Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

NARROW EDGE

57.9 / 100

NoneWeakNarrowWide

Primary source: Efficient Scale · ROIC: 16.5% · 5Y Avg: 39.2%

Cost Advantage

53

Intangibles

56

Switching Cost

52

Network Effect

40

Scale ★

95

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. ABAX has a Narrow competitive edge (57.9/100) — meaningful but not impregnable advantages over competitors. The primary source of advantage is Efficient Scale. ROIC of 16.5% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 63 Grade A

Profitability

55

Balance Sheet

95

Earnings Quality

70

Growth

33

Value

42

Momentum

64

Safety

100

Cash Flow

84

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. ABAX scores highest in Safety (100/100) and lowest in Growth (33/100). An overall grade of A places ABAX among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

21.95

Safe Zone

Piotroski F-Score

5/9

✓ ✓ ✗ ✓ ✓ ✗ ✗ ✗ ✓

Beneish M-Score

-2.67

Unlikely Manipulator

Ohlson O-Score

-11.06

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

AA+

Score: 92.5/100

Trend: Deteriorating

Earnings Quality

75/100

OCF/NI: 1.60x

Accruals: -5.1%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. ABAX scores 21.95, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. ABAX scores 5/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. ABAX's score of -2.67 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. ABAX's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. ABAX receives an estimated rating of AA+ (score: 92.5/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). ABAX's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

70.94x

PEG

-4.11x

P/S

0.00x

P/B

6.61x

P/FCF

43.89x

P/OCF

37.80x

EV/EBITDA

34.19x

EV/Revenue

6.04x

EV/EBIT

48.95x

EV/FCF

39.45x

Earnings Yield

1.65%

FCF Yield

2.28%

Shareholder Yield

0.83%

Graham Number

$18.06

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 70.9x earnings, ABAX is priced for high growth expectations. Graham's intrinsic value formula yields $18.06 per share, 359% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.626

NI / EBT

×

Interest Burden

1.437

EBT / EBIT

×

EBIT Margin

0.123

EBIT / Rev

×

Asset Turnover

0.757

Rev / Assets

×

Equity Multiplier

1.161

Assets / Equity

=

ROE

9.8%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. ABAX's ROE of 9.8% is driven by Asset Turnover (0.757), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$9.90

Price/Value

7.12x

Margin of Safety

-611.98%

Premium

611.98%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with ABAX's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. ABAX trades at a 612% premium to its adjusted intrinsic value of $9.90, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 70.9x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$83.00

