Graham-Dodd Stock Screener

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

Margin of safety ≥ %

 
2016 backtesting*:  +39.2%

*average 2016 performance of 394 stocks that at the beginning of 2016 had the parameters you selected.

Only on this site!

Use value-price divergence and intrinsic value to find stocks that are expected to outperform the market by a wide margin. There is instant backtesting on 2016 results.

STOCK SCREENER

STOCK SCREENING RESULTS
Stocks Listed in the USA

Ticker Company name Equity
$ mln
Goodwill
$ mln
Net
Income
$ mln
Divid.
$ mln
No. of
shares
mln
Stock
price
$
Intrinsic
value
$
Mrgn of
safety
%
X-FIN
Intrinsic
value
Potential
%
Rating
ABAC Aoxin Tianli Group 84 -2 0 8 1.67 9.38 462 premium content
ABIL Ability 18 15 15 25 0.80 6.85 757 premium content
ABR Arbor Realty Trust 587 27 50 39 52 8.63 19.44 125 premium content
ACY AeroCentury 43 1 0 2 9.76 30.65 214 premium content
ADPT Adeptus Health 92 61 13 0 22 1.41 4.32 206 premium content
AEG Aegon ADR 26081 310 618 323 2031 5.15 15.00 191 premium content
AEY ADDvantage Technologies G 42 4 0 0 10 1.80 3.76 109 premium content
AGM-A Federal Agricultural Mort 643 77 24 10 54.46 109.79 102 premium content
AGO Assured Guaranty 6504 881 69 124 38.13 90.59 138 premium content
ALN American Lorain 194 3 4 0 38 0.55 5.51 902 premium content
AOI Alliance One Internationa 271 16 66 0 9 13.75 62.83 357 premium content
APTS Preferred Apartment Commu 884 -10 57 27 14.15 41.62 194 premium content
APWC Asia Pacific Wire&Cable 135 -8 0 15 3.05 6.50 113 premium content
ASFI Asta Funding 183 3 8 0 12 8.40 18.41 119 premium content
ATW Atwood Oceanics 3230 265 22 81 7.83 57.73 637 premium content
AVH Avianca Holdings ADR 1401 17 32 43 7.28 38.56 430 premium content
AVHI AV Homes 451 19 147 0 22 17.55 52.16 197 premium content
AWX Avalon Holdings 39 -1 0 4 2.40 8.78 266 premium content
BAA Banro 420 -74 5 290 0.12 0.26 115 premium content
BCRH Blue Capital Reinsurance 183 14 19 9 18.90 40.05 112 premium content
BNSO Bonso Electronics Interna 15 3 0 5 2.56 5.87 129 premium content
BORN China New Borun ADR 270 9 0 26 1.18 11.95 912 premium content
BRS Bristow Group 1499 30 -72 38 36 13.37 36.45 173 premium content
BRT BRT Apartments 151 31 0 14 8.07 21.76 170 premium content
CAAS China Automotive Systems 299 1 27 0 31 4.77 14.12 196 premium content
CBR Ciber 319 257 3 0 91 0.31 0.85 173 premium content
CETC Hongli Clean Energy Techn 131 -3 0 2 4.01 52.18 1201 premium content
CGA China Green Agriculture 370 8 25 0 39 1.26 12.54 895 premium content
CGI Celadon Group 381 56 25 2 29 3.95 16.13 308 premium content
CIG Companhia Energetica de M 4105 780 252 1359 2.73 6.82 150 premium content
CIM Chimera Investment 3124 552 454 188 20.36 43.42 113 premium content
CLD Cloud Peak Energy 952 2 22 0 75 3.37 14.09 318 premium content
CLNT Cleantech Solutions Inter 80 -13 0 1 3.84 12.32 221 premium content
CMO Capstead Mortgage 1248 83 110 97 11.14 22.87 105 premium content
CMRE Costamare 1074 82 75 92 6.74 20.31 201 premium content
CNTF China TechFaith Wireless 268 -13 0 10 2.46 19.66 699 premium content
CPLP Capital Product Partners 928 52 68 135 3.49 11.34 225 premium content
CPSS Consumer Portfolio Servic 186 29 0 23 4.87 14.14 190 premium content
CREG China Recycling Energy 213 18 0 9 1.58 34.85 2106 premium content
CXDC China XD Plastics 732 102 0 50 4.85 25.08 417 premium content
CZZ Cosan Cl A 1983 226 110 455 274 7.69 16.72 117 premium content
