Cisco (CSCO) reported an OK quarter recently and provided guidance that the Street went gangbusters over, sending the stock up more than 10% following the report. Shares have been on a tear of late, up about two-thirds from the 52-week lows around $15 to trade near $24 as of the time of this writing. Even with the run-up, shares still yield almost 3%, easily besting the 10-year Treasury. The question for investors is: After the huge run, do shares have any gas left in the tank? This article will attempt to assign a valuation to Cisco's business and determine if the run will continue.

To do this, I'll use a DCF-type analysis that requires some estimations: 1) earnings growth assumptions from Yahoo Finance, 2) a dividend growth rate of 12% per annum, and 3) a 10% discount rate. You may not agree with my dividend growth rate or discount

Panera Bread (PNRA) is a seemingly ubiquitous bakery-café operator that specializes in breakfast items such as pastries and coffee and lunch and dinner items such as soups, salads, and sandwiches. The company has experienced exponential growth in the past decade and the stock has followed suit, rewarding patient shareholders with large capital gains. The focus of this article is on whether or not the party is over in PNRA shares and if they deserve a place in your portfolio.

Thesis

Panera has always been a very efficient operator of its bakery-cafés. This has been proven out with its immense, sustained profitability over its lifespan as a public company. However, I believe there are catalysts for continued growth not only in restaurant count but in the profitability and efficiency of each restaurant and a fundamental change that could take place in the structure of the Panera system as a whole. These

Microsoft's (MSFT) dividend has been a mainstay of the company for years and a big reason why some investors hold the shares. At present, the stock yields 2.8% even after a very large run to nearly $33. With our zero interest rate policy environment offering little for income investors, Microsoft shares are attractive as a bond replacement due to their yield and opportunity for capital gains. The question inexorably becomes, how safe is that dividend? This article will take a look at how safe Microsoft's payout to shareholders is.

To do this, we'll take a look at Microsoft's cash-generating abilities in relation to its promised cash payouts each year. We can then determine how much of the company's cash generated each year is being spent on paying shareholders.

First, we'll take a look at the headline payout ratio. For dividend stocks, this is the holy grail of metrics as it

In the wake of the zero interest rate policy environment in which we live, the thirst for yield means some dividend stocks have been bid up to ridiculous levels. However, not all dividend stocks are overvalued and this article will take a look at three mid-cap financial with great dividends. Two of these companies have reasonable valuations and can be bought today and the third should be added only on a pullback.

Bank of Montreal

Bank of Montreal (BMO) is a $40 billion bank that provides wealth management, investment banking and traditional retail banking globally. The 46,000 employee bank was founded in 1817 and operates about 1,600 branches in North America. The stock is trading within a couple of dollars of its 52-week high as of this writing but still sports an impressive 4.7% yield. While this is certainly a respectable yield, the 10% rally in the stock over the

Intel's (INTC) robust dividend is a hallmark of the company and a big reason why most investors hold the shares. At present, the stock yields a cool 3.75% even after a very large run off of its lows below $20. With our zero interest rate policy environment offering little for income investors, Intel shares are attractive as a bond replacement due to their yield. The question inexorably becomes, how safe is that dividend? This article will take a look at how safe Intel's payout to shareholders is.

To do this, we'll take a look at Intel's cash-generating abilities in relation to its promised cash payouts each year. We can then determine how much of the company's cash generated each year is being spent on paying shareholders.

First, we'll take a look at the headline payout ratio. For dividend stocks, this is the holy grail of metrics as it is simply

The Federal Reserve's quantitative easing efforts combined with its zero interest rate policy of the past few years have created extraordinarily cheap external financing options for corporations. Indeed, the corporate debt market has witnessed a boom in new issues at record low rates since the financial crisis subsided. This has enticed many companies to take advantage of record low rates and issue new debt "while the gettin' is good," as they say down South. This article will take a look at three such companies that may have issued a little bit too much in relation to their respective abilities to service the debt.

United Technologies

First up, United Technologies (UTX) is a 218,000 employee provider of various technology products and services to the aerospace and building systems industries. The company sells everything from elevators to aircraft engines to landing gear. The company has been steadily growing its earnings over the

The Federal Reserve's quantitative easing efforts combined with its zero interest rate policy of the past few years have created extraordinarily cheap external financing options for corporations. Indeed, the corporate debt market has witnessed a boom in new issues at record low rates since the financial crisis subsided. This has enticed many companies to take advantage of record low rates and issue new debt "while the gettin' is good," as they say down South. This article will take a look at three such companies that may have issued a little bit too much in relation to their respective abilities to service the debt.

