Essex Property Trust Inc Valuation – March 2017 $ESS

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – March 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Essex Property Trust Inc (ESS) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Essex Property Trust, Inc. is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets. The Company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). Its properties include Mio, Form 15, Emerson Valley Village and Ashton Sherman Village. As of December 31, 2016, it owned or held an interest in 245 communities, aggregating 59,645 apartment homes, excluding its ownership in preferred equity investments, as well as two operating commercial buildings (totaling approximately 140,564 square feet), and six active development projects with 2,223 apartment homes in various stages of development.

ESS Chart

ESS data by YCharts

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

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

Learn More About Premium Membership

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of ESS – March 2017

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

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $14,771,574,817 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.40 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 115.80% Pass
6. Moderate PEmg Ratio PEmg < 20 55.27 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.39 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.40 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 48.54 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $4.08
MG Growth Estimate 6.46%
MG Value $87.33
Opinion Overvalued
MG Grade C-
MG Value based on 3% Growth $59.12
MG Value based on 0% Growth $34.66
Market Implied Growth Rate 23.36%
Current Price $225.15
% of Intrinsic Value 257.80%

Essex Property Trust Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $2.85 in 2013 to an estimated $4.08 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 23.36% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Essex Property Trust Inc revealed the company was trading above its Graham Number of $86.14. The company pays a dividend of $6.4 per share, for a yield of 2.8%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 55.22, which was above the industry average of 31.91. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-85.78.

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

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$85.78
Graham Number $86.14
PEmg 55.22
Current Ratio 1.40
PB Ratio 2.38
Current Dividend $6.40
Dividend Yield 2.84%
Number of Consecutive Years of Dividend Growth 20

[/not-level-free]

Useful Links:

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

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $398,911,000
Total Current Liabilities $284,305,000
Long-Term Debt $5,563,260,000
Total Assets $12,217,408,000
Intangible Assets $0
Total Liabilities $6,025,230,000
Shares Outstanding (Diluted Average) 65,588,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $3.49
Dec2016 $6.27
Dec2015 $3.49
Dec2014 $2.06
Dec2013 $4.04
Dec2012 $3.41
Dec2011 $1.24
Dec2010 $1.14
Dec2009 $2.91
Dec2008 $2.09
Dec2007 $4.24
Dec2006 $2.45
Dec2005 $3.32
Dec2004 $3.36
Dec2003 $1.57
Dec2002 $2.60
Dec2001 $2.63
Dec2000 $2.37
Dec1999 $2.36
Dec1998 $1.36
Dec1997 $1.92

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $4.08
Dec2016 $4.20
Dec2015 $3.06
Dec2014 $2.69
Dec2013 $2.85
Dec2012 $2.22
Dec2011 $1.86
Dec2010 $2.30
Dec2009 $2.92
Dec2008 $2.98
Dec2007 $3.28
Dec2006 $2.76
Dec2005 $2.84
Dec2004 $2.57
Dec2003 $2.22
Dec2002 $2.45
Dec2001 $2.29

Recommended Reading:

Other ModernGraham posts about the company

Essex Property Trust Inc. Analysis – October 2015 Update $ESS
Essex Property Trust Inc. Analysis – Initial Coverage $ESS

Other ModernGraham posts about related companies

Caretrust REIT Inc Valuation – Initial Coverage $CTRE
Federal Realty Investment Trust Valuation – Initial Coverage $FRT
Extra Space Storage Inc Valuation – Initial Coverage $EXR
UDR Inc Valuation – Initial Coverage $UDR
Digital Realty Trust Inc Valuation – Initial Coverage $DLR
Mid-America Apartment Communities Inc Valuation – Initial Coverage $MAA
American Tower Corp Valuation – February 2017 $AMT
Chartwell Retirement Residences Valuation – Initial Coverage $TSE:CSH.UN
Equity Residential Valuation – February 2017 $EQR
Communications Sales & Leasing Valuation – Initial Coverage $CSAL

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

International Business Machines Corp Valuation – March 2017 $IBM

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – March 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how International Business Machines Corp (IBM) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): International Business Machines Corporation (IBM) is a technology company. The Company operates through five segments: Cognitive Solutions, Global Business Services (GBS), Technology Services & Cloud Platforms, Systems and Global Financing. The Cognitive Solutions segment delivers a spectrum of capabilities, from descriptive, predictive and prescriptive analytics to cognitive systems. Cognitive Solutions includes Watson, a cognitive computing platform that has the ability to interact in natural language, process big data, and learn from interactions with people and computers. The GBS segment provides clients with consulting, application management services and global process services. The Technology Services & Cloud Platforms segment provides information technology infrastructure services. The Systems segment provides clients with infrastructure technologies. The Global Financing segment includes client financing, commercial financing, and remanufacturing and remarketing.

IBM Chart

IBM data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of IBM – March 2017

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

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $167,049,901,878 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.21 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 28.93% Fail
6. Moderate PEmg Ratio PEmg < 20 13.53 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 9.27 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.21 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 4.55 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg $13.04
MG Growth Estimate -0.65%
MG Value $94.03
Opinion Overvalued
MG Grade C
MG Value based on 3% Growth $189.10
MG Value based on 0% Growth $110.85
Market Implied Growth Rate 2.52%
Current Price $176.46
% of Intrinsic Value 187.67%

International Business Machines Corp. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings growth over the last ten years, and the high PB ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $13.63 in 2013 to an estimated $13.04 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 2.52% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into International Business Machines Corp. revealed the company was trading above its Graham Number of $76.12. The company pays a dividend of $5.5 per share, for a yield of 3.1%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 13.53, which was below the industry average of 38.13, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-57.72.

