Business Finance Online - This site is an interesting learning site in understanding how to evaluate the financial condition of a company and spotting value. A lot of the things on this site can be obtained at online quote sites but this helps break down how they are calculated plus have some info that cannot be obtained unless you calculate yourself. Information and calculator pages are simply good and the site is free, no advertising and no registration required.
Sunday, November 22, 2015
Friday, September 25, 2015
Market Correction or Start of Bear?
3 Month performance of all ETF's July, Aug, Sept 2015
Market has been overall bad past 3 months. The question is are we just correcting or starting a downtrending bear market? The optimist in me says we are at the bottom of a correction.
Sunday, August 9, 2015
My Take On The Market
I have not posted anything for about a month now due to summertime activities and necessary work/research on my portfolio. Also, my education takes up a lot of time as I continue to learn as much as I can about stock investing trading systems like Growth, Value and Income methods along with how and what to watch with the economy as a whole to “indicate” future direction.
Lately I have been seeing things online from the “Experts” and a few are saying we are headed for a major crash of 50% or more. I hate these bear type doomsayers because they like to act like they have all the “data” behind their opinion and know what they are saying. Some even point to their past accurate predictions of past stock crashes. The real facts and data just get in the way for these guys. I could easily tell you today that the market is going to crash by 50% in the next 6 months. Then, 2 years later the data might support and hint to this and actually happen and I’ll say. Oh, yeah, I predicted this I saw it coming.
Just as bad on the bull side are the experts that tell you to use their investing methods to double and triple your portfolio even in down markets. They will sell you a system that any normal person is unlikely to have the stomach to follow and when everything goes south on you the expert will say that you didn’t follow the plan exactly as they sold it to you.
One major thing I’ve concluded with what my current training has convinced me of is that both camps are HOGWASH. Anyone that thinks they can predict where the market is heading by interpreting one or two “signals” or bases things on “The last time I saw this combination of events…” is full of bear or bull crap.
So here’s a few basic concepts I have adopted from my training with Investools not because they told me to but because what they are teaching is reasonable and verifiable through past performance and use of play money in a paper money platform to monitor current trades and try methods without any risk.
First and foremost is that it is not a question of if the market will go down, it’s only a question of WHEN will it go down. The reverse holds true for upward movement. This is a fact since it moves one way or the other every trading day.
Second, prices on stocks are based on one seller saying I want “$X” for my share of company YZ, or one buyer saying I will pay “$X” for your share of company YZ. It’s no more complicated than that. The complication comes into play in what motivates the buyer or seller to bid on what they are willing to pay for or accept for their shares.
What makes a seller say, I’ve had enough with this company and want out versus a buyer who thinks the seller is wrong?
What a company earns (profits) and more importantly what the company is expected to earn up to 5 or 10 years down the road is what drives the price of the stock, not past data and not current earnings. When a buyer comes in it is on the expectation that the company will do better in the future.. This concept is very important and somewhat difficult to wrap your head around. This is where past data is considered because it is what drove the engine to it’s current location. Motion tends to continue in the direction it is moving unless acted upon by another force (basic physics)
This is where current data driving the overall engine of the market comes into play because they contain forces that can change the direction of the engine on companies thus impacting future profits and drive the price up or down.
But, just as important is the companies future guidance they provide when reporting current quarterly profits. Companies provide their plans for the future and analysts consider the companies ability to deliver what they are projecting. That is the information that if positive and analysts agree is possible will drive a stocks price up and conversely down if either the companies guidance or a failure to convince the analysts.
Wednesday, July 1, 2015
Investment Risks–Let me count the ways
When I first started investing I was well aware that there were risks involved but I had the most basic idea that risk was simply the threat of stock going lower then what you paid for it thus creating a loss. I had no real idea of how varied risks were and how to manage it. Because of that lack of knowledge, my first year had mixed results and thankfully were not totally devastating but did keep my overall returns flat because I did not know how to manage the stocks that were falling. When I delved into the subject of investment risks I learned just how many types of risks were present.
There is two categories of risk, unsystematic and systematic. Unsystematic risks can be lessened through diversification of the portfolio as opposed to systematic risks that do not respond to diversification.
Examples of unsystematic risks are:
Business/Financial Risk: This risk is specific to a company or industry. Company profits can change based on management decisions or industry trends. Financial risk comes into play when companies take on to much debt and management perceptions of the company’s ability to repay is misjudged.
