell Varco (NOV) and ModernGraham’s valuation of Schlumberger Ltd. (SLB).  From a valuation standpoint, the company does not fare well in the ModernGraham valuation model after seeing its EPSmg (normalized earnings) drop from $4.92 in 2008 to $2.77 for 2013.  This fall in earnings does not support the market’s implied estimate of earnings growth of 6.78%, leading the model to return an estimate of intrinsic value that is well below the market price.  Even if the company were to manage to achieve 3% growth, which would be contrary to the historical trend, it would still be overvalued.

 

  • Facebook Inc. (FB) - Facebook Inc. is a very intriguing company because of its extremely strong current ratio and low debt overall, but the company does not qualify for the Defensive Investor because of its short history as a publicly traded company.  The Enterprising Investor is willing to accept a higher level of risk, though, and does not require the same length of time as the Defensive Investor, particularly if earnings data is available from before the IPO.  With Facebook, the Enterprising Investor’s biggest concern right now is the lack of a dividend payment, which is all too common among young companies, but that is not enough on its own to eliminate the company from contention for investment.  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, including a review of other opportunities such as by looking at other companies that pass the ModernGraham requirements.  From a valuation perspective, the company appears overvalued.  Its EPSmg (normalized earnings) have grown from $0.02 in 2009 to $0.30 for 2013, which is a very solid level of growth, but the market seems to be pricing the company significantly higher than the earnings currently support.  The ModernGraham valuation model indicates an estimate of intrinsic value that is well below the market’s current price.

 

  • International Flavors & Fragrances (IFF) - International Flavors & Fragrances Inc. is not suitable for the Defensive Investor because it is trading at high PEmg and PB ratios.  The Enterprising Investor is not quite as picky though, and the company passes all of that 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 to determine if the company would fit their individual portfolios.  Such research should include reviewing ModernGraham Stocks & Screens to find other companies that pass the ModernGraham requirements.  From a valuation perspective, the company appears to be overvalued presently.  The company has seen growth in EPSmg (normalized earnings) from $2.61 in 2008 to $3.58 for 2013, but this demonstrated historical growth trails the market’s implied estimate of 8.6% growth in earnings.  As a result, the ModernGraham valuation model returns an intrinsic value estimate that is below the market price.

The Bad (Speculative and Undervalued or Fairly Valued)

  • Delta Air Lines (DAL) - Delta Air Lines does not qualify for either the Defensive Investor or the Enterprising Investor.  The company needs more time to demonstrate stable earnings and growth in the post-bankruptcy period.  Though the company is showing some very encouraging signs of stability (four straight years of positive earnings), it will still take a couple more years before Intelligent Investors should be interested in the company as an investment.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should seek out some other opportunities, such as through a review of 5 Undervalued Companies for the Enterprising Investor or 5 Outstanding Dow Components. From strictly a valuation perspective, the company does look undervalued; however it is important to note that the results are affected by the massive write-offs the company recorded as it went through the bankruptcy process.  EPSmg (normalized earnings) grew from -$17.13 in 2008 to $1.58 for 2013.  This level of growth would more than support the market’s implied growth estimate of 5.67%, and based on the demonstrated growth from the bankruptcy years to today, the ModernGraham valuation model returns an intrinsic value greater than the market price.

 

  • Johnson Controls Inc. (JCI) - Johnson Controls Inc. is not suitable for either the Defensive Investor or the Enterprising Investor.  The Defensive Investor is not interested because the company has a poor current ratio, has not had sufficient earnings stability or growth over the ten year period and is trading at high PEmg and PB ratios.  The Enterprising Investor is turned off by the high level of debt relative to the company’s current assets.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods should research other opportunities, such as through a review of ModernGraham Stocks & Screens.  From solely a valuation perspective, the company does have some attractive qualities.  EPSmg (normalized earnings) have grown from $1.00 in 2009 to an estimated $2.32 for 2014, which is a strong level of growth that outpaces the market’s implied growth estimate of 6.51%.  The ModernGraham valuation model does return an estimate of intrinsic value that is above the market’s current price, so it appears the company may be undervalued.

The Ugly (Speculative and Overvalued)

Mr. Market

  • Ecolab Inc. (ECL) - Ecolab is not suitable for either the Defensive Investor or the Enterprising Investor.  For the Defensive Investor, the company’s current ratio is too low, and the company is trading at PEmg and PB ratios that are too high.  The Enterprising Investor is turned off by the company’s high level of debt relative to its current assets.  As a result, value investors seeking to follow the ModernGraham approach based on Benjamin Graham’s methods may wish to seek other opportunities through a review of companies that pass the ModernGraham requirements.  From a valuation point of view, the company appears to be overvalued.  Though it has grown its EPSmg (normalized earnings) from $1.58 in 2008 to an estimated $2.60 for 2013, this level of demonstrated historical growth does not support the market’s implied estimate for growth of 15.57%.  The ModernGraham valuation model then returns an intrinsic value that is less than the market’s current price.

