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V8彩票注册登陆8彩票注册登陆

V8彩票注册登陆uruV8彩票注册登陆ocus

V8彩票注册登陆ethods for V8彩票注册登陆rriving at the V8彩票注册登陆air V8彩票注册登陆alue of V8彩票注册登陆ompanies

V8彩票注册登陆8彩票注册登陆

V8彩票注册登陆uruV8彩票注册登陆ocus will add valuation numbers to the summary pages of stocks. V8彩票注册登陆e will try to use these numbers as proxies of the intrinsic values of the stock. V8彩票注册登陆hen compared with the stock price, these numbers will give us some idea of whether the stock is overvalued or undervalued.

V8彩票注册登陆e will use different methods to calculate these values. V8彩票注册登陆he details are summarized below. V8彩票注册登陆n general, the value of a company is calculated based on either its asset value, earning power or the combination of both. V8彩票注册登陆e will explain how each one works, compare them and give examples of the values they arrive at for some familiar stocks.

V8彩票注册登陆et V8彩票注册登陆ash

V8彩票注册登陆et V8彩票注册登陆ash = V8彩票注册登陆ash & V8彩票注册登陆ash V8彩票注册登陆quivalents + V8彩票注册登陆hort V8彩票注册登陆erm V8彩票注册登陆nvestments – V8彩票注册登陆otal V8彩票注册登陆iabilities.

V8彩票注册登陆uru V8彩票注册登陆xplains:

V8彩票注册登陆n the calculation of a company’s net cash, assets other than cash and short-term investments are considered worth nothing. V8彩票注册登陆ut the company has to pay its debt and other liabilities in full. V8彩票注册登陆his is an extremely conservative method of valuation. V8彩票注册登陆ost companies have negative net cash. V8彩票注册登陆ut sometimes a company’s price may be lower than its net cash.

V8彩票注册登陆en V8彩票注册登陆raham invested in situations where the company’s stock price was lower than its net cash. V8彩票注册登陆e assigned some value to the company’s other current assets. V8彩票注册登陆he value is called V8彩票注册登陆et V8彩票注册登陆urrent V8彩票注册登陆sset V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆). V8彩票注册登陆ne research study covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year and held for one year returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the V8彩票注册登陆&V8彩票注册登陆 500 V8彩票注册登陆ndex. V8彩票注册登陆ther studies of V8彩票注册登陆raham’s strategy produced similar results.

V8彩票注册登陆ou can find companies that are traded below theirV8彩票注册登陆et V8彩票注册登陆urrent V8彩票注册登陆sset V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) with our net-net screener. V8彩票注册登陆uruV8彩票注册登陆ocus also publishes a monthly net-net newsletter.

V8彩票注册登陆et V8彩票注册登陆urrent V8彩票注册登陆sset V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆)

V8彩票注册登陆enjamin V8彩票注册登陆raham defines V8彩票注册登陆et V8彩票注册登陆urrent V8彩票注册登陆sset V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) as:

V8彩票注册登陆et V8彩票注册登陆urrent V8彩票注册登陆sset V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) = V8彩票注册登陆ash and V8彩票注册登陆hort-V8彩票注册登陆erm V8彩票注册登陆nvestments + (0.75 * V8彩票注册登陆ccounts V8彩票注册登陆eceivable) + (0.5 * V8彩票注册登陆nventory) - V8彩票注册登陆otal V8彩票注册登陆iabilities

V8彩票注册登陆uru V8彩票注册登陆xplains:

V8彩票注册登陆n calculating the V8彩票注册登陆et V8彩票注册登陆urrent V8彩票注册登陆sset V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆), V8彩票注册登陆enjamin V8彩票注册登陆raham assumed that a company’s accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities are paid in full. V8彩票注册登陆his is a conservative way of estimating the company’s value.

V8彩票注册登陆ne research study covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year and held for one year returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the V8彩票注册登陆&V8彩票注册登陆 500 V8彩票注册登陆ndex. V8彩票注册登陆ther studies of V8彩票注册登陆raham’s strategy produced similar results.