International Business Machines Corp. receives an average overall rating in the ModernGraham grading system, scoring a C.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$57.72
Graham Number $76.12
PEmg 13.53
Current Ratio 1.21
PB Ratio 9.27
Current Dividend $5.50
Dividend Yield 3.12%
Number of Consecutive Years of Dividend Growth 20

[/not-level-free]

Useful Links:

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

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $43,888,000,000
Total Current Liabilities $36,275,000,000
Long-Term Debt $34,655,000,000
Total Assets $117,470,000,000
Intangible Assets $40,888,000,000
Total Liabilities $99,224,000,000
Shares Outstanding (Diluted Average) 958,714,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $13.42
Dec2016 $12.38
Dec2015 $13.42
Dec2014 $11.90
Dec2013 $14.94
Dec2012 $14.37
Dec2011 $13.06
Dec2010 $11.52
Dec2009 $10.01
Dec2008 $8.89
Dec2007 $7.15
Dec2006 $6.11
Dec2005 $4.87
Dec2004 $4.38
Dec2003 $3.74
Dec2002 $2.06
Dec2001 $3.69
Dec2000 $4.44
Dec1999 $4.12
Dec1998 $3.29
Dec1997 $3.00

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $13.04
Dec2016 $13.04
Dec2015 $13.42
Dec2014 $13.33
Dec2013 $13.63
Dec2012 $12.50
Dec2011 $11.09
Dec2010 $9.65
Dec2009 $8.28
Dec2008 $7.03
Dec2007 $5.82
Dec2006 $4.85
Dec2005 $4.06
Dec2004 $3.66
Dec2003 $3.40
Dec2002 $3.33
Dec2001 $3.88

Recommended Reading:

Other ModernGraham posts about the company

International Business Machines Corp Valuation – November 2015 Update $IBM
30 Companies in the Spotlight This Week – 11/15/14
International Business Machines Annual Valuation – 2014 $IBM
5 Outstanding Dow Components – March 2014
ModernGraham Valuation: International Business Machines (IBM)

Other ModernGraham posts about related companies

Verisk Analytics Inc Valuation – Initial Coverage $VRSK
CSRA Inc Valuation – Initial Coverage $CSRA
CSG Systems International Inc Valuation – Initial Coverage $CSGS
Computer Programs & Systems Inc Valuation – Initial Coverage $CPSI
Qualcomm Inc Valuation – February 2017 $QCOM
Verisign Inc Valuation – February 2017 $VRSN
Jack Henry & Associates Inc Valuation – Initial Coverage $JKHY
Super Micro Computer Inc Valuation – Initial Coverage $SMCI
Teradata Corp Valuation – January 2017 $TDC
Akamai Technologies Inc Valuation – January 2017 $AKAM

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Sierra Wireless Inc Valuation – Initial Coverage $TSE:SW

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Sierra Wireless Inc (TSE:SW) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Sierra Wireless, Inc. offers second generation (2G), third generation (3G) and fourth generation (4G) cellular embedded wireless modules and gateways. The Company offers products to original equipment manufacturers (OEMs) and enterprises. It operates through three segments: OEM Solutions, Enterprise Solutions, and Cloud and Connectivity Services. The OEM Solutions segment includes cellular embedded modules, software and tools for OEM customers. The Enterprise Solutions segment includes gateways and management tools and applications that enable cellular connectivity for mobile, industrial and enterprise customers. The Cloud and Connectivity Services segment comprises three areas of operation: its cloud services business; its connectivity services, and its managed wireless broadband services business. The Company’s products and solutions include Legato, Project MangOH, AirLink, AirLink Raven RV50, IoT Acceleration Platform and AirVantage Management Service.

SW Chart

SW data by YCharts

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

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

Learn More About Premium Membership

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of TSE-SW – February 2017

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

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $1,186,497,752 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.70 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 158.68% Pass
6. Moderate PEmg Ratio PEmg < 20 65.62 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.48 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.70 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $0.56
MG Growth Estimate 1.21%
MG Value $6.16
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $8.18
MG Value based on 0% Growth $4.80
Market Implied Growth Rate 28.56%
Current Price $37.02
% of Intrinsic Value 601.32%

Sierra Wireless, Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, low current ratio, insufficient earnings stability over the last ten years, the poor dividend history, and the high PEmg ratio. The Enterprising Investor has concerns regarding the lack of earnings stability over the last five years, and the lack of dividends. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $0.52 in 2013 to an estimated $0.56 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 28.56% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Sierra Wireless, Inc. revealed the company was trading above its Graham Number of $19.44. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 65.62, which was below the industry average of 68.5, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $3.18.

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

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $3.18
Graham Number $19.44
PEmg 65.62
Current Ratio 1.70
PB Ratio 2.48
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

[/not-level-free]

Useful Links:

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

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $392,174,000
Total Current Liabilities $230,443,000
Long-Term Debt $0
Total Assets $771,587,000
Intangible Assets $305,425,000
Total Liabilities $289,282,000
Shares Outstanding (Diluted Average) 32,367,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.11
Dec2016 $0.64
Dec2015 -$0.11
Dec2014 -$0.61
Dec2013 $1.90
Dec2012 $0.87
Dec2011 -$0.96
Dec2010 -$0.47
Dec2009 -$1.36
Dec2008 $2.47
Dec2007 $1.16
Dec2006 $0.44
Dec2005 -$1.67
Dec2004 $1.17
Dec2003 $0.16
Dec2002 -$3.99
Dec2001 -$2.37
Dec2000 -$0.30
Dec1999 $0.34
Dec1998 $0.15

