08-31-2019: Heico Corporation (HEI): One of the Most Outstanding Aerospace Corporations

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Heico Corporation

Heico Corporation is an aerospace company supplying parts and services to commercial airlines, equipment for space programs, and manufactures electronic test equipment and communications devices. Its products and services are very diversified. The company has grown through a huge number of acquisitions, to the point where earnings growth is outpacing revenues with a warning that this is a trend which is not sustainable indefinitely. The corporation notes that $5,000 worth of stock owned near its initial public offering would be worth about $55 million today. This huge amount of growth has attracted trades but pushed the p/e ratio up extremely high so as to cause some to question valuation. Researchers are generally positive, as are analysts, and the sentiment on the stock is very high at the moment, all it is showing signs of being "toppy."

Glancing at its website, it is easy to understand why investors like this company. It is a very good management reporting style, Chairman's Letter and glitzy annual report, shows concern for investors, and is very aggressive in growth. The myriad of small but focused companies it acquires are generally allowed to maintain their identity, managers, and brand names, and operate semi-autonomously as part of a larger "family." We feel this method of growth is a superior management system with a minimum of interference to successful smaller companies.

Some of the corporation's products and services are so unique, it is easy to understand why they have such a large customer base. Truly it is one of the top aerospace corporations based in Florida but with locations worldwide in Europe, Asia, India, the Middle East and dotted across the U.S. The coroporation has participated not only servicing most international major airlines in one way or another but also in NASA and other space programs including the Mars rovers.

The main problem seems to be the stock share price rise. One news sources jokes that the company stock is "flying high" but perhaps a bit too close to the Sun. Standard & Poor's did not rate the company highly unlike many other research organizations. But the growth up until now seems to be showing no signs of slowing down.

Institutions are net acquirers by far, although Dimensional Fund Advisors does not appear to be among the most major shareholders. The stock is clearly a buy and hold stock more than a short-term trading vehicle. 



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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.

HEICO Corporation (HEI)                                   Exchange: NYSE
3000 Taft Street
Hollywood, FL 33021              Sector: Industrials
United States                    Industry: Aerospace & Defense

HEICO Corporation, through its subsidiaries, designs, manufactures, and
sells aerospace, defense, and electronic related products and services
in the United States and internationally. The company's Flight Support
Group segment provides jet engine and aircraft component replacement
parts; thermal insulation blankets and parts; renewable/reusable
insulation systems; and specialty components. This segment also
distributes hydraulic, pneumatic, structural, interconnect, mechanical,
and electro-mechanical components for the commercial, regional, and
general aviation markets; and offers repair and overhaul services for
jet engine and aircraft component parts, avionics, instruments,
composites, and flight surfaces of commercial aircraft, as well as for
avionics and navigation systems, subcomponents, and other instruments
utilized on military aircraft. Its Electronic Technologies Group segment
provides electro-optical infrared simulation and test equipment;
electro-optical laser products; electro-optical, microwave, and other
power equipment; electromagnetic and radio interference shielding;
high-speed interface products; high voltage interconnection devices;
high voltage advanced power electronics; power conversion products; and
underwater locator beacons and emergency locator transmission beacons.
This segment also offers traveling wave tube amplifiers and microwave
power modules; three-dimensional microelectronic and stacked memory
products; harsh environment connectivity products and custom molded
cable assemblies; radio frequency and microwave amplifiers,
transmitters, and receivers; communications and electronic intercept
receivers and tuners; self-sealing auxiliary fuel systems; active
antenna systems; and nuclear radiation detectors. The company serves the
U.S. and foreign military agencies; prime defense contractors; and
commercial and defense satellite and spacecraft manufacturers. HEICO
Corporation was founded in 1949 and is headquartered in Hollywood, Florida.

Last Trade: 144.28                           52-Week Range: 146.48 -  71.47
Employees: 5,400                             Avg.Volume:     599,092 Shares

Corporate Governance:
Pillar scores are Audit: 2; Board: 7; Shareholder Rights: 10; Compensation: 6.
         (A lower number means less governance risk.)

