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The Wax Report

When reasonable people come together and make reasonable decisions, much can be achieved. That was my belief when I formed Wax Ink, and that is my belief today.

Through all of the highs and lows that are investing, I have tried to show interested investors that a portfolio that buys great companies at great prices, and then holds those great companies for extended periods of time, will yield superior returns when compared to a portfolio in which the holdings are continuously changed.

I invite you to follow the Wax Ink Portfolio as I continue my journey through a world never intended for working class investors.

The Wax Report – Week Ending 05/26/2017
The colloidally fluid Wax Ink Portfolio was down 0.5% for the week.

By comparison, the Dow was up 1.3%, the Nasdaq was up 2.1%, the S&P 500 was up 1.5%, the Russell 2000 was up 1.1%, and the Volatility Index, commonly known as the VIX, was down 18.5%.

Year to date (there are only 3, days remaining until the Memorial Day), the Wax Ink portfolio is down 3.9%, while the Dow is up 6.7%, the Nasdaq is up 15.4%, the S&P 500 is up 7.9%, the Russell 2000 is up 1.9%, and the VIX is lower by 30.1%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $21.47, making the average per share held price $46.88.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.92 and the average market closing price of all equities held in the Wax Ink Portfolio is $24.27, making the current portfolio fair value factor 9.8%.

Hydrocarbon Prices
WTI Crude ended the week at $49.80, down 1.1%, while Brent Crude ended the week at $52.15, down 2.7%, creating a crude price spread of $2.35, a decrease of 28.4%. Distillate RBOB Gasoline ended the week at $1.6426, down 0.4%, and Heating Oil ended the week at $1.5633, down 1.2%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $18.08, an increase of 0.3% for the week. Henry Hub Natural Gas ended the week at $3.31, up 1.5%.

Year to date WTI Crude is lower by 7.3%, Brent Crude is lower by 8.2%, the WTI/Brent Crude Spread is lower by 24.2%, Henry Hub Natural Gas is lower by 11.0%, RBOB Gasoline is lower by 1.7%, Heating Oil is lower by 9.5%, and the Gulf Coast 3:2:1 Crack Spread is higher by 4.7%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.82, up 1.7%, while the 10 Year Treasury ended the week at 2.25, up 0.4%. The 5 Year AAA Municipal Bond ended the week at 1.75, up 5.4%, and the 10 Year AAA Municipal Bond ended the week at 2.65, down 2.2%. Lastly, the 5 Year AAA Corporate closed the week at 2.06, up a touch, with the 10 Year AAA Corporate ending the week down 1.0% at 2.86.

Year to date the 5 Year Treasury is down 3.7%, the 10 Year Treasury is down 7.0%, the 5 Year AAA Muni is down 0.6%, the 10 year AAA Muni is up 3.5%, the 5 Year AAA Corporate is unchanged, and the 10 Year AAA Corporate is down 5.6%.

Fair Warning
I am a deep value, long-term buy and hold investor with an average minimum holding period of 60 months (1825 days).

Disclosure
Wax Ink has no position in any stock mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

CARBO Ceramics, Inc. (NYSE: CRR) – FYE 12/2016
Core Laboratories NV (NYSE: CLB) – FYE 12/2016
Dawson Geophysical Company (Nasdaq: DWSN) – FYE 12/2016
Halliburton Company (NYSE: HAL) – FYE 12/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

CARBO Ceramics, Inc. – ($4)
Core Laboratories NV – $29
Dawson Geophysical Company – $17
Halliburton Company – $2

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

CARBO Ceramics, Inc. – ($15)
Core Laboratories NV – $113
Dawson Geophysical Company – $5
Halliburton Company – $29

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

CARBO Ceramics, Inc. – ($37)
Core Laboratories NV – $31
Dawson Geophysical Company – $1
Halliburton Company – ($18)

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

CARBO Ceramics, Inc. – $6
Core Laboratories NV – $161
Dawson Geophysical Company – $2
Halliburton Company – $49

Investment Investigation Summaries
CARBO Ceramics, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Core Laboratories NV – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Dawson Geophysical Company – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

Halliburton Company – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

I’m traveling next week so no report. See you in two weeks. Have a great week all.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 05/19/2017
The ornately considered Wax Ink Portfolio was down 0.7% for the week.

By comparison, the Dow was down 0.4%, the Nasdaq was down 0.6%, the S&P 500 was down 0.4%, the Russell 2000 was down 1.1%, and the Volatility Index, commonly known as the VIX, was up 15.8%.

Year to date (there are only 9, count ‘em 9, days remaining until the Guernsey Spring Bank Holiday), the Wax Ink portfolio is down 3.4%, while the Dow is up 5.3%, the Nasdaq is up 13.0%, the S&P 500 is up 6.4%, the Russell 2000 is up 0.8%, and the VIX is lower by 14.2%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $21.68, making the average per share held price $47.09.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.92 and the average market closing price of all equities held in the Wax Ink Portfolio is $24.44, making the current portfolio fair value factor 9.2%.

Hydrocarbon Prices
WTI Crude ended the week at $50.33, up 5.2%, while Brent Crude ended the week at $53.61, up 5.4%, creating a crude price spread of $3.28, an increase of 9.3%. Distillate RBOB Gasoline ended the week at $1.6500, up 4.5%, and Heating Oil ended the week at $1.5827, up 6.0%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $18.03, an increase of 4.3% for the week. Henry Hub Natural Gas ended the week at $3.26, down 4.7%.

Year to date WTI Crude is lower by 6.3%, Brent Crude is lower by 5.6%, the WTI/Brent Crude Spread is higher by 5.8%, Henry Hub Natural Gas is lower by 12.4%, RBOB Gasoline is lower by 1.3%, Heating Oil is lower by 8.4%, and the Gulf Coast 3:2:1 Crack Spread is higher by 4.4%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.79, down 3.8%, while the 10 Year Treasury ended the week at 2.24, down 3.4%. The 5 Year AAA Municipal Bond ended the week at 1.66, up 1.8%, and the 10 Year AAA Municipal Bond ended the week at 2.71, down 2.9%. Lastly, the 5 Year AAA Corporate closed the week at 2.05, down 3.8%, with the 10 Year AAA Corporate ending the week down 2.7% at 2.89.

Year to date the 5 Year Treasury is down 5.3%, the 10 Year Treasury is down 7.7%, the 5 Year AAA Muni is down 5.7%, the 10 year AAA Muni is up 5.9%, the 5 Year AAA Corporate is down 0.5%, and the 10 Year AAA Corporate is down 4.6%.

Fair Warning
I am a deep value, long-term buy and hold investor with an average minimum holding period of 60 months (1825 days).

Disclosure
Wax Ink has no position in any stock mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Transocean, Ltd. (NYSE: RIG) – FYE 12/2016
Unit Corporation (NYSE: UNT) – FYE 12/2016
Whiting Petroleum Corporation (NYSE: WLL) – FYE 12/2016
Baker Hughes, Inc. (NYSE: BHI) – FYE 12/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

Transocean, Ltd. – $50
Unit Corporation – $39
Whiting Petroleum Corporation – $18
Baker Hughes, Inc. – ($15)

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

Transocean, Ltd. – ($66)
Unit Corporation – ($49)
Whiting Petroleum Corporation – $8
Baker Hughes, Inc. – ($120)

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

Transocean, Ltd. – $43
Unit Corporation – $51
Whiting Petroleum Corporation – $4
Baker Hughes, Inc. – ($108)

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

Transocean, Ltd. – $7
Unit Corporation – $14
Whiting Petroleum Corporation – $4
Baker Hughes, Inc. – $58

Investment Investigation Summaries
Transocean, Ltd. – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

Unit Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Whiting Petroleum Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Baker Hughes, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 05/12/2017
The ornately considered Wax Ink Portfolio was down 1.2% for the week.

By comparison, the Dow was down 0.5%, the Nasdaq was up 0.3%, the S&P 500 was down 0.3%, the Russell 2000 was down 1.0%, and the Volatility Index, commonly known as the VIX, was down 1.6%.

Year to date (there are only 340 days remaining until the Bengali New Year), the Wax Ink portfolio is down 2.8%, while the Dow is up 5.7%, the Nasdaq is up 13.7%, the S&P 500 is up 6.8%, the Russell 2000 is up 1.9%, and the VIX is lower by 25.9%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $22.01, making the average per share held price $47.42.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.92 and the average market closing price of all equities held in the Wax Ink Portfolio is $24.78, making the current portfolio fair value factor 8.0%.

Hydrocarbon Prices
WTI Crude ended the week at $47.48, up 3.5%, while Brent Crude ended the week at $50.84, up 3.5%, creating a crude price spread of $3.00, an increase of 4.2%. Distillate RBOB Gasoline ended the week at $1.5791, up 4.6%, and Heating Oil ended the week at $1.4933, up 3.9%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $17.28, an increase of 7.9% for the week. Henry Hub Natural Gas ended the week at $3.42, up 4.6%.

Year to date WTI Crude is lower by 10.9%, Brent Crude is lower by 10.5%, the WTI/Brent Crude Spread is lower by 3.2%, Henry Hub Natural Gas is lower by 8.5%, RBOB Gasoline is lower by 5.5%, Heating Oil is lower by 13.6%, and the Gulf Coast 3:2:1 Crack Spread is higher by 0.1%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.86, down 1.1%, while the 10 Year Treasury ended the week at 2.32, down 1.3%. The 5 Year AAA Municipal Bond ended the week at 1.63, up 13.2%, and the 10 Year AAA Municipal Bond ended the week at 2.79, up 29.2%. Lastly, the 5 Year AAA Corporate closed the week at 2.13, down 1.8%, with the 10 Year AAA Corporate ending the week down 1.3% at 2.97.

Year to date the 5 Year Treasury is down 1.6%, the 10 Year Treasury is down 4.1%, the 5 Year AAA Muni is down 7.4%, the 10 year AAA Muni is up 9.0%, the 5 Year AAA Corporate is up 3.4%, and the 10 Year AAA Corporate is down 2.0%.

Fair Warning
I am a deep value, long-term buy and hold investor with an average minimum holding period of 60 months (1825 days).