V8彩票注册登陆enjamin V8彩票注册登陆raham looked for companies whose market values were less than two-thirds of their net-net value. V8彩票注册登陆hey are collected under our net-net screener. V8彩票注册登陆uruV8彩票注册登陆ocus also publishes a monthly net-net newsletter.

V8彩票注册登陆ntrinsic V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆)

V8彩票注册登陆his is the intrinsic value calculated from the V8彩票注册登陆iscounted V8彩票注册登陆ash V8彩票注册登陆low model with default parameters. V8彩票注册登陆n a discounted cash flow model, the future cash flow is estimated based on a cash flow growth rate and a discount rate. V8彩票注册登陆he cash flow of the future is discounted to its current value at the discount rate. V8彩票注册登陆ll of the discounted future cash flow is added together to get the current intrinsic value of the company.

V8彩票注册登陆sually a two-stage model is used when calculating a stock’s intrinsic value using a discounted cash flow model. V8彩票注册登陆he first stage is called the growth stage; the second is called the terminal stage. V8彩票注册登陆n the growth stage the company grows at a faster rate. V8彩票注册登陆ecause it cannot grow at that rate forever, a lower rate is used for the terminal stage.

V8彩票注册登陆uruV8彩票注册登陆ocus V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 calculator is a two-stage model. V8彩票注册登陆he default values are defined as:

· V8彩票注册登陆iscount rate: 12%

· V8彩票注册登陆rowth rate in the growth stage = average earnings growth rate in the past 10 years or 20%, whichever is smaller

· V8彩票注册登陆rowth stage lasts 10 years

· V8彩票注册登陆erminal growth rate = 4%

· V8彩票注册登陆he terminal stage last 10 years

· V8彩票注册登陆uruV8彩票注册登陆ocus V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 calculator is actually a V8彩票注册登陆iscounted V8彩票注册登陆arnings calculator, the earnings per share is used as the default. V8彩票注册登陆he reason we are doing this is we found that historically stock prices are more correlated with earnings than free cash flow.

· V8彩票注册登陆ll of the default settings can be changed and the results are calculated automatically.

V8彩票注册登陆uru V8彩票注册登陆xplains:

V8彩票注册登陆nlike valuation methods such as V8彩票注册登陆et V8彩票注册登陆urrent V8彩票注册登陆sset V8彩票注册登陆alue, V8彩票注册登陆angible V8彩票注册登陆ook V8彩票注册登陆alue per V8彩票注册登陆hare, V8彩票注册登陆raham V8彩票注册登陆umber, V8彩票注册登陆edian V8彩票注册登陆atio, etc., V8彩票注册登陆iscounted V8彩票注册登陆ash V8彩票注册登陆low model evaluates the companies based on their future earnings power instead of their assets. V8彩票注册登陆hat you need to know about the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 model:

· V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 model evaluates a company based on its future earnings power.

· V8彩票注册登陆rowth is taken into account; therefore a faster growth company is worth more if everything else is the same.

· V8彩票注册登陆ince we are projecting future growth, it is assumed that the company will grow at the same rate as it did during the past 10 years. V8彩票注册登陆herefore this model works better for the companies that have relatively consistent performance.

· V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 model works poorly for inconsistent performers such as cyclicals.

· V8彩票注册登陆hat discount rate should you use? V8彩票注册登陆our expected return from the investment is a good discount rate assumption.

· V8彩票注册登陆 larger margin of safety should be required for companies with less predictable businesses.

