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Discussion in 'Stock Market Nuts and Bolts' started by 12Percent, Dec 17, 2018.

  1. InsvestoBoy

    InsvestoBoy

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    Boy you sure can type a lot, way way past the topic at hand. Got nothing better to do?

    The OP is trying to get data so they can build a portfolio following the value factor in the ASX with EV/EBIT as the measure of the factor.

    The factor is the edge. The factor relies on the data. Someone has to compile the data. The question is not about the validity of the factor, if you care about that you can go and read all the research instead of typing essays here.

    The question is simply where can the data to replicate the strategy on the ASX be acquired.
     
    Cam019 likes this.
  2. luutzu

    luutzu

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    The thing about intelligent investing is that you spend most of your time just sitting around waiting.

    That and I sometime find it helpful to ask people why do they need a hammer for. If it's to drive a nail, sure, pay for a hammer. If it's the drive a screw, might be better to use a drill or a phillips head.

    How is that EV/EBIT factor an edge? An edge to cut your own wrist or to gain from investing?

    So EV is the enterprise value... i.e. it's the market cap plus the debt.

    Yet it's divided over an earnings where you assume there is no interest or tax being paid on the debt.

    Might as well use P/E 'cause it might actually show a truer picture.

    Take APA for example. Current market cap about $10.2B, long term debt about $9.3B.

    EV = $19.5B. EBIT = $936.96m. EV/EBIT = 20.8.

    Not too overpriced...

    P/E = 10 200 / 264.8 = 38.52

    Yah... good luck paying 38.5 times earnings for anything.
     
  3. InsvestoBoy

    InsvestoBoy

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    Go

    and

    read

    all

    of

    the

    research

    about

    the

    value

    factor

    instead

    of

    writing

    garbage.

    There is no textbook anywhere in the history of the world that defines EV as market cap plus debt.

    Garbage in, garbage out.

    Yeah, yeah, what kind of idiot would pay 38 P/E for anything....oh wait...

    https://www.quora.com/What-was-the-highest-P-E-that-Warren-Buffet-paid-for-a-stock

    You are hung up on this discussion as if it's about the merit of value factor. It's not. It's just about someone trying to get some information about how to build a portfolio on that factor in the ASX.
     
  4. luutzu

    luutzu

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    Big losses on the market lately or you're just being your typical azzhole self?

    Talk about grasping at straws.

    Mate, just because Buffett bought something at a price where divided by its earnings results in a high PE doesn't necessarily mean he buy high PE stocks.

    Ever thought that, I don't know, maybe the reported E at the time he bought them were not the "normal" earnings? Maybe he examine the company's assets for those businesses?

    But sure, higher 30s normalised PE is the way to do it :xyxthumbs
     
  5. Philosurfer

    Philosurfer

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    Have you had a look at Forwardcaster.com? They have a fundamentals-based backtesting engine and screener for the OZ and NZ markets.
     
  6. Philosurfer

    Philosurfer

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    The best way to find out whcih factor has the edge is to run a series of back-tests which split the market up into deciles.
     
  7. Stock Jock

    Stock Jock W.D. Gann Student

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    I've used FINVIZ to screen stocks and it gives some good results. It's free to use and there are some additional features that are provided with a paid subscription. You can filter your results by country, so it seems to have data from stock exchanges around the world.
     
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