Daily Journal バランスシートの健全性
財務の健全性 基準チェック /66
Daily Journalの総株主資本は$348.5M 、総負債は$20.9Mで、負債比率は6%となります。総資産と総負債はそれぞれ$479.9Mと$131.4Mです。 Daily Journalの EBIT は$13.7Mで、利息カバレッジ比率-2.1です。現金および短期投資は$450.7Mです。
主要情報
5.99%
負債資本比率
US$20.87m
負債
| インタレスト・カバレッジ・レシオ | -2.1x |
| 現金 | US$450.69m |
| エクイティ | US$348.52m |
| 負債合計 | US$131.42m |
| 総資産 | US$479.94m |
財務の健全性に関する最新情報
分析記事 • Sep 27
Is Daily Journal (NASDAQ:DJCO) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...分析記事 • Dec 17
Is Daily Journal (NASDAQ:DJCO) Using Debt In A Risky Way?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Recent updates
Seeking Alpha • Jun 18
Daily Journal: Currently Fairly Valued
Summary My December sell rating on DJCO was driven by its extreme 3.2x price-to-book valuation, which has since corrected with a 30% share price drop. Daily Journal is a unique blend of legacy newspaper publishing and a niche legal software business, with deep roots in Charlie Munger's investment philosophy. Munger's stewardship compounded the Company's book value per share 30-fold over 28.5 years, outpacing the S&P 500's returns in that period. With the passing of Charlie Munger, DJCO will unlikely return to its premium valuation. Currently, Daily Journal shares are fairly valued according to a sum-of-the-parts model. Read the full article on Seeking Alpha分析記事 • Dec 19
Investors Will Want Daily Journal's (NASDAQ:DJCO) Growth In ROCE To Persist
What are the early trends we should look for to identify a stock that could multiply in value over the long term...分析記事 • Nov 07
Revenues Not Telling The Story For Daily Journal Corporation (NASDAQ:DJCO) After Shares Rise 26%
Daily Journal Corporation ( NASDAQ:DJCO ) shares have continued their recent momentum with a 26% gain in the last month...分析記事 • Nov 07
Optimistic Investors Push Daily Journal Corporation (NASDAQ:DJCO) Shares Up 26% But Growth Is Lacking
Despite an already strong run, Daily Journal Corporation ( NASDAQ:DJCO ) shares have been powering on, with a gain of...分析記事 • Aug 24
Daily Journal (NASDAQ:DJCO) Is Experiencing Growth In Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Typically, we'll want to...分析記事 • Aug 04
Daily Journal Corporation's (NASDAQ:DJCO) Popularity With Investors Is Under Threat From Overpricing
Daily Journal Corporation's ( NASDAQ:DJCO ) price-to-sales (or "P/S") ratio of 8x might make it look like a strong sell...分析記事 • May 08
Returns At Daily Journal (NASDAQ:DJCO) Are On The Way Up
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a...分析記事 • Mar 05
Why We're Not Concerned About Daily Journal Corporation's (NASDAQ:DJCO) Share Price
Daily Journal Corporation's ( NASDAQ:DJCO ) price-to-sales (or "P/S") ratio of 7x may look like a poor investment...分析記事 • Nov 16
There's Been No Shortage Of Growth Recently For Daily Journal's (NASDAQ:DJCO) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two...Seeking Alpha • Sep 28
Charlie Munger's Daily Journal Corporation Is A Cohiba Cigar Butt
Summary According to Ben Graham's value investment classic "The Intelligent Investor," the definition of a net-net is a company trading below its net working capital value. Warren Buffett re-coined the term, cigar butt, for having one puff left. Daily Journal Corporation is by no means a one-puff pony, this is a well-managed holdings company with Charlie Munger's previous management and influence. Daily Journal is trading below its working-capital value Daily Journal Corporation (DJCO) is a business and legal news and advertising editorial in California. Until his recent step-down as chairman of the board in April, the marketable securities investment side of the business was run by Charlie Munger for the last 45 years. While the company likes to say that they are not a smaller version of Berkshire Hathaway (BRK.A, BRK.B), the operations have a resemblance. The company operates several small newspaper circulations throughout California, most focused on the legal and business communities. While the company does generate about $50 million a year in the news business, overhead and salaries amount to roughly $48 million of that, generating a net income of $2.15 million FY 2021. What the company has in common with the original Berkshire Hathaway is that it has built up a holding in marketable securities that makes up the vast majority of its assets, to the tune of $347 million worth for a company with a $326 million market cap. Over the years, whilst the news and advertising business had been dwindling, Charlie Munger as Chairman of the Board was overseeing the investment of retained earnings into stock holdings. At this point, dividends alone make up more net income than