Median 1Y

$91.15

5th Pctile

$49.65

95th Pctile

$167.57

Ann. Volatility

37.0%

25th–75th percentile 5th–95th percentile Median path Historical

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
ROE	16.2%	10.4%	9.7%	7.7%	8.3%	8.8%	10.0%	13.2%	14.0%	14.7%	15.2%	13.9%	13.5%	14.5%	13.6%	13.0%	12.5%	10.3%	9.1%	9.8%	9.76%
ROA	14.3%	9.1%	8.4%	6.8%	7.3%	7.7%	8.6%	11.2%	12.2%	12.7%	13.1%	11.7%	11.7%	12.6%	12.0%	11.3%	10.8%	9.0%	7.9%	8.4%	8.40%
ROIC	28.8%	18.2%	19.2%	14.6%	16.8%	17.7%	20.2%	23.5%	23.6%	24.8%	24.7%	28.6%	28.9%	28.1%	24.3%	23.1%	19.3%	18.1%	16.0%	16.5%	16.52%
ROCE	21.9%	12.5%	10.8%	11.8%	13.2%	15.1%	15.1%	15.8%	16.9%	17.2%	18.8%	19.2%	18.6%	17.6%	16.8%	15.5%	14.4%	13.3%	13.5%	10.2%	10.16%
Gross Margin	48.4%	47.7%	47.4%	50.0%	50.3%	52.7%	49.0%	54.6%	55.4%	57.1%	56.0%	56.7%	55.5%	55.1%	55.7%	55.3%	54.8%	54.6%	53.9%	55.0%	54.96%
Operating Margin	10.7%	12.4%	11.3%	13.9%	15.7%	16.5%	15.4%	13.8%	20.0%	21.7%	21.3%	21.6%	18.6%	20.1%	20.5%	19.2%	11.2%	12.7%	11.0%	17.9%	17.94%
Net Margin	7.5%	8.7%	7.9%	8.9%	9.9%	10.0%	9.9%	21.8%	13.2%	14.0%	15.1%	15.6%	11.9%	19.5%	13.0%	13.0%	10.9%	11.2%	7.1%	14.8%	14.75%
EBITDA Margin	13.2%	12.4%	14.3%	17.7%	18.8%	17.0%	15.4%	20.4%	22.9%	21.7%	23.3%	21.6%	20.4%	20.1%	21.1%	19.2%	16.2%	16.0%	20.4%	17.9%	17.94%
FCF Margin	14.2%	13.0%	13.7%	17.5%	15.6%	16.9%	14.8%	14.2%	10.4%	11.1%	8.7%	10.4%	13.5%	12.1%	11.5%	10.1%	10.8%	14.5%	17.5%	15.3%	15.31%
OCF Margin	17.0%	15.9%	16.8%	20.7%	19.0%	20.5%	17.9%	17.1%	12.7%	13.3%	11.2%	12.8%	16.7%	15.7%	15.4%	14.6%	14.8%	17.9%	20.4%	17.8%	17.78%
ROE 3Y Avg	snapshot only																				11.67%
ROE 5Y Avg	snapshot only																				10.95%
ROA 3Y Avg	snapshot only																				10.11%
ROIC 3Y Avg	snapshot only																				21.76%
ROIC Economic	snapshot only																				7.17%
Cash ROA	snapshot only																				12.76%
Cash ROIC	snapshot only																				35.07%
CROIC	snapshot only																				30.20%
NOPAT Margin	snapshot only																				8.38%
Pretax Margin	snapshot only																				17.74%
R&D / Revenue	snapshot only																				9.53%
SGA / Revenue	snapshot only																				29.27%
SBC / Revenue	snapshot only																				5.58%

Valuation

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
P/E Ratio	36.98	48.24	50.38	59.30	61.57	64.95	63.27	51.89	38.56	30.51	36.39	31.95	33.27	32.78	34.77	33.45	37.47	37.29	45.98	60.52	70.940
P/S Ratio	5.50	4.83	4.80	4.89	5.48	6.02	6.15	6.66	5.22	4.43	5.80	4.62	4.69	5.10	5.24	4.82	5.29	4.47	4.83	6.72	0.000
P/B Ratio	5.74	4.94	4.63	4.34	4.90	5.49	5.99	6.44	5.08	4.20	5.17	4.28	4.33	4.55	4.57	4.11	4.44	3.68	4.04	5.66	6.606
P/FCF	38.58	37.17	35.13	28.02	35.18	35.70	41.55	46.77	50.00	39.89	67.03	44.19	34.86	42.19	45.40	47.62	49.05	30.86	27.65	43.89	43.894
P/OCF	32.35	30.41	28.59	23.65	28.86	29.37	34.45	38.96	41.05	33.34	51.64	36.02	28.14	32.45	33.95	33.01	35.64	24.98	23.65	37.80	37.795
EV/EBITDA	22.06	32.00	34.86	29.95	30.75	32.02	32.88	33.95	24.64	19.14	23.44	18.00	18.81	20.93	22.27	20.78	24.54	21.13	23.09	34.19	34.188
EV/Revenue	5.04	4.38	4.24	4.30	4.87	5.45	5.62	6.04	4.63	3.83	5.18	4.03	4.08	4.45	4.63	4.19	4.69	3.82	4.15	6.04	6.040
EV/EBIT	23.31	34.54	36.66	31.32	31.98	32.02	34.87	35.83	25.89	20.49	23.90	18.96	19.83	22.06	23.50	22.55	26.76	23.13	25.21	48.95	48.953
EV/FCF	35.40	33.70	31.01	24.62	31.29	32.33	37.93	42.40	44.36	34.47	59.86	38.53	30.35	36.88	40.12	41.41	43.46	26.36	23.72	39.45	39.447
Earnings Yield	2.7%	2.1%	2.0%	1.7%	1.6%	1.5%	1.6%	1.9%	2.6%	3.3%	2.7%	3.1%	3.0%	3.1%	2.9%	3.0%	2.7%	2.7%	2.2%	1.7%	1.65%
FCF Yield	2.6%	2.7%	2.8%	3.6%	2.8%	2.8%	2.4%	2.1%	2.0%	2.5%	1.5%	2.3%	2.9%	2.4%	2.2%	2.1%	2.0%	3.2%	3.6%	2.3%	2.28%
Price/Tangible Book	snapshot only																				5.678
EV/OCF	snapshot only																				33.967
EV/Gross Profit	snapshot only																				11.063
Acquirers Multiple	snapshot only																				45.153
Shareholder Yield	snapshot only																				0.83%
Graham Number	snapshot only																				$18.06

