VALUE INVESTING, BENJAMIN GRAHAM, WARREN BUFFETT, GRAHAM's FORMULA

Benjamin Graham Warren Buffett Value investing

"The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it."- 1993 Chairman's Letter to Shareholders
Warren BUFFETT

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Selecting value stocks with BENJAMIN GRAHAM

Learning Value Investing with BENJAMIN GRAHAM

April Group -

- Mid&Small 190 - Insurance Brokers

April Group SA is a France-based holding company active in the insurance sector.

	FORUMS VISIT April Group FORUM !
	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 ?

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 (2009 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