 

  • General Growth Properties (GGP) - Like most REITs, General Growth Properties does not appear suitable for either the Defensive Investor or the Enterprising Investor.  The company has not had earnings stability or sufficient growth over the ten year historical period, and the current ratio is too low for the Defensive Investor.  For the Enterprising Investor, the company lack of earnings stability and growth over the five year period, in addition to the debt level relative to the current assets are the deciding factors.  Value investors following the ModernGraham approach based on Benjamin Graham’s methods may wish to research over companies that pass these requirements by reviewing ModernGraham Stocks & Screens.  From a valuation perspective, the company fares very poorly in the ModernGraham valuation model due to the current year’s negative EPSmg (normalized earnings).  As a result, we are left to assume that any value in the company arises from the balance sheet, and it should be noted that the net current asset value (NCAV) is negative.  Therefore, due to the poor earnings growth and the negative NCAV, the company appears to be overvalued presently.

Disclaimer:  The author held a long position in Ford Motor Company (F) 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.

Baker Hughes Inc. (BHI) Quarterly Valuation

Baker_Hughes_Logo

Some will look at a company’s chart and sometimes conclude that since the company is trading below a level that it has traded in the past, it must be a good time to buy.  That can be especially true when it involves companies that may be particularly sensitive to business cycles.  The Baker Hughes chart of stock price shows the company tends to move in cycles, but all of that sort of discussion is speculation.  Benjamin Graham taught us to not speculate regarding our investments, but rather to base our decisions on factual data.  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.  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 Baker Hughes Inc. fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Baker Hughes Incorporated (Baker Hughes) is engaged in the oilfield services industry. Baker Hughes is a supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. It also provides industrial and other products and services to the downstream refining, and the process and pipeline industries. The Company may conduct its operations through subsidiaries, affiliates, ventures and alliances. It operates in more than 80 countries worldwide. The Company operates in five segments. Four of these segments represent its oilfield operations and their geographic organization: North America (U.S. Land, Gulf of Mexico and Canada), Latin America, Europe/Africa/Russia Caspian and Middle East/Asia Pacific. Its Industrial Services and Other segment includes downstream chemicals, process and pipeline services, and the reservoir development services group.

BHI Chart

BHI data by YCharts

Defensive Investor – must pass at least 6 of the following 7 tests: Score = 5/7

  1. Adequate Size of Enterprise – market capitalization of at least $2 billion – PASS
  2. Sufficiently Strong Financial Condition – current ratio greater than 2 – PASS
  3. Earnings Stability – positive earnings per share for at least 10 straight years – PASS
  4. Dividend Record – has paid a dividend for at least 10 straight years – PASS
  5. Earnings Growth – earnings per share has increased by at least 1/3 over the last 10 years using 3 year averages at beginning and end of period – FAIL
  6. Moderate PEmg ratio – PEmg is less than 20 – FAIL
  7. Moderate Price to Assets – PB ratio is less than 2.5 or PB x PEmg is less than 50 – PASS

Enterprising Investor – must pass at least 4 of the following 5 tests or be suitable for a defensive investor: Score = 4/5

  1. Sufficiently Strong Financial Condition, Part 1 – current ratio greater than 1.5 – PASS
  2. Sufficiently Strong Financial Condition, Part 2 – Debt to Net Current Assets ratio less than 1.1 – PASS
  3. Earnings Stability – positive earnings per share for at least 5 years – PASS
  4. Dividend Record – currently pays a dividend – PASS
  5. Earnings growth – EPSmg greater than 5 years ago – FAIL

Valuation Summary

Key Data:

Current Assets $11,295,000,000
Current Liabilities $4,578,000,000
Total Debt $3,882,000,000
Total Assets $27,934,000,000
Intangible Assets $6,849,000,000
Total Liabilities $10,221,000,000
Outstanding Shares 438,000,000

Balance Sheet – 12/31/2013

Recent Price $61.17
MG Opinion Overvalued
Value Based on 3% Growth $40.22
Value Based on 0% Growth $23.58
Market Implied Growth Rate 6.78%
Net Current Asset Value (NCAV) $2.45
PEmg 22.05
Current Ratio 2.47
PB Ratio 1.51

Earnings Per Share

2013 $2.47
2012 $2.97
2011 $3.97
2010 $2.06
2009 $1.35
2008 $5.30
2007 $4.73
2006 $7.21
2005 $2.56
2004 $1.57
2003 $0.54
2002 $0.67

Earnings Per Share – ModernGraham 

2013 $2.77
2012 $2.99
2011 $3.16
2010 $3.22
2009 $3.94
2008 $4.92

Dividend History

BHI Dividend Chart

BHI Dividend data by YCharts

Conclusion:

Baker Hughes Inc. does not qualify for the Defensive Investor but does qualify for the Enterprising Investor.  The Defensive Investor is not interested because of its lack of sufficient earnings growth over the ten year period and its high PEmg ratio.  The Enterprising Investor’s only gripe is the lack of earnings growth over the five year period.  As a result, Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods will feel comfortable proceeding with further research into the company, including a review of ModernGraham’s valuation of National Oilwell Varco (NOV) and ModernGraham’s valuation of Schlumberger Ltd. (SLB).  From a valuation standpoint, the company does not fare well in the ModernGraham valuation model after seeing its EPSmg (normalized earnings) drop from $4.92 in 2008 to $2.77 for 2013.  This fall in earnings does not support the market’s implied estimate of earnings growth of 6.78%, leading the model to return an estimate of intrinsic value that is well below the market price.  Even if the company were to manage to achieve 3% growth, which would be contrary to the historical trend, it would still be overvalued.