Leverage & Solvency

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
Current Ratio	8.71	9.13	9.42	9.81	7.46	6.53	6.12	5.08	7.03	7.33	7.89	7.27	7.11	7.71	7.74	6.97	5.66	6.34	5.92	6.02	6.022
Quick Ratio	7.14	7.56	7.78	8.21	6.29	5.48	5.02	4.21	5.84	6.13	6.61	6.07	5.95	6.47	6.38	5.81	4.65	5.28	4.91	5.02	5.017
Debt/Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.001
Net Debt/Equity	-0.47	-0.46	-0.54	-0.53	-0.54	-0.52	-0.52	-0.60	-0.57	-0.57	-0.55	-0.55	-0.56	-0.57	-0.53	-0.54	-0.51	-0.54	-0.57	-0.57	-0.573
Debt/Assets	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.001
Debt/EBITDA	0.02	0.02	0.03	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.004
Net Debt/EBITDA	-1.98	-3.30	-4.63	-4.14	-3.82	-3.34	-3.14	-3.50	-3.13	-3.01	-2.81	-2.64	-2.80	-3.02	-2.93	-3.11	-3.16	-3.61	-3.82	-3.85	-3.854
Interest Coverage	73.90	81.72	10399.50	11801.00	60.02	48.70	24.98	27.41	45.28	61.80	—	1549.03	1534.90	556.49	542.52	811.65	767.23	—	—	—	—
Equity Multiplier	1.13	1.13	1.13	1.12	1.15	1.17	1.18	1.22	1.16	1.15	1.14	1.15	1.15	1.14	1.13	1.15	1.17	1.15	1.17	1.17	1.173
Cash Ratio	snapshot only																				3.801
Cash to Debt	snapshot only																				942.277
FCF to Debt	snapshot only																				211.695
Defensive Interval	snapshot only																				826.2 days

Efficiency & Turnover

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
Asset Turnover	0.96	0.90	0.88	0.82	0.82	0.83	0.89	0.88	0.90	0.88	0.82	0.81	0.83	0.81	0.80	0.79	0.76	0.75	0.75	0.76	0.757
Inventory Turnover	3.75	3.79	3.36	3.30	3.27	3.25	3.18	3.26	3.35	3.20	2.75	2.68	2.80	2.83	2.69	2.73	2.68	2.72	2.61	2.67	2.673
Receivables Turnover	5.83	4.91	5.22	5.94	4.93	6.16	7.02	6.64	6.55	6.81	6.67	5.78	6.81	6.58	5.97	5.12	6.00	6.03	5.30	5.08	5.081
Payables Turnover	12.49	12.66	12.86	13.26	10.51	12.08	15.01	14.15	11.56	12.37	12.99	12.92	13.04	11.89	13.51	10.51	13.02	9.27	11.04	9.43	9.434
DSO	63	74	70	61	74	59	52	55	56	54	55	63	54	55	61	71	61	61	69	72	71.8 days
DIO	97	96	109	111	112	112	115	112	109	114	133	136	130	129	136	133	136	134	140	137	136.6 days
DPO	29	29	28	28	35	30	24	26	32	30	28	28	28	31	27	35	28	39	33	39	38.7 days
Cash Conversion Cycle	131	142	150	144	151	141	142	141	133	138	160	171	156	154	170	170	169	155	176	170	169.7 days
Fixed Asset Turnover	snapshot only																				6.909
Operating Cycle	snapshot only																				208.4 days
Cash Velocity	snapshot only																				1.467
Capital Intensity	snapshot only																				1.394