EPS:  2.17    Dividend Amount: $ 0.14          Yield:  0.10%
             Ex-Dividend Date: Jun 27, 2019    Payout Ratio:   5.99

Key Statistics:

    Trailing P/E:  66.02              Forward P/E (est.):  57.08
                                           Target Price: 127.45

Qrtly Stock Price Growth (yoy):  78.65%               Beta:   0.81
Qrtly S&P Index   Growth (yoy):  19.80%        Short Ratio:   5.67%
    Qrtly Revenue Growth (yoy):  52.00%         Shares Out:  53360000
   Qrtly Earnings Growth (yoy):  37.20%

          Book Value:  11.56                    Debt/Equity:  30.68%
    Price/Book Value:  12.39        Operating Profit Margin:  22.21%
         Price/Sales:   8.55                  Profit Margin:  15.36%
         Market Cap:  16,448,000,000       Return on Equity:  19.66%
    Enterprise Value:  20,070,000,000      Return on Assets:   9.75%

    Operating Cash Flow:        328,487
         Free Cash Flow:          7,441



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             10/31/2018  10/31/2017  10/31/2016

  Total Revenue                              1,777,721   1,524,813   1,376,258
  Cost of Revenue                            1,087,006     950,088     860,766
  Gross Profit                                 690,715     574,725     515,492

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative            314,470     268,067     250,147
  Total Operating Expenses                     314,470     268,067     250,147

Operating Income or Loss                       376,245     306,658     265,345

Income from Continuing Operations:
  Total Other Income/Expenses Net                  -58       1,092         -23
  Interest Expense                              19,901       9,790       8,272
  Income Before Taxes                          356,286     297,960     257,050
  Income Tax Expense                            70,600      90,300      80,900

Net Income from Continuing Op.s                285,686     207,660     176,150

Non-recurring Events:
  Extraordinary Items                           26,453      21,675      19,958
  Net Income                                   259,233     185,985     156,192

Net Income Avail to Common Shares              259,233     185,985     156,192



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         10/31/2018    10/31/2017    10/31/2016

  Net Income                               285,686       207,660       176,150

Operating Activities:
  Depreciation                              77,191        64,823        60,277
  Changes in Accounts Recv'bls             -28,569         2,846       -15,955
  Changes in Liabilities                   286,616       248,887       218,321
  Changes in Inventories                   -49,455       -21,204       -14,421
  Changes in other Oper'g Acts             -52,395        -3,007        13,483

Total Cash Flow f Operations               328,487       274,885       249,184

Investing Activities:
  Capital Exenditures                      -41,871       -25,998       -30,863
  Investments                              -59,775      -418,265      -263,811
  Other Cash Flows fr Investing            -11,865          -552        -2,942

Total Cash Flows from Investing           -113,511      -444,815      -297,616

Financing Activities:
  Dividends Paid                           -15,363       -12,807       -10,724
  Sale of Purchase of Stock                      0             0             0
  Other Cash Flows fr Financing            -23,220       -30,103        -2,942

Total Cash Flows from Financing           -207,535       175,872        56,772

Change in Cash & Cash Equiv.                 7,533         9,111         9,352



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          10/31/2018    10/31/2017    10/31/2016
Current Assets:
  Cash & Cash Equivalents                    52,066        42,955        33,603
  Short Term Investments                          0             0             0
  Net Receivables                           222,456       202,227       181,593
  Inventory                                 343,628       286,302       243,517
  Other Current Assets                       13,742        52,737        44,899
  Total Current Assets                      631,892       584,221       503,612

  Long-Term Investments                     294,202       266,465       232,376
  Property, Plant & Equipt                  129,883       121,611       105,670
  Goodwill                                1,081,306       865,717       766,639
  Intangible Assets                         538,081       366,863       272,593
  Other Assets                              131,269       101,063        87,873

Total Assets                              2,512,431     2,039,475     1,736,387

Current Liabilities:
  Accounts Payable                           89,724        73,335        64,682
  Current Portion LT Debt                    40,307       214,010       168,030
  Other Current Liabilities                 248,986        17,459        15,488
  Total Current Liabilities                 249,437       214,421        168,387

  Long Term Debt                            673,528       457,814       367,241
  Other Liabilities                         151,025       114,061       105,618

Total Liabilities                         1,264,139       991,770       843,116

Stockholder Equity:
  Common Stock                                  845           673           669
  Retained Earnings                         844,247       681,704       548,054
  Capital Surplus                           -10,556       -25,326       -25,080
  Total Stockholder Equity                1,161,080       963,379       809,863


