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Graham-Dodd Stock Screener

Security Analysis is arguably the most important book on value investing. You might be surprised, but there is no valuation methodology in the book. Benjamin Graham and David Dodd did not provide any indication that they used a formula or a specific algorithm for determining intrinsic value of common stocks.

The book, quite appropriately, is named "Security Analysis", not "Security Valuation". In the sections related to common-stock investment, it contains description of a general approach to selecting stocks. There is also a good treatise on how to adjust the income statement and balance sheet and what factors to look at in a comparison valuation. But you will be looking in vain for a well defined valuation process. Nonetheless, Security Analysis is a great book. It clearly distinguishes investing from speculation, and arms the investor with general guiding principles of investing.

The stock screener presented here is not the one used by the founders of the security analysis, but the one developed by us using the general approach to security valuation they employed. The stock screener compares intrinsic value of a stock with its current market price. The difference between them is called the margin of safety.

Following the spirit of Benjamin Graham and David Dodd's teachings, we assume that intrinsic value (V*) of a stock is composed of the following three components (on a per share basis):

Thus, using the Graham and Dodd's approach to security selection we came up with the following very simplified formula for valuation of common stocks:

           V* = TBV + ((NI – Div) / RRRre) + (Div / RRRd)

Intrinsic value =
           x (Book value - Goodwill)
           + (Net income-Dividends)/ %
           + (Dividends)/ %

Margin of safety ≥ %

 