Event Risk. This risk is caused by an unforeseen event that impacts the company’s finances like tax law changes or regulation changes. Also lower then expected quarterly earnings and revenue surprises are event risks.
Political Risk. This risk primarily applies to forgein stocks where changes in political and economic climates are not stable
Liquidity Risk. This is the risk of not being able to sell an asset quickly near or at the market price. U.S. stocks are considered the most liquid but even in the U.S. volume levels must be considered for quick exits.
Examples of systematic risks are
Inflation Risk. This risk applies primarily to bond, CD’s and other fixed income type investments. Erodes your buying power if inflation exceeds returns set on the fixed income instruments.
Reinvestment Risk. This is the opposite of the inflation risk. If interest rates are falling when fixed income assets and are to be re-invested, the rate of return will be less then desirable.
Exchange Rate Risk. This risk applies mostly to forgein stocks. Currency exchange rates are constantly changing so you could be buying on a strong dollar and selling on a weak dollar which impacts how much you get in U.S. dollars.
Market Risk. This risk affects all types of securities and most often is driven by changes in the economy.
Understanding these risks are important considerations as one evaluates where to allocate what percentage of what assets in the overall portfolio. How much in stocks? How much in bonds/fixed assets? In the stock portion, how much in income versus how much in growth stocks? In the bod portion, how much in long term versus short term? Then, in stock selection, how much do I risk in each stock? How do I manage that risk?
When I said above that my idea of risk was the risk of the price of my stock going down, while accurate, certainly fell way short of the actual risks. As I learned about these risks over the next 3 years of my vast experience, I have made several adjustments to my investment methods to mitigate the risks so I am not as exposed as I was. But, let there be no mistake, as much as you learn about risk you cannot eliminate it if you seek to be successful in your investments.
Monday, June 29, 2015
Value Investing Stock selection criterion
Here are a few value type criteria to screen for potential value stocks. Use results for a watch list for further analysis before investing in any of the results.
Market cap
Market capitalization less than $5 billion - Lynch generally avoids large, well-known companies in favor of small-cap stocks that still contain significant upside potential. Most fund managers define small-caps as companies with market capitalizations under $1 billion. Institutional investors often use market one investment criterion, requiring, for example, that a company have a market capitalization of $100 million or more to qualify as an investment. Analysts look at market capitalization in relation to book value for an indication of how investors value a company’s future prospects.
PEG ratio < 1.2
PEG ratio below 1.2 – The PEG ratio is a valuation metric that compares a company’s price-earnings ratio with its projected growth rate. Small, high-growth stocks generally trade at higher PEGs compared to the big-caps. If the PEG ratio is around 1, the company is considered fairly valued. A PEG ratio that is much higher than 1 indicates an overvalued company, and a PEG below 1 indicates an undervalued company. While the PEG ratio can effectively provide insight in certain evaluations, it is limited by its overriding focus on earnings growth. Revenue growth, cash flow, dividends, debt, and numerous other factors are also critical in determining value. Additionally, while PEG is useful for smaller companies it may be misleading for big-caps, since sustained growth is less important to their total returns. PEG is most useful when supplementing a thorough discounted cash flow analysis or relative valuation.
Earnings growth 15–30%
Five-year earnings growth between 15% and 30% per year - In investments, earnings growth refers to the annual rate of growth of earnings, or the amount of profit a company produces during a specific period, usually defined as a quarter (three calendar months) or year. Earnings typically refer to after-tax net income.. When the dividend payout ratio is same, the dividend growth rate is equal to the earnings growth rate. Earnings growth rate is a key value that is needed when the DCF model, or the Gordon's model as used for stock valuation. Companies that exceed a 30 percent earnings growth rate are confronted with two fundamental problems: (1) sustaining a high growth-rate over the long term is extremely difficult; and (2) stocks growing that rapidly are usually already being actively covered by Wall Street analysts, and Lynch prefers less well-known names and avoiding competition.