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 Baker Hughes Inc. (BHI)?  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.

If you like our valuations, why not check out ModernGraham Stocks & Screens?  It’s a great way to review the valuations while screening for things like low PE ratio, undervalued companies, etc.!

Disclaimer:  The author did not hold a position in Baker Hughes Inc. (BHI) or 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.

Logo taken from the Wikipedia; this article is not affiliated with the company in any manner.

14 Companies in the Spotlight This Week – 1/11/14

bora bora beach sunsetWe looked at 14 different companies this week.  Here’s a summary of the ModernGraham Valuations.  For more detailed analysis, click on the name of the company.  To see screens of all of our valuations, be sure to get a copy of this month’s edition of ModernGraham Stocks and Screens!

The Elite (Defensive or Enterprising and Undervalued)

  • Cigna Corp (CI) - Cigna Corporation is an intriguing company for both the Defensive Investor and the Enterprising Investor.  The company passes all of the requirements of each investor type, indicating it has strong financials and a strong history.  This is a company that presents a low level of risk of significant loss for investors.  Intelligent Investors seeking to follow Benjamin Graham’s value investing methods should feel comfortable proceeding with further research into the company, but should keep in mind the 7 Key Tips to Value Investing as they do so.  From a valuation standpoint, the company has grown EPSmg (normalized earnings) from $2.76 to an estimated $5.23 for 2013 and has consistently shown a solid level of growth each year.  The market is currently implying a growth rate of 4.2%, which is below what has been seen historically.  As a result, Cigna Corporation would appear to be undervalued at the current time.

The Good (Defensive or Enterprising and Fairly Valued)

  • Allstate Corp (ALL) - Allstate Corp (ALL) had a negative year in 2008, but that was now long enough ago that the Enterprising Investor will overlook it.  The Defensive Investor, however, looks at a longer period and requires positive earnings for at least ten straight years; consequently the company is suitable for the Enterprising Investor but not the Defensive Investor.  Enterprising Investors should feel comfortable proceeding with further research, beginning with a review of ModernGraham’s Valuation of Travelers Companies.  From a valuation perspective, the company has not seen significant growth in EPSmg (normalized earnings) when looking at the full six year history, but it has seen some growth in the last few years that may support the market’s current implied growth estimate of 3.89%.  As a result, the company would appear to be fairly valued.

The Mediocre (Defensive or Enterprising and Overvalued)

  • No companies we reviewed fit this criteria this week.

The Bad (Speculative and Undervalued or Fairly Valued)

  • Avery Dennison Corp (AVY) - Avery Dennison Corp fails to satisfy either the Defensive Investor or the Enterprising Investor following Benjamin Graham’s value investing methods.  The company’s current ratio is too low for either investor type, it has not had sufficient earnings stability, it hasn’t had suitable earnings growth over the long term for the Defensive Investor, and it trades at PEmg and PB ratios that are too high.  Either investor type should do considerably more research before entering any investment in Avery Dennison Corp, beginning with a review of ModernGraham’s Valuation of Bemis Company.  As for a valuation, the company has grown EPSmg (normalized earnings) from $-0.41 in 2009 to an estimated $1.43.  This level of growth supports the market’s implied growth rate of 13.03%, so the company may appear to be fairly valued.  However, it should be noted that in 2008 the EPSmg was $2.99, so the growth may not quite be what it seems.  This adds fuel to the fire that Avery Dennison Corp may be more suitable to speculators than Intelligent Investors.
  • Bank of New York Mellon (BK) - Bank of New York Mellon presents an interesting situation.  The company does not qualify for the Defensive Investor because it has not had earnings stability over the ten year period and has not adequately grown its earnings during that time frame.  As for the Enterprising Investor, the company just barely doesn’t meet the criteria, because it had a negative earnings year in 2009.  This is interesting because once we move into the new year of estimates for earnings (for ModernGraham that will not occur until after the first quarter’s earnings are released), this company will meet the final criteria for the Enterprising Investor.  So this may be a situation where an Enterprising Investor takes a leap into what we normally would consider a “Speculative” company, but Enterprising Investors may be interested in reviewing ModernGraham’s Valuation of JP Morgan Chase first.  From the valuation perspective, Bank of New York Mellon looks very attractive.  The company has grown EPSmg (normalized earnings) from $0.88 in 2009 to an estimated $1.78 in 2013.  This level of growth outpaces the market’s implied estimate of 5.44%, and the company would appear to be undervalued at the present time.
  • Cablevision Systems Corp (CVC) - Cablevision Systems Corp is a company that has demonstrated solid growth in EPSmg (normalized earnings) in recent years, but does not satisfy the requirements for either the Defensive Investor or the Enterprising Investor.  For the Defensive Investor, the company’s failings are its current ratio being too low, and its lack of stable earnings, earnings growth, and dividend payments over the 10 year period.  For the Enterprising Investor, the company fails because it has too much debt relative to its current assets.  Value investors seeking to follow Benjamin Graham’s methods should seek a lower risk level than is present in Cablevision Systems Corp by researching companies that are suitable for Defensive and Enterprising Investors.  From a valuation side of things, the company’s recent growth in EPSmg from -$0.54 in 2008 to an estimated $0.95 for 2013 results in a strong valuation.  The market is currently implying a growth rate estimate of 4.73%, which is significantly lower than what has been seen historically.  As a result, the company would appear to be undervalued presently.
  • CBRE Group, Inc. (CBG) - CBRE Group Inc. is yet another company in a long line of recent reviews that is not suitable for either the Defensive Investor or the Enterprising Investor.  It’s important to note that one of the reasons we put companies through these requirements is to eliminate all but those that present the least amount of risk to investors.  CBRE Group is no different; the company has not had stable earnings over the last ten years, does not pay dividends, has a poor current ratio, has not grown earnings over the ten year period, and is trading at high PEmg and PB ratios.  Defensive Investors and Enterprising Investors would be better suited looking at less risky companies that pass these tests.  From a valuation perspective, the company actually fares somewhat well, having grown EPSmg (normalized earnings) from -$0.76 in 2008 to an estimated $0.90 for 2013.  The market is currently implying a growth rate of 10.31%, and that rate is supported by the historical performance.  As a result, the company would appear to be fairly valued at the present time.
  • CBS Corp (CBS) - CBS Corp is a company that has seen a surge over the last few years, growing EPSmg (normalized earnings) from -$6.99 in 2008 to an estimated $2.20 for 2013.  However, the company does not satisfy the requirements for either the Defensive Investor or Enterprising Investor.  The current ratio is too low for either investor type, the company had some negative earnings years in the 10 year period, the earnings have not grown sufficiently over the 10 year period, and the PEmg ratio is too high.  As a result, Intelligent Investors seeking to follow Benjamin Graham’s value investing methods may wish to seek other opportunities.  From a valuation side, due to the solid growth in earnings recently, the company fares well, and would appear to be undervalued at the present time.

