|Dual Cash-flow, Accruals and Capital Productivity Analysis Products and Services
|Merriam Report Investment Research
Merriam Report Investment Research provides financial statement analysis and research
tools based on dual cash-flow, accrual and capital productivity to evaluate stocks, bonds
and traded securities.
Our innovative investment research products and services raise the bar in financial statement
analysis to help investors and traders maximize profits and total returns.
The Merriam Report platform offers institutional quality analytics used by investment
professionals for idea generation, portfolio management, undervalued stocks, short-sale
candidates and evaluating dividend safety.
The best clues to the future price movement(s) of a security can be found in a company's
reported financial statements. Determining a security's present fair-value depends on the
source(s) of cash-flow used to create earnings and the accounting techniques used
in presenting them. Quality-of-earnings are only as good as the liquidity and operating cash
-flow supporting them.
The Merriam Report research model utilizes a powerful combination of unconventional
cash-flow, accrual and capital productivity methodologies to determine these metrics.
Unlike more traditional analysis, Merriam Report research is quite effective at detecting
subtle changes or shifts in the accounting techniques contained in the financial statements.
Our model tracks these "relationship" trends over sequential quarterly or annual periods.
As a result, Merriam Report analysis has shown a remarkable capability to gauge impact of
the accounting mechanisms and provide clues to potential future price changes of a
security...often months before traditional analysis detects these changes.
Cornerstone of the effective Merriam Report model is in its consistent and reliable results.
Fact: Stock prices of companies with rising operating cash flow generally outperform stocks of
companies exhibiting high levels in balance-sheet cash-flows.
Fact: Companies with significantly high accrual ratios, will on average under-perform
companies displaying strongly negative accrual ratios.
Merriam Report analysis focuses entirely on the financial statements and specific changes in
the structural components of the reported numbers. Our unconventional and non-macro
intelligence is intended as a critical primary screen to help identify undervalued
opportunities, detect companies in trouble and evaluate dividend safety or yield
Companies with earnings supported mostly by "true" operating cash-flow are more likely to
maintain or raise their dividend. Conversely, a business whose earnings are heavily reliant on
non-cash or balance-sheet "maneuvers" face a greater risk of reduced or suspended
dividends in the future.
|The MR model may spot
problems months before
they show up in earnings
or conventional analysis.
|Merriam Investment Research
Portfolio Analysis & Financial Research since 1990
|© Merriam Report Investment Research, Jason S. Merriam, MIS, merriamreport.com 2008-2012. All rights reserved
Fixed Income Ideas
Whether you seek
value opportunities or
ideas to short, MR
analysis makes an
MR research is a
superb primary filter
and very effective at
in trouble or mis-priced
before Wall St. does.
The Merriam Report
reveals how well a
company is managing
|The MR offers highly
accurate fair-value and
earnings quality analysis
...and much more
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Another great resource
for actionable ideas is
the Merriam Report
Focus list reports highlight
companies we believe are
poised to make significant
moves up or down in the
next 3-6 months.
Merriam Investment Research
provides dynamic analysis
tools and research solutions
to portfolio managers,
investment advisors and
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Our analysts scour the
dividend universe to uncover
dividend growth opportunities
identify companies whose
dividends may be in danger
of being slashed or
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|Investor Knowledge Tools
"Class is in Session"
This month we examine
Deckers Outdoor (DECK)
and reveal the warning flags
that enabled our clients to lock
in profits and avoid a 14%
decline in share price following
Q1 2011 earnings.