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
46.78
78.19
31.41
67
ADES 
 683
 358
376
19
5
3.7
22
21.78
105.84
84.06
386
ADNC 
 155
 0
10
0
0
0
23
3.57
8.92
5.35
150
AHL 
 3387
 0
161
71
44
2.8
62
44.15
73.07
28.92
66
AIG 
 103833
 0
11645
0
0
0
1400
55.33
115.76
60.43
109
AMRC 
 268
 54
27
0
0
0
28
7.77
12.31
4.54
58
ANV 
 1912
 1917
283
21
7
20.8
104
1.38
14.51
13.13
951
AP 
Ampco-Pittsburgh
 235
 0
15
7
47
3.8
10
18.84
33.08
14.24
76
APA 
 33082
 1369
3206
288
9
1.4
376
61.64
130.64
69
112
APAGF 
 318
 0
32
2
6
0.9
9
13.75
53.39
39.64
288
AREX 
 716
 0
7
0
0
0
40
7.01
18.98
11.97
171
ARO 
 208
 14
112
0
0
0
79
2.46
9.57
7.11
289
ATW 
 2373
 0
298
0
0
0
64
29.81
60.02
30.21
101
AWH 
 3617
 268
478
48
10
1.9
96
37.69
62.02
24.33
65
AXS 
 5827
 0
483
182
38
3.1
102
50.45
89.54
39.09
77
BBG 
 995
 0
37
0
0
0
50
9.22
23.77
14.55
158
BBGI 
 93
 14
10
1
10
5.6
6
5.31
20.81
15.5
292
BGC 
 919
 27
40
0
0
0
49
14.16
22.44
8.28
58
BIDU 
 40241
 17146
6866
0
0
0
28
245.11
2085.15
1840.04
751
BODY 
 52
 0
14
0
0
0
17
2.60
7.34
4.74
182
BPI 
 348
 3
140
0
0
0
45
11.08
23.03
11.95
108
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
4.7
12
25.83
44.13
18.3
71
CDE 
 1698
 0
17
0
0
0
103
4.21
17.24
13.03
310
CIX 
 1854
 0
353
248
70
948.9
2
11.82
2024.58
2012.76
17028
CJES 
 713
 206
126
0
0
0
55
13.49
20.55
7.06
52
CLD 
 988
 36
132
0
0
0
61
10.68
26.43
15.75
147
CNA 
 12582
 155
644
115
18
1.5
270
39.27
60.09
20.82
53
CPE 
 281
 0
39
0
0
0
55
4.73
8.62
3.89
82
CRR 
 767
 12
105
21
20
2.7
23
37.47
59.98
22.51
60
CSH 
 1097
 705
120
4
3
0.7
29
21.37
35.03
13.66
64
DGICA 
 402
 6
12
12
100
3.6
21
15.74
24.16
8.42
53
DNR 
 5148
 1284
457
0
0
0
353
7.43
17.44
10.01
135
DO 
 4578
 0
879
571
65
12
137
29.91
86.24
56.33
188
DWSN 
 212
 0
6
0
0
0
8
11.83
29.99
18.16
154
EGN 
 2911
 0
268
39
15
1.5
44
60.51
101.34
40.83
67
ENH 
 3001
 0
145
75
52
3.3
45
58.55
91.62
33.07
56
ENTR 
 243
 5
32
0
0
0
90
2.47
4.42
1.95
79
ESI 
 203
 0
274
0
0
0
23
10.05
67.08
57.03
567
ESV 
 12922
 3274
783
265
34
4.4
234
33.80
63.72
29.92
89
EXXI 
 1333
 0
188
23
12
12.2
94
3.28
25.4
22.12
674
EZPW 
 954
 435
100
0
0
0
51
10.58
20.13
9.55
90
FCX 
 21150
 1916
3979
1177
30
4.2
1040
26.01
43.28
17.27
66
FMD 
 158
 20
237
0
0
0
11
1.58
117.18
115.6
7316
FVE 
 317
 27
39
0
0
0
49
4.63
9.98
5.35
116
