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
107
0
0
0
25
47.93
74.93
27
56
ADES 
 683
 358
391
18
5
4.8
22
16.85
109.07
92.22
547
ADNC 
 155
 0
9
0
0
0
23
4.60
8.7
4.1
89
AHL 
 3387
 0
161
71
44
2.7
62
46.07
73.32
27.25
59
AIG 
 103833
 0
11645
0
0
0
1400
54.71
115.76
61.05
112
AIZ 
 5096
 785
504
69
14
1.7
69
60.30
103.55
43.25
72
AMBC 
 10328
 2653
289
0
0
0
45
25.58
202.67
177.09
692
AMRC 
 268
 54
27
0
0
0
28
6.32
12.31
5.99
95
ANF 
 1553
 0
179
60
34
3.2
69
25.77
39.63
13.86
54
ANV 
 1912
 1917
321
204
64
174
126
0.98
20.76
19.78
2018
AP 
Ampco-Pittsburgh
 235
 0
15
7
47
3.8
10
18.60
33.08
14.48
78
APA 
 33082
 1369
2939
288
10
1.3
377
65.75
126.92
61.17
93
APAGF 
 318
 0
32
2
6
0.9
9
14.15
53.39
39.24
277
AREX 
 716
 0
7
0
0
0
40
8.00
18.98
10.98
137
ARO 
 208
 14
112
0
0
0
79
3.79
9.53
5.74
151
ATW 
 2373
 0
298
0
0
0
65
34.82
59.78
24.96
72
AXS 
 5827
 0
483
182
38
3
102
52.07
89.54
37.47
72
BAGL 
 42
 11
3721
1596
43
454.6
18
20.23
1473.75
1453.52
7185
BBG 
 995
 0
37
0
0
0
50
12.60
23.77
11.17
89
BBGI 
 93
 14
10
1
10
5.6
6
5.31
20.81
15.5
292
BIDU 
 40241
 17146
6866
0
0
0
28
206.53
2082.12
1875.59
908
BODY 
 52
 0
14
0
0
0
17
2.60
7.34
4.74
182
BPI 
 348
 3
140
0
0
0
45
10.16
23.03
12.87
127
BSET 
 158
 0
27
7
26
10.1
11
19.60
30.26
10.66
54
BTH 
 43
 2
29
12
41
1.8
16
10.17
15.33
5.16
51
BWINB 
 390
 0
10
21
210
5.2
12
23.20
44.13
20.93
90
CBEY 
 162
 20
290
0
0
0
31
9.99
51.4
41.41
415
CDE 
 1698
 0
17
0
0
0
103
6.93
17.24
10.31
149
CIX 
 1854
 0
353
248
70
948.9
2
11.82
2024.58
2012.76
17028
CJES 
 713
 206
137
0
0
0
55
13.42
21.59
8.17
61
CLD 
 988
 36
138
0
0
0
61
7.82
26.91
19.09
244
CSH 
 1097
 705
129
4
3
0.6
30
20.87
34.95
14.08
67
DFZ 
 96
 16
1465
1285
88
629.1
11
18.98
1237.03
1218.05
6418
DGICA 
 402
 6
17
12
71
3.5
21
16.16
25.33
9.17
57
DNR 
 5148
 1284
503
0
0
0
353
8.63
18.09
9.46
110
DO 
 4578
 0
744
571
77
10.5
137
34.06
81.32
47.26
139
DWSN 
 212
 0
6
0
0
0
8
6.21
29.95
23.74
382
ESI 
 203
 0
274
0
0
0
23
7.92
67.08
59.16
747
ESV 
 12922
 3274
783
265
34
4.4
234
33.80
63.72
29.92
89
EXXI 
 1333
 0
188
23
12
9.4
94
4.23
25.3
21.07
498
EZPW 
 954
 435
100
0
0
0
51
10.01
20.11
10.1
101
FBRC 
 298
 0
24
0
0
0
9
25.18
46.86
21.68
86
FCX 
 21150
 1916
3420
1611
47
10.3
1040
21.29
42.68
21.39
100
FMD 
 158
 20
