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  • Home Depot: Bringing New Life To Old Wood? [View article]
    We look at company accruals from an investor's perspective and define accruals as the difference between Net Operating Cash Flow and Net Income. This analysis of accruals can help signal possible earnings management of reported net income and EPS results.

    For example, 'Over-Accrued' can signal under reported net income and/or the building of balance sheet reserve accounts, while 'Under-Accrued' can signal inflated Net Income results and/or release of balance sheet reserves to aid reported earnings.

    In HD's case, the accrual levels are positive - as in the company had higher operating cash flows than the reported net income number. This implies that quite conceivably, the company could have reported a higher net income number if it had chosen to be less conservative in its recognition of accruals. And arguably, this buildup of accruals are reserves that can be potentially 'unwound' at a different time in the future to aid net income numbers!
    Aug 22, 2013. 10:31 AM | Likes Like |Link to Comment
  • Home Depot: Bringing New Life To Old Wood? [View article]
    A full download of the Home Depot's Fundamental Analysis report is available here for free
    Aug 21, 2013. 12:00 PM | Likes Like |Link to Comment
  • Wal-Mart Earnings Analysis Relative To Peers [View article]
    It looks as if most of the article was deleted in publishing. The full article can also be found on
    Aug 16, 2013. 03:42 PM | Likes Like |Link to Comment
  • Agilent Technologies: Earnings Analysis [View article]
    Our free fundamental analysis on Agilent (NYSE:A) here:
    Aug 15, 2013. 02:09 PM | 1 Like Like |Link to Comment
  • Earnings Analysis: Does Sysco Need A Boost Of Anti-Oxidants? [View article]
    SYY: Free Fundamental Analysis Report Download available here:
    Aug 13, 2013. 02:57 PM | Likes Like |Link to Comment
  • Is Duke Energy Betting On The Future? Earnings Analysis [View article]
    1. Actually, the net income/margin numbers do include the nuclear costs related to impairment and development.
    2. Excluding these charges, the net income would be approx $579 for the quarter ending June 30, 2013. So a growth from 2Q 2012.
    3. Of course, the net income shows a growth from 2Q 2012 because of the addition of Progress Energy. The company's other significant units suffered a decline in net income.
    4. Overall, this reiterates the analysis that the company is making big bets for the future (integration of Progress, potential rate improvements, etc).
    Aug 9, 2013. 12:35 PM | Likes Like |Link to Comment
  • Earnings Analysis: Lockheed Martin [View article]
    The closing price on 10/23/12 was $91.95 and the book value/share as of 9/30/12 is $7.55 giving us a P/B of 12.2 (=91.95/7.55).
    Nov 2, 2012. 12:11 PM | Likes Like |Link to Comment
  • Earnings Analysis: Coca-Cola Co. [View article]
    No, we are not predicting the future but are only pointing out what happened in the recent past. The % change in revenue and earnings corresponds to the changes that occurred in the most recent annual period, i.e. FY 2011 vs FY 2010. In the case of KO, the annual change in revenue was 33.1% while the annual change in earnings was -27.4%. Thus, for a 1% change in revenue, KO-US grew its earnings by -0.8% (= -27.4/33.1). Hope that helps.
    Oct 19, 2012. 11:10 AM | Likes Like |Link to Comment
  • Earnings Analysis: Alcoa, Inc. [View article]
    We use the phrase to refer to companies that exhibit expected earnings growth (P/E) that is above peer median, but historical revenue growth (over 3 years) that is below peer median, indicative of a startup or anticipated strategic play.
    Oct 18, 2012. 10:56 AM | Likes Like |Link to Comment
  • Suitors For American Airlines: Better Prospects If We Look North To Alaska Air [View article]
    We don't disagree that AMR's board/management might be soliciting other proposals even if the die is cast in LCC's favor...but AMR's board/management needs to do that - it is their duty to get the best possible offer for their shareholders (other considerations not withstanding!).

    This article is not intended to be predictive of which way AMR will go. We merely wanted to consider the ability of each potential suitor to produce a better combined entity for shareholders of the combined entity. We show how merging with LCC is likely a lose-lose for both shareholders while other suitors (notably ALK) might offer better prospects. Importantly, we also wanted to showcase the analysis capability of our platform to auto-generate this type of fundamental analysis (and other perspectives) for thousands of stocks around the globe. We hope this analysis was thought provoking enough for you to consider looking at other companies to generate your own analysis at
    Jul 31, 2012. 10:01 AM | Likes Like |Link to Comment
  • Dish Networks: Anticipating The Earnings Call [View article]
    Good catch - and thank you. Looks like we were off a period on that analysis - will fix it.
    Feb 22, 2012. 06:26 PM | Likes Like |Link to Comment
  • Dish Networks: Anticipating The Earnings Call [View article]
    Here is what we say about M&A for DISH (
    : While DISH-US's size alone will not prevent it from becoming a target, its share price could make it a relatively expensive acquisition.
    Feb 22, 2012. 11:33 AM | Likes Like |Link to Comment
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