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.56
Dec2016 $0.37
Dec2015 $0.23
Dec2014 $0.32
Dec2013 $0.52
Dec2012 -$0.08
Dec2011 -$0.31
Dec2010 $0.16
Dec2009 $0.38
Dec2008 $1.07
Dec2007 $0.34
Dec2006 -$0.31
Dec2005 -$0.90
Dec2004 -$0.70
Dec2003 -$1.50
Dec2002 -$1.97
Dec2001 -$0.78

Recommended Reading:

Other ModernGraham posts about the company

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

Other ModernGraham posts about related companies

Windstream Holdings Inc Valuation – August 2016 $WIN
Verizon Communications Inc Valuation – July 2016 $VZ
AT&T Inc Valuation – July 2016 $T
Harris Corporation Valuation – February 2016 $HRS
CenturyLink Inc Valuation – February 2016 $CTL
Frontier Communications Corp Valuation – November 2015 Update $FTR
Harris Corporation Analysis – September 2015 Update $HRS
Arris Group Inc. Analysis – Initial Coverage $ARRS
Level 3 Communications Inc. Analysis – Initial Coverage $LVLT
Windstream Holdings Analysis – 2015 Update $WIN

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Automatic Data Processing Valuation – November 2016 $ADP

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

Company Profile (obtained from Google Finance): Automatic Data Processing, Inc. (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of human resources (HR) business process outsourcing and technology-enabled HCM solutions. These offerings include payroll services, benefits administration, talent management, HR management, time and attendance management, insurance services, retirement services, and tax and compliance services. ADP TotalSource, ADP’s PEO business, offers small and mid-sized businesses a HR outsourcing solution through a co-employment model. As a PEO, ADP TotalSource provides HR management services while the client continues to direct the day-to-day job-related duties of the employees.

ADP Chart

ADP data by YCharts

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

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

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

Downloadable PDF version of this valuation:

moderngraham-valuation-of-adp-november-2016

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

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $43,097,621,568 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.13 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 34.74% Pass
6. Moderate PEmg Ratio PEmg < 20 28.62 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 10.11 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.13 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.59 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

adp-value-chart-november-2016

EPSmg $3.30
MG Growth Estimate 3.22%
MG Value $49.29
Opinion Overvalued
MG Grade B-
MG Value based on 3% Growth $47.82
MG Value based on 0% Growth $28.03
Market Implied Growth Rate 10.06%
Current Price $94.39
% of Intrinsic Value 191.49%

Automatic Data Processing is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor is only concerned with the low current ratio. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $2.71 in 2013 to an estimated $3.3 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 10.06% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Automatic Data Processing revealed the company was trading above its Graham Number of $27.68. The company pays a dividend of $2.12 per share, for a yield of 2.2%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 28.62, which was above the industry average of 21.38. Finally, the company was trading above its Net Current Asset Value (NCAV) of $0.08.

Automatic Data Processing performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

adp-charts-november-2016

Net Current Asset Value (NCAV) $0.08
Graham Number $27.68
PEmg 28.62
Current Ratio 1.13
PB Ratio 10.11
Current Dividend $2.12
Dividend Yield 2.25%
Number of Consecutive Years of Dividend Growth 20

[/not-level-free]

Useful Links:

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

Most Recent Balance Sheet Figures

Balance Sheet Information 9/1/2016
Total Current Assets $30,124,200,000
Total Current Liabilities $26,719,300,000
Long-Term Debt $2,007,700,000
Total Assets $34,337,400,000
Intangible Assets $2,252,300,000
Total Liabilities $30,087,300,000
Shares Outstanding (Diluted Average) 455,300,000

Earnings Per Share History

Next Fiscal Year Estimate $3.63
Jun2016 $3.25
Jun2015 $3.05
Jun2014 $3.14
Jun2013 $2.89
Jun2012 $2.82
Jun2011 $2.52
Jun2010 $2.40
Jun2009 $2.63
Jun2008 $2.34
Jun2007 $2.04
Jun2006 $2.68
Jun2005 $1.32
Jun2004 $1.18
Jun2003 $1.34
Jun2002 $1.75
Jun2001 $1.44
Jun2000 $1.31
Jun1999 $1.10
Jun1998 $0.98
Jun1997 $0.85

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $3.30
Jun2016 $3.10
Jun2015 $2.98
Jun2014 $2.88
Jun2013 $2.71
Jun2012 $2.60
Jun2011 $2.45
Jun2010 $2.42
Jun2009 $2.35
Jun2008 $2.11
Jun2007 $1.91
Jun2006 $1.78
Jun2005 $1.35
Jun2004 $1.38
Jun2003 $1.45
Jun2002 $1.44
Jun2001 $1.24

Recommended Reading:

Other ModernGraham posts about the company

Automatic Data Processing Analysis – September 2015 Update $ADP
Automatic Data Processing Analysis – June 2015 Update $ADP
24 Companies in the Spotlight This Week – 3/28/15
Automatic Data Processing Quarterly Valuation – March 2015 $ADP
27 Companies in the Spotlight This Week – 12/20/14

Other ModernGraham posts about related companies

United Rentals Inc Valuation – August 2016 $URI
Robert Half International Inc Valuation – August 2016 $RHI
Accenture PLC Valuation – August 2016 $ACN
Fiserv Inc Valuation – August 2016 $FISV
Cintas Corporation Valuation – July 2016 $CTAS
Pitney Bowes Inc Valuation – July 2016 $PBI
Xerox Corp Valuation – June 2016 $XRX
Avery Dennison Corp Valuation – June 2016 $AVY
Ecolab Inc Valuation – June 2016 $ECL
Paychex Inc Valuation – June 2016 $PAYX

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Best Stocks to Invest In: the Food Processing Industry – August 2016

Best Companies of the Food Processing IndustryWhile ModernGraham supports the bottom-up approach to investing, many investors do utilize the top-down method, whereby an industry is selected before the company itself.  With that in mind, this article will take a brief look at the best companies of the food processing industry, selecting the most promising investment opportunities within the industry, and giving a broad look into the industry as a whole.

