What does "Fundamentally Strong equities" means

Many times investment gurus at CNBC and Channel News Asia said they invest in fundamentally strong companies.

So what do they mean by "fundamentally strong"?

For a listed company, it refers to its growth rate.

While a company's past revenue and earnings can be important, what matters most is the future growth.
=> The ability of an individual company to generate earnings and sales in excess of expectations remains the biggest factor in trying to figure out if the stock is going to go up or down over both the short and longer term.

So how do we measure the expectations?
=> Normally a high price to earnings (PE ratio) multiple signals that expectation is high. 
=> And low price to earnings multiple signals that expectation is low.

When I look for growth stocks to invest, I will be asking myself these questions: 

I will be using Alphabet (old name is Google) as case study.

- Is there potential for multiyear growth that we can put a value on, a clear growth path that provides long term visibility with multiple revenue streams?
=> Google is the acknowledged king of search on the internet.
=> Google's Andriod and Youtube should provide multiyear growth stream.

- Is the total addressable market big enough for the companies to sustain their growth?
=> Google should be able to take a gigantic portion of the $600 billion global advertising market.

- Does the companies have the ability to stay competitive?
=> Google is dominant in online search and has been consistently been able to pull away from its search engine competitors.

- Is there a possibilty for the company to return capital over time, either through dividends or share buybacks?
=> Alphabet (Google) has been buying back $3.7bil shares in 2016.

- Can the company expand internationally?
=> Google generates more than half of its revenue overseas.

- Can the balance sheet support strong growth?
=> Google has $78bil cash & equivalent and only $4bil debt. It will have no problem funding its expansion plan.

- Is the stock expensive?
=> PE ratio of Alphabet is at 30 times. We prefer to buy the stock at cheaper multiples.

- Does the company have the right management?
=> Larry Page, the CEO, the cofounder has done well building and growing the company. 
=> CEOs of listed companies who are also the founders, tend to do better managing the companies.

- Can the company grow or maintain its margins?
=> Profit margin has been gradually declining as they have been spending on new initatives. We look forward to them delivering new product to the market.

- Does the company need macro growth to meet its numbers?
=> Google does not need US or world economy to do well in order for the company to maintain its growth.