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Ben Graham On The Role Of Intrinsic Value In Analyzing Stocks (Part 1) Announcement
Submit Articles
Earnings: over $2.00
Dividends: $1.00
Observations:
2. The low end of the intrinsic value range is at most 10x earnings and as low as 6x earnings if we assume
1 of 3 11/23/10 9:29 AM
Ben Graham on the Role of Intrinsic Value in Analyzing Stock... http://www.gurufocus.com/news.php?id=107576
that the company had no debt. (At $20 per share you would only be paying $12 per share net of cash.)
Latest Comments
3. In no case would Graham estimate the value to be greater than 20x earnings ($40/$2). » davethebooker@hotmai: Re:
CenturyLink, Inc. – A Qwest f...
Here is a profile of the company in 1928:
» batbeer2: On Investment
Modeling, Part 3
Share price: $280.00
» graemew: Kirkland's: The
Falling Knife
Earnings: over $8.00 ($3.77 in 1927) » graemew: Re: Benjamin
Graham Lecture - Compa...
Dividends: $2.00 » Cowboy77: Bought Fairfax
Financial
Net-asset value: $50.00 » paulwitt: Re: Consuel Mack
Interviews David E...
Graham’s range of intrinsic value in 1929: $50 to $80 » Sivaram: Re: How can an
individual investor ...
Observations: » batbeer2: Re: Do You Believe
There is a Bond ...
» gurufocus: Re: Bruce Berkowitz
1. Graham thought that Wright Aeronautical might be worth as little as just over 6x its 1928 earnings. Launches New Fu...
Graham may have looked at the earnings in 1927 and been unconvinced that the company could maintain » bmichaud758: Re: 4 Reasons to
earnings at the $8.00 level. Buy Bank of Americ...
» toponemike: Re: Ben Graham
2. In no case would Graham pay more than 10x (what appear to be peak) earnings of $8.00 per share. Lecture - Investment...
3. At $280.00 per share (35x 1928 earnings), Graham thought it was clear that Wright Aeronautical was » graemew: Re: The Endowment
Effect: How Does ...
overvalued.
» softdude2000: Re: Margin of
Tomorrow I’ll take a look at J.J. Case Common and draw some conclusions for our use as contemporary value Safety Doesn’t Equa...
investors. » davethebooker@hotmai: Re:
Will the real Warren Buffett p...
» Sivaram: Re: If Only I Had
Known About These...
Greg Speicher
[www.gregspeicher.com]
Gregory Speicher is an Ohio-based investor. His career has primarily been in technology start-ups and small growth
companies, including an Inc. 500 Company which he cofounded. He also holds several patents. He received his
bachelor's degree in philosophy Magna Cum Laude from the University of St. Thomas in Rome, Italy, and attended
the MBA Program at the Wharton School of the University of Pennsylvania. He has attended Professor Bruce
Greenwald's Value Investing Executive Education Course at Columbia University and continues to read and study
widely in the field of value investing. Visit his website: GregSpeicher.com
Benjamin Graham Lecture - Comparative Balance Sheet Approach - Nov 21, 2010
Ben Graham on the Role of Intrinsic Value in Analyzing Stocks (Part 2) - Sep 21, 2010
Jason Zweig: Lesson and Ideas from Benjamin Graham - Sep 18, 2010
More by Greg Speicher:
The Mark of a Good Business: High Returns on Capital (Part 2) - Oct 26, 2010
User Comments:
Greg,
For the first company he was ok to pay a max of 20x earnings but for the 2nd one only 10x earnings? Is it because
the earnings were not sustainable or was it something else about the business? Also, for the max 20x he did not
account for the cash position. Its interesting because when we look at the large cap tech stocks such as Apple
(AAPL), Microsoft (MSFT), Google (GOOG), analysts always seem to subtract the cash from the market cap to
arrrive at a P/E multiple. Obviously, the multiple looks much different if you subtract the cash.
I wonder what kind of value he would place on AAPL, GOOG, MSFT, NFLX and CRM.
2 of 3 11/23/10 9:29 AM
Ben Graham on the Role of Intrinsic Value in Analyzing Stock... http://www.gurufocus.com/news.php?id=107576
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