STOCK SCREENING RESULTS
Stocks Listed in the USA

Ticker   Company name  Equity
$ mln
  Goodwill
$ mln
  NI
  3-yr av
$ mln
 Div
  3-yr av
$ mln
  No. of
  shares
mln
  Stock
  price
  $/share
  Intrinsic
 value
  $/share
  Mrgn of
  safety
%
AMRK  A-Mark Precious Meta  52  5 11 5 7 10.950 18.25 67
AHC  A. H. Belo Series A  125  25 37 19 19 6.150 19.6 219
AE  Adams Resources&Ener  158  0 19 3 4 39.710 63.51 60
ADT  ADT Corp.  3122  3476 397 37 10 37.810 181.78 381
AEG  Aegon NV ADS  29700  231 1169 283 2090 7.940 17.57 121
ARLP  Alliance Resource Pa  1038  0 409 288 74 30.680 60.97 99
ALTV  Alteva  40  9 6 3 6 7.750 12.79 65
AMOV  America Movil Cl A A  15747  0 4631 1054 681 20.300 64.88 220
AMIC  American Independenc  92  0 6 0 8 9.860 15.1 53
AIG  American Internation  106898  0 6684 335 1370 59.880 103.64 73
ALN  American Lorain  197  10 14 0 35 1.440 7.36 411
ANAT  American National In  4432  0 235 83 27 99.020 224.03 126
ARL  American Realty Inve  124  0 22 2 14 5.070 17.39 243
AREX  Approach Resources  774  0 45 0 41 7.250 24.62 240
ABR  Arbor Realty Trust  535  0 45 22 51 7.000 17.08 144
ARES  Ares Management  1345  86 285 110 81 19.700 40.09 104
AGII  Argo Group Internati  1647  152 126 15 26 53.280 86.11 62
APWC  Asia Pacific Wire&Ca  157  0 4 3 14 2.430 13.91 472
AHL  Aspen Insurance Hold  3419  0 322 83 62 46.840 87.47 87
AIZ  Assurant  5181  841 481 74 69 66.300 102.67 55
ATW  Atwood Oceanics  2608  0 321 0 65 33.560 65.18 94
AXS  Axis Capital Holding  5821  47 695 158 101 55.490 99.55 79
BIDU  Baidu ADS  8225  2781 1812 0 28 203.800 525.32 158
BWINA  Baldwin&Lyons Cl A  400  0 33 15 3 24.400 244.27 901
BWINB  Baldwin&Lyons Cl B  400  0 33 15 12 22.940 51.61 125
BBX  BBX Capital Cl A  310  7 96 0 16 16.210 49 202
BELFA  Bel Fuse Cl A  220  118 9 3 2 22.100 74.65 238
BBL  BHP Billiton ADS  79845  4034 13509 6144 2110 43.730 82.5 89
BH  Biglari Holdings  726  40 94 0 2 353.500 558.45 58
BTH  BLYTH  134  2 44 2 16 7.260 22.51 210
BWP  Boardwalk Pipeline P  4102  237 265 371 243 16.850 28.97 72
TEU  Box Ships  257  0 10 13 31 0.910 11.95 1213
BBEP  BreitBurn Energy Par  3759  92 112 198 211 5.760 24.73 329
BPI  Bridgepoint Educatio  366  3 59 0 45 9.110 14.48 59
BAM  Brookfield Asset Man  23702  1406 2203 517 631 35.910 56.87 58
BPY  Brookfield Property  6591  78 994 0 256 23.140 44.91 94
CAP  CAI International  442  0 62 0 21 22.230 36.17 63
CLMS  Calamos Asset Manage  205  6 17 9 18 12.110 18.36 52
CUK  Carnival ADS  23350  3127 1204 906 184 48.930 167.24 242
CEL  Cellcom Israel  265  205 96 39 101 4.050 7.31 80
CENT  Central Garden&Pet  475  208 9 0 12 10.030 25.53 155
CVX  Chevron  155028  4593 22281 7415 1880 104.890 159 52
CAAS  China Automotive Sys  289  1 27 1 32 7.820 13.33 70
CGA  China Green Agricult  347  5 38 0 35 2.160 15.32 609
CNR  China Metro-Rural Ho  166  0 9 0 74 0.960 2.87 199
CXDC  China XD Plastics  623  0 114 0 49 6.030 24.27 302
ZX  China Zenix Auto Int  416  0 56 1 206 1.230 3.4 176
CLNT  Cleantech Solutions  97  0 5 0 4 3.090 30.96 902
CLD  Cloud Peak Energy  1088  36 102 0 61 6.160 25.59 315
CNA  CNA Financial  12794  152 752 306 270 38.900 66.41 71
CCOI  Cogent Communication  163  0 20 15 6 31.990 57.88 81
CMCSK  Comcast Cl A Special  52711  27316 7133 1942 400 57.630 176.71 207
SBS  Companhia de Saneame  4016  0 477 156 684 5.890 10.51 78
ELP  Companhia Paranaense  4039  0 295 123 128 10.870 47.79 340
CIX  CompX International  111  24 17 4 2 11.500 80 596
CCUR  Concurrent Computer  39  0 7 4 9 6.480 9.95 54
CTCM  CTC Media  410  54 118 87 156 3.480 8.85 154
DHRM  Dehaier Medical Syst  41  0 2 0 6 2.790 8.72 213
DNR  Denbury Resources  5704  1284 523 29 357 7.440 20.13 171
DLB  Dolby Laboratories C  1783  278 220 136 51 39.830 63.94 61
DGICA  Donegal Group Cl A  426  6 21 13 21 14.540 27.51 89