HEICO Corporation (HEI)                     [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.4241          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  3.0000          Forward P/E Ratio < 28?    0.4905
Price/Sales Ratio < 2.3?   0.2690          Inventory/Sales < 5%?      0.2587
Sales < $1 Billion?        0.5625          Operating Margin < 7.5%?   0.3377

Balance Sheet Tests:
Debt/Equity < 0.40?        1.3038          Long-Term Debt Service:    1.8534
LTD Being Reduced?        -3.0000          Short-Term Debt Service:   0.0000
Current Ratio > 2?         1.2666          Working Capital >= 1.5?    0.6000
Leverage Ratio < 20%?      0.1876          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    1.0927
Share Equity Increase:     2.3948          Market Cap.< 1.5 Billion?  0.0912
                                           Intangibles < 3% Assets?   0.0465
Income Tests:
Profit Margin < 7.5%?      2.0479          EPS Annual Growth > 10%?   0.0717
Dividend Yield > 2.0%?     3.0000          EPS 3-yr Growth > 15?      0.0904
Enterprise Value/Revenue   3.0000          EPS Growth Consistent?     2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.9852
EPS Qrtly Growth > 10%?    0.0027          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  2.0306
Stock Performance Tests:
Volatility > 25%?          2.0483          % Held by Insiders < 5%?   0.2026
Beta > 1.25?               0.6480          % Held by Institut. < 50?  0.7560
50 Da MA > 200 Da MA?      0.5136          % Held by Institut. > 30?  2.2047
52-Wk Change vs. S&P 500:  1.5125          Short Ratio > 5?           1.1340
Price/Book Value < 3?      3.0000          Short % of Float > 20?     0.2905
Return on Assets > 17%?    0.5735          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?:  0.5529
                                           Cash Flow / Assets > 10%?  2.5853

HEI    HEICO Corporation                   Overall Zenith Index:      1.3355


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Financial Statements

HEICO CORP  (HEI)                           INCOME STATEMENT

Fiscal year ends in October.                         2014-10         2015-10         2016-10         2017-10         2018-10             TTM           

Revenue                                        1,132,311,040   1,188,647,936   1,376,258,048   1,524,813,056   1,777,720,960   1,924,503,040
Cost of revenue                                  733,998,976     754,468,992     860,766,016     950,088,000   1,087,005,952   1,164,812,032
Gross profit                                     398,312,000     434,179,008     515,492,000     574,724,992     690,715,008     759,691,008


Operating expenses
Sales, General and administrative                194,924,000     204,523,008     250,147,008     268,067,008     314,470,016     337,440,992
Total operating expenses                         194,924,000     204,523,008     250,147,008     268,067,008     314,470,016     337,440,992

Operating income                                 203,388,000     229,656,000     265,344,992     306,657,984     376,244,992     422,249,984
Interest Expense                                   5,441,000       4,626,000       8,272,000       9,790,000      19,901,000      21,245,000
Other income (expense)                               625,000         -66,000         -23,000       1,092,000         -58,000       1,984,000
Income before taxes                              198,572,000     224,964,000     257,050,000     297,960,000     356,286,016     402,988,992
Provision for income taxes                        59,800,000      71,400,000      80,900,000      90,300,000      70,600,000      76,900,000
Net income from continuing operations            138,772,000     153,564,000     176,150,000     207,660,000     285,686,016     326,088,992
Other                                            -17,479,000     -20,200,000     -19,958,000     -21,675,000     -26,453,000     -30,512,000
Net income                                       121,293,000     133,364,000     156,192,000     185,984,992     259,232,992     295,576,992
Net income available to common shareholders      121,293,000     133,364,000     156,192,000     185,984,992     259,232,992     295,576,992

Earnings per share
Basic                                                   0.93            1.02            1.19            1.77            1.96            2.23 
Diluted                                                 0.92            1.01            1.17            1.71            1.90            2.17 

Weighted average shares outstanding
Basic                                            129,810,544     130,351,560     130,947,264     105,362,496     132,543,000     132,986,000
Diluted                                          131,744,144     132,443,360     133,144,528     108,470,000     136,696,000     136,997,504

____________________________________________________________________________________________________________________________________________


HEICO CORP  (HEI)                           BALANCE SHEET

Fiscal year ends in October.                         2014-10         2015-10         2016-10         2017-10         2018-10             

Assets

Current assets

Cash

Total cash                                        20,229,000      33,603,000      42,955,000      52,066,000      59,599,000

