STEPHENS INC. – EQUITY RESEARCH STATISTICAL REVIEW
December 2019
© 2019 Stephens Inc. 111 Center Street Little Rock, AR 72201 501-377-2000/800-643-9691 stephens.com Member NYSE, SIPC
CONFIDENTIALRefer to pages AND PROPRIETARY67-71 for MLP INFORMATION Company OF- SpecificSTEPHENS INC| Risks MEMBER NYSE, SIPC Refer to Appendix on page 72 for Important Disclosures and Analyst Certification December 2019
Monthly Statistical Review
Equity Research Industry Coverage List ...... 2 Equity Research Company Coverage List ...... 10 Coverage Changes ...... 16 Rating Changes ...... 17
Consumer Healthcare Food & Agribusiness ...... 18 Diagnostics and Life Science Tools ...... 35 Grocery/C-Store ...... 19 Healthcare Services...... 36 Restaurants ...... 20 Medical Devices and Hospital Supply ...... 37 Retail/Broadlines ...... 21 Retail/Hardlines ...... 22 Industrials Agriculture ...... 38 Energy Building Materials ...... 39 Exploration and Production ...... 23 Chemicals ...... 40 Oilfield Services ...... 25 Electrical Equipment/Multi-Industry ...... 41 Industrial Products and Services ...... 42 Financial Services Machinery ...... 43 Banks-Midwest ...... 26 Paper and Wood Products ...... 44 Banks-Northeast...... 27 Transportation/Airlines ...... 45 Banks-Southeast ...... 28 Transportation/Logistics/Maritime ...... 46 Banks-Southwest...... 29 Transportation/Railroads and Equipment Suppliers ...... 47 Banks-Super-Regional ...... 30 Transportation/Truckload and Less-Than-Truckload ...... 48 Banks-West Coast ...... 31 Real Estate Services ...... 33 Technology, Media and Telecommunications Specialty Finance ...... 34 Business Services ...... 49 Enterprise and Cloud Infrastructure ...... 50 Internet, Video Games and Online Gaming ...... 51 Media ...... 52 SaaS and Enterprise Software ...... 53
Coverage List by Market Capitalization ...... 54 Institutional Sales & Trading ...... 73 Branch Offices ...... 74
© 2019 Stephens Inc. 111 Center Street Little Rock, AR 72201 501-377-2000 800-643-9691 stephens.com Member NYSE, SIPC EQUITY RESEARCH COVERAGE LIST
Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335
CONSUMER
Ben Bienvenu, Managing Director Rick Nelson, CFA, CPA, Managing Director Will Slabaugh, Managing Director (501) 377-8511 (312) 292-5768 (501) 377-2259 Tim Perz, Associate (212) 891-1782 Nicholas Zangler, CFA, Senior Associate (312) 292-5753 Sean Cuskley, Associate (501) 377-2257 Pooran Sharma, CFA, Associate (212) 891-1794 Niall Pratt, Associate (501) 377-3721 Retail/Hardlines Food & Agribusiness ABG Asbury Automotive Group, Inc. Restaurants ANDE Andersons, Inc. (The) AN AutoNation, Inc. BJRI BJ’s Restaurants ADM Archer Daniels Midland BOOT Boot Barn Holdings EAT Brinker International BG Bunge Ltd. CWH Camping World Holdings TAST Carrols Restaurant Group CALM Cal-Maine Foods, Inc. KMX CarMax, Inc. CAKE Cheesecake Factory, The CVGW Calavo Growers, Inc. CVNA Carvana Co. CMG Chipotle Mexican Grill GPRE Green Plains Inc. CONN Conn’s, Inc. CHUY Chuy’s Holdings, Inc. HRL Hormel Foods Corp. FND Floor & Décor Holdings DRI Darden Restaurants INGR Ingedion Inc. GPI Group 1 Automotive, Inc. DENN Denny's Corp. LMNR Limoneira Company LAD Lithia Motors, Inc. DPZ Domino’s Pizza, Inc. PPC Pilgrim’s Pride Corp. LL Lumber Liquidators Holdings DNKN Dunkin’ Brands Group SAFM Sanderson Farms, Inc. MIK Michaels Companies, The FRGI Fiesta Restaurant Group TSN Tyson Foods, Inc. MNRO Monro Muffler Brake, Inc. GTIM Good Times Restaurants OLLI Ollie’s Bargain Outlet GRUB GrubHub Inc. Grocery/C-Store PRTY Party City Holdco Inc. HABT Habit Restaurants, Inc. CASY Casey’s General Stores PAG Penske Automotive Group, Inc. JAX J. Alexander’s Holdings CORE Core-Mark Holding Co. SAH Sonic Automotive, Inc. KRUS Kura Sushi USA, Inc. KR Kroger Co. TITN Titan Machinery Inc. MCD McDonald’s Corp. MUSA Murphy USA Inc. W Wayfair Inc. PZZA Papa John’s International SFM Sprouts Farmers Market RRGB Red Robin Gourmet Burgers, Inc. WMT Walmart Inc. QSR Restaurant Brands International RUTH Ruth’s Hospitality Group SBUX Starbucks Corp. Daniel Imbro, Analyst TXRH Texas Roadhouse, Inc. (501) 377-2055 WEN Wendy’s Co., The Andrew Ryan, Associate (501) 377-8518 WING Wingstop, Inc.
Retail/Broadlines GOLF Acushnet Holdings Corp. AAP Advance Auto Parts AZO AutoZone, Inc. ELY Callaway Golf Compnay CPRT Copart, Inc. GPC Genuine Parts Company IAA IAA, Inc. KAR KAR Auction Services, Inc. LKQ LKQ Corp. ORLY O’Reilly Automotive, Inc. TSCO Tractor Supply Co.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 2
EQUITY RESEARCH COVERAGE LIST
Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335
ENERGY
Tommy Moll, Analyst Gail Nicholson, Managing Director (501) 377-6306 (301) 904-7466 Cameron Lochridge, Associate (501) 377-8078 Michael Newton, Associate (501) 377-2220 Fletcher Sipple, Associate (501) 377-2347 Oilfield Services Reed Spivey, Associate (501) 377-8321 BAS Basic Energy Services, Inc. WHD Cactus, Inc. Exploration and Production BOOM DMC Global AXAS Abraxas Petroleum Corp. HAL Halliburton Company APA Apache Corporation HP Helmerich & Payne CPE Callon Petroleum Co. HCR Hi-Crush Inc. CRZO Carrizo Oil & Gas, Inc. TUSK Mammoth Energy Services CDEV Centennial Resource Development, Inc. NBR Nabors Industries CXO Concho Resources, Inc. NOV National Oilwell Varco, Inc. CLR Continental Resources, Inc. NEX NexTier Oilfield Solutions DNR Denbury Resources, Inc. PTEN Patterson-UTI Energy Inc. DVN Devon Energy Corp. PUMP ProPetro Holding Corp. FANG Diamondback Energy, Inc. QES Quintana Energy Services, Inc. ESTE Earthstone Energy, Inc. RES RPC, Inc. XOG Extraction Oil & Gas, Inc. SLB Schlumberger NV FLMN Falcon Minerals Corp. WTTR Select Energy Services, Inc. HES Hess Corp. SLCA U.S. Silica Holdings, Inc. KRP Kimbell Royalty Partners LLEX Lilis Energy, Inc. MTDR Matador Resources Co. MUR Murphy Oil Corp. NBL Noble Energy, Inc. OAS Oasis Petroleum, Inc. PE Parsley Energy, Inc. PDCE PDC Energy, Inc. PXD Pioneer Natural Resources Co. QEP QEP Resources, Inc. RRC Range Resources Corp. SM SM Energy Company TALO Talos Energy, Inc. UNT Unit Corp. VNOM Viper Energy Partners LP WLL Whiting Petroleum Corp. WPX WPX Energy, Inc.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 3
EQUITY RESEARCH COVERAGE LIST
Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335
FINANCIAL SERVICES
Matt Breese, Analyst John Campbell, Analyst Terry McEvoy, CFA, Managing Director (401) 658-1114 (501) 377-6362 (207) 808-5025 Zaman Alidina, Associate (207) 808-5902 Carter Trent, Associate (501) 377-8215 Cooper Brown, Senior Associate (207) 228-1707 Alex Glockner, Associate (207) 835-3007 Banks-Northeast Real Estate Services CNOB ConnectOne Bancorp BKI Black Knight, Inc. Banks-Midwest DCOM Dime Community Bancshares CNNE Cannae Holdings, Inc. ASB Associated Banc-Corp ISBC Investors Bancorp, Inc. CLGX CoreLogic BY Byline Bancorp, Inc. NYCB New York Community Bancorp EXPI eXp World Holdings ICBK County Bancorp OCFC OceanFirst Financial Corp. FNF Fidelity National Financial, Inc. EQBK Equity Bancshares, Inc. PBCT People’s United Financial FAF First American Financial Corp. BUSE First Busey Corp. SBNY Signature Bank TREE LendingTree, Inc. FFBC First Financial Bancorp STL Sterling Bancorp EGOV NIC Inc. FRME First Merchants Corp VLY Valley National Bancorp QNST QuinStreet, Inc. FMBI First Midwest Bancorp. WBS Webster Financial Corp. RMAX RE/MAX Holdings Inc. FMBH First Mid-Illinois Bancshares RLGY Realogy Holdings Corp. GWB Great Western Bancorp RP RealPage, Inc. HTLF Heartland Financial USA RDFN Redfin Corp. HBNC Horizon Bancorp Vincent Caintic, CFA, Managing Director STC Stewart Information Services LKFN Lakeland Financial Corp. (727) 502-3524 ZG Zillow, Inc. MSBI Midland States Bancorp Morgan O’Donovan, CFA, Senior Associate (954) 637-2234 MFSF MutualFirst Financial Inc. ONB Old National Bancorp. Specialty Finance QCRH QCR Holdings, Inc. AAN Aaron’s, Inc. SYBT Stock Yards Bancorp AER AerCap Holdings TCF TCF Financial Corp. AL Air Lease Corp. WTFC Wintrust Financial Corp. AYR Aircastle Ltd. ADS Alliance Data Systems Banks-Super-Regional ALLY Ally Financial Inc. BBT BB&T Corporation CRMT America’s Car-Mart, Inc. CFG Citizens Financial Group AXP American Express Co. CMA Comerica Inc. CIT CIT Group, Inc. FITB Fifth Third Bancorp CACC Credit Acceptance Corp. FRC First Republic Bank CURO CURO Group Holdings HBAN Huntington Bancshares Inc. DFS Discover Financial Services KEY KeyCorp. ECN-CA ECN Capital PNC PNC Financial Services Group ELVT Elevate Credit, Inc. RF Regions Financial Corp. ENVA Enova International STI SunTrust Banks, Inc. EZPW EZCORP, Inc. USB U.S. Bancorp FCFS FirstCash, Inc. ZION Zions Bancorporation ONDK OnDeck Capital, Inc. OMF OneMain Holdings, Inc. RM Regional Management RCII Rent-A-Center SC Santander Consumer USA SLM SLM Corp. SYF Synchrony Financial WRLD World Acceptance Corp.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 4
EQUITY RESEARCH COVERAGE LIST
Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335
FINANCIAL SERVICES
Gordon McGuire, Analyst Matt Olney, CFA, Managing Director Tyler Stafford, CFA, Managing Director (501) 377-3717 (501) 377-2101 (501) 377-8362 Adam Freyaldenhoven, Associate (501) 377-3740 Andrew Terrell, Associate (501) 377-2303 Banks-West Coast Garrett Pitts, Associate (501) 377-2265 BANR Banner Corp. Banks-Southeast COLB Columbia Banking System Banks-Southwest AMTB Amerant Bancorp Inc. CBSH Commerce Bancshares, Inc. ABTX Allegiance Bancshares, Inc. ABCB Ameris Bancorp FIBK First Interstate BancSystem BXS BancorpSouth Bank BKU BankUnited, Inc. MYFW First Western Financial BSVN Bank7 Corp. CCBG Capital City Bank Group GBCI Glacier Bancorp OZK Bank OZK CSTR CapStar Financial Holdings HFWA Heritage Financial Corp. BOKF BOK Financial Corp. CARO Carolina Financial Corp. NBHC National Bank Holdings Corp. BFST Business First Bancshares CSFL CenterState Bank Corp. UMBF UMB Financial Corp. CADE Cadence Bancorporation FBK FB Financial Corporation CBTX CBTX, Inc. FBNC First Bancorp CFB CrossFirst Bankshares, Inc. FHN First Horizon National Corp. CFR Cullen/Frost Bankers, Inc. FSB Franklin Financial Network FBMS First Bancshares Inc. PNFP Pinnacle Financial Partners, Inc. FFIN First Financial Bankshares RBNC Reliant Bancorp, Inc. GNTY Guaranty Bancshares, Inc. SFBS ServisFirst Bancshares, Inc. HWC Hancock Whitney Corp. SMBK SmartFinancial, Inc. HTH Hilltop Holdings Inc. SSB South State Corp. HOMB Home BancShares, Inc. SNV Synovus Financial Corp. IBKC IBERIABANK Corp. UCBI United Community Banks, Inc. IBTX Independent Bank Group OBNK Origin Bancorp, Inc. Banks-West Coast PB Prosperity Bancshares, Inc. PPBI Pacific Premier Bancorp RRBI Red River Bancshares, Inc. PACW PacWest Bancorp RNST Renasant Corp. PFBC Preferred Bank SFNC Simmons First National Corp. RBB RBB Bancorp, Inc. STXB Spirit of Texas Bancshares SIVB SVB Financial Group TCBI Texas Capital Bancshares, Inc. TCBK TriCo Bancshares TSC TriState Capital Holdings, Inc. UMPQ Umpqua Holdings Corp. TBK Triumph Bancorp, Inc. WAL Western Alliance Bancorp. TRMK Trustmark Corp. VBTX Veritex Holdings, Inc.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 5
EQUITY RESEARCH COVERAGE LIST
Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335
HEALTHCARE
Chris Cooley, CFA, Managing Director Scott Fidel, Managing Director Jacob Johnson, CFA, Analyst (501) 377-2516 (212) 891-1788 (615) 279-4355 Ross Osborn, Associate (501) 377-8228 Gerard Campagna, CFA, Senior Associate (212) 891-1745 Mason Carrico, Associate (501) 377-8231 Caleb Ezell, Associate (501) 377-3721
Medical Devices & Hospital Supply Diagnostics and Life Science Tools ABMD Abiomed, Inc. Healthcare Services CDMO Avid Bioservices, Inc. ALGN Align Technology, Inc. ADUS Addus HomeCare Corp. BRKS Brooks Automation, Inc. AVNS Avanos Medical AMED Amedisys, Inc. CTLT Catalent, Inc. BSX Boston Scientific Corp. ANTM Anthem, Inc. CERS Cerus Corp. COO Cooper Companies, The CNC Centene Corp. REPH Recro Pharma, Inc. CUTR Cutera, Inc. CI Cigna Corp. RGEN Repligen Corp. XRAY DENTSPLY SIRONA Inc. EHC Encompass Health Corp. DXCM DexCom, Inc. ENSG Ensign Group, The ELGX Endologix, Inc. HCA HCA Healthcare ESTA Establishment Labs Holdings HUM Humana Inc. GKOS Glaukos Corp. LHCG LHC Group, Inc. PODD Insulet Corp. MGLN Magellan Health IVC Invacare Corp. MOH Molina Healthcare SIEN Sientra, Inc. THC Tenet Healthcare STAA STAAR Surgical Co. UNH UnitedHealth Group STE STERIS plc UHS Universal Health Services TFX Teleflex Inc. WCG WellCare Health Plans
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 6
EQUITY RESEARCH COVERAGE LIST
Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335
INDUSTRIALS
Jack Atkins, Managing Director Mark Connelly, Managing Director Trey Grooms, Managing Director (501) 377-2298 (212) 891-1781 (501) 377-2318 Scott Schoenhaus, Analyst (501) 377-1707 John Rider, CPA, Associate (212) 891-1778 Noah Merkousko, Associate (501) 377-8506 Wade Schaller, Associate (501) 377-8564 Joan Tong, CFA, Senior Associate (212) 891-1792 Building Materials Transportation/Airfreight and Logistics/Maritime Agriculture BECN Beacon Roofing Supply, Inc. ATSG Air Transport Services Group CF CF Industries Holdings BMCH BMC Stock Holdings, Inc. AAWW Atlas Air Worldwide Holdings CMP Compass Minerals International BLDR Builders FirstSource, Inc. CHRW C.H. Robinson Worldwide, Inc. CTVA Corteva, Inc. ROAD Construction Partners Inc. ECHO Echo Global Logistics FMC FMC Corporation CBPX Continental Building Products EXPD Expeditors International IPI Intrepid Potash, Inc. EXP Eagle Materials Inc. FDX FedEx Corp. MOS Mosaic Company FBM Foundation Building Materials FWRD Forward Air Corp. NTR Nutrien GMS GMS Inc. KEX Kirby Corp. IBP Installed Building Products LSTR Landstar System, Inc. Chemicals MLM Martin Marietta Materials MATX Matson Inc. DD DuPont de Nemours, Inc. DOOR Masonite International Corp. XPO XPO Logistics Inc. ICL Israel Chemicals SUM Summit Materials LLC UPS United Parcel Service, Inc. BLD TopBuild Corp. Paper and Wood Products TREX Trex Company, Inc. Transportation/Truckload and Less-Than-Truckload UFS Domtar Corp. USCR U.S. Concrete, Inc. ARCB ArcBest Corp. IP International Paper Co. VMC Vulcan CVTI Covenant Transportation Group GPK Graphic Packaging HTLD Heartland Express LPX Louisiana-Pacific Corp. Ashish Gupta, Analyst KNX Knight-Swift Transportation Holdings, Inc. PKG Packaging Corp of America (212) 891-1709 MRTN Marten Transport, Ltd. WRK WestRock Co.
ODFL Old Dominion Freight Line, Inc. WY Weyerhaeuser Co. Machinery SAIA Saia, Inc. AGCO AGCO Corporation SNDR Schneider National Inc. CNHI CNH Industrial TFII TFI International DE Deere & Company USX U.S. Xpress CAT Caterpillar Inc. USAK USA Truck, Inc. FINGF Finning International Inc. WERN Werner Enterprises, Inc. VLVLY Volvo YRCW YRC Worldwide Inc
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 7
EQUITY RESEARCH COVERAGE LIST
Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335
INDUSTRIALS
Blake Hirschman, Analyst Justin Long, Managing Director Rob McCarthy, CFA, Analyst (501) 377-8046 (501) 377-2036 (617) 239-7537 Raleigh Barnes, Associate (501) 377-2532 Brian Colley, Senior Associate (214) 028-2771 Brandon Reagan, Associate (501) 377-2214 George Sellers, Associate (501) 377-2065 Industrial Products and Services Electrical Equipment/Multi-Industry ACA Arcosa, Inc. Transportation/Railroads and Equipment Suppliers AOS A.O. Smith, Inc. DXPE DXP Enterprises, Inc. CNI Canadian National Railway AME AMETEK, Inc. DY Dycom Industries CP Canadian Pacific Railway ETN Eaton Corp. FAST Fastenal Company CSX CSX Corp. EMR Emerson Electric MTZ MasTec, Inc. CTS CTS Corp. ESE ESCO Technologies MRC MRC Global Inc. DSGX Descartes Systems Group (The) HUBB Hubbell Inc. MSM MSC Industrial Direct Co. FTAI Fortress Transportation and Infrastructure Investors IR Ingersoll-Rand DNOW NOW, Inc. RAIL FreightCar America, Inc. ITRI Itron, Inc. POOL Pool Corp. GATX GATX Corp. LII Lennox International PWR Quanta Services, Inc. GWR Genesee & Wyoming Inc. LIQT Liqtech, Inc. GWW W.W. Grainger, Inc. GBX Greenbrier Companies RBC Regal Beloit WSO Watsco, Inc. HUBG Hub Group, Inc. ROK Rockwell Automation Inc. WCC WESCO International, Inc. JBHT J.B. Hunt Transport Services, Inc. ROP Roper Technologies KSU Kansas City Southern NSC Norfolk Southern Corp. Jack Atkins, Managing Director RUSHA Rush Enterprises, Inc. (501) 377-2298 R Ryder System, Inc. Scott Schoenhaus, Analyst SRI Stoneridge Inc. (212) 891-1707 RN Trinity Industries Wade Schaller, Associate (501) 377-8564 UNP Union Pacific Corp. WBC WABCO Holdings Inc. WNC Wabash National Corp. Airlines WAB Wabtec Corp. AAL American Airlines Group DAL Delta Air Lines, Inc. JBLU JetBlue Airways Corp. SKYW Skywest, Inc. LUV Southwest Airlines Co. SAVE Spirit Airlines, Inc. UAL United Airlines Holdings
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 8
EQUITY RESEARCH COVERAGE LIST
Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Jeff Cohen, Analyst Brett Huff, CFA, Managing Director James Rutherford, Analyst (212) 891-1728 (501) 377-8068 (501) 377-8221 Bob Weaver, Associate (212) 891-1769 Joel Hoeffler, Associate (501) 377-6312 Rita Chowdhury, Associate (501) 377-2668
Internet, Video Games and Online Gambling Business Services SaaS and Enterprise Software ATVI Activision Blizzard, Inc. ACIW ACI Worldwide, Inc. ADBE Adobe Inc. EA Electronic Arts, Inc. EPAY Bottomline Technologies AVLR Alavara, Inc. GLUU Glu Mobile, Inc. CSGP CoStar Group, Inc. BLKB Blackbaud, Inc. SCPL SciPlay Corporation EFX Equifax Inc. HUBS HubSpot, Inc. TTWO Take-Two Interactive Software, Inc. EXPGY Experian plc MDLA Medallia, Inc. UBSFY Ubisoft Entertainment, SA FICO FICO CRM Salesforce.com ZNGA Zynga, Inc. FIS Fidelity National Information Services, Inc. SHSP SharpSpring, Inc. FISV Fiserv, Inc. SVMK SVMK Inc. GPN Global Payments Inc. VEEV Veeva Systems Inc. Kyle Evans, Managing Director JKHY Jack Henry & Associates ZEN Zendesk, Inc. (501) 377-6376 RAMP LiveRamp Holdings, Inc. Joseph Wei, Associate (501) 377-6372 MA Mastercard Inc. PYPL PayPal Holdings, Inc. Media QTWO Q2 Holdings, Inc. CABO Cable One, Inc. SQ Square, Inc. CBS CBS Corp. V Visa Inc. SSP E.W. Scripps Co. GCI Gannett Co. GTN Gray Television, Inc. Ryan MacWilliams, CFA, Senior Associate LYV Live Nation Entertainment (212) 891-1789 MDP Meredith Corp.