Growth (YoY)

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
Revenue	15.1%	13.1%	0.6%	-7.6%	-5.9%	-2.4%	12.9%	23.9%	24.1%	19.7%	5.4%	2.8%	2.3%	2.5%	5.6%	3.8%	1.9%	0.9%	4.0%	7.7%	7.69%
Net Income	1.0%	-18.9%	-32.7%	-48.3%	-43.7%	-9.7%	15.1%	92.7%	89.0%	87.6%	72.8%	15.7%	6.5%	9.7%	-0.2%	3.4%	2.0%	-22.2%	-27.4%	-16.9%	-16.93%
EPS	99.3%	-19.9%	-33.2%	-48.5%	-43.8%	-10.2%	13.8%	90.0%	87.0%	86.1%	71.8%	16.0%	7.4%	10.3%	0.2%	3.2%	0.7%	-23.1%	-28.2%	-18.6%	-18.60%
FCF	51.7%	45.7%	-0.6%	27.4%	2.8%	26.6%	22.2%	1.0%	-16.8%	-21.1%	-38.4%	-24.6%	31.7%	11.4%	40.8%	0.5%	-18.3%	20.9%	57.7%	63.0%	63.05%
EBITDA	60.0%	-39.7%	-53.4%	-42.4%	-34.8%	21.4%	58.5%	53.4%	47.3%	40.7%	36.3%	29.3%	18.0%	9.0%	-0.7%	-6.4%	-10.4%	-14.4%	-10.1%	-5.6%	-5.62%
Op. Income	99.4%	-26.1%	-39.5%	-50.6%	-43.8%	-0.7%	31.0%	57.2%	52.0%	45.8%	31.4%	41.8%	29.5%	17.7%	10.7%	-4.0%	-13.4%	-21.8%	-30.5%	-26.4%	-26.42%
OCF Growth	snapshot only																				31.26%
Asset Growth	snapshot only																				11.60%
Equity Growth	snapshot only																				9.19%
Debt Growth	snapshot only																				-36.33%
Shares Change	snapshot only																				2.05%
Dividend Growth	snapshot only																				13.85%

Growth (CAGR)