DGICB  Donegal Group Cl B  426  6 21 13 6 20.150 105.73 425
DVD  Dover Motorsports  48  0 3 2 19 2.310 3.94 71
SATS  EchoStar  3533  511 122 0 44 49.900 82.47 65
EDGW  Edgewater Technology  75  12 13 0 11 7.320 11.16 52
EMMS  Emmis Communications  46  13 38 5 39 1.360 6.36 368
ERS  Empire Resources  49  0 3 2 9 4.000 8.46 112
EIG  Employers Holdings  710  36 91 8 32 23.490 36.67 56
ENBL  Enable Midstream Par  8792  1068 820 237 214 16.780 60.67 262
ENH  Endurance Specialty  3185  91 274 89 45 61.730 109.65 78
EXXI  Energy XXI  1524  329 186 34 94 3.460 24.31 603
EPE  EP Energy  4348  0 368 0 249 12.750 24.87 95
EVK  Ever-Glory Internati  73  0 13 0 15 5.500 9.34 70
FBRC  FBR  235  0 47 0 8 20.900 62.01 197
FGL  Fidelity&Guaranty Li  1665  0 285 63 59 22.090 58.01 163
FLY  Fly Leasing  759  0 54 31 41 15.590 28.58 83
FOR  Forestar Group  707  63 20 0 34 13.720 22.13 61
FF  FutureFuel  359  0 54 39 44 11.680 18.85 61
WILC  G. Willi-Food Intern  93  0 6 0 13 5.500 9.38 71
GBL  GAMCO Investors Cl A  525  4 101 36 7 69.390 182.18 163
GENC  Gencor Industries  113  0 5 0 8 9.910 17.23 74
GNW  Genworth Financial C  15515  867 308 0 153 7.930 105.73 1233
GGB  Gerdau ADS  9720  3790 444 141 1130 2.990 7.84 162
GBLI  Global Indemnity  908  5 53 0 13 27.520 87.23 217
GLPW  Global Power Equipme  281  107 14 6 17 7.500 15.96 113
GSL  Global Ship Lease Cl  438  0 24 0 48 5.420 11.74 117
GSOL  Global Sources  172  11 28 0 30 5.590 10.06 80
GIFI  Gulf Island Fabricat  286  0 6 6 15 13.020 23.47 80
GLF  Gulfmark Offshore Cl  923  25 51 26 26 14.400 50.04 248
HCOM  Hawaiian Telcom Hold  305  12 43 0 11 25.130 47.21 88
HES  Hess Corp.  22205  1858 3131 236 286 69.020 130.08 88
HOS  Hornbeck Offshore Se  1371  0 79 0 36 22.930 49.66 117
Hyatt Hotels  4627  133 213 0 38 58.590 147.53 152
KANG  iKang Healthcare Gro  293  41 15 0 5 17.560 66.6 279
IHC  Independence Holding  291  50 17 1 17 11.330 19.09 68
ISCA  International Speedw  1362  119 56 10 26 37.470 59.92 60
IIJI  Internet Initiative  496  49 37 6 46 8.620 14.41 67
IRDM  Iridium Communicatio  1232  87 68 7 95 10.410 16.08 54
JGW  J.G. Wentworth Cl A  119  85 47 153 14 9.530 72.56 661
JST  Jinpan International  218  14 18 2 16 4.720 18.51 292
KCLI  Kansas City Life Ins  743  0 34 13 11 44.200 90.72 105
KBH  KB Home  1605  0 300 9 92 14.950 34.26 129
KELYA  Kelly Services Cl A  834  90 44 8 34 16.770 29.3 75
KGJI  Kingold Jewelry  258  0 36 2 66 0.960 6.79 607
LADR  Ladder Capital Cl A  785  0 133 57 51 17.990 33.74 88
LPL  LG Display ADS  10150  0 463 0 61 14.050 203.34 1347
QVCB  Liberty Interactive  4280  0 475 0 29 28.900 230.44 697
LULU  lululemon athletica  1090  24 263 0 10 61.160 242.22 296
MDC  M.D.C. Holdings  1228  6 147 49 49 28.380 45.08 59
MHO  M/I Homes  554  0 72 3 25 23.670 37.89 60
MPET  Magellan Petroleum  54  1 8 0 46 0.410 2.04 398
CALL  magicJack VocalTec  49  32 43 0 18 8.100 12.98 60
MGA  Magna International  8659  1350 1625 284 34 57.810 494.83 756
MHLD  Maiden Holdings  1241  58 85 41 73 13.860 24.74 78
MRO  Marathon Oil  21020  459 2127 510 675 28.090 50 78
MDU  MDU Resources Group  3134  635 192 132 49 20.900 84.32 303
MFA  MFA Financial  3203  7 308 423 370 7.930 18.5 133
MEP  Midcoast Energy Part  1868  227 84 0 23 12.770 91.15 614
MMAC  MMA Capital Manageme  91  0 49 0 7 10.730 47.06 339
MON  Monsanto  7659  4319 2422 783 58 120.290 333.25 177
MRH  Montpelier Re Holdin  1648  0 219 39 44 38.580 67.08 74
MOV  Movado Group  482  0 53 18 17 28.140 47.91 70
MUR  Murphy Oil  8573  0 1000 395 161 43.440 96.69 123
NHLD  National Holdings  45  7 6 0 12 3.480 5.46 57
NWLI  National Western Lif  1556  0 98 1 3 239.450 596.22 149
NNI  Nelnet Cl A  1725  126 263 35 35 42.510 88.87 109
NSU  Nevsun Resources  677  0 84 26 200 4.060 6.15 51
NTT  Nippon Telegraph&Tel  70931  8985 4341 1481 786 35.980 115.88 222
