Value Line Profile
Value Line, Inc. (Value Line) engages in producing investment periodicals and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. The company is a subsidiary of Arnold Bernhard & Co, Inc.
Value Line markets under well-known brands, including Value Line, the Value Line logo, The Value Line Investment Survey, Smart Research, Smarter Investing and The Most Trusted Name in Investment Research. The name Value Line is a registered trademark of the company. Effective December 23, 2010, EULAV Asset Management Trust (EAM) was established to provide investment management services to the Value Line Funds accounts and provides distribution, marketing, and administrative services to the Value Line Funds. Value Line holds substantial non-voting revenues and non-voting profits interests in EAM.
Segments
The Publishing business segment, the company's only reportable segment subsequent to December 23, 2010, produces investment periodicals and related publications (retail and institutional) in both print and digital form, and includes Value Line copyrights and Value Line Proprietary Ranks and other proprietary information.
Investment Related Periodicals and Publications
The investment periodicals and related publications offered by Value Line Publishing LLC (VLP), a wholly-owned entity of the company, cover a broad spectrum of investments, including stocks, mutual funds, ETFs and options. The company’s periodicals and related publications and services are marketed to individual and professional investors, as well as to institutions, including municipal and university libraries and investment firms.
The services generally fall into four categories, such as comprehensive reference periodical publications; targeted, niche periodical newsletters; investment analysis software; and current and historical financial databases.
The comprehensive research services (The Value Line Investment Survey, The Value Line Investment Survey - Small and Mid-Cap, The Value Line 600, and The Value Line Fund Advisor Plus) provide both statistical and text coverage of a large number of investment securities, with an emphasis placed on Value Line’s proprietary research, analysis and statistical ranks. The Value Line Investment Survey is the company’s flagship service, published each week in print and daily on the web.
The niche newsletters (Value Line Select, Value Line Select: Dividend Income & Growth, Value Line Select: ETFs, The Value Line Special Situations Service, The Value Line M&A Service, The Value Line Climate Change Investing Service, and The Value Line Information You Should Know Wealth Newsletter) provide information on a less comprehensive basis for securities that the company will be of particular interest to subscribers. Value Line Select is a targeted service with an emphasis on Value Line’s proprietary in-depth research analysis and statistical selections, highlighting monthly a stock with strong return potential and reasonable risk. Value Line Select: Dividend Income & Growth represents Value Line's targeted coverage of dividend paying stocks with good growth potential. Value Line Select: ETFs recommends a new ETF for purchase each month. The Value Line Special Situations Service provides in-depth research analysis on selected small and mid-cap stocks. The Value Line M&A Service recommends stocks of companies that Value Line thinks may be acquired by other corporations or private equity firms. The Value Line Climate Change Investing Service recommends stocks that should benefit from addressing the challenge of climate change. The Value Line Information You Should Know Wealth Newsletter provides insightful information on various personal finance topics.
Value Line offers digital versions of most of its products through the company’s website, www.valueline.com. Subscribers to the print versions have, in some cases, received free access to the corresponding digital versions, although digital subscribers do not receive a free print edition. The most comprehensive of the company’s online platforms is The Value Line Research Center, which allows subscribers to access most of the company’s research and publications at a packaged price via the Internet.
Investment analysis software (The Value Line Investment Analyzer) includes data sorting and filtering tools. In addition, for institutional and professional subscribers, VLP offers current and historical financial databases (DataFile, Estimates and Projections, and Mutual Funds) via the Internet.
The print and digital services include, but are not limited to the following:
The Value Line Investment Survey
The Value Line Investment Survey is an investment periodical research service providing both timely articles on economic, financial and investment matters and analysis and ranks for equity securities. Two of the evaluations for covered equity securities are Timeliness and Safety. Timeliness Ranks relate to the probable relative price performance of one stock over the next six to twelve months, as compared to the rest of the stock coverage universe. Ranks are updated each week and range from Rank 1 for the expected best performing stocks to Rank 5 for the expected poorest performers. Safety Ranks are a measure of risk and are based on the issuer's relative Financial Strength and its stock's Price Stability. Safety ranges from Rank 1 for the least risky stocks to Rank 5 for the riskiest. VLP employs analysts and statisticians who prepare articles of interest for each periodical and who evaluate stock performance and provide future earnings estimates and quarterly written evaluations with more frequent updates when relevant. The Value Line Investment Survey is consisted of three parts: The Summary & Index provides updated Timeliness and Safety Ranks, selected financial data, and screens of key financial measures; the Ratings & Reports section contains updated reports on 120-140 stocks each week; and the Selection & Opinion section provides economic commentary and data, general interest articles, and four model portfolios managed by analysts covering a range of investment approaches. A fifth model portfolio, the Aggressive Growth portfolio, is included in the weekly Ratings & Reports, as well as in the weekly subscriber-only email newsletter.