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
Revenue 3Y	13.0%	11.9%	8.7%	6.2%	6.8%	7.2%	10.3%	10.8%	10.4%	9.8%	6.2%	5.6%	6.1%	6.2%	7.9%	9.8%	8.9%	7.4%	5.0%	4.7%	4.74%
Revenue 5Y	12.9%	12.5%	11.2%	10.2%	9.8%	10.2%	11.6%	11.3%	11.0%	10.3%	8.9%	8.8%	9.1%	8.6%	8.3%	7.7%	7.0%	6.5%	5.6%	5.6%	5.64%
EPS 3Y	29.7%	12.4%	8.1%	-0.0%	6.7%	10.0%	17.5%	26.6%	27.9%	10.2%	9.3%	4.3%	4.1%	22.6%	25.1%	31.5%	26.5%	16.4%	7.3%	-0.9%	-0.86%
EPS 5Y	17.8%	8.2%	5.9%	3.2%	3.6%	5.7%	8.6%	15.9%	18.0%	18.9%	19.8%	17.1%	19.5%	22.3%	22.8%	19.4%	17.8%	2.6%	-1.2%	-0.9%	-0.95%
Net Income 3Y	29.4%	12.2%	7.5%	-0.8%	6.0%	10.2%	18.8%	27.8%	29.2%	11.1%	10.2%	4.8%	4.3%	22.9%	25.7%	32.1%	27.1%	17.0%	7.8%	-0.2%	-0.19%
Net Income 5Y	18.0%	8.5%	6.1%	3.4%	3.8%	5.8%	8.8%	16.0%	18.2%	19.0%	19.8%	16.8%	19.1%	22.5%	23.7%	20.1%	18.5%	3.2%	-0.6%	-0.2%	-0.21%
EBITDA 3Y	18.0%	-1.8%	-7.3%	-5.5%	0.7%	6.8%	12.1%	13.4%	15.4%	1.0%	0.2%	4.5%	4.3%	23.0%	29.0%	22.9%	15.9%	9.5%	6.8%	4.5%	4.52%
EBITDA 5Y	13.2%	1.7%	-1.9%	0.9%	1.3%	3.2%	4.9%	6.9%	9.6%	10.1%	11.5%	10.9%	12.2%	13.3%	13.8%	12.0%	10.2%	-0.8%	-2.1%	0.2%	0.17%
Gross Profit 3Y	8.8%	7.4%	4.1%	1.4%	2.8%	4.4%	7.6%	8.9%	9.2%	9.8%	7.7%	7.9%	9.3%	9.9%	12.6%	14.8%	13.5%	10.7%	7.8%	6.7%	6.74%
Gross Profit 5Y	11.6%	10.8%	8.6%	7.2%	6.7%	7.4%	8.6%	8.8%	9.1%	9.2%	8.8%	9.1%	9.7%	9.1%	8.9%	8.1%	7.2%	6.9%	6.1%	6.3%	6.35%
Op. Income 3Y	26.0%	8.1%	3.1%	-2.5%	6.2%	11.2%	19.6%	18.9%	19.5%	2.3%	1.4%	3.2%	3.4%	19.5%	24.0%	28.8%	19.5%	10.3%	0.4%	0.0%	0.04%
Op. Income 5Y	19.5%	8.5%	5.5%	3.2%	3.9%	6.4%	9.1%	9.5%	11.3%	12.8%	13.6%	15.6%	18.7%	18.7%	20.0%	18.0%	13.8%	-0.3%	-4.3%	-4.9%	-4.92%
FCF 3Y	17.6%	26.9%	40.5%	47.0%	36.1%	36.9%	29.9%	28.4%	9.1%	13.3%	-9.2%	-1.0%	4.1%	3.6%	2.0%	-8.5%	-3.6%	2.1%	11.0%	7.3%	7.31%
FCF 5Y	25.5%	15.2%	16.7%	35.1%	16.8%	18.1%	13.3%	9.5%	6.9%	15.3%	15.9%	19.4%	22.5%	17.7%	13.7%	9.9%	6.9%	14.4%	10.7%	9.7%	9.73%
OCF 3Y	16.3%	22.3%	29.2%	29.5%	19.4%	19.6%	16.3%	18.3%	4.6%	8.9%	-7.9%	-1.3%	5.4%	5.8%	4.9%	-2.3%	0.4%	2.6%	9.8%	6.1%	6.14%
OCF 5Y	21.6%	14.7%	15.9%	19.9%	10.7%	12.6%	9.0%	9.9%	6.6%	12.3%	11.4%	11.4%	13.7%	10.0%	8.6%	8.6%	6.8%	12.5%	9.3%	8.3%	8.31%
Assets 3Y	6.6%	6.6%	5.2%	4.8%	5.9%	11.4%	12.3%	14.0%	11.5%	8.6%	11.7%	10.4%	11.2%	11.4%	11.7%	12.1%	11.9%	10.7%	10.2%	8.2%	8.23%
Assets 5Y	10.4%	9.6%	8.9%	9.0%	8.9%	8.9%	9.0%	9.9%	9.3%	9.3%	8.6%	7.6%	7.9%	11.1%	11.1%	10.9%	11.0%	8.9%	10.9%	11.1%	11.07%
Equity 3Y	5.9%	5.9%	4.6%	4.8%	4.9%	10.8%	10.7%	11.3%	11.0%	9.1%	13.2%	10.3%	10.5%	11.1%	11.6%	11.1%	11.2%	11.1%	10.5%	9.7%	9.70%
Book Value 3Y	6.2%	6.1%	5.2%	5.6%	5.6%	10.6%	9.5%	10.2%	9.9%	8.2%	12.3%	9.8%	10.3%	10.8%	11.1%	10.6%	10.7%	10.6%	10.0%	9.0%	8.96%
Dividend 3Y	—	—	—	—	—	—	—	—	58.8%	27.3%	12.1%	3.0%	3.0%	2.7%	3.8%	5.0%	5.7%	6.4%	5.5%	4.4%	4.42%