Disclosure
Wax Ink has no position in any stock mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Western Refining, Inc. (NYSE: WNR) – FYE 12/2016
World Fuel Services Corporation (NYSE: INT) – FYE 12/2016
Adams Resources and Energy, Inc. (NYSE: AE) – FYE 12/2016
Wabash National Corporation (NYSE: WNC) – FYE 12/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

Western Refining, Inc. – $42
World Fuel Services Corporation – $42
Adams Resources and Energy, Inc. – $65
Wabash National Corporation – $33

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

Western Refining, Inc. – $21
World Fuel Services Corporation – $34
Adams Resources and Energy, Inc. – $35
Wabash National Corporation – $27

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

Western Refining, Inc. – $42
World Fuel Services Corporation – $26
Adams Resources and Energy, Inc. – $62
Wabash National Corporation – $31

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

Western Refining, Inc. – $109
World Fuel Services Corporation – $39
Adams Resources and Energy, Inc. – $63
Wabash National Corporation – $22

Investment Investigation Summaries
Western Refining, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

World Fuel Services Corporation – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

Adams Resources and Energy, Inc. – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

Wabash National Corporation – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 05/06/2017
The ornately considered Wax Ink Portfolio was down 1.0% for the week.

By comparison, the Dow was up 0.3%, the Nasdaq was up 0.9%, the S&P 500 was up 0.6%, the Russell 2000 was down 0.2%, and the Volatility Index, commonly known as the VIX, was down 15.4%.

Year to date (there are only 342 days remaining until the next Songkran Festival), the Wax Ink portfolio is down 1.6%, while the Dow is up 6.3%, the Nasdaq is up 13.3%, the S&P 500 is up 7.2%, the Russell 2000 is up 2.9%, and the VIX is lower by 24.7%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $22.60, making the average per share held price $48.01.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.92 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.42, making the current portfolio fair value factor 5.6%.

Hydrocarbon Prices
WTI Crude ended the week at $46.22, down 6.3%, while Brent Crude ended the week at $49.10, down 5.7%, creating a crude price spread of $2.88, an increase of 5.9%. Distillate RBOB Gasoline ended the week at $1.5046, down 2.8%, and Heating Oil ended the week at $1.4366, down 4.7%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $16.02, an increase of 6.0% for the week. Henry Hub Natural Gas ended the week at $3.27, down 0.3%.

Year to date WTI Crude is lower by 14.0%, Brent Crude is lower by 13.6%, the WTI/Brent Crude Spread is lower by 7.1%, Henry Hub Natural Gas is lower by 12.1%, RBOB Gasoline is lower by 10.0%, Heating Oil is lower by 16.9%, and the Gulf Coast 3:2:1 Crack Spread is lower by 7.2%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.88, up 4.4%, while the 10 Year Treasury ended the week at 2.35, up 3.5%. The 5 Year AAA Municipal Bond ended the week at 1.44, up 18.0%, and the 10 Year AAA Municipal Bond ended the week at 2.16, up 8.0%. Lastly, the 5 Year AAA Corporate closed the week at 2.17, up 17.3%, with the 10 Year AAA Corporate ending the week up 11.1% at 3.01.

Year to date the 5 Year Treasury is down 0.5%, the 10 Year Treasury is down 2.9%, the 5 Year AAA Muni is down 18.2%, the 10 year AAA Muni is down 15.6%, the 5 Year AAA Corporate is up 5.3%, and the 10 Year AAA Corporate is down 0.7%.

Fair Warning
I am a deep value, long-term buy and hold investor with an average minimum holding period of 60 months (1825 days).

Disclosure
Wax Ink has no position in any stock mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Murphy Oil Corporation (NYSE: MUR) – FYE 12/2016
PBF Energy, Inc. (NYSE: PBF) – FYE 12/2016
Tesoro Corporation (NYSE: TSO) – FYE 12/2016
Valero Energy Corporation (NYSE: VLO) – FYE 12/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

Murphy Oil Corporation – $46
PBF Energy, Inc. – $43
Tesoro Corporation – $88
Valero Energy Corporation – $77

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

Murphy Oil Corporation – ($22)
PBF Energy, Inc. – $31
Tesoro Corporation – $17
Valero Energy Corporation – $39

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

Murphy Oil Corporation – $79
PBF Energy, Inc. – $58
Tesoro Corporation – $137
Valero Energy Corporation – $138

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

Murphy Oil Corporation – $20
PBF Energy, Inc. – $33
Tesoro Corporation – $282
Valero Energy Corporation – $172

Investment Investigation Summaries
Murphy Oil Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

PBF Energy, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

Tesoro Corporation – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

Valero Energy Corporation – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 04/28/2017
The contraceptively benign Wax Ink Portfolio was up 0.8% for the week.

By comparison, the Dow was up 1.9%, the Nasdaq was up 2.3%, the S&P 500 was up 1.5%, the Russell 2000 was up 1.5%, and the Volatility Index, commonly known as the VIX, was down 14.6%.

Year to date (there are only 257 days remaining until Tasmanian Devonport Cup), the Wax Ink portfolio is down 0.6%, while the Dow is up 6.0%, the Nasdaq is up 12.3%, the S&P 500 is up 6.5%, the Russell 2000 is up 3.2%, and the VIX is lower by 11.0%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.07, making the average per share held price $48.48.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.92 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.75, making the current portfolio growth potential factor 4.4%.

Hydrocarbon Prices
WTI Crude ended the week at $49.33, down 0.6%, while Brent Crude ended the week at $52.05, up 0.2%, creating a crude price spread of $2.72, an increase of 16.2%. Distillate RBOB Gasoline ended the week at $1.5481, down 5.9%, and Heating Oil ended the week at $1.5072, down 3.0%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $15.12, a decrease of 16.8% for the week. Henry Hub Natural Gas ended the week at $3.10, up 5.8%.

Year to date WTI Crude is lower by 8.2%, Brent Crude is lower by 8.4%, the WTI/Brent Crude Spread is lower by 12.3%, Henry Hub Natural Gas is lower by 11.8%, RBOB Gasoline is lower by 7.3%, Heating Oil is lower by 12.8%, and the Gulf Coast 3:2:1 Crack Spread is lower by 12.4%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.80, up 2.9%, while the 10 Year Treasury ended the week at 2.27, up 1.8%. The 5 Year AAA Municipal Bond ended the week at 1.22, down 1.6%, and the 10 Year AAA Municipal Bond ended the week at 2.00, up 3.1%. Lastly, the 5 Year AAA Corporate closed the week at 1.86, up 1.6%, with the 10 Year AAA Corporate ending the week up 1.1% at 2.71.

Year to date the 5 Year Treasury is down 4.8%, the 10 Year Treasury is down 6.2%, the 5 Year AAA Muni is down 30.7%, the 10 year AAA Muni is down 21.9%, the 5 Year AAA Corporate is down 9.7%, and the 10 Year AAA Corporate is down 10.6%.

Fair Warning
I am a deep value, long-term buy and hold investor with an average minimum holding period of 60 months (1825 days).

Disclosure
Wax Ink has a position in Layne Christensen Company, whose baseline valuation was updated during the week moving the average portfolio baseline valuation number to $26.92.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Noble Energy, Inc. (NYSE: NBL) – FYE 12/2016
Occidental Petroleum Corporation (NYSE: OXY) – FYE 12/2016
Pioneer Natural Resources (NYSE: PXD) – FYE 12/2016
Hess Corporation (NYSE: HES) – FYE 12/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

Noble Energy, Inc. – $41
Occidental Petroleum Corporation – $58
Pioneer Natural Resources – $74
Hess Corporation – ($18)

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

Noble Energy, Inc. – $150
Occidental Petroleum Corporation – $47
Pioneer Natural Resources – $173
Hess Corporation – ($244)

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

Noble Energy, Inc. – $98
Occidental Petroleum Corporation – $85
Pioneer Natural Resources – $102
Hess Corporation – ($71)

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

Noble Energy, Inc. – $32
Occidental Petroleum Corporation – $58
Pioneer Natural Resources – $271
Hess Corporation – $49

Investment Investigation Summaries
Noble Energy, Inc. – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

Occidental Petroleum Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Pioneer Natural Resources – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

Hess Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 04/21/2017
The reward impeding Wax Ink Portfolio was up 0.7% for the week.

By comparison, the Dow was up 0.5%, the Nasdaq was up 1.8%, the S&P 500 was up 0.8%, the Russell 2000 was up 2.6%, and the Volatility Index, commonly known as the VIX, was down 8.3%.

Year to date (there are only 267 days remaining until Defenders of the Motherland Day in Uzbekistan), the Wax Ink portfolio is down 1.4%, while the Dow is up 4.0%, the Nasdaq is up 9.8%, the S&P 500 is up 4.9%, the Russell 2000 is up 1.7%, and the VIX is higher by 4.2%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $22.68, making the average per share held price $48.09.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.77 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.34, making the current portfolio growth potential factor 5.4%.

Hydrocarbon Prices
WTI Crude ended the week at $49.62, down 6.7%, while Brent Crude ended the week at $51.96, down 7.0%, creating a crude price spread of $2.34, a decrease of 13.7%. Distillate RBOB Gasoline ended the week at $1.6445, down 5.2%, and Heating Oil ended the week at $1.5533, down 5.8%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $18.17, a decrease of 1.7% for the week. Henry Hub Natural Gas ended the week at $3.10, down 4.0%.

Year to date WTI Crude is lower by 7.6%, Brent Crude is lower by 8.6%, the WTI/Brent Crude Spread is lower by 24.5%, Henry Hub Natural Gas is lower by 16.7%, RBOB Gasoline is lower by 1.6%, Heating Oil is lower by 10.1%, and the Gulf Coast 3:2:1 Crack Spread is higher by 5.3%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.75, unchanged, while the 10 Year Treasury ended the week at 2.23, up 0.9%. The 5 Year AAA Municipal Bond ended the week at 1.24, unchanged, and the 10 Year AAA Municipal Bond ended the week at 1.94, down 2.0%. Lastly, the 5 Year AAA Corporate closed the week at 1.83, down 1.6%, with the 10 Year AAA Corporate ending the week down 3.2% at 2.68.

