At Concordia Capital Management we define fair price as our willingness to pay for a company that has characteristics of key valuation determinants:
Honest management who allocates capital effectively
Long-term growth rate in earning power
Consistency and stability of estimated growth
Volume growth
Financial condition
Projected cash flow
Return on equity growth should be significant
Book value growth should be positive
Retention rate should be rising
Growth should result from operating sources
Neither debt nor taxes should be the sources of growth