Growth Quality

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
Revenue Stability	0.98	0.99	0.97	0.88	0.90	0.94	0.97	0.88	0.89	0.93	0.97	0.86	0.89	0.93	0.99	0.91	0.88	0.89	1.00	0.98	0.979
Earnings Stability	0.50	0.55	0.36	0.23	0.29	0.37	0.36	0.41	0.53	0.57	0.57	0.55	0.63	0.69	0.67	0.59	0.58	0.39	0.21	0.22	0.224
Margin Stability	0.96	0.96	0.95	0.94	0.94	0.94	0.93	0.93	0.94	0.95	0.94	0.94	0.95	0.95	0.94	0.94	0.95	0.96	0.96	0.96	0.965
Rev. Growth Consistency	1.00	1.00	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	1.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	0.00	1.00	1.00	0.00	0.00	0.00	0.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.50	0.92	0.87	0.81	0.83	0.96	0.94	0.50	0.50	0.50	0.50	0.94	0.97	0.96	1.00	0.99	0.99	0.91	0.89	0.93	0.932
Earnings Smoothness	0.32	0.79	0.61	0.36	0.44	0.90	0.86	0.37	0.38	0.39	0.47	0.85	0.94	0.91	1.00	0.97	0.98	0.75	0.68	0.82	0.815
ROE Trend	0.07	-0.01	-0.02	-0.05	-0.04	-0.03	-0.03	0.01	0.01	0.04	0.05	0.04	0.02	0.03	0.01	-0.01	-0.01	-0.04	-0.05	-0.03	-0.035
Gross Margin Trend	-0.03	-0.04	-0.05	-0.05	-0.04	-0.02	-0.01	0.01	0.03	0.04	0.06	0.06	0.05	0.04	0.03	0.01	0.01	0.00	-0.01	-0.01	-0.012
FCF Margin Trend	0.05	0.04	0.02	0.07	0.03	0.05	0.01	-0.01	-0.04	-0.04	-0.06	-0.05	0.00	-0.02	-0.00	-0.02	-0.01	0.03	0.07	0.05	0.050
Sustainable Growth Rate	16.2%	10.4%	9.7%	7.7%	7.1%	6.5%	6.6%	8.9%	9.7%	10.4%	10.9%	9.5%	9.1%	10.2%	9.2%	8.4%	7.8%	5.5%	4.3%	4.9%	4.87%
Internal Growth Rate	16.6%	10.0%	9.2%	7.3%	6.7%	6.0%	6.0%	8.2%	9.1%	9.8%	10.3%	8.7%	8.6%	9.8%	8.8%	7.9%	7.2%	5.1%	3.9%	4.4%	4.38%

