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
34.22
76.85
42.63
125
AHL 
 3387
 0
161
71
44
3
65
40.01
69.49
29.48
74
AIG 
 103833
 0
11645
0
0
0
1450
51.98
111.76
59.78
115
AIZ 
 5096
 785
434
69
16
1.5
72
63.36
95.28
31.92
50
AMRC 
 268
 54
27
0
0
0
28
7.52
12.46
4.94
66
ANV 
 1912
 1917
283
21
7
9.2
104
3.13
14.54
11.41
365
AOSL 
 282
 0
30
0
0
0
26
9.15
16.53
7.38
81
AP 
Ampco-Pittsburgh
 235
 0
15
7
47
3.5
10
20.17
33.17
13
64
APAGF 
 318
 0
32
2
6
0.9
9
13.81
53.39
39.58
287
ARO 
 208
 14
112
0
0
0
79
3.32
9.59
6.27
189
AWH 
 3617
 268
478
48
10
1.9
99
36.01
60.67
24.66
68
AXS 
 5827
 0
483
182
38
3.4
108
43.15
84.92
41.77
97
BBCN 
BBCN Bancorp
 344
 111
1361
475
35
47.2
79
15.02
118.42
103.4
688
BBGI 
 93
 14
10
1
10
4.9
6
6.12
20.81
14.69
240
BEBE 
 219
 0
2
37
1850
3.8
79
2.81
5.21
2.4
85
BIDU 
 40241
 17146
6866
0
0
0
28
216.05
2086.66
1870.61
866
BODY 
 52
 0
14
0
0
0
17
0.52
7.34
6.82
1312
BPI 
 348
 3
141
0
0
0
45
12.01
23.25
11.24
94
BRK-B 
 227612
 58264
12682
0
0
0
1180
125.43
197.25
71.82
57
BRKS 
 634
 98
109
9
8
3.1
67
10.18
16.85
6.67
66
BSET 
 158
 0
27
7
26
13.6
11
14.58
30.26
15.68
108
BTH 
 43
 2
29
12
41
3.1
16
6.05
15.33
9.28
153
BWINB 
 390
 0
10
21
210
4.9
12
24.70
44.13
19.43
79
CCL 
 24470
 3226
1729
562
33
3.6
593
36.22
55.17
18.95
52
CDE 
 1698
 0
17
0
0
0
104
7.80
17.22
9.42
121
CGX 
 311
 24
23
0
0
0
10
0.09
41.4
41.31
45900
CIX 
 1854
 0
353
248
70
1061.1
2
10.57
2024.58
2014.01
19054
CLD 
 988
 36
132
0
0
0
61
15.48
26.46
10.98
71
CNA 
 12582
 155
644
115
18
1.6
270
37.37
60.1
22.73
61
CNH 
 9285
 3037
400
0
0
0
30
28.34
270.69
242.35
855
DGICA 
 402
 6
12
12
100
3.9
21
15.08
24.64
9.56
63
DO 
 4578
 0
879
571
65
7.6
137
46.79
86.25
39.46
84
ENH 
 3001
 0
145
75
52
3.6
45
52.89
91.81
38.92
74
ENTR 
 243
 5
32
0
0
0
89
2.79
4.48
1.69
61
ESI 
 203
 0
274
0
0
0
23
14.23
67.31
53.08
373
ETM 
 300
 39
41
0
0
0
32
9.45
14.61
5.16
55
EZPW 
 954
 435
121
0
0
0
51
9.79
21.86
12.07
123
FMD 
 158
 20
237
0
0
0
11
5.08
117.18
112.1
2207
FRP 
 1324
 210
108
0
0
0
27
14.60
61.99
47.39
325
FVE 
 317
 27
44
0
0
0
49
4.57
10.49
5.92
130
GBLI 
 881
 5
27
0
0
0
13
24.93
76.42
51.49
207
GM 
 42222
 1563
7183
1142
16
1.7
1600
33.82
51.43
17.61
52
GMAN 
 41
 0
21
7
33
0
20
3.62
9.14
5.52
152
GMO 
 6308
 8649
1632
724
44
829.4
92
1.05
102.74
101.69
9685
GNW 
 15515
 866
138
0
0
0
496
13.10
30.91
17.81
136
GS 
 79099
 3706
6757
1767
26
1.4
448
172.87
263.4
90.53
52
GSOL 
 202
 0
29
0
0
0
30
7.38
11.64
4.26
58
GTS 
Triple-S Management
 813
 25
60
0
0
0
25
17.28
43.68
26.4
153
 4767
 147
89
0
0
0
43
58.83
118.23
59.4
101
HCOM 
 315
 12
108
0
0
0
11
28.20
79.6
51.4
182
HDNG 
 208
 10
8
1
13
0.6
13
11.93
19
7.07
59
HGG 
 307
 0
52
0
0
0
28
7.11
19.92
12.81
180
HMTV 
 243
 131
17
10
59
3.9
12
11.57
20.5
8.93
77
IMKTA 
 423
 0
38
15
39
4.6
14
24.52
50.93
26.41
108
ISCA 
 1308
 119
60
