Stock Screener

Screeners

Researched, backtested, and profitable predefined value stock screens

Net Asset Current Value (NCAV) Stock Screen

Screens for stocks where the price of the stock is trading below the Net Current Asset Value (NCAV).

NCAV = Current Assets – Total Liabilities

The market discounts all forms of growth and estimates the value of the company to be worth nothing more than the assets.

With current assets capable of paying off total liabilities, downside is very limited.

Net Net Working Capital (NNWC) Stock Screen

Screens for stocks where the price of the stock is trading below the Net Net Working Capital (NNWC).

NNWC = Cash & Equivalents + (Accounts Receivables x 0.75) + (Inventory x 0.5) – Total Liabilities

NNWC is more conservative than NCAV as it discounts certain items of the balance sheet.

NNWC can be considered as the liquidation value.

NNWC Increasing Stock Screen

This screen displays companies with positive and increasing Net Net Working Capital (NNWC) compared to the previous quarter.

Such companies have been able to increase cash, accounts receivables and/or inventory at a much higher rate than debt.

NNWC = Cash & Equivalents + (Accounts Receivables x 0.75) + (Inventory x 0.5) – Total Liabilities

Ben Graham Checklist Stock Screen

A stock screen based on Benjamin Graham’s stock selection criteria consisting of 10 points. Results show that only four criteria produce the best performance.

Criteria 1: An earnings-to-price yield at                  least twice the AAA bond                  rate

Criteria 2: P/E ratio less than 40% of                  the highest P/E ratio the                  stock had over the past 5                  years

Criteria 6: Total debt less than book                  value

Criteria 7: Current ratio great than 2

Ben Graham Formula Stock Screen

A screen based on Benjamin Graham’s original intrinsic value formula.

V* = EPS X (8.5+2g) X 4.4 / Y

V is the intrinsic value, EPS is the trailing 12 month EPS, 8.5 is the PE ratio of a stock with 0% growth and g being the growth rate for the next 7-10 years.

Y is 20 yr corporate AAA bond rate.

The original formula produces values at the upper range and so the formula has been modified to err on the side of conservatism.

V* = EPS X (7+1.5g) X 4.4 / Y

Cash Return on Invested Capital (CROIC) Stock Screen

This screen is designed to identify turnaround stocks by searching for companies where CROIC has been increasing for 3 years.

CROIC and ROIC are ratios to determine the profitability and effectiveness of a company.

CROIC = FCF/Invested Capital

ROIC = NOPAT/Invested Capital

CROIC uses FCF in the calculation which is a safer and better method to understand management effectiveness.

Free Cash Flow (FCF) Cow Stock Screen

Screening for stocks with increasing free cash flow (FCF) and reduction in debt.

This screen is labeled "FCF cows" as it seeks to find stable, cash rich companies growing their FCF, yet selling at a cheap multiple to FCF.

The standard definiton of FCF is used.

FCF = Cash from Operations - Capex

Cash is king and the more FCF a company can generate and reduce debt, the higher the intrinsic value of the company becomes.

Negative Enterprise Value Stock Screen

Stocks that pass this screen have excess cash far outweighing debt but are viewed negatively by the market.

Enterprise value accounts for debt and subtracts the excess cash from the equation. If enterprise value results in a negative number, the conclusion is that the company is loaded with excess cash, hence a cash rich company trading for less than it’s value.

Enterprise Value = Market Capitalization + Total Debt - Excess Cash

Excess Cash = Total Cash - MAX(0,Current Liabilities-Current Assets)

Share Buyback Stock Screen

A screen for companies where the shares outstanding for the most recent quarter is less than the trailing twelve month shares outstanding.

By reducing the share count, the intrinsic value for each share increases. In other words, shareholders are receiving a bigger piece of the pie.

Additional criteria include insider ownership of 5% or more as well as recent insider buying.

Insider Buys Stock Screen

A screen that seeks to identify companies where insiders are buying on the open market without any recent sale transactions.

Insider buying indicates management to believe the company has a brighter future and is trading at a cheap price. Like all investors, the only reason an insider buys stocks is to make a profit.

Altman Z Score Stock Screen

The Altman Z score formula is used in predicting bankruptcy up to two years in advance.

The screen identifies companies with an Altman Z score above 3 as it is deemed safe if the Z score is above 2.6.

Altman Z Score = 1.2*X1 + 1.4*X2 + 3.3*X3 + 0.6*X4 + 1.0*X5

Piotroski Score Stock Screen

Earning a Piotroski Score of 9 places a company onto this screener.

The Piotroski scoring system is a nine point system to determine the strength of a firm's financial position.

The higher the score, the better the company is from a financial standpoint.

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