Out of the more than 530 companies reviewed by ModernGraham, 19 were identified as being closely related to the food processing industry.  Of those, only one is suitable for the Defensive Investor, six are suitable for the Enterprising Investor, and the remaining twelve are considered speculative at this time.  The average company was rated as being priced at 235.71% to its MG Value (estimated intrinsic value), with an average PEmg ratio of 28.42.  The industry as a whole, therefore would appear to be overvalued, particularly in comparison to the market (see Mr. Market’s Mental State).

The Elite

The following companies have been rated as undervalued and suitable for either the Defensive Investor or the Enterprising Investor:

Tyson Foods, Inc. (TSN)

Tyson Foods, Inc. is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings stability or growth over the last ten years, and the high PEmg and PB ratios. The Enterprising Investor is only concerned with the level of debt relative to the net current assets. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $1.28 in 2012 to an estimated $3.17 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 7.76% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Tyson Foods, Inc. revealed the company was trading above its Graham Number of $52.23. The company pays a dividend of $0.55 per share, for a yield of 0.7% Its PEmg (price over earnings per share – ModernGraham) was 24.01, which was below the industry average, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-19.94.  (See the full valuation)

TSN charts August 2016

The Good

The following companies have been rated as fairly valued and suitable for either the Defensive Investor or the Enterprising Investor:

No companies met these criteria at this time.

The Full List

[not-level-free]
Clicking on the company name will take you to the company’s latest valuation.  For the investor type, a “D” indicates the company is suitable for the Defensive Investor, an “E” indicates the company is suitable for the Enterprising Investor, and an “S” indicates the company is considered speculative at this time.

Ticker Name with Link Investor Type Latest Valuation Date MG Value Recent Price Price as a percent of Value PEmg Ratio Div. Yield
ADM Archer Daniels Midland Company E 8/8/2016 $22.45 $43.21 192.47% 16.62 2.64%
BGS B&G Foods, Inc. E 8/30/2016 $29.45 $47.18 160.20% 36.29 3.26%
CAG ConAgra Foods Inc S 8/15/2015 $0.00 $46.33 N/A 45.42 2.16%
CCE Coca-Cola European Partners plc Ordinary Shares S 9/1/2015 $94.53 $38.16 40.37% 15.51 2.99%
CPB Campbell Soup Company S 7/18/2016 $16.60 $60.73 365.84% 26.29 2.06%
DPS Dr Pepper Snapple Group Inc. S 9/11/2015 $112.40 $93.17 82.89% 27.32 0.52%
GIS General Mills, Inc. S 8/15/2016 $28.64 $70.51 246.19% 26.11 3.56%
HRL Hormel Foods Corp E 8/24/2016 $34.15 $37.88 110.92% 29.36 1.48%
HSY Hershey Co S 7/14/2016 $69.91 $99.65 142.54% 28.88 2.29%
K Kellogg Company S 7/15/2016 $18.11 $81.78 451.57% 28.69 2.43%
KO The Coca-Cola Co S 7/28/2016 $10.76 $43.24 401.86% 24.29 3.10%
MDLZ Mondelez International Inc D 8/25/2016 $36.78 $44.74 121.64% 18.49 1.52%
MJN Mead Johnson Nutrition CO E 6/20/2016 $62.46 $83.75 134.09% 25.00 0.49%
MKC McCormick & Company, Incorporated S 8/15/2015 $50.89 $101.37 199.19% 32.39 1.61%
MNST Monster Beverage Corporation E 7/27/2016 $112.75 $153.81 136.42% 52.49 0.00%
PEP PepsiCo, Inc. S 7/13/2016 $43.65 $107.21 245.61% 25.90 2.67%
SJM J M Smucker Co S 8/20/2016 $106.83 $139.76 130.82% 24.26 1.90%
SYY SYSCO Corporation S 9/8/2015 $5.10 $51.93 1018.24% 32.87 2.35%
TSN Tyson Foods, Inc. E 8/25/2016 $121.87 $75.43 61.89% 23.79 0.73%

[/not-level-free]

[level-free]

To view the MG Value and PEmg information,  you must be logged in as a premium member.  Clicking on the company name will take you to the company’s latest valuation.

For the investor type, a “D” indicates the company is suitable for the Defensive Investor, an “E” indicates the company is suitable for the Enterprising Investor, and an “S” indicates the company is considered speculative at this time.

Ticker Name with Link Investor Type Latest Valuation Date MG Value Recent Price Price as a percent of Value PEmg Ratio Div. Yield
ADM Archer Daniels Midland Company E 8/8/2016 $43.21 2.64%
BGS B&G Foods, Inc. E 8/30/2016 $47.18 3.26%
CAG ConAgra Foods Inc S 8/15/2015 $46.33 2.16%
CCE Coca-Cola European Partners plc Ordinary Shares S 9/1/2015 $38.16 2.99%
CPB Campbell Soup Company S 7/18/2016 $60.73 2.06%
DPS Dr Pepper Snapple Group Inc. S 9/11/2015 $93.17 0.52%
GIS General Mills, Inc. S 8/15/2016 $70.51 3.56%
HRL Hormel Foods Corp E 8/24/2016 $37.88 1.48%
HSY Hershey Co S 7/14/2016 $99.65 2.29%
K Kellogg Company S 7/15/2016 $81.78 2.43%
KO The Coca-Cola Co S 7/28/2016 $43.24 3.10%
MDLZ Mondelez International Inc D 8/25/2016 $44.74 1.52%
MJN Mead Johnson Nutrition CO E 6/20/2016 $83.75 0.49%
MKC McCormick & Company, Incorporated S 8/15/2015 $101.37 1.61%
MNST Monster Beverage Corporation E 7/27/2016 $153.81 0.00%
PEP PepsiCo, Inc. S 7/13/2016 $107.21 2.67%
SJM J M Smucker Co S 8/20/2016 $139.76 1.90%
SYY SYSCO Corporation S 9/8/2015 $51.93 2.35%
TSN Tyson Foods, Inc. E 8/25/2016 $75.43 0.73%