Institutional ownership 5–65%
Institutional ownership ranging between 5% and 65% - Institutional investors are organizations that trade large volumes of securities. Percentage institutional ownership is the fraction of shares outstanding owned by mutual funds, pension plans and other institutional investors. Most well-known stocks have at least 40% institutional ownership. Usually more than 70% of daily trading on the New York Stock Exchange is from institutional investors. Peter Lynch, among many other investors, uses institutional ownership to gauge market interest. He believes stocks with low institutional ownership have the best return potential. When mainstream Wall Street analysts identify a stock, price growth can be dramatic with the support of institutional money. Lower levels can be associated with greater price volatility.
Return on Equity > 15%
Indicates high profitability and potentially a competitive advantage
Debt-to-Equity ratio < 0.5
Implies that the company does not heavily depend on outside capital to finance its growth
Current ratio > 2
Makes sure that the company is able to pay its short term obligations
Sunday, June 28, 2015
Differing Outlooks on the Market
Below are excerpts from an article on Seeking Alpha from a poster known as “Chowder”. It matches a lot of what I use to try and keep my investment choices in perspective since my personal allocation is based on differing time frames. The dividend portion of my portfolio is 10 plus years and I have taken into consideration his comments below about which ones to invest in.
Excerpts from: http://seekingalpha.com/article/3244406-differing-outlooks-on-the-market
Many individuals, when faced with a simplistic analysis of the markets, tend to lean towards the belief that everyone in that market is thinking and acting as one, with common beliefs in terms of future price movement. Needless to say, things are not as simple as they appear.
The market is a battlefield where very different groups of individuals and institutions collide. Each one of these actors will bring with themselves very diverse outlooks on the market, trading or investing it within different time frames, often with very different goals and objectives, and thus, with oftentimes opposing views. Day traders, swing traders, core traders, hedge funds, mutual funds, ETFs, short-traders, individual investors, banks, insurance companies and others won't necessarily share the same investing ideas in terms of the amount of time they plan to hold their positions, or even the direction the market is bound to take.
This doesn't mean that the different groups can't profit from the market at the same time, it's that the different time frames and various goals and objectives will inspire them to manage their portfolio's differently.
Stick to trading or investing in the timeframe your plan calls for, sticking with the relative points of your business plan. If the plan calls for buying high quality companies at a 10% discount to fair value, and the opportunity presents itself, don't let market conditions or others talk you out of it. You've planned your work, now work your plan, always keeping your time frame in consideration. Different time frames require different tactics. Know yours!
Don't allow others to distract you, or tell you your goals are meaningless, or try to place obstacles in your way.
Obstacles are those frightful things you see when you take your eyes off your goal. --Henry Ford
Over the years, I have found that the best approach to investing in companies is to be sure you have the full faith and confidence that the investment will rise. If you do not, then during the tough times you may force yourself to sell. Any investment that offers a threat to long-term confidence, that may be appealing to sell at the bottom, rather than appealing to buy at the bottom, is not the right long-term investment. The right long-term investment will be, ironically enough, one that becomes more attractive to you as it declines. The opportunity to add more to your investment becomes as attractive as the actual gains you are seeking. From a psychological standpoint this will always be the best investment or investment strategy, because a strong holder and one who can buy declines will always stand a better chance of success than one whose investment life is governed by the fear of loss.
Put another way, a good investment is one in which paper losses are tolerable.
According to Lowell Miller, the author of The Single Best Investment , the best long-term investment is one that is easy to hold, and easy to buy in moments of decline. The best long-term investment has something about it which builds confidence in the long-term future - even though the current moment may include aspects that have frightened other investors.
We don't need to get more than we need in an investment! We don't need to strive for maximum return or shoot for the biggest number. The best long-term investment is one in which we can achieve reasonable long-term goals. Reasonable goals are attainable. Fantasies are not.
Thursday, March 19, 2015
Dividend Investing With a 10/10 Rule - Dividend Earner
I was watching the interview of Tom Cameron on Business News Network this past week where he highlighted the 10/10 rule utilized by his investment firms. It is very pertinent to dividend investors since it’s all about the dividend growth. In fact, 10/10 stands for a company that increases dividends for 10 consecutive years with an average of 10% or more growth in dividends per year.
