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Fortune 40 Best Stocks to Retire on Full

Fortune 40 Best Stocks to Retire on Full

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Published by Jae Jun
http://www.oldschoolvalue.com

List of 40 stocks on custom spreadsheet containing commentary and fair value estimates using DCF and graham formula.
http://www.oldschoolvalue.com

List of 40 stocks on custom spreadsheet containing commentary and fair value estimates using DCF and graham formula.

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Categories:Business/Law, Finance
Published by: Jae Jun on Jul 16, 2009
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No.TickerCompany NameIndustryRemarksCurrentPriceDCF*GrahamValue
1
ABT
Abbott LaboratoriesAbbott Laboratories is engaged in the discovery, development, manufacture, and sale of arange of health care products. It operates through four business segments: PharmaceuticalProducts, Nutritional Products, Diagnostic Products, and Vascular Products. ThePharmaceutical Products segment
￿s products include a line of adult and pediatric
pharmaceuticals manufactured, marketed and sold worldwide. The Diagnostic Productssegment
￿s products include diagnostic systems and tests manufactured, marketed and sold
worldwide to blood banks, hospitals, commercial laboratories. The Nutritional Productssegment
￿s products include a line of pediatric and adult nutritional products manufactured,
Comment from my 2008 list
cash cow, increased profits and cash in 2008, greatCROIC, FCF and ROE$45.28$59.59$54.162
KO
Coca-Cola CoThe Coca-Cola Company is a manufacturer, distributor and marketer of nonalcoholicbeverage concentrates and syrups in the world. Finished beverage products bearing itstrademarks are sold in more than 200 countries. The Company markets nonalcoholicsparkling brands, which include Diet Coke, Fanta and Sprite. The Company manufacturesbeverage concentrates and syrups, which it sells to bottling and canning operations,fountain wholesalers and some fountain retailers, as well as finished beverages, which itsells primarily to distributors. The Company owns or licenses approximately 500 brands,including diet and light beverages, waters, enhanced waters, juices and juice drinks, teas,
Comment from my 2008 list
excellent cash flow, margins, CROIC, strong andconsistent all round$50.53$51.33$54.333
GIS
General Mills IncGeneral Mills, Inc. (General Mills) is a manufacturer and marketer of branded consumerfoods sold through retail stores. The Company is also a supplier of branded and unbrandedfood products to the foodservice and commercial baking industries. General Millsmanufactures its products in 15 countries and market them in more than 100 countries. Its joint ventures manufacture and market products in more than 130 countries and republicsworldwide. The Company
￿s businesses are organized into three operating segments: U.S.
Retail; International, and Bakeries and Foodservice. During the fiscal year ended May 31,2009 (fiscal 2009), Wal-Mart Stores, Inc. and its affiliates (Wal-Mart) accounted for 21 % of Boring company. Positive FCF. Converts approx 9cinto FCF for every $1 of sales. Stable margins andreturns.$59.73$65.66$66.984
JNJ
Johnson & JohnsonJohnson & Johnson is engaged in the research and development, manufacture and sale of arange of products in the healthcare field. Johnson & Johnson has more than 250 operatingcompanies. The Company operates in three segments. The Consumer segment includes arange of products used in the baby care, skin care, oral care, wound care and women
￿s
healthcare fields, as well as nutritional and over-the-counter pharmaceutical products. ThePharmaceutical segment includes products in the therapeutic areas, such as anti-infective,antipsychotic, cardiovascular, contraceptive, dermatology, gastrointestinal, hematology,immunology, neurology, oncology, pain management, urology and virology. The Medical
Comment from my 2008 list
increase in debt-equity, good margins, good FCF$58.96$70.16$98.375
PG
Procter & Gamble CoThe Procter & Gamble Company is focused on providing branded consumer goods. TheCompany
￿s products are sold in over 180 countries around the world primarily through
mass merchandisers, grocery stores, membership club stores, drug stores and in high-frequency stores, the neighborhood stores, which serve consumers in developing markets.During the fiscal year ended June 30, 2008 (fiscal 2008), one product category accounted for10% or more of consolidated net sales. The laundry category constituted approximately 16%of net sales during fiscal 2008. In fiscal 2008, the Company was organized into three GlobalBusiness Units: Beauty; Health and Well-Being, and Household Care. The Company had six