[/level-free]

Disclaimer: 

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours. See my current holdings here.  This article is not investment advice and all readers are encouraged to speak to a registered investment adviser prior to making any investing decisions.  Please also read our full disclaimer.

 

Express Scripts Holding Co Valuation – August 2016 $ESRX

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

ESRX Chart

ESRX data by YCharts

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

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

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of ESRX – August 2016

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

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $46,081,613,300 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.55 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 179.52% Pass
6. Moderate PEmg Ratio PEmg < 20 19.73 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.03 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.55 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -1.39 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

ESRX value chart August 2016

EPSmg $3.72
MG Growth Estimate 12.80%
MG Value $126.80
Opinion Undervalued
MG Grade C-
MG Value based on 3% Growth $53.91
MG Value based on 0% Growth $31.60
Market Implied Growth Rate 5.61%
Current Price $73.35
% of Intrinsic Value 57.85%

Express Scripts Holding Company does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, poor dividend history, and the high PB ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of dividends. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $2.01 in 2012 to an estimated $3.72 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 5.61% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Express Scripts Holding Company revealed the company was trading above its Graham Number of $54.85. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 19.73, which was below the industry average of 40.07, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-39.08.

Express Scripts Holding Company receives an average overall rating in the ModernGraham grading system, scoring a C-.

Stage 3: Information for Further Research

ESRX charts August 2016

Net Current Asset Value (NCAV) -$39.08
Graham Number $54.85
PEmg 19.73
Current Ratio 0.55
PB Ratio 3.03
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

[/not-level-free]

Useful Links:

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

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2016
Total Current Assets $10,614,500,000
Total Current Liabilities $19,136,500,000
Long-Term Debt $11,842,600,000
Total Assets $50,858,600,000
Intangible Assets $38,841,400,000
Total Liabilities $35,455,500,000
Shares Outstanding (Diluted Average) 635,700,000

Earnings Per Share History

Next Fiscal Year Estimate $5.47
Dec2015 $3.56
Dec2014 $2.64
Dec2013 $2.25
Dec2012 $1.76
Dec2011 $2.53
Dec2010 $2.17
Dec2009 $1.56
Dec2008 $1.54
Dec2007 $1.08
Dec2006 $0.84
Dec2005 $0.67
Dec2004 $0.45
Dec2003 $0.40
Dec2002 $0.32
Dec2001 $0.20
Dec2000 -$0.02
Dec1999 $0.25
Dec1998 $0.08
Dec1997 $0.06
Dec1996 $0.05

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $3.72
Dec2015 $2.74
Dec2014 $2.31
Dec2013 $2.12
Dec2012 $2.01
Dec2011 $2.01
Dec2010 $1.65
Dec2009 $1.30
Dec2008 $1.09
Dec2007 $0.80
Dec2006 $0.62
Dec2005 $0.48
Dec2004 $0.34
Dec2003 $0.27
Dec2002 $0.19
Dec2001 $0.13
Dec2000 $0.09

Recommended Reading:

Other ModernGraham posts about the company

Express Scripts Inc. Analysis – 2015 Update $ESRX
19 Companies in the Spotlight This Week – 7/26/14
Express Scripts Holding Company Annual Valuation – 2014 $ESRX

Other ModernGraham posts about related companies

Universal Health Services Inc Valuation – August 2016 $UHS
Endo International PLC Valuation – August 2016 $ENDP
C R Bard Inc Valuation – August 2016 $BCR
Psychemedics Corp Valuation – August 2016 $PMD
Patterson Companies Inc Valuation – August 2016 $PDCO
Edwards Lifesciences Corp Valuation – August 2016 $EW
Baxter International Inc Valuation – August 2016 $BAX
Cerner Corporation Valuation – August 2016 $CERN
Stryker Corporation Valuation – August 2016 $SYK
Henry Schein Inc Valuation – July 2016 $HSIC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Hess Corp Valuation – July 2016 $HES

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – June 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Hess Corporation (HES) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Hess Corporation is an exploration and production (E&P) company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids, and natural gas. Its segments include E&P, which is engaged in the sale of crude oil, natural gas liquids and natural gas, and Bakken Midstream, which provides services, including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, transportation of crude oil by rail car, terminaling and loading crude oil and natural gas liquids, and the storage and terminaling of propane, located in the Bakken shale play of North Dakota. Its Bakken Midstream assets include Tioga gas plant, Tioga gas plant, Crude oil train units, Ramberg truck facility, Gathering pipelines and Gathering pipelines. It has production operations located in the United States, Denmark, Equatorial Guinea, the Joint Development Area of Malaysia/Thailand, Malaysia and Norway.