Ticker Co Stk Pr DivYld 10yr Gr Con Div Inc NVO Novo-Nordisk A/S $124.42 1.52% 23.5% 14 TEVA TEVA Pharm $50.00 1.64% 29.7% 10 ADM ArcherDanielsMid $31.11 2.06% 12.6% 36 IBM Int’l Bus Machines $166.56 1.80% 17.8% 15 WAG Walgreen $43.32 1.62% 16.1% 35 NSRGY Nestlé SA $63.59 - 14% 14 CAH Cardinal Health $44.51 1.93% 27.6% 14 MCD McDonald’s Corp $80.98 3.01% 28.3% 34 NVS Novartis $63.48 3.72% 10.6% 16 PX Praxair, Inc. $103.39 1.93% 19.6% 18
Dividend Investing With a 10/10 Rule - Dividend Earner
10/10 Strategy
It’s a simple screening test really. You can follow this process of elimination.- Identify companies that have paid dividends for the past 10 years.
- Identify the companies that have increased their dividends by an average of 10% per year for 10 years.
Top Holdings
Although historical data are available to filter stocks, it’s not always easy to filter on it without putting the data together yourself. Especially when you need to look at historical data. The fund highlights their performance and top holdings on their site but I thought I’d share the holdings here with some extra information. It does in fact keep up with the S&P 500 index, my fellow blogger Andrew Hallam might be impressed Ticker Co Stk Pr DivYld 10yr Gr Con Div Inc NVO Novo-Nordisk A/S $124.42 1.52% 23.5% 14 TEVA TEVA Pharm $50.00 1.64% 29.7% 10 ADM ArcherDanielsMid $31.11 2.06% 12.6% 36 IBM Int’l Bus Machines $166.56 1.80% 17.8% 15 WAG Walgreen $43.32 1.62% 16.1% 35 NSRGY Nestlé SA $63.59 - 14% 14 CAH Cardinal Health $44.51 1.93% 27.6% 14 MCD McDonald’s Corp $80.98 3.01% 28.3% 34 NVS Novartis $63.48 3.72% 10.6% 16 PX Praxair, Inc. $103.39 1.93% 19.6% 18 Thoughts
I went back and looked at the stocks I reviewed in the past months and only one matches the 10/10 criteria: Enbridge (ENB). Power Corp (POW), Power Financial (PWF) and Great-West LifeCo (GWO) each had 8 years of consecutive double digit growth and then lower growth for the last couple of years with no increase in dividends for 2010. A similar faith for the banks. The lack of dividend increase in 2010 basically fails the criteria and takes the companies out of the selection for another 10 years. I still consider them solid companies as you would see from my stock analysis and a reason that following a rigid rule may not always be best but it can sure simplify the process and eliminate emotions. Readers: What do you think of the filtering criteria? Disclaimer: Long ENB.Dividend Investing With a 10/10 Rule - Dividend Earner
The 8 Rules of Dividend Investing Sure Dividend
The 8 Rules of Dividend Investing
The 8 Rules of Dividend Investing quantify the best dividend growth stocks for long-term investors so you know exactly what stocks to buy and sell.
At their core, The 8 Rules of Dividend Investing identify high quality dividend growth stocks. These stocks have a mix of a low price-to-earnings ratio, high dividend yield, low stock-price-volatility, and high growth rate. The Sure Dividend newsletter uses The 8 Rules of Dividend Investing to simplify the process of identifying and investing in high quality dividend growth stocks.
Rules 1 to 5: What to Buy
Rule # 1 – The Quality Rule
“The single greatest edge an investor can have is a long term orientation”
– Seth Klarman
Common Sense Idea: Invest in high quality businesses that have a proven long-term record of stability, growth, and profitability. There is no reason to own a mediocre business when you can own a high quality business.
Financial Rule: Invest only in stocks with 25 or more years of dividend payments without a reduction.
Evidence: The Dividend Aristocrats (stocks with 25+ years of rising dividends) have outperformed the S&P500 over the last 10 years by 2.88% per year.
Source: S&P 500 Dividend Aristocrats Factsheet, February 28 2014, page 2
Rule # 2 – The Bargain Rule
“Price is what you pay, value is what you get”
– Warren Buffett
Common Sense Idea: Invest in businesses that pay you the most dividends so you can increase dividend income stream
Financial Rule: Rank stocks by dividend yield.
Evidence: The highest yielding quintile of stocks outperformed the lowest yielding quintile of stocks by 1.76% per year from 1928 through 2013.
