GRAHAM-DODD STOCK SCREENER

NOTE: Please be careful in how you use the intrinsic value estimates shown here. Do not take them at face value. They are used here for a rough stock screening purposes only. A thorough analysis of each individual secutiry is needed before an investment decision is made.

Intrinsic value = x (Book value - Goodwill) + (Net income-Dividends)/% + (Dividends)/%

Margin of safety ≥ %                                    

Stocks Listed in the USA

Ticker   Company name
 Equity
$ mln
 Goodwill
$ mln
 Net income
(3-yr avg.)
$ mln
 Dividends
 (3-yr avg.)
$ mln
 Payout
ratio
%
 Dividend
yield
%
 Number of
shares
mln
 Stock
price
 $/share
 Intrinsic
value
 $/share
 Margin of
safety
$/share
 Margin of
safety
%
AAWW 
 1324
 0
123
0
0
0
25
31.77
76.85
45.08
142
AHL 
 3387
 0
161
71
44
2.8
65
42.38
69.49
27.11
64
AIG 
 103833
 0
11645
0
0
0
1450
49.96
111.76
61.8
124
AIZ 
 5096
 785
434
69
16
1.6
72
61.41
95.28
33.87
55
AMRC 
 268
 54
27
0
0
0
28
6.76
12.46
5.7
84
ANV 
 1912
 1917
283
21
7
11.5
104
2.51
14.54
12.03
479
AOSL 
 282
 0
30
0
0
0
26
8.79
16.53
7.74
88
AP 
Ampco-Pittsburgh
 235
 0
15
7
47
3.9
10
18.57
33.17
14.6
79
APA 
 33082
 1369
3206
288
9
1.1
390
79.91
126.09
46.18
58
APAGF 
 318
 0
32
2
6
0.9
9
14.25
53.39
39.14
275
AREX 
 716
 0
7
0
0
0
39
11.98
19.08
7.1
59
ARO 
 208
 14
112
0
0
0
79
2.88
9.59
6.71
233
AWH 
 3617
 268
478
48
10
1.8
99
37.41
60.67
23.26
62
AXS 
 5827
 0
483
182
38
3.2
108
46.04
84.92
38.88
84
BBCN 
BBCN Bancorp
 344
 111
1361
475
35
49.4
79
14.37
118.42
104.05
724
BBGI 
 93
 14
10
1
10
5.4
6
5.54
20.81
15.27
276
BEBE 
 219
 0
2
37
1850
5.2
79
2.05
5.21
3.16
154
BGC 
 919
 27
44
0
0
0
49
12.98
22.86
9.88
76
BIDU 
 40241
 17146
6866
0
0
0
28
203.35
2086.66
1883.31
926
BODY 
 52
 0
14
0
0
0
17
1.03
7.34
6.31
613
BPI 
 348
 3
141
0
0
0
45
11.10
23.25
12.15
109
BRKS 
 634
 98
109
9
8
3.2
67
9.87
16.85
6.98
71
BSET 
 158
 0
27
7
26
12.6
11
15.75
30.26
14.51
92
BTH 
 43
 2
29
12
41
2.3
16
8.18
15.33
7.15
87
BWINB 
 390
 0
10
21
210
4.9
12
24.66
44.13
19.47
79
CCL 
 24470
 3226
1729
562
33
3.7
593
35.51
55.17
19.66
55
CDE 
 1698
 0
17
0
0
0
104
4.33
17.22
12.89
298
CENTA 
 484
 206
32
0
0
0
36
7.60
12
4.4
58
CIX 
 1854
 0
353
248
70
1077.4
2
10.41
2024.58
2014.17
19348
CLD 
 988
 36
132
0
0
0
61
10.47
26.46
15.99
153
CNA 
 12582
 155
644
115
18
1.6
270
37.07
60.1
23.03
62
COLM 
 1266
 14
93
45
48
2.4
35
35.82
55.68
19.86
55
CPE 
 281
 0
39
0
0
0
40
6.69
11.77
5.08
76
DGICA 
 402
 6
12
12
100
3.7
21
15.61
24.64
9.03
58
DO 
 4578
 0
879
571
65
10.1
137
35.41
86.25
50.84
144
EGN 
 2911
 0
268
39
15
1.5
44
61.12
101.34
40.22
66
EIG 
 588
 36
73
9
12
1.2
31
19.98
30.66
10.68
53
ENH 
 3001
 0
145
75
52
3.5
45
55.00
91.81
36.81
67
ENTR 
 243
 5
32
0
0
0
89
2.28
4.48
2.2
96
ESI 
 203
 0
274
0
0
0
23
4.68
67.31
62.63
1338
ESV 
 12922
 3274
783
265
34
4
234
37.22
63.72
26.5
71
ETM 
 300
 39
41
0
0
0
32
8.08
14.61
6.53
81
EXXI 
 1333
 0
143
12
8
2.5
93
7.90
22.67
14.77
187
EZPW 
 954
 435
121
0
0
0
51
8.65
21.86
13.21
153
 26773
 0
10813
254
2
1.4
3920
13.79
20.95
7.16
52
FMD 
 158
 20
237
0
0
0
11
2.60
117.18
114.58
4407
FRP 
 1324
 210
108
0
0
0
27
14.00
61.99
47.99
343
FVE 
 317
 27
44
0
0
0
49
3.93
10.49
6.56
167
GBLI 
 881
 5
27
0
0
0
13
27.41
76.42
49.01
179
GES 
 1158
 40
245
165
67
9.8
85
20.69
37.16
16.47
80
GLPW 
 278
 107
45
2
4
2.4
17
11.22
23.73
12.51
111
GLW 
 21650
 1125
2670
380
14
2
1310
18.17
27.31
9.14
50
GM 
 42222
 1563
7183
1142
16
1.9
1600
30.29
51.43
21.14
70
GMAN 
 41
 0
21
7
33
0
20
3.16
9.14
5.98
189
GMO 
 6308
 8649
1632
724
44
1319.6
92
0.66
102.74
102.08
15467
GNW 
 15515
 866
138
0
0
0
496
12.59
30.91
18.32
146
GSOL 
 202
 0
29
0
0
0
30
6.13
11.64
5.51
90
GTI 
 1314
 497
148
0
0
0
136
3.72
11.47
7.75
208
GTS 
Triple-S Management
 813
 25
60
0
0
0
25
18.47
43.68
25.21
136
 4767
