Given the fact that there's little coverage of small - caps, stocks in this part of the market can be undiscovered or misunderstood, creating large discrepancies between the stock prices and
the actual value of the companies.
Owners often have a disconnect between
the actual value of their company and the cash that they will receive at the end of the deal.
The first thing to note is that we've got no particular insight into any of the companies that we write about or
the actual value of the companies» assets.
*** Price - to - book value is the ratio used to compare a company's share price with its book value (the book value is
the actual value of the company assets minus its liabilities).
# 1 The intrinsic value is
the actual value of a company, not to be confused by the «market value» which is what you can buy or sell the company for on the stock market.
The intrinsic value is
the actual value of a company or an asset based on an underlying perception of its true value including all aspects of the business, in terms of both tangible and intangible factors.
Not exact matches
So for a
company like Rolls - Royce, what's the
actual financial
value of all those brand mentions?
What You Can Do: Write job descriptions that sound like an
actual human being wrote them and that showcase the
values and culture
of your
company.
Important factors that may affect the
Company's business and operations and that may cause
actual results to differ materially from those in the forward - looking statements include, but are not limited to, increased competition; the
Company's ability to maintain, extend and expand its reputation and brand image; the
Company's ability to differentiate its products from other brands; the consolidation
of retail customers; the
Company's ability to predict, identify and interpret changes in consumer preferences and demand; the
Company's ability to drive revenue growth in its key product categories, increase its market share, or add products; an impairment
of the carrying
value of goodwill or other indefinite - lived intangible assets; volatility in commodity, energy and other input costs; changes in the
Company's management team or other key personnel; the
Company's inability to realize the anticipated benefits from the
Company's cost savings initiatives; changes in relationships with significant customers and suppliers; execution
of the
Company's international expansion strategy; changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; failure to successfully integrate the
Company; the
Company's ability to complete or realize the benefits from potential and completed acquisitions, alliances, divestitures or joint ventures; economic and political conditions in the nations in which the
Company operates; the volatility
of capital markets; increased pension, labor and people - related expenses; volatility in the market
value of all or a portion
of the derivatives that the
Company uses; exchange rate fluctuations; disruptions in information technology networks and systems; the
Company's inability to protect intellectual property rights; impacts
of natural events in the locations in which the
Company or its customers, suppliers or regulators operate; the
Company's indebtedness and ability to pay such indebtedness; the
Company's dividend payments on its Series A Preferred Stock; tax law changes or interpretations; pricing actions; and other factors.
Because there is no public market for our common stock, our board
of directors determined the common stock fair
value at the stock option grant date by considering several objective and subjective factors, including the price paid by investors for our preferred stock, our
actual and forecasted operating and financial performance, market conditions and performance
of comparable publicly traded
companies, developments and milestones in our
company, the rights and preferences
of our common and preferred stock, the likelihood
of achieving a liquidity event, and transactions involving our preferred stock.
Important factors that may affect the
Company's business and operations and that may cause
actual results to differ materially from those in the forward - looking statements include, but are not limited to, operating in a highly competitive industry; changes in the retail landscape or the loss
of key retail customers; the
Company's ability to maintain, extend and expand its reputation and brand image; the impacts
of the
Company's international operations; the
Company's ability to leverage its brand
value; the
Company's ability to predict, identify and interpret changes in consumer preferences and demand; the
Company's ability to drive revenue growth in its key product categories, increase its market share, or add products; an impairment
of the carrying
value of goodwill or other indefinite - lived intangible assets; volatility in commodity, energy and other input costs; changes in the
Company's management team or other key personnel; the
Company's ability to realize the anticipated benefits from its cost savings initiatives; changes in relationships with significant customers and suppliers; the execution
of the
Company's international expansion strategy; tax law changes or interpretations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; the
Company's ability to complete or realize the benefits from potential and completed acquisitions, alliances, divestitures or joint ventures; economic and political conditions in the United States and in various other nations in which we operate; the volatility
of capital markets; increased pension, labor and people - related expenses; volatility in the market
value of all or a portion
of the derivatives we use; exchange rate fluctuations; risks associated with information technology and systems, including service interruptions, misappropriation
of data or breaches
of security; the
Company's ability to protect intellectual property rights; impacts
of natural events in the locations in which we or the
Company's customers, suppliers or regulators operate; the
Company's indebtedness and ability to pay such indebtedness; the
Company's ownership structure; the impact
of future sales
of its common stock in the public markets; the
Company's ability to continue to pay a regular dividend; changes in laws and regulations; restatements
of the
Company's consolidated financial statements; and other factors.