Year to date the 5 Year Treasury is down 7.4%, the 10 Year Treasury is down 7.9%, the 5 Year AAA Muni is down 29.5%, the 10 year AAA Muni is down 24.2%, the 5 Year AAA Corporate is down 11.2%, and the 10 Year AAA Corporate is down 11.6%.

Fair Warning
I am a deep value, long-term buy and hold investor with an average minimum holding period of 60 months (1825 days).

Disclosure
Wax Ink has no position in any companies mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Contango Oil and Gas Company (NYSE: MCF) – FYE 12/2016
Continental Resources, Inc. (NYSE: CLR) – FYE 12/2016
Diamondback Energy, Inc. (Nasdaq: FANG) – FYE 12/2016
EOG Resources, Inc. (NYSE: EOG) – FYE 12/2016

Baseline Valuation Estimates
Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

Contango Oil and Gas Company – $21
Continental Resources, Inc. – $37
Diamondback Energy, Inc. – $94
EOG Resources, Inc. – $58

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

Contango Oil and Gas Company – $1
Continental Resources, Inc. – $34
Diamondback Energy, Inc. – $94
EOG Resources, Inc. – $81

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

Contango Oil and Gas Company – $8
Continental Resources, Inc. – $39
Diamondback Energy, Inc. – $49
EOG Resources, Inc. – $76

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

Contango Oil and Gas Company – $3
Continental Resources, Inc. – $43
Diamondback Energy, Inc. – $599
EOG Resources, Inc. – $134

Investment Investigation Summaries
Contango Oil and Gas Company – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Continental Resources, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

Diamondback Energy, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

EOG Resources, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 04/13/2017
The powerfully frustrating Wax Ink Portfolio was down 0.6% for the week.

By comparison, the Dow was down 1.0%, the Nasdaq was down 1.2%, the S&P 500 was down 1.1%, the Russell 2000 was down 1.4%, and the Volatility Index, commonly known as the VIX, was up 3.1%.

Year to date (there are only 178 days remaining until Fiji Day), the Wax Ink portfolio is down 2.1%, while the Dow is up 3.5%, the Nasdaq is up 7.8%, the S&P 500 is up 4.0%, the Russell 2000 is down 0.9%, and the VIX is higher by 13.7%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $22.35, making the average per share price $47.76.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.77 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.07, making the current portfolio growth potential factor 6.3%.

Hydrocarbon Prices
WTI Crude ended the week at $53.18, up 1.8%, while Brent Crude ended the week at $55.89, up 1.2%, creating a crude price spread of $2.71, an decrease of 9.7%. Distillate RBOB Gasoline ended the week at $1.7349, down 0.6%, and Heating Oil ended the week at $1.6495, up 1.3%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $18.49, a decrease of 4.9% for the week. Henry Hub Natural Gas ended the week at $3.23, down 0.9%.

Year to date WTI Crude is lower by 1.0%, Brent Crude is lower by 1.6%, the WTI/Brent Crude Spread is lower by 12.6%, Henry Hub Natural Gas is lower by 13.2%, RBOB Gasoline is higher by 3.8%, Heating Oil is lower by 4.6%, and the Gulf Coast 3:2:1 Crack Spread is higher by 7.1%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.75, down 7.9%, while the 10 Year Treasury ended the week at 2.21, down 6.4%. The 5 Year AAA Municipal Bond ended the week at 1.24, down 3.9%, and the 10 Year AAA Municipal Bond ended the week at 1.98, down 0.5%. Lastly, the 5 Year AAA Corporate closed the week at 1.86, down 5.6%, with the 10 Year AAA Corporate ending the week down 1.4% at 2.77.

Year to date the 5 Year Treasury is down 7.4%, the 10 Year Treasury is down 8.7%, the 5 Year AAA Muni is down 29.5%, the 10 year AAA Muni is down 22.7%, the 5 Year AAA Corporate is down 9.7%, and the 10 Year AAA Corporate is down 8.6%.

Fair Warning
I am a deep value, long-term buy and hold investor with an average minimum holding time for shares in the Wax Ink portfolio of 60 months (1825 days).

Disclosure
Wax Ink has no position in any companies mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Anadarko Petroleum Corporation (NYSE: APC) – FYE 12/2016
Apache Corporation (NYSE: APA) – FYE 12/2016
Callon Petroleum Company (NYSE: CPE) – FYE 12/2016
ConocoPhillips (NYSE: COP) – FYE 12/2016

Baseline Valuation Estimates
Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

Anadarko Petroleum Corporation – $34
Apache Corporation – $57
Callon Petroleum Company – $16
ConocoPhillips – $47

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

Anadarko Petroleum Corporation – $56
Apache Corporation – $136
Callon Petroleum Company – $21
ConocoPhillips – $37

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

Anadarko Petroleum Corporation – $43
Apache Corporation – $132
Callon Petroleum Company – $15
ConocoPhillips – $58

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

Anadarko Petroleum Corporation – $54
Apache Corporation – $32
Callon Petroleum Company – $20
ConocoPhillips – $51

Investment Investigation Summaries
Anadarko Petroleum Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Apache Corporation – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

Callon Petroleum Company – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

ConocoPhillips – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 04/07/2017
The wildly popular Wax Ink Portfolio was down 0.9% for the week.

By comparison, the Dow was down 0.01%, the Nasdaq was down 0.6%, the S&P 500 was down 0.3%, the Russell 2000 was down 1.5%, and the Volatility Index, commonly known as the VIX, was up 4.0%.

Year to date (there are only 331 days remaining until Vanuatu Custom Chief’s Day), the Wax Ink portfolio is down 1.5%, while the Dow is up 4.5%, the Nasdaq is up 9.2%, the S&P 500 is up 5.2%, the Russell 2000 is up 0.5%, and the VIX is lower by 8.3%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $22.63, making the average per share price $48.04.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.54 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.38, making the current portfolio growth potential factor 4.4%.

Hydrocarbon Prices
WTI Crude ended the week at $52.24, up 3.2%, while Brent Crude ended the week at $55.24, up 3.2%, creating a crude price spread of $3.00, an increase of 2.4%. Distillate RBOB Gasoline ended the week at $1.7462, up 2.5%, and Heating Oil ended the week at $1.6284, up 3.4%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $19.45, an increase of 1.7% for the week. Henry Hub Natural Gas ended the week at $3.26, up 2.2%.

Year to date WTI Crude is lower by 2.8%, Brent Crude is lower by 2.8%, the WTI/Brent Crude Spread is lower by 3.2%, Henry Hub Natural Gas is lower by 12.4%, RBOB Gasoline is higher by 4.5%, Heating Oil is lower by 5.8%, and the Gulf Coast 3:2:1 Crack Spread is higher by 12.7%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.90, up 0.5%, while the 10 Year Treasury ended the week at 2.36, down 0.4%. The 5 Year AAA Municipal Bond ended the week at 1.29, up 3.2%, and the 10 Year AAA Municipal Bond ended the week at 1.99, down 3.9%. Lastly, the 5 Year AAA Corporate closed the week at 1.97, down 2.0%, with the 10 Year AAA Corporate ending the week down 1.1% at 2.81.

Year to date the 5 Year Treasury is up 0.5%, the 10 Year Treasury is down 2.5%, the 5 Year AAA Muni is down 26.7%, the 10 year AAA Muni is down 22.3%, the 5 Year AAA Corporate is down 4.4%, and the 10 Year AAA Corporate is down 7.3%.

Fair Warning
I am a deep value, long-term buy and hold investor with a minimum holding time for shares in the Wax Ink portfolio of 60 months (1825 days).

Disclosure
Wax Ink has no position in any companies mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Sensient Technologies Corporation (NYSE: SXT) – FYE 12/2016
The Sherwin-Williams Company, Inc. (NYSE: SHW) – FYE 12/2016
Chevron Corporation (NYSE: CVX) – FYE 12/2016
Imperial Oil Limited (NYSE: IMO) – FYE 12/2016

Baseline Valuation Estimates
Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

Sensient Technologies Corporation – $42
The Sherwin-Williams Company, Inc. – $101
Chevron Corporation – $87
Imperial Oil Limited – $55

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

Sensient Technologies Corporation – $81
The Sherwin-Williams Company, Inc. – $315
Chevron Corporation – $86
Imperial Oil Limited – $63

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

Sensient Technologies Corporation – $44
The Sherwin-Williams Company, Inc. – $182
Chevron Corporation – $117
Imperial Oil Limited – $62

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

Sensient Technologies Corporation – $121
The Sherwin-Williams Company, Inc. – $723
Chevron Corporation – $122
Imperial Oil Limited – $25

Investment Investigation Summaries
Sensient Technologies Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

The Sherwin-Williams Company, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Chevron Corporation – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

Imperial Oil Limited – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 03/31/2017
The soon to be ubiquitous Wax Ink Portfolio was up 1.0% for the week.

By comparison, the Dow was up 0.3%, the Nasdaq was up 1.4%, the S&P 500 was up 0.8%, the Russell 2000 was up 2.3%, and the Volatility Index, commonly known as the VIX, was down 4.6%.

Year to date (there are only 286 days remaining until Zanzibar Revolution Day), the Wax Ink portfolio is down 0.6%, while the Dow is up 4.6%, the Nasdaq is up 9.8%, the S&P 500 is up 5.5%, the Russell 2000 is up 2.1%, and the VIX is lower by 11.9%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.07, making the average per share price $48.48.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.54 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.84, making the current portfolio growth potential factor 2.6%.

Hydrocarbon Prices
WTI Crude ended the week at $50.60, up 5.5%, while Brent Crude ended the week at $53.53, 5.4%, creating a crude price spread of $2.93, an increase of 3.5%. Distillate RBOB Gasoline ended the week at $1.7030, up 6.1%, and Heating Oil ended the week at $1.5746, up 5.1%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $19.13, an increase of 6.7% for the week. Henry Hub Natural Gas ended the week at $3.19, up 3.6%.