The Value Line Investment Survey - Small and Mid-Cap
The Value Line Investment Survey - Small and Mid-Cap is an investment research product that provides short descriptions of and extensive data for small and medium-capitalization stocks, many listed on The NASDAQ Exchange, beyond the equity securities of generally larger-capitalization companies covered in The Value Line Investment Survey. Like The Value Line Investment Survey, the Small and Mid-Cap has its own Summary & Index providing updated performance ranks and other data, as well as screens of key financial measures and two model portfolios. The print portion of the service is issued monthly. The 400 stocks of the Small & Mid-Cap universe selected for inclusion in the print component of the service are those of most importance to subscribers and are mailed to subscribers in updated monthly groups of approximately 130 each. This provides coverage of each of the 400 stocks once per quarter. Each stock is covered 4 times per year – once per quarterly cycle. The Digital component of the service remains unchanged -- updated weekly with the complete stock coverage universe available for review. The Performance Rank is based on facts, such as earnings growth and price momentum, and is designed to predict relative price performance over the next six to twelve months. The principal differences between the Small and Mid-Cap Survey and The Value Line Investment Survey are that the Small and Mid-Cap Survey does not include Value Line’s Timeliness Ranks and price targets, financial forecasts, analyst commentary, or a Selection & Opinion section. These modifications allow VLP to offer this service at a lower price.
The Value Line Fund Advisor Plus
The Value Line Mutual Fund Ranking System is the system utilized in the Fund Advisor Plus product, a 48-page newsletter featuring load, no-load, and low-load open-end mutual funds. Each issue offers strategies for maximizing total return, and highlights of specific mutual funds. It also includes information about retirement planning and industry news. A full statistical review, including latest performance, ranks, and sector weightings, is updated each month on approximately 800 leading load, no-load and low-load funds. Included with this product is online access to Value Line’s database of approximately 20,000 mutual funds, including screening tools and full-page printable reports on each fund. Four model portfolios are also part of the service. One recommends specific the U.S. mutual funds from different objective groups, while the other highlights similar exchange traded funds (ETFs). The remaining two highlight mutual funds and ETFs globally. The Value Line Fund Advisor Plus contains data on approximately 20,000 no-load and low-load funds and a digital screener.
The Value Line Special Situations Service
The Value Line Special Situations Service’s core focus is on smaller companies whose equity securities are perceived by Value Line’s analysts as having exceptional appreciation potential.
The Value Line Daily Options Survey
The Value Line Daily Options Survey is a daily digital service that evaluates and ranks approximately 500,000 the U.S. equity and equity index options. Features include an interactive database, spreadsheet tools, and a weekly email newsletter. This product is only offered as an online subscription.
Value Line Select
Value Line Select is a monthly stock selection service. It focuses each month on a single company that the Value Line Research Department has selected from a group of high-quality companies whose stocks are viewed as having a superior risk/reward ratio. Recommendations are backed by in-depth research and are subject to ongoing monitoring by research personnel.
Value Line Select: Dividend Income and Growth
Value Line Select: Dividend Income and Growth is a monthly stock selection service. This product focuses on companies with dividend yields greater than the average of all stocks covered by Value Line, with a preference for companies that have consistently increased their dividends above the rate of inflation over the longer term and based on Value Line analysis, have the financial strength both to support and increase dividend payments in the future. Value Line Select: Dividend Income and Growth is available online and in print.
Value Line Select: ETFs
In May 2017, the company launched Value Line Select: ETFs, a monthly ETF selection service. This product focuses on ETFs that appear poised to outperform the broader market. The selection process utilizes an industry approach, with the same data-focused analysis that is the hallmark of Value Line.