Important factors that may affect the
Company's business and operations and that may cause
actual results to differ materially from those in the forward - looking statements include, but are not limited to, increased competition; the
Company's ability to maintain, extend and expand its reputation and brand image; the
Company's ability to differentiate its products from other brands; the consolidation
of retail customers; the
Company's ability to predict, identify and interpret changes in consumer preferences and demand; the
Company's ability to drive revenue growth in its key product categories, increase its market share or add products; an impairment
of the carrying
value of goodwill or other indefinite - lived intangible assets; volatility in commodity, energy and other input costs; changes in the
Company's management team or other key personnel; the
Company's inability to realize the anticipated benefits from the
Company's cost savings initiatives; changes in relationships with significant customers and suppliers; execution
of the
Company's international expansion strategy; changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; failure to successfully integrate the business and operations
of the
Company in the expected time frame; the
Company's ability to complete or realize the benefits from potential and completed acquisitions, alliances, divestitures or joint ventures; economic and political conditions in the nations in which the
Company operates; the volatility
of capital markets; increased pension, labor and people - related expenses; volatility in the market
value of all or a portion
of the derivatives that the
Company uses; exchange rate fluctuations; risks associated with information technology and systems, including service interruptions, misappropriation
of data or breaches
of security; the
Company's inability to protect intellectual property rights; impacts
of natural events in the locations in which the
Company or its customers, suppliers or regulators operate; the
Company's indebtedness and ability to pay such indebtedness; tax law changes or interpretations; and other factors.
And, by definition, it means the
company (and competitors like OfferPad) are involved with the transaction that drives the
value chain — the
actual buying and selling
of homes.
The
Company has yet to determine the
value of its common stock as
of the
actual acquisition date
of April 21, 2010.
The result
of a new car's quick depreciation is a policy limit or an
actual cash
value of a car that is less than what is owed to a loan or leasing
company.
Basically, insurance
companies sell two types
of renter insurance namely;
Actual Cash
Value and Replacement Cost Policies.
Regardless
of the reported
value of a stock option on the grant date, the
actual value realized will depend on the excess, if any,
of the market
value of the
Company's common stock over the exercise price if and when the option is exercised.
And the
value of sales tax exemptions received received by a
company are capped and based on the
actual expenditures made, rather than on initial estimates, he said.
I guess what I'm trying to say is, better graphics were imment for games from day one, but the other
companies took it way out
of proportion in terms
of what people can afford, the
actual known
value of the console, and what it can do.
Training should incorporate character - driven situations that portray how harassment policies correlate with your
company's
values and your employee's
actual jobs, as well as point out the benefits
of having a respectful work environment.
To calculate your current gap you'll need to determine the total amount you owe your leasing or financing
company, the
actual cash
value of your vehicle, and your insurance deductible.
The result
of a new car's quick depreciation is a policy limit or an
actual cash
value of a car that is less than what is owed to a loan or leasing
company.
For example, if you purchased a brand - new Dodge Challenger in 2010 for $ 22,000 but got in an accident that totaled the car today, your insurance
company may only reimburse you an
actual cash
value of approximately $ 14,000.
There is a
company selling Pittsburgh, PA renters insurance who will offer $ 5,000
of personal property coverage, on an
actual cash
value basis.
Basically, insurance
companies sell two types
of renter insurance namely;
Actual Cash
Value and Replacement Cost Policies.
To calculate a total insurance loss and receive a fair settlement from the insurance
company, you need to research the
actual cash
value of the vehicle and provide documentation supporting your research.
The first was the suppression
of fair and accurate financial disclosure - specifically FASB suspension
of mark - to - market rules - which has allowed financial
companies to present balance sheets that are detached from any need to reflect the
actual liquidating
value of their assets.
In this situation, if your home was damaged in a covered peril, your home insurance
company would pay the
actual cash
value of your home before the loss.
You can not choose how much to buy as the most that an insurance
company will pay out is the
actual value of your car (what it was worth on the open market before damage occurred) minus the deductible amount.