DDE Dover Downs Gaming&Entert 116 1 0 33 1.03 3.65 254 premium content
DEST Destination Maternity 93 -4 11 14 3.42 9.13 167 premium content
DHT DHT Holdings 685 9 66 93 4.79 11.34 137 premium content
DQ Daqo New Energy ADR 270 43 0 10 18.61 46.86 152 premium content
DS Drive Shack 218 77 38 67 4.08 11.78 189 premium content
DX Dynex Capital 467 43 52 49 6.92 19.10 176 premium content
EARN Ellington Residential Mor 142 12 16 9 15.10 30.61 103 premium content
ELP Companhia Paranaense de E 4700 303 117 251 9.17 27.07 195 premium content
ELTK Eltek 10 1 0 11 0.65 1.40 115 premium content
EQR Equity Residential 10229 4292 4774 367 64.58 151.29 134 premium content
ESV ENSCO 8251 890 12 306 7.89 41.68 428 premium content
GAIA Gaia Cl A 98 11 87 0 15 10.95 34.62 216 premium content
GASS StealthGas 583 3 0 41 3.42 14.54 325 premium content
GLBR Global Brokerage Cl A -73 23 71 1 7 2.10 40.59 1833 premium content
GNRT Gener8 Maritime 1437 0 67 0 82 5.37 21.55 301 premium content
GNW Genworth Financial Cl A 14393 867 560 0 500 4.04 32.65 708 premium content
GRAM Grana y Montero ADR 805 56 27 32 141 3.37 7.38 119 premium content
GTS Triple-S Management Cl B 863 25 17 0 25 18.10 37.62 108 premium content
GURE Gulf Resources Inc 349 28 36 0 47 1.83 10.59 478 premium content
HCHC HC2 Holdings 54 3 112 121 43 5.84 28.43 387 premium content
HGSH China HGS Real Estate 155 5 0 44 1.71 4.05 137 premium content
HMY Harmony Gold Mining ADR 2126 64 72 0 461 2.18 5.25 141 premium content
HOS Hornbeck Offshore Service 1403 -64 0 37 3.41 29.16 755 premium content
HT Hersha Hospitality Trust 835 117 65 42 18.44 41.44 125 premium content
IKGH Iao Kun Group Holding 218 0 5 2 75 0.23 3.38 1370 premium content
INSW International Seaways 1384 173 0 29 19.33 77.50 301 premium content
IVR Invesco Mortgage Capital 2242 254 204 112 16.31 40.40 148 premium content
JASO JA Solar Holdings ADR 842 90 0 49 7.01 26.31 275 premium content
JRJC China Finance Online ADR 88 7 22 0 24 2.59 7.96 207 premium content
KEP Korea Electric Power ADR 61892 2 6082 1816 1289 19.81 78.62 297 premium content
KGJI Kingold Jewelry 266 22 0 63 1.74 5.95 242 premium content
LIVE Live Ventures 24 0 18 0 2 15.51 55.07 255 premium content
LPG Dorian LPG 986 130 0 56 9.09 29.45 224 premium content
LXU LSB Industries 638 112 8 29 11.02 42.79 288 premium content
MEP Midcoast Energy Partners 1471 -100 0 47 7.95 20.78 161 premium content
MITT AG Mortgage Investment Tr 656 64 67 28 18.95 47.22 149 premium content
MMAC MMA Capital Management 125 42 0 6 23.30 56.21 141 premium content
MN Manning&Napier 163 5 9 10 15 5.80 17.18 196 premium content
NAP Navios Maritime Midstream 273 25 35 20 12.06 28.55 137 premium content
NAT Nordic American Tankers 908 19 33 126 90 8.30 18.81 127 premium content
NFEC NF Energy Saving 30 -1 0 6 1.11 3.99 259 premium content
NLY Annaly Capital Management 12568 72 1434 1221 1019 11.81 25.29 114 premium content
NNA Navios Maritime Acquisiti 547 2 90 40 149 1.69 8.03 375 premium content
NTL Nortel Inversora ADR 691 140 92 3 27.40 606.49 2113 premium content
NYMT New York Mortgage Trust 848 25 68 118 111 6.41 15.72 145 premium content
OAKS Five Oaks Investment 142 -8 33 18 5.37 15.13 182 premium content
ONP Orient Paper 173 7 0 21 0.95 9.83 934 premium content
OSN Ossen Innovation ADR 93 6 0 19 2.13 6.49 205 premium content
PACD Pacific Drilling 2666 -37 0 21 1.70 118.70 6882 premium content
