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
37.22
76.85
39.63
106
ADNC 
 155
 0
10
0
0
0
22
3.77
9.16
5.39
143
AE 
 159
 0
20
2
10
1.5
4
41.87
63.74
21.87
52
AHL 
 3387
 0
161
71
44
2.7
65
43.73
69.49
25.76
59
AIG 
 103833
 0
11645
0
0
0
1450
53.40
111.76
58.36
109
AMRC 
 268
 54
27
0
0
0
28
8.07
12.46
4.39
54
ANV 
 1912
 1917
283
21
7
27.4
104
1.05
14.54
13.49
1285
AOSL 
 282
 0
30
0
0
0
26
9.68
16.53
6.85
71
AP 
Ampco-Pittsburgh
 235
 0
15
7
47
3.7
10
19.22
33.17
13.95
73
APA 
 33082
 1369
3206
288
9
1.1
390
74.21
126.09
51.88
70
APAGF 
 318
 0
32
2
6
0.9
9
13.96
53.39
39.43
282
AREX 
 716
 0
7
0
0
0
39
8.80
19.08
10.28
117
ARO 
 208
 14
112
0
0
0
79
2.94
9.59
6.65
226
ATW 
 2373
 0
267
0
0
0
64
36.90
57.68
20.78
56
AWH 
 3617
 268
478
48
10
1.8
99
37.39
60.67
23.28
62
AXS 
 5827
 0
483
182
38
3
108
48.58
84.92
36.34
75
BBCN 
BBCN Bancorp
 344
 111
1361
475
35
50.7
79
13.99
118.42
104.43
746
BBG 
 995
 0
37
0
0
0
50
13.19
23.74
10.55
80
BBGI 
 93
 14
10
1
10
6.4
6
4.71
20.81
16.1
342
BEBE 
 219
 0
2
37
1850
4.7
79
2.25
5.21
2.96
132
BGC 
 919
 27
44
0
0
0
49
14.20
22.86
8.66
61
BIDU 
 40241
 17146
6866
0
0
0
28
241.96
2086.66
1844.7
762
BODY 
 52
 0
14
0
0
0
17
0.65
7.34
6.69
1029
BPI 
 348
 3
141
0
0
0
45
12.46
23.25
10.79
87
BSET 
 158
 0
27
7
26
11
11
17.99
30.26
12.27
68
BTH 
 43
 2
29
12
41
2.2
16
8.65
15.33
6.68
77
BWINB 
 390
 0
10
21
210
4.5
12
26.80
44.13
17.33
65
CDE 
 1698
 0
17
0
0
0
104
3.75
17.22
13.47
359
CIX 
 1854
 0
353
248
70
1013.2
2
11.07
2024.58
2013.51
18189
CLD 
 988
 36
132
0
0
0
61
12.12
26.46
14.34
118
CNA 
 12582
 155
644
115
18
1.5
270
38.86
60.1
21.24
55
CPE 
 281
 0
39
0
0
0
40
5.86
11.77
5.91
101
DGICA 
 402
 6
12
12
100
3.7
21
15.85
24.64
8.79
55
DNR 
 5148
 1284
457
0
0
0
352
11.28
17.48
6.2
55
DO 
 4578
 0
879
571
65
10.7
137
33.50
86.25
52.75
157
EGN 
 2911
 0
268
39
15
1.4
44
64.93
101.34
36.41
56
ENH 
 3001
 0
145
75
52
3.4
45
57.56
91.81
34.25
60
ENTR 
 243
 5
32
0
0
0
89
2.51
4.48
1.97
78
ESI 
 203
 0
274
0
0
0
23
11.92
67.31
55.39
465
ESV 
 12922
 3274
783
265
34
3.9
234
38.60
63.72
25.12
65
ETM 
 300
 39
41
0
0
0
32
9.73
14.61
4.88
50
EXXI 
 1333
 0
143
12
8
3
93
6.63
22.67
16.04
242
EZPW 
 954
 435
121
0
0
0
51
10.83
21.86
11.03
102
 26773
 0
