"Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds... any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops" Warren BUFFETT	Donate with Paypal
- U.S.A. - Canada - U.K. - France - Germany - Japan - Hong-Kong	Areva - - Mid&Small 190 - Heavy Electrical Equipment AREVA SA is a France-based company that offers technological solutions for nuclear power generation and electricity transmission and distribution. MARGIN OF SAFETY of Areva : 74.13 % The Margin of Safety of Areva is OK (>50%). How is the Margin of Safety calculated ? QUALITY : Conservative Investors : Enterprising Investors : What are the Stars ? FORUMS VISIT Areva FORUM ! Alerts : STOP at : 336.79 EUR on : 2/2/2009 STOP at : 402 EUR on : 11/3/2008 SELL at : 684.87 EUR on : 09/11/2007 SELL at : 728.06 EUR on : 31/08/2007 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 ? Areva price is : (as of 5/22/2009) EUR Current Earnings per Share (2007 est.) are : EUR Estimated Long Term Growth (% per Year) is : % INTRINSIC VALUE = 22.43 x (8.5 + 2 x 11.82) = 720.90 EUR MARGIN OF SAFETY = (720.90 - 413.99 ) / 413.99 = 74.13 % (OK) How is Long Term Growth estimated for Areva ? Historical analysis for Areva - See detail QUALITATIVE FILTERS FOR Areva What are the Stars ? DEFENSIVE ENTERPRISING COMPANY SIZE (MKT CAP. Mls $) Small Cap. 828 mls.$ NO The company's Market cap. is under 5000 millions dollars - FINANCIAL CONDITION Current Ratio 0.76 The current ratio is under 2 The current ratio is under 1.5 LT Debt/Net Curr. Assets -1.06 The LTdebt/current assets ratio is negative The LTdebt/current assets ratio is negative EARNINGS STABILITY Losses / 10 - 5 Years 1 / 0 Some losses in the past ten years No losses in the past five years DIVIDENDS Years of Dividends 15 15 years of dividend in the past 15 years Current dividends paid EARNINGS GROWTH Growth 10-5 Years 48% / 104%% Total Earnings growth above 33% for the past 10 years Last year earnings above earnings 5 years ago VALUATION P.E. x P/Book 1.67 P.E. x P/Book is under 22.5 P/Book is under 1.20 P.E. 18.5 NO PE is above 15 - P/Book 0.09 OK P/Book is under 1.5 OK P/Book is under 1.2 Areva - Competitors for Heavy Electrical Equipment   STOCK QUALITY Conservative Investors MARGIN OF SAFETY Long Term Growth Price / Earnings   BHEL - India Nifty50 Heavy Electrical Equipment MARGIN OF SAFETY : 74.42 % Long Term Growth : 15.33 % Price / Earnings : 22.5 x 1978.2 / 88.10 = Areva - France Mid&Small 190 Heavy Electrical Equipment MARGIN OF SAFETY : 74.19 % Long Term Growth : 11.82 % Price / Earnings : 18.5 x 413.99 / 22.43 = ABB Ltd (India) - India Nifty50 Heavy Electrical Equipment MARGIN OF SAFETY : 40.90 % Long Term Growth : 13.40 % Price / Earnings : 25.0 x 631.25 / 25.20 = Mitsubishi Elec - Tokyo Nikkei 225 Heavy Electrical Equipment MARGIN OF SAFETY : 0.00 % Long Term Growth : 0.00 % Price / Earnings : -50.2 x 561 / -11.18 = Alstom - France CAC 40 Heavy Electrical Equipment MARGIN OF SAFETY : 0.00 % Long Term Growth : 0.00 % Price / Earnings : 10.6 x 46.27 / 4.35 = Suzlon Energy - India Nifty50 Heavy Electrical Equipment MARGIN OF SAFETY : 0.00 % Long Term Growth : 0.00 % Price / Earnings : 11.5 x 94 / 8.20 =