The Ugly (Speculative and Overvalued)

Mr. Market

  • AES Corp (AES) - AES Corp fails nearly all of the requirements of both the Defensive Investor and the Enterprising Investor.  The only thing Intelligent Investors following Benjamin Graham’s value investing methods would like about this company are the market cap, the PB ratio, and the fact that it currently pays a dividend.  From a value investing standpoint, there is simply too much risk involved in this company for Intelligent Investors.  From a valuation side of things, the company does not fare well in the ModernGraham valuation model.  The company has seen a drop in its EPSmg (normalized earnings) from $1.05 in 2008 to an estimated $0.10 for 2013.  This negative growth results in a valuation of $0 in the model, indicating that any value must come from the balance sheet rather than earnings.  Since the net current asset value is also negative, the company would appear to be overvalued at this time.
  • Amazon Inc. (AMZN) - Value investors seeking to follow Benjamin Graham’s methods have established criteria for whether a company is worthy of investment; in the case of Amazon, the company scores almost as poorly as is possible under these requirements.  In fact, the only requirement for either the Defensive Investor or the Enterprising Investor that Amazon satisfies is the market cap.  As a result, includes a level of risk that is far too high for either investor type, and Intelligent Investors would be best suited by researching other opportunities, beginning with a review of ModernGraham’s Valuation of Apple.  From a valuation side of things, Amazon’s EPSmg (normalized earnings) have dropped from $1.08 in 2008 to an estimated $0.90.  This drop in earnings leads the ModernGraham valuation model to return an intrinsic value of $0, indicating that any value in the company must come from something other than earnings.  It should also be noted that the market seems to be implying a growth rate of over 200%, which is far above what the company has achieved historically.  As a result, Amazon would appear to be overvalued at this time.
  • American International Group (AIG) - American International Group is a company that is coming out of a very dark point in its history.  At this point in the turnaround, the company has yet to satisfy Defensive Investors or Enterprising Investors.  Defensive Investors look at a ten year history and require positive earnings and dividend payments throughout that period, but since American International Group had such large losses at the heart of the financial crisis, the Defensive Investor is not yet comfortable with the company.  Enterprising Investors look at only a five year history, so they are much closer to accepting the company as a potential investment, but the loss in 2009 still eliminates the company from contention for this investor type.  Therefore, Intelligent Investors seeking to follow Benjamin Graham’s value investing methods may wish to seek other opportunities by reviewing ModernGraham’s list of Defensive and Enterprising Companies.  From a valuation standpoint, the company has seen some growth, but the market is currently implying a growth rate above what has been seen historically.  As a result, the company appears to be overvalued at this time.
  • Avon Products, Inc. (AVP) - Avon Products is another company that fails to satisfy either the Defensive Investor or the Enterprising Investor.  The company has seen its earnings falling over the historical period, and it has even seen a negative earnings year.  In addition, the company is trading at a high PEmg and a high PB ratio.  All of these things indicate to value investors that the company entails a level of risk that should be averted.  It is difficult for an investor to place money in a risky investment without it turning into speculating, and one of the 7 Key Tips to Value Investing is to avoid speculation.  From a valuation perspective, the company’s drop in earnings leads to the ModernGraham valuation model concluding that no value comes from the earnings.  Meanwhile the market is implying a growth rate in earnings of over 10%, which is clearly not supported by the historical performance.  As a result, Avon would appear to be overvalued at this time.
  • Bank of America Corp (BAC) - Bank of America Corp is not suitable for either the Defensive Investor or the Enterprising Investor.  The company has not had stable earnings over the last five years, has not adequately grown its earnings over the last five or ten years, and is currently trading at a high PEmg ratio.  As a result, Defensive Investors and Enterprising Investors may wish to seek other opportunities.  From a valuation perspective, the company’s drop in EPSmg (normalized earnings) from $2.77 in 2008 to an estimated $0.28 for 2013 results in a very poor intrinsic value from the ModernGraham valuation model.  The market is currently implying a growth rate of 25.86%, well above what has been seen historically (especially considering the company has seen a drop in earnings).  It would appear that Bank of America is overvalued at the current time, and value investors seeking to follow Benjamin Graham’s methods may wish to wait until the company has a better recent history.
  • Chesapeake Energy Corp (CHK) - Chesapeake Energy Corp has shown a good level of growth over the recent period, but it does not qualify for either the Defensive Investor or the Enterprising Investor.  The company’s current ratio is far too low for either investor type, the company has not had stable earnings or earnings growth over the ten year period, and the company is currently trading at a high PEmg ratio.  Value investors such as these, seeking to follow Benjamin Graham’s methods, should research other opportunities, including reviewing ModernGraham’s valuation of Schlumberger Ltd.  From a valuation perspective, the company appears overvalued despite its growth in EPSmg (normalized earnings) from $-1.66 in 2009 to an estimated $0.13 for 2013.  The market is currently implying a growth estimate of 92% from the current EPSmg figure of $0.13, which is significantly higher growth than what has been demonstrated historically.
  • Citigroup Inc. (C) - Citigroup Inc. presents a rare situation.  The company had a large loss in 2008 due to the financial meltdown, and this loss is still affecting the analysis through the ModernGraham model.  It would be very easy to modify the model at this point to eliminate the effect of the 2008 loss, under the rationale that it was an extraordinary event that is not likely to be repeated.  However, that would in essence ignore the fact that the company did lose money in 2008, at a rate that is so high that the company is still recovering from it.  One cannot simply overlook a loss, regardless of the circumstances.  Losing money is losing money, and one of the 7 Key Tips to Value Investing is to not lose money, whether that is at the corporate level or at an individual shareholder level.  Therefore, until the EPSmg (normalized earnings) have recovered from the significant losses of the 2008-2009 period, Citigroup will not be considered suitable for either the Defensive Investor or the Enterprising Investor.

