已阅读5页，还剩101页未读， 继续免费阅读
版权说明：本文档由用户提供并上传，收益归属内容提供方，若内容存在侵权，请进行举报或认领
文档简介
THEINTRINSICSTRENGTHFINANCIALMODEL2008NATHANRAMOSJANUARY14,2008ABSTRACTTHEINTRINSICSTRENGTHFINANCIALMODELISFMWASBEGANDEVELOPMENTINDECEMBEROF2006ASAFINANCIALMODELDESIGNEDTOMEASURETHEUNDERLYINGBUSINESSPERFORMANCEOFASTOCKEQUITYFORINVESTMENTPURPOSESTHEISFMPROVIDESADETAILEDPICTUREOFASTOCKSUNDERLYINGVALUESOANINVESTORCANBUYONLYTHEHIGHESTQUALITYSTOCKSWHILETHEYAREMISPRICEDCHEAPLYBYTHEMARKETTHEPROCEDUREDEVELOPEDWITHINTHEISFMISA6STEPPROCESSLISTEDBELOW1COMPILELISTOFSTOCKSTOBEANALYZED2OBTAINVARIABLES3INPUTVARIABLES4CALCULATESOLUTIONS5INTERPRETSOLUTIONS6INITIATEPLANOFACTIONTHEISFMACHIEVESTWOOBJECTIVESTHEFIRSTOBJECTIVEISACOMPREHENSIVEMEASUREMENTOFASTOCKSBUSINESSPERFORMANCEBASEDONSTANDARDSOFCASHFLOWS,PROFITABILITY,ETCTHESECONDOBJECTIVEISAPRECISEVALUATIONOFTHESTOCKEQUITYBASEDUPONTHEUNDERLYINGFUNDAMENTALSOFTHECOMPANYSBUSINESSOPERATIONSTHESTRATEGYINFERREDBYTHEISFMISTOBUYLONGPOSITIONSINHIGHQUALITY/HIGHVALUESTOCKSTABLEOFCONTENTSABSTRACTIITABLEOFCONTENTSIIILISTOFFIGURESV1INTRODUCTION111BACKGROUNDANDCONTEXT112SCOPEANDOBJECTIVES213NEWVARIABLES3131FUNDAMENTALSTRENGTH3132GAMMARATIO6133YIELDPRICERATIO82ALGORITHMICTRADINGSYSTEMS103THEINTRINSICSTRENGTHFORMULA1131ACQUIRINGANINTRINSICSTRENGTH12311STEP1FAMILIARITYWITHPLATFORM12312STEP2GATHERINGDATA133122DATAREQUIREDFORISFM2008143123COPYANDPASTINGDATA16313STEP3INPUTTINGDATA16313STEP3INPUTTINGDATA17314STEP4ANALYZINGRESULTS1732INTRINSICSTRENGTHCALCULATIONS19321CALCULATEDVARIABLES20322WEIGHTINGS284INTRINSICSTRENGTHSTUDY29401DIVIDENDPAYINGCOMPANIES29402NODIVIDENDPAYINGCOMPANIES3041DIVIDENDPAYINGHIGHVALUECOMPANY3041DIVIDENDPAYINGHIGHVALUECOMPANY31411EPAXDATA31412EPAXCALCULATIONS3742DIVIDENDPAYINGLOWVALUECOMPANY47421SODATA47421SODATA48422SOCALCULATIONS5243NODIVIDENDHIGHVALUECOMPANY62431EGYDATA62432EGYCALCULATIONS6744NODIVIDENDLOWVALUECOMPANY77441AGDATA79442AGCALCULATIONS835INTRINSICSTRENGTHANALYSIS9351SPREADSHEETRESULTS9452INTRINSICSTRENGTHVALUES9553FUNDAMENTALSTRENGTHS9554GAMMARATIOS9655YIELDPRICERATIOS966CONCLUSION9761FUTUREOFISFM98APPENDIX199ANALYSISSCALESBUTALSO,DESCRIBETHEMATHEMATICALALGORITHMTHEISFMISBASEDON11BACKGROUNDANDCONTEXTTHEISFMWASDESIGNEDTOQUANTIFYBOTHPRESENTANDFUTUREEQUITYVALUESUSINGTHEMAXIMUMPOSSIBLENUMBEROFECONOMICINDICATORSTOPROVIDETHEMOSTDETAILEDMEASUREMENTOFACOMPANYSBUSINESSPERFORMANCEISFMANALYSISINDICATESWHENEQUITYVALUESAREUNDERPRICEDRELATIVETOTHEUNDERLYINGFUNDAMENTALSTHERESULTISANINDICATOROFFUNDAMENTALSTRENGTHANDEQUITYVALUATIONFOREXAMPLE,IMAGINEYOUARESEEKINGTOBUYSTOCKINAHIGHQUALITYCOMPANYWHILEITSCHEAPYOUARETRYINGTODECIDEOUTOFALISTOF10STOCKSBUTDONOTKNOWWHICHONEISTHECHEAPESTRELATIVETOHIGHESTQUALITYANALYZINGTHEINTRINSICSTRENGTHOFEACHCOMPANYUSINGTHEISFMWOULDINFORMTHEBUYERASWHICHCOMPANYISTHEHIGHESTQUALITYWITHTHECHEAPESTVALUATIONSMETAPHORICALLYSPEAKING,FINDINGANEXTREMELYHIGHINTRINSICSTRENGTHFORACOMPANYISLIKEFINDINGAHIGHQUALITYMANSIONSELLINGATPANICPRICESTHEISFMTELLSINVESTORSTOBUYHIGHQUALITYSTOCKSATDISCOUNTEDOROVERSOLDPRICES12SCOPEANDOBJECTIVESALLINVESTORSHAVEALOTTOGAINFROMMASTERINGISFMANALYSISISFMANALYSISREQUIRESANALYSTSTORESEARCHACOMPANYINDEPTHUSINGTHEIRQUARTERLYFINANCIALSTATEMENTSTHEISFMPROVIDESADETAILEDPICTUREOFASTOCKSUNDERLYINGVALUESOANINVESTORCANBUYONLYTHEHIGHESTQUALITYSTOCKSWHILETHEYAREMISPRICEDCHEAPLYBYTHEMARKET13NEWVARIABLESSEVERALNEWVARIABLESHAVEBEENCREATEDINTHEPROCESSOFDEVELOPMENTOFTHEISFMTHESEVARIABLESARETHEFUNDAMENTALSTRENGTH,GAMMARATIO,ANDYIELDPRICERATIOTHESE3RATIOSINCOMBINATIONWITHTHEINTRINSICSTRENGTHVALUEGIVEACOMPREHENSIVE,DIVERSIFIEDANALYSISOFACOMPANYBASEDONITSBUSINESSPERFORMANCE131FUNDAMENTALSTRENGTHIHAVEDEVELOPEDANALGORITHMCALLEDTHEFUNDAMENTALSTRENGTHFSTHATIBELIEVEWILLBEOFHELPTOMANYINVESTORSINTHEIRSTOCKANALYSISTHEFSISAGRADEDMEASUREMENTFROM0TO100INWHICHAPUBLICLYTRADEDCOMPANYSFUNDAMENTALSARECOMPAREDIN3WAYSCOMPANYVSINDUSTRYCOMPANYVSBENCHMARKINDEXIESTHEFSISONEMETHODUSEDTOFULFILLTHISOBJECTIVEBELOWISABASICSCALEOFFSQUALITY020SHORTSELL2145STRONGSELL4660SELL6169HOLD7079BUY80100STRONGBUYTHEQUALITYTHATMAKESTHEFSALGORITHMAGOODMEASUREISTHATITEVALUATESACOMPANYBASEDONTHECOMPANYSBUSINESSMODEL,NOTTHECOMPANYSSTOCKPERFORMANCETHERELATIVESTRENGTHMEASURESSTOCKPERFORMANCEINCORPORATEDINTOTHEALGORITHMISAMEASUREOFGROWTHRATES,PROFITMARGINS,MANAGEMENTEFFICIENCY,INVESTMENTRETURNS,PRICERATIOS,ANDFINANCIALCONDITION33VARIABLESEACHFORTHECOMPANY,INDUSTRY,ANDABENCHMARKINDEXAREINPUTTEDINTOTHEFSALGORITHM,WHICHCOMPARESTHECOMPANY,INDUSTRY,ANDBENCHMARKINDEXTOGRADEASTOCKBELOWAREALL33VARIABLESUNDERTHEIRRESPECTIVECATEGORIESGROWTHRATESOSALESQUARTERVSYEARAGOQUARTERONETINCOMEYTDVSYTDONETINCOMEQUARTERVSYEARAGOQUARTEROSALES5YEARANNUALAVERAGEONETINCOME5YEARANNUALAVERAGEODIVIDENDS5YEARANNUALAVERAGEPRICERATIOSOCURRENTP/ERATIOOPRICE/SALESRATIOOPRICE/BOOKVALUEOPRICE/CASHFLOWRATIOPROFITMARGINSOGROSSMARGINOPRETAXMARGINONETPROFITMARGINO5YRGROSSMARGIN5YEARAVERAGEO5YRPRETAXMARGIN5YEARAVERAGEO5YRNETPROFITMARGIN5YEARAVERAGEFINANCIALCONDITIONODEBT/EQUITYRATIOOCURRENTRATIOOQUICKRATIOOINTERESTCOVERAGEOLEVERAGERATIOOBOOKVALUE/SHAREINVESTMENTRETURNSORETURNONEQUITYORETURNONASSETSORETURNONCAPITALORETURNONEQUITY5YEARAVERAGEORETURNONASSETS5YEARAVERAGEORETURNONCAPITAL5YEARAVERAGEMANAGEMENTEFFICIENCYOINCOME/EMPLOYEEOREVENUE/EMPLOYEEORECEIVABLETURNOVEROINVENTORYTURNOVEROASSETTURNOVER132GAMMARATIOTHEGAMMARATIOISANOFFSHOOTOFTHEFSALGORITHMASTOCKSGAMMARATIOISTHEFSDIVIDEDBYTHERSFUNDAMENTALSTRENGTHRELATIVESTRENGTHTHEHIGHERTHEGAMMARATIO,THEMOREUNDERVALUEDANDCHEAPASTOCKISTHECHANCESOFAHIGHERGAMMAAREBESTWHENTHEFSISHIGHANDTHERELATIVESTRENGTHLOWHIGHGAMMARATIOSINDICATEASTOCKISTRADINGCHEAPLYLOWGAMMARATIOSINDICATEASTOCKISTRADINGEXPENSIVELYLOWGAMMABELOW1INDICATESASTOCKISTOOEXPENSIVEFAIRGAMMA1INDICATESASTOCKISFAIRLYPRICEDHIGHGAMMAABOVE1INDICATESASTOCKISCHEAPLYPRICEDGAMMARATIOSCANALSOBEUSEFULINSETTINGATARGETPRICEFORASTOCKEVERYINVESTORSHOULDKNOWWHATASTOCKISWORTHBEFOREBUYINGINVESTORSUSINGMYSYSTEMSHOULDBELIEVETHATSTOCKPRICESARENOTPRECISEAPPRAISALSOFACOMPANYSVALUETHEVALUEINVESTINGMETHODSEEKSTOBUYINTOFUNDAMENTALLYEXCELLENTCOMPANYSTHATARETRADINGCHEAPLYTHUSKNOWINGACOMPANYSINHERENTORINTRINSICVALUEISVERYIMPORTANTMULTIPLYTHEGAMMARATIOOFACOMPANYBYTHECURRENTSTOCKPRICEGAMMARATIOXSTOCKPRICEVALUATIONOFSTOCKFOREXAMPLE,STOCKAISTRADINGAT20ANDHASAGAMMARATIOOF13MULTIPLYING13BY20WOULDEQUAL26SOTHESHAREPRICEOFTHESTOCKISINDICATEDTOBE26ANDNOT20THISMEANSTHESTOCKISCHEAPANDWORTHMORETHANITISTRADINGFORTHEGAMMARATIODOESTENDTOEXPONENTIALLYINFLATESTOCKVALUATIONSTHEHIGHERTHEGAMMARATIOSOAGAMMAOF3ORHIGHERMAYRESULTINANEXTREMELYHIGHSTOCKVALUATIONTHATANOMALYISOFFSETBYTHEGAMMAMETRICITSELFEVENIFTHEGAMMAISVERYHIGHLIKE4,THEINDICATIONOFAHUGEUNDERVALUATIONISSTILLTHEREABUYERBUYINGONHIGHGAMMASWILLALWAYSBEBUYINGCOMPANIESTHATAREATORCLOSETOTHEIRLOWS133YIELDPRICERATIOTHEYIELDPRICERATIOMEASURESTHEVALUEOFACOMPANYSDIVIDENDSANDPROFITSTHESTRATEGYISTOINVESTINCOMPANIESWITHTHECHEAPESTDIVIDENDSANDPROFITSTHEYIELDPRICERATIO,WHENUSEDINCOMBINATIONWITHTHEFS,INDICATESACOMPANYWHOSEDIVIDENDSANDPROFITSARECHEAPWITHALOWERRISKOFDECREASEDDIVIDENDSANDPROFITSOWNINGEQUITYINACOMPANYWHOSEDIVIDENDSANDPROFITSARECHEAPWHILEATTHESAMETIMEBEINGACOMPANYWITHAHIGHQUALITYBALANCESHEETENSURESTHEINVESTORISBUYINGATLOWSINTHESTOCKPRICEBELOWISASCALEOFYIELDPRICEQUALITYBELOW50DIVIDENDS/EARNINGSAREOVERVALUED5180DIVIDENDS/EARNINGSAREFAIRLYVALUEDABOVE81DIVIDENDS/EARNINGSAREUNDERVALUEDTHEYIELDPRICERATIOISASFOLLOWSDIVIDENDYIELDEARNINGSYIELDAVERAGEOFPRICE/EPS,PRICE/SALES,PRICE/BOOK,PRICE/CASHFLOW2ISFMALGORITHMICTRADINGSYSTEMTHEISFMISASTANDARDWHICHCANBEUSEDTODEVELOPANALGORITHMICTRADINGPROGRAMDESIGNEDSPECIFICALLYTOINDICATEWHETHERASPECIFICTRADESHOULDBEMADEWHENPREDETERMINEDCONDITIONSHAVEBEENMETTHEISFMSYSTEMWOULDSTILLREQUIRETHEINVESTORTOMAKETHEULTIMATEDECISIONTHEINDICATORSOFTHEISFMAREDESIGNEDTOAIDTHEINVESTORMAKETHEMOSTINFORMEDINVESTMENTDECISIONBASEDONASMANYIMPORTANTVARIABLESASPOSSIBLEALGORITHMICTRADINGISTHEFUTUREOFMARKETTRANSACTIONSMARKEDBYTHECOMPUTERIZATIONOFMAJORSTOCKEXCHANGES,INCREASEINALGORITHMVOLUME,ANDGREATERACCESSTOCRUCIALDATAFEEDSMAJORINVESTMENTBANKSNOWDOALARGEAMOUNTOFTHEIRTRADINGUSINGCOMPUTERIZEDALGORITHMICSYSTEMSTOLIMITTHEIRMARKETFOOTPRINTBYSPLITTINGUPORDERS,EXECUTEMOREORDERSINFASTERTIME,ANDTOINITIATESTRATEGIESBASEDUPONRECOGNIZEDPATTERNSTHEISFMWASDEVELOPEDWITHTHEABILITYTOBECONVERTEDINTOANALGORITHMICTRADINGPROGRAMWHICHRECOGNIZESPATTERNSOFHIGHQUALITYUNDERVALUEDSTOCKSTHEULTIMATEGOALISTOOBTAINTHEHIGHESTMARKETRETURNSWITHTHELEASTAMOUNTOFRISKTHUSAHIGHALPHA3THEINTRINSICSTRENGTHFORMULAFUNDAMENTALSTRENGTHADJUSTEDREVENUEPEREMPLOYEEADJUSTEDNETPROFITMARGINADJUSTEDFIXEDASSETTURNOVERPROFITABILITYAVERAGEADJUSTEDLIQUIDITYAVERAGEADJUSTEDCASHFLOWAVERAGEGAMMARATIOYIELDPRICERATIO/8ADJUSTEDPEGDEBT/EQUITYDEBTRATIOCAPITALIZATIONRATIOLONGTERMDEBT/CAPITALIZATION1INTRINSICSTRENGTHVALUE31ACQUIRINGANINTRINSICSTRENGTHTHISSECTIONOUTLINESHOWTOCALCULATETHEINTRINSICSTRENGTHFORANYCOMPANYTHATPROVIDESTHENEEDEDDATAMOSTUSDOMESTICMARKETPUBLICLYTRADEDCOMPANIESAREREQUIREDBYTHESECURITIESANDEXCHANGECOMMISSIONSECTOPROVIDEQUARTERLYANDANNUALACCOUNTINGRECORDSTOTHEPUBLIC311STEP1FAMILIARITYWITHPLATFORMTHEISFMISBESTUSEDINMICROSOFTEXCELFORPURPOSESOFSIMPLICITY,THERESTOFTHISPUBLICATIONWILLASSUMETHEANALYSTWILLBEINPUTTINGALLDATAINTOASPREADSHEETPOSSESSINGAWORKINGKNOWLEDGEOFSPREADSHEETS,FORMULAS,ANDDATAENTRYARETHEVERYBASICESSENTIALSNECESSARYTOWORKINGTHEISFMINAPRACTICALMANNERTHESESKILLSAREVERYUSEFULESPECIALLYWHENTRYINGTOANALYZEDOZENSOFCOMPANIESINASINGLESESSION3111INTRINSICSTRENGTHFINANCIALMODELSPREADSHEETTHEISFM2008ISASPREADSHEETALGORITHMDESIGNEDTOANALYZEANEQUITYSFUNDAMENTALSTRENGTH,FINANCIALHEALTH,ANDPRICEQUALITYTHEPROCEDUREOUTLINEDINTHISTHESISISINTHECONTEXTOFUSINGTHEISFM2008ANYSTOCKANALYSTWANTINGTODOFINANCIALANALYSISONLARGENUMBERSOFSTOCKSATATIMECANEASILYDOWITHTHEISFM2008ANDTHEPROPERPROCEDUREWHICHWILLBEOUTLINEDFIGURE1ASNAPSHOTOFTHEISFM2008OUTPUTSPREADSHEET312STEP2GATHERINGDATA3121DATAINPUTFORMSMANUALDATAGATHERINGOFTHEINTRINSICSTRENGTHREQUIRESTHEANALYSTTORESEARCHANDRECORDALLNECESSARYVARIABLESMANUALLYTHEINTERNETISTHEBESTRESOURCETOWARDSOBTAININGTHEFINANCIALDATANECESSARYTOCOMPUTETHEISFMTHEBESTMETHODOFGATHERINGFINANCIALDATAISBYRECORDINGTHEMONAGRIDCHARTTHEBESTPAPERSIZEISLEGALBUTANYSIZEWILLDOUSEARULERTODRAW14CMX1CMCOLUMNSANDINTERSECTINGROWSANYONECANADJUSTTHESIZEOFTHESQUARESIFYOUWANTBUTTHEPOINTISTOCRAMASMUCHDATAONTOTHEPAPERASPOSSIBLEINANEFFORTTOSAVEPAPERWHENRECORDINGLARGEAMOUNTSOFDATATHEMANUALMETHODCANBEADJUSTEDTOTHEPREFERENCESOFTHEANALYSTSDOINGTHEDATAGATHERING3122DATAREQUIREDFORISFM2008THEREARE34INPUTS/VARIABLESTHATMUSTBEOBTAINEDBEFOREANINTRINSICSTRENGTHCALCULATIONCANBEMADETHEDARKBULLETSAREWHEREYOUCANFINDTHEINFORMATIONTHEEMPTYBULLETSARETHEDATAREQUIREDTORUNANINTRINSICSTRENGTHCALCULATIONQUOTEDATAOSTOCKTICKERSYMBOLOPRICEOFUNDAMENTALSTRENGTHOSHARESOUTSTANDINGODIVIDENDRATEO3MONTHRELATIVESTRENGTHO6MONTHRELATIVESTRENGTHO12MONTHRELATIVESTRENGTHONUMBEROFEMPLOYEESINCOMESTATEMENTOQUARTER1REVENUEOQUARTER2REVENUEOQUARTER3REVENUEOQUARTER4REVENUEOQUARTER1NETINCOMEOQUARTER2NETINCOMEOQUARTER3NETINCOMEOQUARTER4NETINCOMEONETINCOMEFROM5YEARAGOBALANCESHEETOCASH/EQUIVALENTS/SHORTTERMINVESTMENTSOACCOUNTRECEIVABLESOINVENTORYOPLANT/PROP/EQUIPOTOTALASSETSOCURRENTASSETSOTOTALLIABILITIESOCURRENTLIABILITIESOLONGTERMDEBTOPREFERREDSTOCKOCOMMONSTOCKOTOTALEQUITYOSHAREHOLDERSEQUITYCASHFLOWSTATEMENTOOPERATINGCASHFLOWOCAPITALEXPENDITURESOCASHDIVIDENDS3123COPYANDPASTINGDATATHEEASIESTMETHODOFQUICKLYINPUTTINGFINANCIALDATAWITHOUTHAVINGADIRECTDATAFEEDISCOPYANDPASTINGTHEDATAFROMAFINANCIALSTATISTICSSOURCETOAMICROSOFTEXCELSPREADSHEETTHEMOREONECANCOPYANDPASTE,THELESSDATATHATWILLNEEDTOBEWRITTENDOWNBYHAND313STEP3INPUTTINGDATAALLDATAACQUIREDINSTEP2ISENTEREDINTOTHE“INPUT”SHEETOFISFM2008FIGURE2SHEETOFISFM2008314STEP4ANALYZINGRESULTSTHE“RESULTSANALYSIS”SHEETDISPLAYSTHEMOSTIMPORTANTMEASUREMENTSOFFUNDAMENTALSTRENGTH,GAMMARATIO,YIELDPRICERATIO,INTRINSICSTRENGTH,ANDMORETHESERESULTSARETHEQUANTITATIVEMEASUREMENTOFASTOCKEQUITYUSINGTHEISFM2008ALGORITHMICFORMULASBASEDONTHESERESULTS,ANALYSTSCANMAKEAMOREPRECISEINVESTMENTDECISIONFIGURE3RESULTSANALYSIS32INTRINSICSTRENGTHCALCULATIONSTHEISFM2008MAKES49DIFFERENTCALCULATIONSOFVARIABLESTAKENDIRECTLYFROMACOMPANYSQUARTERLYANDANNUALFINANCIALSTATEMENTSAMETAPHOROFTHEISFM2008ISTHATITISATHERMOMETEROFABUSINESSANISFM2008USERCANTELLWHETHERACOMPANYISHEALTHYORHASAFEVERTHEANALYSTCANTHENBASEINVESTMENTDECISIONSACCORDINGLYFIGURE4CALCULATIONSSPREADSHEET321CALCULATEDVARIABLESTHEREARE50CALCULATIONSINTHEINTRINSICSTRENGTHFINANCIALMODELAFTERALLNECESSARYVARIABLESHAVEBEENENTEREDINTOTHE“INPUT”SHEETTHE“CALCULATIONS”SHEETUSESINPUTTEDVARIABLESTOMEASURETHEVALUEOFACOMPANYSFINANCIALHEALTHTHESECALCULATIONSRESULTINTHEOUTPUTRESULTOFTHEINTRINSICSTRENGTHMEASUREMENTPRICEMARKETVALUEPERSHARERATIOSOPEPRICE/EPSOPSPRICE/REVENUESUMFROMLAST4QUARTERS/SHARESOUTSTANDINGOPBPRICE/TOTALEQUITY/SHARESOUTSTANDINGOPCFPRICE/OPERATINGCASHFLOW/SHARESOUTSTANDINGOEPSNETINCOMESUMOFLAST4QUARTERS/SHARESOUTSTANDINGOPEGPE/TRAILING5YEAREPSGROWTHRATEASWHOLENUMBEROFIXEDASSETTURNOVERREVENUE/PROPERTY,PLANT,EQUIPMENTOQRATIOPRICE/TOTALASSETSYIELDSODIVIDENDYIELDDIVIDENDRATE/PRICEOEARNINGSYIELDEPS/PRICECASHFLOWSOFCF/OCFOPERATINGCASHFLOWCAPITALEXPENDITURES/OPERATINGCASHFLOWOOCF/DOPERATINGCASHFLOW/TOTALLIABILITIESOOCF/SALESOPERATINGCASHFLOW/REVENUESUMFROMLAST4QUARTERSODIVIDENDPAYOUTRATIODIVIDENDRATE/EPSOPLOWBACKRATIOEPS/DIVIDENDRATEOCAPEX/DIVCOVERAGEOPERATINGCASHFLOW/CAPITALEXPENDITURESCASHDIVIDENDSPROFITABILITYORETURNONASSETSNETINCOMESUMOFLAST4QUARTERS/TOTALASSETSORETURNONEQUITYNETINCOMESUMOFLAST4QUARTERS/TOTALEQUITYORETURNONCAPITALNETINCOMESUMOFLAST4QUARTERS/SHAREHOLDERSEQUITYMISCELLANEOUSOREVENUE/SHAREREVENUESUMOFLAST4QUARTERS/SHARESOUTSTANDINGOROUNDEDREVENUE/SHAREREVENUE/1,000,000ONETPROFITMARGINNETINCOMESUMFROMLAST4QUARTERS/REVENUESUMFROMLAST4QUARTERSO5YEPSGROWTHNETINCOMESUMOFLAST4QUARTERS/REPORTEDNETINCOME5YEARSPASTOANNUALEPSGROWTHRATE5YEPSGROWTH/5O5YEPSGROWTHWHOLEANNUALEPSGROWTHRATE100OL4QNETINCOMEQ1NETINCOMEQ2NETINCOMEQ3NETINCOMEQ4NETINCOMEOL4QREVENUEQ1REVENUEQ2REVENUEQ3REVENUEQ4REVENUEOREVENUE/EMPLOYEEREVENUESUMOFLAST4QUARTERS/NUMBEROFEMPLOYEESOASSETS/SHARETOTALASSETS/SHARESOUTSTANDINGOPEGADJUSTMENTIFTRAILINGPEGISBELOW0TRAILINGPEGWILLEQUAL3IFNOT,PEGISPE/TRAILING5YEAREPSGROWTHRATEASWHOLENUMBERLIQUIDITYOCURRENTRATIOCURRENTASSETS/CURRENTLIABILITIESOQUICKRATIOCURRENTASSETSINVENTORY/CURRENTLIABILITIESOQUICKRATIO2CASH,EQUIVALENTS,SHORTTERMINVESTMENTSACCOUNTRECEIVABLES/CURRENTLIABILITIESDEBTSODEBTRATIOTOTALLIABILITIES/TOTALASSETSODEBT/EQUITYTOTALLIABILITIES/SHAREHOLDERSEQUITYOCAPITALIZATIONRATIOLONGTERMDEBT/LONGTERMDEBTSHAREHOLDERSEQUITYOLONGDEBT/CAPITALIZATIONLONGTERMDEBT/LONGTERMDEBTPREFERREDSTOCKCOMMONSTOCKPRICEVALUATIONSOGAMMARATIOFUNDAMENTALSTRENGTH/AVERAGERELATIVESTRENGTHAT3,6,12MONTHSOYIELDPRICERATIODIVIDENDYIELDEARNINGSYIELD/AVERAGEOFPE,PS,PB,PCFAVERAGESOCASHFLOWAVERAGEFCF/OCFOCF/DOCF/SALESDIVIDENDPAYOUTRATIOPLOWBACKRATIOCAPEX/DIVCOVERAGEOPROFITABILITYAVERAGERETURNONASSETSRETURNONEQUITYRETURNONCAPITALOLIQUIDITYAVERAGECURRENTRATIOQUICKRATIOQUICKRATIO2OYIELDSUMDIVIDENDYIELDEARNINGSYIELDOPRICERATIOAVERAGEPEPSPBPCFORELATIVESTRENGTH3MONTHRELATIVESTRENGTH6MONTHRELATIVESTRENGTH12MONTHRELATIVESTRENGTHINTRINSICSTRENGTHVARIABLESOSTRENGTHSFUNDAMENTALSTRENGTHADJUSTEDREVENUEPEREMPLOYEEADJUSTEDNETPROFITMARGINADJUSTEDFIXEDASSETTURNOVERPROFITABILITYAVERAGEADJUSTEDLIQUIDITYAVERAGEADJUSTEDCASHFLOWAVERAGEGAMMARATIOYIELDPRICERATIO/8OPEGDEBTDENOMINATORADJUSTEDPEGDEBT/EQUITYDEBTRATIOCAPITALIZATIONRATIOLONGTERMDEBT/CAPITALIZATION1322WEIGHTINGSSEVERALVARIABLESAREWEIGHTEDTOEQUALIZETHEINFLUENCEOFEACHVARIABLEONTHEOVERALLINTRINSICSTRENGTHRESULTASMUCHASPOSSIBLETHESE“WEIGHT”VARIABLESCANALSOBECHANGEDTOTHEANALYSTSPREFERENCETHEWEIGHTINGSINTHISDOCUMENTREFLECTTHEOPINIONOFTHEAUTHORASTOTHEINFLUENCEEACHVARIABLESHOULDPLAYASAPROPORTIONINTHEINTRINSICSTRENGTHVALUEWEIGHTSLISTEDBELOWFIXEDASSETTURNOVERX01DIVIDENDYIELDX100EARNINGSYIELDX100PLOWBACKRATIO/2RETURNONASSETSX100RETURNONEQUITYX100RETURNONCAPITALX100NETPROFITMARGINX100REVENUEPEREMPLOYEEX00001CASHFLOWAVERAGEX10LIQUIDITYAVERAGEX104INTRINSICSTRENGTHSTUDYTHEINTRINSICSTRENGTHSTUDYISATESTOFTHEFINANCIALMODELSMEASUREMENTSOFFUNDAMENTALSOUTLINEDINTHISCHAPTERISTHEINTRINSICSTRENGTHSTUDYOF4DIFFERENTCOMPANIESAMBASSADORSGROUP,INCEPAX,SOUTHERNCOMPANYSO,VAALCOENERGY,INCEGY,ANDAGCOCORPORATIONAGTHEDATAUSEDINTHISSTUDYISTHEMOSTCURRENTAVAILABLEDATAASOFJANUARY15,2008THEPURPOSEOFTHISSTUDYISTOANALYZETHERESULTSOFFOURDIFFERENTLYVALUEDCOMPANIESACROSSTHESPECTRUMOFEXPENSIVETOINEXPENSIVEBASEDUPONUNDERLYINGBUSINESSMODELS401DIVIDENDPAYINGCOMPANIESEPAXISANUNDERVALUEDDIVIDENDPAYINGCOMPANYSELLINGSTUDENTAMBASSADORPROGRAMS,WHICHPROVIDESOPPORTUNITIESFORGRADESCHOOL,MIDDLESCHOOL,ANDHIGHSCHOOLSTUDENTSTOVISITDOMESTICANDFOREIGNDESTINATIONSTOLEARNABOUTTHEHISTORY,GOVERNMENT,ECONOMY,ANDCULTUREOFCOUNTRIESSOISANOVERVALUEDDIVIDENDPAYINGCOMPANYSELLINGENGAGESINTHEGENERATION,TRANSMISSION,DISTRIBUTION,ANDSALEOFELECTRICITYINALABAMA,GEORGIA,FLORIDA,ANDMISSISSIPPI402NODIVIDENDPAYINGCOMPANIESEGYISANUNDERVALUEDCOMPANYTHATENGAGESINTHEACQUISITION,EXPLORATION,DEVELOPMENT,ANDPRODUCTIONOFCRUDEOILANDNATURALGASAGMANUFACTURESANDDISTRIBUTESAGRICULTURALEQUIPMENTANDRELATEDREPLACEMENTPARTSWORLDWIDE41DIVIDENDPAYINGHIGHVALUECOMPANYAMBASSADORSGROUP,INCEPAX,ANEDUCATIONALTRAVELCOMPANY,ORGANIZESANDPROMOTESINTERNATIONALANDDOMESTICPROGRAMSFORSTUDENTS,ATHLETES,ANDPROFESSIONALSTHECOMPANYOFFERSSTUDENTAMBASSADORPROGRAMS,WHICHPROVIDESOPPORTUNITIESFORGRADESCHOOL,MIDDLESCHOOL,ANDHIGHSCHOOLSTUDENTSTOVISITDOMESTICANDFOREIGNDESTINATIONSTOLEARNABOUTTHEHISTORY,GOVERNMENT,ECONOMY,ANDCULTUREOFCOUNTRIESITSSPORTSAMBASSADORPROGRAMSPROVIDEANOPPORTUNITYFORSTUDENTATHLETESINMIDDLESCHOOLANDHIGHSCHOOLTOEXPLORETHEHOSTCOUNTRYSCULTURE,ANDTOPARTICIPATEININTERNATIONALTOURNAMENTSTHECOMPANYSPROFESSIONALAMBASSADORPROGRAMSPROVIDEPROFESSIONALSWITHCOMMONINTERESTSTHEOPPORTUNITYTOTRAVELABROADTOMEETANDEXCHANGEIDEASWITHFOREIGNCITIZENSWHOHAVESIMILARBACKGROUNDS,INTERESTS,ORPROFESSIONSITALSOOFFERSSTUDENTLEADERPROGRAMS,WHICHPROVIDEANOPPORTUNITYFORSTUDENTSINMIDDLESCHOOLANDHIGHSCHOOLWITHACADEMICPROMISE,LEADERSHIPPOTENTIAL,ANDADESIRETOSERVETHEIRCOMMUNITIESTOTRAVELDOMESTICALLYANDI
温馨提示
- 1. 本站所有资源如无特殊说明，都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等，如果需要附件，请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸，网页内容里面会有图纸预览，若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间，仅对用户上传内容的表现方式做保护处理，对用户上传分享的文档内容本身不做任何修改或编辑，并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容，请与我们联系，我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 林业有害生物法律监管模式研究分析报告
- 职业技能训练师转正考核试卷及答案
- 聚合反应工主管竞选考核试卷及答案
- 沼气物管员5S管理考核试卷及答案
- 零售业服务标准化效果监测报告
- 地质样品制备工抗压考核试卷及答案
- 浸渍纸层压板工应急处置考核试卷及答案
- 玩具设计师质量追溯知识考核试卷及答案
- 一年级语文上册 识字（一）语文园地一说课稿 新人教版
- 第四课 教案-高一美术
- 汉语阅读教程第一册第二课
- LED照明灯具基础培训
- 上海市静安区2022-2023学年高一下学期期末数学试题（解析版）
- TPM管理知识培训
- 2023年国家公务员考试申论真题及答案解析(地市级)
- 关于无梁楼盖和梁板式楼盖经济性的比较
- 第十四杂环化合物
- RB/T 306-2017汽车维修服务认证技术要求
- 《数学软件》课程教学大纲
- 《细胞工程学》考试复习题库（带答案）
- 粤教花城版小学音乐歌曲《哈哩噜》课件
评论
0/150
提交评论