 147
89
0
0
0
43
56.01
118.23
62.22
111
HCOM 
 315
 12
108
0
0
0
11
26.50
79.6
53.1
200
HDNG 
 208
 10
8
1
13
0.7
13
10.12
19
8.88
88
HGG 
 307
 0
52
0
0
0
28
5.89
19.92
14.03
238
HMTV 
 243
 131
17
10
59
4.1
12
11.00
20.5
9.5
86
IMKTA 
 423
 0
38
15
39
4.8
14
23.70
50.93
27.23
115
IRG 
 102
 6
10
27
270
0
26
5.80
10.76
4.96
86
ISCA 
 1308
 119
60
9
15
1.2
26
28.71
58.46
29.75
104
ISH 
 331
 3
23
10
43
6.7
7
17.42
68
50.58
290
JMI 
 161
 0
106
21
20
2.3
12
12.24
66.33
54.09
442
KCLI 
 744
 0
29
13
45
3.1
11
44.38
86.96
42.58
96
KELYA 
 825
 90
47
4
9
1.4
34
15.82
29.13
13.31
84
KRO 
 921
 0
223
70
31
4.9
116
12.29
20.59
8.3
68
LF 
 418
 20
37
0
0
0
65
5.84
8.93
3.09
53
LLEN 
 247
 3
28
0
0
0
43
0.06
8.83
8.77
14617
LUK 
 10188
 1751
940
61
6
0.8
364
21.92
36.93
15.01
68
MANT 
 1136
 781
118
21
18
4.8
24
26.72
43.7
16.98
64
MDR 
 1321
 0
182
0
0
0
238
4.21
9.39
5.18
123
MFLX 
 332
 0
32
0
0
0
24
9.34
20.38
11.04
118
MHLD 
 1150
 0
50
24
48
4.1
73
11.18
20.86
9.68
87
MIG 
 432
 6
38
8
21
2.8
50
5.99
13.1
7.11
119
MIND 
 174
 4
15
0
0
0
13
10.06
19.32
9.26
92
MITT 
 715
 0
827
196
24
9.7
28
18.23
205.43
187.2
1027
MTGE 
 1114
 0
95
54
57
8.3
51
19.33
36.35
17.02
88
MUR 
 8304
 39
881
376
43
7.5
179
53.18
81.08
27.9
52
NC 
 290
 0
117
27
23
15.1
6
48.06
162.38
114.32
238
NE 
 40241
 17146
783
265
34
43.4
42
18.87
667.33
648.46
3436
NEM 
 10019
 132
1484
478
32
6.3
499
22.21
39.51
17.3
78
NL 
 275
 27
76
24
32
7.4
49
6.74
15.37
8.63
128
NMFC 
 697
 0
51
29
57
3.4
48
14.36
22.87
8.51
59
NNI 
 1513
 117
190
39
21
4.3
35
43.66
72.56
28.9
66
NUS 
 9759
 2038
323
23
7
1.8
59
46.92
160.32
113.4
242
PFSI 
 176
 0
55
6
11
5.1
21
14.71
22.69
7.98
54
PHMD 
 162
 25
11
0
0
0
19
5.12
10.08
4.96
97
PLAB 
 603
 0
23
0
0
0
62
7.67
11.64
3.97
52
PLPM 
 190
 1727
452
301
67
360.5
55
1.52
40.61
39.09
2572
PRE 
 6781
 456
489
205
42
3.9
51
110.06
193.88
83.82
76
PRI 
 1254
 0
188
437
232
0.6
54
46.45
80.47
34.02
73
PZG 
 126
 79
56
0
0
0
158
0.70
2.07
1.37
196
QLGC 
 693
 194
147
0
0
0
87
8.93
14.15
5.22
58
RDC 
 4957
 0
399
0
0
0
125
22.84
55.84
33
144
RELL 
 179
 2
38
2
5
2.9
12
9.71
31.87
22.16
228
REN 
 531
 0
18
0
0
0
78
4.51
7.97
3.46
77
RFP 
 2801
 0
887
0
0
0
95
15.45
76.5
61.05
395
RGA 
 6251
 0
571
47
8
1.2
69
77.77
135.22
57.45
74
RNR 
 3762
 8
429
92
21
2.2
41
99.00
156.82
57.82
58
RNWK 
 259
 17
8
46
575
0
36
6.30
14.27
7.97
127
SALM 
 202
 25
4
3
75
2.5
20
7.02
10.82
3.8
54
SATS 
 3418
 504
140
0
0
0
43
44.32
83.6
39.28
89
SENEA 
 394
 0
23
0
0
0
9
28.14
58.24
30.1
107
SFL 
 1194
 0
161
131
81
10.7
93
15.25
28.45
13.2
87
SFY 
 1044
 0
55
0
0
0
44
7.68
30.11
22.43
292
SKYW 
 1409
 0
40
9
23
2.2
51
7.23
32.37
25.14
348
SLM 
 5593
 0
701
167
24
6.9
423
8.75
23.49
14.74
168
TDS 
 4126
 837
142
50
35
2.4
102
22.23
41.83
19.6
88
TDW 
 2679
 284
115
51
44
2.7
50
37.31
64.86
27.55
74
TECD 
 2157
 0
192
0
0
0
38
54.06
81.51
27.45
51
TGE 
 72
 0
8
1
13
4
22
3.51
5.33
1.82
52
TITN 
 403
 25
36
0
0
0
21
13.49
26.26
12.77
95
TMHC 
 423
 23
197
0
0
0
33
15.70
42.15
26.45
168
TNAV 
 208
 41
39
0
0
0
39
5.89
9.24
3.35
57
TWGP 
 386
 92
220
68
31
73.6
57
2.23
30.26
28.03
1257
TWI 
 696
 41
53
1
2
0.2
54
9.61
17.26
7.65
80
TWMC 
 175
 0
2
5
250
13
32
3.58
6.59
3.01
84
UFS 
 2771
 655
381
43
11
2.6
66
33.66
64.36
30.7
91
USM 
 3413
 388
141
0
0
0
51
31.93
72.88
40.95
128
USMO 
 273
 133
63
28
44
4.8
22
15.74
27.47
11.73
75
UVV 
 1378
 0
127
60
47
6.1
23
43.01
99.61
56.6
132
VLGEA 
 235
 12
26
13
50
4.3
10
23.18
43.14
19.96
86
VOXX 
 430
 118
24
0
0
0
22
7.24
19.49
12.25
169
VOYA 
 14002
 0
87
0
0
0
255
36.81
56.71
19.9
54
VR 
 3649
 20
277
108
39
3.1
91
39.14
61.17
22.03
56
VSH 
 1891
 43
240
0
0
0
135
12.72
22.52
9.8
77
WIN 
 4036
 679
9
3
33
0.1
120
10.12
28.45
18.33
181
WMAR 
 274
 0
20
0
0
0
24
9.09
15.56
6.47
71
ZEUS 
 302
 41
10
1
10
0.5
11
17.22
28.78
11.56
67

