08-27-2018: Costco Wholesale Corporation (COST): Competing with Wal-Mart

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Recommendation

Costco Wholesale Corporation

Costco Wholesale Corp. (COST) has been an almost straight up stock since 2008 after which one could have made five times his investment starting in that year. It is definitely not a channeling or trading stock but rather more of a "buy and hold" stock. It has the world's second largest retailer in a relatively short time, expanding rapidly each year by opening more and more new stores. Market areas in which it opens stores do not appear all to be saturated yet. This leads us to an obvious question as to who is the world's number one retailer, and the obvious answer to that one is Wal-Mart. In areas where Wal-Mart has failed, namely Alaska, Costco is unafraid to go and take over. Both companies are striving to develop international outlets where the real growth potential now lies.

Both companies fear the rise of Amazon as a competitor, but less than 10% of all retail purchases are on line. Although Wal-Mart has a Sam's Club closer to the Costco membership model, it isn't doing as well as Wal-Mart's super center regular retail operations. Economies of scale with millions of shoppers help both companies achieve better pricing from suppliers and pass this on to consumers. Costco membership requirements are described as the "secret sauce" of Costco, helping it achieve double the returns to shareholders as Wal-Mart.

Costco's balance sheet is considered better than Wal-Mart's and thus able to better weather an economic downturn, by some, but Wal-Mart clearly has the better balance sheet as judged by cash on hand, free cash flow, p/e ratio, and Wal-Mart pays a higher dividend (2% vs. 1%). But Wal-Mart is saddled with a much higher debt than Costco.

Our traders normally shop at both places but prefer to shop at Wal-Mart, especially in areas where there is a "Supercenter," as they do not have to buy such large quantities of perishables, and do not have to pay membership fees. Sometimes prices are lower at Wal-Mart, possibly due to a slightly inferior quality of goods.

Costco's Zenith Index is acceptable but not outstanding. Institutions continue to be net acquirers. The company appears to have fairly good corporate governance in our opinion. Analysts are generally positive but researchers neutral. How long with the stock continue to climb after having traveled so far already seems based upon the number of new store openings each year, which is substantial, and substantially increasing revenue.



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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.

Costco Wholesale Corporation (COST)                       Exchange: Nasdaq
999 Lake Drive
Issaquah, WA 98027               Sector: Consumer Defensive
United States                    Industry: Discount Stores

Costco Wholesale Corporation, together with its subsidiaries, operates
membership warehouses. It offers branded and private-label products in a
range of merchandise categories. The company provides dry and packaged
foods, and groceries; snack foods, candies, alcoholic and nonalcoholic
beverages, and cleaning supplies; appliances, electronics, health and
beauty aids, hardware, and garden and patio products; meat, bakery,
deli, and produces; and apparel and small appliances. It also operates
gas stations, pharmacies, optical dispensing centers, food courts, and
hearing-aid centers; and engages in the travel business. In addition,
the company provides gold star individual and business membership
services. As of September 3, 2017, it operated 741 membership
warehouses, including 514 warehouses in the United States, Washington,
District of Columbia, and Puerto Rico, 97 in Canada, 37 in Mexico, 28 in
the United Kingdom, 26 in Japan, 13 in Korea, 13 in Taiwan, 9 in
Australia, 2 in Spain, 1 in Iceland, and 1 in France. Further, the
company sells its products through online. The company was formerly
known as Costco Companies, Inc. Costco Wholesale Corporation was founded
in 1976 and is based in Issaquah, Washington.

Last Trade: 229.51                           52-Week Range: 232.06 - 151.20
Employees: 133,000                           Avg.Volume:   1,945,654 Shares

Corporate Governance:
Pillar scores are Audit: 2; Board: 7; Shareholder Rights: 8; Compensation: 9.
         (A lower number means less governance risk.)