NSAT  Norsat International  29  5 4 0 6 4.690 7.55 61
NSYS  Nortech Systems  23  0 1 0 3 4.440 10.22 130
NOG  Northern Oil&Gas  771  0 96 0 61 7.080 20.48 189
DCM  NTT DoCoMo ADS  44897  2170 3913 1965 337 18.460 213.88 1059
ORIG  Ocean Rig UDW  3166  0 64 25 132 8.680 27.29 214
OCIR  OCI Resources  148  0 35 19 10 23.890 42.65 79
OGE  OGE Energy  3244  0 380 168 45 31.600 134.14 324
ONP  Orient Paper  175  0 13 0 20 1.580 11.81 647
OSN  Ossen Innovation ADS  90  0 6 0 20 0.670 6.03 800
ORM  Owens Realty Mortgag  185  0 5 2 11 13.300 20.43 54
PACD  Pacific Drilling  2579  0 83 0 216 4.200 13.88 230
PKD  Parker Drilling  662  0 29 0 122 3.600 6.61 84
PTNR  Partner Communicatio  256  100 64 14 156 2.240 3.5 56
PRE  PartnerRe  7049  456 951 203 47 133.030 260.77 96
PERI  Perion Network  246  164 121 22 69 3.400 11.52 239
PBR  Petroleo Brasileiro  105587  283 11667 3411 7440 9.150 24.29 165
PHII  PHI  597  0 37 0 3 34.350 268.73 682
PHIIK  PHI Non-Voting  597  0 37 0 13 33.250 62.16 87
PME  Pingtan Marine Enter  149  0 98 0 79 1.730 8.08 367
PKX  POSCO ADS  36926  1435 2216 643 80 56.540 624.04 1004
PLPC  Preformed Line Produ  243  18 21 4 5 40.020 64.81 62
QEP  QEP Resources Inc.  4075  0 357 14 177 19.840 33.56 69
RELV  Reliv International  17  0 1 0 13 1.120 1.72 54
RNR  RenaissanceRe Holdin  3866  6 608 77 46 103.990 158.27 52
RJET  Republic Airways Hol  621  0 47 0 50 10.620 17.07 61
RNO  Rhino Resource Partn  321  0 33 31 17 1.930 38.38 1889
RIO  Rio Tinto ADS  62861  15316 7595 1521 55 44.880 1707.46 3705
ROSE  Rosetta Resources  1669  0 224 0 75 23.470 37.17 58
RUSHB  Rush Enterprises Cl  785  265 64 0 10 24.740 83.25 236
SDRL  SeaDrill  9764  604 2580 1542 493 13.320 60.41 354
SSW  Seaspan  1745  75 184 94 97 20.040 31.66 58
SNFCA  Security National Fi  97  3 11 0 12 6.200 11.96 93
SENEA  Seneca Foods Cl A  392  0 22 0 9 28.560 57.57 102
SCOK  SinoCoking&Coke Chem  135  0 5 0 24 2.140 6.68 212
SPU  SkyPeople Fruit Juic  181  0 13 0 27 1.360 9.23 579
SKBI  Skystar Bio-Pharmace  123  0 10 0 9 3.140 19.89 533
SORL  SORL Auto Parts  199  0 12 0 19 3.640 13.42 269
SJI  South Jersey Industr  932  0 90 58 34 26.370 48.89 85
STRZB  Starz Series B  49  132 257 0 10 41.000 121.78 197
GASS  StealthGas  599  0 20 0 32 6.570 21.76 231
SUTR  Sutor Technology Gro  241  0 12 0 42 0.530 7.21 1260
SYA  Symetra Financial  3551  0 227 93 116 24.510 44.36 81
SYT  Syngenta ADS  8889  1660 1703 915 92 89.520 221.46 147
TMHC  Taylor Morrison Home  478  23 182 0 33 19.990 41.28 107
VIV  Telefonica Brasil AD  13569  3087 1319 1054 742 14.570 30.12 107
TNH  Terra Nitrogen  375  0 478 442 19 133.070 268.92 102
TGH  Textainer Group Hold  1193  0 193 98 57 29.230 46.47 59
THTI  THT Heat Transfer Te  65  0 3 0 20 0.980 3.91 299
TDW  Tidewater  2503  284 126 50 47 27.630 66.09 139
TLYS  Tilly's  159  0 19 0 12 13.170 21.99 67
TCI  Transcontinental Rea  215  0 31 1 9 10.790 43 299
RIGP  Transocean Partners  1411  356 205 0 69 15.950 30.16 89
TPLM  Triangle Petroleum  545  0 51 0 75 5.250 10.63 102
TRCO  Tribune Media Cl A  4715  409 468 0 32 56.050 207.17 270
GTS  Triple-S Management  859  25 59 0 25 23.500 44.93 91
UNT  Unit  2332  63 115 0 50 34.550 56.43 63
UVV  Universal  1369  0 125 61 23 51.430 101.64 98
USAP  Universal Stainless&  204  20 5 0 7 18.130 29.48 63
UBP  Urstadt Biddle Prope  531  0 41 45 9 17.260 102.78 495
UBA  Urstadt Biddle Prope  531  0 41 45 27 20.490 36.16 76
VR  Validus Holdings  3588  196 474 196 86 42.870 77.98 82
VIA  Viacom Cl A  3352  11535 2256 550 51 67.300 115.53 72
VOYA  Voya Financial  16108  31 1125 5 242 46.040 89.82 95
VTTI  VTTI Energy Partners  297  131 200 8 20 26.310 59.94 128
WRES  Warren Resources  293  0 23 0 81 0.890 5.05 467
WLFC  Willis Lease Finance  217  0 8 1 8 18.450 31.45 70
ZA  Zuoan Fashion ADS  233  0 39 0 28 3.040 15.38 406