Year to date WTI Crude is lower by 5.8%, Brent Crude is lower by 5.8%, the WTI/Brent Crude Spread is lower by 5.5%, Henry Hub Natural Gas is lower by 14.2%, RBOB Gasoline is higher by 1.9%, Heating Oil is lower by 8.9%, and the Gulf Coast 3:2:1 Crack Spread is higher by 10.8%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.89, down 1.6%, while the 10 Year Treasury ended the week at 2.37, down 0.8%. The 5 Year AAA Municipal Bond ended the week at 1.25, down 10.1%, and the 10 Year AAA Municipal Bond ended the week at 2.07, down 4.6%. Lastly, the 5 Year AAA Corporate closed the week at 2.01, down 2.0%, with the 10 Year AAA Corporate ending the week down 1.0% at 2.84.

Year to date the 5 Year Treasury is unchanged, the 10 Year Treasury is down 2.1%, the 5 Year AAA Muni is down 29.0%, the 10 year AAA Muni is down 19.1%, the 5 Year AAA Corporate is down 2.4%, and the 10 Year AAA Corporate is down 6.3%.

Fair Warning
I am a deep value, long-term buy and hold investor with a minimum holding time for shares in the Wax Ink portfolio of 60 months (1825 days).

Disclosure
Wax Ink has no position in any companies mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

The Mosaic Company (NYSE: MOS) – FYE 12/2016
Kraton Performance Polymers, Inc. (NYSE: KRA) – FYE 12/2016
Olin Corporation (NYSE: OLN) – FYE 12/2016
Quaker Chemical Corporation (NYSE: KWR) – FYE 12/2016

Baseline Valuation Estimates
Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

The Mosaic Company – $25
Kraton Performance Polymers, Inc. – $32
Olin Corporation – $14
Quaker Chemical Corporation – $65

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

The Mosaic Company – $28
Kraton Performance Polymers, Inc. – $628
Olin Corporation – $34
Quaker Chemical Corporation – $130

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

The Mosaic Company – $10
Kraton Performance Polymers, Inc. – $155
Olin Corporation – $16
Quaker Chemical Corporation – $66

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

The Mosaic Company – $18
Kraton Performance Polymers, Inc. – $20
Olin Corporation – $34
Quaker Chemical Corporation – $216

Investment Investigation Summaries
The Mosaic Company – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

Kraton Performance Polymers, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

Olin Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Quaker Chemical Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 03/24/2017
The generally mismanaged Wax Ink Portfolio was down 1.5% for the week.

By comparison, the Dow was down 1.5%, the Nasdaq was down 1.2%, the S&P 500 was down 1.4%, the Russell 2000 was down 2.7%, and the Volatility Index, commonly known as the VIX, was up 14.9%.

Year to date (there are only 231 days remaining until Origami Day), the Wax Ink portfolio is down 1.6%, while the Dow is up 4.2%, the Nasdaq is up 8.3%, the S&P 500 is up 4.7%, the Russell 2000 is down 0.2%, and the VIX is lower by 7.7%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $22.58, making the average per share price $47.99.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.54 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.36, making the current portfolio growth potential factor 4.4%.

Hydrocarbon Prices
WTI Crude ended the week at $47.97, down 1.7%, while Brent Crude ended the week at $50.80, down 1.9%, creating a crude price spread of $2.83, a decrease of 5.0%. Distillate RBOB Gasoline ended the week at $1.6048, up 0.4%, and Heating Oil ended the week at $1.4976, down 0.7%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $17.93, an increase of 4.8% for the week. Henry Hub Natural Gas ended the week at $3.08, up 4.8%.

Year to date WTI Crude is lower by 10.7%, Brent Crude is lower by 10.6%, the WTI/Brent Crude Spread is lower by 8.7%, Henry Hub Natural Gas is lower by 17.2%, RBOB Gasoline is lower by 4.0%, Heating Oil is lower by 13.3%, and the Gulf Coast 3:2:1 Crack Spread is higher by 3.9%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.92, down 4.0%, while the 10 Year Treasury ended the week at 2.39, down 3.6%. The 5 Year AAA Municipal Bond ended the week at 1.39, down 1.4%, and the 10 Year AAA Municipal Bond ended the week at 2.17, down 0.9%. Lastly, the 5 Year AAA Corporate closed the week at 2.05, down 3.3%, with the 10 Year AAA Corporate ending the week down 2.0% at 2.87.

Year to date the 5 Year Treasury is up 1.6%, the 10 Year Treasury is down 1.2%, the 5 Year AAA Muni is down 21.0%, the 10 year AAA Muni is down 15.2%, the 5 Year AAA Corporate is down 0.5%, and the 10 Year AAA Corporate is down 5.3%.

Fair Warning
I am a deep value, long-term buy and hold investor with a minimum holding time for shares in the Wax Ink portfolio of 60 months (1825 days).

Disclosure
Wax Ink has no position in any companies mentioned in this report.

As companies file their latest SEC 10-K information, I will be updating my baseline valuation worksheets, so expect to see changes in the average per share baseline valuation numbers over the coming few weeks.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

ExxonMobil (NYSE: XOM) – FYE 12/2016
Marathon Petroleum Corporation (NYSE: MPC) – FYE 12/2016
FMC Corporation (NYSE: FMC) – FYE 12/2016
CF Industries Holdings, Inc. (NYSE: CF) – FYE 12/2016

Baseline Valuation Estimates
Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

ExxonMobil – $73
Marathon Petroleum Corporation – $58
FMC Corporation – $37
CF Industries Holdings, Inc. – $14

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

ExxonMobil – $77
Marathon Petroleum Corporation – $29
FMC Corporation – $54
CF Industries Holdings, Inc. – $59

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

ExxonMobil – $107
Marathon Petroleum Corporation – $77
FMC Corporation – $31
CF Industries Holdings, Inc. – $9

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

ExxonMobil – $95
Marathon Petroleum Corporation – $105
FMC Corporation – $67
CF Industries Holdings, Inc. – $45

Investment Investigation Summaries
ExxonMobil – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment investigation at this time

Marathon Petroleum Corporation – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed regarding support for investment investigation

FMC Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

CF Industries Holdings, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 03/17/2017
The cagily managed Wax Ink Portfolio was up 0.9% for the week.

By comparison, the Dow was up 0.1%, the Nasdaq was up 0.7%, the S&P 500 was up 0.2%, the Russell 2000 was up 1.9%, and the Volatility Index, commonly known as the VIX, was down 3.3%.

Year to date (there are only 278 days remaining until the first day of winter), the Wax Ink portfolio is down 0.1%, while the Dow is up 5.8%, the Nasdaq is up 9.6%, the S&P 500 is up 6.2%, the Russell 2000 is up 2.5%, and the VIX is lower by 19.7%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.71, making the average per share price $48.71.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.54 and the average market closing price of all equities held in the Wax Ink Portfolio is $26.12, making the current portfolio growth potential factor 1.6%.

Hydrocarbon Prices
WTI Crude ended the week at $48.78, up 0.6%, while Brent Crude ended the week at $51.76, down 0.8%, creating a crude price spread of $2.98, an increase of 3.5%. Distillate RBOB Gasoline ended the week at $1.5989, down 0.1%, and Heating Oil ended the week at $1.5085, down 0.3%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $17.11, an decrease of 1.5% for the week. Henry Hub Natural Gas ended the week at $2.95, down 2.0%.

Year to date WTI Crude is lower by 9.2%, Brent Crude is lower by 8.9%, the WTI/Brent Crude Spread is lower by 3.9%, Henry Hub Natural Gas is lower by 20.7%, RBOB Gasoline is lower by 4.3%, Heating Oil is lower by 12.7%, and the Gulf Coast 3:2:1 Crack Spread is lower by 09%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 2.00, down 3.8%, while the 10 Year Treasury ended the week at 2.48, down 2.7%. The 5 Year AAA Municipal Bond ended the week at 1.41, unchanged, and the 10 Year AAA Municipal Bond ended the week at 2.19, up 0.9%. Lastly, the 5 Year AAA Corporate closed the week at 2.12, down 4.9%, with the 10 Year AAA Corporate ending the week down 3.9% at 3.03.

Year to date the 5 Year Treasury is up 5.8%, the 10 Year Treasury is up 2.5%, the 5 Year AAA Muni is down 19.9%, the 10 year AAA Muni is down 14.5%, the 5 Year AAA Corporate is up 2.9%, and the 10 Year AAA Corporate is down 3.3%.

Fair Warning
I am a deep value, long-term buy and hold investor with a minimum holding time for shares in the Wax Ink portfolio of 60 months (1825 days).

Disclosure
Wax Ink maintains a position in HollyFrontier Corporation, General Electric, McDermott International, Inc., and Marathon Oil Corporation, companies mentioned in this report.

As companies file their latest SEC 10-K information, I will be updating my baseline valuation worksheets, so expect to see changes in the average per share baseline valuation numbers over the coming few weeks.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

HollyFrontier Corporation (NYSE: HFC) – FYE 12/2016
General Electric (NYSE: GE) – FYE 12/2016
McDermott International, Inc. (NYSE: MDR) – FYE 12/2016
Marathon Oil Corporation (NYSE: MRO) – FYE 12/2016

Baseline Valuation Estimates
Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

HollyFrontier Corporation – $47
General Electric – $13
McDermott International, Inc. – $14
Marathon Oil Corporation – $24

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

HollyFrontier Corporation – $12
General Electric – ($490)
McDermott International, Inc. – $10
Marathon Oil Corporation – $15

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

HollyFrontier Corporation – $65
General Electric – ($347)
McDermott International, Inc. – $9
Marathon Oil Corporation – $5

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

HollyFrontier Corporation – $64
General Electric – $48
McDermott International, Inc. – $4
Marathon Oil Corporation – $15

Investment Investigation Summaries
HollyFrontier Corporation – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

General Electric – Negative – the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation

McDermott International, Inc. – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

Marathon Oil Corporation – Positive – the current baseline valuation and key performance indicators (KPIs) support investment investigation

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 03/10/2017
The yule tide managed Wax Ink Portfolio was down 0.9% for the week.

By comparison, the Dow was down 0.5%, the Nasdaq was down 0.2%, the S&P 500 was down 0.4%, the Russell 2000 was down 2.1%, and the Volatility Index, commonly known as the VIX, was up 6.4%.

