global pandemic spares few stocks in worst month since ... 2020_ssr.pdflarge-cap range of domestic...

Global Pandemic Spares Few Stocks in Worst Month Since Financial Crisis

After performing the monthly portfolio review, one SSR holding is be-ing removed from the portfolio for failing to meet one of its group-specific ownership rules: Carnival Corp. (Group 2: CCL).

To keep the SSR tracking portfolio at 36 stocks, Alexion Pharmaceuticals Inc. (ALXN) is being added to Group 4. Since new stocks are added to the SSR portfolio on a rotating basis, we do not necessarily replace a stock with another in the same group.

As of the close on Tuesday, March 31, 2020, the iShares DJ U.S. ETF (IYY) was down 13.6% for the month. The SSR tracking portfolio fell 20.4% in March, also through the close on March 31.

Portfolio Deletion Alert: Carnival Corp. (Group 2: CCL)

On March 31, 2020, Carnival Corp. announced several moves to improve its liquidity. One of those was the suspension of its dividend payments and share repurchases. The company announced that it has commenced an underwritten public offering of $1.25 billion of shares of its common stock. This month’s Portfolio Corner on page 12 discusses company liquidity as it relates to the cash burn rate.

The cruise industry is facing an extended freeze in trips in the face of the coronavirus pandemic. Cruise companies currently don’t qualify for part of the $2 trillion stimulus package signed into law since they are domiciled outside of the U.S. to avoid the United States’ higher corporate tax rate. This, coupled with the fact that they have virtually no revenue coming in, means that cruise companies are facing a cash crunch. The typical cruise ship costs hundreds of millions of dollars, and the cost to service the debt used to purchase those ships has to be paid whether they are carrying pas-sengers or not.

In order to be considered for Group 2, a company must pay a dividend. The suspension or reduction of its dividend by a company held in Group 2 triggers an automatic deletion alert.

A portfolio addition alert was issued for Carnival on July 28, 2017. Since its purchase on August 2, 2017, Carnival shares have fallen 80.4%. Over that same period, the iShares DJ U.S. ETF (IYY) has risen 1.8%.

Portfolio Addition Alert: Alexion Pharmaceuticals Inc. (Group 4: ALXN)

Alexion Pharmaceuticals passed the Group 4 screen, which looks for companies with strong but sustainable historical sales growth, expectations of strong future earnings growth, a low dividend-adjusted PEG ratio (the ratio of the trailing price-earnings ratio to the sum of the expected average annual earnings growth rate and the dividend yield), positive free cash flow and favorable profit margins compared to industry norms.

Alexion develops novel antibody therapeutics that target a variety of severe disorders, including autoimmune and cardiovascular disease,

WWW.StoCkSuPerStarS.CoM April 2020 | Volume 18 Issue 4

In This Issue

SSR TablesPortfolio Alerts This Month 2Portfolio Holdings 3Growth of SSR Portfolio 4Total Returns 4Recent Earnings Announcements 5Momentum & Growth Analysis 6Value, Quality & Size Analysis 7

In-Depth Stock ReportsO’Reilly Automotive Inc. (ORLY) 8

Specialty retailer of automotive aftermarket parts, tools, supplies, equipment and accessories in the U.S.

Cisco Systems, Inc. (CSCO) 9Technology company engaged in designing and selling a range of technologies across networking, security, collaboration, applications and the cloud.

Gentex Corporation (GNTX) 10Develops and manufactures custom high-tech electronic products for the automotive, aerospace and commercial fire protection industries.

Alexion Pharmaceuticals, Inc. (ALXN) 11

Pharmaceutical company that develops novel antibody therapeutics targeting a variety of severe disorders.

Portfolio CornerAnalyzing Company Sustainability: Cash Burn Rate 12

The cash burn rate gives a rough estimate of how long a company can operate before requiring additional financing.

Next Publication Date: May 1, 2020

the Stock Superstars report illustrates how to build and manage a well-diversified portfolio with controlled risk. Our goal is to create a portfolio that provides investment information and reflects an approach consistent with current research findings.

2 April 2020

Stock Superstars Report

This translates into pro-jected year-over-year pro forma earnings growth of 4.9% this year and 10.0% next year.

Sales at Alexion have expanded at an average annual rate of 17.4% over the last five years and are up 20.8% for

the trailing 12 months. Earnings per share, fully diluted from continuing operations, have grown an average of 26.8% over the last five years. Earn-ings per share have jumped 13,300% to $10.72 per share for the last four quarters compared to per-share earnings of $0.08 for the previous four quarters.

The company’s operating margin is currently 42.5%, which is well above the five-year average margin of 21.8%. The typical stock in the phar-maceuticals industry has negative operating earnings for the trailing 12 months.

Alexion does not pay a dividend.The company’s market capitaliza-

tion is $19.4 billion, placing it in the large-cap range of domestic stocks. Alexion is a constituent of the S&P 500 index.

The ratio of total liabilities to total assets for the company stands at 35.8%. This is below the median value of 50.7% for the pharmaceuti-cals industry.

Over the last 12 months, Alexion has generated free cash flow per share of $8.72.

Over the last 52 weeks, Alexion shares have fallen 34%, underper-forming the S&P 500 by 26% and outperforming just 51% of all domes-tically traded stocks. Over the last 26 weeks, the stock price has dipped 8%,

programs and one phase-one program underway.

Alexion has a current price-earnings ratio of 8.4 based on GAAP trail-ing 12-month earnings of $10.72 per share. This ranks in the bottom 29% of all domestically traded companies. Based on the pro forma (non-GAAP) consensus earnings estimate of $11.05 per share for the fiscal year ending December 2020, Alexion’s forward price-earnings ratio is 8.1. This forward price-earnings ratio com-pares very favorably to the expected annual earnings growth rate over the next three to five years of 13.1% from five analysts. This projected growth rate is higher than 71% of U.S.-listed stocks where analysts are provid-ing an estimated earnings growth rate. The trailing price-earnings ratio of 8.4 is below Alexion’s industry median price-earnings ratio of 19.4. Alexion is designated as being in the pharmaceuticals industry by Thom-son Reuters Business Classification (TRBC).

On January 30, Alexion reported quarterly earnings per share of $2.71, which beat the consensus estimate by 4.1%. There are 24 analysts providing estimates for the fiscal year ending December 2020. The mean estimate is $11.05 per share ($10.06 to $12.03 per share range) and $12.16 for the fiscal year ending December 2021.

inflammation and cancer. The com-pany is a global leader in comple-ment inhibition. Its first marketed product, Soliris, was the first therapy approved for the treatment of pa-tients with paroxysmal nocturnal hemoglobinuria (PNH). Soliris is designed to inhibit a specific aspect of the immune system’s complement component and thereby treat inflam-mation associated with chronic he-matologic and neurological disorders, transplant rejection and autoimmune disorders. Soliris comprised 79% of Alexion’s 2019 net product sales.

Alexion’s latest commercially mar-keted drug, Ultomiris, was approved in December 2018 by the U.S. Food and Drug Administration (FDA) for the treatment of patients with PNH. In March 2018, the company an-nounced top-line phase-three naïve and switch data for ALXN1210 (i.e., Ultomiris), showing that patients with PNH can effectively and safely switch treatment from Soliris every two weeks to treatment with Ul-tomiris every eight weeks. Ultomiris’ safety profile is consistent with Soliris’ and the totality of the data favors Ultomiris over Soliris. Alexion aims to convert 70% of PNH patients on Soliris to Ultomiris by the end of 2020.

As of December 31, 2019, Alex-ion had five phase-three clinical

Portfolio Alerts This MonthApril Portfolio Addition

Group Company (Ticker)Latest Price (3/31/2020)

Risk Index

4 Alexion Pharmaceuticals (ALXN) $89.79 3.07Portfolio Deletion Since Last Monthly Issue

Date Price*

2 Carnival Corp. (CCL) 4/3/2020 $13.17 (80.4%) 1.8% 7/28/2017*Closing price on 3/31/2020.

Description

Group

Portfolio Deletion AlertG/L Since Purchase

iShares DJ U.S. (IYY) Change Since Purchase

Portfolio Addition Alert DateCompany (Ticker)

biopharmaceutical therapeutic products

Published monthly by the american Association of Individual Investors 625 N. Michigan Ave., Chicago, IL 60611 312-280-0170, www.aaii.com. Annual SSR subscription, $248.

AAII’s Stock Superstars Report® (SSR) is not a registered investment adviser or a broker/dealer. this report is issued solely for informational purposes and should not be construed as an offer to sell or the

solicitation of an offer to buy securities. The opinions and analyses included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our information providers shall be liable for any errors or inaccuracies, regardless

of cause, or the lack of timeliness of, or any delay or interruptions in, the transmission thereof to the users. All information contained in this report should be independently verified with the companies mentioned.

© American Association of Individual Investors, 2020. The Stock Superstars Report is a registered trademark and service mark of the American Association of Individual Investors. This publication may not be reproduced in whole or in part by any means without prior written consent.

“The American Association of Individual Investors is an independent nonprofit corporation formed in 1978 for the purpose of assisting individuals in becoming effective managers of their own assets through programs of education, information and research.”

Printed in the u.S.a.

April 2020 3


outperforming the S&P 500 by 6% and outperforming 76% of all domes-tically listed stocks.

Alexion is being added to Group 4 because of its strong forecasted earn-ings growth over the next three to five years, reasonable historical sales growth, free cash flow generation and margins that are above its industry norms.