ModernGraham Valuation: Chesapeake Energy Corp (CHK)

moneyCompany Profile (obtained from Google Finance): Chesapeake Energy Corporation (Chesapeake) is a natural gas and oil exploration and production company. Chesapeake is engaged in the exploration, development and acquisition of properties for the production of natural gas and oil from underground reservoirs. It also provides substantial marketing, midstream, drilling and other oilfield services. Its operations are located onshore and in the continental United States. As of December 31, 2011, the Company owned interests in approximately 45,700 producing natural gas and oil wells that produced approximately 3.5 billion cubic feet of natural gas equivalent per day, net to its interest. The Company operates in three segments: exploration and production; marketing, gathering and compression, and oilfield services. In June 2011, the Company acquired Bronco Drilling Company, Inc. In August 2013, SemGroup Corporation completed acquisition of the gas gathering and processing assets owned by Chesapeake Energy Corporation.

Defensive and Enterprising Investor Tests (What is the significance of these tests, and what is PEmg ratio?):

Defensive Investor – must pass at least 6 of the following 7 tests: Score = 3/7

  1. Adequate Size of Enterprise – market capitalization of at least $2 billion – PASS
  2. Sufficiently Strong Financial Condition – current ratio greater than 2 – FAIL
  3. Earnings Stability – positive earnings per share for at least 10 straight years – FAIL
  4. Dividend Record – has paid a dividend for at least 10 straight years – PASS
  5. Earnings Growth – earnings per share has increased by at least 1/3 over the last 10 years using 3 year averages at beginning and end of period – FAIL
  6. Moderate PEmg ratio – PEmg is less than 20 – FAIL
  7. Moderate Price to Assets – PB ratio is less than 2.5 or PB x PEmg is less than 50 – PASS

Enterprising Investor – must pass at least 4 of the following 5 tests or be suitable for a defensive investor: Score = 2/5

  1. Sufficiently Strong Financial Condition, Part 1 – current ratio greater than 1.5 – FAIL
  2. Sufficiently Strong Financial Condition, Part 2 – Debt to Net Current Assets ratio less than 1.1 – FAIL
  3. Earnings Stability – positive earnings per share for at least 5 years – FAIL
  4. Dividend Record – currently pays a dividend – PASS
  5. Earnings growth – EPSmg greater than 5 years ago – PASS

Valuation Summary (Explanation of the ModernGraham Valuation Model)

Key Data:

MG Value $5.11
MG Opinion Overvalued
Value Based on 3% Growth $1.92
Value Based on 0% Growth $1.13
Market Implied Growth Rate 92.27%
Net Current Asset Value (NCAV) -$33.22
PEmg 193.04
Current Ratio 0.70
PB Ratio 1.05

