Wednesday, 28. June 2017  

Fundamental Stock Screener

Screen for stocks worldwide by Upside to Intrinsic Value, Country, Industry, MarketCap, NetDebt/Ebitda, Earnings and Sales Growth, Dividend Yeld, EV/Sales and EV/Ebitda, Price/Book, ROE, Price/Earnings and Stock Price Performance. For Upside to Fair Value, aka Margin of Safety, see our description below. Define your own screen by using the Advanced Screener or choose the preset Top 100 Greenblatt Value and Graham Value stock screens.

Upside-To-Fair value estimates are based on the Intrinsic Value approaches of Graham & Dodd and Joel Greenblatt, analyzing long-term financial statement data. Note: one-click access from your SCREENER result to the single stock analysis tool ANALYZER is available.

To start your screen, just press a Top 100 button for preset value screens or enter your criteria into the Advanced Screener fields (see screening examples below):

 

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DESCRIPTION:

The filter criterion Upside, also known as margin of safety, is defined as the percentage difference between the fair value estimate of a stock and its last price. A positive Upside number means that a stock is undervalued and a negative Upside number means that a stock is overvalued according to its estimated fair value.

Our Automated Valuation Model employs three distinct methods to estimate the fair value of a given stock:

  1. Mean Multiple Value: fair value based on the long-term historical average stock valuation multiple, i.e. EV/Sales or P/BV for financials, respectively .

  2. Graham Intrinsic Value: fair value based on capitalized long-term average earnings.

  3. Greenblatt Fair Value: fair value based on capitalized sustainable trend earnings.

Note: Both the Graham and the Greenblatt Value method are based on the income approach to business valuation, while the Mean Multiple Value method is based on the market approach to business valuation. The Graham model assumes that profits will revert to their historical mean over the cycle, and the Greenblatt model assumes that profits will broadly follow their historical sustainable trend.

Growing and declining businesses: Deviations between Graham Intrinsic Value and Greenblatt Fair Value arise when a given company's earnings are on a long-term upward trend, i.e. structurally grow, or when they are on a long-term downward trend, i.e. structurally decline:

  1. Indication for a growing business: Greenblatt Value Upside greater than Graham Value Upside.
  2. Indication for a declining business: Greenblatt Value Upside less than Graham Value Upside.

Going-concern: Fair value estimates are based on the going-concern principle, which is a basic concept in accounting that assumes a company will continue to operate in the foreseeable future. The significance of this concept becomes apparent when the value of a running business is compared with the value of one being liquidated.

Companies in decline: Caution is warranted on companies with declining long-term profitability and stocks with unusually high fair value upside as the going-concern principle might be impaired.

 

EXAMPLES:

1: Screening for stocks with significant upside to their Graham Intrinsic Value and positive 12-month price performance: 

Graham Value Upside: > +30%, 12-month Price Performance: > +0%

 

2: Screening for US stocks with a dividend yield above 4% and a solid net-cash balance sheet: 

Country: USA, Dividend Yield: > 4%,  NetDebt / EBITDA: < 0

 

3: Screening for mining stocks with a price-book-ratio below 1, price-earnings ratio below 10 and stock price volatility below 25%: 

Industry: Mining, P/BV:  < 1, P/E: < 10, Volatility: < 25%

 

4: Screening for short selling ideas: Expensive stocks with weak price performance: 

Graham Fair Value Upside: < -30%, 3-month Price Performance: < -5%