Receivables                                      149,668,992     181,592,992     202,227,008     222,456,000     251,468,992
Inventories                                      218,042,000     243,516,992     286,302,016     343,628,000     401,552,992
Deferred income taxes                             34,485,000      35,530,000      41,063,000               0               0
Prepaid expenses                                   8,868,000       9,369,000      11,674,000      13,742,000      21,187,000
Total current assets                             431,292,992     503,612,000     584,220,992     631,891,968     733,808,000

Non-current assets

Property, plant and equipment
Gross property, plant and equipment              211,700,992     232,376,000     266,464,992     294,201,984     342,440,000
Accumulated Depreciation                        -117,836,000    -126,706,000    -144,854,000    -164,319,008    -187,700,992
Net property, plant and equipment                 93,865,000     105,670,000     121,611,000     129,883,000     154,739,008

Goodwill                                         686,270,976     766,638,976     865,716,992   1,081,305,984   1,114,832,000
Intangible assets                                200,810,000     272,592,992     366,863,008     538,081,024     506,360,000
Deferred income taxes                              1,063,000         847,000         407,000               0               0
Other long-term assets                            75,912,000      87,026,000     100,656,000     131,269,000     143,656,992
Total non-current assets                       1,057,921,024   1,232,775,040   1,455,254,016   1,880,539,008   1,919,587,968

Total assets                                   1,489,213,952   1,736,386,944   2,039,474,944   2,512,431,104   2,653,395,968 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                      418,000         357,000         411,000         451,000         859,000
Accounts payable                                  57,157,000      64,682,000      73,335,000      89,724,000     107,219,000
Taxes payable                                      2,067,000       3,193,000       4,622,000      11,650,000       2,837,000
Accrued liabilities                               27,617,000      30,419,000      36,258,000      40,307,000      46,204,000
Deferred revenues                                 12,481,000      16,498,000      32,135,000      29,247,000      28,262,000
Other current liabilities                         52,480,000      53,238,000      67,660,000      78,058,000      97,048,000
Total current liabilities                        152,220,000     168,387,008     214,420,992     249,436,992     282,428,992

Non-current liabilities
Long-term debt                                   328,691,008     367,240,992     457,814,016     673,528,000     531,611,008
Deferred taxes liabilities                       111,429,000     110,588,000     105,962,000      59,026,000      46,644,000
Minority interest                                 75,135,000      83,408,000      84,326,000      87,212,000     104,757,000
Other long-term liabilities                      122,255,000     196,900,000     213,572,992     282,148,000     289,704,000
Total non-current liabilities                    637,510,016     758,137,024     861,675,008   1,101,913,984     972,716,032

Total liabilities                                789,729,984     926,524,032   1,076,096,000   1,351,351,040   1,255,144,960 

Stockholders' equity

Common stock                                         665,000         669,000         673,000         845,000       1,330,000
Additional paid-in capital                       269,351,008     286,220,000     306,328,000     326,544,000     320,993,984
Retained earnings                                437,756,992     548,054,016     681,704,000     844,246,976   1,091,182,976
Accumulated other comprehensive income            -8,289,000     -25,080,000     -25,326,000     -10,556,000     -15,256,000
Total stockholders' equity                       699,484,032     809,862,976     963,379,008   1,161,080,064   1,398,251,008
Total liabilities and stockholders' equity     1,489,213,952   1,736,386,944   2,039,474,944   2,512,431,104   2,653,395,968

____________________________________________________________________________________________________________________________________________


HEICO CORP  (HEI)                           Statement of CASH FLOW

Fiscal year ends in October. USD.                    2014-10         2015-10         2016-10         2017-10         2018-10             TTM           