Comment from my 2008 list
good FCF, steady margins, super CROIC, decreasedebt, outstanding$54.65$68.75$102.496
WMI
Waste Management IncWaste Management, Inc. (WMI) is a provider of integrated waste services in North America.Through its subsidiaries the Company provides collection, transfer, recycling, disposal andwaste-to-energy services. WMI
￿s customers include commercial, industrial, municipal and
residential customers, other waste management companies, electric utilities andgovernmental entities. The Company operates in six operating groups, of which four areorganized by geographic area and two are organized by function. The geographic groupsinclude WMI
￿s Eastern, Midwest, Southern and Western Groups, and the two functional
groups are its Wheelabrator Group and WM Recycle America (WMRA) Group. The CompanyBuffett style. Boring and predictable, big moat,consistent FCF$27.71$38.33$67.237
MCD
McDonald's CorpMcDonald
￿s Corporation franchises and operates McDonald￿s restaurants in the food
service industry. These restaurants serve a varied, limited, value-priced menu in more than100 countries globally. The restaurants are operated either by the Company or byfranchisees, including franchisees under franchise arrangements, and foreign-affiliatedmarkets and developmental licensees under license agreements. During the year endedDecember 31, 2007, the Company sold its businesses in Brazil, Argentina, Mexico, PuertoRico, Venezuela and 13 other countries in Latin America and the Caribbean, which totaled1,571 restaurants, to a developmental licensee organization. The Company and itsGenerates cash, earnings with consistent and highreturns. Market leader, still growing consistently.$57.0868..75$105.438
FPL
FPL Group IncFPL Group, Inc. (FPL Group) is a provider of electricity-related services. The Company hastwo principal operating subsidiaries, Florida Power & Light Company (FPL) and NextEraEnergy Resources. FPL is a rate-regulated utility engaged primarily in the generation,transmission, distribution and sale of electric energy. NextEra Energy Resources is theCompany
￿s competitive energy subsidiary, which produces the majority of its electricity
from clean and renewable fuels. FPL Group Capital Inc. (FPL Group Capital), a wholly ownedsubsidiary of FPL Group, holds the capital stock of, or has equity interests in, FPL Group'soperating subsidiaries, other than FPL, and provides funding for those subsidiaries, includingInconsistent FCF due to very high capex. Increase indebt to equity. Margins slightly improving$57.41$55.48$116.169
ACN
Accenture LtdAccenture Limited (Accenture) is a management consulting, technology services andoutsourcing organization. The Company
￿s business is structured around five operating
groups, which together comprise 17 industry groups serving clients. The operating groups of the Company are Communications & High Tech, Financial Services, Products, Public Serviceand Resources.
Comment from my 2008 list
great FCF, CROIC, margins, returns$34.04$35.00$61.0910
CB
Chubb CorpThe Chubb Corporation (Chubb) is a holding company for a family of property and casualtyinsurance companies known as the Chubb Group of Insurance Companies (the P&C Group).The P&C Group is divided into three business units: Chubb Commercial Insurance, ChubbSpecialty Insurance and Chubb Personal Insurance. Chubb Commercial Insurance offers arange of commercial insurance products, including coverage for multiple peril, casualty,workers
￿ compensation, and property and marine. Chubb Specialty Insurance offers a
variety of specialized professional liability products for privately and publicly ownedcompanies, financial institutions, professional firms and healthcare organizations. Chubb
Comment from my 2008 list
Outside circle of competence$41.57NANA
http://www.oldschoolvalue.com
2009 Fortune 40 Best Stock to Retire On
 
11
CSCO
Cisco Systems IncCisco Systems, Inc.designs, manufactures and sells Internet protocol (IP)-based networkingand other products related to the communications and information technology (IT) industry,and provides services associated with these products and their use. The Company provides aline of products for transporting data, voice, and video within buildings, across campuses,and around the world. Its products are designed to transform how people connect,communicate and collaborate. Cisco Systems, Inc.