237
0
0
0
11
1.58
117.18
115.6
7316
FVE 
 317
 27
39
0
0
0
49
3.69
9.9
6.21
168
GBL 
 474
 0
87
53
61
14.9
7
78.89
179.51
100.62
128
GBLI 
 881
 5
27
0
0
0
13
27.24
76.24
49
180
GEOS 
Geospace Technologie
 326
 2
45
0
0
0
13
19.35
41.75
22.4
116
GES 
 1158
 40
245
165
67
11.3
85
17.88
37.17
19.29
108
GLF 
 1082
 31
47
18
38
6.1
25
17.28
54.78
37.5
217
GLPW 
 278
 107
45
2
4
1.9
17
13.83
23.71
9.88
71
GMAN 
 41
 0
21
7
33
0
20
3.15
9.14
5.99
190
GMO 
 6308
 8649
1632
724
44
1555.2
92
0.56
102.74
102.18
18246
GNW 
 15515
 866
138
0
0
0
497
8.02
30.86
22.84
285
GRC 
 41
 0
11131
0
0
0
26
28.40
2120.94
2092.54
7368
GSOL 
 202
 0
29
0
0
0
34
5.66
10.06
4.4
78
GTI 
 1314
 497
148
0
0
0
136
4.01
11.41
7.4
185
GTS 
Triple-S Management
 813
 25
60
0
0
0
25
24.12
43.71
19.59
81
 4767
 147
89
0
0
0
38
58.79
134.42
75.63
129
HCOM 
 315
 12
108
0
0
0
11
26.11
79.01
52.9
203
HDNG 
 208
 10
8
1
13
0.6
13
12.25
19
6.75
55
HES 
 24144
 1984
2927
181
6
1
299
77.10
126.1
49
64
HGG 
 307
 0
52
0
0
0
28
6.66
20.5
13.84
208
HMTV 
 243
 131
17
10
59
3.5
12
12.84
20.36
7.52
59
HOS 
 1307
 0
49
0
0
0
36
21.49
42.72
21.23
99
ICE 
 58038
 10617
486
0
0
0
113
234.77
441.16
206.39
88
IRG 
 102
 6
10
27
270
0
26
7.10
10.73
3.63
51
ISCA 
 1308
 119
56
9
16
1.2
26
31.55
57.68
26.13
83
ISH 
 331
 3
24
10
42
8.3
7
15.84
68.22
52.38
331
JMI 
 161
 0
106
21
20
2.3
12
12.76
66.33
53.57
420
KCLI 
 744
 0
29
13
45
3
11
46.38
87.6
41.22
89
KELYA 
 825
 90
58
6
10
1.3
34
17.74
30.78
13.04
74
KRO 
 921
 0
223
70
31
4.9
116
12.26
20.59
8.33
68
LF 
 418
 20
63
0
0
0
66
2.53
10.84
8.31
328
LLEN 
 247
 3
28
0
0
0
43
0.09
8.83
8.74
9711
LUK 
 10188
 1751
940
61
6
0.7
368
23.84
36.48
12.64
53
MDR 
 1321
 0
182
0
0
0
238
2.78
9.39
6.61
238
MEAS 
Measurement Specialt
 337
 180
430
173
40
12.7
16
86.00
196.04
110.04
128
MIG 
 432
 6
38
8
21
2
50
8.35
13.1
4.75
57
MIND 
 174
 4
15
0
0
0
12
6.77
20.28
13.51
200
MITT 
 715
 0
697
196
28
9.5
28
18.56
182.46
163.9
883
MRO 
 19805
 499
2094
584
28
2.5
675
29.02
48.45
19.43
67
MUR 
 8304
 39
881
376
43
8
177
50.51
81.98
31.47
62
NBR 
 6030
 512
172
0
0
0
289
13.67
22.04
8.37
61
NC 
 290
 0
117
27
23
13.9
6
56.49
176.27
119.78
212
NE 
 40241
 17146
783
265
34
45.6
42
17.99
667.33
649.34
3609
NEM 
 10019
 132
1484
478
32
5.6
499
24.74
39.48
14.74
60
NL 
 275