Year to date (there are only 289 days remaining until Christmas), the Wax Ink portfolio is down 1.0%, while the Dow is up 5.8%, the Nasdaq is up 8.9%, the S&P 500 is up 6.0%, the Russell 2000 is up 0.6%, and the VIX is lower by 17.0%.

Portfolio Summary
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $22.86, making the average per share price $48.27.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.54 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.74, making the current portfolio growth potential factor 3.0%.

Hydrocarbon Prices
WTI Crude ended the week at $48.49, down 9.1%, while Brent Crude ended the week at $51.37, down 8.1%, creating a crude price spread of $2.88, an increase of 12.1%. Distillate RBOB Gasoline ended the week at $1.6.001, down 3.2%, and Heating Oil ended the week at $1.5036, down 5.6%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $17.36, an increase of 13.7% for the week. Henry Hub Natural Gas ended the week at $3.01, up 6.4%.

Year to date WTI Crude is lower by 9.7%, Brent Crude is lower by 9.6%, the WTI/Brent Crude Spread is lower by 7.1%, Henry Hub Natural Gas is lower by 19.1%, RBOB Gasoline is lower by 4.2%, Heating Oil is lower by 13.0%, and the Gulf Coast 3:2:1 Crack Spread is higher by 6.0%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 2.08, up 4.5%, while the 10 Year Treasury ended the week at 2.55, up 3.7%. The 5 Year AAA Municipal Bond ended the week at 1.41, up 4.4%, and the 10 Year AAA Municipal Bond ended the week at 2.17, up 4.3%. Lastly, the 5 Year AAA Corporate closed the week at 2.23, up 6.2%, with the 10 Year AAA Corporate ending the week up 2.0% at 3.05.

Year to date the 5 Year Treasury is up 10.1%, the 10 Year Treasury is up 5.4%, the 5 Year AAA Muni is down 19.9%, the 10 year AAA Muni is down 15.2%, the 5 Year AAA Corporate is up 8.3%, and the 10 Year AAA Corporate is down 0.7%.

Fair Warning
I am a deep value, long-term buy and hold investor with a minimum holding time for shares in the Wax Ink portfolio of 60 months (1825 days).

Disclosure
Wax Ink maintains a position in W.R. Grace and Company, Inc., and Schweitzer-Maudit International, Inc. companies mentioned in this report.

As companies file their latest SEC 10-K information, I will be updating my baseline valuation worksheets, so expect to see changes in the average per share baseline valuation numbers over the coming few weeks.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

A.O. Smith Corporation (NYSE: AOS) – FYE 12/2016
The Western Union Company, Inc. (NYSE: WU) – FYE 12/2016
W.R. Grace and Company, Inc. (NYSE: GRA) – FYE 12/2016
Schweitzer-Maudit International, Inc. (NYSE: SWM) – FYE 12/2016

Baseline Valuation Estimates
Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

A.O. Smith Corporation – $33
The Western Union Company, Inc. – $8
W.R. Grace and Company, Inc. – $23
Schweitzer-Maudit International, Inc. – $39

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

A.O. Smith Corporation – $52
The Western Union Company, Inc. – $19
W.R. Grace and Company, Inc. – $72
Schweitzer-Maudit International, Inc. – $46

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

A.O. Smith Corporation – $30
The Western Union Company, Inc. – $7
W.R. Grace and Company, Inc. – $36
Schweitzer-Maudit International, Inc. – $63

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

A.O. Smith Corporation – $140
The Western Union Company, Inc. – $22
W.R. Grace and Company, Inc. – $146
Schweitzer-Maudit International, Inc. – $55

Investment Summaries
A.O. Smith Corporation – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

The Western Union Company, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

W.R. Grace and Company, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Schweitzer-Mauduit International, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 03/02/2017
The oil encrusted and sloppily managed Wax Ink Portfolio was up 0.8% for the week.

By comparison, the Dow was up 0.9%, the Nasdaq was up 0.4%, the S&P 500 was up 0.7%, the Russell 2000 was up 0.1%, and the Volatility Index, commonly known as the VIX, was down 4.4%.

With 302 days remaining in 2017, the Wax Ink portfolio is down 0.1%, the Dow is up 6.3%, the Nasdaq is up 9.1%, the S&P 500 is up 6.4%, the Russell 2000 is up 2.7%, and the VIX is lower by 21.9%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.30, making the average per share price $48.71.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.54 and the average market closing price of all equities held in the Wax Ink Portfolio is $26.11, making the current portfolio growth potential factor 1.6%.

Hydrocarbon Prices
WTI Crude ended the week at $53.33, down 1.2%, while Brent Crude ended the week at $55.90, down 0.2%, creating a crude price spread of $2.57, an increase of 28.5%. Distillate RBOB Gasoline ended the week at $1.6531, up 9.1%, and Heating Oil ended the week at $1.5936, down 2.9%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $15.27, an increase of 34.0% for the week. Natural Gas ended the week at $2.83, up 1.4%.

Year to date WTI Crude is lower by 0.7%, Brent Crude is lower by 1.6%, the WTI/Brent Crude Spread is lower by 17.1%, Natural Gas is lower by 23.9%, RBOB Gasoline is lower by 1.1%, Heating Oil is lower by 7.8%, and the Gulf Coast 3:2:1 Crack Spread is lower by 11.5%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.99, up 11.8%, while the 10 Year Treasury ended the week at 2.46, up 7.4%. The 5 Year AAA Municipal Bond ended the week at 1.35, up 8.0%, and the 10 Year AAA Municipal Bond ended the week at 2.08, up 6.6%. Lastly, the 5 Year AAA Corporate closed the week at 2.10, up 6.6%, with the 10 Year AAA Corporate ending the week up 1.0% at 2.99.

Year to date the 5 Year Treasury is up 5.3%, the 10 Year Treasury is down 1.7%, the 5 Year AAA Muni is down 23.3%, the 10 year AAA Muni is down 18.8%, the 5 Year AAA Corporate is up 1.9%, and the 10 Year AAA Corporate is down 1.3%.

Fair Warning
I am a deep value, long-term buy and hold investor with a minimum holding time for shares in the Wax Ink portfolio of 60 months (1825 days).

Disclosure
Wax Ink maintains a position in Kinder Morgan, Inc., a company mentioned in this report.

As companies file their latest SEC 10-K information, I will be updating my baseline valuation worksheets, so expect to see changes in the average per share baseline valuation numbers over the coming few weeks.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Kinder Morgan, Inc. (NYSE: KMI) – FYE 12/2016
Phillips 66 (NYSE: PSX) – FYE 12/2016
Oil States International, Inc. (NYSE: OIS) – FYE 12/2016
Trinity Industries, Inc. (NYSE: TRN) – FYE 12/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:

Kinder Morgan, Inc. – $22
Phillips 66 – $59
Oil States International, Inc. – $39
Trinity Industries, Inc. – $29

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

Kinder Morgan, Inc. – $20
Phillips 66- $63
Oil States International, Inc.- $33
Trinity Industries, Inc. – $21

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

Kinder Morgan, Inc. – $23
Phillips 66 – $73
Oil States International, Inc. – $19
Trinity Industries, Inc. – $34

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

HollyFrontier Corporation – $64
General Electric – $48
McDermott International, Inc. – $4
Marathon Oil Corporation – $15

Investment Summaries
Kinder Morgan, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Phillips 66 – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Oil States International, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Trinity Industries, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 02/24/2017
The shabbily managed Wax Ink Portfolio was down 0.7% for the week.

By comparison, the Dow was up 1.0%, the Nasdaq was up 0.1%, the S&P 500 was up 0.7%, the Russell 2000 was down 0.5%, and the Volatility Index, commonly known as the VIX, was down 0.2%.

With 309 days remaining in 2017, the Wax Ink portfolio is down 0.2%, the Dow is up 5.4%, the Nasdaq is up 8.6%, the S&P 500 is up 5.7%, the Russell 2000 is up 2.6%, and the VIX is lower by 18.3%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $22.91, making the average per share price $48.32.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $30.62 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.51, making the current portfolio growth potential factor 16.7%.

Hydrocarbon Prices
WTI Crude ended the week at $53.99, up 1.1%, while Brent Crude ended the week at $55.99, up 0.3%, creating a crude price spread of $2.00, a decrease of 17.0%. Distillate RBOB Gasoline ended the week at $1.5148, down 0.1%, and Heating Oil ended the week at $1.6404, up 0.2%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $11.39, a decrease of 4.8% for the week. Natural Gas ended the week at $2.79, down 1.4%.

Year to date WTI Crude is higher by 0.5%, Brent Crude is lower by 1.5%, Natural Gas is lower by 25.0%, RBOB Gasoline is lower by 9.3%, Heating Oil is lower by 5.1%, and the Gulf Coast 3:2:1 Crack Spread is lower by 34.0%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.78, down 5.3%, while the 10 Year Treasury ended the week at 2.29, down 4.6%. The 5 Year AAA Municipal Bond ended the week at 1.25, down 11.3%, and the 10 Year AAA Municipal Bond ended the week at 2.07, down 10.0%. Lastly, the 5 Year AAA Corporate closed the week at 1.97, down 3.4%, with the 10 Year AAA Corporate ending the week down 2.6% at 2.96.

Year to date the 5 Year Treasury is down 5.8%, the 10 Year Treasury is down 5.4%, the 5 Year AAA Muni is down 29%, the 10 year AAA Muni is down 19.1%, the 5 Year AAA Corporate is down 4.4%, and the 10 Year AAA Corporate is down 2.3%.

Fair Warning
I am a deep value, long-term buy and hold investor with a minimum holding time for shares in the Wax Ink portfolio of 60 months (1825 days).

Disclosure
I have no position in any stock mentioned in this report.