NXST Nexstar Media Group Enterprise and Cloud Infrastructure
ROKU Roku, Inc. Security Software
RUBI Rubicon Project, Inc. EGHT 8X8, Inc.
SBGI Sinclair Broadcast Group EVBG Everbridge, Inc.
TGNA TEGNA Inc. FIVN Five9, Inc.
TLRA Telaria, Inc. LOGM LogMeIn, Inc.
TTD Trade Desk, Inc., The WORK Slack Technologies, Inc.
TRUE TrueCar, Inc. SMAR Smartsheet, Inc.
WOW WideOpenWest, Inc. TWLO Twilio, Inc.
VG Vonage Holdings Corp.
ZM Zoom Video Communications, Inc.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 9
EQUITY RESEARCH COVERAGE LIST
11/27/2019 11/27/2019 TICKER COMPANY RATING VOL? AN ALYST TICKER COMPANY RATING VOL? AN ALYST EGHT 8X8, Inc. Overweight Yes MacWilliams, Ryan CFA BANR Banner Corp. Equal-Weight No McGuire, Gordon AOS A.O. Smith Equal-Weight No McCarthy, CFA, Rob BAS Basic Energy Services, Inc. Equal-Weight No Moll, Tommy AAN Aaron's, Inc. Overweight Yes Caintic, CFA, Vincent BBT BB&T Corporation Equal-Weight No McEvoy, CFA, Terry ABMD Abiomed, Inc. Overweight Yes Cooley, CFA, Chris BECN Beacon Roofing Supply Overweight Yes Grooms, Trey AXAS Abraxas Petroleum Corp. Equal-Weight No Nicholson, Gail BJRI BJ's Restaurants Overweight No Slabaugh, Will ACIW ACI Worldwide, Inc. Overweight No Huff, CFA, Brett BKI Black Knight, Inc. Overweight Yes Campbell, John ATVI Activision Blizzard Overweight Yes Cohen, Jeff BLKB Blackbaud, Inc. Equal-Weight Yes Rutherford, James GOLF Acushnet Holdings Corp. Equal-Weight Yes Imbro, Daniel BMCH BMC Stock Holdings Overweight Yes Grooms, Trey ADUS Addus HomeCare Corp. Overweight No Fidel, Scott BOKF BOK Financial Corp. Equal-Weight No Olney, CFA, Matt ADBE Adobe Inc. Overweight Yes Rutherford, James BOOT Boot Barn Holdings Overweight No Nelson, CFA, CPA, Rick AAP Advance Auto Parts Equal-Weight Yes Imbro, Daniel BSX Boston Scientific Corp. Overweight No Cooley, CFA, Chris AER AerCap Holdings Equal-Weight Yes Caintic, CFA, Vincent EPAY Bottomline Technologies Equal-Weight Yes Huff, CFA, Brett AGCO AGCO Corporation Overweight No Gupta, Ashish EAT Brinker International Overweight No Slabaugh, Will AL Air Lease Corp. Overweight Yes Caintic, CFA, Vincent BRKS Brooks Automation, Inc. Equal-Weight Yes Johnson, CFA, Jacob ATSG Air Transport Services Group Overweight No Atkins, Jack BLDR Builders FirstSource, Inc. Overweight Yes Grooms, Trey AYR Aircastle Ltd. Equal-Weight Yes Caintic, CFA, Vincent BG Bunge Ltd. Overweight Yes Bienvenu, Ben ALC Alcon, Inc. Equal-Weight No Cooley, CFA, Chris BFST Business First Bancshares Equal-Weight No Olney, CFA, Matt ALGN Align Technology, Inc. Equal-Weight Yes Cooley, CFA, Chris BY Byline Bancorp, Inc. Equal-Weight No McEvoy, CFA, Terry ABTX Allegiance Bancshares, Inc. Equal-Weight No Olney, CFA, Matt CHRW C.H. Robinson Worldwide Equal-Weight No Atkins, Jack ADS Alliance Data Systems Equal-Weight Yes Caintic, CFA, Vincent CABO Cable One, Inc. Equal-Weight No Evans, Kyle ALLY Ally Financial Inc. Overweight Yes Caintic, CFA, Vincent WHD Cactus, Inc. Overweight No Moll, Tommy AMED Amedisys, Inc. Equal-Weight No Fidel, Scott CADE Cadence Bancorporation Equal-Weight No Olney, CFA, Matt AMTB Amerant Bancorp Inc. Equal-Weight No Stafford, CFA, Tyler CALM Cal-Maine Foods, Inc. Equal-Weight Yes Bienvenu, Ben CRMT America's Car-Mart, Inc. Equal-Weight Yes Caintic, CFA, Vincent CVGW Calavo Growers, Inc. Overweight Yes Bienvenu, Ben AAL American Airlines Group Equal-Weight No Atkins, Jack ELY Callaway Golf Company Overweight Yes Imbro, Daniel AXP American Express Co. Overweight Yes Caintic, CFA, Vincent CPE Callon Petroleum Co. Overweight No Nicholson, Gail ABCB Ameris Bancorp Overweight No Stafford, CFA, Tyler CWH Camping World Holdings Overweight Yes Nelson, CFA, CPA, Rick AME AMETEK, Inc. Overweight No McCarthy, CFA, Rob CNI Canadian National Railway Equal-Weight No Long, Justin ANTM Anthem, Inc. Overweight No Fidel, Scott CP Canadian Pacific Railway Equal-Weight No Long, Justin APA Apache Corporation Overweight No Nicholson, Gail CNNE Cannae Holdings, Inc. Overweight Yes Campbell, John ARCB ArcBest Corp. Equal-Weight No Atkins, Jack CCBG Capital City Bank Group Equal-Weight No Stafford, CFA, Tyler ADM Archer Daniels Midland Overweight Yes Bienvenu, Ben CSTR CapStar Financial Holdings Equal-Weight No Stafford, CFA, Tyler ACA Arcosa, Inc. Equal-Weight No Hirschman, Blake KMX CarMax, Inc. Overweight No Nelson, CFA, CPA, Rick ABG Asbury Automotive Overweight No Nelson, CFA, CPA, Rick CARO Carolina Financial Corp. Equal-Weight No Stafford, CFA, Tyler ASB Associated Banc-Corp Equal-Weight No McEvoy, CFA, Terry CRZO Carrizo Oil & Gas, Inc. Equal-Weight No Nicholson, Gail AAWW Atlas Air Worldwide Holdings Equal-Weight Yes Atkins, Jack TAST Carrols Restaurant Group Overweight No Slabaugh, Will AN AutoNation, Inc. Equal-Weight No Nelson, CFA, CPA, Rick CVNA Carvana Co. Equal-Weight Yes Nelson, CFA, CPA, Rick AZO AutoZone, Inc. Overweight Yes Imbro, Daniel CASY Casey's General Stores Overweight No Bienvenu, Ben AVLR Avalara, Inc. Overweight Yes Rutherford, James CTLT Catalent, Inc. Overweight Yes Johnson, CFA, Jacob AVNS Avanos Medical Overweight No Cooley, CFA, Chris CAT Caterpillar Inc. Underweight No Gupta, Ashish CDMO Avid Bioservices, Inc. Overweight Yes Johnson, CFA, Jacob CBS CBS Corp. Overweight Yes Evans, Kyle BXS BancorpSouth Bank Equal-Weight No Olney, CFA, Matt CBTX CBTX, Inc. Equal-Weight No Olney, CFA, Matt OZK Bank OZK Equal-Weight No Olney, CFA, Matt CNC Centene Corp. Overweight No Fidel, Scott BSVN Bank7 Corp. Overweight No Olney, CFA, Matt CDEV Centennial Resource Development Equal-Weight No Nicholson, Gail BKU BankUnited, Inc. Equal-Weight No Stafford, CFA, Tyler CSFL CenterState Bank Corp. Overweight No Stafford, CFA, Tyler
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 10 EQUITY RESEARCH COVERAGE LIST
11/27/2019 11/27/2019 TICKER COMPANY RATING VOL? AN ALYST TICKER COMPANY RATING VOL? AN ALYST CERS Cerus Corp. Overweight Yes Johnson, CFA, Jacob UFS Domtar Corp. Overweight No Connelly, Mark CF CF Industries Holdings Overweight No Connelly, Mark DNKN Dunkin' Brands Group Equal-Weight No Slabaugh, Will CMG Chipotle Mexican Grill Equal-Weight No Slabaugh, Will DD DuPont de Nemours, Inc. Overweight No Connelly, Mark CHUY Chuy's Holdings, Inc. Equal-Weight No Slabaugh, Will DXPE DXP Enterprises, Inc. Overweight No Hirschman, Blake CI Cigna Corp. Overweight No Fidel, Scott DY Dycom Industries Overweight Yes Hirschman, Blake CIT CIT Group Inc. Equal-Weight Yes Caintic, CFA, Vincent SSP E.W. Scripps Co. Equal-Weight No Evans, Kyle CFG Citizens Financial Group Overweight No McEvoy, CFA, Terry EXP Eagle Materials Inc. Overweight Yes Grooms, Trey CNHI CNH Industrial Equal-Weight No Gupta, Ashish ESTE Earthstone Energy, Inc. Overweight No Nicholson, Gail COLB Columbia Banking System Equal-Weight No McGuire, Gordon ETN Eaton Corp. Overweight No McCarthy, CFA, Rob CMA Comerica Inc. Equal-Weight No McEvoy, CFA, Terry ECHO Echo Global Logistics Equal-Weight No Atkins, Jack CBSH Commerce Bancshares, Inc. Equal-Weight No McGuire, Gordon ECN-CA ECN Capital Overweight Yes Caintic, CFA, Vincent CMP Compass Minerals International Overweight No Connelly, Mark EA Electronic Arts Inc. Overweight Yes Cohen, Jeff CXO Concho Resources Inc. Overweight No Nicholson, Gail ELVT Elevate Credit, Inc. Equal-Weight Yes Caintic, CFA, Vincent CONN Conn's, Inc. Overweight No Nelson, CFA, CPA, Rick EMR Emerson Electric Co. Overweight No McCarthy, CFA, Rob CNOB ConnectOne Bancorp Overweight No Breese, Matt EHC Encompass Health Corp. Overweight No Fidel, Scott ROAD Construction Partners Inc. Overweight No Grooms, Trey ELGX Endologix, Inc. Equal-Weight Yes Cooley, CFA, Chris CBPX Continental Building Products Equal-Weight Yes Grooms, Trey ENVA Enova International Overweight Yes Caintic, CFA, Vincent CLR Continental Resources, Inc. Overweight No Nicholson, Gail EFX Equifax Inc. Equal-Weight No Huff, CFA, Brett CPRT Copart, Inc. Equal-Weight Yes Imbro, Daniel EQBK Equity Bancshares, Inc. Overweight No McEvoy, CFA, Terry CORE Core-Mark Holding Co. Overweight Yes Bienvenu, Ben ESE ESCO Technologies Equal-Weight No McCarthy, CFA, Rob CLGX CoreLogic Equal-Weight Yes Campbell, John ESTA Establishment Labs Holdings Overweight Yes Cooley, CFA, Chris CTVA Corteva, Inc. Equal-Weight No Connelly, Mark EVBG Everbridge, Inc. Overweight Yes MacWilliams, Ryan CFA CSGP CoStar Group, Inc. Overweight No Huff, CFA, Brett EXPI eXp World Holdings Overweight Yes Campbell, John ICBK County Bancorp, Inc. Overweight No McEvoy, CFA, Terry EXPD Expeditors International Equal-Weight No Atkins, Jack CVTI Covenant Transportation Equal-Weight No Atkins, Jack EXPGY Experian plc Equal-Weight Yes Huff, CFA, Brett CACC Credit Acceptance Corp. Equal-Weight Yes Caintic, CFA, Vincent XOG Extraction Oil & Gas Equal-Weight No Nicholson, Gail CFB CrossFirst Bankshares, Inc. Equal-Weight No Olney, CFA, Matt EZPW EZCORP, Inc. Equal-Weight Yes Caintic, CFA, Vincent CSX CSX Corp. Equal-Weight No Long, Justin FLMN Falcon Minerals Corp. Overweight No Nicholson, Gail CTS CTS Corp. Equal-Weight No Long, Justin FAST Fastenal Company Equal-Weight No Hirschman, Blake CFR Cullen/Frost Bankers, Inc. Equal-Weight No Olney, CFA, Matt FBK FB Financial Corporation Overweight No Stafford, CFA, Tyler CURO CURO Group Holdings Overweight Yes Caintic, CFA, Vincent FDX FedEx Corp. Overweight No Atkins, Jack CUTR Cutera, Inc. Overweight Yes Cooley, CFA, Chris FICO FICO Equal-Weight No Huff, CFA, Brett DRI Darden Restaurants Equal-Weight No Slabaugh, Will FNF Fidelity National Financial Overweight No Campbell, John DE Deere & Company Equal-Weight No Gupta, Ashish FIS Fidelity National Information ServicesOverweight No Huff, CFA, Brett DAL Delta Air Lines, Inc. Equal-Weight No Atkins, Jack FRGI Fiesta Restaurant Group Overweight No Slabaugh, Will DNR Denbury Resources, Inc. Equal-Weight No Nicholson, Gail FITB Fifth Third Bancorp Overweight No McEvoy, CFA, Terry DENN Denny's Corp. Overweight No Slabaugh, Will FINGF Finning International Inc. Equal-Weight No Gupta, Ashish XRAY DENTSPLY SIRONA Inc. Equal-Weight No Cooley, CFA, Chris FAF First American Financial Overweight No Campbell, John DVN Devon Energy Corp. Overweight No Nicholson, Gail FBNC First Bancorp Equal-Weight No Stafford, CFA, Tyler DXCM DexCom, Inc. Overweight Yes Cooley, CFA, Chris FBMS First Bancshares Inc. Equal-Weight Olney, CFA, Matt FANG Diamondback Energy, Inc. Overweight No Nicholson, Gail BUSE First Busey Corp. Equal-Weight No McEvoy, CFA, Terry DCOM Dime Community Bancshares Equal-Weight No Breese, Matt FFBC First Financial Bancorp. Equal-Weight No McEvoy, CFA, Terry DFS Discover Financial Services Equal-Weight Yes Caintic, CFA, Vincent FFIN First Financial Bankshares Equal-Weight No Olney, CFA, Matt BOOM DMC Global Overweight No Moll, Tommy FHN First Horizon National Corp. Equal-Weight No Stafford, CFA, Tyler DPZ Domino's Pizza, Inc. Overweight No Slabaugh, Will FIBK First Interstate BancSystem Overweight No McGuire, Gordon
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 11 EQUITY RESEARCH COVERAGE LIST
11/27/2019 11/27/2019 TICKER COMPANY RATING VOL? AN ALYST TICKER COMPANY RATING VOL? AN ALYST FRME First Merchants Corp. Overweight No McEvoy, CFA, Terry HBNC Horizon Bancorp Overweight No McEvoy, CFA, Terry FMBH First Mid-Illinois Bancshares Equal-Weight No McEvoy, CFA, Terry HRL Hormel Foods Corp. Equal-Weight No Bienvenu, Ben FMBI First Midwest Bancorp. Overweight No McEvoy, CFA, Terry HUBG Hub Group, Inc. Overweight No Long, Justin FRC First Republic Bank Overweight No McEvoy, CFA, Terry HUBB Hubbell Inc. Overweight No McCarthy, CFA, Rob MYFW First Western Financial Equal-Weight No McGuire, Gordon HUBS HubSpot, Inc. Overweight Yes Rutherford, James FCFS FirstCash, Inc Equal-Weight Yes Caintic, CFA, Vincent HUM Humana Inc. Overweight No Fidel, Scott FISV Fiserv, Inc. Overweight No Huff, CFA, Brett HBAN Huntington Bancshares Inc. Equal-Weight No McEvoy, CFA, Terry FIVN Five9, Inc. Equal-Weight Yes MacWilliams, Ryan CFA IAA IAA, Inc. Overweight No Imbro, Daniel FND Floor & Decor Holdings Overweight No Nelson, CFA, CPA, Rick IBKC IBERIABANK Corp. Overweight No Olney, CFA, Matt FMC FMC Corporation Overweight No Connelly, Mark IBTX Independent Bank Group Overweight No Olney, CFA, Matt FTAI Fortress Transportation and InfrastrucOverweight No Long, Justin IR Ingersoll-Rand Equal-Weight No McCarthy, CFA, Rob FWRD Forward Air Corp. Equal-Weight No Atkins, Jack INGR Ingredion Inc. Overweight Yes Bienvenu, Ben FBM Foundation Building Materials Overweight Yes Grooms, Trey IBP Installed Building Products Equal-Weight Yes Grooms, Trey FSB Franklin Financial Network Overweight Stafford, CFA, Tyler PODD Insulet Corp. Equal-Weight Yes Cooley, CFA, Chris RAIL FreightCar America, Inc. Equal-Weight No Long, Justin IP International Paper Co. Equal-Weight No Connelly, Mark GCI Gannett Co. Equal-Weight No Evans, Kyle IPI Intrepid Potash, Inc. Overweight No Connelly, Mark GATX GATX Corp. Equal-Weight No Long, Justin IVC Invacare Corp. Overweight Yes Cooley, CFA, Chris GWR Genesee & Wyoming Inc. Equal-Weight No Long, Justin ISBC Investors Bancorp, Inc. Overweight No Breese, Matt GPC Genuine Parts Company Overweight No Imbro, Daniel ICL Israel Chemicals Overweight No Connelly, Mark GBCI Glacier Bancorp Equal-Weight No McGuire, Gordon ITRI Itron, Inc. Equal-Weight No McCarthy, CFA, Rob GKOS Glaukos Corp. Overweight Yes Cooley, CFA, Chris JAX J. Alexander's Holdings Overweight No Slabaugh, Will GPN Global Payments Inc. Overweight No Huff, CFA, Brett JBHT J.B. Hunt Transport Services Overweight No Long, Justin GLUU Glu Mobile Inc. Overweight Yes Cohen, Jeff JKHY Jack Henry & Associates Equal-Weight No Huff, CFA, Brett GMS GMS Inc. Overweight No Grooms, Trey JBLU JetBlue Airways Corp. Equal-Weight No Atkins, Jack GTIM Good Times Restaurants Overweight No Slabaugh, Will KSU Kansas City Southern Equal-Weight No Long, Justin GPK Graphic Packaging Overweight No Connelly, Mark KAR KAR Auction Services, Inc. Equal-Weight No Imbro, Daniel GTN Gray Television, Inc. Overweight Yes Evans, Kyle KEY KeyCorp Overweight No McEvoy, CFA, Terry GWB Great Western Bancorp Overweight No McEvoy, CFA, Terry KRP Kimbell Royalty Partners Overweight No Nicholson, Gail GPRE Green Plains Inc. Equal-Weight Yes Bienvenu, Ben KEX Kirby Corporation Overweight No Atkins, Jack GBX Greenbrier Companies, Inc. Equal-Weight No Long, Justin KNX Knight-Swift Transportation Holdings Overweight No Atkins, Jack GPI Group 1 Automotive Overweight No Nelson, CFA, CPA, Rick KR Kroger Co. Equal-Weight Yes Bienvenu, Ben GRUB GrubHub Inc. Overweight No Slabaugh, Will KRUS Kura Sushi USA, Inc. Overweight No Slabaugh, Will GNTY Guaranty Bancshares, Inc. Overweight No Olney, CFA, Matt LKFN Lakeland Financial Corp. Equal-Weight No McEvoy, CFA, Terry HABT Habit Restaurants, Inc. Equal-Weight No Slabaugh, Will LSTR Landstar System, Inc. Overweight No Atkins, Jack HAL Halliburton Company Overweight No Moll, Tommy TREE LendingTree, Inc. Overweight Yes Campbell, John HWC Hancock Whitney Corp. Equal-Weight No Olney, CFA, Matt LII Lennox International Equal-Weight No McCarthy, CFA, Rob HCA HCA Healthcare Overweight No Fidel, Scott LHCG LHC Group, Inc. Overweight No Fidel, Scott HTLD Heartland Express Equal-Weight No Atkins, Jack LLEX Lilis Energy, Inc. Equal-Weight No Nicholson, Gail HTLF Heartland Financial USA Equal-Weight No McEvoy, CFA, Terry LMNR Limoneira Company Equal-Weight Yes Bienvenu, Ben HP Helmerich & Payne Overweight No Moll, Tommy LIQT Liqtech, Inc. Overweight No McCarthy, CFA, Rob HFWA Heritage Financial Corp. Equal-Weight No McGuire, Gordon LAD Lithia Motors, Inc. Overweight No Nelson, CFA, CPA, Rick HES Hess Corp. Equal-Weight No Nicholson, Gail LYV Live Nation Entertainment Overweight Yes Evans, Kyle HCR Hi-Crush Inc. Equal-Weight No Moll, Tommy RAMP LiveRamp Holdings, Inc. Overweight Yes Huff, CFA, Brett HTH Hilltop Holdings Inc. Equal-Weight No Olney, CFA, Matt LKQ LKQ Corp. Overweight Yes Imbro, Daniel HOMB Home BancShares, Inc. Overweight No Olney, CFA, Matt LOGM LogMeIn, Inc. Equal-Weight Yes MacWilliams, Ryan CFA