Balance Sheet – 9/30/2013 

Current Assets $3,994,000,000
Current Liabilities $5,678,000,000
Total Debt $12,736,000,000
Total Assets $42,288,000,000
Intangible Assets $0
Total Liabilities $26,092,000,000
Outstanding Shares 665,230,000

Earnings Per Share

2013 (estimate) $1.28
2012 -$1.46
2011 $2.09
2010 $2.36
2009 -$9.56
2008 $1.14
2007 $2.52
2006 $4.15
2005 $2.51
2004 $1.53
2003 $1.20

Earnings Per Share – ModernGraham 

2013 (estimate) $0.13
2012 -$0.66
2011 -$0.27
2010 -$0.92
2009 -$1.66
2008 $2.32

Conclusion:

Chesapeake Energy Corp has shown a good level of growth over the recent period, but it does not qualify for either the Defensive Investor or the Enterprising Investor.  The company’s current ratio is far too low for either investor type, the company has not had stable earnings or earnings growth over the ten year period, and the company is currently trading at a high PEmg ratio.  Value investors such as these, seeking to follow Benjamin Graham’s methods, should research other opportunities, including reviewing ModernGraham’s valuation of Schlumberger Ltd.  From a valuation perspective, the company appears overvalued despite its growth in EPSmg (normalized earnings) from $-1.66 in 2009 to an estimated $0.13 for 2013.  The market is currently implying a growth estimate of 92% from the current EPSmg figure of $0.13, which is significantly higher growth than what has been demonstrated historically.

What do you think?  Do you agree that Chesapeake Energy Corp is overvalued?  What would be your assessment?  Is the company not suitable for Defensive Investors or Enterprising Investors?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

If you like our valuations, why not check out ModernGraham Stocks & Screens?  It’s a great way to review the valuations while screening for things like low PE ratio, undervalued companies, etc.!

Disclaimer:  The author did not hold a position in Chesapeake Energy Corp (CHK) at the time of publication and had no intention of changing that position within the next 72 hours.

Photo Credit:  Andrew Magill

14 Companies in the Spotlight This Week – 1/4/14

bora bora beach sunsetWe looked at 14 different companies this week.  Here’s a summary of the ModernGraham Valuations.  For more detailed analysis, click on the name of the company.  To see screens of all of our valuations, be sure to get a copy of this month’s edition of ModernGraham Stocks and Screens!

The Elite (Defensive or Enterprising and Undervalued)

  • Agilent Technologies Inc. (A) - Agilent Technologies Inc. is a company that seems to have turned the corner from a poor year during the recession to have some positive potential for the future.  The company is not suitable for the Defensive Investor because of its lack of a long dividend history, lack of stable earnings, and high PEmg and PB ratios.  However, it is suitable for the Enterprising Investor after only failing the requirement that it have a positive earnings for at least 5 years.  Enterprising Investors should feel comfortable continuing with further research, including a review of the ModernGraham valuation of General Electric.  From a valuation side of things, the company’s EPSmg (normalized earnings) grew from $1.24 in 2009 to $2.39 for 2013.  This level of growth outpaces the market’s implied estimate of 7.72%, and as a result the company appears to be undervalued at the current time.
  • Coach Inc. (COH) - Coach Inc. is a very strong company, with healthy financials and a very consistent and promising level of growth in earnings.  The company is not suitable for the Defensive Investor, having failed the PB ratio and Dividend Record requirements.  The company passes all of the requirements of the Enterprising Investor, and that investor type should feel comfortable proceeding with further research, beginning with a review of some Defensive Investor companies.  From a valuation standpoint, the company has grown its EPSmg (normalized earnings) from $1.79 in 2009 to an estimated $3.33 for 2014.  The market implies a growth rate of 4.23%, a rate which is easily supported by the earnings history.  As a result, the company appears to be undervalued at the current time and there may be an opportunity for profit.
  • Motorola Solutions Inc. (MSI) - Motorola Solutions Inc. presents an interesting scenario.  The company is far from suitable for the Defensive Investor type, defined as investors that seek to have the least possible amount of risk, but is suitable for the Enterprising Investor despite failing the earnings stability requirement.  Defensive Investors should look for other opportunities, perhaps by reviewing the ModernGraham Valuation of Cisco, because Motorola’s lack of earnings stability or growth (the Defensive Investor looks at a ten year period to determine whether earnings have grown sufficiently), its lack of consistent dividend payments, and its high PEmg and PB ratios.  Enterprising Investors should feel comfortable proceeding with further research into whether Motorola would be suitable in their individual portfolios.  From a valuation side of things, the company has grown its EPSmg (normalized earnings) from -$1.61 in 2009 to an estimated $2.72 for 2013.  That’s quite a turnaround, and more than supports the market’s implied estimate of 8.14% growth.  As a result, the company would appear to be undervalued at the current time.
  • Qualcomm Inc. (QCOM) - Qualcomm Inc. is a very attractive company at a great price.  The company nearly qualifies for the Defensive Investor, but fails due to a high PEmg ratio and a high PB ratio.  However, the company passes all of the five requirements of the Enterprising Investor due in large part to its excellent financial position and its strong earnings history.  Enterprising Investors should feel comfortable proceeding with further research, beginning with a review of the ModernGraham Valuation of Intel Corporation (INTC).  From a valuation perspective, the company has grown EPSmg (normalized earnings) from $1.68 in 2008 to $2.98 in 2013.  This proven level of growth easily supports the market’s implied growth rate of 8.12% and the company would therefore appear to be undervalued at the current time.