what is provided by the media part of the business, with unrealized gains of $244 million. Being that this is a business that is nearly self-sustainable at this point, the company also carries very little debt. It has put the company in a rare situation where they are now trading below net current asset value, with $372 million in total current assets and only $33.5 million in debt. We will further examine one of the original Benjamin Graham value metrics in this article, the net-net, or as Warren Buffett termed it, the cigar butt valuation. My thesis is this is a buy, especially in an economic downturn where the margin of safety is becoming ever more important. In this case, I like to call the Daily Journal a Cohiba butt, because it is certainly an elite version of a discounted dollar. What is a net-net ? This is a term you may have heard uttered by value investment gurus. Many value funds from the 1950s even up until now hunt for companies that are trading below liquidation value. Buffett and Graham were obsessed with these because, in poor economic times, they provide the highest margin of safety. Nick Sleep, who ran Nomad Partnership in the early 2000s, also started by looking for dollars selling for .50 cents. Nomad was so determined to find cigar butts at first that they even bought net-nets in Zimbabwe. You find these deals more often than not in smaller cap companies that don't require a lot of debt to sustain the business. Daily Journal Corporation is certainly in this category. The exercise in finding a net-net is both simple and unique. It is the only valuation metric I am aware of that solely relies on the balance sheet and disregards the income and cash flow statement. Many of you out there have a copy of Benjamin Graham's The Intelligent Investor. If you are so inclined, you can open your copy and flip to pages 390-391, where you will see a succinct description of how to perform the exercise: Technically, the working-capital value of a stock is the current assets per share, minus the current liabilities per share, divided by the number of shares outstanding. All three of these items are lined up right on the balance sheet. Let's examine the balance sheet of the Daily Journal and go through the exercise: Daily Journal Balance Sheet (yahoo finance) 1. Here we can see total current assets are $372 million FY 2021. 2. Subtracting out the total debt of $33 million, we get net current assets of $338 million. 3. Ordinary shares, (shares issued minus those in treasury from buybacks not yet retired), are only 1.38 million. Taking the net current assets of $338 million and dividing it by 1.38 million shares outstanding gets us $245 a share in net current assets. As the majority of these are marketable securities, with a tad over $12 million being held in just cash, let's take a look at their holdings next. Daily Journal Corporation 13 F DJCO holdings mrq (whalewisdom.com) Heavy focus on banks With large holdings in Bank of America (BAC), Wells Fargo (WFC), and U.S. Bancorp (USB), Buffett, Munger, and Graham have always been big proponents of bank stocks. Buffett likes them because they always trade at fair valuations to assets and earnings, but are also a great hedge against inflation. As the dollar value of homes, cars, and all other goods requiring consumer debt goes up, it doesn't take a larger workforce to generate higher dollar loans against those goods. All you have to do is move commas and decimal points. Banks are unique in that their revenue and income will grow with the economy without adding costs. The biggest costs to banks are normally defaults and bad loans. One of the larger holdings that was recently halved is Alibaba (BABA, BABAF). The Daily Journal took significant losses on this holding, as have other elite hedge funds that got too enthusiastic about the "Amazon of China" moniker. Rounding out the bottom of the list is POSCO (PKX), a Korean steel company that is trading at .32 price-to-book and 4.5 X forward earnings. The banks and POSCO are all trading well under their Graham number value (22.5 × (Earnings Per Share) × (Book Value Per Share), while Alibaba was a stock that discounted free cash flow practitioners had high hopes for, but continued to revise down. From the majority of the selections on the list, we can see that Munger's thought process is at least 80% centered around the original theses of The Intelligent Investor. Additionally, the company does not pay a dividend. This holds true to the Berkshire Hathaway model that tax efficiency and compounding are the main tenets of its business model. Daily Journal's other operations This is, in