"Figure out what something is worth and pay a lot less." Joel GREENBLATT	Donate with Paypal
- U.S.A. - Canada - U.K. - France - Germany - Japan - Hong-Kong	April Group - - Mid&Small 190 - Insurance Brokers April Group SA is a France-based holding company active in the insurance sector. MARGIN OF SAFETY of April Group : 106.66 % The Margin of Safety of April Group is OK (>50%). How is the Margin of Safety calculated ? QUALITY : Conservative Investors : Enterprising Investors : What are the Stars ? FORUMS VISIT April Group FORUM ! Alerts : STOP at : 25 EUR on : 2/2/2009 What are the alerts ? Price over 1 year : PRICE, INTRINSIC VALUE & MARGIN OF SAFETY based on GRAHAM's FORMULA What is the Graham's Formula ? April Group price is : (as of 5/22/2009) EUR Current Earnings per Share (2008 est.) are : EUR Estimated Long Term Growth (% per Year) is : % INTRINSIC VALUE = 1.74 x (8.5 + 2 x 10.24) = 50.43 EUR MARGIN OF SAFETY = (50.43 - 24.4 ) / 24.4 = 106.66 % (OK) How is Long Term Growth estimated for April Group ? Historical analysis for April Group - See detail QUALITATIVE FILTERS FOR April Group What are the Stars ? DEFENSIVE ENTERPRISING COMPANY SIZE (MKT CAP. Mls $) Mid Cap. 1,393 mls.$ NO The company's Market cap. is under 5000 millions dollars - FINANCIAL CONDITION Current Ratio 1.17 The current ratio is under 2 The current ratio is under 1.5 LT Debt/Net Curr. Assets 0.13 The LTdebt/current assets ratio is under 1 The LTdebt/current assets ratio is under 1.1 EARNINGS STABILITY Losses / 10 - 5 Years 0 / 0 No losses in the past ten years No losses in the past five years DIVIDENDS Years of Dividends 10 Less than 15 years of dividend in the past 15 years Current dividends paid EARNINGS GROWTH Growth 10-5 Years 341% / 205% Total Earnings growth above 33% for the past 10 years Last year earnings above earnings 5 years ago VALUATION P.E. x P/Book 44.36 P.E. x P/Book is above 22.5 P/Book is above 1.20 P.E. 14 OK PE is under 15 - P/Book 3.17 NO P/Book is above 1.5 NO P/Book is above 1.2 April Group - Competitors for Insurance Brokers   STOCK QUALITY Conservative Investors MARGIN OF SAFETY Long Term Growth Price / Earnings   April Group - France Mid&Small 190 Insurance Brokers MARGIN OF SAFETY : 106.70 % Long Term Growth : 10.24 % Price / Earnings : 14.0 x 24.4 / 1.74 = Aon - U.S.A. SP 500 Insurance Brokers MARGIN OF SAFETY : 91.48 % Long Term Growth : 7.23 % Price / Earnings : 12.0 x 36.44 / 3.04 = Marsh & McLennan - U.S.A. SP 500 Insurance Brokers MARGIN OF SAFETY : 0.00 % Long Term Growth : 0.00 % Price / Earnings : 13.4 x 18.96 / 1.41 =