Cash Flow Quality

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
OCF/Net Income	1.14	1.59	1.76	2.51	2.13	2.21	1.84	1.33	0.94	0.92	0.70	0.89	1.18	1.01	1.02	1.01	1.05	1.49	1.94	1.60	1.601
FCF/OCF	0.84	0.82	0.81	0.84	0.82	0.82	0.83	0.83	0.82	0.84	0.77	0.82	0.81	0.77	0.75	0.69	0.73	0.81	0.86	0.86	0.861
FCF/Net Income	snapshot only																				1.379
OCF/EBITDA	snapshot only																				1.007
CapEx/Revenue	2.7%	2.9%	3.1%	3.2%	3.4%	3.6%	3.1%	2.9%	2.3%	2.2%	2.6%	2.4%	3.2%	3.6%	3.9%	4.5%	4.1%	3.4%	3.0%	2.5%	2.47%
CapEx/Depreciation	snapshot only																				0.755
Accruals Ratio	-0.02	-0.05	-0.06	-0.10	-0.08	-0.09	-0.07	-0.04	0.01	0.01	0.04	0.01	-0.02	-0.00	-0.00	-0.00	-0.01	-0.04	-0.07	-0.05	-0.051
Sloan Accruals	snapshot only																				0.039
Cash Flow Adequacy	snapshot only																				2.214
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.2%	0.4%	0.5%	0.6%	0.8%	1.0%	0.8%	1.0%	1.0%	0.9%	0.9%	1.1%	1.0%	1.2%	1.2%	0.8%	0.77%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.10	$0.20	$0.30	$0.39	$0.40	$0.42	$0.43	$0.44	$0.45	$0.46	$0.48	$0.51	$0.53	$0.55	$0.57	$0.58	$0.64
Payout Ratio	0.0%	0.0%	0.0%	0.0%	14.3%	26.3%	34.2%	33.0%	31.3%	29.7%	28.6%	31.5%	32.3%	29.5%	32.4%	35.8%	37.9%	46.3%	53.2%	50.1%	50.08%
FCF Payout Ratio	0.0%	0.0%	0.0%	0.0%	8.2%	14.5%	22.5%	29.7%	40.5%	38.8%	52.7%	43.6%	33.8%	38.0%	42.3%	51.0%	49.6%	38.3%	32.0%	36.3%	36.33%
Total Payout Ratio	0.0%	0.0%	0.0%	0.0%	14.3%	26.3%	34.2%	33.0%	31.3%	29.7%	28.6%	31.5%	32.3%	29.5%	32.4%	35.8%	37.9%	46.3%	53.2%	50.1%	50.08%
Div. Increase Streak	—	—	—	—	0	0	0	0	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	—	—	—	—	—	—	—	—	3.13	1.12	0.45	0.12	0.11	0.10	0.14	0.19	0.21	0.23	0.20	0.17	0.170
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Shareholder Return	0.0%	0.0%	0.0%	0.0%	0.2%	0.4%	0.5%	0.6%	0.8%	1.0%	0.8%	1.0%	1.0%	0.9%	0.9%	1.1%	1.0%	1.2%	1.2%	0.8%	0.83%

DuPont Factors

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
Tax Burden (NI/EBT)	0.65	0.67	0.69	0.65	0.64	0.64	0.64	0.87	0.85	0.83	0.83	0.67	0.67	0.67	0.66	0.64	0.64	0.65	0.60	0.63	0.626
Interest Burden (EBT/EBIT)	1.06	1.18	1.20	0.93	0.91	0.85	0.94	0.88	0.89	0.94	0.89	1.01	1.02	1.15	1.17	1.21	1.26	1.13	1.06	1.44	1.437
EBIT Margin	0.22	0.13	0.12	0.14	0.15	0.17	0.16	0.17	0.18	0.19	0.22	0.21	0.21	0.20	0.20	0.19	0.18	0.16	0.16	0.12	0.123
Asset Turnover	0.96	0.90	0.88	0.82	0.82	0.83	0.89	0.88	0.90	0.88	0.82	0.81	0.83	0.81	0.80	0.79	0.76	0.75	0.75	0.76	0.757
Equity Multiplier	1.14	1.15	1.16	1.13	1.14	1.15	1.16	1.17	1.16	1.16	1.16	1.18	1.16	1.15	1.14	1.15	1.16	1.15	1.15	1.16	1.161