Source: Dividends: A Review of Historical Returns by Heartland Funds, page 2
Rule # 3 – The Safety Rule
“The secret of sound investment in 3 words; margin of safety”
– Benjamin Graham
Common Sense Idea: If a business is paying out all its income as dividends, it has no margin of safety. When a business downturn occurs, the dividend must be reduced. Invest in businesses that have higher income than dividends to help ensure dividends won’t be cut during business downturns.
Financial Rule: Rank stocks by their payout ratios.
Evidence: High yield low payout ratio stocks outperformed high yield high payout ratio stocks by 8.2% per year from 1990 to 2006.
Source: High Yield, Low Payout by Barefoot, Patel, & Yao, page 3
Rule # 4 – The Growth Rule
“All you need for a lifetime of successful investing is a few big winners”
– Peter Lynch
Common Sense Idea: Invest in businesses that have a history of solid growth. If a business has maintained a high growth rate for several years, they are likely to continue to do so. The more a business grows, the more profitable your investment will become.
Financial Rule: Rank stocks by long-term revenue growth.
Evidence: Growing dividend stocks have outperformed stocks with unchanging dividends by 2.4% per year from 1972 to 2013.
Source: Rising Dividends Fund, Oppenheimer, page 4
Rule # 5 – The Peace of Mind Rule
“Psychology is probably the most important factor in the market – and one that is least understood”
- David Dreman
Common Sense Idea: Look for businesses that people invest in during recessions and times of panic. These businesses will have a relatively stable stock price that will make them easier to hold for the long run.
Financial Rule: Rank stocks by their long-term volatility.
Evidence: The S&P Low Volatility index outperformed the S&P500 by 2.00% per year for the 20 year period ending September 30th, 2011.
Source: S&P 500 Low Volatility Index: Low & Slow Could Win the Race, page 3
Rules 6 & 7: When to Sell
Rule # 6 – The Overpriced Rule
“Pigs get fat, hogs get slaughtered”
– Unknown
Common Sense Idea: If you are offered $500,000 for a $250,000 house, you take the money. It is the same with a stock. If you can sell a stock for much more than it is worth , you should. Take the money and reinvest it into businesses that pay higher dividends.
Financial Rule: Sell when the normalized P/E ratio is over 40.
Evidence: The lowest decile of P/E stocks outperformed the highest decile by 9.02% per year from 1975 to 2010.
Source: The Case for Value by Brandes Investment Partners, Page 2
Rule # 7 – The Survival of the Fittest Rule
“When the facts change, I change my mind. What do you do, sir?”
– John Maynard Keynes
Common Sense Idea: If a stock you own reduces its dividend, it is paying you less over time instead of more. This is the opposite of what should happen. You must admit the business has lost its competitive advantage and reinvest the proceeds of the sale into a more stable business.
Financial Rule: Sell when the dividend payment is reduced or eliminated.
Evidence: Stocks that reduced or eliminated their dividends had a 0% return from 1972 through 2013.
Source: Rising Dividends Fund, Oppenheimer, page 4
Rule 8: Portfolio Management
Rule # 8 – The Hedge Your Bets Rule
“The only investors who shouldn’t diversify are those who are right 100% of the time”
– John Templeton
Common Sense Idea: No one is right all the time. Spreading your investments over multiple stocks reduces the impact of being wrong on any one stock.
Financial Rule: Build a diversified portfolio over time. Use The 8 Rules of Dividend Investing to rank high quality dividend growth stocks. Buy the highest ranked stock of which you own the least each month to build your diversified portfolio over time.
Evidence: 90% of the benefits of diversification come from owning just 12 to 18 stocks.
Source: Frank Reilly and Keith Brown, Investment Analysis and Portfolio Management, page 213
Real Life Examples
I have selected 5 of the top 10 high quality dividend growth stocks using The 8 Rules of Dividend Investing so you have an idea of what businesses fit the 8 Rules:
The majority of 8 Rules stocks are well known businesses with a long history of profitability. They are familiar household names. This is because they have been so successful for so long. I personally feel a sense of relief knowing I am invested in tried and true businesses that have withstood the test of time. I hope you do as well.
Sunday, March 8, 2015
Investools Market Forecast March 9 2015
David uses a proprietary tool called Market Forecast that was developed within Investools and they do not divulge the fundamental factors that go in to creating the trend lines. That said, it is very informative and worth consideration. While this is not a widely read blog, those of you that do make it here, I strongly recommend Investools as part of your plan to manage your own investments. Thanks...