 27
76
24
32
6.5
49
7.66
15.37
7.71
101
NMFC 
 697
 0
51
29
57
3.2
48
15.09
22.87
7.78
52
NNI 
 1513
 117
190
39
21
4.1
35
46.37
73.02
26.65
57
NOG 
 613
 0
40
0
0
0
61
8.28
13.33
5.05
61
OCN 
 1933
 420
99
0
0
0
126
9.69
15.96
6.27
65
ODC 
 108
 9
10
4
40
7.2
2
31.28
82.04
50.76
162
OIS 
 2571
 520
397
0
0
0
53
42.29
76.12
33.83
80
OPY 
 525
 138
11
6
55
2.2
14
20.00
34.89
14.89
74
PCO 
 279
 37
119
0
0
0
213
1.11
3.93
2.82
254
PHMD 
 162
 25
11
0
0
0
19
1.71
10.08
8.37
489
PLPC 
 256
 19
28
5
18
2.6
5
46.98
75.14
28.16
60
PLPM 
 190
 1727
452
301
67
332.1
55
1.65
40.61
38.96
2361
PRE 
 6781
 456
489
205
42
3.7
49
118.80
200.02
81.22
68
PTEN 
 2790
 154
270
30
11
1.1
146
18.53
28.24
9.71
52
PZG 
 126
 79
56
0
0
0
158
0.66
2.07
1.41
214
RDC 
 4957
 0
399
0
0
0
125
24.73
55.82
31.09
126
RELL 
 179
 2
38
2
5
2.8
12
10.12
31.87
21.75
215
REN 
 531
 0
18
0
0
0
78
1.13
7.98
6.85
606
RFMD 
 676
 104
1465
1285
88
27.7
291
16.59
49.26
32.67
197
RNR 
 3762
 8
411
84
20
1.9
38
103.44
162.51
59.07
57
SD 
 1690
 0
147
47
32
4.9
485
2.33
5.49
3.16
136
SENEA 
 394
 0
23
0
0
0
9
26.86
58.37
31.51
117
SFL 
 1194
 0
161
131
81
10.4
93
15.60
28.42
12.82
82
SFY 
 1044
 0
55
0
0
0
44
2.94
30.07
27.13
923
SGY 
 986
 0
147
0
0
0
56
18.03
30.63
12.6
70
SKYW 
 1409
 0
28
8
29
1.2
51
13.76
30.95
17.19
125
SLM 
 5593
 0
701
167
24
6.6
424
9.23
23.43
14.2
154
TAXI 
 275
 5
18
13
72
6.5
25
9.99
16.89
6.9
69
TDS 
 4126
 837
142
50
35
2.1
101
25.14
42.19
17.05
68
TDW 
 2679
 284
115
51
44
3.5
47
29.90
68.78
38.88
130
TGE 
 72
 0
8
1
13
5.3
22
2.68
5.33
2.65
99
TITN 
 403
 25
36
0
0
0
21
14.08
26.06
11.98
85
TLYS 
 142
 0
28
0
0
0
12
12.68
24.52
11.84
93
TMHC 
 423
 23
183
0
0
0
33
18.94
39.78
20.84
110
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
9.85
17.25
7.4
75
TWMC 
 175
 0
2
5
250
14.4
32
3.23
6.59
3.36
104
UNT 
 2235
 63
132
0
0
0
50
33.96
57.13
23.17
68
USM 
 3413
 388
141
0
0
0
51
37.48
72.94
35.46
95
USMO 
 273
 133
63
28
44
4.8
22
15.74
27.44
11.7
74
UVV 
 1378
 0
127
60
47
5.7
23
46.94
102.25
55.31
118
VITC 
 55
 2
402
0
0
0
34
7.99
60.29
52.3
655
VLGEA 
 235
 12
26
18
69
8.7
10
28.52
45.67
17.15
60
VOXX 
 430
 118
24
0
0
0
22
8.68
19.76
11.08
128
ZEUS 
 302
 41
10
1
10
0.5
11
16.57
28.78
12.21
74

 

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)