As companies file their latest SEC 10-K information, I will be updating my baseline valuation worksheets, so expect to see changes in the average per share baseline valuation numbers over the coming few weeks.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Celanese Corporation (NYSE: CE) – FYE 12/2016
E.I. DuPont de Nemours and Company (NYSE: CE) – FYE 12/2016
Cummins, Inc. (NYSE: CE) – FYE 12/2016
Ingersoll-Rand Company, Ltd. (NYSE: IR) – FYE 12/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

Celanese Corporation – $54
E.I. DuPont de Nemours and Company – $37
Cummins, Inc. – $88
Ingersoll-Rand Company, Ltd. – $51

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

Celanese Corporation – $108
E.I. DuPont de Nemours and Company – $78
Cummins, Inc. – $149
Ingersoll-Rand Company, Ltd. – $96

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

Celanese Corporation – $87
E.I. DuPont de Nemours and Company – $44
Cummins, Inc. – $106
Ingersoll-Rand Company, Ltd. – $75

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

Celanese Corporation – $125
E.I. DuPont de Nemours and Company – $106
Cummins, Inc. – $159
Ingersoll-Rand Company, Ltd. – $109

Investment Summaries
Celanese Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

E.I. DuPont de Nemours and Company – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Cummins, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Ingersoll-Rand Company, Ltd. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 02/17/2017
The perceptively managed Wax Ink Portfolio was down 0.8% for the week.

By comparison, the Dow was up 1.7%, the Nasdaq was up 1.8%, the S&P 500 was up 1.5%, the Russell 2000 was up 0.8%, and the Volatility Index, commonly known as the VIX, was up 5.9%.

With 316 days remaining in 2017, the Wax Ink portfolio is down 0.2%, the Dow is up 4.4%, the Nasdaq is up 8.5%, the S&P 500 is up 5.0%, the Russell 2000 is up 3.1%, and the VIX is lower by 18.2%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.27, making the average per share price $48.68.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $30.62 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.89, making the current portfolio growth potential factor 15.4%.

Hydrocarbon Prices
WTI Crude ended the week at $53.40, down 0.9%, while Brent Crude ended the week at $55.81, down 1.6%, creating a crude price spread of $2.41, a decrease of 15.1%. Distillate RBOB Gasoline ended the week at $1.5166, down 4.6%, and Heating Oil ended the week at $1.6364, down 1.8%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $11.97, a decrease of 14.3% for the week. Natural Gas ended the week at $2.83, down 6.6%.

Year to date WTI Crude is lower by 0.6%, Brent Crude is lower by 1.8%, Natural Gas is lower by 23.9%, RBOB Gasoline is lower by 9.2%, Heating Oil is lower by 5.3%, and the Gulf Coast 3:2:1 Crack Spread is lower by 30.6%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.88, up 1.1%, while the 10 Year Treasury ended the week at 2.40, unchanged. The 5 Year AAA Municipal Bond ended the week at 1.41, unchanged, and the 10 Year AAA Municipal Bond ended the week at 2.30, down 1.3%. Lastly, the 5 Year AAA Corporate closed the week at 2.04, down 0.5%, with the 10 Year AAA Corporate ending the week down 0.3% at $3.04.

Year to date the 5 Year Treasury is down 0.5%, the 10 Year Treasury is down 0.8%, the 5 Year AAA Muni is down 19.9, the 10 year AAA Muni is down 10.3%, the 5 Year AAA Corporate is down 1.0%, and the 10 Year AAA Corporate is up 0.3%.

Fair Warning
I am a deep value, long-term buy and hold investor with a minimum holding time for shares in the Wax Ink portfolio of 60 months (1825 days), and unless otherwise stated, I have no position in any stock mentioned in this report.

Disclosure
The Goodyear Tire and Rubber Company is a holding of the Wax Ink portfolio.

As companies file their latest SEC 10-K information, I will be updating my baseline valuation worksheets, so expect to see changes in the average per share baseline valuation numbers over the coming few weeks. Baseline valuation changes noted this week were the result of valuation changes in The Goodyear Tire and Rubber Company.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Bemis Company, Inc. (NYSE: BMS) – FYE 12/2015
Corning, Inc. (NYSE: GLW) – FYE 12/2016
Fastenal Company (Nasdaq: FAST) – FYE 12/2016
The Goodyear Tire and Rubber Company (NYSE: GT) – FYE 12/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

Bemis Company, Inc. – $33-$38
Corning, Inc. – $32-$39
Fastenal Company – $34-$43
The Goodyear Tire and Rubber Company – $52-$56

Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

Bemis Company, Inc. – $55
Corning, Inc. – $23
Fastenal Company – $50
The Goodyear Tire and Rubber Company – $103

Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:

Bemis Company, Inc. – $42
Corning, Inc. – $26
Fastenal Company – $26
The Goodyear Tire and Rubber Company – $103

Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:

Bemis Company, Inc. – $70
Corning, Inc. – $31
Fastenal Company – $44
The Goodyear Tire and Rubber Company – $69

Investment Summaries
Bemis Company, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Corning, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Fastenal Company, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

The Goodyear Tire and Rubber Company – Positive – the current baseline valuation and key performance indicators (KPIs) favor investment consideration at this time (Buy)

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink


The Wax Report – Week Ending 02/10/2017
The dapperly managed Wax Ink Portfolio was up 0.2% for the week.

By comparison, the Dow was up 1.0%, the Nasdaq was up 1.2%, the S&P 500 was up 0.8%, the Russell 2000 was up 0.8%, and the Volatility Index, commonly known as the VIX, was down 1.1%.

With 323 days remaining in 2017, the Wax Ink portfolio is up 0.6%, the Dow is up 2.6%, the Nasdaq is up 6.5%, the S&P 500 is up 3.5%, the Russell 2000 is up 2.3%, and the VIX is lower by 22.7%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.66, making the average per share price $49.07.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $30.62 and the average market closing price of all equities held in the Wax Ink Portfolio is $26.18, making the current portfolio growth potential factor 14.5%.

Hydrocarbon Prices
WTI Crude ended the week at $53.86, up 0.1%, while Brent Crude ended the week at $56.70, down 0.2%, creating a crude price spread of $2.84, a decrease of 4.7%. Distillate RBOB Gasoline ended the week at $1.5896, up 2.3%, and Heating Oil ended the week at $1.6659, unchanged, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $13.97, an increase of 7.6% for the week. Natural Gas ended the week at $3.03, down 1.0%.

Year to date WTI Crude is higher by 0.2%, Brent Crude is lower by 0.2%, Natural Gas is lower by 18.5%, RBOB Gasoline is lower by 4.9%, Heating Oil is lower by 3.6%, and the Gulf Coast 3:2:1 Crack Spread is lower by 19.1%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.86, down 1.6%, while the 10 Year Treasury ended the week at 2.40, down 2.0%. The 5 Year AAA Municipal Bond ended the week at 1.41, up 6.0%, and the 10 Year AAA Municipal Bond ended the week at 2.33, down 0.4%. Lastly, the 5 Year AAA Corporate closed the week at 2.05, down 1.4%, with the 10 Year AAA Corporate ending the week down 1.3% at $3.05.

Year to date the 5 Year Treasury is down 1.6%, the 10 Year Treasury is down 0.8%, the 5 Year AAA Muni is down 19.9, the 10 year AAA Muni is down 9.0%, the 5 Year AAA Corporate is down 0.5%, and the 10 Year AAA Corporate is up 0.7%.

Fair Warning
Please remember that the minimum holding time for shares in the Wax Ink portfolio is 60 months (1825 days), and unless otherwise stated, I have no position in any stock mentioned in this report.

As companies file their latest SEC 10-K information, I will be updating my baseline valuation worksheets, so expect to see changes in the average per share baseline valuation numbers over the coming few weeks. Baseline valuation changes noted this week were the result of valuation changes in The Goodyear Tire and Rubber Company, which has been part of the Wax Ink portfolio since 2011.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Energizer Holdings, Inc. (NYSE: ENR) – FYE 09/2016
Edgewell Personal Care Company, Inc. (NYSE: EPC) – FYE 09/2016
Ashland Global Holdings, Inc. (NYSE: ASH) – FYE 09/2016
Bloomin’ Brands, Inc. (Nasdaq: BLMN) – FYE 12/2015

Baseline Valuation Estimate
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

Energizer Holdings, Inc. – $25-$26
Edgewell Personal Care Company, Inc. – $25-$26
Ashland Global Holdings, Inc. – $14-$24
Bloomin’ Brands, Inc. – $25-$28

Current Growth Estimate
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:

Energizer Holdings, Inc. – $54
Edgewell Personal Care Company, Inc. – $54
Ashland Global Holdings, Inc. – $110
Bloomin’ Brands, Inc. – $24

Investment Summaries
Energizer Holdings, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Edgewell Personal Care Company, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Ashland Global Holdings, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Bloomin’ Brands, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Future Value Estimates
This is a new baseline metric I will be adding to the worksheet using prior five year data I have collected to determine what a reasonable average future value for a stock could be based on a five year hold. In addition, the worksheet will highlight the future values year by year.

I am still working through the application of the data and doing some back testing which of course is a slow process for me, but I hope to have this completed in a couple of weeks depending on my schedule at work, so more to come.

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 02/03/2017
The wonderingly managed Wax Ink Portfolio was up 0.2% for the week.

By comparison, the Dow was down 0.1%, the Nasdaq was up 0.1%, the S&P 500 was up 0.1%, the Russell 2000 was up 0.5%, and the Volatility Index, commonly known as the VIX, was up 3.7%.

With 330 days remaining in 2017, the Wax Ink portfolio is up 0.4%, the Dow is up 1.6%, the Nasdaq is up 5.3%, the S&P 500 is up 2.6%, the Russell 2000 is up 1.5%, and the VIX is lower by 21.9%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.55, making the average per share price $48.96. The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $29.23 and the average market closing price of all equities held in the Wax Ink Portfolio is $26.06, making the current portfolio growth potential factor 10.9%.

Hydrocarbon Prices
WTI Crude ended the week at $53.83, up 1.2%, while Brent Crude ended the week at $56.81, up 2.3%, creating a crude price spread of $2.98, an increase of 26.8%. Distillate RBOB Gasoline ended the week at $1.55537, up 1.7%, and Heating Oil ended the week at $1.6651, up 2.9%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $12.99, an increase of 6.0% for the week. Natural Gas ended the week at $3.06, down 9.7%.

