07-17-2017: Argan, Inc. (AGX): Successful "EPC" Contractor

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Argan, Inc.

Argan, Inc. (AGX) is mainly involved in the construction of power plants for various utilities. It has made focused acquisitions in this area, and consists of four subsidiaries each maintaining their own identity. However, Gemma Power Systems is by far its oldest and largest holding and the major contributor to revenues (96% of recent revenues.)

The stock has an extremely-strong Zenith Index suggesting strong financial balance sheets and earnings growth. The stock pays a dividend of a little over 1%. It is a fairly recently-formed company listed on the NYSE in 2013. Prior to that, it was listed on the Boston and Amex exchanges.

News on this company consists almost exclusively of notices to proceed with various power plant related construction projects. The stock had a runnup, possibly on expectations that Republicans would pass an infrastructure bill, and now the stock is taking a bit of a beating as pessimism grows in regard to the Republicans being able to accomplish anything except repealing what others have accomplished.

Still, the stock appears to have a healthy backlog and may have been mis-associated with other large construction companies in the infrastructure failures. Standard & Poor's gives it its highest rating, and the stock chart appearance is the main drag on the company, not its actual fundamental business prospects.

Each of the four subsidiaries has its own website, but the main holding company website is a disappointment for us largely because there is no CEO Letter to Shareholders. Many American companies are abandoning this in favor of "conference calls." It shows lack of concern for shareholders and there are reported instances of significant insider selling. Also, funds are net sellers although Dimensional Fund Advisors (DFA) is among them and it is a net acquirer, which we regard as a positive sign because DFA often tracks our selection methods.

The stock could be basing for new highs to come, bucking the recent market trend of overall averages hitting new highs. However, a note of caution is that projected earnings are expected to be flat to slightly lower despite the announcement of increasing backlog.

In valuation, the stock may be suffering from being overlooked in comparison to some of its major competitors like Fluor Corporation for example, and thus be a better value stock in the powerplant construction industry.

We would look for infrastructure and powerplant construction to accelerate, especially in areas related to renewable energy, despite the drag placed upon environmental considerations by the highly-politicized and polarized Republican Party. We think recognition of this will propell AGX stock higher.

To understand the news on this particular company better one should be familiar with the term "EPC Contractor." "Engineering, Procurement, and Construction (EPC) is a particular form of contracting arrangement used in some industries where the EPC Contractor is made responsible for all the activities of design, procurement, construction, and commissioning and handover of the project to the End-User or Owner. AGX projects frequently fall into this category. 



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Argan, Inc. (AGX)                                         Exchange: NYSE
One Church Street
Suite 201                        Sector: Industrial Goods
Rockville, MD 20850              Industry:Heavy Construction

Argan, Inc., through its subsidiaries, provides engineering,
procurement, construction, commissioning, operations management,
maintenance, development, technical, and consulting services to the
power generation and renewable energy markets. The company-Ęs Power
Industry Services segment offers engineering, procurement, and
construction contracting services to the owners of alternative energy
facilities, such as biomass plants, wind farms, and solar fields; and
design, construction, start-up, and operation services for approximately
76 facilities with approximately 14,500 megawatts of power-generating
capacity. This segment serves independent power project owners, public
utilities, power plant equipment suppliers, and global energy plant
construction firms. Its Industrial Fabrication and Field Services
segment provides industrial steel fabrication and construction services
to light and heavy industrial organizations that comprise forest
products, mining, and large fertilizer companies in the southern United
States. The company-Ęs Telecommunications Infrastructure Services segment
offers outside plant cabling services, including trench-less directional
boring and excavation for underground communication and power networks,
as well as aerial cabling services; and installs buried cable, high and
low voltage electric lines, and private area outdoor lighting systems.
It also offers inside premises wiring services consisting of
structuring, cabling, terminations, and connectivity that provide the
physical transport for high speed data, voice, video, and security
networks. This segment serves state and local government agencies,
regional communications service providers, electric utilities, other
commercial customers, and federal government facilities, including
cleared facilities in the mid-Atlantic region. Argan, Inc. was founded
in 1961 and is headquartered in Rockville, Maryland.

Last Trade:  61.35                           52-Week Range:  76.70 -  45.41
Employees: 1,286                             Avg.Volume:     173,312 Shares

Corporate Governance:
P pillar scores are Audit: 2; Board: 8; Shareholder Rights: 4;
         (A lower number means less governance risk.)

EPS:  4.99    Dividend Amount: $ 0.70          Yield:  1.14%
             Ex-Dividend Date: Oct 14, 2016    Payout Ratio:  14.00

Key Statistics:

    Trailing P/E:  12.56              Forward P/E (est.):  16.69
                                           Target Price:  69.00

Qrtly Stock Price Growth (yoy):  32.94%               Beta:   1.14
Qrtly S&P Index   Growth (yoy):  76.80%        Short Ratio:   2.36%
    Qrtly Revenue Growth (yoy):  12.10%         Shares Out:  15520000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  20.30                    Debt/Equity:   0.00%
    Price/Book Value:   3.08        Operating Profit Margin:  15.94%
         Price/Sales:   1.25                  Profit Margin:  10.15%
         Market Cap:     971,533,000       Return on Equity:  30.39%
    Enterprise Value:               0      Return on Assets:  13.21%

    Operating Cash Flow:    256,280,000
         Free Cash Flow:    248,290,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             01/31/201    1/31/2016   1/31/2015

  Total Revenue                                675,047     413,275     383,110
  Cost of Revenue                              528,336     313,810     299,507
  Gross Profit                                 146,711      99,465      83,603

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative             32,478      25,060      19,470
  Non-Recurring Expenses                         1,979       1,979       1,979
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                       112,254      74,405      64,133

Income from Continuing Operations:
  Total Other Income/Expenses Net                2,278       1,101         234
  Earnings Before Interest & Taxes             114,532      75,506      64,367
  Interest Expense                                   0           0           0
  Income Before Taxes                          114,532      75,506      64,367
  Income Tax Expense                            37,106      25,302      20,912
  Minority Interest                                937       3,339     -10,520

Net Income from Continuing Op.s                 70,328      36,345      30,445

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                    70,328      36,345      30,445
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares               70,328      36,345      30,445



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         01/31/201      1/31/2016     1/31/2015

  Net Income                                70,328        36,345        30,445

Operating Activities:
  Depreciation                               3,206         1,310           794
  Adjustments to Net Income                  6,077         5,553         2,913
  Changes in Accounts Recv'bls               9,217       -12,194        -3,879
  Changes in Liabilities                   163,786       -75,154        49,545
  Changes in Investories                         0             0             0
  Changes in other Oper'g Acts                -668        -2,751           501

Total Cash Flow f Operations               259,044       -33,032        93,329

Investing Activities:
  Capital Exenditures                       -2,811        -3,118        -2,936
  Investments                             -241,000      -127,421          -614
  Other Cash Flows fr Investing                  0             0             0

Total Cash Flows from Investing           -243,811      -130,539        -3,550

Financing Activities:
  Dividends Paid                           -24,760       -10,378       -35,166
  Sale of Purchase of Stock                 15,901         1,818         5,389
  Net Borrowings                                 0             0             0
  Other Cash Flows fr Financing                  0             0             0

Total Cash Flows from Financing             -8,859        -8,646       -28,297

  Effect of Exchange Rate Chg                  -85          -565          -565

Change in Cash & Cash Equiv.                 6,289      -172,782        61,482



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          01/31/201      1/31/2016     1/31/2015
Current Assets:
  Cash & Cash Equivalents                   167,198       160,909       333,691
  Short Term Investments                    355,796       114,098             0
  Net Receivables                            58,028        68,263        29,571
  Inventory                                       0             0             0
  Other Current Assets                        6,927         7,342         1,092
  Total Current Assets                    1,299,541       236,514       364,354

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                   13,112        12,308         6,518
  Goodwill                                   34,913        37,405        18,476
  Intangible Assets                           8,181         9,344         1,845
  Accumulated Amortization                        0             0             0
  Other Assets                                   92           122             0
  Deferred LT Asset Charges                       0             0             0

Total Assets                                644,247       409,791       391,193

Current Liabilities:
  Accounts Payable                          350,724       187,712       215,432
  Current Portion LT Debt                         0             0             0
  Other Current Liabilities                       0             0             0
  Total Current Liabilities                 350,724       187,712        215,432

  Long Term Debt                            350,724       187,712       215,432
  Other Liabilities                               0             0             0
  Deferred LT Liab. Charges                       0             0             0
  Minority Interest                             937         3,339       -10,520
  Negative Goodwill                             937         3,339       -10,520

Total Liabilities                           351,885       191,051       205,721

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                2,319         2,226         2,195
  Retained Earnings                         154,649        99,581        73,614
  Treasury Stock                                  0             0             0
  Capital Surplus                           135,426       117,274       109,663
  Other Stockhohlder Equity                    -762          -565             0
  Total Stockholder Equity                  291,632       218,516       185,472

Net Tangible Assets                         248,538       171,767       165,151



Argan, Inc. (AGX)                           [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            2.2293          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    1.6777
Price/Sales Ratio < 2.3?   1.8400          Inventory/Sales < 5%?      1.0000
Sales < $1 Billion?        1.4814          Operating Margin < 7.5%?   0.4705

Balance Sheet Tests:
Debt/Equity < 0.40?        1.0000          Long-Term Debt Service:    3.0000
LTD Being Reduced?         0.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         1.8527          Working Capital >= 1.5?    0.4102
Leverage Ratio < 20%?      3.0000          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    1.0000
Share Equity Increase:     2.5128          Market Cap.< 1.5 Billion?  1.5440
                                           Intangibles < 3% Assets?   0.4485
Income Tests:
Profit Margin < 7.5%?      1.3533          EPS Annual Growth > 10%?   0.0517
Dividend Yield > 2.0%?     1.7544          EPS 3-yr Growth > 15?      0.0649
Enterprise Value/Revenue   1.4390          EPS Growth Consistent?     2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      1.4342
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          1.6318          % Held by Insiders < 5%?   0.3823
Beta > 1.25?               0.9120          % Held by Institut. < 50?  0.6150
50 Da MA > 200 Da MA?     -0.2885          % Held by Institut. > 30?  2.7100
52-Wk Change vs. S&P 500:  2.7223          Short Ratio > 5?           0.4720
Price/Book Value < 3?      0.9927          Short % of Float > 20?     0.1450
Return on Assets > 17%?    0.7771          Average Volume > 100,000?  1.7331

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.0322          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  3.0000
                                           Cash Flow / Assets > 10%?  3.0000

AGX    Argan, Inc.                         Overall Zenith Index:      1.5593


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Financial Statements

ARGAN INC  (AGX)                            INCOME STATEMENT

Fiscal year ends in January.                         2013-01         2014-01         2015-01         2016-01         2017-01             TTM           

Revenue                                          278,635,008     227,455,008     383,110,016     413,275,008     675,046,976     775,187,968
Cost of revenue                                  228,500,000     148,607,008     299,507,008     313,809,984     528,336,000     616,683,008
Gross profit                                      50,135,000      78,848,000      83,603,000      99,465,000     146,711,008     158,504,992


Operating expenses
Sales, General and administrative                 14,350,000      12,918,000      19,470,000      25,060,000      32,478,000      34,920,000
Other operating expenses                                   0               0               0               0       1,979,000       1,979,000
Total operating expenses                          14,350,000      12,918,000      19,470,000      25,060,000      34,457,000      36,899,000

Operating income                                  35,785,000      65,930,000      64,133,000      74,405,000     112,254,000     121,606,000
Other income (expense)                               -43,000       3,405,000         234,000       1,101,000       2,278,000       3,459,000
Income before taxes                               35,742,000      69,335,000      64,367,000      75,506,000     114,532,000     125,065,000
Provision for income taxes                        13,640,000      25,991,000      20,912,000      25,302,000      37,106,000      41,010,000
Net income from continuing operations             22,102,000      43,344,000      43,455,000      50,204,000      77,426,000      84,055,000
Net income from discontinuing ops                   -285,000               0               0               0               0               0
Other                                              1,448,000      -3,219,000     -13,010,000     -13,859,000      -7,098,000      -5,332,000
Net income                                        23,265,000      40,125,000      30,445,000      36,345,000      70,328,000      78,723,000
Net income available to common shareholders       23,265,000      40,125,000      30,445,000      36,345,000      70,328,000      78,723,000

Earnings per share
Basic                                                   1.69            2.85            2.11            2.46            4.67            5.18 
Diluted                                                 1.65            2.78            2.05            2.42            4.50            5.00 

Weighted average shares outstanding
Basic                                             13,784,000      14,072,000      14,433,000      14,757,000      15,066,000      15,222,250
Diluted                                           14,116,000      14,427,000      14,823,000      15,024,000      15,625,000      15,804,000

____________________________________________________________________________________________________________________________________________


ARGAN INC  (AGX)                            BALANCE SHEET

Fiscal year ends in January.                         2013-01         2014-01         2015-01         2016-01         2017-01             

Assets

Current assets

Cash

Short-term investments                                     0               0               0     114,098,000     355,796,000
Total cash                                       175,142,000     272,208,992     333,691,008     275,007,008     522,993,984

Receivables                                       24,879,000      23,687,000      27,330,000      64,185,000      54,836,000
Deferred income taxes                              1,303,000         178,000               0       1,111,000               0
Prepaid expenses                                   1,606,000       1,958,000       1,092,000       5,368,000       6,927,000
Other current assets                               1,178,000         527,000       2,241,000       6,052,000       3,192,000
Total current assets                             204,108,000     298,559,008     364,353,984     351,723,008     587,948,992

Non-current assets

Property, plant and equipment
Gross property, plant and equipment               13,230,000       8,390,000      10,914,000      17,390,000      19,680,000
Accumulated Depreciation                          -3,762,000      -4,207,000      -4,396,000      -5,082,000      -6,568,000
Net property, plant and equipment                  9,468,000       4,183,000       6,518,000      12,308,000      13,112,000

Goodwill                                          18,476,000      18,476,000      18,476,000      37,405,000      34,913,000
Intangible assets                                  2,331,000       2,088,000       1,845,000       9,344,000       8,181,000
Deferred income taxes                                341,000               0               0               0               0
Other long-term assets                                     0               0               0         122,000          92,000
Total non-current assets                          30,616,000      24,747,000      26,839,000      59,179,000      56,298,000

Total assets                                     234,724,000     323,305,984     391,192,992     410,902,016     644,246,976 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Accounts payable                                  32,699,000      22,589,000      37,691,000      46,395,000     101,944,000
Deferred income taxes                                      0               0         201,000               0               0
Accrued liabilities                                9,488,000       7,911,000      15,976,000      35,454,000      39,539,000
Deferred revenues                                          0               0               0     105,863,000               0
Other current liabilities                         73,359,000     134,736,000     161,564,000               0     209,240,992
Total current liabilities                        115,546,000     165,236,000     215,432,000     187,712,000     350,724,000

Non-current liabilities
Deferred taxes liabilities                                 0         293,000         809,000       1,335,000         954,000
Minority interest                                 -1,749,000       1,469,000     -10,520,000       3,339,000         937,000
Other long-term liabilities                           10,000               0               0               0               0
Total non-current liabilities                     -1,739,000       1,762,000      -9,711,000       4,674,000       1,891,000

Total liabilities                                113,807,000     166,998,000     205,720,992     192,386,000     352,615,008 

Stockholders' equity

Common stock                                       2,096,000       2,143,000       2,195,000       2,226,000       2,319,000
Additional paid-in capital                        95,004,000     100,863,000     109,696,000     117,274,000     135,426,000
Retained earnings                                 23,850,000      53,335,000      73,614,000      99,581,000     154,648,992
Treasury stock                                       -33,000         -33,000         -33,000               0               0
Accumulated other comprehensive income                     0               0               0        -565,000        -762,000
Total stockholders' equity                       120,917,000     156,308,000     185,472,000     218,516,000     291,632,000
Total liabilities and stockholders' equity       234,724,000     323,305,984     391,192,992     410,902,016     644,246,976

____________________________________________________________________________________________________________________________________________


ARGAN INC  (AGX)                            Statement of CASH FLOW

Fiscal year ends in January. USD.                    2013-01         2014-01         2015-01         2016-01         2017-01             TTM           

Cash Flows From Operating Activities
Net income                                        21,817,000      43,344,000      43,455,000      50,204,000      77,426,000      84,055,000
Depreciation & amortization                          765,000         792,000         794,000       1,310,000       3,206,000       3,206,000
Investment/asset impairment charges                        0               0               0               0       1,979,000               0
Deferred income taxes                               -139,000       1,701,000         896,000       3,421,000       1,237,000        -397,000
(Gain) Loss from discontinued operations             285,000               0               0               0               0               0
Stock based compensation                           1,316,000       1,536,000       2,017,000       2,374,000       2,344,000       2,797,000
Accounts receivable                               -8,826,000       1,294,000      -3,879,000     -12,194,000       9,217,000        -498,000
Prepaid expenses                                   2,943,000         598,000         501,000      -2,751,000        -668,000      -1,033,000
Other working capital                             13,481,000      52,162,000      49,545,000     -75,719,000     163,786,000     165,910,000
Other non-cash items                                 -78,000      -2,444,000               0        -242,000         517,000       2,242,000
Net cash provided by operating activities         31,564,000      98,983,000      93,329,000     -33,597,000     259,044,000     256,282,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen      -7,263,000      -1,136,000      -2,936,000      -3,118,000      -2,811,000      -4,429,000
Acquisitions, net                                          0               0               0     -17,379,000               0               0
Purchases of investments                                   0               0               0    -252,000,000    -595,000,000    -730,000,000
Sales/Maturities of investments                            0               0               0     138,000,000     354,000,000     463,000,000
Other investing activities                                 0               0               0       3,960,000               0               0
Net cash used for investing activities            -7,263,000      -1,136,000      -2,936,000    -130,537,000    -243,811,008    -271,428,992

Cash Flows From Financing Activities
Debt issued                                                0       8,915,000               0               0               0               0
Debt repayment                                             0      -2,450,000        -614,000               0               0               0
Common stock issued                                2,676,000               0               0               0               0               0
Dividend paid                                     -8,359,000     -10,640,000     -10,166,000     -10,378,000     -15,260,000               0
Other financing activities                                 0       3,395,000     -18,131,000       1,730,000       6,401,000      -8,487,000
Net cash provided by (used for) financing         -5,683,000        -780,000     -28,911,000      -8,648,000      -8,859,000      -8,487,000

Effect of exchange rate changes                            0               0               0               0         -85,000        -449,000
Net change in cash                                18,618,000      97,067,000      61,482,000    -172,782,000       6,289,000     -24,083,000
Cash at beginning of period                      156,524,000     175,142,000     272,208,992     333,691,008     160,908,992     191,430,000
Cash at end of period                            175,142,000     272,208,992     333,691,008     160,908,992     167,198,000     167,347,008

Free Cash Flow
Operating cash flow                               31,564,000      98,983,000      93,329,000     -33,597,000     259,044,000     256,282,000
Capital expenditure                               -7,263,000      -1,136,000      -2,936,000      -3,118,000      -2,811,000      -4,429,000
Free cash flow                                    24,301,000      97,847,000      90,393,000     -36,715,000     256,232,992     251,852,992
____________________________________________________________________________________________________________________________________________




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Average to Current P/E Ratios
              (AGX)     Argan Inc.

                               2012    2013    2014    2015    2016

          Annual Earnings:     1.65    2.78    2.05    2.42    4.50
Average Price During Year:    15.58   17.96   32.04   35.61   42.25

                P/E Ratio:     9.44    6.46   15.63   14.71    9.39

 Average 5-Year P/E Ratio  =  11.13
             Current Price =  62.6

Previous 5 Quarter Earnings:   0.81    1.29    1.16    1.29    1.31

           Current Annualized (Last Four Quarters) Earnings =  3.76
                                                           ________
                                 Average PE / Current PE =     0.67
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for ARGAN INC.:
Symbol? AGX
Total Months Available: 119
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  60.09   45.31     76.70   54.45     72.70   56.90

RANGE   =  76.70  TO   45.31            Close =  62.60
CHANNEL =  60.09  TO   56.90           Degree =   1
Volatility =   5.10%                    Index =   0
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

7 out of 8 favorable, (positive opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer





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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor a downmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison + 1
Industry - 1
Bond Issue 0
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow - 1
Average to Current P/E - 1
Ratios + 1
Intrinsic Value DCF - 1
Tangible Book Value 0
Projected Earnings - 1
Research Reports + 1
Analysts + 1
Executive Perquisites + 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest - 1
Sentiment - 1
Standard & Poor's + 1
Moving Average + 1
Right Time Study - 1
MACD Histogram Divergence + 1
Val Idea + 1
Stock Consultant - 1
Point & Figure - 1
Wall Street Analyzer - 1
Marketspace Chart + 1
Time Series Chart + 1
Neural Network + 1
Stock Options - 1
Ultimate Trading Systems - 1
Total + 1
Place 485 shares of Argan, Inc. (AGX ) on the Active List.