 

Security Analysis is arguably the most important book on value investing. You might be surprised, but there is no valuation methodology in the book. Benjamin Graham and David Dodd did not provide any indication that they used a formula or a specific algorithm for determining intrinsic value of common stocks.

The book, quite appropriately, is named "Security Analysis", not "Security Valuation". In the sections related to common-stock investment, it contains description of a general approach to selecting stocks. There is also a good treatise on how to adjust the income statement and balance sheet and what factors to look at in a comparison valuation. But you will be looking in vain for a well defined valuation process. Nonetheless, Security Analysis is a great book. It clearly distinguishes investing from speculation, and arms the investor with general guiding principles of investing.

The stock screener presented here is not the one used by the founders of the security analysis, but the one developed by us using the general approach to security valuation they employed. The stock screener compares intrinsic value of a stock with its current market price. The difference between them is called the margin of safety.

 

Following the spirit of Benjamin Graham and David Dodd's teachings, we assume that intrinsic value (V*) of a stock is composed of the following three components (on a per share basis):

  • Tangible book value (TBV), which serves as a proxy for assets' replacement costs or assets' fair value.
  • Value attributed to retained earnings, which are defined as the difference between Net Income (NI) and Dividends (Div). The value of this component is calculated as the value of a perpetual bond with the coupon equal to the company's average yearly retained earnings, and the required rate of return for retained earnings (RRRre) of 20%.
  • Value attributed to dividends. The value of this component is calculated as the value of a perpetual bond with the coupon equal to the company's average yearly dividend (Div) and the required rate of return for dividends (RRRd) of 10%.

Thus, using the Graham and Dodd's approach to security selection we came up with the following very simplified formula for valuation of common stocks:

           V* = TBV + ((NI – Div) / RRRre) + (Div / RRRd)