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

Benjamin Graham Warren Buffett Value investing

A story that was passed down from Ben Graham illustrates the lemminglike behavior of the crowd: "Let me tell you the story of the oil prospector who met St. Peter at the Pearly Gates. When told his occupation, St. Peter said, ?Oh, I?m really sorry. You seem to meet all the tests to get into heaven. But we?ve got a terrible problem. See that pen over there? That?s where we keep the oil prospectors waiting to get into heaven. And it?s filled?we haven?t got room for even one more.? The oil prospector thought for a minute and said, ?Would you mind if I just said four words to those folks?? ?I can?t see any harm in that,? said St. Pete. So the old-timer cupped his hands and yelled out, ?Oil discovered in hell!? Immediately, the oil prospectors wrenched the lock off the door of the pen and out they flew, flapping their wings as hard as they could for the lower regions. ?You know, that?s a pretty good trick,? St. Pete said. ?Move in. The place is yours. You?ve got plenty of room.? The old fellow scratched his head and said, ?No. If you don?t mind, I think I?ll go along with the rest of ?em. There may be some truth to that rumor after all."
Benjamin GRAHAM

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Selecting value stocks with BENJAMIN GRAHAM

Learning Value Investing with BENJAMIN GRAHAM

Axa -

- CAC 40 - Multi-line Insurance

AXA is the holding company for an international financial services group focused on financial protection. AXA is the holding company of the AXA Group. It operates through five business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management and Banking.

	FORUMS VISIT Axa FORUM !
	MARGIN OF SAFETY of Axa : 243.95 % The Margin of Safety of Axa 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 ?


Axa 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 = 1.68 x (8.5 + 2 x 9.17) =	45.09 EUR
MARGIN OF SAFETY = (45.09 - 13.11 ) / 13.11 =	243.95 % (OK)

How is Long Term Growth estimated for Axa ?

Historical analysis for Axa - See detail

QUALITATIVE FILTERS FOR Axa What are the Stars ?			DEFENSIVE	ENTERPRISING
COMPANY SIZE (MKT CAP. Mls $)	Very Large	38,305 mls.$	OK The company's Market cap. is above 5000 millions dollars	-
FINANCIAL CONDITION	Current Ratio	na	The current ratio is under 2	The current ratio is under 1.5
	LT Debt/Net Curr. Assets	na	The LTdebt/current assets ratio is negative	The LTdebt/current assets ratio is negative
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	13	Less than 15 years of dividend in the past 15 years	Current dividends paid
EARNINGS GROWTH	Growth 10-5 Years	82% / 200%%	Total Earnings growth above 33% for the past 10 years	Last year earnings above earnings 5 years ago
VALUATION	P.E. x P/Book	5.70	P.E. x P/Book is under 22.5	P/Book is under 1.20
	P.E.	7.8	OK PE is under 15	-
	P/Book	0.73	OK P/Book is under 1.5	OK P/Book is under 1.2