PDLI PDL BioPharma 751 64 17 174 2.25 6.64 195 premium content
PFIN P&F Industries Cl A 44 10 4 0 4 6.86 14.92 117 premium content
PHII PHI 600 -27 0 15 11.63 30.73 164 premium content
PHIIK PHI Non-Voting 600 -27 0 15 11.73 30.58 161 premium content
PKX POSCO ADR 36565 1187 1176 612 354 59.02 125.21 112 premium content
QCP Quality Care Properties 5087 113 0 94 17.35 59.89 245 premium content
RAIL FreightCar America 257 12 4 12 13.06 28.17 116 premium content
RAS RAIT Financial Trust 454 25 58 99 3.07 8.75 185 premium content
RCM R1 RCM 159 177 0 106 3.89 9.85 153 premium content
RDC Rowan Cos. 5114 321 0 127 14.07 52.87 276 premium content
RFP Resolute Forest Products 1693 81 -81 0 91 6.25 13.31 113 premium content
RIG Transocean 15802 778 0 394 11.03 49.93 353 premium content
RSO Resource Capital 704 -30 77 31 9.35 29.94 220 premium content
SCKT Socket Mobile 16 4 12 0 6 4.38 12.15 177 premium content
SDLP Seadrill Partners 1193 3 281 107 94 3.06 33.14 983 premium content
SDR SandRidge Mississippian T 122 16 16 50 1.50 5.69 280 premium content
SDRL SeaDrill 9565 -137 0 507 0.69 17.51 2438 premium content
SDT SandRidge Mississippian T 33 15 15 28 1.60 6.63 314 premium content
SFL Ship Finance Internationa 1134 146 168 93 14.05 29.01 107 premium content
SGMA Sigmatron International 60 3 2 0 4 5.41 15.91 194 premium content
SGOC SGOCO Group 78 -2 0 10 1.95 7.13 265 premium content
SLD Sutherland Asset Manageme 513 49 47 30 14.60 32.95 126 premium content
SLM SLM 5637 394 1418 284 421 12.54 32.63 160 premium content
SMRT Stein Mart 76 24 239 48 2.47 29.09 1078 premium content
SORL SORL Auto Parts 200 13 0 23 4.20 11.59 176 premium content
SPU SkyPeople Fruit Juice 178 3 0 4 3.00 48.73 1524 premium content
SSI Stage Stores 430 4 19 28 2.88 19.44 575 premium content
SSW Seaspan 1747 75 -139 203 110 7.04 18.11 157 premium content
STLY Stanley Furniture 20 -5 21 14 1.14 6.93 508 premium content
STNG Scorpio Tankers 1315 -25 87 169 4.40 9.60 118 premium content
STV China Digital TV Holding 123 1 45 0 59 1.73 5.86 239 premium content
SXCP SunCoke Energy Partners 739 74 119 120 46 16.30 40.11 146 premium content
SYNT Syntel -183 1 -57 1262 84 17.61 69.72 296 premium content
TAC Transalta 2599 343 125 82 289 5.10 11.39 123 premium content
TANH Tantech Holdings 70 8 0 23 1.62 4.72 191 premium content
TDW Tidewater 2300 -160 35 53 0.88 31.56 3487 premium content
TGP Teekay LNG Partners 1739 36 140 45 79 16.70 33.42 100 premium content
TIPT Tiptree Cl A 293 25 3 28 7.05 15.21 116 premium content
TNK Teekay Tankers 921 8 63 47 153 2.05 9.56 366 premium content
TNP Tsakos Energy Navigation 1403 158 33 84 4.59 28.16 513 premium content
TOO Teekay Offshore Partners 1356 129 33 79 151 5.31 11.80 122 premium content
TOPS TOP Ships 47 1 0 16 0.29 3.30 1038 premium content
TRIB Trinity Biotech ADR 214 22 5 24 5.69 14.59 156 premium content
TWMC Trans World Entertainment 175 3 0 35 1.90 5.42 185 premium content
VC Visteon 586 45 75 1736 33 102.95 292.81 184 premium content
VOXX VOXX International 387 104 -3 0 3 6.50 102.88 1483 premium content
VSR Versar 39 16 1 0 10 1.36 2.83 108 premium content
WBT Welbilt -44 845 80 1362 102 20.50 62.04 203 premium content
XELB Xcel Brands 106 12 3 0 18 2.35 5.94 153 premium content
XIN Xinyuan Real Estate ADR 901 73 15 64 4.66 20.87 348 premium content
YECO Yulong Eco-Materials 47 9 0 12 0.60 7.67 1178 premium content
ZX China Zenix Auto Internat 371 -4 0 49 1.62 7.14 341 premium content