SSR Monthly ReviewWhat a difference a month makes,

let alone a single quarter. When the first reports started coming out of China in December of a new virus,

the financial markets were not pric-ing in the possibility of it turning into a global pandemic with nearly one million confirmed cases and more than 49,000 deaths (as of the morn-ing of April 2).

The U.S. is just now starting to feel the full effects of the coronavi-rus, with President Trump warning Americans that “We’re going to go through a very tough two weeks.” During this same press conference on March 31, members of the presi-dent’s emergency task force warned that as many as 100,000 to 240,000 Americans could face death in the

coming weeks. Many states have is-sued shelter-in-place orders, trying to “flatten the curve” and limit the spread of the contagious virus. The president extended social distancing guidance until the end of April.

The effects on the economy are widespread, although it will be months before the full impact will be known. This bled into the stock market, with the S&P 500 plunging nearly 34% from its all-time-high close on Feb-ruary 19 to an intermediate low on March 23. This brought an end to the longest bull market in U.S. his-tory, roughly a month shy of its 11th

RelativeLatest Strength RiskPrice One Since Since Index

Ticker Company Date Price (3/31/20) Month Purchase Purchase (3 Yr) IndustryGroup 1: Profitability & Relative StrengthMNST Monster Beverage Corp. 5/31/19 $61.86 $56.26 (9.9%) (11.6%) 1.00 2.08 Non-Alcoholic BeveragesNXST Nexstar Media Group 4/26/19 $116.85 $57.73 (49.8%) (50.6%) 0.57 2.11 BroadcastingORLY O'Reilly Automotive Inc. 1/4/19 $339.46 $301.05 (18.4%) (11.4%) 0.89 1.62 Retailers - Autos, Parts & ServADBE Adobe Inc. 8/31/18 $263.51 $318.24 (7.8%) 22.5% 1.41 1.61 SoftwareBURL Burlington Stores Inc. 6/24/16 $63.53 $158.46 (26.7%) 150.9% 2.02 1.69 Retailers - Discount StoresV Visa Inc. 1/29/16 $74.49 $161.12 (11.4%) 119.1% 1.64 1.14 Online ServicesDPZ Domino's Pizza, Inc. 12/6/13 $69.78 $324.07 (4.3%) 368.3% 3.13 2.22 Restaurants & BarsGroup 2: Value & Financial StrengthKMPR Kemper Corp. 8/30/19 $69.98 $74.37 8.0% 6.3% 1.22 2.58 Insurance - Multiline & BrokersCMCSA Comcast Corporation 3/29/18 $33.98 $34.38 (14.4%) 1.7% 1.07 1.57 BroadcastingSWKS Skyworks Solutions Inc. 7/29/16 $66.02 $89.38 (10.8%) 35.3% 1.16 2.73 SemiconductorsCSCO Cisco Systems, Inc. 1/29/16 $23.79 $39.31 (1.6%) 69.2% 1.27 1.69 Communications & NetworkingFAF First American Financial Corp. 8/28/15 $38.82 $42.41 (25.2%) 11.2% 0.87 1.74 Insurance - Property & CasualtyPCAR PACCAR Inc. 5/29/15 $63.56 $61.13 (8.6%) (3.6%) 0.78 1.70 Heavy Machinery & VehiclesJPM JPMorgan Chase & Co. 2/27/15 $61.28 $90.03 (22.5%) 45.6% 1.17 1.60 BanksWAFD Washington Federal Inc. 8/1/14 $20.69 $25.96 (13.4%) 25.2% 0.91 1.56 BanksUNH UnitedHealth Group 8/31/12 $54.30 $249.38 (1.8%) 359.3% 2.34 1.68 Managed Health careUSB U.S. Bancorp 4/27/12 $32.29 $34.45 (24.9%) 7.1% 0.54 1.61 BanksPFE Pfizer Inc. 5/1/09 $13.58 $32.64 (2.3%) 134.3% 0.73 1.22 PharmaceuticalsGroup 3: GARP RevisionsCACI CACI International Inc. 1/3/20 $255.91 $211.15 (13.8%) (18.8%) 1.04 1.55 IT Services & ConsultingGIII G-III Apparel Group 4/26/19 $43.02 $7.70 (65.6%) (82.2%) 0.21 4.20 Apparel & AccessoriesZUMZ Zumiez Inc. 2/1/19 $25.14 $17.32 (34.7%) (30.5%) 0.75 4.33 Retailers - Apparel & AccessorCRMT America's Car-Mart, Inc. 9/28/18 $78.20 $56.35 (45.2%) (28.5%) 0.83 2.20 Retailers - Autos, Parts & ServLRCX Lam Research Corp. 10/27/17 $208.00 $240.00 (17.7%) 15.6% 1.18 2.56 Semiconductor Equip & TestingBAC Bank of America Corp. 8/25/17 $23.77 $21.23 (25.0%) (10.7%) 0.87 1.89 BanksJCOM j2 Global Inc. 1/6/17 $84.03 $74.85 (14.3%) (10.7%) 0.81 1.46 Telecom Services - IntegratedGNTX Gentex Corporation 10/30/15 $16.39 $22.16 (17.0%) 33.8% 1.12 1.72 Auto, Truck & Motorcycle PartsTTEK Tetra Tech, Inc. 1/3/14 $27.63 $70.62 (12.7%) 149.4% 1.71 1.71 Environmental Services & EquipGroup 4: Reasonably Priced GrowthALXN Alexion Pharmaceuticals, Inc. 4/3/20 na $89.79 (4.5%) na na 3.07 PharmaceuticalsECPG Encore Capital Group, Inc. 5/31/19 $34.34 $23.38 (37.1%) (35.2%) 0.73 2.83 Corporate Financial ServicesDFS Discover Financial Services 3/29/19 $71.16 $35.67 (45.6%) (52.0%) 0.55 2.10 Consumer LendingJBLU JetBlue Airways Corp. 6/1/18 $18.77 $8.95 (43.3%) (52.3%) 0.53 2.26 AirlinesCPRT Copart, Inc. 1/27/17 $28.51 $68.52 (18.9%) 145.5% 2.23 1.94 Retailers - Autos, Parts & ServDHI D.R. Horton, Inc. 12/4/15 $32.99 $34.00 (36.2%) 5.5% 0.86 1.84 HomebuildingMGA Magna International Inc. 7/31/15 $54.36 $31.92 (29.7%) (42.3%) 0.48 2.07 Auto, Truck & Motorcycle PartsMET MetLife Inc. 9/28/12 $30.89 $30.57 (28.4%) (1.0%) 0.52 1.63 Insurance - Life & HealthRGA Reinsurance Grp of America 6/24/11 $59.90 $84.14 (31.0%) 38.5% 0.65 1.39 ReinsuranceData as of 3/31/2020. Sources: AAII's Stock Investor Pro, Refinitiv and I/B/E/S.

Gain/(Loss)Portfolio Alert

Portfolio Holdings

4 April 2020


$50,000$75,000$100,000$125,000$150,000$175,000$200,000$225,000$250,000$275,000$300,000$325,000$350,000$375,000$400,000$425,000$450,000$475,000

2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Growth of $100,000

Stock Superstars Portfolio

iShares DJ U.S.

(IYY)March (20.4%) (13.6%)

2020 (28.3%) (20.7%)2019 32.7% 30.9%2018 (10.8%) (5.1%)2017 18.1% 21.2%2016 13.8% 12.0%2015 (3.1%) 0.5%2014 4.4% 12.7%2013 44.0% 32.6%2012 16.2% 16.1%2011 4.3% 1.1%2010 19.5% 16.4%2009 34.3% 28.5%2008 (43.5%) (37.2%)2007 5.5% 5.8%2006 3.0% 15.3%2005 (0.3%) 6.1%2004 14.3% 11.8%2003 40.2% 30.4%2002 0.5% (22.1%)

Inception 218.3% 226.0%Risk Index 1.24 1.00Std. Dev. 19.4% 15.7%

Performance as of 3/31/2020.

Performance

nruteR latoT

Ris

k

Total Returns

Growth of SSR Portfolio

birthday. From there, the large-cap index jumped 17.6% over three trad-ing days. Since then, through the close on March 31, the index fell 1.7%.

For March, all but one of the SSR stocks that were in the portfolio as of last month were down. The sole ex-ception was Kemper Corp. (Group 2: KMPR), which added 8.0%. All four SSR groups, each following a unique set of selection criteria, were down for the month. The stocks in Group 2, on average, fared the best in March, buoyed by the gain in Kemper. Overall, Group 2 held the top four stocks in the portfolio for the month: Kemper Corp., up 8.0%; Cisco Sys-tems Inc. (CSCO), down 1.6%; Unit-edHealth Group (UNH), down 1.8%; and Pfizer Inc. (PFE), down 2.3%.

Group 4 stocks, on average, fared the poorest in March. None of the stocks in the group ranked higher than 19th in terms of monthly per-formance, but only one ranked in the bottom five for the month.

Large-cap stocks managed to weather March better than mid- and small-cap issues. The S&P 500 large-cap index posted a total return loss of 12.4% in March, compared to total return declines of 20.3% for the S&P

MidCap 400 index and 22.4% for the S&P SmallCap 600 index.

Growth also dominated value across all market-cap segments in March. The S&P 500 Growth index lost 10.0% on a total-return basis for the month, while the S&P SmallCap 600 Value index fell 25.5% for the month on a total-return basis.

Changes Coming to SSRSince we created the Stock Super-

stars Report in 2002, we have paid attention to subscriber feedback and made changes and enhancements to the service to best serve our custom-ers. Based on your feedback, we have been working on several important changes to the overall SSR system, which we are planning to roll out next month.