Per Share

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
EPS (Diluted TTM)	$1.23	$0.84	$0.76	$0.63	$0.69	$0.75	$0.87	$1.20	$1.29	$1.40	$1.49	$1.39	$1.39	$1.54	$1.49	$1.43	$1.40	$1.19	$1.07	$1.16	$1.16
Book Value/Share	$7.95	$8.18	$8.29	$8.60	$8.71	$8.91	$9.16	$9.63	$9.82	$10.17	$10.49	$10.36	$10.67	$11.13	$11.37	$11.64	$11.81	$12.05	$12.20	$12.46	$12.57
Tangible Book/Share	$7.83	$8.08	$8.21	$8.53	$8.65	$8.87	$9.07	$9.56	$9.76	$10.11	$10.43	$10.30	$10.62	$11.07	$11.32	$11.59	$11.76	$12.00	$12.15	$12.41	$12.41
Revenue/Share	$8.29	$8.36	$7.99	$7.62	$7.78	$8.12	$8.92	$9.31	$9.55	$9.65	$9.35	$9.60	$9.85	$9.94	$9.92	$9.94	$9.92	$9.92	$10.20	$10.48	$10.58
FCF/Share	$1.18	$1.09	$1.09	$1.33	$1.21	$1.37	$1.32	$1.33	$1.00	$1.07	$0.81	$1.00	$1.33	$1.20	$1.14	$1.00	$1.07	$1.44	$1.78	$1.61	$1.62
OCF/Share	$1.41	$1.33	$1.34	$1.58	$1.48	$1.66	$1.59	$1.59	$1.22	$1.28	$1.05	$1.23	$1.64	$1.56	$1.53	$1.45	$1.47	$1.77	$2.08	$1.86	$1.88
Cash/Share	$3.79	$3.80	$4.53	$4.55	$4.74	$4.65	$4.80	$5.82	$5.65	$5.82	$5.82	$5.69	$6.00	$6.40	$6.05	$6.25	$5.99	$6.47	$7.01	$7.15	$7.21
EBITDA/Share	$1.90	$1.14	$0.97	$1.09	$1.23	$1.38	$1.52	$1.66	$1.80	$1.93	$2.07	$2.15	$2.14	$2.11	$2.06	$2.00	$1.89	$1.79	$1.83	$1.85	$1.85
Debt/Share	$0.03	$0.03	$0.03	$0.03	$0.02	$0.02	$0.02	$0.02	$0.02	$0.02	$0.02	$0.02	$0.02	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01
Net Debt/Share	$-3.76	$-3.78	$-4.50	$-4.53	$-4.71	$-4.62	$-4.78	$-5.80	$-5.63	$-5.80	$-5.80	$-5.67	$-5.99	$-6.38	$-6.04	$-6.24	$-5.98	$-6.46	$-7.00	$-7.14	$-7.14

Academic Models

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	21.951
Altman Z-Prime	snapshot only																				40.466
Piotroski F-Score	7	6	5	5	5	5	7	7	6	7	6	8	8	7	6	4	4	4	4	5	5
Beneish M-Score	-2.33	-3.07	-3.14	-2.87	-2.82	-2.82	-2.39	-2.43	-2.52	-2.35	-2.14	-2.27	-2.45	-2.44	-2.27	-2.25	-2.10	-2.27	-2.60	-2.67	-2.667
Ohlson O-Score	snapshot only																				-11.057
ROIC (Greenblatt)	snapshot only																				11.80%
Net-Net WC	snapshot only																				$9.16
EVA	snapshot only																				$8089896.66

Credit

Metric	Q1'13	Q2'13	Q3'13	Q4'13	Q1'14	Q2'14	Q3'14	Q4'14	Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Current
Credit Rating	snapshot only																				AA+
Credit Score	97.96	97.91	97.93	97.92	94.29	94.27	93.49	96.41	96.38	96.25	92.74	96.48	97.91	97.87	97.93	95.84	96.08	93.34	92.47	92.52	92.522
Credit Grade	snapshot only																				2
Credit Trend	snapshot only																				-3.322
Implied Spread (bps)	snapshot only																				65.000
Industry Credit Rank	snapshot only																				83
Sector Credit Rank	snapshot only																				91

ABAX NASDAQ

Edge Score

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Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

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