• An Introduction To - The VALUATOR - From MBAnalysis:
• INSTALLING THE SOFTWARE
• INSTALLING DATABASE UPDATE
• Remember, User Databases Will Be Overwritten During Data Update.
• Getting Started With The Valuator
• Using The - VALUATOR SOFTWARE - And Valuation Model
• Keeping Your Data Up-To-Date
• Troubleshooting Installation
• UNINSTALLING
• UNINSTALLING Win95 & NT
• Troubleshooting Database Updates
• Data Entry And Calculations
• Troubleshooting Program Bugs
• Index
  • MB Analysis On The Internet Is The Fastest Way To Get Up To Date
  • http://mbanalysis.com or http://www.mbanalysis.com
  • Internet Direct Subscriber Domain Service.

The MBAnalysis Valuator Software provides the serious investor tools to assist in refining investment decisions. We have developed methods that combine fundamental and technical analysis to accomplish that goal.

We have found that opportunities exist in one or more industries at any time; therefore, we analyze individual companies, not industry groups. Our work searches for value that can be bought at a prudent price.

We use a fundamental, bottoms up approach and draw deeply from such classical writers as Graham & Dodd. Our proprietary models have yielded techniques that we have used profitably over the years. These techniques yield an accurate sense of a stock's Fair Value as well as low and high extremes that should contain nearly all price fluctuation.

In most cases technical analysis confirms our conclusions. Occasionally we receive aberrant values that signal us not to buy a stock whatever its fundamental value. We accept this advice and wait for a better day.

Our Fair Value sets the price at which an investor, acting from the prudent-man rule, might profitably acquire a stock. Selling decisions are a difficult matter, best determined by the level of risk and over-valuation an investor will tolerate, the amount of profit sought, or the anticipated time horizon for holding a specific issue.

MBAnalysis cannot assign a level of risk useful for investors. That decision depends upon factors which are confidential as well as extraneous to our analysis. Prudent and Aggressive Modeling is included to accommodate differing Risk Tolerance expectations.

We assume our investors understand that they alone, assume all risks involved with their investment decisions.

MBAnalysis Valuator Software covers a broad spectrum of more than 1800 investment possibilities ranging from well known, large capitalization-international corporations, to medium capitalization companies, to small innovative special niche companies.

Whether you are a conservative long term low risk investor or a high risk aggressive trader, MBAnalysis Valuator Software could help you achieve your investment goals.

For Windows 3.1XWindows 3.1X

Select the diskettes marked Windows 3.1x 16 Bit

ALWAYS INSTALL To The Default Directory.

1. Insert the Installation Disk 1 in the computer's floppy drive (or the CD into the CD ROM drive).

2. In the Program Manager, go to the File menu and select Run

3. In the Command line box, type the letter for your computer's floppy disk drive (if using floppy disks) or CD ROM drive (if using the CD), followed by :\SETUP (for example A:\SETUP or D:\SETUP).

4. Click OK and follow the instructions on your computer screen.

For Windows NT and 95Windows NT and 95: From the START menu, select RUN.

ALWAYS INSTALL To The Default Directory.

1. Insert the Installation Disk 1 in the computer's floppy drive (or the CD into the CD ROM drive).

2. Press START select Run

3. In the Command line box, type the letter for your computer's floppy disk drive (if using floppy disks) or CD ROM drive (if using the CD), followed by :\SETUP (for example A:\SETUP or D:\SETUP).

4. Click OK and follow the instructions on your computer screen.

For Windows 3.1X *

Windows 3.1X

Select the diskettes marked Database:

1. Insert the Database Disk 1 in the computer's floppy drive (or the CD into the CD ROM drive).

2. In the Program Manager, go to the MS DOS Window Icon and Double Click

3. In the MS DOS Window box, type the letter for your computer's floppy disk drive (if using floppy disks) or CD ROM drive (if using the CD), followed by :\DATALOAD.BAT (for example A:\DATALOAD.BAT or D:\DATALOAD.BAT).

4 Enter The Data Diskette Drive When Prompted and the database will be updated to the \VALUATOR Directory.

For Windows NT and 95Windows NT and 95: *

Select the diskettes marked Database:

1. Insert the Database Disk 1 in the computer's floppy drive (or the CD into the CD ROM drive).

2. From the START menu, select RUN.

3. In the Command line box, type the letter for your computer's floppy disk drive (if using floppy disks) or CD ROM drive (if using the CD), followed by :\DATALOAD.BAT (for example A:\DATALOAD.BAT or D:\DATALOAD.BAT).