a nutshell, Charlie Munger's deferred tax vehicle brainchild, but let's see what else they do outside of the part Munger managed: Daily Journal Corporation (the "Company") publishes newspapers and websites reporting California and Arizona news and produces several specialized information services. It also serves as a newspaper representative specializing in public notice advertising. This is sometimes referred to as the Company's "Traditional Business." Journal Technologies, Inc. ("Journal Technologies"), a wholly-owned subsidiary of the Company, supplies case management software systems and related products to courts, prosecutor and public defender offices, probation departments and other justice agencies, including administrative law organizations, city and county governments and bar associations. These organizations use the Journal Technologies family of products to help manage cases and information electronically, to interface with other critical justice partners and to extend electronic services to the public, including e-filing and a website to pay traffic citations and fees online. These products are licensed in 42 states and internationally. Essentially all of the Company's U.S. operations are based in California, Arizona and Utah. The Company also has a presence in Australia where Journal Technologies is working on three software installation projects. Financial information of the Company, including information about each of the Company's reportable segments, is set forth in Item 8 ("Financial Statements and Supplementary Data").-Daily Journal 2021 10K分析記事 • Sep 27
Is Daily Journal (NASDAQ:DJCO) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Seeking Alpha • Aug 12
Daily Journal GAAP EPS of -$22.31, revenue of $34.8M
Daily Journal press release (NASDAQ:DJCO): 9M GAAP EPS of -$22.31. Revenue of $34.8M (-8.3% Y/Y).Seeking Alpha • May 17
Daily Journal Corporation: Attractively Priced If Its Investments Pay Off
Daily Journal Corporation has done well to grow its new core business in recent years, creating real value for its investors. But the real value lies in the fact that the business has a significant portfolio of securities on its books. Factoring this into the equation, shares look quite cheap, but this could change based on investment performance.Seeking Alpha • Nov 05
Daily Journal: A Value Stock With A Margin Of Safety
The Daily Journal has been trending sideways for 18 months now. However, the company reported a large profit, giving the stock a 3.5x P/E. This surge in profits could indicate a reason to be optimistic. Accordingly, I’m bullish DJCO over the next five to seven years due to its strong operating businesses and public securities holdings.分析記事 • Feb 11
How Much Does Daily Journal's (NASDAQ:DJCO) CEO Make?
The CEO of Daily Journal Corporation ( NASDAQ:DJCO ) is Gerald Salzman, and this article examines the executive's...分析記事 • Jan 25
What Percentage Of Daily Journal Corporation (NASDAQ:DJCO) Shares Do Insiders Own?
A look at the shareholders of Daily Journal Corporation ( NASDAQ:DJCO ) can tell us which group is most powerful. Large...分析記事 • Jan 07
Daily Journal Corporation's (NASDAQ:DJCO) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
Daily Journal's (NASDAQ:DJCO) stock is up by a considerable 48% over the past three months. However, we decided to pay...分析記事 • Dec 17
Is Daily Journal (NASDAQ:DJCO) Using Debt In A Risky Way?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...分析記事 • Nov 21
If You Had Bought Daily Journal (NASDAQ:DJCO) Shares Five Years Ago You'd Have Earned 36% Returns
If you buy and hold a stock for many years, you'd hope to be making a profit. Better yet, you'd like to see the share...財務状況分析
短期負債: DJCOの 短期資産 ( $472.3M ) が 短期負債 ( $30.6M ) を超えています。
長期負債: DJCOの短期資産 ( $472.3M ) が 長期負債 ( $100.8M ) を上回っています。
デット・ツー・エクイティの歴史と分析
負債レベル: DJCO総負債よりも多くの現金を保有しています。
負債の削減: DJCOの負債対資本比率は、過去 5 年間で15.8%から6%に減少しました。
債務返済能力: DJCOの負債は 営業キャッシュフロー によって 十分にカバー されています ( 66.4% )。
インタレストカバレッジ: DJCO支払う利息よりも稼ぐ利息の方が多いので、利息支払い の補償は問題になりません。
貸借対照表
健全な企業の発掘
企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2026/05/26 10:48 |
| 終値 | 2026/05/22 00:00 |
| 収益 | 2026/03/31 |
| 年間収益 | 2025/09/30 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
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| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
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* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。
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業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
Daily Journal Corporation 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0