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 ▼Confirmed ,was 11 p  Neerriend 13/9/27(金) 16:49

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 ■題名 : Confirmed ,was 11 p
 ■名前 : Neerriend <addebyJenby@lkjjikl2.info>
 ■日付 : 13/9/27(金) 16:49
 ■Web : http://coachdiscountsale.cha-mama.com/
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   three We know http://paulsmithonsalejp.0722sz.com/ acquiring &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#12513;&#12531;&#12474; &#38788; We know Paul Smith &#36001;&#24067; &#12511;&#12491;&#12463;&#12540;&#12497;&#12540; We know &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#26178;&#35336; &#36009;&#22770;&#24215; Replacement Stocks for Magic Formula Investing

MagicDiligence is acquiring out the chef's hat and apron at this time and going to function cooking up a brand new http://paulsmithselljp.0722sz.com/ Magic Formula Investing (MFI) dish for investors to taste! Joel Greenblatt, the founder of MFI, explained the method in somewhat broad terms in his book The Tiny Paul Smith &#36001;&#24067; &#12495;&#12540;&#12488; Book that Beats the Industry, but the precise calculations have normally been a little of a mystery. We know the spirit of your two statistics. Earnings yield is defined as (EBIT / Enterprise value). Return on capital is defined as (EBIT /Tangible invested capital). Lots of have tried to duplicate it, and MagicDiligence as well &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#38263;&#36001;&#24067; &#12521;&#12502;&#12524;&#12479;&#12540; has tools to calculate MFI statistics for any stock.

Employing these tools, I've identified what appears &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#26178;&#35336; &#36009;&#22770;&#24215; like several discrepancies amongst my calculations and these &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#36001;&#24067; &#12513;&#12531;&#12474; &#38263;&#36001;&#24067; around the official web-site. So, let's break out the ginsu knife and cut out three of the "official" stocks that never make sense, and replace them with some correct high rankers that, for unknown causes, don't screen officially. The screen we're operating with right here will be the prime 50 stocks more than 50 million industry cap.

1) H Block (HRB). H Block is not an high priced stock, but does not look either specifically low-cost or superefficient. By my calculations, MFI earnings yield is eight.7% and return on capital is 22%, neither of which should screen the stock in to the http://paulsmithjpbuy.0722sz.com/ top 50. I am not exactly confident what Greenblatt is performing with H Block's roughly $500 million in mortgage loans held for investment. Considering the fact that Block contains interest income as part of operating earnings, they should certainly be added to invested capital. Even taking them out doesn't dramatically improve return on capital. I'm throwing Block out of the screen.

two) China North East Petroleum (NEP). We know from the man himself that Greenblatt has specifically filtered out Chinese reverese takeovers from MFI immediately after they littered the screen in 2009. So why does NEP remain? They've http://paulsmithdiscountsale.0722sz.com/ a history of SEC filing delays as well as a rotating door at CFO, putting their accounting into question. There are &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#12461;&#12540;&#12465;&#12540;&#12473; &#26032;&#20316; numerous other affordable stocks with out simple accounting issues, so this one gets chopped at the same time.

3) Korn Ferry (KFY). Korn Ferry is economical using a 17.5% earnings yield, but return on tangible capital at 27% is absolutely nothing &#27005;&#22825; &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#38263;&#36001;&#24067; particular, and absolutely should not screen the stock in to the leading 50 (over 50 million). I've looked over the numbers a lot of times on this a single and cannot understand &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#33109;&#26178;&#35336; &#26032;&#20316; why it is an official MFI stock there's little to misinterpret. Maybe the information set is just incorrect.

Replace With These "Unofficial" Picks

1) Incredimail (MAIL). At a practically &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#12513;&#12531;&#12474; &#12496;&#12483;&#12464; 40% MFI earnings yield and more than 400% pretax return on tangible capital, how can MAIL not be screened? The stock has also consistently paid a monster dividend of about 15% for the past three years. It really is an Israelibased business, but so was Mind CTI (MNDO) and Cellcom Israel (CEL) when they http://paulsmithjpbuy.cha-mama.com/ had been on the &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#26178;&#35336; &#36009;&#22770;&#24215; official screen (Israeli providers all appear to spend significant dividends!). The enterprise tends to make application to spruce up emails, has 55% of marketplace cap in money, and carries no debt.

2) Research in Motion (RIMM). RIMM has been inside the official screen just before, but will not be currently &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#38263;&#36001;&#24067; &#12521;&#12502;&#12524;&#12479;&#12540; and hasn't been for some time. At an earnings yield of 35.5% plus a return on capital number of 93%, it can be, by far, the highest ranking stock with a industry cap more than $10 billion. It undoubtedly need to rank more than official stocks like Dell (DELL) (16.1%; 85%) and Microsoft (MSFT) (15.1%; 133%). This one particular is known as a mystery.

three) Amtech (ASYS). MFI has a &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#12496;&#12483;&#12464; &#12524;&#12487;&#12451;&#12540;&#12473; quantity of chip equipment Paul Smith &#36001;&#24067; &#12511;&#12491;&#12463;&#12540;&#12497;&#12540; stocks, but why not Amtech? My calculations show a earnings yield of 88.6% and return on capital of 94%, putting it above "official" competitors like LTXCredence (LTXC) (27%; 103%) and KLATencor (KLAC) (24%; 87%). Amtech is eye-catching, too, using a history of speedy http://paulsmithdiscountonline.0722sz.com/ growth, a stellar balance sheet ($60 million in money &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#36001;&#24067; &#26032;&#20316; We know &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#12496;&#12483;&#12464; &#12513;&#12531;&#12474; &#12499;&#12472;&#12493;&#12473; with no debt), and trading near &#12509;&#12540;&#12523;&#12473;&#12511;&#12473; &#12513;&#12531;&#12474; &#12496;&#12483;&#12464; a 52week low.
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━    通常モードに戻る  ┃  INDEX  ┃  ≪前へ  │  次へ≫    ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━                                 Page 825890