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 12 EQUITY RESEARCH COVERAGE LIST
11/27/2019 11/27/2019 TICKER COMPANY RATING VOL? AN ALYST TICKER COMPANY RATING VOL? AN ALYST LPX Louisiana-Pacific Corp. Overweight No Connelly, Mark PACW PacWest Bancorp Overweight Stafford, CFA, Tyler LL Lumber Liquidators Holdings Equal-Weight No Nelson, CFA, CPA, Rick PZZA Papa John's International Overweight No Slabaugh, Will MGLN Magellan Health Equal-Weight Yes Fidel, Scott PE Parsley Energy, Inc. Overweight No Nicholson, Gail TUSK Mammoth Energy Services Equal-Weight No Moll, Tommy PRTY Party City Holdco Inc. Overweight No Nelson, CFA, CPA, Rick MRTN Marten Transport, Ltd. Equal-Weight No Atkins, Jack PTEN Patterson-UTI Energy Inc. Overweight No Moll, Tommy MLM Martin Marietta Materials Overweight No Grooms, Trey PYPL PayPal Holdings, Inc. Overweight Yes Huff, CFA, Brett DOOR Masonite International Equal-Weight No Grooms, Trey PDCE PDC Energy, Inc. Overweight No Nicholson, Gail MTZ MasTec, Inc. Overweight Yes Hirschman, Blake PAG Penske Automotive Group Overweight No Nelson, CFA, CPA, Rick MA MasterCard Inc. Overweight No Huff, CFA, Brett PBCT People's United Financial Equal-Weight No Breese, Matt MTDR Matador Resources Co. Overweight No Nicholson, Gail PPC Pilgrim's Pride Corp. Overweight Yes Bienvenu, Ben MATX Matson, Inc. Overweight No Atkins, Jack PNFP Pinnacle Financial Partners Equal-Weight No Stafford, CFA, Tyler MCD McDonald's Corp. Overweight No Slabaugh, Will PXD Pioneer Natural Resources Overweight No Nicholson, Gail MDLA Medallia, Inc. Overweight Yes Rutherford, James PNC PNC Financial Services Group Equal-Weight No McEvoy, CFA, Terry MDP Meredith Corp. Equal-Weight No Evans, Kyle POOL Pool Corp. Equal-Weight No Hirschman, Blake MSBI Midland States Bancorp Overweight No McEvoy, CFA, Terry PFBC Preferred Bank Equal-Weight No Stafford, CFA, Tyler MOH Molina Healthcare Equal-Weight No Fidel, Scott PUMP ProPetro Holding Corp. Overweight No Moll, Tommy MNRO Monro Muffler Brake, Inc. Equal-Weight No Nelson, CFA, CPA, Rick PB Prosperity Bancshares Equal-Weight No Olney, CFA, Matt MOS Mosaic Company Overweight No Connelly, Mark QTWO Q2 Holdings, Inc. Equal-Weight No Huff, CFA, Brett MRC MRC Global Inc. Overweight No Hirschman, Blake QCRH QCR Holdings, Inc. Overweight No McEvoy, CFA, Terry MSM MSC Industrial Direct Co. Equal-Weight No Hirschman, Blake QEP QEP Resources, Inc. Overweight No Nicholson, Gail MUR Murphy Oil Corp. Equal-Weight No Nicholson, Gail PWR Quanta Services, Inc. Overweight Yes Hirschman, Blake MUSA Murphy USA Inc. Overweight Yes Bienvenu, Ben QNST QuinStreet, Inc. Overweight Yes Campbell, John MFSF MutualFirst Financial Inc. Equal-Weight No McEvoy, CFA, Terry QES Quintana Energy Services Overweight No Moll, Tommy NBR Nabors Industries Equal-Weight No Moll, Tommy RRC Range Resources Corp. Equal-Weight No Nicholson, Gail NBHC National Bank Holdings Equal-Weight No McGuire, Gordon RBB RBB Bancorp, Inc. Overweight No Stafford, CFA, Tyler NOV National Oilwell Varco, Inc. Overweight No Moll, Tommy RMAX RE/MAX Holdings Inc. Equal-Weight Yes Campbell, John NYCB New York Community Bancorp Equal-Weight No Breese, Matt RLGY Realogy Holdings Corp. Equal-Weight Yes Campbell, John NXST Nexstar Media Group Overweight Yes Evans, Kyle RP RealPage, Inc. Overweight Yes Campbell, John NEX NexTier Oilfield Solutions Overweight No Moll, Tommy REPH Recro Pharma, Inc. Overweight Yes Johnson, CFA, Jacob EGOV NIC Inc. Equal-Weight No Campbell, John RRBI Red River Bancshares, Inc. Equal-Weight No Olney, CFA, Matt NBL Noble Energy Overweight No Nicholson, Gail RRGB Red Robin Gourmet Burgers Overweight No Slabaugh, Will NSC Norfolk Southern Corp. Overweight No Long, Justin RDFN Redfin Corp. Overweight No Campbell, John DNOW NOW Inc. Overweight No Hirschman, Blake RBC Regal Beloit Corp. Equal-Weight No McCarthy, CFA, Rob NTR Nutrien Overweight No Connelly, Mark RM Regional Management Equal-Weight Yes Caintic, CFA, Vincent ORLY O'Reilly Automotive, Inc. Overweight Yes Imbro, Daniel RF Regions Financial Corp. Equal-Weight No McEvoy, CFA, Terry OAS Oasis Petroleum Inc. Equal-Weight No Nicholson, Gail RBNC Reliant Bancorp, Inc. Equal-Weight No Stafford, CFA, Tyler OCFC OceanFirst Financial Corp. Equal-Weight No Breese, Matt RNST Renasant Corp. Equal-Weight No Olney, CFA, Matt ODFL Old Dominion Freight Line Overweight No Atkins, Jack RCII Rent-A-Center Equal-Weight Yes Caintic, CFA, Vincent ONB Old National Bancorp. Equal-Weight No McEvoy, CFA, Terry RGEN Repligen Corp. Overweight Yes Johnson, CFA, Jacob OLLI Ollie's Bargain Outlet Overweight No Nelson, CFA, CPA, Rick QSR Restaurant Brands International Overweight No Slabaugh, Will ONDK OnDeck Capital, Inc. Equal-Weight Yes Caintic, CFA, Vincent ROK Rockwell Automation Overweight No McCarthy, CFA, Rob OMF OneMain Holdings, Inc. Overweight Yes Caintic, CFA, Vincent ROKU Roku, Inc. Overweight Yes Evans, Kyle OBNK Origin Bancorp, Inc. Overweight No Olney, CFA, Matt ROP Roper Technologies Overweight No McCarthy, CFA, Rob PPBI Pacific Premier Bancorp Equal-Weight No Stafford, CFA, Tyler RES RPC, Inc. Equal-Weight No Moll, Tommy PKG Packaging Corp of America Equal-Weight No Connelly, Mark RUBI Rubicon Project, Inc. Overweight Yes Evans, Kyle
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 13 EQUITY RESEARCH COVERAGE LIST
11/27/2019 11/27/2019 TICKER COMPANY RATING VOL? AN ALYST TICKER COMPANY RATING VOL? AN ALYST RUSHA Rush Enterprises, Inc. Overweight No Long, Justin TCF TCF Financial Corp. Overweight No McEvoy, CFA, Terry RUTH Ruth's Hospitality Group Equal-Weight No Slabaugh, Will TGNA TEGNA Inc. Equal-Weight No Evans, Kyle R Ryder System, Inc. Equal-Weight No Long, Justin TLRA Telaria, Inc. Overweight Yes Evans, Kyle SAIA Saia, Inc. Overweight No Atkins, Jack TFX Teleflex Inc. Overweight No Cooley, CFA, Chris CRM Salesforce.com Overweight Yes Rutherford, James THC Tenet Healthcare Equal-Weight Yes Fidel, Scott SAFM Sanderson Farms, Inc. Equal-Weight Yes Bienvenu, Ben TCBI Texas Capital Bancshares Equal-Weight No Olney, CFA, Matt SC Santander Consumer USA Underweight Yes Caintic, CFA, Vincent TXRH Texas Roadhouse, Inc. Overweight No Slabaugh, Will SLB Schlumberger Ltd. Equal-Weight No Moll, Tommy TFII-CA TFI International Overweight No Atkins, Jack SNDR Schneider National Inc. Overweight No Atkins, Jack ANDE The Andersons, Inc. Equal-Weight Yes Bienvenu, Ben SCPL SciPlay Corporation Overweight Yes Cohen, Jeff CAKE The Cheesecake Factory Equal-Weight No Slabaugh, Will WTTR Select Energy Services, Inc. Overweight No Moll, Tommy COO The Cooper Companies Overweight No Cooley, CFA, Chris SFBS ServisFirst Bancshares, Inc. Equal-Weight No Stafford, CFA, Tyler DSGX The Descartes Systems Group Inc. Equal-Weight No Long, Justin SHSP SharpSpring, Inc. Overweight Yes Rutherford, James ENSG The Ensign Group Equal-Weight No Fidel, Scott SIEN Sientra, Inc. Overweight Yes Cooley, CFA, Chris MIK The Michaels Companies Overweight No Nelson, CFA, CPA, Rick SBNY Signature Bank Overweight No Breese, Matt TTD The Trade Desk, Inc. Overweight Yes Evans, Kyle SFNC Simmons First National Equal-Weight No Olney, CFA, Matt WEN The Wendy's Co. Overweight No Slabaugh, Will SBGI Sinclair Broadcast Group Overweight Yes Evans, Kyle TITN Titan Machinery Inc. Equal-Weight Yes Nelson, CFA, CPA, Rick SKYW Skywest, Inc. Overweight No Schoenhaus, Scott BLD TopBuild Corp. Equal-Weight Yes Grooms, Trey WORK Slack Technologies, Inc. Overweight Yes MacWilliams, Ryan CFA TSCO Tractor Supply Co. Overweight Yes Imbro, Daniel SLM SLM Corp. Overweight Yes Caintic, CFA, Vincent TREX Trex Company, Inc. Equal-Weight Yes Grooms, Trey SM SM Energy Company Overweight No Nicholson, Gail TCBK TriCo Bancshares Equal-Weight No Stafford, CFA, Tyler SMBK SmartFinancial, Inc. Equal-Weight No Stafford, CFA, Tyler TRN Trinity Industries, Inc. Equal-Weight No Long, Justin SMAR Smartsheet, Inc. Overweight Yes MacWilliams, Ryan CFA TSC TriState Capital Holdings Overweight No Olney, CFA, Matt SAH Sonic Automotive Overweight No Nelson, CFA, CPA, Rick TBK Triumph Bancorp, Inc. Equal-Weight No Olney, CFA, Matt SSB South State Corp. Equal-Weight No Stafford, CFA, Tyler TRUE TrueCar, Inc. Overweight Yes Evans, Kyle LUV Southwest Airlines Co. Overweight No Atkins, Jack TRMK Trustmark Corporation Equal-Weight No Olney, CFA, Matt SAVE Spirit Airlines, Inc. Equal-Weight No Atkins, Jack TWLO Twilio, Inc. Equal-Weight Yes MacWilliams, Ryan CFA STXB Spirit of Texas Bancshares Overweight No Olney, CFA, Matt TSN Tyson Foods Overweight No Bienvenu, Ben SFM Sprouts Farmers Market Equal-Weight Yes Bienvenu, Ben USB U.S. Bancorp Equal-Weight No McEvoy, CFA, Terry SQ Square, Inc. Equal-Weight Yes Huff, CFA, Brett USCR U.S. Concrete, Inc. Equal-Weight No Grooms, Trey STAA STAAR Surgical Co. Overweight Yes Cooley, CFA, Chris SLCA U.S. Silica Holdings, Inc. Equal-Weight No Moll, Tommy SBUX Starbucks Corp. Equal-Weight No Slabaugh, Will USX U.S. Xpress Equal-Weight Yes Atkins, Jack STE STERIS plc Overweight No Cooley, CFA, Chris UBI.FP Ubisoft Entertainment Equal-Weight Yes Cohen, Jeff STL Sterling Bancorp Overweight No Breese, Matt UMBF UMB Financial Corp. Overweight No McGuire, Gordon STC Stewart Information Services Equal-Weight Yes Campbell, John UMPQ Umpqua Holdings Corp. Equal-Weight Stafford, CFA, Tyler SYBT Stock Yards Bancorp Equal-Weight No McEvoy, CFA, Terry UNP Union Pacific Corp. Overweight No Long, Justin SRI Stoneridge, Inc. Overweight No Long, Justin UNT Unit Corporation Equal-Weight No Nicholson, Gail SUM Summit Materials LLC Overweight No Grooms, Trey UAL United Airlines Holdings, Inc. Overweight No Atkins, Jack STI SunTrust Banks, Inc. Equal-Weight No McEvoy, CFA, Terry UCBI United Community Banks Equal-Weight No Stafford, CFA, Tyler SIVB SVB Financial Group Overweight Stafford, CFA, Tyler UPS United Parcel Service, Inc. Equal-Weight No Atkins, Jack SVMK SVMK Inc. Overweight Yes Rutherford, James UNH UnitedHealth Group Overweight No Fidel, Scott SYF Synchrony Financial Equal-Weight Yes Caintic, CFA, Vincent UHS Universal Health Services Equal-Weight No Fidel, Scott SNV Synovus Financial Corp. Overweight No Stafford, CFA, Tyler USAK USA Truck, Inc. Overweight No Atkins, Jack TTWO Take-Two Interactive Software Overweight Yes Cohen, Jeff VLY Valley National Bancorp Equal-Weight No Breese, Matt TALO Talos Energy Overweight No Nicholson, Gail VEEV Veeva Systems Inc. Overweight Yes Rutherford, James
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 14 EQUITY RESEARCH COVERAGE LIST
11/27/2019 11/27/2019 TICKER COMPANY RATING VOL? AN ALYST TICKER COMPANY RATING VOL? AN ALYST VBTX Veritex Holdings Inc. Overweight No Olney, CFA, Matt WAL Western Alliance Bancorp. Overweight No Stafford, CFA, Tyler VNOM Viper Energy Partners LP Overweight No Nicholson, Gail WRK WestRock Co. Equal-Weight No Connelly, Mark V Visa Inc. Overweight No Huff, CFA, Brett WY Weyerhaeuser Co. Overweight No Connelly, Mark VLVLY Volvo Equal-Weight No Gupta, Ashish WLL Whiting Petroleum Corp. Equal-Weight No Nicholson, Gail VG Vonage Holdings Corp. Overweight Yes MacWilliams, Ryan CFA WOW WideOpenWest, Inc. Equal-Weight No Evans, Kyle VMC Vulcan Materials Company Overweight No Grooms, Trey WING Wingstop Inc. Equal-Weight No Slabaugh, Will GWW W.W. Grainger, Inc. Equal-Weight No Hirschman, Blake WTFC Wintrust Financial Corp. Overweight No McEvoy, CFA, Terry WNC Wabash National Corp. Equal-Weight No Long, Justin WRLD World Acceptance Corp. Underweight Yes Caintic, CFA, Vincent WBC WABCO Holdings Inc. Equal-Weight No Long, Justin WPX WPX Energy Overweight No Nicholson, Gail WAB Wabtec Corp. Overweight No Long, Justin XPO XPO Logistics, Inc. Equal-Weight No Atkins, Jack WMT Walmart Inc. Overweight No Bienvenu, Ben YRCW YRC Worldwide Inc. Equal-Weight Yes Atkins, Jack WSO Watsco, Inc. Overweight No Hirschman, Blake ZEN Zendesk, Inc. Overweight Yes Rutherford, James W Wayfair Inc. Overweight No Nelson, CFA, CPA, Rick ZG Zillow, Inc. Overweight Yes Campbell, John WBS Webster Financial Corp. Underweight No Breese, Matt ZION Zions Bancorporation Equal-Weight No McEvoy, CFA, Terry WCG WellCare Health Plans Equal-Weight No Fidel, Scott ZM Zoom Video Communications, Inc. Overweight Yes MacWilliams, Ryan CFA WERN Werner Enterprises, Inc. Overweight No Atkins, Jack ZNGA Zynga Inc. Overweight Yes Cohen, Jeff WCC WESCO International, Inc. Overweight Yes Hirschman, Blake
Source: Stephens Inc.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 15
COVERAGE CHANGES
Stephens added 5 companies to ADDED Symbol Date RATING Analyst coverage during the month and now NexTier Oilfield Solutions NEX 11/07/19 Overweight Moll covers 483 companies. These Rubicon Project RUBI 11/04/19 Overweight (Vol) Evans companies have an average and Skywest SKYW 11/04/19 Overweight Schoenhaus median market capitalization of Telaria TLRA 11/04/19 Overweight (Vol) Evans $12.6 billion and $3.3 billion, Trade Desk TTD 11/04/19 Overweight (Vol) Evans respectively.
DROPPED Symbol Date C&J Energy Services CJ 11/07/19 Keane Group FRAC 11/07/19 LegacyTexas Financial Group LTXB 11/04/19
Source: Stephens Inc.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 16
RATING CHANGES
Rating UPGRADES Symbol To From Date Analyst South State Bank SSB Equal-Weight Underweight 11/04/19 Stafford
Rating DOWNGRADES Symbol To From Date Analyst U.S. Concrete USCR Equal-Weight Overweight 11/18/19 Grooms
Source: Stephens Inc.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 17
FOOD & AGRIBUSINESS BEN BIENVENU, 501-377-8511 Ben is a research analyst covering the food and agribusiness and grocery/c-store sectors. Prior to that, he covered the retail broadlines sector. Prior to this position, Ben served as a research associate in the retail broadlines sector beginning in June 2012. Prior to joining Stephens, Ben worked in the Large Corporate Lending group of Regions Financial Corporation, where he participated in underwriting syndicated debt transactions for companies in a variety of industries. In October 2017 Ben was named to Institutional Investor's 2017 All-American Research Team Rising Stars for his Broadlines Retail research coverage. Ben received a bachelor of arts in business administration from Furman University.
