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  • Wabtec Or Stericycle - Stocks You Don't Need To Look At Every Day (In A Bullish Market!) [View article]
    Download this app to have it calculated for you for any stock between any buy and sell time, and for any valuation that you create.

    We have a paper that we are publishing that provides details in the calculations. If you provide us a work email address, we'd be happy share that paper with you.
    May 28, 2013. 11:04 AM | Likes Like |Link to Comment
  • Wabtec Or Stericycle - Stocks You Don't Need To Look At Every Day (In A Bullish Market!) [View article]
    This accounts for the negative impact to overall returns as a result of retained earnings, which otherwise could have been returned to shareholders in the form of dividends or share buy backs. Companies that have high return on equity (greater than growth rates) require to retain little earnings and most of the earnings can be returned to shareholders, i.e. small negative impact on shareholder return from earnings retention. On the other hand, if a company reinvests its earnings aggressively, or it has low return on equity compared to earnings growth, then most of the earnings need to be retained to finance growth and the free cash flow portion of shareholder return (yield - earnings retention) is small.
    May 25, 2013. 05:31 AM | Likes Like |Link to Comment
  • Express Scripts And The Battle With High Drug Prices [View article]
    I performed a valuation of ESRX assuming conservative earnings growth of 12%, RONE of 22% and a P/E of 16x in 5 years time, and the fair value of ESRX is around $67 ( I expect this stock to deliver annualized returns exceeding 10% in the next 5 years.
    Mar 19, 2013. 05:54 AM | Likes Like |Link to Comment
  • 3 Stocks To Watch This Week [View article]
    I agree with your position on TIF. The results on Friday will likely show continued performance in China and stronger market position versus competitors. My model ( shows TIF only needs to keep growing at 8% to deliver 9% type returns going forward.
    Mar 19, 2013. 04:54 AM | Likes Like |Link to Comment
  • At Current Price Levels, V.F. Corporation Undervalued [View article]
    Yes, the owner of brands like North Face, Wrangler Jeans, Timberland and Lee, VFC has seen its stock return over 18% annualized for the past 10 years, driven by 12% annualized earnings growth. At $165, current share price assumes a conservative 7% earnings growth. With opportunity to grow in the US and developing countries, we believe VFC will exceed this earnings growth target.
    Mar 8, 2013. 03:34 AM | Likes Like |Link to Comment
  • Coach Inc. Is An Undervalued, High Quality Blue Chip Company [View article]
    Yes, despite a rough 2012, which saw a decline from all time high of 77, COH has lots of upside. We agree with the China story. According to our model that assumes a conservative 6% earnings growth and 25% incremental return on equity, current share price of COH is fully accounted for by current and these conservative earnings growth assumptions. We expect the stock to easily perform in excess of 10% annualized in the next 5 years. See

    Download our iPad app to value stocks robustly in seconds anywhere:
    Mar 5, 2013. 08:07 AM | 1 Like Like |Link to Comment
  • Buy Novo Nordisk And Ride This Upward Trend [View article]
    We couldn't agree more. While the rest of the drug/biotech companies continue to struggle, last week, NVO announced a dividend that is a 29% increase over last year. A niche but diversified player in diabetes care, hemophilia, growth hormone therapy, hormone replacement therapy and others, NVO has seen over 30% in annualized returns over the past 5 years, driven by robust double digit earnings growth. My conservative model that assumes 14% in earnings growth, 35% in incremental return on equity and a future PE ratio of 20x in 5 years time suggests that NVO is fairly valued but will deliver nice 8% annualized returns. A jewel in the healthcare sector.


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    Mar 5, 2013. 07:25 AM | Likes Like |Link to Comment
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