10813
254
2
1.4
3920
13.95
20.95
7
50
FCX 
 21150
 1916
3979
1177
30
3.9
1040
27.79
43.28
15.49
56
FMD 
 158
 20
237
0
0
0
11
2.34
117.18
114.84
4908
FRP 
 1324
 210
108
0
0
0
27
16.18
61.99
45.81
283
FVE 
 317
 27
44
0
0
0
49
4.14
10.49
6.35
153
GBLI 
 881
 5
27
0
0
0
13
28.86
76.42
47.56
165
GES 
 1158
 40
245
165
67
9.6
85
21.15
37.16
16.01
76
GLPW 
 278
 107
45
2
4
2
17
13.44
23.73
10.29
77
GM 
 42222
 1563
7183
1142
16
1.9
1600
30.82
51.43
20.61
67
GMAN 
 41
 0
21
7
33
0
20
3.18
9.14
5.96
187
GMO 
 6308
 8649
1632
724
44
1451.5
92
0.60
102.74
102.14
17023
GNW 
 15515
 866
138
0
0
0
496
13.90
30.91
17.01
122
GSOL 
 202
 0
29
0
0
0
30
7.18
11.64
4.46
62
GTI 
 1314
 497
148
0
0
0
136
4.40
11.47
7.07
161
GTS 
Triple-S Management
 813
 25
60
0
0
0
25
23.07
43.68
20.61
89
 4767
 147
89
0
0
0
43
57.59
118.23
60.64
105
HCOM 
 315
 12
108
0
0
0
11
26.82
79.6
52.78
197
HDNG 
 208
 10
8
1
13
0.7
13
10.98
19
8.02
73
HGG 
 307
 0
52
0
0
0
28
4.83
19.92
15.09
312
HMTV 
 243
 131
17
10
59
3.6
12
12.83
20.5
7.67
60
IMKTA 
 423
 0
38
15
39
4.2
14
27.15
50.93
23.78
88
IRG 
 102
 6
10
27
270
0
26
6.89
10.76
3.87
56
ISCA 
 1308
 119
60
9
15
1.1
26
31.50
58.46
26.96
86
ISH 
 331
 3
23
10
43
5.8
7
19.95
68
48.05
241
JMI 
 161
 0
106
21
20
2.3
12
12.56
66.33
53.77
428
KCLI 
 744
 0
29
13
45
2.8
11
49.25
86.96
37.71
77
KEG 
 1234
 623
61
0
0
0
153
2.48
5.97
3.49
141
KELYA 
 825
 90
47
4
9
1.3
34
17.29
29.13
11.84
68
KRO 
 921
 0
223
70
31
4.7
116
12.86
20.59
7.73
60
LF 
 418
 20
37
0
0
0
65
5.01
8.93
3.92
78
LLEN 
 247
 3
28
0
0
0
43
0.06
8.83
8.77
14617
LUK 
 10188
 1751
940
61
6
0.7
364
23.65
36.93
13.28
56
MANT 
 1136
 781
118
21
18
4.5
24
28.76
43.7
14.94
52
MDR 
 1321
 0
182
0
0
0
238
3.74
9.39
5.65
151
MFLX 
 332
 0
32
0
0
0
24
10.09
20.38
10.29
102
MHLD 
 1150
 0
50
24
48
3.8
73
12.06
20.86
8.8
73
MIG 
 432
 6
38
8
21
2.7
50
6.30
13.1
6.8
108
MIND 
 174
 4
15
0
0
0
13
9.97
19.32
9.35
94
MITT 
 715
 0
827
196
24
9.3
28
19.05
205.43
186.38
978
MTGE 
 1114
 0
95
54
57
8.2
51
19.61
36.35
16.74
85
MUR 
 8304
 39
881
376
43
7.8
179
51.24
81.08
29.84
58
NC 
 290
 0
117
27
23
12.2
6
59.49
162.38
102.89
173
NE 
 40241
 17146
783
265
34
42.8
42
19.15
667.33
648.18
3385
NEM 
 10019
 132
1484
478
32
7.5
499
18.66
39.51
20.85
