"If you understood a business perfectly and the future of the business, you would need very little in the way of a margin of safety. So, the more vulnerable the business is, assuming you still want to invest in it, the larger margin of safety you'd need. If you're driving a truck across a bridge that says it holds 10,000 pounds and you've got a 9,800 pound vehicle, if the bridge is 6 inches above the crevice it covers, you may feel okay, but if it's over the Grand Canyon, you may feel you want a little larger margin of safety..."- 1997 Berkshire Hathaway Annual Meeting Warren BUFFETT	Donate with Paypal
- U.S.A. - Canada - U.K. - France - Germany - Japan - Hong-Kong	Tesoro - - SP 500 - Oil & Gas Refining & Marketing Tesoro Corporation (Tesoro) is an independent petroleum refiners and marketers in the United States with two operating segments: refining crude oil and other feedstocks at its seven refineries in the western and mid-continental United States and selling refined products in bulk and wholesale MARGIN OF SAFETY of Tesoro : 154.34 % The Margin of Safety of Tesoro is OK (>50%). How is the Margin of Safety calculated ? QUALITY : Conservative Investors : Enterprising Investors : What are the Stars ? FORUMS VISIT Tesoro FORUM ! Alerts : BUY at : 17.23 USD on : 1/30/2009 BUY at : 9.67 USD on : 10/31/2008 SELL at : 17.66 USD on : 7/21/2008 STOP at : 19.37 USD on : 7/1/2008 STOP at : 21.34 USD on : 6/25/2008 STOP at : 21.24 USD on : 6/18/2008 STOP at : 27.56 USD on : 6/2/2008 STOP at : 25.67 USD on : 05/13/2008 STOP at : 24.15 USD on : 02/05/2008 STOP at : 37.8 USD on : 25/01/2008 STOP at : 37.8 USD on : 01/24/2008 STOP at : 57.35 USD on : 10/29/2007 STOP at : 57.35 USD on : 10/29/2007 STOP at : 54.61 USD on : 10/09/2007 STOP at : 54.61 USD on : 10/09/2007 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 ? Tesoro price is : (as of 5/21/2009) USD Current Earnings per Share (2007 est.) are : USD Estimated Long Term Growth (% per Year) is : % INTRINSIC VALUE = 1.47 x (8.5 + 2 x 10.05) = 42.04 USD MARGIN OF SAFETY = (42.04 - 16.53 ) / 16.53 = 154.34 % (OK) How is Long Term Growth estimated for Tesoro ? Historical analysis for Tesoro - See detail QUALITATIVE FILTERS FOR Tesoro What are the Stars ? DEFENSIVE ENTERPRISING COMPANY SIZE (MKT CAP. Mls $) Mid Cap. 2,246 mls.$ NO The company's Market cap. is under 5000 millions dollars - FINANCIAL CONDITION Current Ratio 1.14 The current ratio is under 2 The current ratio is under 1.5 LT Debt/Net Curr. Assets 7.85 The LTdebt/current assets ratio is above 1 The LTdebt/current assets ratio is above 1.1 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 na Less than 15 years of dividend in the past 15 years No dividend for last year EARNINGS GROWTH Growth 10-5 Years 831% / 151% Total Earnings growth above 33% for the past 10 years Last year earnings above earnings 5 years ago VALUATION P.E. x P/Book 7.82 P.E. x P/Book is under 22.5 P/Book is under 1.20 P.E. 11.2 OK PE is under 15 - P/Book 0.70 OK P/Book is under 1.5 OK P/Book is under 1.2 Tesoro - Competitors for Oil & Gas Refining & Marketing   STOCK QUALITY Conservative Investors MARGIN OF SAFETY Long Term Growth Price / Earnings   NIPPON OIL - Tokyo Nikkei 225 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 277.22 % Long Term Growth : 15.23 % Price / Earnings : 10.3 x 567 / 54.90 = S-Oil - Korea Kospi50 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 213.05 % Long Term Growth : 9.99 % Price / Earnings : 9.1 x 58400 / 6418.12 = Valero Energy - U.S.A. SP 500 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 197.62 % Long Term Growth : 9.07 % Price / Earnings : 8.9 x 20.76 / 2.32 = Esso - France Mid&Small 190 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 186.45 % Long Term Growth : 8.05 % Price / Earnings : 8.6 x 92.7 / 10.79 = Sunoco - U.S.A. SP 500 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 170.23 % Long Term Growth : 8.23 % Price / Earnings : 9.2 x 27.43 / 2.97 = Tesoro - U.S.A. SP 500 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 154.34 % Long Term Growth : 10.05 % Price / Earnings : 11.2 x 16.53 / 1.47 = Singapore Petro - Singapore Strait-Times Oil & Gas Refining & Marketing MARGIN OF SAFETY : 111.01 % Long Term Growth : 11.21 % Price / Earnings : 14.8 x 5.04 / 0.34 = Reliance Indu - India Nifty50 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 99.55 % Long Term Growth : 12.70 % Price / Earnings : 17.0 x 2185.75 / 128.68 = Bharat Petroleum - India Nifty50 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 15.58 % Long Term Growth : 3.14 % Price / Earnings : 12.8 x 447.55 / 35.00 = GS Holdings - Korea Kospi50 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 0.00 % Long Term Growth : 0.00 % Price / Earnings : 6.9 x 31750 / 4577.00 = SK Energy - Korea Kospi50 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 0.00 % Long Term Growth : 0.00 % Price / Earnings : 9.9 x 104500 / 10535.15 = NIPPON MNING HLD - Tokyo Nikkei 225 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 0.00 % Long Term Growth : 0.00 % Price / Earnings : 8.9 x 561 / 62.88 = HPCL - India Nifty50 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 0.00 % Long Term Growth : 0.00 % Price / Earnings : 14.3 x 321.05 / 22.50 = Keyera Faciities - Canada SP/TSX Comp. Oil & Gas Refining & Marketing MARGIN OF SAFETY : 0.00 % Long Term Growth : 0.00 % Price / Earnings : 7.8 x 17.88 / 2.29 = Reliance Petro - India Nifty50 Oil & Gas Refining & Marketing MARGIN OF SAFETY : 0.00 % Long Term Growth : 0.00 % Price / Earnings : 12.0 x 136.5 / 11.33 = SHOWA SHELL SEKI - Tokyo Nikkei 225 Oil & Gas Refining & Marketing MARGIN OF SAFETY : -91.91 % Long Term Growth : 8.88 % Price / Earnings : 324.8 x 877 / 2.70 =