The New Value Line ETFs Service
In September 2019, the company introduced The New Value Line ETFs Service. This online-only product provides data, analysis, and screening capabilities on more than 2,700 publicly traded ETFs. Almost all of the ETFs tracked in the product are ranked by The Value Line ETF Ranking System, a proprietary estimate with the goal of predicting an ETF’s future performance relative to all other ranked ETFs. The screener includes more than 30 fields, and each ETF has its own full PDF report. All data and information can be downloaded, exported, and printed.
The Value Line 600
The Value Line 600 is a monthly publication, which contains full-page research reports on approximately 600 equity securities. Its reports provide information on many actively traded, larger capitalization issues, as well as some smaller growth stocks. As a lower priced service, it offers investors who want the same type of analysis provided in The Value Line Investment Survey, but who do not want or need coverage of all the companies covered by that product a suitable alternative. Readers also receive supplemental reports, as well as a monthly Index, which includes updated statistics, including proprietary ranks and ratings.
Value Line Information You Should Know Wealth Newsletter
This is a monthly service that started in January 2020. It is a general interest publication focusing on useful and actionable investing and financial information. It is a succinct 4 page newsletter covering topics, such as How Can I Avoid Probate? And Should I?, How to Handle Your Investments in a Bear Market. It is available as a print product or as a PDF delivered via email. The newsletter is marketed via a variety of channels, including as an add-on in select direct mail campaigns and email.
The Value Line M&A Service
This is a monthly service that was launched in September 2020. The objective of the service is to identify companies that possess characteristics, such as a successful product lineup, market position or important technology that would interest larger corporations or private equity firms. The main feature of the M&A Service consists of a detailed, multipage highlight on a stock that Value Line thinks is a good acquisition candidate. New recommendations are then added to the M&A Model Portfolio. Each month, the service provides updates on all previous recommendations, until the company suggests that subscribers sell their shares.
The Value Line Climate Change Investing Service
This monthly service was introduced in April 2021. This publication, designed for the climate-conscious, profit-oriented investor, seeks to provide key climate news alongside a managed portfolio of twenty stocks, chosen by the company’s analysts, which stand to benefit from responses to climate change. Selections are vetted based not only on time-tested financial measures, but also the potential impact of climate change and measures taken to combat it on their business. The company’s selections fall into two main groups: businesses that are focused on providing environmental solutions, and those that are likely to thrive in a changing climate. Every issue features new updates to the company’s portfolio.
Value Line Investment Analyzer
Value Line Investment Analyzer is a powerful menu-driven software program with fast filtering, ranking, reporting and graphing capabilities utilizing more than 230 data fields for various industries and indices and for the stocks covered in VLP’s flagship publication, The Value Line Investment Survey. Value Line Investment Analyzer allows subscribers to apply numerous charting and graphing variables for comparative research. In addition to containing digital replicas of the entire Value Line Investment Survey, the Value Line Investment Analyzer includes 20-minute delayed data updates through its integration with the Value Line databases via the Internet. Value Line Investment Analyzer Professional is a more comprehensive product, which covers some 5,500 stocks and allows subscribers to create both standardized and customized screens.
Value Line DataFile Products
For its institutional customers, Value Line offers both current and historical data for equities, mutual funds and exchange traded funds (ETFs). Value Line DataFile products are offered via an FTP site. Below is a listing of the DataFile products:
Fundamental DataFile I and II
Value Line’s Fundamental DataFile I contains fundamental data (both current and historical) on more than 5,500 publicly traded companies that follow the U.S. generally accepted accounting principles (GAAP). This data product provides annual data from 1955, quarterly data from 1963, and full quarterly data as reported to the SEC from 1985. Value Line also offers historical data on over 9,500 companies that no longer exist in nearly 100 industries via the company’s Dead Company File. The Fundamental DataFile has over 400 annual and over 80 quarterly fields for each of the companies included in the database. DataFile is sold primarily to the institutional and academic markets. Value Line also offers a scaled down DataFile product, Fundamental DataFile II, which includes a limited set of historical fundamental data.
Estimates and Projections DataFile
This DataFile offering contains the proprietary estimates and projections from Value Line analysts on companies that account for more than 90% of the value of all stocks traded on U.S. exchanges. Data includes earnings, sales, cash flow, book value, margin, and other popular fields.
Mutual Fund DataFile
The Value Line Mutual Fund DataFile covers approximately 20,000 mutual funds with up to 20 years of historical data with more than 200 data fields. The Mutual Fund DataFile provides monthly pricing, basic fund information, weekly performance data, sector weights, and many other important mutual fund data fields. This file is updated monthly and delivered via FTP.
Value Line Research Center
The Value Line Research Center provides on-line access to select Company investment research services covering stocks, mutual funds, options, ETFs, and special situations stocks. This service includes full digital subscriptions to The Value Line Investment Survey, The Value Line Fund Advisor Plus, The Value Line Daily Options Survey, The Value Line Investment Survey - Small and Mid-Cap, The New Value Line ETFs Service and The Value Line Special Situations Service. For the company’s library subscribers, the Research Center also includes the Value Line Climate Change Investing Service. Users can screen more than 250 data fields, create graphs using multiple different variables, and access technical history. The Value Line Research Center has the ability to track model portfolios (large, small and mid-cap), as well as providing ranks and news.
Digital Services
The Value Line Investment Survey - Smart Investor offers digital access to full page reports, analyst commentary and Value Line proprietary ranks with coverage on stocks that comprise over 90% of the value of all stocks that trade on U.S. exchanges. Online tools include a screener, alerts, watch-lists and charting. Print capabilities are included.
The Value Line Investment Survey - Savvy Investor offers digital access to full page reports and Value Line proprietary ranks on the stocks of both The Investment Survey (Smart Investor) and The Small Cap Investor. Online tools include a screener, alerts, watch-lists and charting. Print capabilities are included.
The Value Line Investment Survey - Small Cap Investor offers digital access to full page reports and Value Line proprietary ranks and short descriptions of and extensive data for small and medium-capitalization stocks generally with market capitalizations under $10 billion. One year of history is included. Online tools include a screener, alerts, watch-lists and charting. Print capabilities are included.
The Value Line Investment Survey - Investor 600, equivalent to The Value Line 600 print, offers digital access to full page reports, analyst commentary and Value Line proprietary ranks on approximately 600 selected stocks covering the same variety of industries as The Value Line Investment Survey. Online tools include a screener, alerts, watch-lists and charting. Print capabilities are included.
Value Line Pro Premium digital service includes The Value Line Investment Survey and The Value Line Investment Survey — Small & Mid-Cap. This equity package monitors companies with market values ranging from $100 million to well over $1 trillion, across nearly 100 industries, representing 95% of daily U.S. trading volume. There are over 250 data fields that can be screened to help make informed decisions. Features of the service include three years of historical reports and data, customizable modules, alerts and screening.
Value Line Pro Basic digital service has coverage on stocks that comprise over 90% of the value of all stocks that trade on U.S. exchanges included in The Value Line Investment Survey, drawn from 100 industries. There are over 200 data fields that can be screened to help make informed decisions. Features of the service include three years of historical reports and data, customizable modules, alerts and screening.
Value Line Pro Elite digital service includes The Value Line Investment Survey and The Value Line Investment Survey — Small & Mid-Cap. Pro Elite service package aimed at professional industry includes digital access to full page reports and Value Line proprietary ranks on stocks representing 95% of daily U.S. trading volume. In addition, the company’s database of mostly microcap firms adds more than 2,000 additional names. Five years’ history is included. Online tools include a screener, alerts, watch-lists and charting. Downloading and print capabilities are included.
The Value Line Investment Survey – Library Basic has coverage on stocks that comprise over 90% of the value of all stocks that trade on U.S. exchanges included in The Value Line Investment Survey, drawn from nearly 100 industries. There are over 200 data fields that can be applied to help you make more informed decisions. Value Line has led its subscribers towards financial success by satisfying the demand for actionable insights and tools to manage equity investments.
The Value Line Investment Survey – Library Elite offers libraries digital access to full reports, analyst commentary and Value Line proprietary ranks on stocks representing 95% of daily the U.S. trading volume, along with one year of fully-detailed history. Online tools include a screener, and charting. Print capabilities are included.
The Value Line Pro Equity Research Center is an equities-only package that includes access to exclusive premium services and provides online access to all of Value Line’s equity products. This service offered both to financial advisers and high-net-worth individuals, includes full online subscriptions to The Value Line Investment Survey, The Value Line Investment Survey – Small & Mid-Cap, Value Line Select, Value Line Select: Dividend Income and Growth, The Value Line Special Situations Service, The Value Line M&A Service, and The Value Line Pro ETF Package. Users can screen more than 250 data fields, create graphs using multiple different variables, and access technical history. The Value Line Pro Equity Research Center has the ability to track model portfolios (large, small and mid-cap), as well as providing ranks and news.
Value Line Library Research Center
The Value Line Library Research Center provides on-line access to select Company investment research services covering stocks, mutual funds, options, special situations stocks, and climate change investing. This service includes full digital subscriptions to The Value Line Investment Survey, The Value Line Fund Advisor Plus, The Value Line Daily Options Survey, The Value Line Investment Survey - Small and Mid-Cap, The New Value Line ETFs Service, The Value Line Special Situations Service, and The Value Line Climate Change Investing Service. Users can screen more than 250 data fields, create graphs using multiple different variables, and access technical history. Value Line Library Research Center has the ability to track model portfolios (large, small and mid-cap), as well as providing ranks and news.
Quantitative Strategies
Value Line Quantitative Strategy Portfolios are developed based on the company’s renowned proprietary Ranking Systems for Timeliness, Performance and Safety, Financial Strength Ratings, and a comprehensive database of fundamental research and analysis. All of these quantitative investment products have a solid theoretical foundation and have demonstrated superior empirical results. These strategies are available for licensing by Financial Professionals, such as RIAs and Portfolio Managers.
All the digital services have Charting features, including many options to chart against popular indexes with the ability to save settings and print. Products offer an Alerts Hub which allows the user to set up alerts for up to 25 companies, with delivery via text or email.
Copyright Programs
The company’s available copyright services, which include certain proprietary Ranking System results and other proprietary information are made available for use in third party products, such as unit investment trusts, variable annuities, managed accounts and exchange traded funds. The sponsors of these products act as wholesalers and distribute the products generally by syndicating them through an extensive network of national and regional brokerage firms. The sponsors of these products will typically receive Proprietary Ranking System results, which may include Value Line Timeliness, Safety, Technical and Performance ranks, as screens for their portfolios. The sponsors are also given permission to associate Value Line’s trademarks with the products. Value Line collects a copyright fee from each of the product sponsors/managers primarily based upon the market value of assets invested in each product’s portfolio utilizing the Value Line proprietary data. Since these fees are based on the market value of the respective portfolios using the Value Line proprietary data, the payments to Value Line, which are typically received on a quarterly basis, will fluctuate.
Value Line’s primary copyright products are structured as ETFs and Unit Investment Trusts, all of which have in common some degree of reliance on the Value Line Ranking System for their portfolio creation. These products are offered and distributed by independent sponsors.
Investment Management Services
Pursuant to the EAM Declaration of Trust, the company receives an interest in certain revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election, removal or replacement of the trustees of EAM. The business of EAM is managed by five individual trustees and a Delaware resident trustee (collectively, the Trustees) and by its officers subject to the direction of the Trustees.
In the event that control of the company’s majority shareholder changes, or in the event that the majority shareholder no longer beneficially owns 5% or more of the voting securities of the company, then it has the right, but not the obligation, to buy the voting profits interests in EAM at a fair market value to be determined by an independent valuation firm in accordance with the terms of the EAM Declaration of Trust.
Value Line also has certain consent rights with respect to extraordinary events involving EAM, such as a proposed sale of all or a significant part of EAM, material acquisitions, entering into businesses other than asset management and fund distribution, paying compensation in excess of the mandated limit of 22.5%-30% of non-distribution fee revenues (depending on the level of such revenues), declaring voluntary bankruptcy, making material changes in tax or accounting policies or making substantial borrowings, and entering into related party transactions. These rights were established to protect Value Line’s non-voting revenues and non-voting profits interests in EAM.
EAM acts as the Adviser to the Value Line Funds. EULAV Securities acts as the Distributor for the Value Line Funds. State Street Bank, an unaffiliated entity, is the custodian of the assets of the Value Line Funds and provides them with fund accounting and administrative services. Shareholder services for the Value Line Funds are provided by SS&C.
Wholly-Owned Operating Subsidiaries
Wholly-owned operating subsidiaries of the company as of April 30, 2022, included Value Line Publishing LLC (VLP) is the publishing unit for the investment related periodical publications and copyrights; Vanderbilt Advertising Agency, Inc. places advertising on behalf of the company's publications; and Value Line Distribution Center, Inc. (VLDC) provides subscription fulfillment services and subscriber relations services for Value Line’s publications and continues to distribute Value Line’s print publications.
History
Value Line, Inc., a New York corporation, was founded in 1931.