The complete list of 142 stocks matching your screening parameters:

ABAC, ABIL, ABR, ACY, ADPT, AEG, AEY, AGM-A, AGO, ALN, AOI, APTS, APWC, ASFI, ATW, AVH, AVHI, AWX, BAA, BCRH, BNSO, BORN, BRS, BRT, CAAS, CBR, CETC, CGA, CGI, CIG, CIM, CLD, CLNT, CMO, CMRE, CNTF, CPLP, CPSS, CREG, CXDC, CZZ, DDE, DEST, DHT, DQ, DS, DX, EARN, ELP, ELTK, EQR, ESV, GAIA, GASS, GLBR, GNRT, GNW, GRAM, GTS, GURE, HCHC, HGSH, HMY, HOS, HT, IKGH, INSW, IVR, JASO, JRJC, KEP, KGJI, LIVE, LPG, LXU, MEP, MITT, MMAC, MN, NAP, NAT, NFEC, NLY, NNA, NTL, NYMT, OAKS, ONP, OSN, PACD, PDLI, PFIN, PHII, PHIIK, PKX, QCP, RAIL, RAS, RCM, RDC, RFP, RIG, RSO, SCKT, SDLP, SDR, SDRL, SDT, SFL, SGMA, SGOC, SLD, SLM, SMRT, SORL, SPU, SSI, SSW, STLY, STNG, STV, SXCP, SYNT, TAC, TANH, TDW, TGP, TIPT, TNK, TNP, TOO, TOPS, TRIB, TWMC, VC, VOXX, VSR, WBT, XELB, XIN, YECO, ZX

You may copy and paste this list into YOUR PORTFOLIO.


About 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):

  • Tangible book value (TBV), which serves as a proxy for assets' replacement costs or assets' fair value.
  • Value attributed to retained earnings, which are defined as the difference between Net Income (NI) and Dividends (Div). The value of this component is calculated as the value of a perpetual bond with the coupon equal to the company's average yearly retained earnings, and the required rate of return for retained earnings (RRRre) of 20%.
  • Value attributed to dividends. The value of this component is calculated as the value of a perpetual bond with the coupon equal to the company's average yearly dividend (Div) and the required rate of return for dividends (RRRd) of 10%.

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)

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