V8彩票注册登陆ou can screen stocks that trade below their intrinsic value (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆ntrinsic V8彩票注册登陆alue (V8彩票注册登陆iscounted V8彩票注册登陆arnings) with the V8彩票注册登陆uruV8彩票注册登陆ocus V8彩票注册登陆ll-in-V8彩票注册登陆ne V8彩票注册登陆creener. V8彩票注册登陆ompanies with a high V8彩票注册登陆redictability V8彩票注册登陆ank that trade at a discount from their V8彩票注册登陆ntrinsic V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆ntrinsic V8彩票注册登陆alue (V8彩票注册登陆iscounted V8彩票注册登陆arnings) can be found in the screen of V8彩票注册登陆ndervalue V8彩票注册登陆redictable V8彩票注册登陆ompanies. (/V8彩票注册登陆ndervalued/)

V8彩票注册登陆ntrinsic V8彩票注册登陆alue (V8彩票注册登陆iscounted V8彩票注册登陆arnings)

V8彩票注册登陆his is the intrinsic value calculated from the V8彩票注册登陆iscounted V8彩票注册登陆arnings model with default parameters. V8彩票注册登陆he calculation method is the same as the V8彩票注册登陆iscounted V8彩票注册登陆ash V8彩票注册登陆low model except earnings are used in the calculation instead of free cash flow. V8彩票注册登陆his is the default method of calculation with the V8彩票注册登陆uruV8彩票注册登陆ocus V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 calculator.

V8彩票注册登陆sually a two-stage model is used in calculating the intrinsic value with the V8彩票注册登陆iscounted V8彩票注册登陆ash V8彩票注册登陆low model. V8彩票注册登陆he first stage is called growth stage; the second is called the terminal stage. V8彩票注册登陆n the growth stage the company grows at a faster rate. V8彩票注册登陆ecause it cannot grow at that rate forever, a lower rate is used for the terminal stage.

V8彩票注册登陆uruV8彩票注册登陆ocus V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 calculator is a two-stage model. V8彩票注册登陆he default values are defined as:

· V8彩票注册登陆iscount rate: 12%

· V8彩票注册登陆rowth rate in the growth stage = average earnings growth rate in the past 10 years or 20%, whichever is less

· V8彩票注册登陆rowth stage lasts 10 years

· V8彩票注册登陆erminal growth rate = 4%

· V8彩票注册登陆he terminal stage last 10 years

· V8彩票注册登陆he earnings per share is used as the default. V8彩票注册登陆he reason we are doing this is we found that historically stock prices are more correlated with earnings than free cash flow.

· V8彩票注册登陆ll of the default settings can be changed.

V8彩票注册登陆uru V8彩票注册登陆xplains:

V8彩票注册登陆nlike valuation methods such as V8彩票注册登陆et V8彩票注册登陆urrent V8彩票注册登陆sset V8彩票注册登陆alue, V8彩票注册登陆angible V8彩票注册登陆ook V8彩票注册登陆alue per V8彩票注册登陆hare, V8彩票注册登陆raham V8彩票注册登陆umber, V8彩票注册登陆edian V8彩票注册登陆atio, etc., the discounted V8彩票注册登陆ash V8彩票注册登陆low model evaluates the companies based on their future earnings power instead of the value of their assets. V8彩票注册登陆hat you need to know about V8彩票注册登陆iscounted V8彩票注册登陆arnings model:

· V8彩票注册登陆he V8彩票注册登陆iscounted V8彩票注册登陆arnings model evaluates a company based on its future earnings power.

· V8彩票注册登陆rowth is taken into account; therefore a faster growth company is worth more if everything else is the same.

· V8彩票注册登陆ince we are projecting future growth, it is assumed that the company will grow at the same rate as it did during the past 10 years. V8彩票注册登陆herefore this model works better for the companies that are relatively consistent performers .

· V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 model works poorly for inconsistent performers like cyclicals.

· V8彩票注册登陆our expected return from the investment is a reasonable discount rate assumption.

· V8彩票注册登陆 larger margin of safety should be required for companies with less predictable businesses.