Complete list of the screened stocks:

AMRK, AHC, AE, ADT, AEG, ARLP, ALTV, AMOV, AMIC, AIG, ALN, ANAT, ARL, AREX, ABR, ARES, AGII, APWC, AHL, AIZ, ATW, AXS, BIDU, BWINA, BWINB, BBX, BELFA, BBL, BH, BTH, BWP, TEU, BBEP, BPI, BAM, BPY, CAP, CLMS, CUK, CEL, CENT, CVX, CAAS, CGA, CNR, CXDC, ZX, CLNT, CLD, CNA, CCOI, CMCSK, SBS, ELP, CIX, CCUR, CTCM, DHRM, DNR, DLB, DGICA, DGICB, DVD, SATS, EDGW, EMMS, ERS, EIG, ENBL, ENH, EXXI, EPE, EVK, FBRC, FGL, FLY, FOR, FF, WILC, GBL, GENC, GNW, GGB, GBLI, GLPW, GSL, GSOL, GIFI, GLF, HCOM, HES, HOS, H, KANG, IHC, ISCA, IIJI, IRDM, JGW, JST, KCLI, KBH, KELYA, KGJI, LADR, LPL, QVCB, LULU, MDC, MHO, MPET, CALL, MGA, MHLD, MRO, MDU, MFA, MEP, MMAC, MON, MRH, MOV, MUR, NHLD, NWLI, NNI, NSU, NTT, NSAT, NSYS, NOG, DCM, ORIG, OCIR, OGE, ONP, OSN, ORM, PACD, PKD, PTNR, PRE, PERI, PBR, PHII, PHIIK, PME, PKX, PLPC, QEP, RELV, RNR, RJET, RNO, RIO, ROSE, RUSHB, SDRL, SSW, SNFCA, SENEA, SCOK, SPU, SKBI, SORL, SJI, STRZB, GASS, SUTR, SYA, SYT, TMHC, VIV, TNH, TGH, THTI, TDW, TLYS, TCI, RIGP, TPLM, TRCO, GTS, UNT, UVV, USAP, UBP, UBA, VR, VIA, VOYA, VTTI, WRES, WLFC, ZA

Copy and paste this list in the test portfolio to see how the stocks performaned in the past three months.