Cash Flows From Operating Activities
Net income                                       138,772,000     153,564,000     176,150,000     207,660,000     285,686,016     326,088,992
Depreciation & amortization                       47,757,000      47,907,000      60,277,000      64,823,000      77,191,000      79,650,000
Investment/asset impairment charges               15,000,000               0               0               0               0               0
Deferred income taxes                            -16,745,000      -7,080,000      -9,194,000     -11,096,000     -12,977,000         828,000
Stock based compensation                           6,426,000       6,048,000       6,434,000       7,415,000       9,283,000       9,811,000
Change in working capital                         -6,823,000     -29,997,000       9,128,000      -5,032,000     -39,080,000     -18,895,000
Accounts receivable                                6,999,000     -22,572,000     -15,955,000       2,846,000     -28,569,000     -35,877,000
Inventory                                            126,000     -10,187,000     -14,421,000     -21,204,000     -49,455,000     -46,365,000
Prepaid expenses                                   8,033,000       1,433,000      -2,356,000         134,000         401,000       4,694,000
Accounts payable                                   2,511,000       3,169,000       4,074,000       6,386,000      17,403,000       5,793,000
Accrued liabilities                              -31,216,000        -590,000      38,342,000       2,894,000      20,756,000      25,210,000
Income taxes payable                               1,462,000         373,000       1,443,000       6,071,000     -12,530,000       1,043,000
Other working capital                              5,262,000      -1,623,000      -1,999,000      -2,159,000      12,914,000      26,607,000
Other non-cash items                               6,302,000       2,421,000       6,389,000      11,115,000       8,384,000       5,857,000
Net cash provided by operating activities        190,688,992     172,863,008     249,184,000     274,884,992     328,487,008     403,340,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen     -16,410,000     -18,249,000     -30,863,000     -25,998,000     -41,871,000     -25,010,000
Acquisitions, net                                 -8,737,000    -166,784,000    -263,811,008    -418,264,992     -59,775,000    -155,351,008
Purchases of investments                                   0               0               0               0     -11,500,000     -13,900,000
Other investing activities                           -40,000        -973,000      -2,942,000        -552,000        -365,000       3,015,000
Net cash used for investing activities           -25,187,000    -186,006,000    -297,616,000    -444,815,008    -113,511,000    -191,246,000

Cash Flows From Financing Activities
Debt issued                                      112,000,000     173,696,000     260,000,000     404,000,000      56,000,000     132,000,000
Debt repayment                                  -159,000,000    -132,000,000    -170,000,000    -190,876,992    -204,000,000    -266,000,000
Excess tax benefit from stock based compe                  0               0          13,000               0               0               0
Dividend paid                                    -31,215,000      -9,343,000     -10,724,000     -12,807,000     -15,363,000     -17,273,000
Other financing activities                       -81,900,000      -5,017,000     -22,517,000     -24,444,000     -44,172,000     -43,359,000
Net cash provided by (used for) financing       -160,115,008      27,336,000      56,772,000     175,872,000    -207,535,008    -194,632,000

Effect of exchange rate changes                     -657,000        -819,000       1,012,000       3,169,000          92,000      -1,598,000
Net change in cash                                 4,730,000      13,374,000       9,352,000       9,111,000       7,533,000      15,864,000
Cash at beginning of period                       15,499,000      20,229,000      33,603,000      42,955,000      52,066,000      48,227,000
Cash at end of period                             20,229,000      33,603,000      42,955,000      52,066,000      59,599,000      64,091,000

Free Cash Flow
Operating cash flow                              190,688,992     172,863,008     249,184,000     274,884,992     328,487,008     403,340,000
Capital expenditure                              -16,410,000     -18,249,000     -30,863,000     -25,998,000     -41,871,000     -25,010,000
Free cash flow                                   174,279,008     154,614,000     218,320,992     248,887,008     286,616,000     378,329,984
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (HEI)     Heico Corp.

                               2014    2015    2016    2017    2018

          Annual Earnings:     0.92    1.01    0.94    1.37    1.90
Average Price During Year:    27.60   28.89   32.75   48.41   75.66

                P/E Ratio:    30.00   28.60   34.84   35.34   39.82

 Average 5-Year P/E Ratio  =  33.72
             Current Price =  143.76

Previous 5 Quarter Earnings:   0.44    0.49    0.49    0.58    0.60

          Current Annualized (Last Four Quarters) Earnings =   1.67
                                                           ________
                                 Average PE / Current PE =     0.39
                                                           --------

                                      ...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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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Fair Value Estimator

Fair Value Estimate:

Fair Value



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Projected Earnings

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 1
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 HEICO CORP.:
Symbol? HEI
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
  94.12   71.47    104.99   71.76    146.07  101.26

RANGE   = 146.07  TO   71.47            Close = 145.10
CHANNEL = 101.26  TO   94.12           Degree =   1
Volatility =   4.92%                    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

9 out of 12 favorable, (positive 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

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
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 + 1
Stock Consultant 0
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 + 5
Place 205 shares of Heico Corporation (HEI) on the Active List.