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Economic Moat Of Companies (Dec 20, 2011)

Morningstar.com provides "Economic Moat" data there any subscriber can check moat level (wide, narrow, none) of a company. Unfortunately Morningstar considers mostly large-cap companies while most companies interesting to me (as DG and HY investor) are out off their scope. Morningstar.com provides "Economic Moat" data there any subscriber can check moat level (wide, narrow, none) of a company. Unfortunately Morningstar considers mostly large-cap companies while most companies interesting to me (as DG and HY investor) are out off their scope. I think it will be fruitful to analyze MOAT of smaller companies (e.g. from David Fish CCC list) and collective brain of SA folks can fill such info gaps.

NB: I just read seekingalpha.com/article/314837-how-to-f... and consider this article as a noise.

Added 13 Oct. 2012, 19 Jan 2013, 2 Feb 2013

In order not to be mixed with Morningstar I use now different semantics for moat-like companies not covered by Morningstar such as DEEP moat (similar to WIDE moat), SHALLOW moat (similar to WIDE moat) and NOT moat (similar to NONE moat).

I have analysed "moat" of some companies, results are in the table 1 below (disclamer - I own some mentioned stocks). I mix Porter's five forces with Dorsey's moat criteria (it seems they mostly derived from Porter's). I do not require that company has all features.

Table 1:

Ticker Company MOAT-like
AJG Arthur J Gallagher & Co. NOT
AMSWA American Software, Inc. Shallow
CATO Cato Corp. NOT
CIG Cia Energetica de Minas Gerais Shallow
ERIE Erie Indemnity Co. NOT
ESLT Elbit Systems Ltd. Shallow
ESP Espey Manufacturing & Electronics Corp. NOT
FFBC First Financial Bancorp. NOT
FFIC Flushing Financial Corp. NOT
FNLC The First Bancorp, Inc. NOT
FUN Cedar Fair LP Shallow
GEF Greif, Inc. Shallow
HCSG Healthcare Services Group Inc. Shallow
HHS Harte-Hanks Inc. NOT
HNI HNI Corp. Shallow
HSC Harsco Corporation Shallow
JCS Communications Systems Inc. Shallow
LEG Leggett & Platt, Incorporated Shallow
MGRC McGrath Rentcorp Shallow
MNDO MIND C.T.I., Ltd. NOT
MSA Mine Safety Appliances Co. Shallow
MSEX Middlesex Water Co. Shallow
NATI National Instruments Corporation Shallow
NRP Natural Resource Partners LP Shallow
NWBI Northwest Bancshares, Inc. NOT
OVBC Ohio Valley Banc Corp. NOT
PRE PartnerRe Ltd. NOT
PULB Pulaski Financial Corporation NOT
RES RPC Inc. Shallow
ROL Rollins Inc. Shallow
SAFT Safety Insurance Group Inc. NOT
SFNC Simmons First National Corporation Shallow
SI Siemens AG Shallow
STFC State Auto Financial Corp. NOT
SYBT SY Bancorp Inc. NOT
THO Thor Industries Inc. Shallow
TWGP Tower Group Inc. NOT
UGI UGI Corp. Shallow
UNS Unisource Energy Corp. Shallow
VGR Vector Group Ltd. Shallow
WEYS Weyco Group Inc. Shallow
WSO Watsco Inc. Shallow
Click to enlarge

I analyzed Diebold Inc. (NYSE:DBD) - Morningstar assigned NONE moat but I think they have Shallow one.

Please let me know if you disagree with some (or all) assesments or have addition(s).