[level-free]

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

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

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of HES – July 2016

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

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $18,097,958,502 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.25 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -159.80% Fail
6. Moderate PEmg Ratio PEmg < 20 -59.63 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 0.83 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.25 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 2.36 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

HES value chart July 2016

EPSmg -$0.95
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$13.81
MG Value based on 0% Growth -$8.10
Market Implied Growth Rate -34.07%
Current Price $56.81
% of Intrinsic Value N/A

Hess Corp. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability or growth over the last ten years, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the net current assets, and the lack of earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $5.4 in 2012 to an estimated $-0.95 for 2016. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value below the price.

Hess Corp. scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

HES charts July 2016

Net Current Asset Value (NCAV) -$30.90
Graham Number $0.00
PEmg -59.63
Current Ratio 2.25
PB Ratio 0.83
Current Dividend $1.00
Dividend Yield 1.76%
Number of Consecutive Years of Dividend Growth 0

[/not-level-free]

Useful Links:

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

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2016
Total Current Assets $4,945,000,000
Total Current Liabilities $2,193,000,000
Long-Term Debt $6,498,000,000
Total Assets $34,808,000,000
Intangible Assets $375,000,000
Total Liabilities $14,210,000,000
Shares Outstanding (Diluted Average) 299,800,000

Earnings Per Share History

Next Fiscal Year Estimate -$5.87
Dec2015 -$10.78
Dec2014 $7.53
Dec2013 $14.82
Dec2012 $5.95
Dec2011 $5.01
Dec2010 $6.47
Dec2009 $2.27
Dec2008 $7.24
Dec2007 $5.74
Dec2006 $6.07
Dec2005 $3.98
Dec2004 $3.19
Dec2003 $2.37
Dec2002 -$0.83
Dec2001 $3.42
Dec2000 $3.79
Dec1999 $1.62
Dec1998 -$1.71
Dec1997 $0.03
Dec1996 $2.36

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate -$0.95
Dec2015 $2.51
Dec2014 $8.75
Dec2013 $8.54
Dec2012 $5.40
Dec2011 $5.20
Dec2010 $5.38
Dec2009 $4.91
Dec2008 $5.90
Dec2007 $4.91
Dec2006 $3.98
Dec2005 $2.77
Dec2004 $2.24
Dec2003 $1.87
Dec2002 $1.50
Dec2001 $2.25
Dec2000 $1.52

Recommended Reading:

Other ModernGraham posts about the company

47 Companies in the Spotlight This Week – 5/16/15
Hess Corporation Annual Valuation – 2015 $HES
10 Companies Benjamin Graham Would Invest In Today – May 2015
5 Most Undervalued Companies for the Defensive Investor – April 2015
5 Companies to Research with the Lowest PEmg Ratio for the Defensive Investor – March 2015

Other ModernGraham posts about related companies

EQT Corporation Valuation – July 2016 $EQT
QEP Resources Inc Valuation – July 2016 $QEP
Suburban Propane Partners Valuation – June 2016 $SPH
Spectra Energy Corp Valuation – June 2016 $SE
Helmerich & Payne Inc Valuation – June 2016 $HP
Chesapeake Energy Corp Valuation – June 2016 $CHK
AGL Resources Inc Valuation – June 2016 $GAS
Pioneer Natural Resources Valuation – June 2016 $PXD
Williams Companies Inc Valuation – June 2016 $WMB
Western Refining Inc. Valuation – June 2016 $WNR

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

McKesson Corp Valuation – July 2016 $MCK

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – June 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how McKesson Corp (MCK) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): McKesson Corporation (McKesson) is a pharmaceutical distribution services and information technology company. The Company delivers an offering of pharmaceuticals and medical supplies. It operates through two segments: McKesson Distribution Solutions and McKesson Technology Solutions. The Distribution Solutions segment distributes branded and generic pharmaceutical drugs and other healthcare-related products around the world and provides practice management, technology, clinical support and business solutions to community-based oncology and other specialty practices. It also provides specialty pharmaceutical solutions for pharmaceutical manufacturers, including offering multiple distribution channels and clinical trial access to its network of oncology physicians. The Technology Solutions segment delivers clinical, patient care, financial, supply chain and strategic management technology solutions, as well as connectivity, outsourcing and other services.

[level-free]

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

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

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of MCK – July 2016

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

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $43,163,381,578 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.10 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 169.70% Pass
6. Moderate PEmg Ratio PEmg < 20 20.41 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 5.01 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.10 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.94 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

MCK value chart July 2016

EPSmg $9.40
MG Growth Estimate 12.76%
MG Value $319.76
Opinion Undervalued
MG Grade C-
MG Value based on 3% Growth $136.32
MG Value based on 0% Growth $79.91
Market Implied Growth Rate 5.95%
Current Price $191.88
% of Intrinsic Value 60.01%

McKesson Corporation does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $5.08 in 2013 to an estimated $9.4 for 2017. This level of demonstrated earnings growth outpaces the market’s implied estimate of 5.95% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.