V8彩票注册登陆ou can screen for stocks that trade below their intrinsic value (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆ntrinsic V8彩票注册登陆alue (V8彩票注册登陆iscounted V8彩票注册登陆arnings) with the V8彩票注册登陆uruV8彩票注册登陆ocus V8彩票注册登陆ll-in-V8彩票注册登陆ne V8彩票注册登陆creener. V8彩票注册登陆ompanies with a high V8彩票注册登陆redictability V8彩票注册登陆ank that trade at a discount to their V8彩票注册登陆ntrinsic V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆ntrinsic V8彩票注册登陆alue (V8彩票注册登陆iscounted V8彩票注册登陆arnings) can be found in the screen of V8彩票注册登陆ndervalue V8彩票注册登陆redictable V8彩票注册登陆ompanies. (/V8彩票注册登陆ndervalued/)

V8彩票注册登陆ntrinsic V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆rojected)

V8彩票注册登陆ince the intrinsic value calculations based on the V8彩票注册登陆iscounted V8彩票注册登陆ash V8彩票注册登陆low (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) or V8彩票注册登陆iscounted V8彩票注册登陆arnings (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) cannot be applied to companies without consistent revenue and earnings, V8彩票注册登陆uruV8彩票注册登陆ocus developed a valuation model based on normalized V8彩票注册登陆iscounted V8彩票注册登陆ash V8彩票注册登陆low and V8彩票注册登陆ook V8彩票注册登陆alue of the company.

V8彩票注册登陆he details of how we calculate the intrinsic value of stocks are described in detail here.

V8彩票注册登陆his method smooths out the free cash flow over the past six to seven years, multiplies the results by a growth multiple, and adds a portion of total equity.

V8彩票注册登陆alue = (V8彩票注册登陆rowth V8彩票注册登陆ultiple)*V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆(6 year avg) + 0.8*V8彩票注册登陆otal V8彩票注册登陆quity(most recent)

V8彩票注册登陆n the case of negative total equity, the following formula is used (see the V8彩票注册登陆otal V8彩票注册登陆quity section for the reason):

V8彩票注册登陆alue = (V8彩票注册登陆rowth V8彩票注册登陆ultiple)*V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆(6 year avg) + V8彩票注册登陆otal V8彩票注册登陆quity(most recent)/0.8

V8彩票注册登陆he growth multiple is capped between 8.35 and 17.74.

V8彩票注册登陆otal equity weighting is more art than science and it should always be revisited in more detail when researching a company. V8彩票注册登陆eightings from 0% to 100% to more than 100% are possible. V8彩票注册登陆ighty percent was chosen as a happy medium after taking the above ideas into consideration. V8彩票注册登陆earn more here.

V8彩票注册登陆raham V8彩票注册登陆umber (grahamnumber)

V8彩票注册登陆raham V8彩票注册登陆umber is calculated as follows:

V8彩票注册登陆raham V8彩票注册登陆umber = V8彩票注册登陆quareV8彩票注册登陆oot of (22.5 * V8彩票注册登陆ook V8彩票注册登陆alue * V8彩票注册登陆arnings per share)

= V8彩票注册登陆quareV8彩票注册登陆oot of (22.5 * V8彩票注册登陆et V8彩票注册登陆ncome * V8彩票注册登陆hareholder’s V8彩票注册登陆quity) / V8彩票注册登陆hares V8彩票注册登陆utstanding

V8彩票注册登陆uru V8彩票注册登陆xplains:

V8彩票注册登陆en V8彩票注册登陆raham actually did not publish a formula like this. V8彩票注册登陆ut he wrote in "V8彩票注册登陆he V8彩票注册登陆ntelligent V8彩票注册登陆nvestor" (1948 version) regarding to the criteria for purchases:

“V8彩票注册登陆urrent price should not be more than 15 times average earnings of the past three years.”

“V8彩票注册登陆urrent price should not be more than 1.5 times the book value last reported. V8彩票注册登陆owever, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. V8彩票注册登陆s a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (V8彩票注册登陆his figure corresponds to 15 times earnings and 1.5 times book value. V8彩票注册登陆t would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)”

V8彩票注册登陆nlike valuation methods such as V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 or V8彩票注册登陆iscounted V8彩票注册登陆arnings, the V8彩票注册登陆raham number does not take growth into the valuation. V8彩票注册登陆nlike the valuation methods based on book value alone, it takes into account the earnings power. V8彩票注册登陆herefore, the V8彩票注册登陆raham V8彩票注册登陆umber is a combination of asset valuation and earnings power valuation.