Sector Overview: Our Food and Agribusiness team covers small- to mid-cap stocks that primarily encompass commodity-based, branded food-based and ethanol and grain storage-based companies. We aggregate coverage across the entire food supply chain, with respect to worldwide commodity markets. Our base coverage includes closely following consumer trends, commodity cycles, international trade policies, government regulations, and seasonal weather patterns.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Food and Agribusiness, Ben Bienvenu, 501-377-8511, [email protected] Andersons, The ANDE op Dec E/V $23.28 $23.00 32.6 $1.69 $1.07 $1.87 21.8 12.4 $758.9 $29.14 Archer Daniels Midland Co. ADM op Dec O/V $42.75 $50.00 556.7 $3.50 $2.52 $3.41 17.0 12.5 $23,798.3 $33.96 Bunge Ltd. BG adj Dec O/V $53.28 $74.00 141.6 $2.77 $2.92 $3.95 18.2 13.5 $7,543.4 $38.86 Calavo Growers Inc. CVGW op Oct O/V $89.78 $97.00 17.6 $2.49 $2.93 $3.25 30.6 27.6 $1,579.7 $14.98 Cal-Maine Foods, Inc. CALM op May E/V $43.71 $45.00 43.9 $1.15 $0.18 $1.63 NM 26.8 $1,918.6 $20.26 Green Plains Inc. GPRE op Dec E/V $15.20 $16.00 36.0 ($2.74) ($4.07) ($1.28) NM NM $546.5 $23.04 Hormel Foods HRL op Oct E $44.28 $43.00 534.0 $1.73 $1.77 $1.85 25.0 23.9 $23,644.2 #N/A Ingredion Inc. INGR op Dec O/V $84.80 $97.00 66.8 $6.92 $6.55 $6.98 12.9 12.1 $5,661.6 $35.90 Limoneira Company LMNR op Oct E/V $19.36 $17.00 17.8 $0.50 ($0.20) $0.66 NM 29.3 $344.1 $12.39 Pilgrim's Pride Corp. PPC op Dec O/V $31.73 $35.00 249.6 $1.29 $1.78 $2.25 17.8 14.1 $7,918.9 $8.07 Sanderson Farms SAFM op Oct E/V $166.76 $155.00 22.2 $1.49 $1.77 $6.15 94.2 27.1 $3,694.2 $62.80 Tyson Foods TSN op Sep O $89.70 $95.00 295.2 $5.43 $6.49 $7.12 13.8 12.6 $26,478.0 $39.31
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 18
GROCERY/C-STORE BEN BIENVENU, 501-377-8511
Ben is a research analyst covering the food and agribusiness and grocery/c-store sectors. Prior to that, he covered the retail broadlines sector. Prior to this position, Ben served as a research associate in the retail broadlines sector beginning in June 2012. Prior to joining Stephens, Ben worked in the Large Corporate Lending group of Regions Financial Corporation, where he participated in underwriting syndicated debt transactions for companies in a variety of industries. In October 2017 Ben was named to Institutional Investor's 2017 All-American Research Team Rising Stars for his Broadlines Retail research coverage. Ben received a bachelor of arts in business administration from Furman University. Sector Overview: Our research focuses on small-, mid- and large-cap retail operators. The primary industries for which we provide analysis are convenience stores and discount retailers. We look for retailers that have solid fundamentals, operate in strong markets, offer differentiated services and have experienced management teams that can execute business strategies.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Grocery/C-Store, Ben Bienvenu, 501-377-8511, [email protected] Casey's General Stores CASY adj Apr O $174.61 $197.00 36.8 $5.51 $6.82 $7.39 25.6 23.6 $6,422.7 $38.42 Core-Mark Holding Co. CORE adj Dec O/V $26.51 $42.00 45.6 $1.39 $1.65 $1.81 16.1 14.6 $1,208.0 $12.41 Kroger Co. KR op Jan E/V $27.04 $25.00 801.6 $2.11 $2.18 $2.30 12.4 11.8 $21,675.8 $9.88 Murphy USA Inc. MUSA adj Dec O/V $118.90 $122.00 30.8 $5.27 $5.37 $6.05 22.1 19.7 $3,657.3 $25.02 Sprouts Farmers Market SFM adj Dec E/V $19.23 $22.00 118.1 $1.29 $1.12 $1.16 17.2 16.6 $2,271.8 $4.71 Walmart Inc. WMT pf Jan O $119.19 $135.00 2,844.3 $4.92 $5.03 $5.29 23.7 22.5 $339,010.2 $25.19
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 19
RESTAURANTS WILL SLABAUGH, 501-377-2259
Will is a research analyst leading the restaurant industry. Previously, Will was a research associate in the IT services and digital marketing industries and an analyst in the Corporate Finance department, where he focused on various industries including consumer, information technology and telecommunications services. Will joined Stephens in 2007. He graduated with honors and holds a B.S. in international business from the Sam M. Walton College of Business at the University of Arkansas. Sector Overview: The majority of our coverage is focused on companies in the casual dining segment, the quick-service (QSR) segment, family dining segment and quick/fast casual. We believe that key industry trends to watch in the coming quarters and years will include operating cost containment amid unstable commodity prices, consumer sentiment and discretionary spend, a scarcity of strong concept growth, as well as broader macroeconomic indicators.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Restaurants, Will Slabaugh, 501-377-2259, [email protected] BJ's Restaurants BJRI adj Dec O $40.76 $50.00 19.2 $2.36 $1.92 $2.15 21.2 19.0 $781.1 $14.68 Brinker International EAT adj Jun O $44.03 $55.00 37.4 $3.94 $4.30 $4.66 10.2 9.4 $1,645.4 -$20.75 Carrols Restaurant Group TAST adj Dec O $8.04 $14.00 51.8 $0.31 ($0.43) ($0.03) NM NM $416.6 $5.19 Cheesecake Factory, The CAKE adj Dec E $43.51 $48.00 44.6 $2.43 $2.67 $2.85 16.3 15.3 $1,942.0 $12.74 Chipotle Mexican Grill CMG adj Dec E $815.84 $800.00 27.8 $9.06 $13.66 $17.25 59.7 47.3 $22,676.3 $52.04 Chuy's Holdings, Inc. CHUY adj Dec E $28.74 $26.00 16.6 $0.88 $0.99 $1.11 29.0 25.9 $477.5 $11.50 Darden Restaurants DRI adj May E $117.19 $125.00 122.6 $5.82 $6.44 $6.84 18.2 17.1 $14,367.7 $19.44 Denny's Corp. DENN adj Dec O $19.34 $24.00 59.1 $0.68 $0.63 $0.70 30.7 27.6 $1,142.2 -$2.17 Domino's Pizza, Inc. DPZ adj Dec O $289.14 $300.00 40.9 $8.42 $9.32 $10.62 31.0 27.2 $11,825.8 -$74.19 Dunkin' Brands Group DNKN adj Dec E $75.30 $82.00 82.8 $2.90 $3.12 $3.49 24.1 21.6 $6,238.1 -$8.63 Fiesta Restaurant Group FRGI cs Dec O $9.62 $12.00 27.5 $0.62 $0.47 $0.50 20.5 19.2 $264.3 $8.94 Good Times Restaurants GTIM op Sep O $1.64 $4.00 12.5 ($0.08) ($0.16) ($0.22) NM NM $20.6 $2.72 GrubHub Inc. GRUB adj Dec O $42.34 $42.00 91.4 $1.69 $0.84 $0.32 50.4 132.3 $3,872.0 $15.89 Habit Restaurants, Inc. HABT adj Dec E $10.64 $11.00 20.8 $0.17 $0.15 $0.15 70.9 70.9 $221.0 $6.01 J. Alexander's Holdings JAX op Dec O $10.26 $15.00 15.0 $0.61 $0.68 $0.70 15.1 14.7 $153.5 $7.75 Kura Sushi USA, Inc. KRUS adj Dec O $24.72 $30.00 7.3 $0.25 $0.27 $0.50 91.6 49.4 $181.3 $7.46 McDonald's Corp. MCD adj Dec O $194.01 $225.00 753.1 $7.85 $7.79 $8.52 24.9 22.8 $146,107.6 -$8.16 Papa John's International PZZA adj Dec O $61.59 $70.00 31.9 $1.37 $1.12 $1.55 55.0 39.7 $1,967.6 -$10.12 Red Robin Gourmet Burgers RRGB adj Dec O $26.90 $36.00 12.9 $1.75 $0.87 $0.76 30.9 35.4 $348.1 $29.51 Restaurant Brands International QSR adj Dec O $65.16 $82.00 298.1 $2.63 $2.73 $3.04 23.9 21.4 $19,425.1 $3.51 Ruth's Hospitality Group RUTH adj Dec E $23.50 $24.00 29.5 $1.39 $1.42 $1.52 16.5 15.5 $693.3 $3.09 Starbucks Corp. SBUX adj Sep E $84.56 $90.00 1,181.0 $2.83 $3.04 $3.36 27.8 25.2 $99,865.4 -$5.26 Texas Roadhouse TXRH adj Dec O $57.83 $70.00 69.4 $2.20 $2.29 $2.44 25.3 23.7 $4,013.9 $13.20 Wendy's Co., The WEN adj Dec O $21.56 $26.00 230.0 $0.59 $0.58 $0.62 37.2 34.8 $4,959.8 $2.80 Wingstop, Inc. WING adj Dec E $78.69 $85.00 29.5 $0.84 $0.76 $0.90 NM 87.4 $2,317.7 -$7.67
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 20
RETAIL/BROADLINES DANIEL IMBRO, 501-377-2055
Daniel is a research analyst covering the retail broadlines sector. Prior to joining Stephens in June 2016, he worked as an intern at Stephens in the equity research department and at Bank of America, Merrill Lynch in the wealth management group. Daniel graduated summa cum laude with a B.S. in economics and business from Hendrix College.
Sector Overview: Our research focuses on small-, mid- and large-cap growth retail operators. The primary industries for which we provide analysis are aftermarket automotive, convenience stores, discount retailers and high-growth specialty retailers. We look for retailers that have solid fundamentals, operate in strong markets, offer differentiated services and have experienced management teams that can execute business strategies.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Retail/Broadline, Daniel Imbro, 501-377-2055, [email protected] Acushnet Holdings Corp. GOLF adj Dec E/V $30.67 $29.00 75.2 $1.42 $1.60 $1.75 19.2 17.5 $2,305.3 $11.97 Advance Auto Parts AAP adj Dec E/V $157.09 $155.00 69.3 $7.13 $7.96 $8.90 19.7 17.7 $10,880.0 $49.00 AutoZone Inc. AZO adj Aug O/V $1,177.79 $1,230.00 23.8 $63.52 $65.61 $73.65 18.0 16.0 $28,063.2 -$71.30 Calloway Golf Company ELY adj Dec O/V $20.95 $25.00 94.1 $1.08 $1.12 $1.27 18.7 16.5 $1,971.5 $7.67 Copart, Inc. CPRT adj Jul E/V $90.80 $89.00 232.5 $2.25 $2.77 $3.13 32.8 29.0 $21,106.8 $7.74 Genuine Parts Company GPC adj Dec O $104.45 $112.00 145.3 $5.68 $5.67 $6.02 18.4 17.4 $15,175.9 $23.64 IAA, Inc. IAA adj Dec O $44.36 $51.00 133.5 $1.52 $1.60 $1.72 27.7 25.8 $5,922.6 #N/A KAR Auction Services KAR op Dec E $21.39 $22.00 133.5 $1.25 $1.14 $1.49 18.8 14.4 $2,855.0 $11.02 LKQ Corp. LKQ op Dec O/V $35.60 $40.00 306.5 $2.19 $2.34 $2.54 15.2 14.0 $10,910.0 $15.13 O'Reilly Automotive, Inc. ORLY adj Dec O/V $442.28 $480.00 75.7 $16.10 $17.92 $19.90 24.7 22.2 $33,462.5 $4.47 Tractor Supply Co. TSCO adj Dec O/V $95.90 $115.00 118.4 $4.31 $4.72 $5.26 20.3 18.2 $11,353.2 $12.82
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 21
RETAIL/HARDLINES RICK NELSON, CPA, CFA, 312-292-5768
Rick is a managing director leading the retail/hardlines practice. Before joining Stephens in 1998, he was a managing director at Nesbitt Burns Securities, Inc. and Duff & Phelps Capital Markets, Inc. Rick has been a Wall Street Journal All-Star Analyst for stock selection in specialty retailing and recognized in the Institutional Investor research poll. He holds a B.S. and M.B.A. from Miami University (Ohio). Rick is a CPA and CFA charter holder and is licensed as a supervisory analyst.
Sector Overview: Our research focus is on small- and mid-cap growth retailers. We provide in-depth research coverage beyond what is typically provided by Wall Street, and we have special expertise in the specialty retailing, sporting goods and automotive retailing segments. We seek retailers with competitive advantage as to the major elements that drive store choice, including: merchandise assortment and presentation, location, store format, shopping environment, customer service and day-to-day execution. Retailers must provide a good value proposition for consumers. We look for strong management with a well-defined business strategy and the ability to execute those plans.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Retail/Hardlines, Rick Nelson, CPA, CFA, 312-292-5768, [email protected] Asbury Automotive Group, Inc. ABG op Dec O $111.67 $108.00 19.3 $8.42 $9.22 $9.76 12.1 11.4 $2,160.6 $24.46 AutoNation, Inc. AN op Dec E $52.00 $53.00 89.2 $4.40 $4.47 $4.82 11.6 10.8 $4,639.0 $30.17 Boot Barn Holdings BOOT Mar O $40.97 $46.00 89.1 $1.35 $1.75 $2.02 23.4 20.3 $1,170.3 $9.32 Camping World Holdings CWH Dec O/V $12.00 $14.00 37.4 $0.28 ($1.12) $0.80 NM 15.0 $448.8 $1.20 CarMax, Inc. KMX Feb O $98.64 $103.00 164.4 $4.79 $5.33 $5.71 18.5 17.3 $16,219.4 $20.04 Carvana Co. CVNA op Dec E/V $92.84 $75.00 50.3 ($1.72) ($2.17) ($2.40) NM NM $4,670.5 $1.78 Conn's, Inc. CONN op Jan O $21.78 $33.00 28.9 $2.51 $2.82 $3.20 7.7 6.8 $629.5 $19.50 Floor & Décor Holdings FND op Dec O $47.15 $56.00 101.1 $0.97 $1.10 $1.38 42.9 34.2 $4,764.9 $5.99 Group 1 Automotive GPI op Dec O $105.62 $110.00 18.6 $8.91 $10.54 $11.05 10.0 9.6 $1,961.5 $59.80 Lithia Motors, Inc. LAD op Dec O $162.31 $167.00 22.6 $9.96 $11.84 $12.80 13.7 12.7 $3,675.5 $52.05 Lumber Liquidators LL op Dec E $8.83 $11.00 28.7 ($1.32) $0.26 $0.68 34.0 13.0 $253.5 $5.15 Michaels Companies MIK op Jan O $8.18 $9.00 155.3 $2.35 $2.36 $2.44 3.5 3.4 $1,270.1 -$10.31 Monro Muffler Brake MNRO op Mar E $73.39 $62.00 33.3 $2.37 $2.48 $2.80 29.6 26.2 $2,441.8 $21.10 Ollie's Bargain Outlet OLLI op Jan O $64.03 $75.00 63.6 $1.83 $1.96 $2.29 32.7 28.0 $4,071.6 $14.96 Party City Holdco Inc. PRTY op Dec O $1.83 $8.00 94.5 $1.62 $0.85 $1.40 2.2 1.3 $172.9 $11.14 Penske Automotive Group, Inc. PAG op Dec O $50.64 $60.00 82.1 $5.35 $5.27 $5.68 9.6 8.9 $4,157.0 $30.86 Sonic Automotive, Inc. SAH op Dec O $33.10 $40.00 31.1 $1.79 $2.48 $2.80 13.3 11.8 $1,029.6 $19.25 Titan Machinery TITN op Jan E/V $15.23 $23.00 22.4 $0.68 $0.79 $0.95 19.3 16.0 $340.5 $15.09 Wayfair Inc. W op Dec O $86.41 $95.00 65.8 ($4.09) ($8.02) ($10.90) NM NM $5,682.2 -$3.64
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 22
EXPLORATION AND PRODUCTION GAIL NICHOLSON, 301-904-7466
Gail Nicholson is a managing director and senior research analyst covering the exploration and production sector. Prior to joining Stephens in September 2018, she was with the KLR Group, for six years before beginning her career in 2008 with Pritchard Capital Partners, LLC. Ms. Nicholson received a BS in economics and a BA in international affairs from The George Washington University. She is based in San Diego, CA.
Sector Overview: We focus on the Energy Exploration & Production sector which explores, produces, and sells oil and natural gas. The companies we follow focus on discovering, acquiring, and developing conventional and unconventional oil and natural gas reserves, domestically. We believe E&P’s will perform well as development drilling in new focus areas contributes to production growth in a modestly bullish commodity price environment.
Please see the detailed risk section for each LP at the end of this report.
Investors should also review the risk factors identified by the companies as disclosed in the documents filed by each company with the SEC which can be viewed by clicking on each company below.
Kimbell Royalty Partners Viper Energy Partners LP
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 23
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS ENERGY Exploration and Production, Gail Nicholson, 301-904-7466, [email protected] Abraxas Petroleum Corp. AXAS op/cf Dec E $0.25 $1.00 168.4 $0.46 $0.43 $0.52 0.6 0.5 $42.1 $1.00 Apache Corp. APA op/cf Dec O $22.89 $32.00 376.0 $9.23 $7.09 $7.87 3.2 2.9 $8,607.5 $19.03 Callon Petroleum Co. CPE op/cf Dec O $3.71 $7.00 228.4 $1.87 $2.32 $3.17 1.6 1.2 $847.4 $10.74 Carrizo Oil & Gas, Inc. CRZO op/cf Dec E $6.50 $8.00 92.6 $7.10 $6.72 $7.93 1.0 0.8 $602.0 $10.71 Centennial Resource Production CDEV op/cf Dec E $3.09 $5.00 275.6 $2.45 $1.94 $2.11 1.6 1.5 $850.2 $11.73 Concho Resources Inc. CXO op/cf Dec O $72.80 $112.00 201.0 $15.07 $14.25 $16.17 5.1 4.5 $14,634.9 $93.72 Continental Resources, Inc. CLR op/cf Dec O $31.96 $42.00 371.4 $8.89 $8.10 $8.57 3.9 3.7 $11,870.6 $16.34 Denbury Resources DNR op/cf Dec E $1.02 $2.00 483.3 $1.15 $1.01 $0.90 1.0 1.1 $492.9 $2.48 Devon Energy Corp. DVN op/cf Dec O $22.26 $33.00 387.0 $5.59 $5.64 $6.13 3.9 3.6 $8,614.6 $20.46 Diamondback Energy, Inc. FANG op/cf Dec O $77.10 $136.00 161.1 $14.44 $16.39 $20.30 4.7 3.8 $12,424.0 $83.39 Earthstone Energy, Inc. ESTE op/cf Mar O $4.28 $6.00 29.0 $3.30 $2.66 $2.52 1.6 1.7 $124.3 $11.66 Extraction Oil & Gas XOG op/cf Dec E $1.60 $4.00 138.6 $3.29 $3.42 $4.98 0.5 0.3 $221.8 $10.18 Falcon Minerals Corp. FLMN op/cf Dec O $6.42 $8.00 46.0 $0.73 $0.60 $0.80 10.7 8.0 $295.0 $3.11 Hess Corp. HES op/cf Mar E $63.57 $71.00 304.7 $6.55 $7.12 $8.42 8.9 7.5 $19,370.2 $33.04 Kimbell Royalty Partners KRP op/cf Dec O $13.90 $19.00 23.5 $1.73 $2.47 $1.49 5.6 9.3 $326.9 $16.34 Lilis Energy, Inc. LLEX op/cf Dec E $0.15 $1.00 91.7 $0.03 $0.22 $0.45 0.7 0.3 $13.3 $0.19 Matador Resources Co. MTDR op/cf Dec O $14.48 $22.00 116.6 $4.51 $4.22 $5.26 3.4 2.8 $1,689.0 $14.52 Murphy Oil Corp. MUR op/cf Dec E $23.74 $32.00 157.2 $7.37 $8.33 $10.12 2.8 2.3 $3,732.6 $27.91 Noble Energy NBL op/cf Dec O $20.79 $31.00 478.3 $5.36 $4.24 $5.12 4.9 4.1 $9,943.8 $19.60 Oasis Petroleum Inc. OAS op/cf Dec E $2.44 $5.00 321.3 $2.52 $2.44 $2.22 1.0 1.1 $784.0 $11.73 Parsley Energy, Inc. PE op/cf Dec O $14.94 $25.00 281.2 $4.28 $4.20 $5.03 3.6 3.0 $4,201.7 $19.87 PDC Energy, Inc. PDCE op/cf Dec O $23.78 $48.00 62.6 $12.07 $13.32 $14.76 1.8 1.6 $1,489.8 $38.22 Pioneer Natural Resources Co. PXD op/cf Dec O $127.68 $173.00 165.6 $18.62 $19.76 $22.66 6.5 5.6 $21,149.8 $71.45 QEP Resources, Inc. QEP op/cf Dec O $3.22 $7.00 237.8 $3.59 $2.37 $3.18 1.4 1.0 $765.7 $11.62 Range Resources Corp. RRC op/cf Dec E $3.59 $6.00 251.4 $4.25 $2.86 $2.69 1.3 1.3 $902.6 $16.27 SM Energy Company SM op/cf Dec O $8.59 $15.00 112.9 $6.56 $6.95 $8.22 1.2 1.0 $969.4 $26.02 Talos Energy, Inc. TALO op/cf Dec O $23.29 $28.00 54.2 $10.76 $9.36 $9.61 2.5 2.4 $1,262.2 $18.60 Unit Corp. UNT op/cf Dec E $0.78 $5.00 55.5 $6.02 $4.52 $5.29 0.2 0.1 $43.4 $25.73 Viper Energy Partners LP VNOM op/cf Dec O $22.92 $36.00 62.6 $2.17 $1.78 $2.27 12.9 10.1 $1,435.9 $10.48 Whiting Petroleum Corp. WLL op/cf Dec E $4.89 $9.00 91.3 $12.10 $8.84 $9.19 0.6 0.5 $446.5 $46.92 WPX Energy, Inc. WPX op/cf Dec O $10.01 $16.00 416.7 $2.24 $2.90 $3.46 3.5 2.9 $4,171.6 $10.23
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 24
OILFIELD SERVICES TOMMY MOLL, 501-377-6306
Tommy is an equity research analyst in the Oilfield Services practice at Stephens, where he joined in 2014. Earlier in his career, Tommy worked at another investment bank in natural resources equity research and special situations investing. He has also worked in economics research at the Peterson Institute. Tommy holds a bachelor’s degree from William & Mary, a master’s from the London School of Economics, and a JD from Columbia.
Sector Overview: We focus on the Oilfield Services industry, which provides services and equipment to oil and natural gas exploration and production companies. The companies that we follow target all phases of the drilling and completion process.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS ENERGY Oilfield Services, Tommy Moll, 501-377-6306, [email protected] Basic Energy Services BAS Dec E $0.44 $0.65 24.9 ($5.46) ($5.04) ($3.88) NM NM $10.9 $8.20 Cactus, Inc. WHD Dec O $30.58 $45.00 47.1 $1.78 $1.84 $1.59 16.6 19.2 $1,440.4 $4.72 DMC Global BOOM Dec O $45.07 $65.00 14.6 $2.04 $3.27 $3.66 13.8 12.3 $660.1 $9.01 Halliburton Company HAL adj Dec O $20.83 $25.00 877.8 $1.90 $1.21 $1.17 17.2 17.8 $18,284.7 $10.93 Helmerich & Payne HP Sep O $37.97 $65.00 108.4 ($0.33) $0.33 NE NM NM $4,117.7 $37.00 Hi-Crush Inc. HCR Dec E $0.81 $1.25 100.9 $1.41 ($4.07) ($0.49) NM NM $81.3 $8.00 Mammoth Energy Services TUSK Dec E $1.65 $1.50 45.0 $5.24 ($1.12) ($1.68) NM NM $74.3 $16.80 Nabors Industries NBR Dec E $2.02 $2.00 363.4 ($1.95) ($1.56) ($1.09) NM NM $734.1 $7.57 National Oilwell Varco NOV Dec O $22.39 $28.00 385.8 ($0.08) ($14.96) ($0.04) NM NM $8,638.8 $36.04 NexTier Oilfield Solutions NEX Dec O $4.72 $12.00 385.9 $0.54 ($0.85) ($0.72) NM NM $992.3 $4.68 Patterson-UTI Energy PTEN Dec O $8.73 $15.00 194.5 ($1.47) ($2.04) ($1.47) NM NM $1,698.4 $16.41 ProPetro Holding Corp. PUMP Dec O $8.47 $15.00 100.4 $2.00 $1.44 $0.67 5.9 12.6 $850.6 $7.96 Quintana Energy Services QES Dec O $2.53 $2.50 33.5 ($0.50) ($2.30) ($1.23) NM NM $84.6 $6.02 RPC RES Dec E $3.70 $5.00 214.5 $0.82 ($0.42) ($0.09) NM NM $793.7 $4.43 Schlumberger NV SLB adj Dec E $36.39 $36.00 1,384.4 $1.62 $1.44 $1.61 25.3 22.6 $50,377.9 $26.15 Select Energy Partners WTTR cf Dec O $7.66 $14.00 85.9 $0.49 $0.14 $0.48 54.7 16.0 $658.0 $10.55 U.S. Silica Holdings SLCA cf Dec E $5.00 $5.00 73.6 ($2.63) ($1.03) ($2.00) NM NM $367.8 $14.28
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 25
BANKS MIDWEST TERRY MCEVOY, CFA, 207-808-5025
Terry is managing director and research analyst following the U.S. banking sector. Prior to joining the firm in May 2015, Terry served as head of Bank Research at Sterne Agee, leading a group of six senior equity analysts that formally covered 140+ bank stocks. Terry spent 13 years in a similar role at Oppenheimer & Co. Prior to that, he worked for five years as a bank analyst at Tucker Anthony Capital Markets. Terry was named the #3 Earnings Estimator in the Commercial Banking industry by Financial Times/Starmine in 2008 when profitability within the sector hit an important inflection point. In 2010 the Financial Times/Starmine named him the #2 Stock Picker in the Commercial Banking industry which was the first year in nearly a decade the sector outperformed the S&P 500. Terry was one of the founding members/ Board of Directors of the CFA Society of Maine.
Sector Overview: Our Regional Banks team covers small- to mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct market share gain advantages. Also, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. In addition to full service banks that serve both retail and commercial customers, our Midwest coverage includes banks that have a specialty focus including middle market commercial clients as well as the agricultural industry. The Midwest Region primarily includes regional and community banks located in Illinois, Indiana, Iowa, Michigan, Minnesota, Ohio, South Dakota, and Wisconsin.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Midwest, Terry McEvoy, CFA, 207-808-5025, [email protected] Associated Banc-Corp ASB op Dec E $21.60 $22.00 159.3 $2.05 $1.91 $1.85 11.3 11.7 $3,441.8 $21.43 Byline Bancorp, Inc. BY op Dec E $18.25 $20.00 38.2 $1.42 $1.57 $1.50 11.6 12.2 $696.7 $17.62 County Bancorp, Inc. ICBK op Dec O $24.48 $23.00 6.7 $2.07 $2.21 $1.92 11.1 12.8 $164.7 $21.50 Equity Bancshares, Inc. EQBK Dec O $29.33 $32.00 15.4 $2.28 $1.56 $2.30 18.8 12.8 $452.9 $28.54 First Busey Corp. BUSE op Dec E $26.70 $28.00 55.0 $2.11 $2.11 $2.15 12.7 12.4 $1,469.8 $20.36 First Financial Bancorp. FFBC op Dec E $24.39 $26.00 99.4 $2.25 $2.11 $1.97 11.6 12.4 $2,423.9 $21.23 First Merchants Corp. FRME op Dec O $40.47 $42.00 55.7 $3.17 $3.39 $3.48 11.9 11.6 $2,254.0 $28.53 First Mid-Illinois Bancshares FMBH op Dec E $35.28 $38.00 16.7 $2.83 $2.91 $2.75 12.1 12.8 $587.9 $28.59 First Midwest Bancorp FMBI op Dec O $21.55 $23.00 110.0 $1.67 $1.99 $2.00 10.8 10.8 $2,369.9 $19.32 Great Western Bancorp GWB Sep O $34.45 $39.00 56.3 $2.92 $3.06 NE 11.3 NM $1,939.0 $33.76 Heartland Financial USA HTLF Dec E $47.43 $48.00 36.7 $3.51 $4.10 $4.02 11.6 11.8 $1,740.6 $38.44 Horizon Bancorp HBNC op Dec O $18.85 $20.00 45.0 $1.40 $1.62 $1.65 11.6 11.4 $847.7 $12.82 Lakeland Financial Corp. LKFN op Dec E $47.54 $44.00 25.6 $3.13 $3.26 $3.12 14.6 15.2 $1,218.1 $20.76 Midland States Bancorp MSBI op Dec O $28.15 $30.00 24.3 $2.46 $2.63 $2.75 10.7 10.2 $683.2 $25.50 MutualFirst Financial Inc. MFSF op Dec E $39.71 $34.00 8.5 $2.38 $2.62 $2.68 15.2 14.8 $338.8 $23.52 Old National Bancorp. ONB op Dec E $18.21 $19.00 170.0 $1.30 $1.46 $1.33 12.5 13.7 $3,096.3 $15.36 QCR Holdings, Inc. QCRH op Dec O $41.76 $45.00 15.8 $3.07 $3.57 $3.58 11.7 11.7 $659.6 $30.10 Stock Yards Bancorp SYBT op Dec E $40.93 $36.00 22.6 $2.41 $2.78 $2.70 14.7 15.2 $924.9 $16.11 TCF Financial Corp. TCF op Dec O $42.05 $51.00 153.4 $2.91 $3.99 $4.15 10.5 10.1 $6,450.8 $39.69 Wintrust Financial Corp. WTFC op Dec O $67.49 $75.00 57.1 $5.92 $6.07 $5.81 11.1 11.6 $3,851.8 $55.71 Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 26
BANKS NORTHEAST MATT BREESE, 401-658-1114
Matthew Breese is a managing director and research analyst covering the Northeast Regional Banks. Prior to joining Stephens in 2019, Matt was a research analyst at Piper Jaffray Companies. Mr. Breese has focused on regional and community banks for more than a decade. StarMine named Mr. Breese the No. 3 stock picker in 2019 and 2018, the No. 1 stock picker in 2015, as well as the No. 3 earnings estimator in 2018 and 2015 for the thrift and mortgage finance segment. Mr. Breese began his career in 2008 with Sterne Agee & Leach, Inc.
Sector Overview: Our Regional Banks team covers small- to mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct market share gain advantages. Also, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The Mid-Atlantic Region primarily includes regional and community banks located in Delaware, Washington DC, Maryland, New Jersey, New York, Pennsylvania, Virginia, & West Virginia.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Northeast, Matt Breese, 401-658-1114, [email protected] ConnectOne Bancorp CNOB op Dec O $25.11 $27.50 35.4 $1.83 $2.26 $2.40 11.1 10.5 $888.3 $18.99 Dime Community Bancshares DCOM op Dec E $20.04 $23.00 95.1 $1.35 $1.16 $1.52 17.3 13.2 $718.6 $16.69 Investors Bancorp, Inc. ISBC op Dec O $12.15 $14.50 274.8 $0.80 $0.78 $0.86 15.6 14.1 $3,338.3 $10.50 New York Community Bancorp NYCB op Dec E $11.87 $12.00 467.4 $0.80 $0.76 $0.85 15.6 14.0 $5,547.5 $12.99 OceanFirst Financial Corp. OCFC op Dec E $24.05 $25.50 95.1 $1.97 $2.09 $2.05 11.5 11.7 $1,232.4 $21.68 People's United Financial PBCT op Dec E $16.37 $16.00 444.1 $1.31 $1.35 $1.32 12.1 12.4 $7,270.3 $16.67 Signature Bank SBNY op Dec O $124.39 $140.00 55.1 $9.25 $10.87 $11.45 11.4 10.9 $6,853.4 $80.07 Sterling Bancorp STL op Dec O $20.50 $24.50 202.0 $1.98 $2.06 $2.24 10.0 9.2 $4,141.9 $19.84 Valley National Bancorp VLY op Dec E $11.77 $12.00 331.8 $0.81 $0.92 $1.00 12.8 11.8 $3,905.3 $9.48 Webster Financial Corp. WBS op Dec U $48.74 $42.00 95.1 $3.76 $4.10 $3.82 11.9 12.8 $4,485.6 $29.74
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 27
BANKS-SOUTHEAST TYLER STAFFORD, CFA 501-377-8362
Tyler is a research analyst covering the regional banks sector. Tyler began his career at Stephens in September 2011 as a research associate within the regional banks sector. Prior to joining Stephens, he was a credit analyst for Regions Financial Corporation from 2008 to 2011. Tyler graduated from Harding University with a B.B.A. in management and received a masters in finance from the University of Memphis. Tyler is a Chartered Financial Analyst (CFA) charter holder.
Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The Southeast Region primarily includes regional banks located in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Southeast, Tyler Stafford, CFA, 501-377-8362, [email protected] Amerant Bancorp Inc. AMTB op Dec E $22.07 $20.00 29.0 $1.35 $1.14 $0.98 19.4 22.5 $639.8 $17.31 Ameris Bancorp ABCB op Dec O $43.33 $50.00 69.7 $3.37 $3.76 $4.20 11.5 10.3 $3,018.4 $30.66 BankUnited, Inc. BKU op Dec E $35.17 $36.00 94.9 $2.97 $2.97 $3.04 11.8 11.6 $3,339.2 $29.49 Capital City Bank Group CCBG op Dec E $28.88 $28.00 16.7 $1.24 $1.77 $1.80 16.3 16.0 $483.7 $18.07 CapStar Financial Holdings CSTR op Dec E $16.92 $17.00 18.4 $1.22 $1.31 $1.25 12.9 13.5 $310.6 $14.30 Carolina Financial Corp. CARO op Dec E $42.11 $38.00 22.3 $2.86 $2.95 $2.91 14.3 14.5 $937.0 $25.70 CenterState Bank Corp. CSFL op Dec O $25.50 $25.50 125.1 $2.09 $2.05 $1.94 12.4 13.1 $3,189.9 $20.60 FB Financial Corporation FBK op Dec O $38.60 $40.00 30.9 $2.61 $2.75 $2.70 14.0 14.3 $1,194.0 $21.87 First Bancorp FBNC op Dec E $39.25 $38.00 29.6 $3.05 $3.17 $3.01 12.4 13.0 $1,162.0 $25.71 First Horizon National Corp. FHN op Dec E $16.08 $18.00 311.2 $1.39 $1.60 $1.35 10.1 11.9 $5,003.8 $13.79 Franklin Financial Network FSB op Dec O $34.12 $38.00 14.7 $2.74 $2.16 $2.96 15.8 11.5 $502.1 $25.64 Pinnacle Financial Partners PNFP op Dec E $61.15 $62.00 76.6 $4.74 $5.31 $5.26 11.5 11.6 $4,682.0 $51.18 Reliant Bancorp, Inc. RBNC op Dec E $22.28 $24.00 11.2 $1.39 $1.46 $1.85 15.3 12.0 $249.4 $18.07 ServisFirst Bancshares, Inc. SFBS op Dec E $36.42 $35.00 53.6 $2.52 $2.67 $2.67 13.6 13.6 $1,951.8 $13.39 SmartFinancial, Inc. SMBK op Dec E $22.39 $23.00 14.0 $1.56 $1.61 $1.69 13.9 13.2 $312.6 $20.31 South State Corp. SSB op Dec E $82.54 NE 33.7 $5.46 $5.57 $5.38 14.8 15.3 $2,785.1 $66.04 Synovus Financial Corp. SNV op Dec O $38.08 $40.00 146.5 $3.64 $3.90 $3.61 9.8 10.5 $5,580.4 $25.36 United Community Banks, Inc. UCBI op Dec E $30.69 $29.00 79.0 $2.15 $2.36 $2.30 13.0 13.3 $2,424.0 $18.40
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 28
BANKS-SOUTHWEST MATT OLNEY, CFA, 501-377-2101
Matt is a managing director leading the regional banks practice. He joined Stephens in 2004 as an associate analyst covering the regional banks sector. In 2007, he became a research analyst covering small cap banks and thrifts in the Southeast. Prior to joining Stephens Inc., Matt resided in Houston, TX, where he worked in various roles for Wells Fargo, UBS and Enron. He holds a B.B.A. with a focus in finance and management information systems from the University of Oklahoma. Matt earned his Chartered Financial Analyst designation in 2007.
Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The Southwest Region primarily includes regional banks located in Texas, Oklahoma, Arkansas, Louisiana, Mississippi and Missouri.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Southwest, Matt Olney, CFA, 501-377-2101, [email protected] Allegiance Bancshares, Inc. ABTX op Dec E $35.44 $33.00 20.8 $2.52 $2.45 $2.50 14.5 14.2 $737.5 $32.04 BancorpSouth Bank BXS op Dec E $31.21 $33.00 103.2 $2.19 $2.32 $2.35 13.5 13.3 $3,220.1 $22.10 Bank7 Corp. BSVN op Dec O $18.81 $24.00 10.1 $2.41 $1.99 $2.00 9.5 9.4 $189.2 $8.68 Bank OZK OZK op Dec E $29.75 $33.00 128.6 $3.30 $3.29 $2.99 9.0 9.9 $3,825.9 $29.32 BOK Financial BOKF op Dec E $83.58 $86.00 70.9 $6.87 $7.31 $7.20 11.4 11.6 $5,922.3 $61.45 Business First Bancshares BFST op Dec E $24.26 $27.00 13.3 $1.45 $1.80 $1.92 13.5 12.6 $322.1 $19.68 Cadence Bancorporation CADE op Dec E $16.29 $18.00 128.0 $2.06 $1.82 $2.01 9.0 8.1 $2,085.4 $17.43 CBTX, Inc. CBTX op Dec E $29.55 $30.00 24.9 $1.89 $1.86 $1.85 15.9 16.0 $736.5 $19.58 CrossFirst Bankshares, Inc. CFB op Dec E $13.67 $15.00 109.7 $0.48 $0.77 $0.98 17.8 13.9 $710.4 $9.40 Cullen/Frost Bankers, Inc. CFR op Dec E $93.95 $86.00 62.6 $6.94 $6.82 $6.13 13.8 15.3 $5,878.0 $51.19 First Bancshares Inc. FBMS op Dec E $33.50 $36.00 18.8 $2.31 $2.82 $3.00 11.9 11.2 $630.1 $24.49 First Financial Bankshares FFIN op Dec E $34.53 $33.00 135.8 $1.12 $1.21 $1.24 28.5 27.8 $4,690.7 $7.83 Guaranty Bancshares, Inc. GNTY op Dec O $32.80 $35.00 11.5 $1.84 $2.22 $2.31 14.8 14.2 $378.2 $20.68 Hancock Whitney Corp. HWC op Dec E $41.00 $41.00 87.2 $3.99 $3.93 $4.10 10.4 10.0 $3,575.8 $35.98 Hilltop Holdings Inc. HTH op Dec E $24.16 $27.00 90.6 $1.43 $2.58 $1.95 9.4 12.4 $2,189.7 $20.83 Home BancShares, Inc. HOMB op Dec O $18.78 $22.00 166.8 $1.75 $1.71 $1.66 11.0 11.3 $3,133.2 $13.76 IBERIABANK Corp. IBKC op Dec O $72.46 $83.00 52.3 $6.69 $7.10 $6.94 10.2 10.4 $3,787.3 $71.61 Independent Bank Group IBTX op Dec O $57.70 $61.00 43.0 $4.55 $5.10 $5.08 11.3 11.4 $2,478.3 $52.50 Origin Bancorp, Inc. OBNK op Dec O $35.76 $38.00 23.5 $2.13 $2.29 $2.50 15.6 14.3 $839.7 $23.17 Prosperity Bancshares, Inc. PB op Dec E $70.00 $76.00 94.4 $4.61 $4.83 $5.09 14.5 13.8 $6,608.3 $58.02 Red River Bancshares, Inc. RRBI op Dec E $50.03 $48.00 7.3 $3.42 $3.45 $3.41 14.5 14.7 $365.5 $26.53 Renasant Corp. RNST op Dec E $35.15 $34.00 57.2 $3.01 $2.90 $2.80 12.1 12.6 $2,012.3 $34.91 Simmons First National Corp. SFNC op Dec E $26.36 $27.00 114.0 $2.38 $2.30 $2.27 11.5 11.6 $3,004.1 $24.33 Spirit of Texas Bancshares STXB op Dec O $22.83 $26.00 18.2 $1.24 $1.53 $1.83 14.9 12.5 $416.4 $16.42 Texas Capital Bancshares TCBI op Dec E $57.67 $56.00 50.3 $5.80 $5.96 $5.11 9.7 11.3 $2,902.0 $46.82 TriState Capital Holdings TSC op Dec O $24.20 $25.00 29.3 $1.82 $1.82 $1.89 13.3 12.8 $709.2 $15.27 Triumph Bancorp, Inc. TBK op Dec E $35.52 $34.00 25.4 $2.22 $2.24 $2.61 15.9 13.6 $900.7 $23.62 Trustmark Corp. TRMK op Dec E $34.59 $34.00 64.3 $2.21 $2.36 $2.24 14.7 15.4 $2,222.8 $24.17 Veritex Holdings, Inc. VBTX op Dec O $25.93 $29.00 51.9 $1.84 $2.30 $2.37 11.3 10.9 $1,345.9 $21.88 Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 29
BANKS-SUPER-REGIONAL TERRY MCEVOY, CFA, 207-808-5025
Terry is managing director and research analyst following the U.S. banking sector. Prior to joining the firm in May 2015, Terry served as head of Bank Research at Sterne Agee, leading a group of six senior equity analysts that formally covered 140+ bank stocks. Terry spent 13 years in a similar role at Oppenheimer & Co. Prior to that, he worked for five years as a bank analyst at Tucker Anthony Capital Markets. Terry was named the #3 Earnings Estimator in the Commercial Banking industry by Financial Times/Starmine in 2008 when profitability within the sector hit an important inflection point. In 2010 the Financial Times/Starmine named him the #2 Stock Picker in the Commercial Banking industry which was the first year in nearly a decade the sector outperformed the S&P 500. Terry was one of the founding members/ Board of Directors of the CFA Society of Maine.
Sector Overview: Our research focus is on U.S. Super-Regional Banks, which we define as banks with assets over $50 billion and under $500 billion. Each of these banks operates mostly in multiple contiguous states and provide traditional banking products. Certain Super-Regional Banks have made investments within fee generating business such as insurance, capital markets or asset management to diversify their revenue stream. Fundamentally, the banking sector is well-capitalized and should see an acceleration in earnings growth when the Federal Reserve begins raising interest rates.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Super-Regional, Terry McEvoy, CFA, 207-808-5025, [email protected] BB&T Corporation BBT op Dec E $54.43 $56.00 766.3 $4.06 $4.28 $4.40 12.7 12.4 $41,709.9 $35.46 Citizens Financial Group CFG op Dec O $38.49 $42.00 443.9 $3.56 $3.82 $3.92 10.1 9.8 $17,086.3 $42.87 Comerica Inc. CMA op Dec E $70.31 $72.00 144.2 $7.26 $7.70 $6.85 9.1 10.3 $10,135.5 $46.89 Fifth Third Bancorp FITB op Dec O $30.23 $34.00 709.7 $2.53 $2.79 $3.00 10.8 10.1 $21,453.3 $23.07 First Republic Bank FRC op Dec O $108.95 $105.00 168.5 $4.78 $5.06 $5.40 21.5 20.2 $18,360.5 $46.92 Huntington Bancshares Inc. HBAN op Dec E $14.77 $15.00 1,032.8 $1.22 $1.29 $1.30 11.4 11.4 $15,253.8 $9.46 KeyCorp. KEY op Dec O $19.29 $20.00 985.0 $1.74 $1.82 $1.90 10.6 10.2 $18,999.8 $13.87 PNC Financial Services Group PNC op Dec E $152.89 $148.00 438.2 $10.74 $11.26 $12.00 13.6 12.7 $66,991.8 $104.44 Regions Financial Corp. RF op Dec E $16.59 $17.00 964.6 $1.46 $1.54 $1.60 10.8 10.4 $16,003.4 $13.92 SunTrust Banks, Inc. STI Dec E $70.54 NE 444.0 $5.74 $5.42 $5.35 13.0 13.2 $31,322.6 $49.80 U.S. Bancorp USB op Dec E $59.92 $60.00 1,561.9 $4.10 $4.34 $4.50 13.8 13.3 $93,586.6 $28.01 Zions Bancorporation ZION op Dec E $49.66 $48.00 170.5 $4.20 $4.37 $4.35 11.4 11.4 $8,465.2 $37.39
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 30
BANKS-WEST COAST GORDON MCGUIRE 501-377-3717
Gordon McGuire is a research analyst focused on banks in the Western region of the U.S. Gordon began his career at Stephens in 2015 as a research associate within the regional banks sector. Prior to joining Stephens, Gordon received his J.D. and M.B.A. degrees from Tulane University where he graduated Beta Gamma Sigma in Tulane’s business program. Gordon graduated with honors from the University of Central Arkansas in 2011 with a B.B.A. in Finance.
Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The West Coast Region primarily includes regional banks located in California and the Pacific Northwest.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-West Coast, Gordon McGuire, 501-377-3717, [email protected] Banner Corp. BANR op Dec E $54.92 $59.00 34.6 $4.14 $4.24 $4.06 13.0 13.5 $1,960.8 $42.03 Columbia Banking System COLB op Dec E $39.21 $39.00 72.9 $2.48 $2.52 $2.39 15.6 16.4 $2,828.5 $27.76 Commerce Bancshares, Inc. CBSH op Dec E $67.13 $59.00 107.3 $3.63 $3.63 $3.44 18.5 19.5 $7,204.1 $25.03 First Interstate BancSystem FIBK op Dec O $42.08 $47.00 42.9 $2.90 $3.03 $3.03 13.9 13.9 $1,810.9 $27.94 First Western Financial MYFW op Dec E $17.27 $17.00 8.0 $0.65 $1.18 $1.40 14.6 12.3 $137.9 $14.67 Glacier Bancorp GBCI op Dec E $43.66 $41.00 86.6 $2.22 $2.46 $2.28 17.7 19.1 $4,024.9 $17.93 Heritage Financial Corp. HFWA op Dec E $27.58 $28.00 36.6 $1.75 $1.80 $1.68 15.3 16.4 $1,009.9 $20.63 National Bank Holdings Corp. NBHC op Dec E $35.95 $38.00 31.1 $2.16 $2.51 $2.33 14.3 15.4 $1,120.6 $22.59 UMB Financial UMBF op Dec O $67.41 $73.00 49.1 $4.03 $4.76 $4.49 14.2 15.0 $3,309.3 $45.37
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 31
BANKS-WEST COAST TYLER STAFFORD 501-377-8362
Tyler is a research analyst covering the regional banks sector. Tyler began his career at Stephens in September 2011 as a research associate within the regional banks sector. Prior to joining Stephens, he was a credit analyst for Regions Financial Corporation from 2008 to 2011. Tyler graduated from Harding University with a B.B.A. in management and received a master’s in finance from the University of Memphis.
Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The West Coast Region primarily includes regional banks located in California and the Pacific Northwest.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-West Coast, Tyler Stafford, CFA, 501-377-8362, [email protected] Pacific Premier Bancorp PPBI op Dec E $32.01 $33.00 59.4 $2.47 $2.48 $2.51 12.9 12.8 $1,900.2 $31.52 PacWest Bancorp PACW op Dec O $37.40 $40.00 119.8 $3.64 $3.63 $3.35 10.3 11.2 $4,481.7 $39.60 Preferred Bank PFBC op Dec E $54.68 $53.00 15.3 $4.56 $5.13 $4.97 10.7 11.0 $838.0 $28.36 RBB Bancorp, Inc. RBB op Dec O $20.11 $22.00 20.0 $2.02 $1.85 $1.88 10.9 10.7 $402.8 $18.73 SVB Financial Group SIVB op Dec O $232.96 $255.00 51.6 $18.23 $20.81 $19.25 11.2 12.1 $12,013.3 $97.29 TriCo Bancshares TCBK op Dec E $38.66 $38.00 30.5 $2.69 $2.97 $2.83 13.0 13.7 $1,179.9 $27.20 Umpqua Holdings Corp. UMPQ op Dec E $16.40 $16.00 220.2 $1.50 $1.34 $1.38 12.2 11.9 $3,611.6 $18.42 Western Alliance Bancorp. WAL op Dec O $52.36 $55.00 102.6 $4.29 $4.72 $4.82 11.1 10.9 $5,374.1 $24.90
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 32
REAL ESTATE SERVICES JOHN CAMPBELL, 501-377-6362
John is a research analyst covering the real estate services sector. John joined Stephens in May 2011 as a research associate in the business services and insurance brokerage space. He was promoted into a lead analyst role in February 2014. Prior to joining Stephens Inc., John was a senior strategy planning analyst at FedEx Corporation where he focused on the development and implementation of corporate strategy. He graduated from the University of Mississippi in 2005 with a B.A. in banking & finance and later received an M.B.A. in 2011 from the University of Mississippi.
Sector Overview: We see three dominant trends that are shaping the U.S. residential housing market. First, slow unit growth of new/existing home sales driven by higher rates, student debt inhibiting first-time buyers, and low levels of home equity limiting the trade-up market. Second, the consolidation of mortgage lending driven by the economic recession and the government’s response to it. Third, lenders giving larger share of wallet to fewer vendors and outsourcing more functions surrounding mortgage underwriting to third parties in response to regulatory factors. To win in this market, we think real estate services providers will need to run a tight operation to drive high incremental margins from the limited demand curve they face, drive revenue growth with share taking via organic cross sales or M&A to offer more services, and offering centralized/bundled products.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Real Estate Services, John Campbell, 501-377-6362, [email protected] Black Knight, Inc. BKI adj Dec O/V $62.81 $73.00 149.6 $1.87 $1.94 $2.00 32.4 31.4 $9,393.9 $11.96 Cannae Holdings, Inc. CNNE pf Dec O/V $37.76 $45.00 72.0 $0.38 $1.20 ($0.64) 31.5 -59.0 $2,720.5 $15.57 CoreLogic CLGX adj Dec E/V $41.35 $43.00 79.5 $2.71 $2.73 $2.91 15.1 14.2 $3,288.1 $12.49 eXp World Holdings EXPI adj Dec O/V $10.46 $19.00 64.7 ($0.12) ($0.04) $0.32 NM 32.7 $676.7 $0.49 Fidelity National Financial, Inc. FNF pf/cs Dec O $48.19 $51.00 275.1 $2.69 $3.39 $3.36 14.2 14.3 $13,256.1 $16.81 First American Financial Corp. FAF op Dec O $63.73 $71.00 112.3 $4.68 $5.45 $5.08 11.7 12.5 $7,159.2 $33.56 LendingTree, Inc. TREE adj Dec O/V $371.19 $465.00 13.0 $5.71 $6.07 $7.75 61.2 47.9 $4,825.1 $27.03 NIC Inc. EGOV adj Dec E $22.82 $23.00 67.0 $0.95 $0.85 $0.94 26.8 24.3 $1,528.1 $3.18 QuinStreet, Inc. QNST adj Jun O/V $16.22 $23.00 51.2 $0.47 $0.67 $1.18 24.2 13.7 $830.9 $4.41 Realogy Holdings Corp. RLGY adj Dec E/V $10.50 $10.50 114.3 $1.49 $0.96 $1.15 10.9 9.1 $1,200.6 $20.16 Redfin Corp. RDFN adj Dec O $20.00 $25.00 92.3 ($0.34) ($0.72) ($0.39) NM NM $1,845.2 $4.13 RealPage, Inc. RP adj Dec O/V $54.29 $75.00 94.9 $1.50 $1.76 $1.84 30.8 29.5 $5,149.7 $11.35 RE/MAX Holdings Inc. RMAX adj Dec E/V $37.73 $38.00 17.8 $2.25 $2.20 $2.27 17.2 16.6 $673.0 $27.12 Stewart Information Services STC op Dec E/V $43.08 $44.00 23.7 $2.61 $2.86 $2.62 15.1 16.4 $1,021.3 $28.40 Zillow, Inc. ZG adj Dec O/V $40.01 $57.00 58.5 $0.39 ($0.61) ($0.91) NM NM $2,341.5 $16.02
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 33
SPECIALTY FINANCE VINCENT CAINTIC, CFA 212-891-1715
Vincent Caintic is a Managing Director and equity research analyst covering the Specialty Finance sector. Since 2007, Vincent has covered several sectors within the financial institutions universe including specialty finance, banks, and insurance. Vincent joined Stephens in 2016 from previous research roles at Macquarie, Morgan Stanley, and Wells Fargo. Prior to equity research, Vincent was an actuary and financial analyst. Vincent received his B.A. in economics from the University of Chicago. He is a CFA charter holder.
Sector Overview: Specialty Finance companies are generally non-bank institutions that provide credit and other financial services to a target niche.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Specialty Finance, Vincent Caintic, CFA, 727-502-3524, [email protected] Aaron's, Inc. AAN adj Dec O/V $59.60 $80.00 67.2 $3.36 $3.79 $4.45 15.7 13.4 $4,002.3 $26.21 AerCap Holdings AER adj Dec E/V $61.84 $75.00 134.7 $6.83 $8.28 $7.60 7.5 8.1 $8,332.4 $61.88 Air Lease Corp. AL Dec O/V $46.78 $61.00 112.7 $4.60 $4.98 $6.00 9.4 7.8 $5,272.3 $43.33 Aircastle Ltd. AYR adj Dec E/V $32.19 $32.00 74.6 $3.31 $2.17 $2.80 14.8 11.5 $2,402.5 $26.67 Alliance Data Systems ADS adj Dec E/V $106.05 $130.00 46.1 $19.01 $17.00 $21.22 6.2 5.0 $4,884.3 $43.67 Ally Financial Inc. ALLY adj Dec O/V $31.72 $44.00 380.1 $3.33 $3.79 $4.52 8.4 7.0 $12,055.8 $32.77 America's Car-Mart CRMT adj Apr E/V $104.78 $105.00 6.6 $6.52 $8.38 $9.38 12.5 11.2 $688.0 $38.87 American Express Co. AXP adj Dec O/V $119.79 $136.00 818.3 $7.33 $8.09 $8.94 14.8 13.4 $98,020.7 $26.32 CIT Group Inc. CIT adj Dec E/V $45.30 $44.00 94.7 $4.04 $4.92 $4.48 9.2 10.1 $4,291.0 $55.70 Credit Acceptance Corp. CACC adj Dec E/V $432.28 $290.00 18.8 $28.39 $34.97 $21.08 12.4 20.5 $8,125.6 $104.94 CURO Group Holdings CURO adj Dec O/V $13.22 $19.00 41.5 $1.93 $2.76 $2.24 4.8 5.9 $548.5 -$0.41 Discover Financial Services DFS adj Dec E/V $84.73 $90.00 313.5 $7.79 $9.05 $9.43 9.4 9.0 $26,560.2 $31.88 ECN Capital ECN-CA adj/c Dec O/V $4.43 $6.00 240.4 $0.11 $0.28 $0.37 15.8 12.0 $801.4 $4.29 Elevate Credit, Inc. ELVT adj Dec E/V $4.13 $5.00 44.2 $0.28 $0.67 $0.66 6.2 6.3 $182.4 $2.70 Enova International ENVA adj Dec O/V $22.87 $32.00 33.8 $2.58 $4.07 $4.10 5.6 5.6 $772.3 $10.35 EZCORP, Inc. EZPW adj Sep E/V $5.18 $11.00 52.5 $0.88 $0.86 $1.06 6.0 4.9 $271.8 $13.70 FirstCash, Inc. FCFS adj Dec E/V $80.67 $99.00 42.7 $3.53 $3.85 $4.35 21.0 18.5 $3,442.9 $30.23 OnDeck Capital, Inc. ONDK adj Dec E/V $4.11 $5.00 71.8 $0.58 $0.38 $0.44 10.8 9.3 $295.3 $3.98 OneMain Holdings, Inc. OMF adj Dec O/V $43.31 $48.00 136.1 $5.06 $6.52 $5.96 6.6 7.3 $5,894.5 $27.97 Regional Management RM adj Dec E/V $32.71 $33.00 11.5 $3.17 $3.69 $4.27 8.9 7.7 $375.6 $23.70 Rent-A-Center RCII adj Dec E/V $26.24 $30.00 54.8 $1.06 $2.22 $2.39 11.8 11.0 $1,436.8 $5.35 Santander Consumer USA SC adj Dec U/V $23.43 $23.00 339.9 $2.54 $2.92 $2.91 8.0 8.1 $7,963.9 $19.92 SLM Corp. SLM adj Dec O/V $8.44 $13.00 422.2 $1.07 $1.24 $1.37 6.8 6.2 $3,563.1 $5.90 Synchrony Financial SYF adj Dec E/V $37.39 $40.00 646.2 $3.74 $5.42 $4.90 6.9 7.6 $24,161.2 $20.42 World Acceptanc Corp. WRLD adj Mar U/V $94.98 $65.00 7.9 $8.03 $6.43 $7.75 14.8 12.3 $751.8 $59.47 Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 34
DIAGNOSTICS AND LIFE SCIENCE TOOLS JACOB JOHNSON, CFA, 615-279-4355
Jacob is a research analyst covering the diagnostics and life sciences tools sector. Jacob previously worked as a research associate on the healthcare services team. Prior to joining Stephens in September 2015, he worked as an analyst at Kings Point Capital Management. Jacob holds a BA in economics and mathematics from the University of the South and a MS finance from the Olin Business School at Washington University in St. Louis.
Sector Overview: The Medical Diagnostic and Life Science Tools industry consists of companies that design, manufacture and distribute diagnostic products to the medical, veterinary and food/animal safety markets. Our focus is on emerging diagnostic technologies in fields of molecular diagnostics, immunodiagnostics and clinical chemistry. It is our belief that diagnostics will play an increasingly important role in healthcare looking forward with increased focus on catching diseases early in the disease state to reduce costs. Additionally, we believe the personalized medicine movement is only in its infant stages, and in the future, we feel therapeutic decisions will be custom-tailored to the individual to best fit the individual patient’s genetic makeup. We look to cover companies that support these emerging trends, which we believe have the potential to revolutionize the way medicine is practiced. Additionally, we look for companies with strong fundamentals including solid management, large market opportunities, strong intellectual property positions and innovative/value adding products.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS HEALTHCARE Diagnostics and Life Science Tools, Jacob Johnson, CFA, 615-279-4355, [email protected] Avid Bioservices, Inc. CDMO pf Apr O/V $5.36 $8.00 72.2 ($0.16) ($0.22) ($0.01) NM NM $301.4 $0.95 Brooks Automation, Inc. BRKS pf Sep E/V $44.62 $46.00 72.3 $0.77 $1.22 $1.57 36.6 28.4 $3,225.9 $15.76 Catalent, Inc. CTLT pf Jun O/V $52.67 $60.00 72.2 $1.81 $1.94 $2.19 27.1 24.1 $7,706.1 $11.54 Cerus Corp. CERS pf Dec O/V $4.12 $7.50 140.3 ($0.44) ($0.52) ($0.46) NM NM $578.1 $0.62 Recro Pharma, Inc. REPH pf Dec O/V $15.85 $19.00 140.3 ($2.49) ($0.38) $0.83 NM NM $360.3 -$0.89 Repligen Corp. RGEN pf Dec O/V $87.70 $100.00 52.1 $0.73 $1.03 $1.10 85.1 79.7 $4,565.6 $14.02
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 35
HEALTHCARE SERVICES SCOTT FIDEL, 212-891-1788
Scott joined Stephens Inc. in September, 2018 as a Managing Director and leads the firm’s coverage of the Healthcare Services sector. Scott has nearly 20 years of experience covering the Healthcare Services / Managed Care industry on the sell-side, having previously covered the sector as the lead analyst at Credit Suisse, Deutsche Bank, and JPMorgan. Scott began his equity research career as an associate analyst at UBS covering Managed Care. Prior to joining the equity research business, Scott worked as a health care lobbyist in Washington, D.C. Scott was named to the Institutional Investor All-American Research Team for his Managed Care research coverage in both 2013 and 2014. Earlier in his career, he was also recognized as an Institutional Investor All- American Rising Star in both 2003 and 2004. In 2017, Scott was ranked as the #2 sell-side earnings estimator for the Health Care Providers & Services category in the Thomson Reuters Analyst Awards. Scott received his BA in History from the University of Colorado at Boulder.
Sector Overview: Healthcare Services generally includes companies that operate healthcare facilities such as hospitals, nursing homes and ambulatory surgery centers. In addition, this subsector of the overall healthcare industry also includes specialty operators, outsourced services and providers of healthcare to patients where they reside. Our primary focus is on niche providers of healthcare to highly specific patients, markets and/or service areas. Our coverage list includes companies in such areas as ambulatory surgery, emergency medical transport and care, behavioral healthcare, dialysis, home health, long-term care and animal health.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS HEALTHCARE Healthcare Services, Scott Fidel, 212-891-1788, [email protected] Addus HomeCare Corp. ADUS adj Dec O $93.88 $103.00 255.8 $1.96 $2.37 $3.05 39.6 30.8 $1,460.7 $20.99 Amedisys, Inc. AMED adj Dec E $163.05 $160.00 255.8 $3.63 $4.38 $4.90 37.2 33.3 $5,259.2 $15.06 Anthem, Inc. ANTM adj Dec O $287.24 $338.00 253.6 $15.89 $19.43 $22.55 14.8 12.7 $72,833.7 $110.88 Centene Corp. CNC adj Dec O $60.02 $70.00 413.8 $3.54 $4.42 $4.80 13.6 12.5 $24,836.0 $26.47 Cigna Corp. CI adj Dec O $200.37 $242.00 373.4 $14.22 $16.96 $18.60 11.8 10.8 $74,823.2 $107.71 Encompass Health Corp. EHC adj Dec O $71.14 $83.00 377.6 $3.63 $3.83 $3.75 18.6 19.0 $7,014.4 $12.91 Ensign Group, The ENSG adj Dec E $43.52 $47.00 377.6 $1.88 $2.18 $2.26 20.0 19.3 $2,321.9 $11.24 HCA Healthcare HCA Dec O $138.90 $160.00 339.2 $10.66 $10.12 $11.53 13.7 12.0 $47,111.8 -$14.44 Humana Inc. HUM adj Dec O $342.09 $372.00 132.4 $14.55 $17.75 $18.62 19.3 18.4 $45,301.6 $74.95 LHC Group, Inc. LHCG adj Dec O $133.81 $155.00 135.1 $3.55 $4.44 $4.80 30.1 27.9 $4,216.5 $42.93 Magellan Health MGLN adj Dec E/V $76.38 $70.00 24.5 $2.46 $3.50 $4.35 21.8 17.6 $1,868.9 $53.70 Molina Healthcare MOH adj Dec E $133.63 $142.00 62.7 $10.86 $11.60 $11.85 11.5 11.3 $8,378.6 $26.56 Tenet Healthcare THC Dec E/V $31.92 $29.00 103.9 $1.08 ($1.93) $2.16 NM 14.8 $3,316.3 -$1.16 UnitedHealth Group UNH adj Dec O $281.40 $303.00 947.4 $12.88 $14.97 $16.40 18.8 17.2 $266,602.6 $53.85 Universal Health Services UHS Dec E $139.76 $145.00 80.3 $8.31 $8.87 $10.23 15.8 13.7 $11,226.2 $59.00 WellCare Health Plans WCG adj Dec E $321.04 $335.00 50.3 $11.03 $15.70 $16.75 20.4 19.2 $16,148.3 $84.81
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 36
MEDICAL DEVICES & HOSPITAL SUPPLY CHRIS COOLEY, CFA, 501-377-2516
Chris is a managing director leading the medical devices and hospital supply sector. Chris joined Stephens in July 2010 and has over 20 years of equity research experience. He was ranked #3 for stock selection by the Wall Street Journal All-Star Analyst Survey as well as StarMine/ Financial Times in 2011 and was ranked #1 for stock selection by both the Wall Street Journal All-Star Analyst Survey and by StarMine /Financial Times for his work in the sector during 2009. Additionally, Chris has received votes in the Institutional Investor All-Star annual survey for his work in the sector. Prior to joining Stephens, Chris began his professional career with Dean Witter and also worked for Cargill, Inc., Morgan Keegan, SunTrust Equitable Securities and FTN Equity Capital Markets. Chris received a masters in business administration, with concentrations in finance and operations management from the University of Tennessee and a bachelor of science degree in economics from the University of Arkansas.
Sector Overview: The Medical Devices industry consists of companies that design, manufacture, and distribute various devices used in the diagnosis and treatment of a wide variety of medical conditions. The primary market driver remains demographic trends - the U.S. Census Bureau projects that roughly 40% of the U.S. population will be 45 years of age or older by 2008. These demographic trends coupled with Americans’ higher expectations relating to lifestyle/quality of life issues and demands for access to the latest medical technologies will drive growth for the industry. The Medical Devices team is focused on companies with technologies that are well positioned to benefit from these ongoing trends. We look for companies within our areas of focus that we believe have significant market opportunities, innovative and value adding products, quality management teams, and solid fundamentals.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS HEALTHCARE Medical Devices & Hospital Supply, Chris Cooley, CFA, 501-377-2516, [email protected] Abiomed, Inc. ABMD Mar O/V $194.26 $240.00 45.2 $5.61 $4.39 $5.14 44.3 37.8 $8,771.8 $20.76 Alcon, Inc. ALC pf Dec E $56.14 $62.00 45.4 $2.00 $1.90 $2.00 29.5 28.1 $27,435.6 $46.32 Align Technology ALGN pf Dec E/V $277.70 $220.00 78.8 $4.92 $5.39 $6.32 51.5 43.9 $21,886.4 $15.70 Avanos Medical AVNS pf Dec O $34.55 $45.00 47.9 $0.82 $1.05 $1.35 32.9 25.6 $1,655.9 $27.42 Boston Scientific Corp. BSX cs Dec O $42.83 $48.00 1,393.8 $1.47 $1.58 $1.88 27.1 22.8 $59,697.5 $6.30 Cooper Companies, The COO pf Oct O $313.18 $340.00 49.6 $11.50 $12.30 $13.15 25.5 23.8 $15,525.6 $67.23 Cutera, Inc. CUTR pf Dec O/V $38.81 $45.00 14.2 $0.11 $0.11 $0.46 NM 84.4 $552.4 $3.32 DexCom, Inc. DXCM pf Dec O/V $224.07 $200.00 91.2 ($1.44) $0.60 $1.02 NM NM $20,432.1 $7.37 DENTSPLY SIRONA Inc. XRAY pf Dec E $57.04 $60.00 222.4 $2.01 $2.43 $2.63 23.5 21.7 $12,686.5 $22.96 Endologix, Inc. ELGX pf Dec E/V $2.83 $7.00 17.9 ($0.86) ($3.44) ($1.03) NM NM $50.8 $3.83 Establishment Labs ESTA pf Dec O/V $23.56 $37.00 20.6 ($1.22) ($2.07) ($1.71) NM NM $485.4 $3.43 Glaukos Corp. GKOS pf Dec O/V $63.28 $95.00 43.3 ($0.37) ($0.68) ($0.36) NM NM $2,741.5 $4.82 Invacare Corp. IVC Dec O/V $9.12 $17.00 33.7 ($1.33) ($1.13) $0.30 NM 30.4 $307.1 $10.83 Insulet Corp. PODD pf Dec E/V $184.32 $125.00 61.8 $0.05 $0.25 $0.92 NM NM $11,395.0 $3.58 Sientra, Inc. SIEN Dec O/V $8.44 $14.00 49.5 ($3.25) ($3.01) ($1.61) NM NM $417.6 $2.34 STAAR Surgical Co. STAA pf Dec O/V $37.02 $56.00 44.5 $0.28 $0.44 $0.68 84.1 54.4 $1,649.0 $3.00 STERIS plc STE pf Mar O $151.74 $165.00 84.8 $4.89 $5.52 $5.99 27.5 25.3 $12,865.0 $37.60 Teleflex Inc. TFX adj Dec O $350.11 $400.00 46.3 $9.90 $11.09 $12.57 31.6 27.9 $16,208.7 $55.20
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 37
AGRICULTURE MARK CONNELLY, 201-891-1781
Mark joined Stephens Inc. in July 2017 covering agriculture, chemicals, and paper and wood products. Mr. Connelly has covered the various materials sectors for over twenty years, at CSLA Americas, Credit Suisse, and JP Morgan. Mark holds a BA in accounting, and an MBA in finance from the Stern School of Business at New York University.
Sector Overview: The agriculture sector comprises agricultural inputs, farmland, technology, and grain and oilseed production (“Agribusiness” takes over at the harvest). The industry is global in nature, with many of the most important events, trends, and investable ideas coming in Asia, India, Russia, and Latin America. Our analysis focuses mainly on global macro trends, while company coverage includes mined and manufactured fertilizer, crop protection chemicals, precision ag technology, seed, and ag-biotech producers. While the U.S. is likely to remain the global leader in farm productivity and food production, the rate of change in productivity in India and Asia (and secondarily, Brazil and Argentina), will have a powerful impact on the outlook for North American based ag producers.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Agriculture, Mark Connelly, 212-891-1781, [email protected] CF Industries Holdings CF op Dec O $45.72 $60.00 217.4 $1.24 $2.23 $2.85 20.5 16.0 $9,941.0 $13.28 Compass Minerals International CMP op Dec O $55.23 $73.00 33.9 $1.94 $2.01 $3.89 27.5 14.2 $1,871.4 $15.96 Corteva, Inc. CTVA op Dec E $25.88 $32.00 748.4 $1.52 $1.22 $1.36 21.2 19.0 $19,368.6 $92.97 FMC Corporation FMC op Dec O $98.52 $105.00 129.6 $5.24 $5.89 $6.63 16.7 14.9 $12,769.7 $23.59 Intrepid Potash, Inc. IPI op Dec O $2.24 $5.00 132.0 $0.09 $0.14 $0.20 16.0 11.2 $295.6 $3.24 Mosaic Company MOS op Dec O $18.75 $36.00 380.0 $2.13 $0.58 $1.11 32.3 16.9 $7,125.9 $26.97 Nutrien NTR op Dec O $46.90 $68.00 572.9 $2.66 $2.34 $2.92 20.0 16.1 $26,869.0 $40.14
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 38
BUILDING MATERIALS TREY GROOMS, 501-377-2318
Trey is a managing director leading the building materials sector. Trey joined Stephens Inc. in July 2001 as an analyst in the Corporate Finance department focusing on several industries including home building and land development, life sciences, food, and consumer products. He then became an associate in Equity Research in April 2003, covering the information technology and services industry and was promoted to analyst in January 2006. Trey holds a B.B.A. in finance from the University of Arkansas at Little Rock.
Sector Overview: Building Materials is focused on identifying companies with exposure to the residential replacement and new construction markets, as well as infrastructure and other public works construction markets. We seek to identify companies that possess strong growth opportunities, leading market positions, unique value-added services and proprietary products. The areas of focus include Construction Materials, Installation & Distribution, and Specialty Products.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Building Materials, Trey Grooms, 501-377-2318, [email protected] Beacon Roofing Supply, Inc. BECN op Sep O/V $30.15 $34.00 68.5 $2.24 $2.49 $2.77 12.1 10.9 $2,065.1 $27.16 BMC Stock Holdings BMCH op Dec O/V $29.59 $34.00 66.8 $1.99 $1.85 $1.99 16.0 14.9 $1,975.1 $13.02 Builders FirstSource, Inc. BLDR op Dec O/V $25.72 $32.00 115.8 $1.90 $2.06 $2.25 12.5 11.4 $2,978.0 $5.18 Construction Partners Inc. ROAD op Sep O $19.31 $17.00 32.6 $0.73 $0.83 $0.95 23.3 20.3 $629.5 $5.82 Continental Building Products CBPX op Dec E/V $36.62 $31.00 34.7 $1.99 $1.75 $1.81 20.9 20.2 $1,270.3 $9.26 Eagle Materials EXP op Mar O/V $92.54 $111.00 41.6 $5.05 $5.38 $6.11 17.2 15.1 $3,852.5 $26.81 Foundation Building Materials FBM op Dec O/V $20.86 $24.00 43.0 $0.41 $1.05 $1.14 19.9 18.3 $896.8 $8.54 GMS Inc. GMS op Apr O $31.58 $34.00 41.6 $2.82 $3.04 $3.24 10.4 9.7 $1,315.0 $15.17 Installed Building Products IBP op Dec E/V $72.22 $71.00 30.0 $2.66 $3.22 $3.58 22.4 20.2 $2,167.8 $6.10 Martin Marietta Materials MLM op Dec O $269.06 $314.00 62.5 $7.78 $9.90 $11.42 27.2 23.6 $16,816.5 $79.12 Masonite International DOOR op Dec E $72.00 $70.00 24.9 $3.68 $3.35 $3.67 21.5 19.6 $1,791.6 $23.63 Summit Materials LLC SUM op Dec O $24.16 $27.00 112.3 $0.26 $0.42 $0.90 57.5 26.8 $2,712.7 $11.89 TopBuild Corp. BLD op Dec E/V $112.21 $115.00 33.9 $4.19 $5.43 $6.16 20.7 18.2 $3,809.3 $31.01 Trex Company TREX op Dec E/V $87.45 $94.00 58.3 $2.69 $2.51 $2.96 34.8 29.5 $5,101.6 $5.86 U.S. Concrete, Inc. USCR op Dec E $41.07 $47.00 16.7 $2.49 $2.30 $3.42 17.9 12.0 $685.8 $18.78 Vulcan Materials Company VMC op Dec O $142.02 $175.00 132.4 $4.06 $4.81 $5.81 29.5 24.4 $18,797.1 $39.49
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 39
CHEMICALS MARK CONNELLY, 201-891-1781
Mark joined Stephens Inc. in July 2017 covering agriculture, chemicals, and paper and wood products. Mr. Connelly has covered the various materials sectors for over twenty years, at CSLA Americas, Credit Suisse, and JP Morgan. Mark holds a BA in accounting, and an MBA in finance from the Stern School of Business at New York University.
Sector Overview: The chemical industry, probably better thought of as “chemicals and materials,” given the blurred line between the two, extends across the spectrum from industrial gasses to food additives to plastics and carbon fiber. In its entirety, the sector follows global GDP, but new innovations can quickly eclipse existing materials, leading to vastly different growth rates and investment potential, and, as we recently saw with industry leaders Dow and DuPont, size and scale can be as much an impediment to performance as a benefit.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Chemicals, Mark Connelly, 212-891-1781, [email protected] DuPont de Nemours, Inc. DD op Dec O $65.07 $81.00 740.8 $4.05 $3.79 $4.36 17.2 14.9 $48,204.3 $125.04 Israel Chemicals ICL op Dec O $4.68 $7.00 1,280.4 $0.37 $0.41 $0.44 11.4 10.6 $5,992.0 $2.95
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 40
ELECTRICAL EQUIPMENT/MULTI-INDUSTRY ROB MCCARTHY, CFA, 617-239-7537
Rob covers the Electrical Equipment/Multi-industry sector. He joins the firm after four years at Stifel Financial where in 2017, Mr. McCarthy was recognized by Institutional Investor as a leading industry analyst. Prior to Stifel Financial, he was an analyst/portfolio manager, with UBS O’Connor LLC (a division of UBS Global Asset Management). Formerly, Mr. McCarthy held sell-side analyst roles with Banc of America Securities, CIBC World Markets, Morgan Stanley and, at the onset of his financial career in 1997, was an associate for the investment banking division of ING Baring Furman Selz LLC. He is a graduate of Dartmouth College and has a J.D. from Duke University School of Law, and an M.B.A. from The Wharton School of Business, The University of Pennsylvania.
Sector Overview: The Electrical Equipment/Multi-industry group covers a wide spectrum of Global multi-national conglomerates to smaller, U.S. based electrical equipment, industrial automation, and general component suppliers, as well as heating, ventilation and air-conditioning (HVAC) manufacturers. It also includes serial acquisition stories in the industrial technology, Industrial Internet of Things (IIOT), and select industrial and commercial applications in Software as a Service (SaaS) businesses. Key end markets include construction (both residential and nonresidential), aerospace, defense, medical, oil and gas, industrial and process automation, automotive, chemical, mining, as well as a whole host of smaller niche markets.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Electrical Equipment/Multi-Industry, Rob McCarthy, 617-239-7537, [email protected] A.O. Smith AOS op Dec E $48.69 $47.00 137.1 $2.61 $2.27 $2.60 21.4 18.7 $6,673.4 $10.21 AMETEK, Inc. AME op Dec O $99.26 $106.00 228.6 $3.66 $4.14 $4.40 24.0 22.6 $22,690.1 $18.68 Eaton Corp. ETN op Dec O $92.70 $96.00 413.4 $4.91 $5.70 $6.00 16.3 15.5 $38,322.2 $38.02 Emerson Electric Co. EMR op Sep O $74.43 $80.00 609.2 $3.71 $3.61 NE 20.6 NM $45,339.3 $13.47 ESCO Technologies ESE op Sep E $87.38 $91.00 26.0 $3.13 $3.25 $3.95 26.9 22.1 $2,270.2 #N/A Hubbell Inc. HUBB op Dec O $148.84 $163.00 54.4 $7.77 $8.05 $8.60 18.5 17.3 $8,094.8 $32.54 Ingersoll-Rand IR op Dec E $130.65 $129.00 239.6 $5.61 $6.40 $6.80 20.4 19.2 $31,303.4 $29.03 Itron, Inc. ITRI op Dec E $80.48 $83.00 39.6 $2.65 $3.15 $3.75 25.5 21.5 $3,184.4 $18.04 Lennox International LII op Dec E $259.14 $245.00 38.5 $9.41 $11.30 $11.70 22.9 22.1 $9,985.2 -$3.75 Liqtech, Inc. LIQT op Dec O $5.32 $5.50 20.5 ($0.07) $0.05 $0.28 NM 19.0 $109.3 $0.47 Regal Beloit Corp. RBC op Dec E $82.68 $85.00 40.9 $6.00 $5.50 $5.65 15.0 14.6 $3,385.1 $53.98 Rockwell Automation ROK op Sep O $196.32 $216.00 115.5 $8.67 $9.00 NE 21.8 NM $22,684.2 $3.49 Roper Technologies ROP op Dec O $362.94 $414.00 104.1 $11.81 $13.00 $13.80 27.9 26.3 $37,766.8 $74.84
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 41
INDUSTRIAL PRODUCTS AND SERVICES BLAKE HIRSCHMAN, 501-377-8046
Blake is a research analyst covering the Industrial Products and Services sector. Blake was previously an associate with the building materials and construction services team. He joined Stephens Inc. in May 2013. Blake graduated cum laude with a B.S.B.A. in finance from the Sam M. Walton College of Business at the University of Arkansas, where he served as the Treasurer for the Associated Student Government.
Sector Overview: Our Industrial Products and Services research team focuses primarily on two industry sub-segments: 1) industrial distribution firms and 2) engineering and construction (E&C)/ industrial service firms. The industrial distribution industry is large and highly fragmented, with over 100,000 participants in North America. We look for distribution companies that have leading market positions in their product verticals, a meaningful amount of operating leverage and/or differentiated service platforms. Within the E&C and industrial service industry, we focus on small- to mid-cap companies with an emphasis on those that serve energy end markets (oil & gas and power generation).
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Industrial Products and Services, Blake Hirschman, 501-377-8046, [email protected] Arcosa, Inc. ACA Dec E $39.52 $43.00 48.4 $1.82 $2.33 $2.47 17.0 16.0 $1,912.4 $35.17 DXP Enterprises DXPE Dec O $39.42 $47.00 17.6 $1.87 $2.50 $2.72 15.8 14.5 $693.9 $17.63 Dycom Industries DY pf Jan O/V $54.36 $64.00 31.5 $2.79 $2.45 $3.01 22.2 18.1 $1,712.0 $25.59 Fastenal Company FAST pf Dec E $35.91 $37.00 573.5 $1.31 $1.38 $1.47 26.0 24.4 $20,595.4 $4.03 MasTec, Inc. MTZ adj Dec O/V $66.81 $76.00 76.3 $3.77 $5.19 $5.48 12.9 12.2 $5,099.7 $18.29 MRC Global Inc. MRC pf Dec O $13.71 $17.00 82.2 $1.07 $0.57 $0.84 24.1 16.3 $1,126.8 $8.08 MSC Industrial Direct Co. MSM pf Aug E $74.36 $76.00 45.0 $5.30 $5.05 $5.37 14.7 13.8 $3,349.5 $26.77 NOW, Inc. DNOW pf Dec O $11.34 $14.00 108.8 $0.36 $0.30 $0.33 37.8 34.4 $1,233.8 $11.20 Pool Corp. POOL pf Dec E $210.26 $202.00 40.0 $5.62 $6.35 $6.87 33.1 30.6 $8,418.4 $5.66 Quanta Services, Inc. PWR pf Dec O/V $41.67 $50.00 142.3 $2.81 $3.22 $3.86 12.9 10.8 $5,929.4 $25.45 W.W. Grainger, Inc. GWW pf Dec E $320.68 $315.00 53.9 $16.84 $17.58 $18.83 18.2 17.0 $17,273.8 $34.39 Watsco, Inc. WSO pf Dec O $179.76 $186.00 32.6 $7.07 $7.22 $7.87 24.9 22.8 $5,868.8 $35.98 WESCO International, Inc. WCC pf Dec O/V $53.38 $63.00 41.8 $4.82 $5.20 $5.52 10.3 9.7 $2,231.1 $47.34
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 42
MACHINERY ASHISH GUPTA, 212-891-1709
Ashish Gupta is a research analyst covering Machinery and Industrial equities. He has 15-years of experience on the sell-side and buy-side, including working on 3 separate Institutional Investor ranked teams. Ashish has covered Industrials and Basic Materials primarily for the last 10-years after beginning his career on Wall Street on the Media/Entertainment Research team at Credit Suisse. Ashish is a graduate of the University of Michigan and lives in New York City with his wife and children.
Sector Overview: The Machinery sector includes global original equipment manufacturers, dealers, and component suppliers in the agriculture, construction, mining and trucking sectors. Machinery companies are tied to cyclical end-market trends and the secular push to increase mechanization amongst their global customer base. The sector was long dominated by U.S., European and Japanese companies but in the last ten years as China has become the biggest market in the world, local Chinese companies have developed scale and expertise and are looking to expand globally creating opportunities and threats for the incumbents.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Machinery, Ashish Gupta, 212-891-1709, [email protected] AGCO Corporation AGCO adj Dec O $80.55 $88.00 75.5 $3.89 $5.10 $5.64 15.8 14.3 $6,083.3 $38.32 CNH Industrial CNHI adj Dec E $11.20 $10.00 1,351.3 $0.80 $0.85 $0.88 13.2 12.7 $15,134.9 $3.72 Deere & Company DE adj Oct E $176.65 $160.00 314.9 $9.40 $9.97 $10.28 17.7 17.2 $55,622.3 $35.45 Caterpillar Inc. CAT adj Dec U $146.09 $100.00 552.7 $11.22 $10.66 $10.11 13.7 14.5 $80,737.9 $24.39 Finning International Inc. FINGF adj/c Dec E $18.45 $19.00 163.3 $1.65 $1.90 $2.12 9.7 8.7 $3,013.1 $9.39 Volvo VLVLY adj/sek Dec E $15.68 $14.00 1,651.1 $14.37 $17.01 $12.04 0.9 1.3 $25,882.1 $6.85
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 43
PAPER AND WOOD PRODUCTS MARK CONNELLY, 201-891-1781
Mark joined Stephens Inc. in July 2017 covering agriculture, chemicals, and paper and wood products. Mr. Connelly has covered the various materials sectors for over twenty years, at CSLA Americas, Credit Suisse, and JP Morgan. Mark holds a BA in accounting, and an MBA in finance from the Stern School of Business at New York University.
Sector Overview: The paper and wood products industry is a mature group of commodity businesses with little growth, and in some cases, dramatic demand decline (newsprint, for example). Yet historically, there has been little correlation between demand growth and stock performance, and often little correlation even between commodity prices and demand. Two decades of M&A have improved the situation somewhat, but large discrepancies in stock performance tend to be explained mainly by vastly different capital allocation decisions, even among direct competitors, and structural inefficiencies brought about in large part by the M&A decisions of large producers. Our analysis focuses mainly on the structural and behavioral differences which help explain historical performance gaps, but also provide significant insight into expected future behavior and performance.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Paper and Wood Products, Mark Connelly, 212-891-1781, [email protected] Domtar Corp. UFS op Dec O $38.44 $45.00 57.3 $4.61 $3.19 $2.32 12.1 16.6 $2,201.6 $40.34 Graphic Packaging GPK op Dec O $16.20 $17.00 290.2 $0.81 $0.88 $1.09 18.4 14.9 $4,702.0 $5.27 International Paper Co. IP op Dec E $46.23 $50.00 392.1 $5.32 $4.34 $3.81 10.7 12.1 $18,127.5 $18.38 Louisiana-Pacific Corp. LPX op Dec O $29.75 $32.00 117.5 $2.75 $0.42 $2.00 70.8 14.9 $3,494.2 $12.43 Packaging Corp of America PKG op Dec E $112.46 $100.00 94.7 $8.04 $7.64 $7.00 14.7 16.1 $10,645.2 $28.28 WestRock Co. WRK op Sep E $40.49 $45.00 257.9 $3.98 $3.76 $3.80 10.8 10.7 $10,442.1 $45.27 Weyerhaeuser Co. WY op Dec O $29.62 $32.00 745.1 $1.18 $0.40 $0.75 74.1 39.5 $22,071.1 $12.12
Please see the detailed risk section for each LP at the end of this report.
Investors should also review the risk factors identified by the companies as disclosed in the documents filed by each company with the SEC which can be viewed by clicking on each company below.
Weyerhaeuser Co.
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 44
TRANSPORTATION/AIRLINES JACK ATKINS, 501-377-2298/ SCOTT SCHOENHAUS, 212-891-1707
Scott is a research analyst covering the airlines sector. Prior to that he was a research associate on the truckload and LTL team. Before joining Stephens in February 2014 he was a research associate at Wolfe Research, focusing on Airfreight & Surface Transportation. Scott graduated from Georgetown University with a B.A. in Economics. Sector Overview: The U.S. passenger airline industry has undergone significant change over the past several years as consolidation has reduced the number of carriers in the market. While the industry will remain volatile given the unpredictability of and leverage to changes in fuel prices, our coverage across the legacy carriers, ULCC and more niche carriers remains focused on fundamental company specific research while also remain cognizant of industry capacity and pricing trends
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Transportation/Airlines, Jack Atkins, 501-377-2298, [email protected]/Scott Schoenhaus, 212-891-1707, [email protected] American Airlines Group AAL op Dec E $29.05 $35.00 438.1 $4.55 $5.00 $5.10 5.8 5.7 $12,725.6 -$0.37 Delta Air Lines, Inc. DAL op Dec E $57.46 $57.00 646.7 $5.61 $6.90 $6.30 8.3 9.1 $37,161.9 $20.13 JetBlue Airways Corp. JBLU op Dec E $19.32 $20.00 288.7 $1.59 $1.90 $2.35 10.2 8.2 $5,577.6 $15.02 Skywest, Inc. SKYW op Dec O $64.31 $75.00 537.5 $5.30 $6.23 $6.70 10.3 9.6 $3,242.6 $38.22 Southwest Airlines Co. LUV op Dec O $57.59 $68.00 526.3 $4.25 $4.42 $4.90 13.0 11.8 $30,308.2 $17.83 Spirit Airlines, Inc. SAVE op Dec E $39.10 $45.00 68.4 $4.39 $4.85 $4.95 8.1 7.9 $2,676.3 $28.25 United Airlines Holdings, Inc. UAL op Dec O $92.76 $112.00 253.0 $9.12 $12.00 $12.50 7.7 7.4 $23,472.4 $37.03
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 45
TRANSPORTATION/LOGISTICS/MARITIME JACK ATKINS, 501-377-2298
Jack is a research analyst covering the airfreight and logistics/maritime and truckload/LTL sectors. He joined Stephens in August 2007 as a research associate in the Industrials group, with a primary focus on industrial distribution and service companies. He was promoted to analyst on the transportation research team in August 2011. Jack holds a B.A. in history from Auburn University and an M.A. with a concentration in history from Virginia Tech.
