Acquirer’s Multiple Stocks Featuring In Greenblatt, Simons, Pzena Portfolios

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Acquirer’s Multiple Stocks Featuring In Greenblatt, Simons, Pzena Portfolios

One of the new weekly additions here at The Acquirer’s Multiple features some of the top picks from our All Investable Stock Screener and some top investors that have added, or are holding these same picks in their portfolios. Investors such as Joel Greenblatt, Carl Icahn, Jim Simons, Prem Watsa, Jeremy Grantham, and Howard Marks.

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The top investor data is provided from the latest 13F’s over at WhaleWisdom (dated 2017-09-30/2017-12-31). This week we’ll take a look at pick #22 in our All Investable Stock Screener:

Gilead Sciences Inc (NASDAQ:GILD)

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A quick look at the price chart for Gilead shows us that the stock is up 17.6% in the past twelve months. We currently have the stock trading at an Acquirer’s Multiple of 6.84.

New Positions

Top investors who took new positions in Gilead in the latest reported quarter include:

Rich Pzena – Pzena Asset Management – 2,869 shares

Currently Holding

Other top investors who currently hold positions in Gilead in the latest reported quarter include:

Jim Simons – Renaissance Technologies – 401,836 shares

Joel Greenblatt – Gotham Asset Management -696,622 shares

John Rogers – Ariel Investments – 2,169,437 shares

Ken Fisher – Fisher Asset Management – 442,774 shares

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The Acquirer’s Multiple® is the valuation ratio used to find attractive takeover candidates. It examines several financial statement items that other multiples like the price-to-earnings ratio do not, including debt, preferred stock, and minority interests; and interest, tax, depreciation, amortization. The Acquirer’s Multiple® is calculated as follows: Enterprise Value / Operating Earnings* It is based on the investment strategy described in the book Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations, written by Tobias Carlisle, founder of acquirersmultiple.com. The Acquirer’s Multiple® differs from The Magic Formula® Earnings Yield because The Acquirer’s Multiple® uses operating earnings in place of EBIT. Operating earnings is constructed from the top of the income statement down, where EBIT is constructed from the bottom up. Calculating operating earnings from the top down standardizes the metric, making a comparison across companies, industries and sectors possible, and, by excluding special items–earnings that a company does not expect to recur in future years–ensures that these earnings are related only to operations. Similarly, The Acquirer’s Multiple® differs from the ordinary enterprise multiple because it uses operating earnings in place of EBITDA, which is also constructed from the bottom up. Tobias Carlisle is also the Chief Investment Officer of Carbon Beach Asset Management LLC. He's best known as the author of the well regarded Deep Value website Greenbackd, the book Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014, Wiley Finance), and Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012, Wiley Finance). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Articles written for Seeking Alpha are provided by the team of analysts at acquirersmultiple.com, home of The Acquirer's Multiple Deep Value Stock Screener. All metrics use trailing twelve month or most recent quarter data. * The screener uses the CRSP/Compustat merged database “OIADP” line item defined as “Operating Income After Depreciation.”
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