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Value Investing 2.0
Basic
Investing vs. Speculating
Real World Value Investing
Make Value Investing Easier
Intermediate
Accounting 101
Finance 101
Valuation 101
Investment Strategy 101
Advanced
Economic vs. Accounting Earnings
The Power Of Expectations Investing
How Our DCF Model Works
How to Value a Stock
Step 1: NOPAT
Step 2: Invested Capital
Step 3: Economic Earnings
Step 4: Discounted Cash Flow
A New Paradigm for ROIC
Metrics
Basic Metrics
Problems with Price-to-book
How Price to Book Misleads Investors
The Problem With Using Accounting Book Value
Problems with P/E
P/E Ratios Are Misleading… Especially Right Now
Why PE Ratios Are Not A Good Measure Of Value
Problems with ROE
Don’t Get Misled by Return on Equity (ROE)
4 Reasons ROE Is Not A Useful Metric For Investors
Problems with EV/EBITDA
How EV/EBITDA Misleads Investors
How EV/EBITDA Misses The Point On Valuation
EBITDA & Adjusted EBITDA
Problems with Debt/Equity
Fixed Income Metrics
Credit Rating Metrics
Debt to Capital
EBITDA to Debt
FCF (3yr Avg.) to Debt
Cash to Debt
Interest Coverage
Overall Credit Rating
Average Invested Capital
Consecutive Years of Dividend Increases
Core Earnings & Earnings Distortion
Dividend Increases in the Last Decade
Dividend Yield
Economic Earnings
Enterprise Value
Free Cash Flow & FCF Yield
Free Cash Flow Conversion
Growth Appreciation Period
Income Tax Distortion
Invested Capital
Invested Capital Turns
NOPAT & NOPAT Margin
NOPBT & NOPBT Margin
Operating Leases
Variable & Not Yet Commenced Leases
Price to Economic Book Value
Return On Invested Capital
3-Year Average ROIC
GAAP-Based ROIC
Ending ROIC
Incremental ROIC
ROIC – Return On Invested Capital
Return On Gross Invested Capital
Return On Tangible Invested Capital
ROIC Drivers – DuPont Model
Weighted Average Cost of Capital
Methodologies
Stock Ratings
ETF & Mutual Fund Ratings
Credit Ratings
Earnings Distortion Scores
Sector & Subsector Ratings
Portfolio Management Ratings
Total Annual Costs Ratings
Asset Allocation Ratings
Suspended Ratings & Analyst Notes
Adjustments For Financial and Non-Financial Companies
Adjustments For Real Estate Investment Trust (REIT) Companies
Accounting Loopholes
FASB Tracker
What Investors Need to Know
Accounting Rule Changes
Impacts of Operating Leases Moving to the Balance Sheet
Misleading Operating Lease Discount Rates
Operating Lease Disclosures: Good, Bad & Non-Compliant
The Impacts of Variable and Not-Yet-Commenced Leases
Pension Cost Accounting Rule Change
Removing Amortization of Capitalized Interest Disclosure
Removing Hedge Ineffectiveness Disclosure
How Firms Implemented the New Revenue Recognition Standard
How ASU 2016-01 Impacts Invested Capital and OCI
Company Models
Overview tutorial
How We Use Earnings Press Release Data
How to Find Valuation Adjustments
How to Find Earnings Quality Adjustments
How to Download into Excel
How Our Reverse DCF Model Works
Results pages
Decision
Forecast
Overrides
DCF Review
WACC Review
Financials & Metrics Pages
Metrics
Balance Sheet
Income Statement
Adjustments
Reconciliation (coming soon)
Employee Stock Options (ESOs)
NOPAT
Invested Capital
PV Leases
Other Disclosures
Marked-up Filings Page
See all source data and marked-up filings
Direct links to original text from the models
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Stock Rating Methodology
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