Tuesday, March 3, 2015
Dividend Aristocrats from Sure Dividend
Credit goes to suredividend.com for this material…
Sure Dividend
High quality dividend stocks, long-term plan
See The 8 Rules of Dividend Investing
March 2015 List of Dividend Aristocrats
The Dividend Aristocrats Index is comprised of 53 stocks that have paid dividends for 25+ consecutive years. In addition to the exclusive dividend history requirement, Dividend Aristocrats must also be members of the S&P 500 Index and meet certain size and liquidity requirements. The Dividend Aristocrats Index has outperformed the market by a wide margin over the last decade, is the image below shows.
Source: S&P Dividend Aristocrats Fact Sheet List of All 53 Dividend Aristocrats
The spreadsheet (or picture) below lists all 53 Dividend Aristocrats for March of 2015. You can sort by dividend yield, standard deviation, growth rate, or payout ratio.March 2015 Dividend Aristocrats List – Excel Download
March 2015 Dividend Aristocrats List – Picture Download
Explanation of Financial Metrics
The four financial metrics included in the spreadsheets are the same metrics used in the buy rules from The 8 Rules of Dividend Investing, and in the Sure Dividend Newsletter. A brief explanation of each metric is below. All data is from the market close 2-27-15.Dividend Yield Dividend yield is calculated as 4 x most recent dividend / current price. This is the standard calculation for dividend yield and shows what percentage of dividend income you can expect on your investment in the first year (assuming no dividend increases or reductions).
Standard Deviation Standard deviation in the spreadsheet above is calculated over a stock’s 10 year price history (when available). Long-term price histories are used to reduce the effects of unusually high or low volatility in the recent past. Interestingly, stocks with low price standard deviations have historically outperformed the market. Better price returns have (obviously) come with lower ‘risk’ as defined by academics due to lower stock price standard deviation. I don’t believe standard deviation to be a true measure of risk, but it is a good proxy for measuring real risk. It has worked to improve returns historically; the historical record should not be ignored.
Growth Rate The growth rate used in the spreadsheet above uses 10 years of data (when available). Growth rate is calculated as the lower of 10 year revenue per share growth or 10 year dividend per share growth. For financial sector stocks, 10 year book value per share growth is often used in place of revenue per share growth. Using long-term growth paints a clearer picture of a company’s real underlying business growth as it removes the random noise that comes with year-over-year growth rates. Taking the lower of revenue or dividend growth prevents companies that have unsustainable increased their dividend faster than underlying business growth or that have grown revenue without increasing dividends substantially to show a high growth growth rate that is unwarranted.
Payout Ratio The payout ratio is calculated as last dividend payment x 4 / trailing-twelve-month earnings per share. Adjusted earnings per share are used when applicable instead of GAAP earnings per share to minimize the effects of short-term or one-time events on the payout ratio.
Final Thoughts
The March 2015 Dividend Aristocrats list is a quick and easy way to generate investment ideas for dividend growth investors. The Dividend Aristocrats Index is comprised of high quality businesses with long histories of rewarding shareholders with rising dividends. Many of the stocks in the Dividend Aristocrats Index are ‘household names'; companies or stocks that are known by many people. Some examples of these well-known blue chip Dividend Aristocrats include:- Coca-Cola (KO)
- Wal-Mart (WMT)
- PepsiCo (PEP)
- Johnson & Johnson (JNJ)
- 3M (MMM)
- Target (TGT)
- Clorox (CLX)
- AT&T (T)
- McDonald’s (MCD).
Sunday, February 22, 2015
Value Investors Should Stick With Iron Mountain Despite Selloff - TheStreet
Iron Mountain is a specialty REIT with a 6% Dividend Yield
Value Investors Should Stick With Iron Mountain Despite Selloff - TheStreet
Value Investors Should Stick With Iron Mountain Despite Selloff - TheStreet
Iron Mountain Inc - IRM - EQUITY
Reviewed By: TheStreet Ratings on .
Report Summary: TheStreet Ratings team rates Iron Mountain Inc as a Buy with a ratings score of B-.
Report Snippet: We rate IRON MOUNTAIN INC (IRM) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, expanding profit margins and increase in stock price during the past year. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
Rating: out of 5, 'B-' Buy.
You can view the full analysis from the report here:
IRM Rating Report
IRM Rating Report
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