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

Stage 3: Information for Further Research

MCK charts July 2016

Net Current Asset Value (NCAV) -$39.49
Graham Number $109.35
PEmg 20.41
Current Ratio 1.10
PB Ratio 5.01
Current Dividend $1.08
Dividend Yield 0.56%
Number of Consecutive Years of Dividend Growth 4

[/not-level-free]

Useful Links:

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

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2016
Total Current Assets $38,437,000,000
Total Current Liabilities $35,071,000,000
Long-Term Debt $6,535,000,000
Total Assets $56,563,000,000
Intangible Assets $12,807,000,000
Total Liabilities $47,639,000,000
Shares Outstanding (Diluted Average) 233,000,000

Earnings Per Share History

Next Fiscal Year Estimate $13.40
Mar2016 $9.70
Mar2015 $6.27
Mar2014 $5.41
Mar2013 $5.59
Mar2012 $5.59
Mar2011 $4.57
Mar2010 $4.62
Mar2009 $2.95
Mar2008 $3.32
Mar2007 $2.99
Mar2006 $2.38
Mar2005 -$0.53
Mar2004 $2.19
Mar2003 $1.88
Mar2002 $1.43
Mar2001 -$0.17
Mar2000 $2.57
Mar1999 $0.31
Mar1998 $0.80
Mar1997 $1.49

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $9.40
Mar2016 $7.11
Mar2015 $5.70
Mar2014 $5.33
Mar2013 $5.08
Mar2012 $4.62
Mar2011 $3.99
Mar2010 $3.55
Mar2009 $2.75
Mar2008 $2.46
Mar2007 $1.94
Mar2006 $1.44
Mar2005 $0.96
Mar2004 $1.67
Mar2003 $1.34
Mar2002 $1.04
Mar2001 $0.90

Recommended Reading:

Other ModernGraham posts about the company

47 Companies in the Spotlight This Week – 5/16/15
McKesson Corporation Annual Valuation – 2015 $MCK
18 Companies in the Spotlight This Week – 5/17/14
McKesson Corp (MCK) Annual Valuation – 2014

Other ModernGraham posts about related companies

Ross Stores Inc Valuation – June 2016 $ROST
Bed Bath & Beyond Inc Valuation – June 2016 $BBBY
Wal-Mart Stores Inc Valuation – May 2016 $WMT
Aaron’s Inc Valuation – May 2016 $AAN
Nordstrom Inc Valuation – May 2016 $JWN
Tractor Supply Company Valuation – May 2016 $TSCO
Fossil Group Inc Stock Valuation – February 2016 $FOSL
TJX Companies Inc Valuation – February 2016 Update $TJX
Coach Inc Valuation – February 2016 Update $COH
Tiffany & Company Valuation – February 2016 Update $TIF

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Progressive Corporation Valuation – June 2016 $PGR

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – March 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Progressive Corporation (PGR) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through Personal Lines, Commercial Lines and Property segments. The Company operates its vehicle businesses and property business in the United States. It also sells personal auto physical damage and auto property damage liability insurance in Australia. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles. Its Commercial Lines business writes primary liability, physical damage and other auto-related insurance for automobiles and trucks owned and/or operated predominately by small businesses as a part of the commercial auto market. Its Property business writes homeowners and renters insurance, primarily in the Agency channel in over 31 states and the District of Columbia.

[level-free]

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

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

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of PGR – June 2016

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

What kind of Intelligent Investor are you?

Defensive Investor; must pass all 6 of the following tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $19,063,876,769 Pass
2. Earnings Stability Positive EPS for 10 years prior Fail
3. Dividend Record Dividend Payments for 10 years prior Fail
4. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 88.14% Pass
5. Moderate PEmg Ratio PEmg < 20 17.35 Pass
6. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.53 Pass
Score
Enterprising Investor; must pass all 3 of the following tests, or be suitable for the Defensive Investor.
1. Earnings Stability Positive EPS for 5 years prior Pass
2. Dividend Record Currently Pays Dividend Pass
3. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

PGR value chart June 2016

EPSmg $1.88
MG Growth Estimate 4.58%
MG Value $33.26
Opinion Fairly Valued
MG Grade C+
MG Value based on 3% Growth $27.30
MG Value based on 0% Growth $16.00
Market Implied Growth Rate 4.42%
Current Price $32.66
% of Intrinsic Value 98.19%

Progressive Corp is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability over the last ten years, and the poor dividend history. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Fairly Valued after growing its EPSmg (normalized earnings) from $1.44 in 2012 to an estimated $1.88 for 2016. This level of demonstrated earnings growth supports the market’s implied estimate of 4.42% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value within a margin of safety relative to the price.

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

Stage 3: Information for Further Research

PGR charts June 2016

Graham Number $21.40
PEmg 17.35
PB Ratio 2.53
Current Dividend $0.89
Dividend Yield 2.72%
Number of Consecutive Years of Dividend Growth 3

[/not-level-free]

Useful Links:

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

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2016
Long-term Debt $2,701,600,000
Total Assets $30,721,600,000
Intangible Assets $927,000,000
Total Liabilities $23,161,700,000
Shares Outstanding (Diluted Average) 585,500,000

Earnings Per Share History

Next Fiscal Year Estimate $1.57
2015-12 $2.15
2014-12 $2.15
2013-12 $1.93
2012-12 $1.48
2011-12 $1.59
2010-12 $1.61
2009-12 $1.57
2008-12 -$0.10
2007-12 $1.65
2006-12 $2.10
2005-12 $1.75
2004-12 $1.91
2003-12 $1.42
2002-12 $0.75
2001-12 $0.46
2000-12 $0.05
1999-12 $0.33
1998-12 $0.51
1997-12 $0.44
1996-12 $0.34

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $1.88
2015-12 $1.98
2014-12 $1.85
2013-12 $1.68
2012-12 $1.44
2011-12 $1.37
2010-12 $1.30
2009-12 $1.22
2008-12 $1.19
2007-12 $1.81
2006-12 $1.79
2005-12 $1.51
2004-12 $1.23
2003-12 $0.79
2002-12 $0.46
2001-12 $0.33
2000-12 $0.29

Recommended Reading:

Other ModernGraham posts about the company

11 Best Stocks For Value Investors This Week – 11/21/15
Progressive Corp Valuation – November 2015 Update $PGR
The Best Companies of the Insurance Industry – October 2015
15 Best Stocks For Value Investors This Week – 8/22/15
Progressive Corporation Analysis – August 2015 Update $PGR

