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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (17973)	11/12/2003 12:24:30 AM
From: - with a K	of 78425

I took a starter position in JNJ at $48.99. Reasons: think most of the bad news is priced in; 1.96% yield with steady history of rising dividends; payout ratio of 40%; declining debt since 1999, now very low; rising net profit margins since 1998; history of EPS growth; recently saw a Stock Selection Guide (NAIC) with conservative estimates, and it was a "buy;" ugly chart but think there is some support around $48-$49. Company: JNJ Date: 11/11/03 2003's expected earnings: $2.64 Estimated EPS growth rate: 11 P/E maximum: 16 Graham Fair Value: $70.63 Current Price: $49.08 $ difference: $21.55 Percent Growth to Fair Value: 43.90%

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