Consolidated Edison (ED)

Consolidated Edison, Inc. (Con Edison) is the holding company of
Consolidated Edison Company of New York, Inc. (Con Edison of New York), and
Orange and Rockland Utilities, Inc. (O&R), both of which are regulated
utilities. Con Edison’s principal business segments are Con Edison of New
York’s regulated electric, gas and steam utility segments, O&R’s regulated
electric and gas utility segments and Con Edison’s competitive energy
businesses. Con Edison of New York provides electric service in all of New
York City (except part of Queens) and Westchester County, an approximately
660 square mile service area with a population of more than nine million.
O&R, along with its wholly owned utility subsidiaries, Rockland Electric
Company (RECO) and Pike County Light & Power Company (Pike), provide
electric service in southeastern New York and in adjacent areas of northern
New Jersey and eastern Pennsylvania, an approximately 1,350 square mile
service area.

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Filter 1: Insider Trading

Insider trading we will defined as the buying or selling of corporate stock
by a corporate officer in one’s own company. By examining Insider trading we
can hope to gain insight into the future of a business as it is seen by
those most closest to operations. As savitt put it so eloquently people sell
stock for all sorts of reasons but only ever buy it for one. To read more
about why we value insider trading click here.

Filer's Name	Relation Title	Trans. Date	Price	Mkt Value
Muccilo Robert	VP & Chief Accounting Officer	31/07/2009	$37.51	$1,900
Moore Elizabeth D	General Counsel	31/07/2009	$37.51	$1,056
Rana Louis L	President & COO (CECONY)	31/07/2009	$37.51	$2,639
Ryan Joann F	SVP, Business Shared Services	31/07/2009	$37.51	$2,639
Del Giudice Michael J	Director	29/07/2009	$39.07	$150
Ranger Michael W	Director	29/07/2009	$39.07	$1,500
Ranger Michael W	Director	16/07/2009	$37.82	$3,000
Del Giudice Michael J	Director	16/07/2009	$37.82	$300
Ranger Michael W	Director	15/07/2009	$37.38	$1,500
Del Giudice Michael J	Director	15/07/2009	$37.38	$350

Filter 2: Graham Analysis

Benjamin Graham is known as the father of value investing. Through his book
the intelligent investor he created a set of criteria that a company should
meet in order to merit his investment. To read more about this criteria and
why Graham considered each so significant click here. There is debate over
the utility of applying one set of rules to compare company’s in different
sectors and different markets, therefore we have provided comparisons
against, industry, sector and indice.

here.

(Blue= CONED, Green=Industry, Yellow=Sector, Red=S&P 500

P/E
		C:16.23 I:1.5 S:1.72 Ind:40.35	P/E is high I'd prefer to see this under 15 for an industry. Comparisons against industry and sector aren't very relevant as the majority of these companies don't pay a dividend.

Price to Book
		C:1.03 I:1.28 S: 1.30 Ind: 3	A price to book ratio of 1.5 is desirable to assure we aren't overpaying. ConEd comes in at 1.03 which is a bit lite of where we want to be.

Current Ratio
		C:1.10 I:0.58 S:0.70 Ind: 0.91	A current ratio of 2 indicates that the company is in a good position to control its debt position should the tides change. A 1.10 current ratio is not that good.

EPS
		C:3.35 I:-0.58 S:0.23 Ind:-0.30	A 5yr EPS is an important way of assuring we aren't buying a low quality company. In this case the EPS of 3.35 is low I wold like to see a much stronger number here.

Dividend Yield
		C:5.94 I:/b> S::0.11 Ind:1.55	A solid dividend is something I always like to see. Anything above 3.5% is a nice to see, 6% is very pleasant.