Year to date WTI Crude is higher by 0.2%, Brent Crude is unchanged, Natural Gas is lower by 17.7%, RBOB Gasoline is lower by 7.0%, Heating Oil is lower by 3.7%, and the Gulf Coast 3:2:1 Crack Spread is lower by 24.8%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.89, down 1.6%, while the 10 Year Treasury ended the week at 2.45, down 0.4%. The 5 Year AAA Municipal Bond ended the week at 1.33, down 5.7%, and the 10 Year AAA Municipal Bond ended the week at 2.32, down 2.1%. Lastly, the 5 Year AAA Corporate closed the week at 2.0.8, down 1.4%, with the 10 Year AAA Corporate ending the week unchanged at $3.09.

Year to date the 5 Year Treasury is unchanged, the 10 Year Treasury is up 1.2%, the 5 Year AAA Muni is down 24.4, the 10 year AAA Muni is down 9.4%, the 5 Year AAA Corporate is up 1.0%, and the 10 Year AAA Corporate is up 2.0%.

Fair Warning
Please remember that the minimum holding time for shares in the Wax Ink portfolio is 60 months (1825 days), and unless otherwise stated, I have no position in any stock mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Whole Foods Market, Inc. (NYSE: WFM) – FYE 09/2016
Sally Beauty Holdings, Inc. (NYSE: SBH) – FYE 09/2016
AECOM Technology Corporation (NYSE: ACM) – FYE 09/2016
Kulicke and Soffa Industries, Inc. (Nasdaq: KLIC) – FYE 09/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

Whole Foods Market, Inc. – $28-$35
Sally Beauty Holdings, Inc. – $24-$25
AECOM Technology Corporation – $19-$20
Kulicke and Soffa Industries, Inc. – $25-$33

Growth Only Valuation Estimates
Growth only valuations are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because growth only valuations are EXTREMELY volatile, what is presented here is a single growth only valuation estimate. Growth only valuation estimates were either created or updated during the week for the following companies:

Whole Foods Market, Inc. – $31
Sally Beauty Holdings, Inc. – $27
AECOM Technology Corporation – $43
Kulicke and Soffa Industries, Inc. – $16

Investment Summaries
Whole Foods Market, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Sally Beauty Holdings, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

AECOM Technology Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Kulicke and Soffa Industries, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 01/27/2017
The yoyofully managed Wax Ink Portfolio was up 0.7% for the week.

By comparison, the Dow was up 1.3%, the Nasdaq was up 1.9%, the S&P 500 was up 1.0%, the Russell 2000 was up 1.3%, and the Volatility Index, commonly known as the VIX, was down 8.3%.

With 337 days remaining in 2017, the Wax Ink portfolio is up 0.2%, the Dow is up 1.7%, the Nasdaq is up 5.2%, the S&P 500 is up 2.5%, the Russell 2000 is up 1.0%, and the VIX is lower by 24.6%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.44, making the average per share price $48.85. The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $29.23 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.86, making the current portfolio growth potential factor 11.5%.

Hydrocarbon Prices
WTI Crude ended the week at $53.17, up 1.4%, while Brent Crude ended the week at $55.52, up 0.1%, creating a crude price spread of $2.35, a decrease of 23.5%. Distillate RBOB Gasoline ended the week at $1.5271, down 2.5%, and Heating Oil ended the week at $1.6189, down 1.6%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $12.25, a decrease of 15.3% for the week. Natural Gas ended the week at $3.39, up 5.9%.

Year to date WTI Crude is lower by 1.0%, Brent Crude is lower by 2.3%, Natural Gas is lower by 24.2%, RBOB Gasoline is lower by 8.6%, Heating Oil is lower by 6.3%, and the Gulf Coast 3:2:1 Crack Spread is lower by 29.0%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.92, up 0.5%, while the 10 Year Treasury ended the week at 2.46, up 0.4%. The 5 Year AAA Municipal Bond ended the week at 1.41, unchanged, and the 10 Year AAA Municipal Bond ended the week at 2.37, up 1.7%. Lastly, the 5 Year AAA Corporate closed the week at 2.11, down 0.9%, with the 10 Year AAA Corporate ending the week up 0.7% at $3.09.

Year to date the 5 Year Treasury is up 1.6%, the 10 Year Treasury is up 1.7%, the 5 Year AAA Muni is down 19.9, the 10 year AAA Muni is down 7.4%, the 5 Year AAA Corporate is up 2.4%, and the 10 Year AAA Corporate is up 2.0%.

Fair Warning
Please remember that the minimum holding time for shares in the Wax Ink portfolio is 60 months (1825 days), and unless otherwise stated, I have no position in any stock mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Helmerich and Payne, Inc. (NYSE: HP) – FYE 09/2016
Powell Industries, Inc. (Nasdaq: POWL) – FYE 09/2016
Woodward Governor Company, Inc. (NYSE: WWD) – FYE 09/2016
Griffon Corporation (NYSE: GFF) – FYE 09/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

Helmerich and Payne, Inc. – $68-$73
Powell Industries, Inc. – $47-$55
Woodward Governor Company, Inc. – $47-$55
Griffon Corporation – $13-$18

Growth Only Valuation Estimates
Growth only valuations are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because growth only valuations are EXTREMELY volatile, what is presented here is a single growth only valuation estimate. Growth only valuation estimates were either created or updated during the week for the following companies:

Helmerich and Payne, Inc. – $63
Powell Industries, Inc. – $50
Woodward Governor Company, Inc. – $50
Griffon Corporation – $27

Investment Summaries
Helmerich and Payne, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Powell Industries, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Woodward Governor Company, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Griffon Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 01/20/2017
The artfully managed Wax Ink Portfolio was down 0.4% for the week.

By comparison, the Dow was down 0.3%, the Nasdaq was down 0.3%, the S&P 500 was down 0.1%, the Russell 2000 was down 1.4%, and the Volatility Index, commonly known as the VIX, was up 2.8%.

With 344 days remaining in 2017, the Wax Ink portfolio is down 0.6%, the Dow is up 0.3%, the Nasdaq is up 3.2%, the S&P 500 is up 1.5%, the Russell 2000 is down 0.3%, and the VIX is lower by 17.8%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.08, making the average per share price $48.49. The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $29.23 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.44, making the current portfolio growth potential factor 13.0%.

Hydrocarbon Prices
WTI Crude ended the week at $52.42, up 0.1%, while Brent Crude ended the week at $55.49, up 0.1%, creating a crude price spread of $3.07, a decrease of 0.3%. Distillate RBOB Gasoline ended the week at $1.5660, down 2.8%, and Heating Oil ended the week at $1.6459, down 0.3%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $14.47, a decrease of 8.9% for the week. Natural Gas ended the week at $3.20, down 6.4%.

Year to date WTI Crude is lower by 2.4%, Brent Crude is lower by 2.3%, Natural Gas is lower by 14.0%, RBOB Gasoline is lower by 6.3%, Heating Oil is lower by 4.8%, and the Gulf Coast 3:2:1 Crack Spread is lower by 16.2%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.91, up 1.6%, while the 10 Year Treasury ended the week at 2.45, up 2.9%. The 5 Year AAA Municipal Bond ended the week at 1.41, up 6.0%, and the 10 Year AAA Municipal Bond ended the week at 2.33, up 7.9%. Lastly, the 5 Year AAA Corporate closed the week at 2.13, up 1.4%, with the 10 Year AAA Corporate ending the week up 3.7% at $3.07.

Year to date the 5 Year Treasury is up 1.1%, the 10 Year Treasury is up 1.2%, the 5 Year AAA Muni is down 19.9, the 10 year AAA Muni is down 9.0%, the 5 Year AAA Corporate is up 3.4%, and the 10 Year AAA Corporate is up 1.3%.

Fair Warning
Please remember that the minimum holding time for shares in the Wax Ink portfolio is 60 months (1825 days), and unless otherwise stated, I have no position in any stock mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

SPX Corporation (NYSE: SPXC) – FYE 12/2015
Air Products and Chemicals,Inc. (NYSE: APD) – FYE 09/2016
Cabot Corporation (NYSE: CBT) – FYE 09/2016
Atwood Oceanics, Inc. (NYSE: ATW) – FYE 09/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

SPX Corporation – ($13)-($14)
Air Products and Chemicals,Inc. – $49-$58
Cabot Corporation – $43-$48
Atwood Oceanics, Inc. – $55-$63

Growth Only Valuation Estimates
Growth only valuations are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because growth only valuations are EXTREMELY volatile, what is presented here is a single growth only valuation estimate. Growth only valuation estimates were either created or updated during the week for the following companies:

SPX Corporation – ($29)
Air Products and Chemicals,Inc. – $145
Cabot Corporation – $54
Atwood Oceanics, Inc. – ($101)

Investment Summaries
SPX Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Air Products and Chemicals,Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Cabot Corporation – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Atwood Oceanics, Inc. – Positive – the current baseline valuation and key performance indicators (KPIs) favor investment consideration at this time (Buy)

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 01/13/2017
The artfully managed Wax Ink Portfolio was down 1.0% for the week.

By comparison, the Dow was down 0.4%, the Nasdaq was up 1.0%, the S&P 500 was down 0.1%, the Russell 2000 was up 0.4%, and the Volatility Index, commonly known as the VIX, was down 0.8%.

Year to date, the Wax Ink portfolio is down 0.2%, the Dow is up 0.6%, the Nasdaq is up 3.5%, the S&P 500 is up 1.6%, the Russell 2000 is up 1.1%, and the VIX is lower by 20.0%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.25, making the average per share price $48.66. The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $29.23 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.65, making the current portfolio growth potential factor 12.2%.

Hydrocarbon Prices
WTI Crude ended the week at $52.37, down 3.0%, while Brent Crude ended the week at $55.45, down 2.9%, creating a crude price spread of $3.08, a decrease of 1.0%. Distillate RBOB Gasoline ended the week at $1.6117, down 1.4%, and Heating Oil ended the week at $1.6514, down 3.0%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $15.88, an increase of 1.7% for the week. Natural Gas ended the week at $3.42, up 4.0%.

