Important Disclosures |
This report was prepared by Ford Equity Research solely for the use of its clients and authorized subscribers. Reproduction or distribution in any form is prohibited without the permission of Ford Equity Research. This report is based on public information. Careful efforts are made to present the timeliest and most accurate data possible and information presented has been obtained from sources believed to be reliable. However, accuracy is not guaranteed. Additional information, such as corporate actions, industry and economic factors, and general news which may impact the Ford Equity Research rating may not yet be reflected in the data presented. This report is for information purposes only and should not be construed as an offer to buy or sell any security. Recommendations made in this report may not be suitable for all investors. Recommendations do not take into account the individual user’s investment risk or return objectives or constraints. Ford is not responsible for the results of actions taken based on the information presented. Opinions expressed herein are subject to change without notice. The research process used here is derived solely from a quantitative approach that uses historical data to produce a stock ranking system. Stocks are assigned to one of three ratings based on relative scores. The ratings are Positive, Neutral, and Negative. While stocks rated Positive are expected to be the best performers and those rated Negative are expected to be the worst performers, there is no guarantee that such will be the case on an individual stock basis or on average. Past results are no guarantee of future results. Ford Equity Research is an independent research firm with no investment banking or brokerage businesses or affiliations. Ford Equity Research, its clients and/or its employees may at times own positions in the companies described in these reports. Ford also has a sister corporation and affiliated investment advisor, Tesserae Capital Advisors, LLC. Tesserae manages portfolios for clients including a long/short hedge fund from which it receives a performance based fee. Tesserae implements Ford’s research and is restricted from executing new buy and sell decisions until Ford’s Research is available to all clients. When Ford publishes a material change in its buy, hold and sell rating for a security, Tesserae must wait 24 hours before it executes any trade in that issue for its client portfolios. The senior officers of Ford Equity Research, Timothy R. Alward, CFA and Richard Segarra, CFA are also the senior officers of Tesserae Capital Advisors, LLC and have personal investments in the funds it manages. |
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Value Graph Definitions |
| Current
Data Current Price: closing price Market Cap: total market value in $ millions. Common Shares out: common share outstanding, in millions Shrs Held by Institutions: % of shares outstanding Average Daily Volume (100s): average shares traded daily over past 3 months Beta: price sensitivity to market over the past 60 months Exchange: principal exchange where traded Options Trading: indicates whether stock has listed options Latest Qtr Report: month and year of latest quarter report 12 Mo Sales (mil): total revenues over the past 4 quarters 12 Mo EPS: earnings per share over the past 4 quarters, excluding extraordinary items 12 Mo Operating EPS: earnings per share over the past 4 quarters, excluding all non-recurring items FirstCall EPS Est FY1: earnings per share estimate for the current fiscal year FirstCall EPS Est FY2: earnings per share estimate for the next fiscal year Cash Flow/Share (FY): net income plus depreciation divided by shares outstanding at fiscal year end Annual Dividend: current indicated annual dividend per share Dividend Payout Ratio: indicated dividend yield divided by normal earnings Dividend Yield: indicated dividend divided by current stock price, in percent Ford Evaluations Quality Rating: rating assigned by Ford indicating financial strength and earnings stability, ranges from A+ to C- Growth Persistence Rating: rating assigned by Ford indicating consistency of earnings growth, ranges from A to D Projected Growth Rate: estimated growth in earnings and dividends for the next 10 years Ford DDM Value: intrinsic value per share as determined by Ford’s dividend discount model Share Buyback: % change in shares outstanding from 12 months ago Normal Earnings: earnings per share the company should be realizing under normal or typical conditions Price/Normal Earnings: price to earnings ratio using Ford normal earnings in the denominator Price/Operating Earnings: price to earnings ratio using operating earnings per share in the denominator Price/Ford Value (PVA): price divided by intrinsic value per share based on Ford’s dividend discount model Price Performance Chart Bar chart: monthly high, low, closing stock price, adjusted for splits and spin-offs Ford Value Rating (green line): monthly intrinsic value per share based on Ford dividend discount model Ford Valuation Bands (red lines): operating earnings per share times the highest and lowest p/e ratio over the past 5 years Average Daily Volume (000s): average shares traded daily for the month Annual Fundamental Data Fiscal Year End: month and year of fiscal year end Sales (mil): fiscal year total revenues EPS: fiscal year earnings per share Net Profit on Sales (%): fiscal year reported earnings divided by fiscal year sales, in percent |
Cash
Flow/Share: fiscal year net income plus depreciation divided by
shares Outstanding Book Value/Share: common shareholders
equity divided by shares outstanding at fiscal year end Return on Equity (%): fiscal year net income divided by common shareholders equity, in percent Debt to Equity (%): long term debt divided by total shareholders equity (common and preferred) Valuation Ratios (arrow denotes current value in relation to low and high value over the past 5 years – arrows to the left of center indicate undervalued relative to historical levels) Price/Earnings: price to earnings ratio using operating earnings per share Price/Cash Flow: price divided by cash flow per share at fiscal year end Price/Book Value: price divided by book value per share Price/Sales: price divided by latest fiscal year sales per share Price/Value: price divided by intrinsic value based on Ford dividend discount model Sales Growth (company versus industry group average) 5 Year: sales growth over the past 5 years in percent 12 Month: sales growth over the past year in percent Last Qtr: sales growth over the past quarter in percent Earnings Growth (company versus industry group average) 5 Year: earnings per share growth over the past 5 years in percent 12 Month: earnings per share growth over the past year in percent Last Qtr: earnings per share growth over the past quarter in percent 1 Yr Est: current fiscal year estimated earnings growth versus prior fiscal year end 2 Yr Est: next fiscal year estimated earnings growth versus current fiscal year estimate Industry Group (3 to 8 companies, same industry, similar product lines, markets, and/or company size) Name of company and ticker symbol Price: closing price for date of graph update P/E: price to earnings ratio using trailing twelve-month earnings per share Ford Model Percentiles (percentile scores of Ford universe (100 best, 1 worst)) Value Momentum: six factor model combining relative value with earnings and price momentum EPS Momentum: measures acceleration and deceleration of operating earnings per share growth over the past 4 quarters and the current quarter estimate Sales Momentum: measures acceleration and deceleration of sales growth over the past 5 quarters Price Momentum: 12 month price performance adjusted for quarterly and monthly price reversal effects Earnings Trend Trailing 12 month operating EPS for the past 4 quarters and the estimate for the current quarter. Second derivative growth curve (black line) |