4. Your Data Will Be Updated To The \Program Files \VALUATOR Directory.

When Prompted enter the Drive Letter For your Update Diskette

Data Entry. To enter data into an accessible field, place the cursor in the data Field you wish to modify, and press the left mouse button to select the field Enter your new data, or delete the exiting value and enter your own. Press the ENTER KEY and the valuation will recalculate using your values.

The User May Change Values for The Database Only in The Upper Half of the screen entitled: The Database.

In Addition, you may not change the Symbol Or Company name for Tickers already in the Database. If you wish to change these fields, you must Add a New Record. In The Add Record Mode these fields are able to be entered. The Order of the database is determined by the Company name.

After Entering a new value for one of the fields in the Database Window. Hit ENTER to recalculate the valuation data. You may run as many what if tests as you wish, data will only be permanently saved in the database if you check the Save THIS Record Check Box and then move to a different record.

The Cancel button will not undo changes that have been permanently saved to the database.

If no changes are to be saved, leave the checkbox empty or click it to deselect it. If you want to see the original values, move to a different record then move back, the original values will again appear and calculate.

Saving Your Changes. Once you set a change in the database and Save it, the values are permanently changed in the database. The only way to recover the original values, is to reload the original database from your DATABASE DISK, thus loosing All changes you have made. In addition All Records You Have Added will need to be reentered. This is because you will be reinstating the original data provided by us.

The Prudent and Aggressive Model Selections. Prudent or Aggressive models will say in the mode you select for all stocks until you change it. Values always recalculate as you change between Prudent and Aggressive. Because there is only one set of input values in the database, any changes made in one model will apply to the other. Separate input values are not maintained for the two risk models. If you wish to maintain separate Input Values to use for one stock, you must enter duplicate records with a unique ticker symbol. For example, If you have data in the database of IBM and wish to maintain another set of input values, you must name the new record IBM1 or some other unique symbol for your duplicated data. You may then access that data by finding the symbol you have assigned.

Using the Forward and Back Record Navigator. Press Forward Record -> or Back Record <- and the database record will advance to the next or previous record. Once you have clicked the forward or backward button, you can continue to move forward or backward one record at a time with the press of the ENTER key. The ENTER key will continue advance or reverse records until you select another input box or function.

Adding Records Or Accessing User Records. The Ticker field is a unique identifier for each stock. If you add a record with a Ticker Symbol that is already in the database, you will likely only be able to access the first incidence of the ticker in the database. All new records added to the Database, are added to the End Of The File in the active Database. Therefore to access a duplicate record, added by the user with a preexisting symbol, You must MANUALLY move to the End Of File (->>) and backspace through the records until you find the record you have added. You may delete the original record, then your newly added duplicate record will be accessible in the usual way. If you intend to maintain duplicate input values for Ticker Symbols, and wish to be able to access then quickly with the find box, you may add them using a unique New Symbol that you can remember and use. For Example. You may add a duplicate record for INTC as INTC1 one INTC2,Etc. Thus, you will be able to maintain and refer to duplicate data input records for any Symbol you wish. But remember, it is up to you to recall the unique Symbol you have assigned to reference the record.

Using The - VALUATOR SOFTWARE - And Valuation Model

If you are new to using the Valuation Model, it would be helpful to define the terms applied. Most terms and definitions can be found in any dictionary of financial terminology. Some terms proprietary to our model can not be easily found, and are explained in this section of the user manual.

THE :

When making changes to the values in the Database Fields, press the ENTER key and Valuation Model Results will Automatically Recalculate and Display the New Results.

• You may change the price or the Industry Group.

• The Dividend expressed in US Dollars and the 1 Year Expected Dividend Growth Rate -- e.i. Expected Dividend growth of 10% Per Year, Enter 10.

• The expected Earnings Per Share and The One Year rate of Expected Growth in Earnings. If you expect earnings to grow 15% next year, then Enter 15, Next Year EPS Will be Automatically Calculated and displayed.

The 5 Year Expected Growth Rate -- e.i. For An Expected growth of 10% Per Year, Enter 50, 5Yr @ 10% . For 25% Per Year, Enter 125. 5-Year Rate Of 25% Per Year.

• Whether Exchange Listed Options Are Traded On This Issue. If No Option trades on this issue Enter NONE.

• These controls are used to modify the database. You may Add new records (which are positioned at the end of the current Database) or Cancel the addition of a record to the database. Other operations, such as delete, or changes made to values, are not affected by the use of the Cancel control.

• This Control Deletes the Current Record positioned in the Database Window. A dialog box will ask you to confirm this deletion. Any Record in the database may be deleted. Once a record is deleted it may NOT BE RECOVERED by the use of the Cancel control.

• FIND -- Begin Typing in this box and the Database will advance to the closest matching security in the database.

• Database Navigator Beginning of File - Back One Record, Forward One Record - End of File. Advancing to the next record will save any changes you have made to the database values.
• But ONLY IF YOU HAVE Save This Record Checked Before You Change Records.

• Save Changes to record Must be checked for the changes you make to be saved to the database. Otherwise any changes you make will be discarded as soon as you move to a different record. This box will be automatically enabled when you add a new record, and automatically disabled when you move to a subsequent record.

• Value Growth -- Value Growth is a measure of the anticipated growth and yield, discounted by P/E and expressed as a percentage. It represents the likely performance of a given issue relative to the market as a whole. Those greater than the current average or an arbitrary 100%, should perform better than the market average. Those less than the current average or an arbitrary 100% should perform less well than the market average. From time to time the average value of the market may vary from 60% to 120% depending on the selected universe of stock issues. This method gauges the growth and the cost of buying earnings for a given issue. OTC Stocks of course, should be expected to have higher values relative to large cap slower growth issues.

• HIGH - LOW - FAIR Based on current information, FAIR is our calculated Fair Value for this issue. The High and Low are the range of prices that should contain all movement in an issue's price. Extreme ranging in HIGH - LOW, as well as negative values, should alert the reader to potentially aberrant conditions that have skewed the valuation, thereby questioning it's validity. We question such issues and their values..

• Percentage Over / Under - Represents the percentage that the current price is Over or Under Fair Value.

• Color Designation -- An important ingredient in the process of selection is our proprietary Color Designation assigned to each issue. Color Designation is determined on the basis of expected relative price movement primarily in the 3-6 month horizon and predicted relative market performance in the year ahead. Upgrades and downgrades - in subsequent reports as shown by changes in color, should guide you in your decisions.
  
  • Yellow -- The most positive of the designations indicates expected out performance. Cautious Buying and Holding for further appreciation is suggested. Issues dropping from Yellow to a lesser designation should be considered for sale.
    
  • Green -- Green designations signal good opportunities for possible accumulation. Such issues are expected to perform in-line with the market overall. These issues may be held in anticipation of better future performance or upgrades in color.
    
  • Blue -- Blue designations suggest under-performance relative to the market. Caution is in order. Issues rising from RED designation to blue may signal better potential. Falling color designation to BLUE should alert one to a potential for under-performance.
    
  • RED -- Red designations identify issues to be avoided now. These issues are expected to under-perform significantly.
    
  • Clear -- Issues designated as Clear are NOT RATED. Usually this designation marks the many over-the-counter issues which we do not rate.

• Signals -- If the line: "Signal is; BUY or SELL" should appear, it is designed to alert the reader to a substantially over or under valued issue. Remember, an issue that is aberrantly over or under valued may be that way for good reason, such as news of takeovers or introduction of new products, and could stay in that condition for an extended time. In and of itself, this indicator should not cause the reader to act unless other values, signals, and further research on the readers part, confirm this indicator.

• Model Values -- Valuation is calculated using 5 different models. The values for these models are shown here as well as graphically represented. This can be used to see if any model in particular is generating unusual values.

• Risk Model -- Changing the valuation Risk Model will recalculate values. Prudent models will usually produce a lower Fair Value, than the aggressive model. Aggressive models assume a shorter time horizon and a smaller expected rate of return. Prudent models suggest purchase at a lower price with higher returns expected.

• Standard Deviation -- This is the variance in the 5 different Valuation models. In an ideal world this number will be small. Unusually high values suggest large differences in the values of the individual models.

• PE - The Price Earnings Ratio -- A conventional benchmark of valuation, PE Is The Price Divided By The Expected Earnings For A Given Issue. PE represents the relative cost of purchasing earning power.

• Yield -- The Current Dividend Divided By The Price Of An Issue.

• Options Premium -- Anticipated Return From The Sale Of Out Of The Money Covered Option Writes. Return can be enhanced by prudent sale of out of the money Puts and Calls, against long or short positions in the underlying stock.

You Can Maintain Your Data By Manually Entering Changes To The Database And Saving The Records. For A Small Number Of Issues, This May Be Done By The User.

Database Updates Are Available For A Very Modest Cost From MBAnalysis.

Call Customer Service At 1-800-378-0920

MBAnalysis Internet Subscribers May Obtain The Latest Database For Download From The Subscriber Domain.

For Win 3.1X

Always Install To The Default Directory \VALUATOR

Do Not Run Other Programs During The Installation.

If A Message Appears Asking To Replace Exiting Files, Be Cautious Not To Overwrite Any Windows Files That May Be Used By Other Programs. It Is Safe To Overwrite Anything In The \VALUATOR Directory.

For Win 3.1X, The Unistall Must Be Done Manually. From The Program Manager Select The Valuator Icon In The Valuator Group. Delete The Valuator Icon. Then, Delete The Valuator Group. You May Then Delete The Entire Valuator Directory On Your Default Drive.

For Win 95 & NT

Always Install To The Default Directory \Program Files\VALUATOR

Do Not Run Other Programs During The Installation.

If A Message Appears Asking To Replace Exiting Files, Be Cautious Not To Overwrite Any Windows Files That May Be Used By Other Programs. It Is Safe To Overwrite Anything In The \VALUATOR Directory.

Go To Your Control Panel And Select ADD/REMOVE PROGRAMS. Select Valuator And Then Select Remove.

If The Message Primary And Secondary Databases Are Not Working Appears, Make Sure To Install The Data Update To The Same Directory As Your Program.

You May Rename The Database File PPLS.mdb To Another Name. Then When You Restart The Valuator Program The User Database Will Become The Active Database. The User Database PPLU.mdb May Be Manipulated By The User With Other Programs Capable Of Reading Access Databases.

Q. Values Do Not Recalculate When Entered.

A. Press ENTER KEY After You Input Your Value.

Occasionally Program Bugs Surface That Were Not Caught In The Beta Test Versions. Send Us An Email Describing The Problem And An MBAnalysis Software Programmer Will Respond As Soon As Possible.

5 Year Expected Growth Rate 9

aberrantly over or under valued 11

Accessing User Records 8

Active Database 14

Add a New Record 7

Add new 9

ADD/REMOVE PROGRAMS 13

Adding Records 8

advance 7

Advancing to the next record 10

Agresssive models 11

Back One Record 10

Back Record 7

Beginning of File 10

Blue 11

BUY 11

Cancel 9

Cancel button 7

Clear 11

Color Designation 11

Company 7

Data Entry 7

Database 7, 9

Database Fields 9

Default Directory \VALUATOR 13

Default Drive. 13

Deletes the Current Record 10

Dividend 9

duplicate records 7

Earnings Per Share 9

Email 14

End of File 10

End Of The File 8

ENTER KEY 7

Expected Dividend Growth Rate 9

Extreme ranging in HIGH - LOW 10

FAIR 10

FIND 10

Forward and Back Record 7

Forward One Record 10

Forward Record 7

Green 11

Growth in Earnings 9

HIGH - LOW - FAIR 10

Industry Group 9

Install The Data Update 14

INSTALLING DATABASE UPDATE 6

INSTALLING THE SOFTWARE 6

Introduction 5

License Agreement 2

long or short positions 12

Model Values 11

modify 7

modify the database 9

new record 10

NOT RATED 11

Options 9

Options Premium 12

original database 7

original values 7

Over or Under fair value 10

PE 12

Percentage Over / Under 10

PPLS.mdb 14

PPLSU.mdb 14

previous 7

Price Earnings Ratio 12

Primary And Secondary Databases Are Not Working 14

Program Bugs 14

Prudent and Aggressive 7

Prudent models 11

Puts and Calls 12

recalculate 7

recalculate values 11

Recalculate When Entered 14

RED 11

Rename The Database 14

Replace Exiting Files 13

Risk Model 11

Save THIS Record 7

Saving Your Changes 7

SELL 11

Signals 11

Standard Deviation 12

Table Of Contents 4

Troubleshooting Database Updates 14

Troubleshooting Installation 13

UNINSTALLING 13

UNINSTALLING Win95 & NT 13

Upgrades and downgrades 11

User Database 14

Valuation Model 9

Valuator Group 13

Valuator Icon 13

14

Value Growth 10

Windows 3.1X 6

Windows NT and 95 6

Yellow 11

Yield 12

• Personal Computer with a 486/33 MHz or Higher processor.
• 8 MB of memory; 16 recommended.
• 4 MB of available hard-disk space.
• 3 1/2" Floppy Disk Drive.
• VGA or higher-resolution display adapter.
• Mouse or compatible pointing device.

©1997 MBAnalysis All Rights Reserved.

All Other trademarks and brand names are the property of their respective owners.