9
15
1.2
26
30.32
58.46
28.14
93
ISH 
 331
 3
23
10
43
5.5
7
21.20
68
46.8
221
JMI 
 161
 0
106
21
20
2.2
12
13.11
66.33
53.22
406
KCLI 
 744
 0
29
13
45
3.1
11
43.67
86.96
43.29
99
KELYA 
 825
 90
47
4
9
1.4
34
15.94
29.13
13.19
83
LLEN 
 247
 3
28
0
0
0
43
0.16
8.83
8.67
5419
LPS 
 644
 1109
225
37
16
1009.7
85
0.04
9.91
9.87
24675
MANT 
 1136
 781
118
21
18
4.8
24
27.00
43.7
16.7
62
MFLX 
 332
 0
32
0
0
0
24
9.76
20.38
10.62
109
MHLD 
 1150
 0
50
24
48
4
73
11.48
20.86
9.38
82
MIG 
 432
 6
38
8
21
2.8
50
6.03
13.1
7.07
117
MITT 
 715
 0
827
196
24
9.7
28
18.34
205.43
187.09
1020
MTGE 
 1114
 0
95
54
57
8.1
51
19.93
36.35
16.42
82
NC 
 290
 0
117
27
23
15.2
6
47.69
162.38
114.69
240
NE 
 40241
 17146
783
265
34
26.1
42
31.37
667.33
635.96
2027
NEM 
 10019
 132
1484
478
32
5.6
499
24.91
39.51
14.6
59
NL 
 275
 27
76
24
32
5.7
49
8.70
15.37
6.67
77
NMFC 
 697
 0
51
29
57
3.4
48
14.48
22.87
8.39
58
NNI 
 1513
 117
190
39
21
4.6
35
41.23
72.56
31.33
76
NUS 
 9759
 2038
323
23
7
1.4
59
58.69
160.32
101.63
173
PLPM 
 190
 1727
452
301
67
233.2
55
2.35
40.61
38.26
1628
PRE 
 6781
 456
489
205
42
4.1
51
104.36
193.88
89.52
86
PRI 
 1254
 0
188
437
232
0.6
54
46.08
80.47
34.39
75
PZG 
 126
 79
56
0
0
0
158
1.02
2.07
1.05
103
QLGC 
 693
 194
147
0
0
0
87
9.10
14.15
5.05
55
RDC 
 4957
 0
399
0
0
0
125
30.52
55.84
25.32
83
RELL 
 179
 2
38
2
5
2.8
12
9.97
31.87
21.9
220
RFP 
 2801
 0
887
0
0
0
95
15.39
76.5
61.11
397
RGA 
 6251
 0
571
47
8
1.1
69
80.26
135.22
54.96
68
RNR 
 3762
 8
429
92
21
2.2
41
97.81
156.82
59.01
60
RNWK 
 259
 17
8
46
575
0
36
7.52
14.27
6.75
90
SATS 
 3418
 504
140
0
0
0
43
50.70
83.6
32.9
65
SENEA 
 394
 0
23
0
0
0
9
28.62
58.24
29.62
103
SFL 
 1194
 0
161
131
81
9
93
18.20
28.45
10.25
56
SFY 
 1044
 0
55
0
0
0
44
11.05
30.11
19.06
172
SKYW 
 1409
 0
40
9
23
1.5
51
10.69
32.37
21.68
203
SLM 
 5593
 0
701
167
24
6.9
423
8.86
23.49
14.63
165
TAXI 
 275
 5
18
13
72
5.8
25
11.14
16.89
5.75
52
TDS 
 4126
 837
142
50
35
2.1
102
25.00
41.83
16.83
67
TITN 
 403
 25
36
0
0
0
21
14.66
26.26
11.6
79
TMHC 
 423
 23
197
0
0
0
33
17.78
42.15
24.37
137
TNAV 
 208
 41
39
0
0
0
39
4.97
9.24
4.27
86
TWGP 
 386
 92
220
68
31
76.3
57
2.15
30.26
28.11
1307
TWMC 
 175
 0
2
5
250
13
32
3.60
6.59
2.99
83
UFS 
 2771
 655
381
43
11
2.5
66
35.92
64.36
28.44
79
USM 
 3413
 388
141
0
0
0
51
39.09
72.88
33.79
86
USMO 
 273
 133
63
28
44
4.8
22
15.74
27.47
11.73
75
UVV 
 1378
 0
127
60
47
5
23
51.93
99.61
47.68
92
VLGEA 
 235
 12
26
13
50
4.3
10
23.52
43.14
19.62
83
VOXX 
 430
 118
24
0
0
0
22
9.91
19.49
9.58
97
VOYA 
 14002
 0
87
0
0
0
255
37.10
56.71
19.61
53
VR 
 3649
 20
277
108
39
3.3
91
36.53
61.17
24.64
67
VSH 
 1891
 43
240
0
0
0
135
14.73
22.52
7.79
53
WIN 
 4036
 679
9
3
33
0.1
120
11.46
28.45
16.99
148
WMAR 
 274
 0
20
0
0
0
24
8.58
15.56
6.98
81

 

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)