V8彩票注册登陆n general, the V8彩票注册登陆raham number is a very conservative way of valuing a stock. V8彩票注册登陆t cannot be applied to companies with negative book values.

V8彩票注册登陆edian V8彩票注册登陆/V8彩票注册登陆 V8彩票注册登陆alue

V8彩票注册登陆edian V8彩票注册登陆/V8彩票注册登陆 V8彩票注册登陆alue is calculated as follows:

V8彩票注册登陆edian V8彩票注册登陆/V8彩票注册登陆 V8彩票注册登陆alue = V8彩票注册登陆otal V8彩票注册登陆nnual V8彩票注册登陆ales / V8彩票注册登陆hares V8彩票注册登陆utstanding * 10-V8彩票注册登陆ear V8彩票注册登陆edian V8彩票注册登陆/V8彩票注册登陆 V8彩票注册登陆atio.

V8彩票注册登陆uru V8彩票注册登陆xplains:

V8彩票注册登陆his valuation method assumes that the stock valuation will revert to its historical mean in terms of V8彩票注册登陆rice/V8彩票注册登陆ales V8彩票注册登陆atio. V8彩票注册登陆he reason we use the V8彩票注册登陆rice/V8彩票注册登陆ales ratio instead of V8彩票注册登陆rice/V8彩票注册登陆arnings ratio or V8彩票注册登陆rice/V8彩票注册登陆ook ratio is because the V8彩票注册登陆rice/V8彩票注册登陆ales ratio is independent of profit margin and can be applied to a broader range of situations.

V8彩票注册登陆t also assumes that over time the profit margin is constant. V8彩票注册登陆f a company increases its profit margin to a sustainable level, this value might underestimate its value. V8彩票注册登陆f it has permanently declined profit margins, this may overestimate the company’s value.

V8彩票注册登陆eter V8彩票注册登陆ynch V8彩票注册登陆air V8彩票注册登陆alue

V8彩票注册登陆alculated as follows;

V8彩票注册登陆eter V8彩票注册登陆ynch V8彩票注册登陆air V8彩票注册登陆alue = V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 * 5-V8彩票注册登陆ear V8彩票注册登陆arnings V8彩票注册登陆rowth V8彩票注册登陆ate * V8彩票注册登陆arnings

V8彩票注册登陆f the 5-V8彩票注册登陆ear V8彩票注册登陆arnings V8彩票注册登陆rowth V8彩票注册登陆ate is greater than 20% a year, we use 20.

V8彩票注册登陆uru V8彩票注册登陆xplains:

V8彩票注册登陆eter V8彩票注册登陆ynch V8彩票注册登陆air V8彩票注册登陆alue applies to growing companies. V8彩票注册登陆he ideal range for the growth rate is between 10 – 20% a year.

V8彩票注册登陆eter V8彩票注册登陆ynch thinks that the fair V8彩票注册登陆/V8彩票注册登陆 value for a growth company equals its growth rate, that is V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = 1. V8彩票注册登陆he earnings here are trailing 12-month (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) earnings. V8彩票注册登陆he growth rate we use is the average growth rate for earnings per share over the past five years.

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™

V8彩票注册登陆 stock’s V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™ (pronounced like “lava”) is a measure of its intrinsic value. V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™ (V8彩票注册登陆uruV8彩票注册登陆ocus V8彩票注册登陆utomatic V8彩票注册登陆alue V8彩票注册登陆ppraisal) is calculated using a formula developed by V8彩票注册登陆uruV8彩票注册登陆ocus and four pieces of public data:

· V8彩票注册登陆arnings

· V8彩票注册登陆ividends

· V8彩票注册登陆ast growth

· V8彩票注册登陆urrent interest rates

V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™ also takes into account three special situations:

· V8彩票注册登陆nsustainable growth

· V8彩票注册登陆nprofitable growth

· V8彩票注册登陆nadequate earnings

V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™ calculation is fully automated. V8彩票注册登陆nd never requires more than seveninputs:

· V8彩票注册登陆arnings

· V8彩票注册登陆ividends

· V8彩票注册登陆ook value

· V8彩票注册登陆evenue growth rate

· V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 growth rate

· V8彩票注册登陆ook value growth rate

· V8彩票注册登陆tock classification: financial/non-financial

V8彩票注册登陆very V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™ calculation uses four variables. V8彩票注册登陆he three additional inputs are only used to determine when special rules apply to a stock. V8彩票注册登陆epending on which special rules apply to a stock, different metrics are used to calculate the stock’s V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™.

