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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/SHAREINVESTMENTRETURNSORETURNONEQUITYORETURNONASSETSORETURNONCAPITALORETURNONEQUITY5YEARAVERAGEORETU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DJUSTEDFIXEDASSETTURNOVERPROFITABILITYAVERAGEADJUSTEDLIQUIDITYAVERAGEADJUSTEDCASHFLOWAVERAGEGAMMARATIOYIELDPRICERATIO/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
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