Defensive Investors are defined as investors who are not able or willing to do substantial research into individual investments, and therefore need to select only the companies that present the least amount of risk. Enterprising Investors, on the other hand, are able to do substantial research and can select companies that present a moderate (though still low) amount of risk. Cardinal Health Inc qualifies for both the Defensive Investor and the Enterprising Investor. The Defensive Investor is only initially concerned with the low current ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets.

As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis. 4.43 for 2018. This level of demonstrated earnings growth outpaces the market’s implied estimate of 3.14% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price. 1.81 per share, for a yield of 2.8%, putting it among the best dividend paying stocks today.

Its PEmg (price over earnings per share - ModernGraham) was 14.78, which was below the industry average of 43.8, which by some methods of valuation makes it one of the most undervalued stocks in its industry. AFLAC Incorporated qualifies for both the Defensive Investor and the Enterprising Investor. In fact, the company meets all of the requirements of both investor types, a rare accomplishment indicative of the company’s strong financial position . The Enterprising Investor has no initial concerns.

As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis. 8.08 for 2018. This level of demonstrated earnings growth outpaces the market’s implied estimate of 1.21% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.

A survey of members of Tech London Advocates, an industry group, revealed that 87% opposed Brexit. 1 billion valuation - TransferWise is considering alternatives; "Headquartering elsewhere is a possibility but we haven't made a final decision yet," according to TransferWise CEO, Taavet Hinrikus. These are real concerns for the UK economy overall as the tech sector accounts for around 10% of British GDP.

The UK is also disproportionately influential in Europe's digital industry. According to estimates by McKinsey, if France (for example) were to shift into a higher gear and equal the UK's digital state, its hypothetical economic gain could be about €100 billion. The UK tops the list of major countries in Europe with the highest "birth rates" of new enterprises; only Romania, Latvia, and Slovakia fare better.

It is home to over 40 per cent of Europe's unicorns. A third of VC investments in Europe were focused on the UK in the first quarter of 2016, according to CBInsights. The UK leads Europe in "app economy" jobs. The single biggest challenge for the digital future of the UK and Europe is the lack of clarity in the years ahead.

While after a period of policy adjustments and re-negotiation, much of the relationship with the EU may well remain intact, the endgame is uncertain -- and there is a wide gap separating the worst and the best-case scenarios. The uncertainty could have an impact on a wider ecosystem that affects the attractiveness of the UK as a tech hub: retail, hospitality, healthcare, and financial services.

Given the digital recession in Europe, the post-Brexit uncertainty alone could accelerate the region's loss of competitiveness. It will be felt most acutely in the UK, which, in turn, is bad for the EU, given the disproportional role of the UK in the continent's digital industry. Engineers from the EU have been key to the successes of many UK companies. A 2015 survey by Wayra, a startup incubator, last year found that over a fifth of startup talent in the UK came from other EU countries. The digital talent market in the UK is already tight.

Unless the new administration in the UK manages to work out some form of a deal on immigration and work permits with the EU, its digital industries will be hobbled by a talent shortage and a steeper cost disadvantage. Even if the UK's digital industry adapts to the new reality, as it no doubt will, it will be precluded from many existing and emerging platforms critical to scaling-up and competitiveness.