GBLI 
 881
 5
27
0
0
0
13
27.21
76.24
49.03
180
GEOS 
Geospace Technologie
 326
 2
45
0
0
0
13
25.87
41.75
15.88
61
GES 
 1158
 40
245
165
67
9.9
85
20.45
37.18
16.73
82
GLPW 
 278
 107
45
2
4
2
17
13.58
23.71
10.13
75
GM 
 42222
 1563
7183
1142
16
1.7
1610
33.63
51.11
17.48
52
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
8.63
30.88
22.25
258
GRC 
 41
 0
9660
0
0
0
26
31.50
1840.86
1809.36
5744
GSOL 
 202
 0
29
0
0
0
30
6.57
11.64
5.07
77
GTI 
 1314
 497
148
0
0
0
136
4.46
11.41
6.95
156
GTS 
Triple-S Management
 813
 25
60
0
0
0
25
24.00
43.71
19.71
82
 4767
 147
89
0
0
0
40
59.97
126.15
66.18
110
HCOM 
 315
 12
108
0
0
0
11
26.13
79.01
52.88
202
HDNG 
 208
 10
8
1
13
0.6
13
12.25
19
6.75
55
HGG 
 307
 0
52
0
0
0
28
6.68
19.97
13.29
199
HMTV 
 243
 131
17
10
59
3.5
12
12.86
20.36
7.5
58
HOS 
 1307
 0
24
0
0
0
36
23.73
39.28
15.55
66
ICE 
 58038
 10617
486
0
0
0
113
224.77
442.29
217.52
97
IMKTA 
 423
 0
38
15
39
4
14
28.63
50.89
22.26
78
ISCA 
 1308
 119
60
9
15
1.1
26
31.30
58.44
27.14
87
ISH 
 331
 3
23
10
43
7.6
7
15.11
67.53
52.42
347
JMI 
 161
 0
106
21
20
2.3
12
12.76
66.33
53.57
420
KCLI 
 744
 0
29
13
45
2.9
11
47.42
87.6
40.18
85
KEG 
 1234
 623
61
0
0
0
153
1.55
5.97
4.42
285
KELYA 
 825
 90
47
4
9
1.4
34
16.25
29.03
12.78
79
KRO 
 921
 0
223
70
31
4.7
116
12.85
20.59
7.74
60
LF 
 418
 20
63
0
0
0
66
5.00
10.84
5.84
117
LLEN 
 247
 3
28
0
0
0
43
0.09
8.83
8.74
9711
LUK 
 10188
 1751
940
61
6
0.7
368
23.07
36.48
13.41
58
LVNTA 
 527
 0
747
0
0
0
71
37.25
60.2
22.95
62
MDR 
 1321
 0
182
0
0
0
238
3.34
9.39
6.05
181
MHLD 
 1150
 0
50
24
48
3.5
73
13.06
20.85
7.79
60
MIG 
 432
 6
38
8
21
2.8
50
6.10
13.1
7
115
MIND 
 174
 4
15
0
0
0
13
7.31
19.19
11.88
163
MITT 
 715
 0
827
196
24
9.1
28
19.49
205.35
185.86
954
MRO 
 19805
 499
2365
584
25
2.4
675
29.23
50.45
21.22
73
MTGE 
 1114
 0
186
86
46
8.1
51
19.94
48.38
28.44
143
MUR 
 8304
 39
881
376
43
8.2
177
48.92
81.98
33.06
68
NBR 
 6030
 512
172
0
0
0
289
12.15
22.04
9.89
81
NC 
 290
 0
117
27
23
13
6
60.74
176.27
115.53
190
NE 
 40241
 17146
783
265
34
45.6
42
17.99
667.33
649.34
3609
NEM 
 10019
 132
1484
478
32
7.3
499
19.03
39.49
20.46
108
NL 
 275
 27
76
24
32
6.2
49
8.12
15.37
7.25
89
NMFC 
 697
 0
51
29
57
3.2
48
15.09
22.87
7.78
52
NNI 
 1513
 117
190
39
21
4.2
35
45.14
73.02
27.88
62
NOG 