The Good (Defensive or Enterprising and Fairly Valued)

  • Raytheon Company (RTN) – Raytheon Company is a strong possibility for the Enterprising Investor.  The company does not pass enough requirements in order to be suitable for the Defensive Investor, by not having a strong enough current ratio and trading at a high PB ratio.  However, it is suitable for the Enterprising Investor, as the current ratio is strong enough for that investor type, and the company has a good earnings history and dividend history.  As a result, Enterprising Investors should feel comfortable proceeding with further research, beginning with a review of ModernGraham’s valuation of Boeing.  From a valuation side of things, the company has grown its EPSmg (normalized earnings) from $3.17 in 2008 to an estimated $5.44 for 2013.  This level of demonstrated growth supports the market’s implied growth estimate of 4.09%.  The ModernGraham valuation model returns an intrinsic value of around $110, which is higher than the market’s current price; however, the price is still within the safety margin and would appear to be fair value.

The Mediocre (Defensive or Enterprising and Overvalued)

  • Schlumberger Ltd. (SLB) - Schlumberger Ltd. has achieved moderate growth and may be suitable for the Enterprising Investor.  For the Defensive Investor, the company fails to qualify due to a current ratio that is not quite strong enough and because it is trading at high PEmg and PB ratios.  However, the company passes all of the requirements of the Enterprising Investor, and investors following that strategy should feel comfortable proceeding with further research beginning with a review of other Enterprising Investor companies.  From a valuation perspective, the company has grown EPSmg (normalized earnings) from $3.49 in 2008 to an estimated $4.10 for 2013.  The market is currently implying a growth rate of 6.71%, a rate that is higher than the historical growth can support.  As a result, the company would appear to be overvalued at the current time.
  • Sysco Corp (SYY) - Sysco Corp is a very intriguing company to the Enterprising Investor, but not the Defensive Investor.  The company’s lack of earnings growth over the ten year period along with its high PEmg and PB ratios and its low current ratio disqualify it from suitability for the Defensive Investor.  The Enterprising Investor’s requirements are all satisfied, however, so that investor type should feel comfortable proceeding with further research.  From a valuation standpoint, the company has not had sufficient growth in its earnings, with EPSmg (normalized earnings) only growing from $1.67 in 2009 to an estimated $1.80 for 2014.  The market is currently implying a growth rate of 5.83%, which is higher than the historical performance supports.  As a result, the company appears to be overvalued.

The Bad (Speculative and Undervalued or Fairly Valued)

  • Amerisource Bergen Corp (ABC) - Amerisource Bergen Corp. is a company that has potential but doesn’t quite qualify for Intelligent Investors following Benjamin Graham’s methods.  The company does not qualify for the Defensive Investor because of its poor current ratio and high PEmg ratio, and fails to qualify for the Enterprising Investor because of its high level of current liabilities.  If the company could lessen its current liabilities significantly and improve its current ratio, the company would become attractive to value investors.  As it stands, investors may find better opportunities elsewhere.  From a valuation perspective, the company has grown EPSmg (normalized earnings) from $1.22 in 2008 to $2.35 for 2013.  This level of growth supports the market’s implied estimate of 10.6%, which indicates the company may be fairly valued at the current time.
  • Xerox Corporation (XRX) - Xerox Corporation has relatively stagnant earnings and does not pass the requirements for either the Defensive Investor or the Enterprising Investor.  The company is not suitable for the Defensive Investor because of its poor current ratio, lack of a consistent dividend history over the ten year historical period, and its failure to grow earnings adequately over the ten year period.  For the Enterprising Investor, the high level of debt relative to the company’s current assets is the determining factor.  Either type of investor may be better suited looking through some of the Defensive and Enterprising companies ModernGraham has found to pass the requirements.  As for a valuation, the company has not shown significant growth in its EPSmg (normalized earnings), however the market is only implying a growth rate of 3.03%, which is supported by the historical performance.  As a result, the company appears to be fairly valued at the current time.

The Ugly (Speculative and Overvalued)