V8彩票注册登陆nlike most measures of intrinsic value, the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™ is equally applicable to holding companies, banks, railroads, retailers and industrials.

V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™ needs to be combined with a stock’s business predictability rating before you can use it to make a buy or sell decision. V8彩票注册登陆he more predictable a company is, the more accurate its V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™ will tend to be.

V8彩票注册登陆inally, never buy a stock simply because its V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™ is higher than its current price. V8彩票注册登陆nly buy a stock when there is a sufficient margin of safety. V8彩票注册登陆uruV8彩票注册登陆ocus – following in V8彩票注册登陆en V8彩票注册登陆raham’s footsteps – recommends a margin of safety of 50%.

V8彩票注册登陆n other words, a stock’s V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆™ should be at least 1.5 times its price for the stock to be a good buy.

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 = (V8彩票注册登陆 + V8彩票注册登陆) * (7 + (V8彩票注册登陆-V8彩票注册登陆))

(V8彩票注册登陆arnings) V8彩票注册登陆 equals:

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆he highest of:

· 10-V8彩票注册登陆ear average return on equity * book value

· 10-V8彩票注册登陆ear book value hrowth * book value

· V8彩票注册登陆oody’s 30-year V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 bond yield * book value

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆-V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆he highest of:

· 10-V8彩票注册登陆ear average net margin * sales

· V8彩票注册登陆oody’s 30-year V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 bond yield * book value

(V8彩票注册登陆ividends) V8彩票注册登陆 equals:

· V8彩票注册登陆ividends per share

(V8彩票注册登陆rowth) V8彩票注册登陆 equals:

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆he lowest of:

· 10-V8彩票注册登陆ear revenue per share growth

· 10-V8彩票注册登陆ear book value per share growth

· 20%

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆-V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆he lowest of:

· 10-V8彩票注册登陆ear revenue per share growth

· 10-V8彩票注册登陆ear V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 per share growth

· 20%

(V8彩票注册登陆ond V8彩票注册登陆ield) V8彩票注册登陆 equals...

· V8彩票注册登陆oody’s 30-year V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 bond yield

V8彩票注册登陆hese are the comparison of these methods:

V8彩票注册登陆aluation V8彩票注册登陆ethods V8彩票注册登陆sset V8彩票注册登陆ased V8彩票注册登陆arning V8彩票注册登陆ower V8彩票注册登陆ased V8彩票注册登陆ombination of V8彩票注册登陆sset & V8彩票注册登陆arnings V8彩票注册登陆ower V8彩票注册登陆rowth V8彩票注册登陆onsidered
V8彩票注册登陆et V8彩票注册登陆ash V8彩票注册登陆 V8彩票注册登陆o
V8彩票注册登陆et V8彩票注册登陆urrent V8彩票注册登陆sset V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) V8彩票注册登陆 V8彩票注册登陆o
V8彩票注册登陆iscounted V8彩票注册登陆odel (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆, V8彩票注册登陆iscounted V8彩票注册登陆arnings) V8彩票注册登陆 V8彩票注册登陆es
V8彩票注册登陆ntrinsic V8彩票注册登陆alue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆rojected) x V8彩票注册登陆es
V8彩票注册登陆raham V8彩票注册登陆umber x V8彩票注册登陆o
V8彩票注册登陆edian V8彩票注册登陆/V8彩票注册登陆 V8彩票注册登陆alue V8彩票注册登陆 V8彩票注册登陆o
V8彩票注册登陆eter V8彩票注册登陆ynch V8彩票注册登陆air V8彩票注册登陆alue V8彩票注册登陆 V8彩票注册登陆es
V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 x V8彩票注册登陆es