Year to date WTI Crude is lower by 2.5%, Brent Crude is lower by 2.4%, Natural Gas is lower by 8.1%, RBOB Gasoline is lower by 3.5%, Heating Oil is lower by 4.4%, and the Gulf Coast 3:2:1 Crack Spread is lower by 8.0%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.88, down 0.5%, while the 10 Year Treasury ended the week at 2.38, down 0.8%. The 5 Year AAA Municipal Bond ended the week at 1.33, down 11.9%, and the 10 Year AAA Municipal Bond ended the week at 2.16, down 5.7%. Lastly, the 5 Year AAA Corporate closed the week at 2.10, up 2.4%, with the 10 Year AAA Corporate ending the week down 0.7% at $2.96.

Year to date the 5 Year Treasury is down 0.5%, the 10 Year Treasury is down 1.7%, the 5 Year AAA Muni is down 24.4%, the 10 year AAA Muni is down 15.6%, the 5 Year AAA Corporate is down 1.9%, and the 10 Year AAA Corporate is down 2.3%.

Fair Warning
Please remember that the minimum holding time for shares in the Wax Ink portfolio is 60 months (1825 days), and unless otherwise stated, I have no position in any stock mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

AGCO Corporation (Nasdaq: AGCO) – FYE 12/2015
EnPro Industries, Inc. (NYSE: NPO) – FYE 12/2015
PBF Energy, Inc. (NYSE: PBF) – FYE 12/2015
Roper Technologies, Inc. (NYSE: ROP) – FYE 12/2015

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

AGCO Corporation – $52-$59
EnPro Industries, Inc. – $26-$34
PBF Energy, Inc. – $42-$44
Roper Technologies, Inc. – $55-$72

Growth Only Valuation Estimates
Growth only valuations are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because growth only valuations are EXTREMELY volatile, what is presented here is a single growth only valuation estimate. Growth only valuation estimates were either created or updated during the week for the following companies:

AGCO Corporation – $49
EnPro Industries, Inc. – $66
PBF Energy, Inc. – $69
Roper Technologies, Inc. – $184

Investment Summaries
AGCO Corporation – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

EnPro Industries, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

PBF Energy, Inc. – Positive – the current baseline valuation and key performance indicators (KPIs) favor investment consideration at this time (Buy)

Roper Technologies, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 01/06/2017
The haphazardly managed Wax Ink Portfolio was up 0.7% for the week.

By comparison, the Dow was down 1.0%, the Nasdaq was up 2.6%, the S&P 500 was up 1.7%, the Russell 2000 was up 0.7%, and the Volatility Index, commonly known as the VIX, was down 19.4%.

Year to date, the Wax Ink portfolio is up 0.7%, the Dow is up 1.0%, the Nasdaq is up 2.6%, the S&P 500 is up 1.7%, the Russell 2000 is up 0.7%, and the VIX is lower by 19.4%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.72, making the average per share price $49.13. The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $29.23 and the average market closing price of all equities held in the Wax Ink Portfolio is $26.02, making the current portfolio growth potential factor 11.0%.

Hydrocarbon Prices
WTI Crude ended the week at $53.99, up 0.5%, while Brent Crude ended the week at $57.10, up 0.5%, creating a crude price spread of $3.11, an increase of 0.3%. Distillate RBOB Gasoline ended the week at $1.6340, down 2.2%, and Heating Oil ended the week at $1.7032, down 1.4%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) to $15.61, a decrease of 9.6% for the week. Natural Gas ended the week at $3.29, down 11.6%.

Year to date WTI Crude is higher by 0.5%, Brent Crude is higher by 0.5%, Natural Gas is lower by 11.6%, RBOB Gasoline is lower by 2.2%, Heating Oil is lower by 1.4%, and the Gulf Coast 3:2:1 Crack Spread is lower by 9.6%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.89, unchanged, while the 10 Year Treasury ended the week at 2.40, down 0.8%. The 5 Year AAA Municipal Bond ended the week at 1.51, down 14.2%, and the 10 Year AAA Municipal Bond ended the week at 2.29, down 10.5%. Lastly, the 5 Year AAA Corporate closed the week at 2.05, down 0.5%, with the 10 Year AAA Corporate ending the week down 1.7% at $2.98.

Year to date the 5 Year Treasury is unchanged, the 10 Year Treasury is down 0.8%, the 5 Year AAA Muni is down 14.2%, the 10 year AAA Muni is down 10.5%, the 5 Year AAA Corporate is down 0.5%, and the 10 Year AAA Corporate is down 1.7%.

Fair Warning
Please remember that the minimum holding time for shares in the Wax Ink portfolio is 60 months (1825 days), and unless otherwise stated, I have no position in any stock mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Gentex Corporation (Nasdaq: GNTX) – FYE 12/2015
Superior Industries International, Inc. (NYSE: SUP) – FYE 12/2015
Molson Coors Brewing Company (NYSE: TAP) – FYE 12/2015
Heska Corporation (Nasdaq: HSKA) – FYE 12/2015

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

Gentex Corporation – $25-$33
Superior Industries International, Inc. – $30-$38
Molson Coors Brewing Company – $21-$30
Heska Corporation – $28-$38

Growth Only Valuation Estimates
Growth only valuations are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because growth only valuations are EXTREMELY volatile, what is presented here is a single growth only valuation estimate. Growth only valuation estimates were either created or updated during the week for the following companies:

Gentex Corporation – $21
Superior Industries International, Inc. – $32
Molson Coors Brewing Company – $99
Heska Corporation – $78

Investment Summaries
Gentex Corporation – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Superior Industries International, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Molson Coors Brewing Company – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Heska Corporation – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink

The Wax Report – Week Ending 12/30/2016
The wretchedly managed Wax Ink Portfolio was down 0.7% overall for the week.

By comparison, the Dow was down 0.9%, the Nasdaq was down 1.5%, the S&P 500 was down 1.1%, the Russell 2000 was down 1.0%, and the Volatility Index, commonly known as the VIX, was up 22.7%.

Year to date, the Wax Ink portfolio is down 21.1% on a per share held basis, the Dow is up 13.4%, the Nasdaq is up 7.5%, the S&P 500 is up 9.5%, the Russell 2000 is up 19.5%, and the VIX is lower by 22.9%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $23.36, making the average per share price $48.77. The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $29.23 and the average market closing price of all equities held in the Wax Ink Portfolio is $25.58, making the current portfolio growth potential factor 12.50%.

Year End Portfolio Summary
The portfolio appeared to suffer during the year with all of the repositioning of assets, the changing of the number of shares held, the different entry and exit points, and all of the things that happen behind the scenes so to speak. As I have said in years past, I make allowances for this activity once a year, and that is at the end of the year.

For 2016 the portfolio ended up holding thirteen stocks, two more than at the close of 2015. In addition, the portfolio contained 29% more shares than it did in 2015, and because of the reallocation of assets, the portifolio ended 2016 with 5% less cash than in 2015. Factoring all of these things together leads to one question and that one question is the basis for sound portfolio management. If I start the year with X amount and end the year with Y amount, what was my return? That’s really all that matters, the stuff that happens in the middle simply isn’t as important as the starting and ending numbers.

So doing the math, (2016 less 2015 divided by 2015) the Wax Ink Portfolio ended the year up 2.10%.

Hydrocarbon Prices
Two numbers often watched by oil traders are the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3). These numbers are now apart of The Wax Report.

WTI Crude ended the week at $53.72, up 1.3%, while Brent Crude ended the week at $56.82, up 3.0%, creating a crude price spread of $3.10, an increase of 44.9%. Distillate RBOB Gasoline ended the week at $1.6709, up 2.7%, and Heating Oil ended the week at $1.7282, up 3.9%, moving the Gulf Coast 3:2:1 Crack Spread to $17.26, an increase of 9.3% for the week. Natural Gas ended the week at $3.72, up 1.6%.

Year to date WTI Crude is higher by 45.0%, Brent Crude is higher by 52.4%, Natural Gas is higher by 59%, RBOB Gasoline is higher by 31.5%, Heating Oil is higher by 53.4%, and the Gulf Coast 3:2:1 Crack Spread is higher by 20.5%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.89, down 6.0%, while the 10 Year Treasury ended the week at 2.42, down 4.0%. The 5 Year AAA Municipal Bond ended the week at 1.76, up 1.7%, and the 10 Year AAA Municipal Bond ended the week at 2.56, up 3.2%. Lastly, the 5 Year AAA Corporate closed the week at 2.06, down 9.3%, with the 10 Year AAA Corporate ending the week up 2.0% at $3.03.

Year to date the 5 Year Treasury is up 8.6%, the 10 Year Treasury is up 7.6%, the 5 Year AAA Muni is up 41.9%, the 10 year AAA Muni is up 19.6%, the 5 Year AAA Corporate is up 8.4%, and the 10 Year AAA Corporate is up 3.8%.

Fair Warning
Please remember that the minimum holding time for shares in the Wax Ink portfolio is 60 months (1825 days), and unless otherwise stated, I have no position in any stock mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Denbury Rersources, Inc. (NYSE: DNR) – FYE 12/2015
Diamondback Energy, Inc. (Nasdaq: FANG) – FYE 12/2015
EP Energy Corporation (NYSE: EPE) – FYE 12/2015
Noble Energy, Inc. (NYSE: NBL) – FYE 12/2015

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company’s most recent annual financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

Denbury Rersources, Inc. – $3-$7
Diamondback Energy, Inc. – $64-$70
EP Energy Corporation – $29-$36
Noble Energy, Inc. – $31-$37

Growth Only Valuation Estimates
Growth only valuations are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because growth only valuations are EXTREMELY volatile, what is presented here is a single growth only valuation estimate. Growth only valuation estimates were either created or updated during the week for the following companies:

Denbury Rersources, Inc. – ($6)
Diamondback Energy, Inc. – $129
EP Energy Corporation – ($22)
Noble Energy, Inc. – $34

Investment Summaries
Denbury Rersources, Inc. – Neutral – the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Diamondback Energy, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

EP Energy Corporation – Positive – the current baseline valuation and key performance indicators (KPIs) favor investment consideration at this time (Buy)

Noble Energy, Inc. – Negative – the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink