AMEREN CORP

Where It Passes

Where It Falls Short

• Efficiency0% pass✓ 1✗ 10▾

  No clean pass — all 8 investors flag at least one efficiency criterion

  Current Ratio0.74

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)4.6%

  ✗Buffett> 10%

  ROIC - WACC-5.4%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)5.3%

  ✗Greenblatt> 25%

  Current Ratio Change YoY0.66 -> 0.66

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.17x -> 0.18x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities0.74

  ✗Dreman> 1.5

  Return on Invested Capital4.9%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=4.5%; FY2024: ROIC=4.0%; FY2025: ROIC=4.9%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC2.4% (RR=49% x ROIC=4.9%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 4.9%)

  ✗SleepROIC > 12% in a majority of years
• Valuation models0% pass✗ 8▾

  AEE overvalued: all 8 models price fair value below $114.77 (median $67.48)

  Graham fair value$76.39

  ✗Graham-50.2% margin vs $114.77

  Buffett fair value$70.55

  ✗Buffett-62.7% margin vs $114.77

  Lynch fair value$47.39

  ✗Lynch-142.2% margin vs $114.77

  Greenblatt fair value$48.58

  ✗Greenblatt-136.2% margin vs $114.77

  Dreman fair value$70.75

  ✗Dreman-62.2% margin vs $114.77

  Akre fair value$68.58

  ✗Akre-67.4% margin vs $114.77

  Marks fair value$55.68

  ✗Marks-106.1% margin vs $114.77

  Templeton fair value$66.39

  ✗Templeton-72.9% margin vs $114.77
• Debt & Leverage8% pass✓ 1✗ 14▾

  11 of 12 flag AEE's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current AssetsLT Debt $20.4B vs NCA $-1.1B

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 1.55, IC: 2.7x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity1.55

  ✗Lynch< 0.33

  Cash - Long-term Debt$-20.4B

  ✗LynchPositive preferred

  LT Debt / Total Assets Change38.71% -> 37.57%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities0.74

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity1.55

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels1.55

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=2.6x, D/EBITDA=5.3x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity1.55

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-1.5497; #3617/4210 (top 85.9%)

  ✗AsnessTop 30% of eligible cross-section
• Valuation8% pass✓ 3✗ 25▾

  12 of 13 flag AEE's valuation — Graham, Lynch, Greenblatt +9 more

  Net income / market capitalization+5.05%; #1676/6340 (top 26.4%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Price / 3-yr avg EPS24.3x

  ✗Graham<= 15x

  Price-to-Book Ratio2.4x

  ✗Graham<= 1.5x

  P/E x P/B57.60

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)2.42

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value4.2%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=4.2%, ROC=5.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS21.5x

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)9.5x

  ✗Dreman< 8x

  Price / Book Value per Share2.4x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessP/E=21.5x, OE Yield=-3.3%

  ✓MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldP/E=21.5x, FCF Yield=-2.4%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/E=21.5x, P/B=2.4x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value-62.2% (IV=$70.75 vs Price=$114.77)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Price vs. Trailing Low122% of trailing low ($94.20)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Positive book equity / market capitalization+0.4470; #3073/6449 (top 47.7%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS21.5x

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E0.53

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share2.44x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+37.4%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.2810; #3409/5247 (top 65.0%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-6.14%; #3048/4519 (top 67.4%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+1.16%; #2578/6202 (top 41.6%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Profitability25% pass✓ 15✗ 20▾

  12 of 16 flag AEE's profitability — Graham, Buffett, Lynch +9 more

  Net income / market capitalization+5.05%; #1676/6340 (top 26.4%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive EPS (10 years)24/26 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)25/26 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)10.3%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)23.0% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$1.5B

  ✓BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)2.42

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR8.9%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  ROE11.3%

  ✗Lynch> 15%

  EBIT / Enterprise Value4.2%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=4.2%, ROC=5.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets3.01%

  ✓PiotroskiROA > 0

  ROA Change YoY2.66% -> 3.01% (delta: +0.35%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=6.92%, ROA=3.01%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue20.4%

  ✓Dreman>= 8%

  Net Income / Shareholders' Equity11.3%

  ✗Dreman> 12%

  Margin of SafetyP/E=21.5x, P/B=2.4x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity10.3% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value-62.2% (IV=$70.75 vs Price=$114.77)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency25/26 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue25.2%

  ✓Ackman>= 15%

  Net Income / Shareholders Equity11.3%

  ✗Ackman>= 15%

  5-Year EPS CAGR8.9% CAGR over 5 years

  ✓Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend20.8% (2023) -> 23.0% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin 20.8% -> 23.0%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  Gross profit / total assets

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+11.29%; #1616/5226 (top 30.9%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0011; #85/5884 (top 1.4%)

  ✓AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR8.9% over 5 years

  ✓Neff7%-20% annualized

  Positive Diluted-EPS Years10/10 years positive

  ✓Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts27% pass✓ 4✗ 11▾

  Split decision: 10 FAIL · 4 PASS · 2 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #1592•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (3/6)✗SchlossFAIL (3/7)✗OshaughnessyFAIL (Rank #851/963 (Top 88.4%))
• Cash Flow30% pass✓ 4✗ 8▾

  7 of 10 flag AEE's cash flow — Lynch, Dreman, Pabrai +4 more

  Free Cash Flow Proxy$1.5B

  ✓BuffettPositive and growing

  FCF Positive and Growing$-1.9B

  ✗LynchPositive and growing

  Operating Cash Flow$3.4B

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=6.92%, ROA=3.01%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)9.5x

  ✗Dreman< 8x

  P/E or FCF YieldP/E=21.5x, FCF Yield=-2.4%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive7/23 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-6.1%

  ✗Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency23/23 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-1.9B

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-6.14%; #3048/4519 (top 67.4%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth50% pass✓ 7✗ 6▾

  4 of 8 pass — Graham, Lynch, Dreman +1 more object

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)2.42

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR8.9%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 8.6% vs Rev: -0.3%

  ✗LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency25/26 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth1.6%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency5/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR8.9% CAGR over 5 years

  ✓Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin 20.8% -> 23.0%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR8.7%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR8.9% over 5 years

  ✓Neff7%-20% annualized