However, leading up to that, we will discuss these changes in the weekly SSR alert emails. So, if you don’t receive these emails, now is the perfect time to sign up for them. These emails provide useful informa-tion each week on the overall SSR portfolio and the individual holdings.

As an SSR subscriber, you should have been automatically enrolled in the AAII Stock Superstars Report

email. These weekly emails arrive after the market close each week, usually after 5 p.m. (Central) on Fri-day. We also post these emails at the Stock Superstars website: https://www.stocksuperstars.com/weekly update/index.cfm.

If your weekly SSR email is miss-ing, you may wish to first check your spam filter for emails from Stock Superstars Report. If you do not receive this weekly email from Stock Superstars Report, you can update your email preferences at AAII.com. To do this, log into AAII.com (www.aaii.com) or the Stock Superstars report website (www.stocksuperstars.com). If you can’t remember your password, you can reset it by going to https://user.aaii.com/SSO/Forgot Password.aspx. If you have never logged into either website, you will need to contact AAII Member Ser-vices at [email protected] for login instructions (since AAII employees are sheltering in place and working remotely, email is the best way to reach us).

Once you are logged onto AAII.com

As of 3/31/2020. The Stock Superstars portfolio started at the beginning of 2002. The SSR portfolio is run as if managed by a subscriber and includes delays in reaction time to SSr alerts, actual commissions and bid-ask spreads. Since inception performance data is available at StockSuperstars.com.

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April 2020 5


collaboration service daily meeting volume has more than doubled since the beginning of March and expand-ed nearly threefold from February. At peak hours, volume is up 24 times from where it would be normally, the company said. In response to social distancing guidance Webex opened a free sign-up service, which drew 240,000 new subscriptions in the first 24 hours. Comcast Corp. (CMCSA)

(3/9/2020) Comcast’s NBCUniver-sal sold off its $500 million stake in Snap Inc. (SNAP), parent company of Snapchat, according to a regulatory filing that recorded a $293 million gain on the sale in fiscal 2019. The sale of the Snap investment comes as Comcast works to debut its upcoming direct-to-consumer streaming service Peacock, a cash-intensive endeavor that has required the company to reevaulate where its capital is best deployed.

(3/24/2020) Comcast warned in a filing with the U.S. Securities and Exchange Commission (SEC) that the coronavirus pandemic could have a “material adverse impact” on its operations as the company has had to shut down its theme parks, delay film releases and suspend productions. Additionally, Japan’s prime minister and the International Olympic Com-mittee formally postponed the 2020 Olympic Games, saying they will be held in 2021. Comcast has already sold a record-breaking $1.25 billion in advertising against NBCUniversal’s thousands of hours of Olympic cover-age. Earlier in March, CEO Brian Roberts said the company has built

potential disruptions into its con-tracts and has insurance for any of its expenses.Gentex Corporation (GNTX)

(3/9/2020) Gentex’s board of directors authorized a 4% dividend increase, bringing the quarterly dividend to $0.12 per share. The company’s payout is covered by both profits and cash flow. The quarterly dividend is payable on April 22, to shareholders of record at the close of business on April 10. JetBlue Airways Corp. (JBLU)

(3/18/2020) JetBlue Airways said it will be cutting capacity in April and May by at least 40% as the airline industry struggles with a massive reduction in flights. JetBlue officials stated that the company was taking in about $22 million on a typical day last March, but that has shrunk to about $4 million. The company is also issuing about $20 million a day in credits to customers for canceled flights. JetBlue announced that it will be reviewing its fleet plan with supplier Airbus to slow deliveries and reduce payments required before aircraft are delivered. The company has also secured a new $1 billion credit facility in order to bolster cash reserves. Nexstar Media Group (NXST)

(3/24/2020) ViacomCBS (VIAC) and Nexstar Media announced a multi-year agreement to renew nine CBS network affiliations for Nexstar stations, reaching approximately 3.5% of the U.S. audience and nearly four million television households. The deal extends CBS/Nexstar affilia-tions that were set to expire later this

Recent Earnings AnnouncementsDate Reported Expected Surprise

Stock (Ticker) Reported Earnings Earnings %Group 1Adobe Systems Inc. (ADBE) Mar 12 $2.27 $2.227 1.9%Burlington Stores Inc. (BURL) Mar 5 $3.25 $3.227 0.7%Group 2Carnival Corp. (CCL) Mar 19 $0.22 $0.274 (19.7%)Group 3G-III Apparel Group (GIII) Mar 19 $0.75 $0.670 11.9%Zumiez Inc. (ZUMZ) Mar 12 $1.48 $1.360 8.8%Group 4

Announcements through the close on 3/31/2020.No Group 4 companies reported earnings this month.

or the SSR website, you should see a “Welcome” link at the top-right of the site. Click the drop-down menu and select Email Preferences. This will take you to the AAII Email Prefer-ence Center. By clicking in the box next to Stock Superstars Report in the right column under “AAII Pro-motional Announcements,” so that a checkmark appears in the box, you will be added to the weekly email list.

Over the next few weeks, be on the lookout for information on the com-ing changes to the Stock Superstars Report in the weekly emails and at the SSR website. This will culminate in a revamped SSR newsletter for the May issue.

SSR PerformanceThrough the close on Tuesday,

March 31, 2020, the SSR portfolio lost 20.4% for the month, while the portfolio’s benchmark index—the iShares DJ U.S. ETF (IYY)—was down 13.6% for the month on a price-change basis (excluding dividends).

For 2020, the Stock Superstars portfolio has lost 28.3% through the end of March, compared to a decline of 20.7% for the iShares DJ U.S. ETF.

Since inception, the iShares DJ U.S. fund is up 226.0%, while the SSR portfolio has gained 218.3%. •

SSr Stocks in the NewsBurlington Stores Inc. (BURL)

(3/22/2020) Burlington Stores announced that it is withdrawing the guidance that it gave with its fourth-quarter earnings due to the coronavi-rus pandemic. The retailer also stated that it will temporarily close all of its stores effective at the end of busi-ness on March 22 and will provide financial support to impacted associ-ates over the next two-week period. The company began the fiscal year with about $400 million in cash and recently borrowed $400 million on its $600 million asset-based lending facility as a precautionary measure.Cisco Systems, Inc. (CSCO)

(3/24/2020) Cisco said its Webex

6 April 2020


Current NextHist Hist Est Prior Last Year Year

Ticker Company 4-Wk 26-Wk 52-Wk Sales EPS Sales EPS EPS Year Year Est EstGroup 1: Profitability & Relative StrengthMNST Monster Beverage Corp. 65% 81% 85% 10.1% 8.8% 11.3% 17.0% 11.1% $1.76 $2.03 $2.26 $2.48NXST Nexstar Media Group 12% 30% 36% 37.9% (26.8%) 36.9% 19.0% na $8.22 $4.81 $16.46 $13.42ORLY O'Reilly Automotive Inc. 59% 56% 63% 7.3% 14.5% 7.1% 19.5% 13.0% $16.08 $17.88 $18.82 $21.03ADBE Adobe Inc. 74% 90% 89% 18.8% 43.4% 21.9% 62.7% 19.3% $5.58 $6.01 $9.76 $11.19BURL Burlington Stores Inc. 41% 61% 84% 10.5% 14.2% 8.5% 51.4% 9.7% $6.04 $6.91 $7.11 $8.92V Visa Inc. 66% 78% 84% 10.0% 12.4% 12.6% 19.8% 14.1% $4.43 $5.32 $5.64 $6.71DPZ Domino's Pizza, Inc. 84% 93% 93% 6.3% 18.9% 12.7% 27.3% 13.0% $8.35 $9.56 $10.50 $11.92Group 2: Value & Financial StrengthKMPR Kemper Corp. 84% 80% 79% 6.2% 286.5% 17.3% 30.8% na $3.64 $7.96 $6.15 $6.31CMCSA Comcast Corporation 62% 57% 71% 2.0% 25.2% 9.6% 12.1% 9.4% $2.53 $2.83 $3.06 $3.32SWKS Skyworks Solutions Inc. 73% 89% 86% (7.8%) (6.5%) 8.1% 15.8% 10.3% $6.34 $4.94 $6.14 $7.36CSCO Cisco Systems, Inc. 84% 61% 56% (3.5%) 5.7% 1.9% 13.5% 7.0% $2.15 $2.81 $3.17 $3.29FAF First American Financial Corp. 29% 51% 65% 22.0% 143.1% 5.8% 23.8% na $4.19 $6.22 $5.55 $5.32PCAR PACCAR Inc. 75% 72% 74% (2.6%) (7.4%) 6.1% 12.5% (2.7%) $6.24 $6.87 $4.74 $5.15JPM JPMorgan Chase & Co. 47% 57% 72% 1.2% 35.7% 10.3% 15.2% 7.1% $8.91 $10.72 $10.07 $10.76WAFD Washington Federal Inc. 62% 49% 74% 1.4% 29.3% 4.7% 11.0% na $2.33 $2.61 $2.22 $2.29UNH UnitedHealth Group 72% 89% 83% 4.3% 18.5% 13.2% 20.2% 13.2% $12.19 $14.33 $16.51 $18.89USB U.S. Bancorp 44% 38% 55% (1.3%) (17.7%) 7.4% 6.2% 6.0% $4.14 $4.16 $4.08 $4.33PFE Pfizer Inc. 78% 75% 62% (9.2%) 42.9% 0.9% 14.7% 0.6% $1.73 $2.81 $2.90 $3.11Group 3: GARP RevisionsCACI CACI International Inc. 62% 76% 88% 18.1% 15.9% 6.9% 14.2% 14.3% $7.84 $10.46 $12.59 $14.13GIII G-III Apparel Group 3% 10% 10% (1.6%) 8.6% 8.3% 3.4% (2.7%) $2.75 $2.94 $1.21 $2.29ZUMZ Zumiez Inc. 31% 29% 53% 7.9% 77.5% 5.0% 12.2% na $1.45 $2.62 $2.46 $2.81CRMT America's Car-Mart, Inc. 12% 37% 46% 15.9% 23.6% 6.5% 24.5% 8.3% $3.82 $6.73 $7.88 $7.55LRCX Lam Research Corp. 55% 86% 93% 2.4% (2.3%) 15.9% 30.5% 16.3% $16.46 $13.70 $15.49 $19.71BAC Bank of America Corp. 46% 52% 60% (5.1%) 5.6% 6.6% 45.5% 6.3% $2.61 $2.75 $2.74 $2.97JCOM j2 Global Inc. 67% 65% 72% 17.2% 138.3% 18.0% 11.2% na $2.59 $4.39 $7.53 $8.03GNTX Gentex Corporation 60% 62% 85% (2.1%) (3.5%) 6.2% 11.1% 15.0% $1.62 $1.66 $1.68 $1.84TTEK Tetra Tech, Inc. 60% 63% 90% 11.0% 15.4% 5.1% 10.9% na $2.16 $2.79 $3.46 $3.77Group 4: Reasonably Priced GrowthALXN Alexion Pharmaceuticals, Inc. 81% 76% 51% 22.6% 675.8% 17.4% 26.8% 13.1% $0.09 $10.70 $11.05 $12.16ECPG Encore Capital Group, Inc. 18% 49% 67% (0.3%) (9.0%) 6.0% 8.3% na $4.06 $5.33 $6.83 $7.61DFS Discover Financial Services 13% 18% 31% 4.5% 11.8% 9.6% 13.1% 10.2% $7.79 $9.09 $7.06 $8.30JBLU JetBlue Airways Corp. 18% 27% 36% 3.2% 31.7% 6.8% 10.3% 14.1% $0.51 $1.91 $0.46 $2.01CPRT Copart, Inc. 57% 69% 87% 18.6% 28.5% 11.9% 29.4% na $1.76 $2.47 $2.66 $2.96DHI D.R. Horton, Inc. 18% 40% 68% 14.3% 52.9% 17.0% 24.1% 11.5% $4.09 $4.29 $5.08 $5.37MGA Magna International Inc. 30% 34% 47% (7.3%) 4.7% 2.8% 4.7% 5.8% $6.64 $5.59 $4.93 $6.47MET MetLife Inc. 36% 41% 54% 10.0% (71.5%) (1.0%) 2.3% 4.3% $4.91 $6.06 $6.03 $6.46RGA Reinsurance Grp of America 28% 26% 41% 15.3% 118.4% 5.6% 6.9% 7.8% $10.04 $13.62 $13.35 $14.48Data as of 3/31/2020. Sources: AAII's Stock Investor Pro, Refinitiv and I/B/E/S.