￿s products, which include primarily
routers, switches, and products that the Company refers to as its technologies, are installedat enterprises, public institutions, telecommunications companies, commercial businesses
Comment from my 2008 list
Super numbers all round$19.81$30.13$37.2112
MSFT
Microsoft CorpMicrosoft Corporation develops, manufactures, licenses and supports a range of softwareproducts for computing devices. The Company's software products include operatingsystems for servers, personal computers and intelligent devices, server applications fordistributed computing environments, information worker productivity applications, businesssolution applications, high-performance computing applications and software developmenttools and video games. It provides consulting and product support services, and trains andcertifies computer system integrators and developers. Microsoft Corporation sells the Xbox360 video game console and games, the Zune digital music and entertainment device, PC
Comment from my 2008 list
good margins, good profits$24.12$32.17$43.5013
WAG
Walgreen CoWalgreen Company (Walgreens) is principally a retail drugstore chain that sells prescriptionand non-prescription drugs, and general merchandise. General merchandise includes,among other things, beauty care, personal care, household items, candy, photofinishing,greeting cards, convenience foods and seasonal items. Customers can have prescriptionsfilled at the drugstore counter, as well as through the mail, by telephone and via theInternet. As of August 31, 2008, Walgreens operated 6,934 locations in 49 states, the Districtof Columbia, Guam and Puerto Rico. Total locations do not include 217 convenient careclinics operated by Take Care Health Systems, Inc. (formerly known as I-Trax, Inc.), a
Comment from my 2008 list
below average FCF growth in FCF but margins arerock solid$29.99$24.42$52.7414
GILD
Gilead Sciences IncGilead Sciences, Inc. (Gilead) is a biopharmaceutical company that discovers, develops, andcommercializes therapeutics in areas of unmet medical need. The Company has UnitedStates and international commercial sales operations, with marketing subsidiaries inAustralia, Austria, Canada, France, Germany, Greece, Ireland, Italy, New Zealand, Portugal,Spain, Switzerland, Turkey, United Kingdom, and United States. Its commercial teampromotes Truvada, Viread, Emtriva, Hepsera, AmBisome, Letairis, and Flolan through directfield contact with physicians, hospitals, clinics, and other healthcare providers. Gilead
￿s
corporate partner, Astellas Pharma, Inc. (Astellas), promotes and sells AmBisome in theGood margins and returns but inconsistent. FCF andearnings are also inconsistent$45.82$50.42$60.8515
MA
MasterCard IncMasterCard Incorporated (MasterCard) is a global payment solutions company that providesa variety of services in support of the credit, debit and related payment programs of over24,000 financial institutions and other entities that are its customers. Through its three-tiered business model as franchisor, processor and advisor, the Company develops andmarkets payment solutions, process payment transactions, and provides support services toits customers and, depending upon the service, to merchants and other clients. It manages afamily of payment card brands, including MasterCard, MasterCard Electronic, Maestro andCirrus, which it license to its customers. The Company conducts its business principallyOutside circle of competence$172.37NANA16
TMO
Thermo Fisher ScientificIncThermo Fisher Scientific Inc. (Thermo Fisher), incorporated in 1956, is engaged in servingscience. It provides analytical instruments, equipment, reagents and consumables, softwareand services for research, manufacturing, analysis, discovery and diagnostics. The Companyoperates through two segments: analytical technologies and laboratory products andservices. Analytical technologies segment includes pharmaceutical, biotechnology,academic, government and other research and industrial markets. Laboratory products andservices segment offers combination of products and services that allows its customers toengage in their core business functions of research, development, manufacturing, clinicalMarings, growth and return metrics are good. FCFgrowth has been very strong but wonder whether itcan be sustained. Increased margins in FY 2008.Sales becoming flat.$39.98$39.76$40.7517
BHI
Baker Hughes IncBaker Hughes Incorporated (Baker Hughes) is engaged in the oilfield services industry. TheCompany is a supplier of wellbore related products and technology services, includingproducts and services for drilling, formation evaluation, completion and production andreservoir technology and consulting to the worldwide oil and natural gas industry. TheCompany operates through two segments: the Drilling and Evaluation segment, and theCompletion and Production segment. In April 2008, the Company acquired two reservoirconsulting firms, Gaffney, Cline & Associates (GCA) and GeoMechanics International (GMI).Not a steady generator of FCF. Too many ups anddowns for a large cap, CROIC is paltry, greatearnings growth but can't convert it to cash$37.44$46.65$130.0018
BDX