EPS:  6.83    Dividend Amount: $ 2.28          Yield:  1.01%
             Ex-Dividend Date: May 9, 2018     Payout Ratio:  30.31

Key Statistics:

    Trailing P/E:  33.87              Forward P/E (est.):  29.92
                                           Target Price: 229.14

Qrtly Stock Price Growth (yoy):  50.45%               Beta:   0.99
Qrtly S&P Index   Growth (yoy):  12.10%        Short Ratio:   3.44%
    Qrtly Revenue Growth (yoy):  16.89%         Shares Out:  438540000
   Qrtly Earnings Growth (yoy):   7.10%

          Book Value:  27.69                    Debt/Equity:  52.16%
    Price/Book Value:   8.35        Operating Profit Margin:   3.22%
         Price/Sales:   0.73                  Profit Margin:   2.16%
         Market Cap: 101,426,000,000       Return on Equity:  27.02%
    Enterprise Value:  98,720,000,000      Return on Assets:   7.45%

    Operating Cash Flow:  6,050,000,000
         Free Cash Flow:     53,000,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             09/3/2017    8/28/2016   8/30/2015

  Total Revenue                            129,025,000 118,719,000 116,199,000
  Cost of Revenue                          111,882,000 102,901,000 101,065,000
  Gross Profit                              17,143,000  15,818,000  15,134,000

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative         12,950,000  12,068,000           0
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                     4,111,000   3,672,000   3,624,000

Income from Continuing Operations:
  Total Other Income/Expenses Net              -72,000     -53,000     -20,000
  Earnings Before Interest & Taxes           4,111,000   3,672,000   3,624,000
  Interest Expense                            -134,000    -133,000    -124,000
  Income Before Taxes                        4,039,000   3,619,000   3,604,000
  Income Tax Expense                         1,325,000   1,243,000   1,195,000
  Minority Interest                            301,000     253,000     226,000

Net Income from Continuing Op.s              2,714,000   2,376,000   2,409,000

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                                 2,679,000   2,350,000   2,377,000
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares            2,679,000   2,350,000           0



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         09/3/2017      8/28/2016     8/30/2015

  Net Income                             2,714,000     2,376,000     2,409,000

Operating Activities:
  Depreciation                           1,370,000     1,255,000     1,127,000
  Adjustments to Net Income                506,000       697,000       234,000
  Changes in Accounts Recv'bls                   0             0             0
  Changes in Liabilities                 2,258,000    -1,532,000       880,000
  Changes in Investories                  -894,000       -25,000      -890,000
  Changes in other Oper'g Acts             807,000       547,000       557,000

Total Cash Flow f Operations             6,726,000     3,292,000             0

Investing Activities:
  Capital Exenditures                   -2,502,000    -2,649,000    -2,393,000
  Investments                              106,000       277,000       -67,000
  Other Cash Flows fr Investing             30,000        27,000       -20,000

Total Cash Flows from Investing         -2,366,000             0             0

Financing Activities:
  Dividends Paid                          -804,000      -746,000      -664,000
  Sale of Purchase of Stock                      0             0             0
  Net Borrowings                         1,346,000    -1,022,000     1,079,000
  Other Cash Flows fr Financing           -191,000      -165,000       -20,000

Total Cash Flows from Financing         -3,218,000             0             0

  Effect of Exchange Rate Chg                    0             0             0

Change in Cash & Cash Equiv.                50,000      -418,000             0



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          09/3/2017      8/28/2016     8/30/2015
Current Assets:
  Cash & Cash Equivalents                 4,546,000     3,379,000     4,801,000
  Short Term Investments                  1,233,000     1,350,000     1,618,000
  Net Receivables                         1,432,000     1,252,000     1,224,000
  Inventory                               9,834,000     8,969,000     8,908,000
  Other Current Assets                      272,000       268,000       228,000
  Total Current Assets                   19,783,000    13,868,000    15,161,000

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt               18,161,000    17,043,000    15,401,000
  Goodwill                                        0             0             0
  Intangible Assets                               0             0             0
  Accumulated Amortization                        0             0             0
  Other Assets                              869,000       902,000       837,000
  Deferred LT Asset Charges                 254,000       202,000       219,000

