Seth Klarman Margin Of Safety Download Pdf
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Margin of safety is a value investing principle popularised by Seth Klarman and Warren Buffett. If the total value of all shares of a company is 30% less than the intrinsic value of that company, then the margin of safety would be 30%. The intrinsic value is calculated based on the 10-year discounted cash flow (DCF).
The margin of safety also provides a reasonable valuation range. If the margin of safety is between 20% and 55%, you can assume that the intrinsic value of the company to be anywhere within that range. This makes sense in light of the fact that margin of safety is essentially a different way of looking at the valuation.
Another important thing to note is that margin of safety is not a valuation tool, it’s more a valuation method. The margin of safety helps to reduce any error in the valuation and help you spot any potential value traps. It also helps you see if you are overpaying for companies that are trading at an attractive price to intrinsic value.
According to its 10-year DCF, the intrinsic value of Domino’s is around $23 per share. However, the stock is trading at around $14 per share. The margin of safety is therefore around 30%. Do you think Domino’s shares could be worth more than $23 per share? The margin of safety provides an assurance that you are not overpaying.
So a margin of safety is defined as the intrinsic value divided by the current share price, or the share price divided by the intrinsic value. This would put an example as if you were buying US Steel at $30 per share and if its margin of safety were 30%, that means the intrinsic value per share of US Steel is $6. Do you know what US Steel is worth?
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