Becton Dickinson & CoBecton, Dickinson and Company (BD) is a medical technology company engaged in themanufacture and sale of a range of medical supplies, devices, laboratory equipment anddiagnostic products used by healthcare institutions, life science researchers, clinicallaboratories, industry and the general public. The segments in which the Company operatesinclude BD Medical, BD Diagnostics and BD Biosciences. On May 12, 2008, the Companyacquired Cytopeia Inc.Has consistently produced plenty of FCF but FCFgrowth has been minimal, very good CROIC of 15%,steady growth in shareholders equity/book value,stable rising margins, debt to equity is consistentlydropping, sales has been increasing.$70.83$82.04$138.0019
BMY
Bristol-Myers Squibb CoBristol-Myers Squibb Company (BMS) is engaged in the discovery, development, licensing,manufacturing, marketing, distribution and sale of pharmaceutical and nutritional products.The Company had two segments: Pharmaceuticals and Nutritionals. The Pharmaceuticalssegment is made up of the global pharmaceutical and international consumer medicinesbusiness. The Nutritionals segment consists of Mead Johnson Nutritionals (Mead Johnson),primarily an infant formula and children
￿s nutritionals business. In June 2008, BMS acquired
Kosan Biosciences, Inc., a developer of oncology products. In August 2008, the Companycompleted the divestiture of its ConvaTec business to Cidron Healthcare Limited, an affiliateFCF is positive most of the time but inconsistent asin not able to raise it steadily with some big lossesin between, average return metrics, normalizedearnings is also low and inconsistent, margins andsales unstable. I wouldn't consider as a retirementstock.$19.86$17.11$29.9420
CSL
Carlisle Companies IncCarlisle Companies Incorporated (Carlisle) is a holding company for Carlisle Corporation, andits wholly owned subsidiaries. Carlisle is a diversified manufacturing company, whichmanufacture and distribute a range of products. On January 25, 2008, the Companyacquired 100% of the equity of Dinex International, Inc. (Dinex), a supplier of foodserviceproducts to the healthcare and other institutional industries. On April 28, 2008, theCompany acquired 100% of Carlyle Incorporated (Carlyle), a provider of aerospace andnetwork interconnection solutions.
Comment from my 2008 list
low FCF, CROIC , consistent margins,$24.05$35.27$70.00
 
21
NE
Noble CorpNoble Corporation (Noble) is an offshore drilling contractor for the oil and gas industry. TheCompany performs contract drilling services with its fleet of 63 mobile offshore drilling unitslocated worldwide. This fleet consists of 13 semisubmersibles, four dynamically positioneddrillships, 43 jackups and three submersibles. The fleet count includes five units underconstruction, including one F&G JU-2000E enhanced jackup, one dynamically positionedultra-deepwater, harsh environment Globetrotter-class drillship, and three deepwaterdynamically positioned semisubmersibles. The Company have secured customer contractsfor the one jackup and three semisubmersibles under construction.An offshore driller that is FCF positive is rare.Marings going up at rapid pace. Lots of investing togrowth. Debt reduced.$30.68$27.61$90.4022
RBC
REGAL-BELOIT CORPRegal Beloit Corporation is a global manufacturer of commercial and industrial electricmotors, heating, ventilation and air conditioning (HVAC) electric motors, electric generatorsand controls, and mechanical motion control products. The Company manufactures andmarkets electrical and mechanical products. Its electrical products include HVAC motors, aline of alternating current (AC) and direct current (DC) commercial and industrial electricmotors, electric generators and controls, capacitors, and electrical connecting devices. Itsmechanical products include gears and gearboxes, marine transmissions, high-performanceautomotive transmissions and ring and pinions, and manual valve actuators. On September
Comment from my 2008 list
average numbers and wild FCF, strong earningsgrowth and cash from ops growth$45.43$32.49$87.0023
VMI
Valmont Industries IncValmont Industries, Inc. is a global producer of fabricated metal products and a producer of metal and concrete pole and tower structures in the engineered support structures andutilities support structures businesses, and are a global producer of mechanized irrigationsystems in the irrigation business. The Company also provide metal coating services,including galvanizing, painting and anodizing in the coatings business. The pole and towerstructures support outdoor lighting and traffic control fixtures, electrical transmission linesand related power distribution equipment, wireless communications equipment andhighway signs. The mechanized irrigation equipment delivers water, chemical fertilizers andAverage level return metrics but top line has beengood. Bottom line margins increasing steadily.Management not effective in investing its cash,CROIC fluctuates wildly.$70.58NA$116.3424
GWW
WW Grainger IncW.W. Grainger, Inc. (Grainger) distributes facilities maintenance products, and providesservices and related information used by businesses and institutions primarily in the UnitedStates, Canada and Mexico to keep their facilities and equipment running. Grainger is thesupplier of facilities maintenance and other related products in North America. Itsoperations are managed in three segments: Grainger Branch-based, Acklands