Fiscal-Year EPSStrength Growth Growth Rate

Percentile Rank (Year-Over-Year)

Relative Price Quarterly Compound Annual

Momentum & Growth Analysis

Definitions of Terms Used in Tables

Compound Annual Growth Rate—Est EPS – the average of analysts’ expected long-term (three- to five-year) growth rate in earnings per share. Compound Annual Growth Rate—Hist EPS – the compound annual percentage change in fully diluted earnings per share from continuing operations over the last five fiscal years. Compound Annual Growth Rate—Hist Sales – the compound annual percentage change in total sales over the last five fiscal years. Cur Yr Est EPS Revision (1 Mo) – the percentage change (over the last month) of the average consensus earnings estimate for the current fiscal year. Daily Dollar Volume (Mil) – the current stock price multiplied by the average daily trading volume over the last three months. Div Adj PEG Ratio—Fwd PE to Hist Grth – the PeG ratio based on the historical long-term growth rate in earnings per share adjusted to reflect the dividend yield. It is calculated by dividing the forward price-earnings ratio by the sum of the historical long-term growth rate in earnings per share and the current dividend yield. Div Adj PEG Ratio—TTM PE to Est Grth – the PeG ratio based on the estimated long-term growth rate in

year and covers two top 50 market affiliates. Pfizer Inc. (PFE)

(3/26/2020) Mylan N.V. (MYL) and Pfizer announced that due to the un-precedented circumstances surround-ing the coronavirus pandemic, the proposed transaction involving Mylan and Upjohn, a division of Pfizer, is now anticipated to close in the second half of 2020. The transaction was originally expected to close by midyear 2020. Mylan and Pfizer said in a joint statement that there were no other changes to previously announced plans pertaining to the deal.Skyworks Solutions Inc. (SWKS)

(3/4/2020) Skyworks Solutions,

which supplies radio chips to Apple Inc.’s (AAPL) iPhones, cut its quar-terly results forecasts, saying the coronavirus had disrupted distribu-tion while stressing that its largely Asia-based production facilities had been slightly affected. Earlier in Feb-ruary, Apple warned that sales for the first three months of the year would fall short of estimates as the corona-virus outbreak affected both produc-tion and demand in China. Skyworks cut its forecast for sales to between $760 million and $770 million, from a previous range of $800 million to $820 million. The company now expects earnings of $1.34 per share, compared to previous guidance of $1.46 per share. •

April 2020 7


Price/ Cur Yr Total DailyFwd PE TTM PE Book Est EPS Liab Dollar Market

Fwd to Hist to Est Value Div Prior Last Revision to Volume CapTicker Co Ind Co Grth Grth Ratio Yield Qtr Qtr (1 Mo) Co Ind Assets (Mil) (Mil)Group 1: Profitability & Relative StrengthMNST 27.8 23.1 24.9 1.46 2.50 7.25 0.0% 1.5% 0.6% (1.7%) 33.4% 3.7% 19.0% $238.8 $31,140NXST 12.0 10.3 3.5 0.15 nmf 1.31 3.9% (113.7%) (22.8%) (1.3%) 21.2% 15.3% 85.5% $48.3 $2,747ORLY 16.8 9.5 16.0 0.82 1.29 57.34 0.0% 6.1% (0.5%) (3.3%) 18.9% 3.9% 96.3% $307.5 $23,626ADBE 48.2 36.7 32.6 0.52 2.50 14.66 0.0% 1.5% 1.9% (0.6%) 30.1% (6.9%) 50.7% $1,216.2 $153,401BURL 22.9 20.9 22.3 0.43 2.37 19.73 0.0% 10.5% 0.7% (13.7%) 8.4% 3.3% 90.6% $151.8 $10,710V 30.6 27.4 28.5 1.39 2.06 11.66 0.7% 3.1% (0.2%) (7.8%) 65.0% (6.3%) 52.8% $2,167.2 $355,697DPZ 33.8 13.0 30.9 1.09 2.42 nmf 1.0% (0.9%) 5.2% (4.6%) 17.4% 4.3% 347.1% $336.7 $13,532Group 2: Value & Financial StrengthKMPR 9.3 12.7 12.1 0.37 nmf 1.25 1.6% 38.5% 4.0% (1.1%) 13.6% 12.7% 69.4% $25.8 $4,892CMCSA 12.1 10.3 11.2 0.76 1.01 1.90 2.7% 5.9% 3.7% (4.3%) 19.4% 15.3% 68.6% $1,033.1 $161,587SWKS 18.5 25.1 14.5 0.82 1.52 3.57 2.0% 1.5% 1.7% (2.9%) 27.5% 3.2% 16.2% $267.9 $15,279CSCO 14.3 20.0 12.4 0.72 1.33 4.69 3.7% 4.1% 1.4% (2.6%) 27.5% 1.8% 60.7% $1,275.5 $170,992FAF 6.8 9.2 7.6 0.27 nmf 1.09 4.1% 13.5% 22.0% 2.7% 15.4% 12.1% 61.6% $50.8 $4,967PCAR 8.9 11.2 12.9 0.88 nmf 2.18 2.1% 6.5% 1.6% (9.6%) 12.5% 7.7% 65.8% $147.0 $21,570JPM 8.4 8.8 8.9 0.47 0.75 1.21 4.0% 9.3% 9.3% (6.4%) 61.5% 74.4% 90.3% $1,846.0 $287,417WAFD 9.3 8.8 11.7 0.81 nmf 0.99 3.4% 1.1% (2.4%) (4.9%) 71.8% 74.4% 87.5% $16.2 $1,981UNH 17.4 14.4 15.1 0.69 1.17 4.10 1.7% 3.5% 3.3% 0.2% 8.1% 4.9% 66.9% $1,542.0 $238,358USB 8.3 8.8 8.4 0.76 0.76 1.17 4.9% 3.5% (17.0%) (5.5%) 66.0% 74.4% 89.5% $357.9 $54,568PFE 11.6 19.4 11.3 0.58 2.21 2.90 4.7% 21.4% (4.3%) 0.0% 31.5% (9.6%) 62.3% $1,111.2 $181,241Group 3: GARP RevisionsCACI 20.2 24.5 16.8 1.18 1.42 2.11 0.0% 0.9% 11.6% 0.1% 7.2% 3.3% 54.6% $44.4 $5,442GIII 2.6 10.5 6.4 1.87 nmf 0.29 0.0% 2.6% 11.8% (59.6%) 7.2% 4.4% 49.7% $7.5 $347ZUMZ 6.6 7.1 7.0 0.58 nmf 0.94 0.0% 25.2% 8.8% (7.5%) 8.3% 3.9% 49.0% $7.5 $450CRMT 6.9 9.5 7.1 0.29 0.83 1.27 0.0% 10.3% 3.6% (6.2%) 11.0% 3.9% 51.2% $7.5 $351LRCX 17.8 20.8 15.5 0.48 0.97 7.89 1.9% 5.7% 4.2% (6.6%) 25.2% 9.0% 63.2% $556.1 $37,159BAC 7.7 8.8 7.7 0.16 0.80 0.79 3.4% 10.7% 8.2% (8.1%) 63.6% 74.4% 89.1% $1,742.7 $192,294JCOM 17.1 15.4 9.9 0.89 nmf 2.72 0.0% 1.4% 0.7% 0.0% 20.2% 8.3% 62.6% $42.0 $3,675GNTX 13.3 9.4 13.2 1.00 0.78 2.84 2.2% 4.5% 4.6% (6.1%) 26.3% 4.8% 10.6% $46.2 $5,769TTEK 24.4 23.7 20.4 1.74 nmf 3.75 0.8% 5.0% 9.4% (1.1%) 8.0% 2.9% 56.4% $25.8 $3,926Group 4: Reasonably Priced GrowthALXN 8.4 19.4 8.1 0.30 0.64 1.76 0.0% 13.0% 4.1% (0.1%) 42.5% (9.6%) 35.8% $237.4 $19,381ECPG 4.4 6.3 3.4 0.41 nmf 0.71 0.0% 18.1% 7.3% 1.1% 31.9% 21.6% 79.2% $11.9 $838DFS 3.9 4.5 5.1 0.28 0.26 0.98 4.9% 3.4% 0.4% (21.3%) 52.0% 17.9% 89.6% $133.2 $11,512JBLU 4.7 4.6 19.5 1.90 0.33 0.53 0.0% 15.5% 2.2% (81.7%) 9.9% 9.9% 59.7% $92.2 $2,481CPRT 22.3 9.5 25.8 0.88 nmf 7.50 0.0% 9.8% (1.5%) (3.6%) 36.6% 3.9% 30.3% $159.1 $16,789DHI 7.2 6.4 6.7 0.26 0.53 1.22 2.1% 8.0% 26.6% (2.8%) 12.6% 8.3% 37.3% $182.2 $13,497MGA 5.8 9.4 6.5 0.67 0.54 0.90 5.0% 5.8% 6.1% (23.7%) 5.6% 4.8% 58.0% $40.0 $9,627MET 5.1 6.7 5.1 0.63 0.50 0.42 5.8% (9.0%) 44.0% (1.4%) 11.1% 8.9% 91.1% $253.2 $29,334RGA 6.2 7.6 6.3 0.62 0.56 0.45 3.3% 15.0% (6.2%) (3.3%) 9.3% 9.3% 84.9% $62.1 $5,440Data as of 3/31/2020. Sources: AAII's Stock Investor Pro, Refinitiv and I/B/E/S.