 613
 0
40
0
0
0
61
6.11
13.33
7.22
118
OME 
 256
 20
19
0
0
0
22
9.65
15.34
5.69
59
PCO 
 279
 37
119
0
0
0
213
1.35
3.93
2.58
191
PHMD 
 162
 25
11
0
0
0
19
1.54
10.08
8.54
555
PLPC 
 256
 19
28
5
18
2.5
5
48.48
75.14
26.66
55
PLPM 
 190
 1727
452
301
67
332.1
55
1.65
40.61
38.96
2361
PRE 
 6781
 456
489
205
42
3.8
49
117.58
200.02
82.44
70
PRI 
 1254
 0
188
437
232
0.5
53
53.80
82.4
28.6
53
PTEN 
 2790
 154
246
31
13
1.3
146
15.93
27.46
11.53
72
PZG 
 126
 79
56
0
0
0
158
0.66
2.07
1.41
214
RDC 
 4957
 0
399
0
0
0
125
21.13
55.82
34.69
164
RELL 
 179
 2
38
2
5
2.8
12
10.12
31.87
21.75
215
REN 
 531
 0
18
0
0
0
78
1.75
7.98
6.23
356
RFP 
 2801
 0
887
0
0
0
95
16.98
76.49
59.51
350
RGA 
 6251
 0
571
47
8
1
69
86.74
135.97
49.23
57
RM 
 167
 1
21
0
0
0
13
13.59
21.27
7.68
57
RNR 
 3762
 8
429
92
21
2.3
39
98.13
165.04
66.91
68
RNWK 
 259
 17
8
46
575
0
36
7.00
14.21
7.21
103
SATS 
 3418
 504
140
0
0
0
44
52.90
82.61
29.71
56
SD 
 1690
 0
147
47
32
4.6
494
2.42
5.38
2.96
122
SENEA 
 394
 0
23
0
0
0
9
26.34
58.37
32.03
122
SFL 
 1194
 0
161
131
81
9.7
93
16.80
28.42
11.62
69
SFY 
 1044
 0
55
0
0
0
44
4.02
30.07
26.05
648
SGY 
 986
 0
147
0
0
0
56
15.05
30.63
15.58
104
SKYW 
 1409
 0
40
9
23
1.3
51
12.34
32.32
19.98
162
SLM 
 5593
 0
701
167
24
6.1
423
9.97
23.48
13.51
136
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
24.82
42.19
17.37
70
TDW 
 2679
 284
115
51
44
3.2
50
31.15
64.85
33.7
108
TGE 
 72
 0
8
1
13
5.3
22
2.68
5.33
2.65
99
TITN 
 403
 25
36
0
0
0
21
12.07
26.06
13.99
116
TLYS 
 142
 0
28
0
0
0
12
8.45
24.52
16.07
190
TMHC 
 423
 23
197
0
0
0
33
17.00
41.89
24.89
146
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
10.33
17.25
6.92
67
TWMC 
 175
 0
2
5
250
14.4
32
3.23
6.59
3.36
104
UFS 
 2771
 655
381
43
11
2.2
65
41.50
65.17
23.67
57
UNM 
 8956
 201
686
123
18
1.6
252
33.66
50.81
17.15
51
UNT 
 2235
 63
132
0
0
0
50
35.43
57.13
21.7
61
USM 
 3413
 388
141
0
0
0
51
38.22
72.94
34.72
91
USMO 
 273
 133
63
28
44
4.8
22
15.74
27.44
11.7
74
UVV 
 1378
 0
127
60
47
6.5
23
40.55
99.78
59.23
146
VLGEA 
 235
 12
26
18
69
10.1
10
24.45
45.67
21.22
87
VOXX 
 430
 118
24
0
0
0
22
8.03
19.49
11.46
143
VSH 
 1891
 43
240
0
0
0
135
14.37
22.52
8.15
57
ZEUS 
 302
 41
10
1
10
0.5
11
16.76
28.78
12.02
72

 

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)