￿ Grainger
Branch-based (Acklands
￿ Grainger), and Lab Safety Supply, Inc. (Lab Safety). Grainger
Branch-based is an aggregation of the Grainger Industrial Supply (Industrial Supply),Grainger, S.A. de C.V. (Mexico), Grainger Caribe Inc. (Puerto Rico), Grainger China LLCConsistently increasing margins. FCF has beenpositive but flat for past 6 years. CROIC is good at12%. Shareholders equity dropping over past 4years. Large increase in debt to equity.$82.99$63.22$180.1925
AAON
Aaon IncAAON, Inc. is engaged in the manufacturing and selling of air-conditioning and heatingequipment. The products of the Company consists of rooftop units, chillers, air-handlingunits, make-up air units, heat recovery units, condensing units, coils and boilers. TheCompany
￿s subsidiaries include AAON Coil Products, Inc., AAON Canada, Inc. and AAON
Properties, Inc.No FCF growth. CROIC is negative. Cant convertsales into FCF. Earnings and earnings growth isgood but can't take it to the bottom line.$20.29$13.00$42.8726
EXPO
Exponent IncExponent, Inc. (Exponent) is a science and engineering consulting firm that providessolutions to complex problems. As of January 2, 2009, the Company operated 21 practicesand centers, including Biomechanics, Buildings & Structures, Civil Engineering, ConstructionConsulting, Ecological & Biological Sciences, Electrical & Semiconductors, EngineeringManagement Consulting, Environmental & Earth Sciences, Health Sciences, Human Factors,Industrial Structures, Mechanical Engineering & Materials Science, Statistical & DataSciences, Technology Development, Thermal Sciences, Vehicle Analysis and VisualCommunications. Exponent
￿s service offerings are provided on a project-by-project basis.
Increasing margins. Great FCF growth and CROIC.Looks to be a good company at a fair value.$28.41$25.45$48.0627
LINC
Lincoln EducationalServices CorpLincoln Educational Services Corporation is a provider of career-oriented post-secondaryeducation. The Company offers high school graduates and working adults degree anddiploma programs in five areas of study: automotive technology, health sciences, skilledtrades, business and information technology, and hospitality services. During the year endedDecember 31, 2008, the Company
￿s automotive technology program, health science
program, skilled trades program, business and information technology program, andhospitality services program accounted for approximately 35%, 32%, 14%, 9%, and 10%,respectively, of its average enrollment. On December 1, 2008, the Company acquired theShort history. Too inconsistent. Top line growing
quickly but can’t preserve the cash. Growth startup
company.$19.33$10.89$24.9828
MMSI
Merit Medical SystemsIncMerit Medical Systems, Inc produces single-use medical products. The products aredesigned to enable physicians and other health care professionals to perform interventionaland diagnostic procedures safely and effectively. During the year ended December 31, 2008,the Company
￿s United States domestic sales force made approximately 41% of its sales
directly to United States hospitals and approximately 14% of sales through other channelssuch as United States customs packagers and distributors. Original equipmentmanufacturers (OEM), companies accounted for approximately 17% of its 2008, sales.Approximately 32% of its sales in 2008, were made in international markets (of which OEMAnother growth orientated company. Top linegrowth much faster than bottom line growth. FCFand CROIC unimpressive. Returns are average.$17.59$10.03$23.7429
NEOG
Neogen CorpNeogen Corporation (Neogen), together with its subsidiaries, develops, manufactures, andmarkets a line of products dedicated to food and animal safety. The Company operates intwo primary business areas: the food safety segment and the animal safety segment. TheCompany
￿s food safety segment consists primarily of diagnostic test kits and
complementary products marketed by sales personnel in the United States, Canada, theUnited Kingdom and other parts of Europe and by distributors elsewhere to food producersand processors to detect dangerous and/or unintended substances in human food andanimal feed, such as foodborne pathogens, spoilage organisms, natural toxins, foodPure growth company. FCF inconsistent but CROICis good.$29.82NA$27.2430
NTRI
NutriSystem IncNutriSystem, Inc. is a provider of a weight management system based on a portion-controlled, prepared meal program. The Company provides a weight management program,consisting primarily of a pre-packaged food program and counseling. The Company
￿s
customers purchase monthly food packages containing a 28-day supply of breakfasts,lunches, dinners and desserts, which they supplement with fresh dairy, fruit, salad,vegetables and low-glycemic carbohydrate items. Most of the Company
￿s customers order
on an auto-delivery basis (Auto-Delivery), in which it sends a month
￿s food supply on an
ongoing basis until notified by the customer to stop the shipments. The Company
￿s
NTRI growth has been huge in its short history butgrowth seems to have caught up with them evenbefore the drop in the markets.Sales, margins, returns, book value all declining.$14.94$19.01NA

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