Trailing Margin

Div Adj PEG Ratio Earnings OperatingP/E Ratio Surprise Profit

Value, Quality & Size Analysis

Definitions of Terms Used in Tables (Continued)

earnings per share adjusted to reflect the dividend yield. It is calculated by dividing the current (trailing 12-month) price-earnings ratio by the sum of the estimated long-term growth rate in earnings per share and the current dividend yield. Div Yield – The indicated dividend (last quarterly per share dividend multiplied by four) divided by the current stock price. Earnings Surprise—Last Qtr – The difference, expressed as a percentage, between the latest announced quarterly earnings and the consensus quarterly estimate for the past quarter. Earnings Surprise—Prior Qtr – earnings surprise as a percentage two quarters ago. Fiscal-Year EPS—Current Year Est – estimated earnings per share for the current fiscal year. Fiscal-Year EPS—Last Year – Earnings per share for the last fiscal year. Fiscal-Year EPS—Prior Year – Earnings per share for the fiscal year two fiscal years ago. Fiscal-Year EPS—Next Year Est – estimated earnings per share for the next fiscal year. Operating Profit Margin—Co – operating income divided by total revenues.

Operating Profit Margin—Ind – the median operating profit margin for the industry. P/E Ratio Forward Co – The forward or estimated price-earnings ratio based on the current stock price and the estimated earnings for the current fiscal year. P/E Ratio Trailing—Co – the current stock price divided by diluted earnings per share from continuing operations for the trailing 12 months. P/E Ratio Trailing—Ind – the median price-earnings ratio for the industry based on trailing 12-month earnings per share. Price/Book Value Ratio – the current stock price divided by book value per share for the latest reported fiscal quarter. Book value per share is equal to total assets less total liabilities and preferred stock, divided by common shares outstanding. Quarterly Growth (Year-Over-Year)—EPS – the percentage increase or decrease in diluted earnings per share from continuing operations from the last quarter compared to the diluted earnings per share from continuing operations in the same fiscal period one year ago. Quarterly Growth (Year-Over-Year)—Sales – the percentage increase or decrease in total sales from

the last quarter compared to total sales in the same quarter one year ago. Relative Price Strength Percentile Rank—4-Wk, 26-Wk, 52-Wk – An indication of how a stock has performed relative to all U.S.-listed stocks over the stated time period. A rank of 75% reflects performance that surpassed 75% of all stocks over the period—or that places the stock within the top 25% of the universe. Relative Strength Since Purchase – Price performance of a stock compared to the iShares Dow Jones U.S. ETF (IYY) since the stock was purchased for the SSR portfolio. A value of 1.00 represents stock performance equal to the index.Risk Index (3 Yr) – the 36-month annualized standard deviation of return for the stock divided by the 36-month annualized standard deviation of return for the iShares Dow Jones U.S. ETF (IYY). The baseline value for the index is 1.00. Values above 1.00 indicate greater risk than the index. Values below 1.00 indicate less risk than the index. Total Liab to Assets – The ratio of total liabilities to total assets for the last quarter.

8 April 2020


SSR Group 1: O'Reilly Automotive Inc. (ORLY) $301.05 ($454.31 - $251.52)

Group 1: Profitability & Relative StrengthAddition Alert Date: 1/4/2019Price at Alert: $339.46 Risk Index: 1.62Market Cap (Million): $23,626.1Avg Daily Dollar Volume (Million): $307.5Primary Sector: Consumer CyclicalsPrimary Industry: Retailers - Autos, Parts & Serv

Multiples Current 12/2019 12/2018 12/2017 12/2016 12/2015Price/Earnings 16.8 21.9 18.1 18.8 24.1 24.9Price/Earnings (Industry) 9.5 14.8 17.8 14.7 17.8 17.6Price/Book Value 57.3 76.0 66.8 30.7 15.2 11.7Price/Sales 2.3 3.0 2.5 2.2 2.9 2.9Price/Cash Flow nmf nmf -- -- 826.8 nmfPrice/Free Cash Flow 21.7 28.2 19.5 21.6 24.2 24.9Dividend Yield (%) -- -- -- -- -- --Ratios Current 12/2019 12/2018 12/2017 12/2016 12/2015Gross Margin (%) 53.1 53.1 52.8 52.6 52.5 52.3Operating Margin (%) 18.9 18.9 19.0 19.2 19.8 19.0Ind. Operating Margin (%) 3.9 3.9 4.0 5.3 4.1 6.0Net Margin (%) 13.7 13.7 13.9 12.6 12.1 11.7Industry Net Margin (%) 2.4 2.3 2.5 3.5 2.3 3.4Return on Equity (%) 514.9 370.5 263.1 99.5 57.8 46.8Ind. Return on Equity (%) 14.2 14.8 15.6 24.6 15.3 14.2

Rel Strgth Return on Assets (%) 13.5 14.9 17.0 15.3 15.0 14.1Rank Current Ratio 0.9 0.9 0.9 0.9 1.0 1.0

4 Week 59% Payout Ratio (%) 0.0 0.0 0.0 0.0 0.0 0.013 Week 49% Liabilities to Assets (%) 96.3 96.3 95.6 91.4 77.4 70.626 Week 56% Ind. Liabilities to Assets (%) 77.1 76.3 76.1 76.9 74.3 75.552 Week 63% Asset Turnover 1.0 1.1 1.2 1.2 1.2 1.2

Financial Statements TTM 12/2019 12/2018 12/2017 12/2016 12/2015Growth 5 Year Sales ($M) 10,150 10,150 9,536 8,978 8,593 7,967

Sales 7.1% Gross Income ($M) 5,395 5,395 5,040 4,721 4,509 4,163EPS Basic 19.3% Depreciation & Amort. ($M) 271 271 259 234 218 210EPS Dil Cont 19.5% Unusual/Extra ($M) 0 0 0 0 0 0Net Income 12.3% Operating Income ($M) 1,921 1,921 1,815 1,725 1,699 1,514Dividends -- Interest Expense ($M) 140 140 122 91 71 57

Pretax Income ($M) 1,790 1,790 1,694 1,638 1,637 1,460SUE Score Net Income ($M) 1,391 1,391 1,325 1,134 1,038 931

(0.50) Operating Cash Flow ($M) 1,709 1,709 1,728 1,404 1,511 1,3469.40 Investing Cash Flow ($M) (797) (797) (534) (464) (529) (407)

Annual Financing Cash Flow ($M) (903) (903) (1,208) (1,040) (951) (1,073)12/2021 Capital Expenditures ($M) 628 628 504 466 476 414

20 Net Cash Flow ($M) 9 9 (15) (100) 30 (134)$21.03 EPS Basic ($) 18.08 18.07 16.27 12.82 10.87 9.32$21.64 EPS Diluted Cont ($) 17.89 17.88 16.08 12.08 10.73 9.17