Other ModernGraham posts about related companies

Cincinnati Financial Corporation Valuation – May 2016 $CINF
Lincoln National Corporation Valuation – May 2016 $LNC
Allstate Corporation Valuation – May 2016 $ALL
The Travelers Companies Valuation – May 2016 $TRV
Unum Group Valuation – March 2016 $UNM
Principal Financial Group Inc Valuation – March 2016 $PFG
Assurant Inc Valuation – February 2016 $AIZ
American International Group Inc Stock Valuation – February 2016 $AIG
Chubb Ltd Stock Valuation – February 2016 $CB
Humana Inc Stock Valuation – February 2016 $HUM

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

American Express Company Valuation – May 2016 $AXP

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – March 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how American Express Company (AXP) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): American Express Company is a services company. The Company’s principal products and services are charge and credit payment card products, and travel-related services offered to consumers and businesses around the world. The Company’s segments include U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS). The USCS segment includes the U.S. Consumer Card Services business and travel services in the United States. The ICNS segment includes the International Consumer Card Services business, Global Network Services (GNS) business and travel services outside the United States. The GCS segment includes the Global Corporate Payments (GCP) business, small business services businesses in the United States and internationally, merchant financing products and foreign exchange services operations. The GMS segment includes the Global Merchant Services business and global loyalty coalition businesses.

[level-free]

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

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

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

Downloadable PDF version of this valuation:

ModernGraham Valuation of AXP – May 2016

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

What kind of Intelligent Investor are you?

Defensive Investor; must pass all 6 of the following tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $58,839,094,843 Pass
2. Earnings Stability Positive EPS for 10 years prior Pass
3. Dividend Record Dividend Payments for 10 years prior Pass
4. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 118.12% Pass
5. Moderate PEmg Ratio PEmg < 20 12.41 Pass
6. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.93 Pass
Score
Enterprising Investor; must pass all 3 of the following tests, or be suitable for the Defensive Investor.
1. Earnings Stability Positive EPS for 5 years prior Pass
2. Dividend Record Currently Pays Dividend Pass
3. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

AXP value Chart May 2016

EPSmg $5.09
MG Growth Estimate 7.28%
MG Value $117.34
Opinion Undervalued
MG Grade B
MG Value based on 3% Growth $73.79
MG Value based on 0% Growth $43.25
Market Implied Growth Rate 1.96%
Current Price $63.16
% of Intrinsic Value 53.83%

American Express Company qualifies for both the Defensive Investor and the Enterprising Investor. In fact, the company meets all of the requirements of both investor types, a rare accomplishment indicative of the company’s strong financial position. . The Enterprising Investor has no initial concerns. As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $3.43 in 2012 to an estimated $5.09 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 1.95% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.

American Express Company performs fairly well in the ModernGraham grading system, scoring a B.

Stage 3: Information for Further Research

AXP Charts May 2016

Graham Number $49.96
PEmg 12.41
PB Ratio 2.93
Current Dividend $1.16
Dividend Yield 1.84%
Number of Consecutive Years of Dividend Growth 1

[/not-level-free]

Useful Links:

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

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2016
Long-term Debt $47,311,000,000
Total Assets $158,816,000,000
Intangible Assets $0
Total Liabilities $138,089,000,000
Shares Outstanding (Diluted Average) 963,000,000

Earnings Per Share History

Next Fiscal Year Estimate $5.16
12/1/2015 $5.05
12/1/2014 $5.56
12/1/2013 $4.88
12/1/2012 $3.89
12/1/2011 $4.12
12/1/2010 $3.35
12/1/2009 $1.54
12/1/2008 $2.33
12/1/2007 $3.36
12/1/2006 $2.99
12/1/2005 $2.97
12/1/2004 $2.68
12/1/2003 $2.30
12/1/2002 $2.01
12/1/2001 $0.98
12/1/2000 $2.07
12/1/1999 $1.81
12/1/1998 $1.54
12/1/1997 $1.38
12/1/1996 $1.30

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $5.09
12/1/2015 $4.94
12/1/2014 $4.71
12/1/2013 $4.04
12/1/2012 $3.43
12/1/2011 $3.11
12/1/2010 $2.64
12/1/2009 $2.40
12/1/2008 $2.85
12/1/2007 $3.02
12/1/2006 $2.77
12/1/2005 $2.50
12/1/2004 $2.18
12/1/2003 $1.90
12/1/2002 $1.69
12/1/2001 $1.54
12/1/2000 $1.75

Recommended Reading:

Other ModernGraham posts about the company

5 Undervalued Companies for Enterprising Investors Near 52 Week Lows – January 2016
5 Undervalued Companies for Enterprising Investors Near 52 Week Lows – November 2015
5 Undervalued Dow Stocks to Research – November 2015
10 Best Stocks For Value Investors This Week – 10/31/15
American Express Company Valuation – October 2015 Update $AXP

Other ModernGraham posts about related companies

T.Rowe Price Group Inc Stock Valuation – February 2016 $TROW
Moody’s Corporation Stock Valuation – February 2016 $MCO
KKR & Co LP Stock Valuation – February 2016 $KKR
Capital One Financial Corp Valuation – January 2016 Update $COF
Franklin Resources Inc Valuation – January 2016 Update $BEN
T.Rowe Price Group Inc Stock Valuation – February 2016 $TROW
Moody’s Corporation Stock Valuation – February 2016 $MCO
KKR & Co LP Stock Valuation – February 2016 $KKR
Capital One Financial Corp Valuation – January 2016 Update $COF
Franklin Resources Inc Valuation – January 2016 Update $BEN

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Back To Top