AVX Corporation ($AVX): Cheap, safe, dividend payer at an historically high yield

Tobias CarlisleStocks Comments

AVX Corporation (NYSE:AVX) is another unusually cheap stock in the All Investable Screener. At $13.36, it has a market capitalization of $2.2 billion, and with net cash of $844 million, an enterprise value of $1.4 billion. It generated operating earnings over the last twelve months $212 million, putting it on an acquirer’s multiple of 6.6x. It has a PE of … Read More

Newpark Resources Inc. ($NR): Possible takeover candidate

Tobias CarlisleStocks Comments

Newpark Resources Inc. ($NR) has been beaten up along with the rest of the oil and gas service industry, and it’s starting to look decidedly cheap. At its $7.21 close yesterday, it has a market capitalization of ~$606 million. It carries net debt of $91 million, putting it on an enterprise value of $697 million. With trailing twelve month operating … Read More

Changes to the Screeners’ Output

Tobias CarlisleStock Screener Comments

  I’ve retooled the screeners to add some new information at the request of some users. In addition to the acquirer’s multiple and its components–enterprise value and operating earnings–, and descriptive data–share price, symbol, name, industry, and market capitalization–the screener now shows several additional fundamental measures. Those measures include each company’s net cash position (cash and equivalents less total debt), … Read More

Last chance to take advantage of extended offer: One month trial of The Acquirer’s Multiple for 9 bucks (save $40)

Tobias CarlisleStudy Comments

I’ve had a few requests to extend this weekend’s special offer, so I’m going to keep it going to 5pmPDT this afternoon. Click here to subscribe to the Acquirer’s Multiple and pay only 9 bucks for the first month (usually $49). In addition to the free Large Cap 1000 screen, get exclusive access to: The All Investable Screener (see the backtest) … Read More

Alaska Air Group ($ALK) is well run and cheap

Tobias CarlisleStocks Comments

Lots of value investors find their own personal Waterloo in airline stocks (Buffett famously dumps money in the sector every decade or so). That might make the industry sound like a bad bet. Regardless, when I kick airlines out of my backtests, they tend to underperform, so I keep the industry in, and buy them when they’re stupid cheap. Not coincidentally, Alaska … Read More

Subscribe to The Acquirer’s Multiple and pay only 9 bones for the first month (Expires midnight tonight)

Tobias CarlisleStudy Comments

For this weekend only, click here to subscribe to the Acquirer’s Multiple and pay only 9 for the first month (usually $49). In addition to the free Large Cap 1000 screen, get exclusive access to The All Investable Screener (see the backtest) The Small and Micro Cap Screener (see the backtest) Commentary and analysis on deep value investment strategies “How to” seminars The … Read More

What happens to value in sideways markets: Shiller PE and expected returns using Hussman’s method

Tobias CarlisleStudy Comments

Robert Shiller’s cyclically adjusted price earnings (CAPE) ratio takes a 10-year inflation-adjusted average of the S&P500’s earnings to arrive at a price/earnings metric smoothed for the business cycle. It’s useful because earnings tend to be volatile and mean reverting. For example, the single-year PE metric peaked in 2009 at 125, indicating that the market was expensive, when in reality it was … Read More

Special offer this weekend only: One month trial of The Acquirer’s Multiple for 9 bucks (Save $40)

Tobias CarlisleStudy Comments

For this weekend only, click here to subscribe to the Acquirer’s Multiple and pay only 9 for the first month (usually $49). In addition to the free Large Cap 1000 screen, get exclusive access to The All Investable Screener (see the backtest) The Small and Micro Cap Screener (see the backtest) Commentary and analysis on deep value investment strategies “How to” seminars The … Read More

RPX Corp: Unusually cheap stock with an unusual business model

Tobias CarlisleStocks Comments

RPX Corp is an unusually cheap stock with an unusual business model. With an $888 million market cap, and $376 million in net cash, RPXC has an enterprise value of $512 million, against which it has earned $76 million in operating income over the last twelve months, giving it an acquirer’s multiple of 6.7. It has generated $199 million in free … Read More

NevSun Resources ($NSU): Arguably the best base metals miner in the world.

Tobias CarlisleStudy Comments

Nevsun Resources (USA) has taken a beating recently, down 17 percent from its June high of $4.26. It remains the cheapest stock in the All Investable universe. Chief Development Officer Scott Trebilcock gives a presentation on behalf of Nevsun Resources at the Metals Investor Forum in Vancouver BC. In the introduction, MC Eric Coffin introduces the firm as “one of … Read More

S&P500 enterprise multiple 1990 to date

Tobias CarlisleStudy Comments

I like to check in occasionally to see where the S&P500’s average enterprise multiple stands. Right now it’s trading on just over 12x, where it’s been since the start of the year. It’s rarely been this expensive. Indeed, the average for the full period is 10.4, and it’s only exceeded this level in the late 1990s and briefly in the early-2000s. The … Read More

CNBC’s 9 stocks could be takeover targets

Tobias CarlisleStudy Comments

CNBC recently screened for small- and mid-cap companies that could attract takeover offers on the basis of valuation. CNBC examined free cash flow yield, enterprise multiple, and total debt as a percentage of equity to find the following nine names emerged: Symbol Company Industry EV/EBITDA FCF Yield Debt % NPK National Presto Industries, Inc. Industrials 5.1 15.4 0.0 ANF Abercrombie & … Read More