Mr. Market

  • AGL Resources Inc. (GAS) – AGL Resources Inc. does not qualify for either the Defensive Investor or the Enterprising Investor, due in part to its large level of debt relative to its current assets, but also as a result of its poor history of growth.  This company may be suitable for those looking for a dividend, but if the company does not begin to see growth it is unlikely to be able to continue to grow dividends into the future.  Defensive Investors and Enterprising Investors should proceed with researching other companies, starting with a review of the 5 Low PE Companies we reviewed yesterday at Seeking Alpha.  As it stands, the company’s EPSmg (normalized earnings) shrunk from $2.70 in 2008 to an estimated $2.57 for 2013.  In the meantime, the market is implying a growth rate of 4.94%.  Clearly the historical performance of the company does not support the market’s estimate, and so from a valuation perspective the company would appear to be overvalued.
  • Alcoa Inc. (AA) - Alcoa Inc. is a company that has seen better days and currently has a very poor valuation.  The company passes only three of the tests of the Defensive Investor and only one of the requirements of the Enterprising Investor.  The company has a poor current ratio, lacks earnings stability, has demonstrated no growth in earnings, and is trading at a high PEmg ratio.  Investors seeking to use a value investing approach as is used by ModernGraham would do better by looking at some companies that pass the requirements.  From a valuation perspective, Alcoa’s EPSmg (normalized earnings) have gone from $1.67 in 2008 to an estimated $0.13 for 2013.  This shrinking of earnings leads the ModernGraham valuation model to return an intrinsic value of $0.  There may be some value, but any method of calculating value that does not rely solely on the fundamentals of the company includes some level of speculation.  Intelligent Investors avoid speculation as much as possible, so they may be better served with a different company at this time.
  • Apartment Investment & Management Co. (AIV) - Apartment Investment & Management Co. fares extremely poorly in the ModernGraham valuation model.  First, it does not pass the requirements of either the Defensive Investor or the Enterprising Investor.  This is a result of the high level of debt relative to its current assets, but more than that it is a result of the terrible earnings figures put out by the company.  Earnings drive everything for businesses, even REITs.  Free cash flow is nice, but everything still comes down to earnings.  If a company does not earn money, it will not have cash to eventually trickle back to investors.  As for a valuation, the company’s consistently negative earnings lead to the valuation model returning a figure of $0.  If there is value here, it would be found through the balance sheet, but the high debt eliminates that as a possibility.
  • Cardinal Health Inc. (CAH) - Cardinal Health Inc. is not suitable for either the Defensive Investor or the Enterprising Investor.  The company’s current ratio is too low for either investor type, the company has not significantly grown its earnings over either a five year period or a ten year period, and the company trades at too high a PEmg and PB ratios.  As a result, investors seeking to follow ModernGraham’s updated version of Benjamin Graham’s requirements for Intelligent Investing should do further research into other companies, beginning with a review of the 5 Low PE Companies we reviewed this weekend on Seeking Alpha.  From a valuation perspective, Cardinal Health has shrunk its earnings from $2.98 in 2009 to an estimated $2.56 for 2014.  Meanwhile the market is implying a growth estimate of 8.84%, which is clearly well above the historical performance of the company.  As a result, Cardinal Health appears to be overvalued at the current time.
  • Suburban Propane Partners LP (SPH) - Suburban Propane Partners is a company that once had a very promising potential for profitable investing.  However, the last few years have seen a significant fall in earnings, and the company now is not suitable for either the Defensive Investor or the Enterprising Investor.  For both investor types, the company’s failure to grow its earnings (as mentioned, earnings have dropped), and its high debt relative to current assets are major turn-offs.  As for a valuation, the company’s EPSmg (normalized earnings) have dropped from $3.02 in 2008 to $1.87 in 2013.  Meanwhile the market is implying the company will grow its earnings at a rate of 8.28%.  Clearly, this implied growth rate is not supported by the historical performance and as a result the company would appear to be overvalued at the current time.  The ModernGraham valuation model even brings back a value of zero, which simply indicates that any value in the company does not come from the earnings.  Rather, value in the company must turn on the balance sheet, in which case we normally would look at the NCAV, but that is negative here as well.  As a result, it is our opinion that determination of the value includes too much speculation for investors seeking to follow ModernGraham’s interpretation of Benjamin Graham’s teachings.

December 2013 in Review

Site News

December was a very good month for ModernGraham.  We’ve had over 12,000 visits by over 7,500 unique visitors.  The last week of December we released the monthly eBook, ModernGraham Stocks & Screens, a publication that lists all of the valuations and screens them for various criteria.  This month’s edition includes the creation of two mock portfolios, the Defensive Undervalued Portfolio and the Enterprising Undervalued Portfolio.  December also saw the launch of the ModernGraham Facebook Page, so be sure to check it out and give it a “Like!”

Articles Written Exclusively on Seeking Alpha

Most Popular Content from December

  1. ModernGraham Valuation: Apple Inc. (AAPL)
  2. ModernGraham Valuation: Norfolk Southern Corp (NSC)
  3. November 2013 in Review
  4. 10 Companies in the Spotlight This Week – 11/30/2013
  5. ModernGraham Valuation: Deere & Co. (DE)

Companies Reviewed in December

Thank You to Our Biggest Referrals

  1. Seeking Alpha
  2. CS Investing
  3. Value Investing News
  4. Market Folly
  5. Old School Value

Added and Updated Valuations – 11/16/09

Here are the new valuations added to our site in the past week.  To view more, click on browse valuations in our navbar.  We now have 130 in the database including all 30 components of the Dow Jones Industrial Average!

I am tweaking the way I update valuations from now on.  Previously, I updated each company every three months.  Now, due to the increasing number of companies in the database and the amount of time involved, I will only be updating on a three-month basis companies  that are Enterprising or Defensive.  Companies that are considered speculative will only be updated once a year.

These companies were updated this week:

Don’t forget to check out the valuation calculator.

In addition, we are looking for more contributors.  If you’re interested in being a guest writer or a full-time contributor, please contact us.

FULL DISCLOSURE:  Author did not own any of the above companies at time of publication.

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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