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 Independent Equity Research

Institutional and Academic Testimonials


"When I was a Principal at Stern Stewart & Co., many corporate managers would tell me that Wall Street does not care about EVA or CFROI so why should they manage for it.  That led me to search for a tool that would link EVA to the common value driver language of Wall Street. 

The Applied Finance Group's Economic Margin Framework is that link.  Of all the Value - Based approaches, AFG offers the best blend of theoretical completeness and practical applications as it provides a clear, robust and simple path from the accounting to the economics.  And just as important, AFG's ever-increasing number of web-based applications, tools and research greatly increase the efficiency and effectiveness of our analytical processes."

David Berkowitz, Principal
Rapidan Capital LLC

“Finding a great, well managed company is only the first step in the research process. Understanding the performance expectations built into its market price is another...AFG helps us do both”

Doug Sandler, CFA Chief Equity Strategist
Wachovia Securities, LLC.

"In my opinion, there is no better cash flow valuation available."

Robert F. Hill, Jr.
Shenandoah Asset Management

"Having been a user since almost day one, I have seen your research service continue to improve and it has become a more important part of my investment process. Having seen first hand the importance of the direction of Economic Margins, this factor is now part of my quantitative ranking model. One of the more important uses is the role it plays in questioning management/analyst projections - are they realistic based on previous results, can the company actually deliver with the present asset base, etc.

Your firm continues to refine and improve the tools. Fairly recent additions, which I especially like, are the industry reviews and monthly buy/sell list. Previously, I used Holt for many years, and was pleased with that service. Upon the creation of AFG, I found your approach more intuitively-friendly. Retrieving the information via the internet is also fast and convenient."

Portfolio Manager
Firm - Over 56 Billion Under Management


" AFG's rigorous research and powerful analytical tools leverages our time effectively to make better investment decisions and better serve our clients. AFG is a valued partner in our research process!"

Ralph Weil, CIO
Clifford Associates

"In the course of my academic research on equity valuation, and my professional career as a portfolio manager, I have evaluated numerous performance metrics and valuation methodologies. AFG offers an unbeatable combination of Economic Margin Framework and Value Expectations software that is one of the most theoretically sound and practically useful equity valuation platforms available today."

Bruce Johnson,
University of Iowa Professor of Accounting

"AFG's Value Expectations model neatly incorporates the key measures of firm performance into a rigorous valuation framework. A powerful tool for identifying potentially mispriced stocks."

Richard G. Sloan,
University of Michigan Professor of Accounting

 

Independent Equity Research About Us | Contact Us | AFG is an Independent Equity Research Provider | In©2007 The Applied Finance Group

Economic Margin™ and Economic Margin Framework™ are trademarks of The Applied Finance Group, LTD.
EVA® is a registered trademark of Stern Stewart.
CFROI® is a registered trademark of Credit Suisse.