Micron Technology

First up, Micron (MU) is a manufacturer of various storage and retrieval devices such as DRAM and NAND flash products used in mobile phones, cameras, MP3/4 players, etc. After turning a small profit in 2011, last year was ugly for Micron. Gross margins plummeted and

Apple's (AAPL) recent bond issue, the largest such issue in our nation's history, rightly drew an enormous amount of press. This is a clear departure from the Steve Jobs' culture of hoarding cash and eschewing debt in favor of internally generated cash from operations to fund the business. However, it was another departure from the late Jobs' mantra, that of paying a common stock dividend, that brought about this change. Indeed, Apple has stated it is using the proceeds of the bond issues to pay the dividend and/or buyback shares. This article will take a deep look into the cash flows of the bond issues, after-tax costs and savings that will accrue from the financing move.

First, it is important to understand exactly what Apple issued. The company issued a total of $17 billion in bonds in six different tranches, four with fixed interest rates and two with floating

Bank of America's (BAC) turnaround efforts have been well publicized as 'Project New BAC' has been undertaken by CEO Brian Moynihan. A major part of the turnaround effort is in deleveraging the giant bank, lowering debt, increasing equity and trying to make money the "old fashioned" way. The turnaround is working, with BAC expected to make about four times as much money in 2013 as it did in 2012. This article will examine the deleveraging efforts of the bank and the implications the turnaround may have on earnings over the next three years.

To do this, we'll take a look first at the bank's long-term debt and the ratio of equity to total assets.

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In the past eight years, BAC has taken its long-term debt from about $100 billion in 2005 to a staggering $500 billion in 2010 and finally just over $300 billion

Apple's (AAPL) well-publicized earnings report and subsequent dividend and buyback announcement has sent shares soaring since the news was made public. Apple now yields close to 3% and has committed to buying back a record amount of shares in order to reduce the float. The implications of these actions for dividend investors are enormous. This article will examine Apple's value now considering the new information regarding the dividend and buybacks.

To do this, we'll use a DCF-type approach that requires some assumptions: 1) a discount rate of 10%, 2) a dividend growth rate of 12% per annum, 3) a perpetual growth rate of 3%, and 4) earnings estimates matched to the current price. I have used what I consider to be reasonable estimates; you may disagree with some or all of my numbers, but keep in mind all forecasting is subject to conjecture and risk.

First, I used 3% earnings

Shares of audio component maker Cirrus Logic (CRUS) have been hammered lately as a result of growth concerns at its largest (by far) customer Apple (AAPL). Shares plummeted from $28 just two months ago to just over $17 in the last couple of weeks, having since rebounded to $19 and change. The once high-flying stock has been beaten back down to earth on the assumption that Apple's growth is done and as a result, Cirrus's margins and revenues will be squeezed by the Cupertino giant. This has created an interesting situation for shareholders as the company is either in serious decline, as the valuation suggests, or a significant opportunity for value is upon us. This article will attempt to reconcile future growth expectations with current share prices.

To do this, we'll use a DCF-type approach that requires some assumptions: 1) discount rate of 10% 2) no dividends for the next

Citigroup (C) shares have bounced strongly from their year lows of $24 to trade at $47 recently. Since hitting their 52-week high of $47.92, shares are only off slightly to $47 as of this writing. With the company's new CEO, Michael Corbat, firmly in charge of the bank and legacy toxic asset issues being wound down slowly, are the shares fairly valued? This article will take a look Citi's estimated fair value based upon its future earnings and dividends.

To do this, we'll use a DCF-type approach that requires some assumptions: 1) discount rate of 10% 2) dividend estimates based on my assumptions 3) perpetual growth rate of 3% 4) earnings estimates from Yahoo! Finance. I have used what I consider to be reasonable estimates; you may disagree with some or all of my numbers but keep in mind all forecasting is subject to conjecture and risk.

Wells Fargo (WFC) shares were perhaps the least damaged among the big banks from the effects of the financial crisis. It is widely regarded as the strongest banking franchise overall, perhaps except for JPMorgan (JPM), but certainly in retail banking and mortgage origination. Given that Wells' shares didn't suffer the same way other banks' shares did, is there still value to be had? This article will take a look WFC's estimated fair value based upon its future earnings and dividends.

To do this, we'll use a DCF-type approach that requires some assumptions: 1) discount rate of 10% 2) dividend growth rate of 7% per annum 3) perpetual growth rate of 3% 4) earnings estimates from Yahoo! Finance. I have used what I consider to be reasonable estimates; you may disagree with some or all of my numbers but keep in mind all forecasting is subject to conjecture and risk.

Morgan Stanley (MS) is the little brother to Goldman Sachs (GS), the two remaining investment banking titans from the ashes of the financial crisis that saw the banks' competition absorbed by solvent institutions or liquidated. Congress has decided to make it a mission to destroy the "greedy" investment banks via oppressive legislation that makes it progressively harder for the only remaining pure investment banks to make money. Given that Morgan Stanley's reputation, robust as it may be, isn't as strong as Goldman's on Wall Street, is Morgan Stanley just getting the scraps that fall on the proverbial floor? This article will take a look at Morgan's share price and value it in terms of future earnings and dividends expectations.

To do this, we'll use a DCF-type approach that requires some assumptions: 1) discount rate of 10% 2) dividend growth rate of 10% per annum 3) perpetual growth rate of 3%

Apple's (AAPL) iPhone has no doubt revolutionized the smartphone industry and Apple as a company since its inception. It was the main driver behind Apple briefly becoming the most valuable company on the planet by market cap last year. However, slowing growth in iPhone sales and a lack of new catalysts on the horizon for growth in the market have conspired to punish Apple shares of late. While it is true that Apple is still selling an enormous amount of iPhones, new research published last week from Transparency Market Research shows that Apple's steadfast obstinacy towards producing a larger iPhone with a bigger display will cost Apple dearly in terms of smartphone market share in the future. This article will examine the impacts of such a scenario on the smartphone giant.

A relatively new segment of the mobile computing market is the so-called "phablet" market; phones that have screens

JPMorgan Chase (JPM) shares have bounced strongly from the dark days of the London Whale incident when they traded down to $31. Since hitting their 52 week high of $51, shares are off slightly to $49 as of this writing. With the London Whale safely behind the bank and mortgage lending seeming to slow this year in comparison to last year, are the shares fairly valued? This article will take a look JPM's estimated fair value based upon its future earnings and dividends.

To do this, we'll use a DCF-type approach that requires some assumptions: 1) discount rate of 10% 2) dividend growth rate of 5% per annum 3) perpetual growth rate of 3% 4) earnings estimates from Yahoo! Finance. I have used what I consider to be reasonable estimates; you may disagree with some or all of my numbers but keep in mind all forecasting is subject to conjecture

Goldman Sachs (GS) is perhaps the most hated company in America. Public disdain for investment bankers has made GS the poster child for populists and "the 99%" movement alike. Shares have bounced strongly from their year lows of $90 to trade at $145 currently. With the worst of the financial crisis behind the bank and public disdain for investment bankers growing by the second, what's next for GS shares? This article will take a look at GS's estimated fair value based upon its future earnings and dividends.

To do this, we'll use a DCF-type approach that requires some assumptions: 1) discount rate of 10% 2) dividend growth rate of 7% per annum 3) perpetual growth rate of 3% 4) earnings estimates from Yahoo! Finance. I have used what I consider to be reasonable estimates; you may disagree with some or all of my numbers but keep in mind all forecasting

Gold (GLD) and silver (SLV) have proven to be extraordinarily volatile over the past few months and in particular, the past couple of weeks, with both metals enduring selloffs of historical proportions. Given the fact that the metals have become "cheaper" in terms of their nominal prices, I thought it would be interesting to revisit the Gold/Silver ratio in order to see how the two are valued relative to each other. Perhaps this will provide some clues as to where the metals' respective prices are headed in the coming months.

In order to perform this analysis, I pulled the daily closing prices of GLD and SLV, the ETF alternatives to futures contracts for these two metals, and graphed the relative strength of GLD versus SLV from 2006 to present. The result is below.

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Since the inception of the SLV in 2006, it has traded in a very

Shares of Netflix (NFLX) have been on quite the roller coaster ride in the past year, after hitting a low $53, shares have rebounded to an astonishing $214 as of the time of this writing. This incredible rise has called into question for me the justification of such a move and this article will take a look at exactly what the market is pricing in for Netflix shares at the current market value.

In order to determine what Netflix's business is worth, we'll use a DCF-type analysis that requires some assumptions: 1) discount rate of 10% 2) perpetual growth rate of 4% 3) no dividends in the next five years and 4) earnings estimates from Yahoo! Finance. I have used what I consider to be reasonable estimates but all forecasting is subject to conjecture. You may disagree with some or all of my assumptions but this risk is inherent

AT&T (T) reported earnings on Wednesday and the stock was rudely greeted with a 5% selloff as worries persisted about a substantial reduction in capex spending. However, ignoring what happened as a result of earnings means that you can now buy Ma Bell 5% more cheaply than you could early this week. Given the stable, predictable nature of T's business and its steady cash flows, we can determine if the selloff in T shares is warranted or if it is a buying opportunity. To do this, we'll use a DCF type analysis in order to determine the value of T's business and the huge dividends that accompany it.

Any forecasting requires assumptions and mine are as follows for this analysis: 1) discount rate of 10% 2) perpetual growth rate of 3% 3) dividend growth rate of 5% per annum and 4) earnings estimates from Yahoo! Finance. I have used