112
NL 
 275
 27
76
24
32
6.8
49
7.38
15.37
7.99
108
NMFC 
 697
 0
51
29
57
3.3
48
14.66
22.87
8.21
56
NNI 
 1513
 117
190
39
21
3.9
35
48.02
72.56
24.54
51
NUS 
 9759
 2038
323
23
7
1.7
59
50.42
160.32
109.9
218
PHMD 
 162
 25
11
0
0
0
19
3.03
10.08
7.05
233
PLPM 
 190
 1727
452
301
67
322.3
55
1.70
40.61
38.91
2289
PRE 
 6781
 456
489
205
42
3.7
51
115.64
193.88
78.24
68
PRI 
 1254
 0
188
437
232
0.5
54
51.96
80.47
28.51
55
PZG 
 126
 79
56
0
0
0
158
0.63
2.07
1.44
229
RDC 
 4957
 0
399
0
0
0
125
22.85
55.84
32.99
144
RELL 
 179
 2
38
2
5
2.8
12
10.02
31.87
21.85
218
REN 
 531
 0
18
0
0
0
78
3.11
7.97
4.86
156
RFP 
 2801
 0
887
0
0
0
95
19.20
76.5
57.3
298
RGA 
 6251
 0
571
47
8
1.1
69
84.89
135.22
50.33
59
RM 
 167
 1
21
0
0
0
13
11.28
21.34
10.06
89
RNR 
 3762
 8
429
92
21
2.1
41
103.17
156.82
53.65
52
RNWK 
 259
 17
8
46
575
0
36
6.84
14.27
7.43
109
SATS 
 3418
 504
140
0
0
0
43
45.72
83.6
37.88
83
SD 
 1690
 0
147
47
32
3.2
494
3.56
5.38
1.82
51
SENEA 
 394
 0
23
0
0
0
9
27.07
58.24
31.17
115
SFL 
 1194
 0
161
131
81
9.6
93
16.89
28.45
11.56
68
SFY 
 1044
 0
55
0
0
0
44
6.44
30.11
23.67
368
SGY 
 986
 0
147
0
0
0
50
20.52
34.14
13.62
66
SKYW 
 1409
 0
40
9
23
1.3
51
12.39
32.37
19.98
161
SLM 
 5593
 0
701
167
24
6.3
423
9.72
23.49
13.77
142
TDS 
 4126
 837
142
50
35
2
102
26.00
41.83
15.83
61
TDW 
 2679
 284
115
51
44
2.7
50
36.40
64.86
28.46
78
TGE 
 72
 0
8
1
13
4.6
22
3.06
5.33
2.27
74
TITN 
 403
 25
36
0
0
0
21
14.38
26.26
11.88
83
TMHC 
 423
 23
197
0
0
0
33
17.28
42.15
24.87
144
TWGP 
 386
 92
220
68
31
73.6
57
2.23
30.26
28.03
1257
TWI 
 696
 41
53
1
2
0.1
54
10.49
17.26
6.77
65
TWMC 
 175
 0
2
5
250
13.8
32
3.37
6.59
3.22
96
UFS 
 2771
 655
381
43
11
2.1
66
41.03
64.36
23.33
57
USM 
 3413
 388
141
0
0
0
51
38.03
72.88
34.85
92
USMO 
 273
 133
63
28
44
4.8
22
15.74
27.47
11.73
75
UVV 
 1378
 0
127
60
47
5.8
23
45.53
99.61
54.08
119
VLGEA 
 235
 12
26
13
50
3.9
10
25.94
43.14
17.2
66
VOXX 
 430
 118
24
0
0
0
22
8.62
19.49
10.87
126
VR 
 3649
 20
277
108
39
3.1
91
39.50
61.17
21.67
55
VSH 
 1891
 43
240
0
0
0
135
13.69
22.52
8.83
64
WIN 
 4036
 679
9
3
33
0.1
120
10.40
28.45
18.05
174
WMAR 
 274
 0
20
0
0
0
24
9.97
15.56
5.59
56

 

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)