# Rev Up 0 EPS DC Year/Year Chg (%) 11.2 11.2 33.2 12.6 17.0 25.0 # Rev Down 9 Dividends/Share ($) 0.00 0.00 0.00 0.00 0.00 0.00Three Mos. Ago $22.26 Dividend Year/Year Chg (%) -- -- -- -- -- --Year/Year Chg 11.7% Free Cash Flow/Share ($) 14.27 14.03 15.03 10.61 10.84 9.32

12/2019 9/2019 6/2019 3/2019 Total Cash ($M) 40 40 31 46 147 116$4.25 $5.08 $4.51 $4.05 $17.89 Goodwill/Intangibles ($M) 937 939 816 799 797 770$3.71 $4.50 $4.28 $3.61 $16.09 Total Assets ($M) 10,717 10,717 7,981 7,572 7,204 6,677

Long-Term Debt ($M) 3,891 3,891 3,417 2,978 1,887 1,39012/2019 9/2019 6/2019 3/2019 Total Total Liabilities ($M) 10,320 10,320 7,627 6,919 5,577 4,715$32.80 $35.01 $33.37 $30.71 $131.89 Book Value/Share ($) 5.25 5.16 4.34 7.38 17.05 19.62$29.01 $30.81 $30.05 $27.33 $117.19 Avg Shares Outst'g (M) 75.70 76.99 81.41 88.43 95.45 99.97

Sources: AAII's Stock Investor Pro, Refinitiv and I/B/E/S. Data as of 3/31/2020.

O'Reilly Automotive Inc. is a specialty retailer of automotive aftermarket parts, tools, supplies, equipment and accessories in the U.S. O'Reilly sells its products to both do-it-yourself (DIY) and professional service provider customers. Its product line includes new and remanufactured automotive hard parts, maintenance items and accessories. O'Reilly's stores offer various services and programs to its customers, such as used oil, oil filter and battery recycling; battery diagnostic testing; electrical and module testing; check engine light code extraction; loaner tool program; custom hydraulic hoses; and machine shops.

ORLY passed the Group 1 screen, which looks for companies with a proven record of earnings growth that are showing strong relative price strength. ORLY has a current P/E of 16.8 based on trailing 12-month EPS of $17.89. The consensus EPS estimate for the current fiscal year, ending 12/2020, is $18.82 and $21.03 the year after. On February 5, ORLY reported quarterly EPS of $4.25, which was in line with analyst expectations. Two analysts project adjusted earnings to grow by 13.0% a year over the next three to five years. Earnings have grown at an annual rate of 19.5% over the last five years while revenues have grown by an average of 7.1% over that period. ORLY's stock price has underperformed the S&P 500 by 14% over the last 52 weeks and has outperformed 63% of all U.S. stocks over the same period.

5.3%

21

06

$4.52

0

$19.969

Annual12/2020

$4.43 $19.47$4.31 $18.82

Year Ago

TTM

TTMSales/Sh (Qtr)

Quarterly

EPS (Qtr)

Year Ago

CurrentMonth Ago

3/202018

6.3%

$5.08

Est Surprise

EPS Estimates# of Estimates

Oct 23, 2019Feb 5, 2020

EPS$4.25

% Surp(0.5%)6.1%

Index

11.2%

--

5.7%

10.3%

18.5%18.6%

--

6.4%TTM

Gain

5.0%

11.1%

(20%)(31%)(24%)(23%)

Stock

0.86

0.86

3 Year

0.97

Rel Strgth

0.87

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Apr 2015 Apr 2016 Apr 2017 Apr 2018 Apr 2019

April 2020 9


SSR Group 2: Cisco Systems, Inc. (CSCO) $39.31 ($58.26 - $32.40)

Group 2: Value & Financial StrengthAddition Alert Date: 1/29/2016Price at Alert: $23.79 Risk Index: 1.69Market Cap (Million): $170,992.3Avg Daily Dollar Volume (Million): $1,275.5Primary Sector: TechnologyPrimary Industry: Communications & Networking

Multiples Current 7/2019 7/2018 7/2017 7/2016 7/2015Price/Earnings 14.3 17.7 20.2 18.1 12.9 15.3Price/Earnings (Industry) 20.0 29.1 28.0 28.5 23.4 23.8Price/Book Value 4.7 6.5 4.9 2.6 2.2 2.3Price/Sales 3.2 4.2 4.3 3.6 2.8 2.8Price/Cash Flow nmf 79.5 nmf 43.1 183.6 908.9Price/Free Cash Flow 19.2 24.7 30.9 23.5 18.0 19.0Dividend Yield (%) 3.7 2.7 2.8 3.1 3.3 2.9Ratios Current 7/2019 7/2018 7/2017 7/2016 7/2015Gross Margin (%) 64.0 62.9 62.0 63.0 62.9 60.4Operating Margin (%) 27.5 27.4 25.0 24.9 25.7 21.9Ind. Operating Margin (%) 1.8 0.6 0.9 1.8 1.5 2.4Net Margin (%) 21.4 22.4 0.2 20.0 21.8 18.3Industry Net Margin (%) 0.0 (0.8) (1.9) 0.5 0.1 1.2Return on Equity (%) 31.5 30.3 0.2 14.8 17.4 15.4Ind. Return on Equity (%) 2.0 0.6 (1.0) 3.0 0.4 2.8


4 Week 84% Payout Ratio (%) 53.5 51.0 -- 55.8 41.9 44.313 Week 70% Liabilities to Assets (%) 60.7 65.7 60.3 49.1 47.7 47.326 Week 61% Ind. Liabilities to Assets (%) 47.8 47.1 44.7 41.3 39.8 37.752 Week 56% Asset Turnover 0.5 0.5 0.4 0.4 0.4 0.5

Financial Statements TTM 7/2019 7/2018 7/2017 7/2016 7/2015Growth 5 Year Sales ($M) 51,550 51,904 49,330 48,005 49,247 49,161Sales 1.9% Gross Income ($M) 32,975 32,666 30,606 30,224 30,960 29,681EPS Basic 11.9% Depreciation & Amort. ($M) 1,863 1,897 2,192 2,286 2,150 2,442EPS Dil Cont 13.5% Unusual/Extra ($M) 270 281 399 766 300 484Net Income 8.2% Operating Income ($M) 14,162 14,219 12,309 11,973 12,660 10,770Dividends 13.9% Interest Expense ($M) 757 866 942 857 682 563

Pretax Income ($M) 14,539 14,571 13,039 12,287 12,920 11,201SUE Score Net Income ($M) 11,054 11,621 110 9,609 10,739 8,981

1.80 Operating Cash Flow ($M) 15,658 15,831 13,666 13,876 13,570 12,5524.70 Investing Cash Flow ($M) 11,060 14,837 15,318 (6,036) (8,117) (10,088)

Annual Financing Cash Flow ($M) (28,098) (27,889) (31,764) (3,806) (4,699) (2,313)7/2021 Capital Expenditures ($M) 827 909 834 964 1,146 1,227

27 Net Cash Flow ($M) (1,380) 2,779 (2,780) 4,034 754 151$3.29 EPS Basic ($) 2.58 2.63 0.02 1.92 2.13 1.76$3.40 EPS Diluted Cont ($) 2.76 2.81 2.15 1.90 2.11 1.75

# Rev Up 0 EPS DC Year/Year Chg (%) 5.8 30.3 13.1 (9.9) 21.0 17.4 # Rev Down 12 Dividends/Share ($) 1.38 1.34 1.20 1.07 0.89 0.78Three Mos. Ago $3.40 Dividend Year/Year Chg (%) 7.8 11.7 12.1 20.2 14.1 11.4Year/Year Chg 3.9% Free Cash Flow/Share ($) 3.50 3.38 2.65 2.58 2.46 2.22

1/2020 10/2019 7/2019 4/2019 Total Cash ($M) 27,062 33,434 46,548 70,492 65,756 60,416$0.68 $0.69 $0.71 $0.69 $2.76 Goodwill/Intangibles ($M) 35,518 35,730 34,258 32,305 29,126 26,845$0.64 $0.77 $0.64 $0.56 $2.60 Total Assets ($M) 90,426 97,793 108,784 129,818 121,652 113,373

Long-Term Debt ($M) 14,494 14,475 20,331 25,725 24,483 21,4571/2020 10/2019 7/2019 4/2019 Total Total Liabilities ($M) 54,893 64,222 65,580 63,681 58,066 53,675$2.83 $3.10 $3.14 $2.97 $12.04 Book Value/Share ($) 8.38 7.60 8.93 13.20 12.58 11.70$2.78 $2.86 $2.75 $2.60 $11.00 Avg Shares Outst'g (M) 4,242.00 4,419.00 4,837.00 5,010.00 5,053.00 5,104.00


Annual7/2020

$0.80 $3.25$0.76 $3.17

12.8%

27

011

$0.80

0

$3.2413

Year Ago

TTM

TTMSales/Sh (Qtr)

Quarterly

EPS (Qtr)

Year Ago

CurrentMonth Ago

4/202024

10.2%

$0.84

Est Surprise


Nov 13, 2019Feb 12, 2020

EPS$0.77

% Surp1.4%4.1%

Index

5.8%

14.6%

1.8%

2.7%

7.4%10.0%

7.8%

1.4%TTM

Gain

(14.1%)

(7.3%)

3 Year

1.16

Rel Strgth

0.92

(5%)(17%)(20%)(29%)

Stock

1.03

0.80

Cisco Systems Inc. is engaged in designing and selling a range of technologies across networking, security, collaboration, applications and the cloud. Infrastructure platforms consists of its core networking technologies of switching, routing, data center products and wireless. Application product category consists primarily of software-related offerings that utilize the core networking and data center platforms to provide their functions. Security product category primarily includes Cisco's unified threat management products, advanced threat security products and web security products.

