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Independent Peer Groups & Clones

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TRADITIONAL APPROACHES TO PEER GROUP ANALYSIS ' + ' RELY HEAVILY ON INDUSTRY. While these techniques have valid ' + ' applications, DeMarche Clone Analysis improves on this process ' + ' by focusing on factors ( >> ' + ' Learn More ) that are more reflective of a buy-side ' + ' investment manager and your competitors for capital.

' + ' DeMarche Clone Analysis is based on 30+ years ' + ' of investigating and evaluating institutional investors. Our ' + ' goal is to narrow the universe of 10,000 stocks to a handful ' + ' of companies that are most like yours based on industry, financial ' + ' and growth factors. These companies are your true competitors ' + ' for capital because they are most like yours in the eyes of ' + ' institutional investors.

' + ' DEMARCHE CLONE UNIVERSE
' + ' We narrow the universe further to ' + ' create your DeMarche Clone Group, which is comprised of the ' + ' companies most similar to yours when combining your financial,' + ' growth and industry peers. We tighten the constraints and ' + ' parameters in order to assemble a group of Company Clones.

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' + ' APPLICATIONS OF DEMARCHE CLONE ANALYSIS
' + ' Identifying your true competitors ' + ' for capital provides a powerful tool for making strategic ' + ' decisions about your company. Some of the applications of ' + ' this information are noted below.
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BUILDING A CLONE UNIVERSE
' + ' Your Clone Universe is made ' + ' up of your company's financial, growth and industry peers.

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FINANCIAL PEERS
 ' + ' Financial peers are based on' + ' growth/value, aggressive/defensive and market capitalization ' + ' characteristics. Value stocks generally have higher ' + ' relative book-to-price, sales-to-price and cash flow-to-price ' + ' ratios than growth stocks. Growth-oriented stocks generally ' + ' have higher valuation ratios and typically exhibit higher' + ' than market earnings and dividend growth.

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VALUE TO GROWTH SPECTRUM
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Value Stocks
Factor
Growth Stocks
High
Book-to-Price
Low
High
Sales-to-Price
Low
High
Dividend Yield
Low
High
Cash Flow Yield
Low
Low
Dividend Growth
High
Low
Asset Growth
High
Low
Earnings Growth
High
Low
Relative Price Strength
High


' + ' We have also identified investors\'' + ' tendencies to be aggressive or defensive in the way ' + ' they construct portfolios. Aggressive stocks are more ' + ' volatile with high debt to equity, wide trading ranges, ' + ' and high earnings variability. Defensive stocks are ' + ' larger, have higher profit margins and higher cash flow ' + ' and dividend yields.

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AGGRESSIVE TO DEFENSIVE SPECTRUM
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Aggressive Stocks
Factor
Defensive Stocks
High
Debt to Equity
Low
High
Trading Range
Low
High
Share Turnover
Low
High
Market Risk
Low
High
Earnings Variability
Low
High
Non-Market Risk
Low
Low
Market Cap Size
High
Low
Payout Ratio
High
Low
Economic Return
High
Low
Cash Flow Yield
High
Low
Dividend Yield
High
Low
Profit Margin
High
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GROWTH PEERS
 Growth Peers ' + ' are based on the IBES Long-Term Expected Growth Rate, ' + ' which is the annualized EPS over the next three to five ' + ' years. Trailing EPS growth, growth in net income, sales ' + ' and dividends may also be considered.
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INDUSTRY PEERS
 Industry peers can ' + ' be defined on a sliding scale. In the narrowest sense, ' + ' industry peers are companies that are competing in the ' + ' same marketplace. In the broadest sense they are companies ' + ' that have similar sensitivities to various macroeconomic factors.

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