Total Assets                             36,347,000    33,163,000    33,017,000

Current Liabilities:
  Accounts Payable                        9,608,000     7,612,000     9,011,000
  Current Portion LT Debt                 7,039,000     5,161,000     6,135,000
  Other Current Liabilities               4,130,000     3,365,000     2,078,000
  Total Current Liabilities              20,777,000    16,138,000     17,224,000

  Long Term Debt                          9,608,000     7,612,000     9,011,000
  Other Liabilities                       7,039,000     5,161,000     6,135,000
  Deferred LT Liab. Charges               4,130,000     3,365,000     2,078,000
  Minority Interest                         301,000       253,000       226,000
  Negative Goodwill                         301,000       253,000       226,000

Total Liabilities                        28,478,000    21,647,000    23,085,000

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                4,000         2,000         2,000
  Retained Earnings                       5,988,000     7,686,000     6,518,000
  Treasury Stock                         -1,014,000    -1,099,000    -1,121,000
  Capital Surplus                         5,800,000     5,490,000     5,218,000
  Other Stockhohlder Equity              -1,014,000    -1,099,000    -1,121,000
  Total Stockholder Equity               10,778,000    12,079,000    10,617,000

Net Tangible Assets                      10,778,000    12,079,000    10,617,000


Costco Wholesale Corporation (COST)         [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.8267          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  3.0000          Forward P/E Ratio < 28?    0.9358
Price/Sales Ratio < 2.3?   3.0000          Inventory/Sales < 5%?      0.6560
Sales < $1 Billion?        0.0078          Operating Margin < 7.5%?   2.3292

Balance Sheet Tests:
Debt/Equity < 0.40?        0.7669          Long-Term Debt Service:    1.1972
LTD Being Reduced?        -3.0000          Short-Term Debt Service:  -3.0000
Current Ratio > 2?         0.4761          Working Capital >= 1.5?    1.5964
Leverage Ratio < 20%?      0.6019          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    1.0000
Share Equity Increase:     2.0300          Market Cap.< 1.5 Billion?  0.0148
                                           Intangibles < 3% Assets?   3.0000
Income Tests:
Profit Margin < 7.5%?      0.2880          EPS Annual Growth > 10%?   0.0877
Dividend Yield > 2.0%?     1.9802          EPS 3-yr Growth > 15?      0.0000
Enterprise Value/Revenue   0.7861          EPS Growth Consistent?     2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      3.0000
EPS Qrtly Growth > 10%?    0.0141          Gross Pft/Cur. LTD > 1?    2.4354
                                           Borrowing Int. Rate < 6%? -2.9431
Stock Performance Tests:
Volatility > 25%?          1.3938          % Held by Insiders < 5%?   3.0000
Beta > 1.25?               0.7920          % Held by Institut. < 50?  0.6806
50 Da MA > 200 Da MA?      0.2527          % Held by Institut. > 30?  2.4487
52-Wk Change vs. S&P 500:  2.9870          Short Ratio > 5?           0.6880
Price/Book Value < 3?      0.3619          Short % of Float > 20?     0.0680
Return on Assets > 17%?    0.4382          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  3.0000          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  1.6992
                                           Cash Flow / Assets > 10%?  3.0000

COST   Costco Wholesale Corporation        Overall Zenith Index:      1.2839


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Financial Statements

COSTCO WHOLESALE CORP  (COST)                  INCOME STATEMENT

Fiscal year ends in August.                          2013-08         2014-08         2015-08         2016-08         2017-08             TTM           

Revenue                                      105,156,001,792 112,640,000,000 116,198,998,016 118,718,996,480 129,024,999,424 139,464,998,912
Cost of revenue                               91,947,999,232  98,458,001,408 101,064,998,912 102,900,998,144 111,882,002,432 121,177,997,312
Gross profit                                  13,208,000,512  14,181,999,616  15,134,000,128  15,818,000,384  17,143,000,064  18,286,999,552


Operating expenses
Sales, General and administrative             10,104,000,512  10,899,000,320  11,445,000,192  12,067,999,744  12,949,999,616  13,735,999,488
Other operating expenses                          51,000,000      63,000,000      65,000,000      78,000,000      82,000,000      67,000,000
Total operating expenses                      10,154,999,808  10,961,999,872  11,509,999,616  12,145,999,872  13,031,999,488  13,802,999,808

Operating income                               3,052,999,936   3,220,000,000   3,624,000,000   3,672,000,000   4,111,000,064   4,483,999,744
Interest Expense                                  99,000,000     113,000,000     124,000,000     133,000,000     134,000,000     164,000,000
Other income (expense)                            97,000,000      90,000,000     104,000,000      80,000,000      62,000,000      92,000,000
Income before income taxes                     3,051,000,064   3,196,999,936   3,604,000,000   3,619,000,064   4,039,000,064   4,412,000,256
Provision for income taxes                       990,000,000   1,108,999,936   1,195,000,064   1,243,000,064   1,324,999,936   1,354,000,000
Minority interest                                 22,000,000      30,000,000      32,000,000      26,000,000      35,000,000      48,000,000
Other income                                      22,000,000      30,000,000      32,000,000      26,000,000      35,000,000      48,000,000
Net income from continuing operations          2,060,999,936   2,088,000,000   2,408,999,936   2,376,000,000   2,713,999,872   3,057,999,872
Other                                            -22,000,000     -30,000,000     -32,000,000     -26,000,000     -35,000,000     -48,000,000
Net income                                     2,039,000,064   2,058,000,000   2,376,999,936   2,350,000,128   2,679,000,064   3,009,999,872
Net income available to common shareholders    2,039,000,064   2,058,000,000   2,376,999,936   2,350,000,128   2,679,000,064   3,009,999,872

Earnings per share
Basic                                                   4.68            4.69            5.41            5.36            6.11            6.87 
Diluted                                                 4.63            4.65            5.37            5.33            6.08            6.83 

Weighted average shares outstanding
Basic                                            435,740,992     438,692,992     439,455,008     438,584,992     438,436,992     438,381,504
Diluted                                          440,512,000     442,484,992     442,716,000     441,263,008     440,936,992     441,415,488

____________________________________________________________________________________________________________________________________________


COSTCO WHOLESALE CORP  (COST)                  BALANCE SHEET

Fiscal year ends in August.                          2013-08         2014-08         2015-08         2016-08         2017-08             

Assets

Current assets

Cash

Short-term investments                         1,480,000,000   1,576,999,936   1,618,000,000   1,350,000,000   1,232,999,936
Total cash                                     6,124,000,256   7,314,999,808   6,418,999,808   4,728,999,936   5,778,999,808

Receivables                                    1,200,999,936   1,148,000,000   1,224,000,000   1,252,000,000   1,432,000,000
Inventories                                    7,894,000,128   8,456,000,000   8,908,000,256   8,968,999,936   9,834,000,384
Deferred income taxes                            621,000,000     669,000,000     748,000,000               0               0
Other current assets                                       0               0               0     268,000,000     272,000,000
Total current assets                          15,840,000,000  17,588,000,768  17,298,999,296  15,217,999,872  17,316,999,168

Non-current assets

Property, plant and equipment
Land                                           4,408,999,936   4,716,000,256   4,960,999,936   5,394,999,808   5,689,999,872
Fixtures and equipment                         4,472,000,000   4,845,000,192   5,273,999,872   6,077,000,192   6,680,999,936
Other properties                              12,140,999,680  13,114,000,384  13,429,000,192  14,695,000,064  15,969,999,872
Property and equipment, at cost               21,021,999,104  22,674,999,296  23,664,001,024  26,166,999,040  28,341,000,192
Accumulated Depreciation                      -7,141,000,192  -7,845,000,192  -8,263,000,064  -9,123,999,744  %-10,179,999,744
Property, plant and equipment, net            13,880,999,936  14,830,000,128  15,400,999,936  17,043,000,320  18,161,000,448

Goodwill                                          63,000,000               0               0               0               0
Other long-term assets                           499,000,000     606,000,000     740,000,000     902,000,000     869,000,000
Total non-current assets                      14,442,999,808  15,436,000,256  16,140,999,680  17,944,999,936  19,029,999,616

Total assets                                  30,282,999,808  33,024,000,000  33,440,000,000  33,162,999,808  36,346,998,784 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                            0               0   1,283,000,064   1,100,000,000      86,000,000
Accounts payable                               7,872,000,000   8,490,999,808   9,011,000,320   7,612,000,256   9,607,999,488
Deferred income taxes                             77,000,000     136,000,000               0               0               0
Accrued liabilities                            3,128,999,936   3,446,000,128   3,772,000,000   4,030,000,128   3,664,000,000
Other current liabilities                      2,179,000,064   2,339,000,064   2,473,999,872   2,832,999,936   4,136,999,936
Total current liabilities                     13,256,999,936  14,412,000,256  16,540,000,256  15,575,000,064  17,494,999,040

Non-current liabilities
Long-term debt                                 4,998,000,128   5,093,000,192   4,864,000,000   4,060,999,936   6,573,000,192
Deferred taxes liabilities                     1,016,000,000   1,004,000,000   1,192,999,936               0               0
Minority interest                                179,000,000     212,000,000     226,000,000     253,000,000     301,000,000
Other long-term liabilities                                0               0               0   1,195,000,064   1,200,000,000
Total non-current liabilities                  6,192,999,936   6,309,000,192   6,282,999,808   5,509,000,192   8,073,999,872

Total liabilities                             19,449,999,360  20,721,000,448  22,823,000,064  21,084,000,256  25,568,999,424 

Stockholders' equity

Common stock                                       2,000,000       2,000,000       2,000,000       2,000,000       4,000,000
Additional paid-in capital                     4,670,000,128   4,919,000,064   5,217,999,872   5,489,999,872   5,800,000,000
Retained earnings                              6,282,999,808   7,457,999,872   6,518,000,128   7,686,000,128   5,987,999,744
Accumulated other comprehensive income          -122,000,000     -76,000,000  -1,120,999,936  -1,099,000,064  -1,014,000,000
Total stockholders' equity                    10,833,000,448  12,302,999,552  10,616,999,936  12,078,999,552  10,778,000,384
Total liabilities and stockholders' equity    30,282,999,808  33,024,000,000  33,440,000,000  33,162,999,808  36,346,998,784

____________________________________________________________________________________________________________________________________________


COSTCO WHOLESALE CORP  (COST)               Statement of CASH FLOW

Fiscal year ends in August. USD.                     2013-08         2014-08         2015-08         2016-08         2017-08             TTM           

Cash Flows From Operating Activities
Depreciation & amortization                      946,000,000   1,029,000,000   1,127,000,064   1,255,000,064   1,370,000,000   1,447,000,064
Deferred income taxes                              7,000,000     -63,000,000    -101,000,000     269,000,000     -29,000,000     -97,000,000
Stock based compensation                         285,000,000     327,000,000     394,000,000     459,000,000     514,000,000     541,000,000
Inventory                                       -898,000,000    -563,000,000    -890,000,000     -25,000,000    -894,000,000    -770,000,000
Accounts payable                                 718,000,000     529,000,000     880,000,000  -1,532,000,000   2,257,999,872   1,184,000,000
Other working capital                            386,000,000     699,000,000     557,000,000     547,000,000     807,000,000     642,000,000
Other non-cash items                           1,992,999,936   2,026,000,000   2,318,000,128   2,319,000,064   2,700,000,000   3,107,000,064
Net cash provided by operating activities      3,436,999,936   3,984,000,000   4,284,999,936   3,292,000,000   6,726,000,128   6,054,000,128

Cash Flows From Investing Activities
Investments in property, plant, and equipmen  -2,083,000,064  -1,992,999,936  -2,392,999,936  -2,648,999,936  -2,502,000,128  -2,692,000,000
Purchases of investments                      -2,572,000,000  -2,503,000,064  -1,500,999,936  -1,432,000,000  -1,279,000,064  -1,057,000,000
Sales/Maturities of investments                2,384,999,936   2,406,000,128   1,434,000,000   1,708,999,936   1,384,999,936   1,082,000,000
Other investing charges                           19,000,000      -3,000,000     -20,000,000      27,000,000      30,000,000      -1,000,000
Net cash used for investing activities        -2,251,000,064  -2,092,999,936  -2,480,000,000  -2,344,999,936  -2,366,000,128  -2,668,000,000

Cash Flows From Financing Activities
Short-term borrowing                             -31,000,000      61,000,000     -45,000,000      81,000,000    -236,000,000     -16,000,000
Long-term debt issued                          3,716,999,936     117,000,000   1,124,999,936     185,000,000   3,782,000,128               0
Long-term debt repayment                                   0               0               0  -1,288,000,000  -2,200,000,000  -1,158,000,000
Excess tax benefit from stock based compe         61,000,000      84,000,000      86,000,000      74,000,000      38,000,000               0
Repurchases of treasury stock                    -36,000,000    -334,000,000    -481,000,000    -486,000,000    -469,000,000    -471,000,000
Cash dividends paid                           -3,560,000,000    -584,000,000  -2,864,999,936    -746,000,000  -3,904,000,000  -3,947,000,064
Other financing activities                      -107,000,000    -130,000,000    -144,000,000    -239,000,000    -229,000,000   3,500,999,936
Net cash provided by (used for) financing         44,000,000    -786,000,000  -2,324,000,000  -2,419,000,064  -3,217,999,872  -2,091,000,064

Effect of exchange rate changes                 -114,000,000     -11,000,000    -418,000,000      50,000,000      25,000,000      44,000,000
Net change in cash                             1,116,000,000   1,094,000,000    -937,000,000  -1,422,000,000   1,167,000,064   1,339,000,064
Cash at beginning of period                    3,528,000,000   4,643,999,744   5,737,999,872   4,800,999,936   3,379,000,064   4,537,999,872
Cash at end of period                          4,643,999,744   5,737,999,872   4,800,999,936   3,379,000,064   4,545,999,872   5,877,000,192

Free Cash Flow
Operating cash flow                            3,436,999,936   3,984,000,000   4,284,999,936   3,292,000,000   6,726,000,128   6,054,000,128
Capital expenditure                           -2,083,000,064  -1,992,999,936  -2,392,999,936  -2,648,999,936  -2,502,000,128  -2,692,000,000
Free cash flow                                 1,354,000,000   1,991,000,064   1,892,000,000     643,000,000   4,224,000,000   3,361,999,872
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (COST)     Costco Wholesale Corp.

                               2013    2014    2015    2016    2017

          Annual Earnings:     4.63    4.65    5.37    5.33    6.08
Average Price During Year:   111.36  119.32  145.87  155.21  165.36

                P/E Ratio:    24.05   25.66   27.16   29.12   27.20

 Average 5-Year P/E Ratio  =  26.64
             Current Price =  231.28

Previous 5 Quarter Earnings:   1.59    2.08    1.45    1.59    1.70

           Current Annualized (Last Four Quarters) Earnings =   4.74
                                                           ________
                                 Average PE / Current PE =     0.55
                                                           --------

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


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Fair Value Estimator

Fair Value Estimate:

Fair ValueFair Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 3
Analysts' Opinion 4
Analysts' Opinion 5
Analysts' Opinion 6
Analysts' Opinion 7
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
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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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 COSTCO WHOLESALE SALES:
Symbol? COST
Total Months Available:  25
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
 195.35  150.06    199.88  175.79    230.23  190.18

RANGE   = 230.23  TO  150.06            Close = 229.51
CHANNEL = 195.35  TO  190.18           Degree =   1
Volatility =   2.25%                    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

4 out of 8 favorable, (neutral opinion.)

Val Idea
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

3 out of 3 of the ultimate systems favor an upmove.


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 + 1
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E - 1
Ratios + 1
Market Grader - 1
Intrinsic Value DCF - 1
Fair Value Estimator - 1
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
MACD Histogram Divergence + 1
Val Idea 0
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 + 13
Place 130 shares of Costco Wholesale Corporation (COST) on the Active List.