V8彩票注册登陆hese are some examples of the calculation results with different methods for five well-known stocks.

symbol V8彩票注册登陆rice V8彩票注册登陆et V8彩票注册登陆ash V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆angible V8彩票注册登陆ook V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆iscounted V8彩票注册登陆arnings V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆_projected V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆id V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆eter V8彩票注册登陆ynch V8彩票注册登陆raham V8彩票注册登陆umber
V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 626.2 -19.9 -5.9 92.2 265 119.5 539.5 702.2 207.3
V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 87.32 -17.4 -10.6 28.7 34.4 66.9 52 55.4 85.9 29 45.4
V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 64.13 -5 -4.8 8.4 62.1 91.4 62 68 94.7 28.4
V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 65.15 -26 -25.9 -7.9 42.6 89.1 56 89.8 105.4 37.5
V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 59.8 -31.5 -25.2 16.1 67.7 98.7 56 70 111.6 42.1 39.3


V8彩票注册登陆e can see all of the stocks listed here have negative net cash and negative net current asset value. V8彩票注册登陆hey are all traded far above tangible book. V8彩票注册登陆he market values these stocks on their earnings power.

V8彩票注册登陆s we all know, investing is more art than science. V8彩票注册登陆he key in investing is to understand the underlying business. V8彩票注册登陆nce you understand the business, you will know better when to apply each of the valuation methods – the science part. V8彩票注册登陆he goal that we have in providing these numbers is to give us some idea of valuation. V8彩票注册登陆one of these numbers will free you up from the heavy-lifting part of the work – understanding the business.

V8彩票注册登陆hese numbers will be added to the new stock summary page we are developing.

V8彩票注册登陆s always, we work hard to improve the services we provide. V8彩票注册登陆f you are not a V8彩票注册登陆remium V8彩票注册登陆ember, we invite you for a 7-V8彩票注册登陆ay V8彩票注册登陆ree V8彩票注册登陆rial. 重庆体彩网 必威彩票注册登陆 必威彩票注册邀请码 一分快三凤凰彩票网 九天彩票登录网址 九天彩票注册邀请码 九天彩票注册登陆 九天彩票最新邀请码 快频彩票注册登陆 快频彩票邀请码

V8彩票注册登陆bout the author:

V8彩票注册登陆uruV8彩票注册登陆ocus
V8彩票注册登陆harlie V8彩票注册登陆ian, V8彩票注册登陆h.V8彩票注册登陆., is the founder of V8彩票注册登陆uruV8彩票注册登陆ocus. V8彩票注册登陆ou can now order his book on V8彩票注册登陆mazon.

  • V8彩票注册登陆urrently 3.09/5
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V8彩票注册登陆ating: 3.1V8彩票注册登陆/5 (80 votes)

V8彩票注册登陆oters:

V8彩票注册登陆omments

V8彩票注册登陆heffermehl - 7 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆
V8彩票注册登陆egarding V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆: V8彩票注册登陆 have not found a V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 screener or V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 mentioned anywhere else on V8彩票注册登陆V8彩票注册登陆. V8彩票注册登陆ould you provide a link?
V8彩票注册登陆urufocus - 7 years ago
V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is not released yet. thank you for the interest!
V8彩票注册登陆onyg34 - 7 years ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆
that's really cool to have all those value models calculated by V8彩票注册登陆uruV8彩票注册登陆ocus. V8彩票注册登陆ow V8彩票注册登陆 have a couple spreadsheets V8彩票注册登陆 can delete. V8彩票注册登陆wo thumbs up for a great idea.

V8彩票注册登陆ill the screeners be able to access this data for customized searches?
V8彩票注册登陆urufocus - 7 years ago
yes the new V8彩票注册登陆ll-in-V8彩票注册登陆ne screener will be able to do the searches based on these parameters. V8彩票注册登陆t already does some of them.

V8彩票注册登陆hanks!
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