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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Bourbon -

- Mid&Small 190 - Oil & Gas Equipment & Services

Bourbon SA is a France-based company engaged in the field of maritime transportation, as well as offshore and subsea services.

FORUMS
VISIT Bourbon FORUM !
MARGIN OF SAFETY of Bourbon : 120.14 %
The Margin of Safety of Bourbon is OK (>50%).
How is the Margin of Safety calculated ?

QUALITY :
Conservative Investors : Earnings Stability OKEarnings Growth OKValuation OK
Enterprising Investors : Earnings Stability OKDividends OKEarnings Growth OK

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 ?
Bourbon 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 =
2.28 x (8.5 + 2 x 10.31) =

66.39 EUR

MARGIN OF SAFETY =
(66.39 - 30.16 ) / 30.16 =

120.14 % (OK)

How is Long Term Growth estimated for Bourbon ?


Historical analysis for Bourbon - See detail



QUALITATIVE FILTERS FOR Bourbon
What are the Stars ?
DEFENSIVE
Earnings Stability OKEarnings Growth OKValuation OK
ENTERPRISING
Earnings Stability OKDividends OKEarnings Growth OK
COMPANY SIZE (MKT CAP. Mls $) Mid Cap. 2,340 mls.$ NO
The company's Market cap. is under 5000 millions dollars
-
FINANCIAL CONDITION Current Ratio 1.06
The current ratio is under 2

The current ratio is under 1.5
LT Debt/Net Curr. Assets 40.34
The LTdebt/current assets ratio is above 1

The LTdebt/current assets ratio is above 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 9
Less than 15 years of dividend in the past 15 years

Current dividends paid
EARNINGS GROWTH Growth 10-5 Years 521% / 121%
Total Earnings growth above 33% for the past 10 years

Last year earnings above earnings 5 years ago
VALUATION P.E. x P/Book 17.25
P.E. x P/Book is under 22.5

P/Book is under 1.20
P.E. 13.2 OK
PE is under 15
-
P/Book 1.31 OK
P/Book is under 1.5
NO
P/Book is above 1.2

Bourbon - Competitors for Oil & Gas Equipment & Services

 

STOCK QUALITY
Conservative Investors
MARGIN OF SAFETY
Long Term Growth
Price / Earnings

 

ShawCor
- Canada
SP/TSX Comp.
Oil & Gas Equipment & Services
Earnings Growth OKValuation OK
MARGIN OF SAFETY :
270.14 %
Long Term Growth : 14.28 %
Price / Earnings : 10.0 x
19.62 / 1.96 =
Ntl Oilwell Varc
- U.S.A.
SP 500
Oil & Gas Equipment & Services
Earnings Stability OKDividends OKEarnings Growth OKValuation OK
MARGIN OF SAFETY :
259.58 %
Long Term Growth : 13.81 %
Price / Earnings : 10.0 x
35.15 / 3.50 =
SBM Offshore
- Nederland
AEX25
Oil & Gas Equipment & Services
Earnings Stability OKEarnings Growth OKValuation OK
MARGIN OF SAFETY :
254.56 %
Long Term Growth : 9.61 %
Price / Earnings : 7.8 x
11.96 / 1.53 =
Enerflex Sys
- Canada
SP/TSX Comp.
Oil & Gas Equipment & Services
Financial Condition OKEarnings Stability OKEarnings Growth OKValuation OK
MARGIN OF SAFETY :
189.92 %
Long Term Growth : 9.14 %
Price / Earnings : 9.2 x
10.9 / 1.18 =
Weatherford Intl
- U.S.A.
SP 500
Oil & Gas Equipment & Services
MARGIN OF SAFETY :
128.41 %
Long Term Growth : 13.23 %
Price / Earnings : 15.3 x
18.37 / 1.20 =
Bourbon
- France
Mid&Small 190
Oil & Gas Equipment & Services
Earnings Stability OKEarnings Growth OKValuation OK
MARGIN OF SAFETY :
120.10 %
Long Term Growth : 10.31 %
Price / Earnings : 13.2 x
30.16 / 2.28 =
Schlumberger
- U.S.A.
SP 500
Oil & Gas Equipment & Services
Dividends OKEarnings Growth OK
MARGIN OF SAFETY :
89.53 %
Long Term Growth : 14.68 %
Price / Earnings : 20.0 x
51.94 / 2.60 =
Halliburton
- U.S.A.
SP 500
Oil & Gas Equipment & Services
Financial Condition OKDividends OKEarnings Growth OK
MARGIN OF SAFETY :
88.33 %
Long Term Growth : 11.83 %
Price / Earnings : 17.1 x
21.34 / 1.25 =
Baker Hughes
- U.S.A.
SP 500
Oil & Gas Equipment & Services
Financial Condition OKEarnings Stability OKDividends OK
MARGIN OF SAFETY :
76.00 %
Long Term Growth : 10.54 %
Price / Earnings : 16.8 x
35.46 / 2.11 =
Smith Intl
- U.S.A.
SP 500
Oil & Gas Equipment & Services
Earnings Stability OKEarnings Growth OK
MARGIN OF SAFETY :
38.02 %
Long Term Growth : 9.98 %
Price / Earnings : 20.6 x
25.99 / 1.26 =
BJ Services Co
- U.S.A.
SP 500
Oil & Gas Equipment & Services
Earnings Growth OKValuation OK
MARGIN OF SAFETY :
22.27 %
Long Term Growth : 6.69 %
Price / Earnings : 17.9 x
14.31 / 0.80 =
Acergy
- U.S.A.
(no index)
Oil & Gas Equipment & Services
Earnings Growth OK
MARGIN OF SAFETY :
0.00 %
Long Term Growth : 0.00 %
Price / Earnings : 12.4 x
9.05 / 0.73 =
Calfrac Well Srv
- Canada
SP/TSX Comp.
Oil & Gas Equipment & Services
MARGIN OF SAFETY :
0.00 %
Long Term Growth : 0.00 %
Price / Earnings : -43.3 x
10.4 / -0.24 =
Flint Energy
- Canada
SP/TSX Comp.
Oil & Gas Equipment & Services
Earnings Stability OKValuation OK
MARGIN OF SAFETY :
0.00 %
Long Term Growth : 0.00 %
Price / Earnings : 11.1 x
8.89 / 0.80 =
Trican Well Svc
- Canada
SP/TSX Comp.
Oil & Gas Equipment & Services
Earnings Stability OKEarnings Growth OK
MARGIN OF SAFETY :
0.00 %
Long Term Growth : 8.29 %
Price / Earnings : na x
9.21 / 0.00 =


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