CSCO passed the Group 2 screen, which looks for dividend-paying stocks with a low price-earnings ratio exhibiting positive historical and projected earnings growth and moderate levels of liabilities. CSCO has a current P/E ratio of 14.3 based on trailing 12-month EPS of $2.76. The consensus EPS estimate for the current fiscal year ending July 2020 is $3.17 and $3.29 for the next year. The latest quarterly EPS came in at $0.77, which was in line with analyst expectations. Earnings have increased on an annualized basis by 13.5% over the last five years. Revenues have grown by 1.9% a year over the same period. CSCO's current dividend yield is 3.7% based on an indicated dividend of $1.44 per share. Over the last 12 months, CSCO's 29% price decline has outperformed 56% of all stocks.

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10 April 2020


SSR Group 3: Gentex Corporation (GNTX) $22.16 ($31.27 - $19.48)

Group 3: GARP RevisionsAddition Alert Date: 10/30/2015Price at Alert: $16.39 Risk Index: 1.72Market Cap (Million): $5,769.3Avg Daily Dollar Volume (Million): $46.2Primary Sector: Consumer CyclicalsPrimary Industry: Auto, Truck & Motorcycle Parts

Multiples Current 12/2019 12/2018 12/2017 12/2016 12/2015Price/Earnings 13.3 14.9 13.3 12.6 14.0 15.2Price/Earnings (Industry) 9.4 13.8 15.0 14.1 13.1 16.8Price/Book Value 2.8 3.2 3.1 2.7 2.5 2.8Price/Sales 3.0 3.3 3.2 3.1 2.9 3.1Price/Cash Flow 70.4 78.7 nmf 239.9 nmf 89.3Price/Free Cash Flow 14.5 20.7 16.9 19.4 19.6 30.9Dividend Yield (%) 2.2 1.8 2.0 2.0 2.1 2.0Ratios Current 12/2019 12/2018 12/2017 12/2016 12/2015Gross Margin (%) 37.0 37.0 37.6 38.7 39.8 39.1Operating Margin (%) 26.3 26.3 27.7 29.2 30.5 29.7Ind. Operating Margin (%) 4.8 4.7 7.0 7.3 6.9 7.5Net Margin (%) 22.6 22.6 23.9 22.7 20.7 20.6Industry Net Margin (%) 2.9 3.0 4.2 3.8 5.5 4.5Return on Equity (%) 22.0 22.1 22.4 20.5 19.1 19.3Ind. Return on Equity (%) 7.7 8.0 11.1 11.9 14.5 14.5



Financial Statements TTM 12/2019 12/2018 12/2017 12/2016 12/2015Growth 5 Year Sales ($M) 1,859 1,859 1,834 1,795 1,679 1,544Sales 6.2% Gross Income ($M) 688 688 691 695 669 604EPS Basic 10.9% Depreciation & Amort. ($M) 105 105 102 100 89 81EPS Dil Cont 11.1% Unusual/Extra ($M) 0 0 0 0 0 0Net Income 7.8% Operating Income ($M) 489 489 508 523 512 459Dividends 8.7% Interest Expense ($M) 0 0 1 3 4 4

Pretax Income ($M) 500 500 522 532 511 464SUE Score Net Income ($M) 420 420 438 407 348 319

1.10 Operating Cash Flow ($M) 506 506 552 501 477 3542.10 Investing Cash Flow ($M) (57) (57) (186) (78) (251) (90)

Annual Financing Cash Flow ($M) (370) (370) (719) (400) (231) (211)12/2021 Capital Expenditures ($M) 3 88 92 104 128 101

8 Net Cash Flow ($M) 79 79 (353) 23 (5) 54$1.84 EPS Basic ($) 1.67 1.67 1.64 1.42 1.21 1.09$1.96 EPS Diluted Cont ($) 1.66 1.66 1.62 1.54 1.19 1.08

# Rev Up 0 EPS DC Year/Year Chg (%) 2.3 2.1 5.4 29.0 11.1 9.6 # Rev Down 4 Dividends/Share ($) 0.46 0.46 0.43 0.38 0.35 0.33Three Mos. Ago $1.94 Dividend Year/Year Chg (%) 5.8 5.8 13.2 8.6 6.1 10.0Year/Year Chg 9.7% Free Cash Flow/Share ($) 2.02 1.66 1.72 1.39 1.21 0.87

12/2019 9/2019 6/2019 3/2019 Total Cash ($M) 437 437 386 722 724 556$0.39 $0.44 $0.83 $0.40 $2.06 Goodwill/Intangibles ($M) 580 580 598 617 639 657$0.41 $0.42 $0.40 $0.41 $1.63 Total Assets ($M) 2,169 2,169 2,085 2,352 2,310 2,149

Long-Term Debt ($M) 0 0 0 0 178 22612/2019 9/2019 6/2019 3/2019 Total Total Liabilities ($M) 231 231 224 303 399 426

$1.78 $1.90 $3.72 $1.83 $9.24 Book Value/Share ($) 7.80 7.70 6.95 7.17 6.62 5.88$1.74 $1.73 $1.67 $1.69 $6.84 Avg Shares Outst'g (M) 248.63 251.77 267.79 285.87 288.43 293.10

Sources: AAII's Stock Investor Pro, Thomson Reuters and I/B/E/S. Data as of 3/31/2020.

Annual12/2020

$0.43 $1.79$0.42 $1.68

1.2%

9

03

$0.43

0

$1.755

Year Ago

TTM

TTMSales/Sh (Qtr)

Quarterly

EPS (Qtr)

Year Ago

CurrentMonth Ago

3/20208

4.2%

$0.44

Est Surprise


Oct 18, 2019Jan 31, 2020

EPS$0.39

% Surp4.6%4.5%

Index

2.3%

9.1%

3.5%

6.5%

11.4%11.5%

5.8%

1.4%TTM

Gain

(4.2%)

2.4%

3 Year

0.98

Rel Strgth

0.93

(20%)(24%)(20%)5%

Stock

0.95

1.17

Gentex Corp. designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, dimmable aircraft windows for the aviation industry and commercial smoke alarms and signaling devices for the fire protection industry. The company's business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors. Gentex also designs, develops and manufactures various electronics that are features to the interior and exterior automotive rearview mirrors, as well as interior visors, overhead consoles and other locations in the vehicle.

GNTX passed the Group 3 screen, which seeks companies with upward earnings estimate revisions, a positive earnings surprise in the most recent quarter, relatively strong price momentum and reasonable valuations. GNTX's current P/E ratio is 13.3 based on trailing EPS of $1.66. The latest quarterly EPS was $0.39, which exceeded the consensus estimate by 4.6%. The consensus EPS estimate for the current fiscal year ending 12/2020 is $1.68 and $1.84 for the next year. The historical five-year annual growth rate is 11.1% for EPS and 6.2% for sales. The consensus long-term estimated annual earnings growth rate from one analyst is 15.0%. GNTX's current dividend yield is 2.2% based on an annual indicated dividend of $0.48 per share. Over the past 52 weeks, GNTX's price has increased 5%, placing its price gain in the 85th percentile of all U.S.-listed stocks.

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April 2020 11


SSR Group 4: Alexion Pharmaceuticals, Inc. (ALXN) $89.79 ($141.86 - $72.67)

Group 4: Reasonably Priced GrowthAddition Alert Date: 4/3/2020Price at Alert: NA Risk Index: 3.07Market Cap (Million): $19,380.5Avg Daily Dollar Volume (Million): $237.4Primary Sector: Health carePrimary Industry: Pharmaceuticals

Multiples Current 12/2019 12/2018 12/2017 12/2016 12/2015Price/Earnings 8.4 11.1 -- 56.6 84.1 262.4Price/Earnings (Industry) 19.4 23.6 21.9 24.1 23.9 26.8Price/Book Value 1.8 2.3 2.8 3.1 3.8 4.5Price/Sales 4.0 5.3 6.3 7.7 10.8 14.4Price/Cash Flow 14.9 19.6 33.5 -- -- 573.0Price/Free Cash Flow 10.4 13.8 123.0 36.5 44.5 97.4Dividend Yield (%) -- -- -- -- -- --Ratios Current 12/2019 12/2018 12/2017 12/2016 12/2015Gross Margin (%) 92.1 92.1 90.9 87.2 91.6 91.0Operating Margin (%) 42.5 42.5 6.5 17.7 21.6 20.6Ind. Operating Margin (%) (9.6) (10.5) (12.8) (4.4) (3.3) 2.5Net Margin (%) 48.2 48.2 1.9 12.5 13.0 5.5Industry Net Margin (%) (20.1) (19.1) (13.3) (16.0) (1.7) 2.0Return on Equity (%) 23.2 23.5 0.9 5.0 4.7 2.5Ind. Return on Equity (%) (26.1) (30.8) (13.3) 3.8 2.1 10.2



Financial Statements TTM 12/2019 12/2018 12/2017 12/2016 12/2015Growth 5 Year Sales ($M) 4,991 4,991 4,131 3,551 3,084 2,604Sales 17.4% Gross Income ($M) 4,597 4,597 3,757 3,097 2,826 2,371EPS Basic 26.6% Depreciation & Amort. ($M) 377 377 405 497 396 167EPS Dil Cont 26.8% Unusual/Extra ($M) 8 8 1,209 136 90 81Net Income 29.6% Operating Income ($M) 2,120 2,120 270 627 667 537Dividends -- Interest Expense ($M) 91 91 98 98 97 48

