Peoples Bancorp Inc
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Financials : Banks | Company profile

Peoples Bancorp Inc. (Peoples) is a financial holding company. The Company operates principally through its subsidiary, Peoples Bank. It offers community banking services. Peoples Bank is a state-chartered bank. Peoples offers a line of banking, insurance, investment and trust solutions through its financial units: Peoples Bank and Peoples Insurance Agency, LLC (Peoples Insurance). Its products and services include various demand deposit accounts, savings accounts, money market accounts and certificates of deposit; commercial, consumer and real estate mortgage loans (both commercial and residential), and lines of credit; debit and automated teller machine cards; credit cards for individuals and businesses; corporate and personal trust services; safe deposit rental facilities; money orders and cashier's checks; a range of life, health and property and casualty insurance products; brokerage services, and fiduciary, employee benefit plans and asset management services.

Closing Price
$33.37
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
--
Day's Low
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Volume
0

UPDATE: The sharpest investors use this simple tool to pick stocks

2:42 pm ET January 10, 2019 (MarketWatch)
Print

By Vitaliy Katsenelson

Valuing a public company like a private business gives a more realistic picture of its potential

Wall Street glorifies companies that beat quarterly estimates by arguing that the long term comprises a lot of short terms. But beating earnings estimates for a few consecutive quarters doesn't necessarily lead to long-term greatness. It assumes that significant changes to the business are visible in the reported numbers.

This is likely what General Electric (GE) executives rationalized as they destroyed the company's protective shareholder "moat" and its respected corporate culture. Their short-term thinking focused on "beating earnings" on a quarterly basis, thereby insuring seemingly endless analyst upgrades. Except GE's short-term success that was seen by the market came at the expense of unseen damage to its moat, balance sheet, and corporate culture.

Conversely, consider Apple (AAPL) reporting what analysts considered "disappointing" numbers for eight sequential quarters (three lifetimes on Wall Street) leading up to 2007. During that time, Apple is pouring every ounce of its resources into R&D and coming up with the iPhone. It cannot hire the right engineers fast enough and thus must pull in engineers who had been working on the Macintosh (then Apple's bread and butter), which results in delaying the introduction of new computers by a few quarters (this did happen). Did those negative short-term results subtract from the value of the company, or were they instrumental in adding trillions of dollars of revenue to Apple?

Quarterly misses and beats show only what is seen, but true investors are able to see the unseen.

With the luxury of hindsight, I picked two examples, GE and Apple, that seem to prove that earnings misses are great and beats are bad -- but they are neither. They are part of the vocabulary of the semi-staged reality game show on business TV -- which I choose not to participate in. Facebook (FB), for example, was recently accused of using casino gaming psychology to get their users to keep coming back to see if their posts or family pictures were "liked." Quarterly "beats" and "misses" are not much different; they add casino excitement to investing and turn unsuspecting investors into gamblers.

This doesn't mean that an investor should completely ignore what happens in the short run, but quarterly earnings should be always looked in the right context -- the context of the long run.

Long-term thinking should be deeply embedded in your stock analysis. A discounted cash flow (DCF) analysis model forces you to value a company the way you'd value a private business, bringing cash flows that lie decades in the future into the present.

But DCF analysis, though grounding, is a crude model that is most useful at the extremes of a company's valuation, when a company is wildly overvalued or undervalued. This is why it makes sense to estimate a company's value based on earnings multiples. In my process, I look at a company's expected earnings three- to five years out and then discount it back (convert to today's dollars). This is the key: By looking at a company's earnings this far out, you muffle the noise of quarterly earnings -- the "what have you done for me lately?" hysteria -- and focus on the future.

So, how does one invest in this overvalued market? Our strategy is spelled out in this fairly lengthy article (http://contrarianedge.com/how-investors-should-deal-with-the-overwhelming-problem-of-understanding-the-world-economy/).

Vitaliy Katsenelson is chief investment officer at Investment Management Associates (http://imausa.com/) in Denver, Colo. His firm holds no position in any of the stocks mentioned. He is the author of "Active Value Investing" and "The Little Book of Sideways Markets" .

-Vitaliy Katsenelson; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

January 10, 2019 14:42 ET (19:42 GMT)

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