If you had a 10 year old television that was worth $ 1500 when you bought it, but only worth $ 200 today - your home insurance
company would replace your TV with a $ 200 television, or the
actual cash
value of the television today after depreciation.
On the other hand, if you have an auto policy with bodily injury liability
of $ 100,000 per person, $ 300,000 per accident, and $ 100,000
of property damage along with full coverage (let's say the
actual cash
value of your car is $ 20,500), the
company's maximum exposure on that policy would be $ 300,000 + $ 100,000 + $ 20,000 (ACV
of your car, minus $ 500 deductible), or $ 420,000.
Some
companies start personal property coverage at different levels — if you accept the defaults, you might end up with just $ 5,000
of personal property coverage or
actual cash
value coverage.
That leaves a gap
of $ 4,000 between what you owe and the
actual value of your vehicle as assessed by your insurance
company.
GAP covers the difference between your primary insurance
company's
Actual Cash
Value determination and the payoff
of your loan.
A Fundamental Analysis or «Bottom Up» financial analysis
of a
company is used to establish its
actual or «Intrinsic
Value».
Insurance
companies typically offer the choice
of actual value coverage or replacement cost coverage for your belongings.
Further research by Tweedy, Browne has indicated that
companies satisfying the net current asset criterion have not only enjoyed superior common stock performance over time but also often have been priced at significant discounts to «real world» estimates
of the specific
value that stockholders would probably receive in an
actual sale or liquidation
of the entire corporation.
As a
value investor, you should know that your success will be fully dependent on the accuracy
of your answers on simple questions like what is the real
value of a specific
company and if whether the
actual intrinsic
value is lesser than the total purchase price
of the shares.
With
actual cash
value, the insurance
company pays you an amount equal to the replacement
value of damaged property minus a depreciation allowance.
The following table provides an overview
of the various funds the
company runs, and the AUM: While checking some multiples is a nice way to get a ballpark figure for the business
value I prefer looking at the
actual cash that the
company is producing: that is what matters in the end.
Of course, I have no idea what motivated TOT's actual share repurchase, but I don't need to — because I have my own Intrinsic Value for TOT, and / or other companies, I can quickly determine whether current or future share repurchases are at a discount to this Value and therefore attractive — in the case of TOT, based on current metrics, the more share buybacks the merrie
Of course, I have no idea what motivated TOT's
actual share repurchase, but I don't need to — because I have my own Intrinsic
Value for TOT, and / or other
companies, I can quickly determine whether current or future share repurchases are at a discount to this
Value and therefore attractive — in the case
of TOT, based on current metrics, the more share buybacks the merrie
of TOT, based on current metrics, the more share buybacks the merrier!
With today's stock and bond markets overrun by insiders and the volume
of options, futures and other derivatives dwarfing
actual investment in good
companies while driving wild swings in their prices what is a traditional
value investor to do?
To me it looks like a
company that claims no
value on its intellectual property which is HIGHLY unorthodox for what is essentially the core asset
of any pharma
company (no unusual if there is no
actual value, which i suspect).
Interestingly, stocks can generally be better inflation protection in the long term as you own part
of an
actual company whose
value will generally rise along with inflation.
As regards
actual oil & gas reserves, the cupboard's somewhat bare... Despite all the excitement about Tanzania, there's been a near - total lack
of actual progress by the
company — it's far too early to ascribe any kind
of substantial
value to what are only classified as contingent & prospective resources to date.
[And as for any
actual existential risk Saga Furs might face, I've also written about that before: Based on the
company's ongoing earnings / dividends, the substantial gap between the current share price & book
value (which I believe is fully realisable in a wind - down scenario), the likely implementation
of transition periods / grandfathering clauses / a compensation regime / etc... I'd expect Saga Furs would turn out to be a decent investment regardless, even in such a (remote) scenario.]
He wrote about mREITs, and whether or not a book
value was a good indicator
of a
company's
actual value.
Value screens, such as the price - earnings ratio screen, typically look for low prices relative to
actual measures
of company performance or assets.
Although the expenses charged by
companies that manage individual ETFs are generally lower than those
of mutual fund managers, those expenses and market factors may cause individual ETFs to trade at
values lower than the
actual value of the underlying shares held in the ETF.
Auto Rental Collision Damage Waiver — Rent a vehicle for business purposes with your card and decline the
company's collision insurance for coverage up to the
actual cash
value in case
of theft or collision damage.