Pretax Income ($M) 2,179 2,179 242 548 576 498SUE Score Net Income ($M) 2,404 2,404 78 443 399 144

0.70 Operating Cash Flow ($M) 2,085 2,085 426 1,116 1,086 6753.60 Investing Cash Flow ($M) 10 10 471 (918) (288) (3,585)

Annual Financing Cash Flow ($M) (739) (739) (102) (597) (836) 2,98512/2021 Capital Expenditures ($M) 155 155 213 357 333 286

24 Net Cash Flow ($M) 1,356 1,356 783 (382) (44) 66$12.16 EPS Basic ($) 10.79 10.77 0.35 1.98 1.78 0.68$12.15 EPS Diluted Cont ($) 10.72 10.70 0.09 2.17 1.77 0.67

# Rev Up 0 EPS DC Year/Year Chg (%) nmf 11,277.7 (95.7) 22.9 163.8 (79.5) # Rev Down 1 Dividends/Share ($) 0.00 0.00 0.00 0.00 0.00 0.00Three Mos. Ago $12.19 Dividend Year/Year Chg (%) -- -- -- -- -- --Year/Year Chg 10.1% Free Cash Flow/Share ($) 8.72 8.65 0.96 3.39 3.36 1.82

12/2019 9/2019 6/2019 3/2019 Total Cash ($M) 2,750 2,750 1,564 1,474 1,293 1,385$3.99 $2.08 $2.04 $2.61 $10.72 Goodwill/Intangibles ($M) 8,382 8,382 8,679 8,992 9,340 9,756

($0.69) $1.54 ($2.06) $1.29 $0.08 Total Assets ($M) 17,545 17,545 13,932 13,583 13,253 13,098Long-Term Debt ($M) 2,448 2,448 2,863 3,064 3,121 3,406

12/2019 9/2019 6/2019 3/2019 Total Total Liabilities ($M) 6,273 6,273 4,767 4,690 4,559 4,839$6.25 $5.66 $5.37 $5.10 $22.37 Book Value/Share ($) 50.91 50.50 41.16 39.72 38.76 38.69$5.06 $4.61 $4.69 $4.19 $18.55 Avg Shares Outst'g (M) 221.40 223.20 222.70 223.90 224.30 213.43


1.04

0.74

Alexion Pharmaceuticals Inc. develops novel antibody therapeutics that target a variety of severe disorders, including autoimmune and cardiovascular disease, inflammation and cancer. Alexion's first marketed product, Soliris (eculizumab), is the first therapy approved for the treatment of patients with paroxysmal nocturnal hemoglobinuria, or PNH. Soliris is designed to inhibit a specific aspect of the complement component of the immune system and thereby treat inflammation associated with chronic hematologic and neurological disorders, transplant rejection and autoimmune disorders.

ALXN passed the Group 4 screen, which looks for a combination of low P/E ratios, solid EPS growth forecasts, a strong record of sales growth and strong relative profitability. It has a current P/E ratio of 8.4, based on a trailing 12-month EPS of $10.72. The latest quarterly EPS was $2.71, which was 4.1% above the consensus estimate. The consensus EPS estimate for the current fiscal year ending 12/2020 is $11.05 and $12.16 for the next year. Earnings have grown, on average, by 26.8% a year over the last five years, while sales have increased by an average of 17.4% a year over the same period. Alexion does not pay a dividend. ALXN's 34% price decline over the last year has underperformed the S&P 500 by 26% and has outperformed 51% of all U.S.-listed stocks over the same period.

3 Year

1.13

Rel Strgth

1.06

(8%)(16%)(8%)(34%)

Stock

% Surp4.1%13.0%

Index

nmf

--

17.4%

81.9%

82.2%82.3%

--

20.8%TTM

Gain

nmf

nmf

$2.79

Est Surprise


Oct 23, 2019Jan 30, 2020

EPS$2.71

Year Ago

TTM

TTMSales/Sh (Qtr)

Quarterly

EPS (Qtr)

Year Ago

CurrentMonth Ago

3/202019

3.6% 3.3%

24

01

$2.71

1

$11.301

Annual12/2020

$2.70 $11.06$2.70 $11.05

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12 April 2020


To survive, a company needs to have the cash flow to cover expens-es. Two popular means of measur-ing a company’s cash flow are cash from operations and free cash flow. Operating cash flow measures a company’s ability to generate and consume cash from day-to-day operations as it provides its cus-tomers goods and services. Positive cash flow from operations im-plies that a firm is able to gener-ate enough cash from operations without needing additional funds. Negative cash flow from operations indicates that additional cash in-flows are necessary for day-to-day operations.

Ideally, a company should not only cover the costs of produc-ing its goods and services but also produce excess cash flow for rein-vestment or distribution to share-holders. Free cash flow refines the measure of cash flow from opera-tions by considering capital expen-ditures as well as dividend pay-ments to shareholders. Some will argue that once a company starts paying a dividend, it is expected to continue paying it, even if it is not required or obligated to do so. Since dividends are paid in cash, they are subtracted from cash flow to calculate a free cash flow figure.

A study of a company’s current cash levels and its cash flows can help reveal whether a firm may need additional funding. The table here lists the 36 companies cur-rently in the SSR tracking portfolio.

Cash and marketable securities generally represent the funds avail-able to meet immediate cash needs. Elements within the marketable securities segment can vary widely from firm to firm, but they gener-ally represent investments that ma-ture within one year and shares of common stock that are not viewed as a long-term investment. The table reports the cash and marketable securities per share at the end of each company’s last reported fiscal quarter. The table also provides free cash flow per share for the trailing 12 months (including a company’s cash dividend payments).

Two current SSR holdings have negative free cash flow when con-sidering their dividend payments, both of which are in Group 2: Car-nival Corp. (CCL) and JPMorgan Chase & Co. (JPM).

A company’s “burn rate” indi-cates the net amount of cash it’s consuming in its operations and development. By relating the nega-tive free cash flow to the level of available cash, we can provide a rough estimate of how long a com-pany can operate before requiring additional financing. The months until burnout column indicates the number of months of operation supported by cash levels tied to the free cash flow (including cash divi-dends) deficit. It’s computed by di-viding cash and marketable securi-ties per share by free cash flow per share and multiplying the result by 12 to equate it to a monthly level. Companies with positive free cash flow do not burn cash, so there is not a burn rate for those firms.

According to the table, Carnival had only five months of cash as of its latest quarter ending November 30, 2019. Undoubtedly, similar cash availability and usage led Carnival’s management to the announcement on March 31 that it was suspending its dividend indefinitely. While not shown in the table, if Carnival had not paid dividends over the last 12 months, its free cash flow per share ex-cluding dividends would have been slightly positive.

JPMorgan Chase is in a better position, with roughly 161 years of cash on hand. While the company, along with other big banks, has suspended stock buybacks, there is no indication (as of now) that its dividend is threatened.

It is important to reiterate that these calculations are merely estimates of a company’s ability to operate with-out additional funding. The numbers used are backward-looking, and the conditions in which companies are operating may have changed significantly over the last 12 months. •

Portfolio Corner:

Analyzing Company Sustainability: Cash Burn Rate

Company

Cash Burn Rate:

Months Un�l

Burnout

Cash & MarketableSecuri�es per Share

Group 1: Profitability & Rela�ve StrengthAdobe Inc.Burlington Stores Inc.Domino's Pizza, Inc.Monster Beverage Corp.Nexstar Media Group Inc.O'Reilly Automo�ve Inc.Visa Inc.Group 2: Value & Financial StrengthCarnival Corp.Cisco Systems, Inc.Comcast Corpora�onFirst American FinancialJPMorgan Chase & Co.Kemper Corp.PACCAR Inc.Pfizer Inc.Skyworks Solu�ons Inc.U.S. BancorpUnitedHealth Group Inc.Washington Federal Inc.Group 3: GARP RevisionsAmerica's Car-Mart, Inc.Bank of America Corp.CACI Interna�onal Inc.G-III Apparel Group, Ltd.Gentex Corpora�onJ2 Global Inc.Lam Research Corp.Tetra Tech, Inc.Zumiez Inc.Group 4: Reasonably Priced GrowthCopart, Inc.D. R. Horton Inc.Discover Financial ServicesEncore Capital Group, Inc.JetBlue Airways Corp.Magna Interna�onal Inc.Metlife Inc.Reinsurance Grp of AmericaData as of 3/30/2020.Sources: AAII's Stock Investor Pro, Refini�v and I/B/E/S.

Free Cash Flow per

Share 12m

$8.83$8.41$7.42$1.95$2.86

$14.12$4.56

($1.94)$2.08$2.60$5.41

($2.00)$6.92$3.31$0.42$3.23$1.57

$12.94$2.04

$0.36$6.15

$22.87$0.44$1.55$6.04

$11.20$2.87$3.38

$0.63$2.18

$17.27$6.51$4.25$6.77

$13.12$33.09

--------------

5 ------

1,937 --------------

------------------

----------------

$8.65$6.13$4.74$2.40$5.05$0.53$5.88

$0.75$6.38$1.21

$13.11$322.90

$2.05$15.39

$1.76$6.99

$14.39$11.59

$8.00

$0.32$79.17

$2.74$1.17$1.76

$12.09$32.53

$2.03$9.94

$0.40$4.30

$22.26$6.18$4.64$4.19

$18.07$23.13

global pandemic spares few stocks in worst month since ... 2020_ssr.pdflarge-cap range of domestic...

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