Sector Overview: Logistics is the function by which the owner of goods outsources various elements of the supply chain to a third party. The global supply chain services and solutions industry consists of air and ocean freight forwarding, contract logistics, domestic ground transportation, customs clearances, distribution, inbound logistics, warehousing and supply chain management. Among the factors impacting the industry are the outsourcing of supply chain activities, increased global trade and sourcing, increased demand for time-definite delivery of goods, and the need for advanced information technology systems.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Transportation/Logistics/Maritime, Jack Atkins, 501-377-2298, [email protected] Air Transport Services Group ATSG op Dec O $24.98 $32.00 59.4 $1.30 $1.40 $1.65 17.8 15.1 $1,483.1 $7.38 Atlas Air Worldwide Holdings AAWW op Dec E/V $26.23 $23.00 25.9 $7.27 $4.80 $3.75 5.5 7.0 $678.6 $80.81 C.H. Robinson Worldwide, Inc. CHRW op Dec E $77.05 $77.00 135.3 $4.74 $4.30 $3.80 17.9 20.3 $10,421.0 $11.62 Echo Global Logistics ECHO op Dec E $20.30 $26.00 27.3 $1.87 $1.41 $1.25 14.4 16.2 $554.1 $14.23 Expeditors International EXPD Dec E $76.34 $80.00 170.3 $3.50 $3.55 $3.75 21.5 20.4 $13,000.8 $11.58 FedEx Corp. FDX adj May O $161.50 $192.00 260.9 $15.52 $12.00 $14.75 13.5 10.9 $42,137.0 $68.08 Forward Air FWRD op Dec E $70.78 $81.00 28.2 $3.13 $3.15 $3.70 22.5 19.1 $1,994.0 $19.39 Kirby Corp. KEX op Dec O $85.15 $96.00 59.9 $2.91 $2.88 $3.10 29.6 27.5 $5,104.5 $53.67 Landstar System, Inc. LSTR Dec O $112.48 $129.00 39.5 $6.18 $5.88 $6.00 19.1 18.7 $4,438.8 $17.12 Matson Inc. MATX op Dec O $38.24 $42.00 42.9 $2.53 $1.95 $2.10 19.6 18.2 $1,639.2 $17.69 United Parcel Service UPS adj Dec E $121.20 $132.00 700.8 $7.24 $7.55 $8.00 16.1 15.2 $84,931.5 $3.52 XPO Logistics Inc. XPO op Dec E $84.08 $85.00 92.3 $3.20 $4.10 $4.25 20.5 19.8 $7,760.6 $30.55
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 46
TRANSPORTATION/RAILROAD AND TRANSPORTATION SUPPLIERS JUSTIN LONG, 501-377-2036
Justin currently serves as a research analyst covering the railroads & transportation suppliers and has been with Stephens since 2008. Previously, he spent two and a half years as a research associate in the transportation industry focused on the railroad, transportation supplier and trucking verticals. Prior to that time, he was a participant in Stephens’ Corporate Finance Analyst Program from 2008 – 2010. Justin graduated Phi Beta Kappa from Rhodes College with a B.A. in economics and business administration.
Sector Overview: Railroads are an important part of the U.S. economy. Since 1980, railroads have captured an increasing share of U.S. freight shipments. Railroads accounted for approximately 27% of the ton-miles of U.S. freight moved in 1980, and 38% by 2005. Rail growth has average 2.5%/year vs. total freight growth of 1.2%/year. In terms of tons, coal represents the largest proportion of railroad shipments. In 2007, coal represented approximately 44% of total tons. Other large commodity groups include chemicals, farm products, non-metallic minerals and miscellaneous mixed shipments. In terms of revenue, coal is still the largest, but the miscellaneous mixed shipments category, which consists primarily of intermodal, is becoming an increasingly large part of total railroad revenue. Other significant revenue drivers are chemicals, farm products, food, and automotive equipment. Some commodities are particularly dependent on rail transportation. According to the Association of American Railroads (AAR), 70% of domestically produced automobiles, 70% of coal and 35% U.S. grain move by rail. Currently there are 7 Class I railroads and over 550 short-line and intermediate railroads.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Transportation/Railroads and Equipment Suppliers, Justin Long, 501-377-2036, [email protected] Canadian National Railway CNI op/c Dec E $92.35 $93.00 715.3 $5.50 $6.00 $6.55 15.4 14.1 $66,058.0 $17.81 Canadian Pacific Railway CP op/c Dec E $239.10 $241.00 137.2 $14.53 $16.35 $18.40 14.6 13.0 $32,803.3 $34.58 CSX Corp. CSX op Dec E $71.95 $76.00 777.6 $3.85 $4.22 $4.45 17.0 16.2 $55,951.0 $15.35 CTS Corp. CTS op Dec E $27.34 $31.00 798.2 $1.53 $1.45 $1.55 18.9 17.6 $891.3 $11.54 Descartes Systems Group DSGX op Jan E $43.24 $40.00 84.1 $0.40 $0.44 $0.61 98.3 70.9 $3,637.6 $6.94 Fortress Transportation FTAI Dec O $17.72 $20.00 84.9 $0.07 $0.48 $0.70 36.9 25.3 $1,504.5 $11.87 FreightCar America RAIL op Dec E $2.03 $4.00 12.7 ($1.79) ($3.09) ($1.40) NM NM $25.8 $15.54 GATX Corp. GATX adj Dec E $81.63 $75.00 35.1 $5.21 $5.25 $5.05 15.5 16.2 $2,865.2 $48.84 Genesee & Wyoming Inc. GWR op Dec E $111.38 $112.00 57.0 $3.87 $4.35 $5.00 25.6 22.3 $6,352.9 $60.17 Greenbrier Companies GBX Aug E $28.47 $31.00 32.6 $2.96 $3.00 $2.85 9.5 10.0 $928.0 $39.30 Hub Group HUBG Dec O $51.92 $57.00 33.4 $2.91 $3.36 $3.20 15.5 16.2 $1,732.8 $28.47 J.B. Hunt Transport Services, Inc. JBHT op Dec O $117.48 $124.00 106.6 $5.68 $5.40 $5.90 21.8 19.9 $12,520.8 $19.33 Kansas City Southern KSU op Dec E $154.57 $151.00 99.1 $5.97 $7.02 $8.00 22.0 19.3 $15,321.0 $47.65 Norfolk Southern Corp. NSC op Dec O $196.21 $202.00 260.7 $9.52 $10.13 $11.25 19.4 17.4 $51,161.1 $57.30 Rush Enterprises, Inc. RUSHA op Dec O $45.63 $54.00 27.9 $4.03 $3.25 $3.50 14.0 13.0 $1,272.3 $28.84 Ryder System R op Dec E $53.34 $50.00 53.3 $5.78 $1.05 $2.80 50.8 19.1 $2,842.6 $54.79 Stoneridge Inc. SRI op Dec O $30.15 $36.00 27.4 $1.99 $1.50 $1.65 20.1 18.3 $826.2 $9.94 Trinity Industries TRN Dec E $21.26 $20.00 122.7 $1.44 $1.23 $1.10 17.3 19.3 $2,608.3 $16.59 Union Pacific Corp. UNP op Dec O $178.09 $181.00 694.2 $8.01 $8.50 $9.55 21.0 18.6 $123,630.1 $28.17 Wabtec Corp. WAB op Dec O $80.11 $86.00 191.7 $3.81 $4.15 $4.00 19.3 20.0 $15,355.6 $29.66 Wabash National Corp. WNC op Dec E $15.87 $16.00 54.1 $1.44 $1.67 $1.40 9.5 11.3 $858.5 $8.59 WABCO Holdings Inc. WBC op Dec E $135.07 $136.50 51.3 $7.89 $7.60 $8.00 17.8 16.9 $6,923.0 $22.91 Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 47
TRANSPORTATION/TRUCKLOAD AND LESS-THAN-TRUCKLOAD JACK ATKINS, 501-377-2298
Jack is a research analyst covering the airfreight and logistics/maritime and truckload/LTL sectors. He joined Stephens in August 2007 as a research associate in the Industrials group, with a primary focus on industrial distribution and service companies. He was promoted to analyst on the transportation research team in August 2011. Jack holds a B.A. in history from Auburn University and an M.A. with a concentration in history from Virginia Tech.
Sector Overview: Truckload (TL) by Department of Transportation (DOT) definition is characterized by shipments of 10,000 pounds or more and is approximately $65 billion in size. Concentration within the industry is very fragmented with approximately 50,000 carriers, and labor tends to be predominately non-union. TL carriers transport trailer-load shipments bound for a single destination, and routes tend to be irregular with few terminals (used mainly for maintenance). There are several sub-categories including dry-van, flatbed, temperature-controlled, tanker, regional and expedited. Operations vary depending on length of haul, which falls into three service categories: long-haul (over 1,000 miles), medium-haul (600-1,000 miles) and short-haul (less than 600 miles). Less-Than-Truckload (LTL) industry provides transportation of partial-load shipments that go to one or more destinations or full trailer- load shipments going to multiple destinations. The LTL industry is comprised of two distinct segments, national LTL and regional LTL. The national LTL participants operate a "hub-and-spoke" network with an average length of haul of 1,200 to 1,400 miles. Growth is dependent on accelerated economic activity and competitor failures. The regional LTL segment is characterized by numerous carriers, typically non-union, that operate a modified hub-and-spoke network, with an average length of haul of 200 to 600 miles for most freight. Growth in this segment is dependent on consolidation within the marketplace, the shift toward more regionalized freight patterns by shippers, and general economic growth.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Transportation/Truckload and Less-Than-Truckload, Jack Atkins, 501-377-2298, [email protected] ArcBest Corp. ARCB op Dec E $29.08 $34.00 25.5 $3.85 $2.47 $2.30 11.8 12.6 $741.7 $28.05 Covenant Transportation Group CVTI op Dec E $13.69 $18.00 16.1 $2.36 $0.74 $0.90 18.5 15.2 $220.5 $18.68 Heartland Express, Inc. HTLD Dec E $21.42 $24.00 82.0 $0.88 $0.98 $0.95 21.9 22.5 $1,756.9 $7.52 Knight-Swift Transportation Holdings KNX op Dec O $37.60 $49.00 170.6 $2.57 $2.25 $2.10 16.7 17.9 $6,416.3 $31.59 Marten Transport, Ltd. MRTN op Dec E $21.26 $23.00 54.7 $1.00 $1.11 $1.15 19.2 18.5 $1,162.7 $10.57 Old Dominion Freight Line ODFL op Dec O $194.06 $203.00 79.8 $7.39 $7.70 $8.25 25.2 23.5 $15,490.6 $33.00 Saia, Inc. SAIA op Dec O $96.43 $113.00 25.9 $3.99 $4.40 $5.05 21.9 19.1 $2,501.0 $27.24 Schneider National Inc. SNDR op Dec O $22.89 $27.00 94.1 $1.55 $1.27 $1.25 18.0 18.3 $2,153.7 $12.05 TFI International TFII-CA op/c Dec O $44.19 $59.00 81.6 $3.54 $3.95 $4.15 11.2 10.6 $2,714.5 $18.25 U.S. Xpress USX op Dec E/V $4.52 $6.00 33.3 $0.97 $0.13 $0.20 34.8 22.6 $150.4 $4.86 USA Truck, Inc. USAK op Dec O $7.42 $10.00 8.6 $1.56 $0.09 $0.25 82.4 29.7 $63.6 $9.62 Werner Enterprises, Inc. WERN Dec O $37.02 $44.00 69.2 $2.39 $2.30 $1.95 16.1 19.0 $2,562.0 $17.95 YRC Worldwide Inc. YRCW op Dec E/V $3.29 $5.00 36.3 $1.09 ($2.26) ($0.18) NM NM $119.3 -$9.23
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 48
BUSINESS SERVICES BRETT HUFF, CFA, 501-377-8068
Brett is a managing director leading the business services team. He joined Stephens Inc. in April 2005 as research associate covering title, insurance broker and financial services technology companies. Prior to joining Stephens, he was an associate analyst at Southwest Securities focused on the specialty retail industry. He also previously worked at OpenAir, Inc., a private software company in Boston which was subsequently purchased by NetSuite, Inc., where he held Director of Product Management and Director of Marketing positions. Prior to that, he worked at Deloitte Consulting as a management consultant. Brett obtained his A.B. in social studies from Harvard University and received an M.B.A., focusing on finance and strategy, from the Kellogg School of Management at Northwestern University.
Sector Overview: We think the companies that will win in this market are those that have superior data assets and strong advertiser relationships/customers. The second major use case is helping banks and corporates make better underwriting decisions. We think the winning companies here will be those with superior data assets, with an international opportunity, and with the proven ability to innovate and cross sell. For payment processing/bank technology, we see two primary markets: selling services to banks and selling services to merchants. For the bank focused companies, we think the winning companies will have established the role of trusted IT advisor to the bank, will leverage that status to cross sell additional products/take share of wallet from point solutions to help offset price compression, and will have developed or bought higher-growth/higher-margin payment assets to drive incremental margin.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS Business Services, Brett Huff, CFA, 501-377-8068, [email protected] ACI Worldwide, Inc. ACIW pf/cs Dec O $37.71 $41.00 115.6 $1.11 $1.64 $1.86 23.0 20.3 $4,359.2 $9.03 Bottomline Technologies EPAY pf Jun E/V $50.11 $50.00 44.0 $1.35 $1.37 $1.58 36.6 31.7 $2,203.1 $9.18 CoStar Group, Inc. CSGP pf Dec O $617.39 $616.00 36.6 $8.28 $10.01 $10.95 61.7 56.4 $22,618.1 $82.92 Equifax Inc. EFX cs Dec E $141.30 $139.00 121.1 $5.79 $5.57 $5.84 25.4 24.2 $17,109.0 $25.77 Experian plc EXPGY adj Mar E/V $32.79 $31.00 908.5 $0.98 $1.02 $1.18 32.2 27.8 $29,791.1 $2.75 FICO FICO adj Sep E $368.98 $352.00 29.0 $7.51 $8.39 $9.83 44.0 37.5 $10,686.4 $10.01 Fidelity National Information Svcs. FIS op/cs Dec O $137.54 $153.00 614.6 $5.23 $5.51 $6.20 25.0 22.2 $84,532.1 $31.24 Fiserv, Inc. FISV adj Dec O $116.22 $117.00 679.9 $3.10 $4.03 $4.79 28.8 24.3 $79,017.4 $5.84 Global Payments Inc. GPN adj Dec O $180.52 $184.00 300.5 $5.19 $6.11 $7.01 29.5 25.8 $54,254.9 $25.27 Jack Henry & Associates, Inc. JKHY adj Jun E $151.79 $140.00 76.9 $3.52 $3.64 $4.15 41.7 36.6 $11,678.3 $18.56 LiveRamp, Inc. RAMP adj Mar O/V $50.49 $56.00 67.7 ($0.29) ($0.74) $0.20 NM NM $3,418.0 $19.37 Mastercard Inc. MA csh/adj Dec O $289.38 $298.00 997.4 $6.49 $7.67 $9.04 37.7 32.0 $288,641.8 $5.23 PayPal Holdings PYPL pf Dec O/V $106.20 $125.00 1,174.2 $2.42 $3.08 $3.49 34.5 30.4 $124,699.2 $13.11 Q2 Holdings, Inc. QTWO csh/adj Dec E $84.67 $79.00 48.2 $0.23 $0.21 $0.38 NM NM $4,077.3 $3.65 Square, Inc. SQ pf Dec E/V $68.94 $71.00 342.6 $0.47 $0.77 $0.95 89.5 72.6 $23,621.1 $2.69 Visa Inc. V op Sep O $182.55 $204.00 1,712.7 $5.44 $6.12 $7.11 29.8 25.7 $312,649.2 $13.53
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 49
ENTERPRISE AND CLOUD INFRASTRUCTURE RYAN MACWILLIAMS, 212-891-1789
Ryan is a senior research associate covering the technology sector. Prior to joining Stephens in 2018, he was an equity research associate covering unified communications and optical networking at William Blair. Ryan graduated with a B.S. in finance from the Pennsylvania State University. He is also a CFA charterholder.
Sector Overview: Software companies developing technology required for enterprise IT and cloud computing delivered or accessed via a network or the internet. The technology covers virtual and on-demand applications and services being delivered through the model known as infrastructure as a service (IaaS), software as a service (SaaS) and platform as a service (PaaS).
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS Enterprise and Cloud Infrastructure, Ryan MacWilliams 212-891-1789, [email protected] 8X8, Inc. EGHT adj Mar O/V $20.56 $27.00 100.2 ($0.22) ($0.62) ($0.19) NM NM $2,060.6 $2.59 Everbridge, Inc. EVBG adj Dec O/V $86.24 $98.00 33.8 ($0.54) ($0.23) ($0.08) NM NM $2,914.1 $1.42 Five9, Inc. FIVN adj Dec E/V $67.53 $55.00 61.1 $0.60 $0.77 $0.85 87.7 79.4 $4,124.7 $2.41 LogMeIn, Inc. LOGM adj Dec E/V $78.19 $77.00 48.8 $5.40 $5.13 $4.97 15.2 15.7 $3,816.8 $58.68 Slack Technologies, Inc. WORK adj Jan O/V $22.09 $37.00 259.6 ($0.97) ($0.41) ($0.23) NM NM $5,734.7 -$2.26 Smartsheet, Inc. SMAR adj Jan O/V $46.96 $55.00 90.9 ($0.37) ($0.55) ($0.52) NM NM $4,270.2 $1.59 Twilio, Inc. TWLO adj Dec E/V $102.59 $115.00 124.6 $0.10 $0.14 $0.30 NM NM $12,782.8 $4.38 Vonage Holdings Corp. VG adj Dec O/V $7.60 $15.00 242.6 $0.32 $0.18 $0.23 42.2 33.0 $1,844.0 $2.23 Zoom Video Communications, Inc. ZM adj Jan O/V $75.16 $105.00 56.9 $0.03 $0.19 $0.24 NM NM $4,275.7 -$0.03
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 50
INTERNET, VIDEO GAMES AND ONLINE GAMBLING JEFF COHEN, 212-891-1728
Jeff Cohen is an equity research analyst focused on Internet, Video Games and Online Gambling. He joined Stephens Inc. in July 2017 after graduating Columbia Business School with an MBA in Finance and Accounting. Prior to, Jeff was an analyst with Barclays Equity Special Situations Group. He received a BA in Government from Harvard University in 2012. Jeff is Harvard University’s all-time leading lacrosse goal scorer and a former US Lacrosse All-American.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS Internet, Video Games and Online Gambling, Jeff Cohen 212-891-1728, [email protected] Activision Blizzard, Inc. ATVI adj Dec O/V $54.17 $65.00 768.3 $2.60 $2.20 $2.62 24.6 20.7 $41,616.6 $14.88 Elecltronics Arts, Inc. EA adj Mar O/V $99.28 $120.00 292.0 $4.28 $4.97 $5.04 20.0 19.7 $28,987.7 $17.89 Glu Mobile, Inc. GLUU Dec O/V $5.16 $7.00 145.8 ($0.10) $0.03 $0.09 NM 57.3 $752.3 $1.23 SciPlay Corp. SCPL Dec O/V $10.57 $12.50 22.7 $0.31 $0.72 $0.96 14.7 11.0 $240.2 $5.48 Take-Two Interactive Software, Inc. TTWO adj Mar O/V $120.44 $145.00 113.3 $4.84 $4.90 $5.08 24.6 23.7 $13,651.5 $18.19 Ubisoft Entertainment UBSFY adj, € Mar E/V $12.09 $60.00 602.8 $2.80 $0.11 $3.58 NM 3.4 $7,290.3 $1.88 Zynga, Inc. ZNGA Dec O/V $6.26 $8.25 945.9 $0.02 ($0.01) $0.12 NM 52.2 $5,921.5 $1.85
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 51
MEDIA KYLE EVANS, 501-377-6376
Kyle is a managing director leading the Media practice in equity research at Stephens, where he has worked for over 15 years. He joined the research department in 1999 as an associate in the Internet Media and Ad Technology groups, and eventually became lead analyst over the Internet and Business Services groups. In 2009, Kyle took an operational position as VP of Digital at Stephens Media, a holding company with 13 dailies and over 60 weeklies, magazines and specialty publications. Prior to joining Stephens, Kyle worked at the Medical College of Virginia in the Neuropsychology department. He graduated with a B.A. in Psychology from Denison University and an M.A. in Psychology from the University of Richmond.
Sector Overview: Our practice encompasses all media channels, including digital, print, TV, radio, and outdoor. We have a strong interest in hybrid and transitioning business models, and recommendations are informed by our analysis of industry trends, including consumer use patterns, shifting ad spend, consolidation, defensibility of markets, and disruptive new products and services.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS Media, Kyle Evans, 501-377-6376, [email protected] Cable One, Inc. CABO Dec E $1,534.84 $1,550.00 5.7 $28.77 $30.82 $43.86 49.8 35.0 $8,765.5 $135.95 CBS Corp. CBS Dec O/V $40.51 $51.00 351.9 $5.20 $4.94 $5.58 8.2 7.3 $14,256.5 $7.52 E.W. Scripps Co. SSP Dec E $15.36 $17.00 69.0 ($0.64) ($0.27) $1.69 NM 9.1 $1,059.6 $11.48 Gannett Co. GCI adj Dec E $6.46 $11.00 122.9 $1.08 $0.66 $0.68 9.8 9.5 $793.8 $11.89 Gray Television, Inc. GTN Dec O/V $20.59 $27.00 93.6 $2.37 $1.02 $3.07 20.2 6.7 $1,927.9 $13.38 Live Nation Entertainment LYV Dec O/V $69.65 $85.00 213.5 ($0.08) $0.22 $0.34 NM NM $14,870.9 $5.23 Meredith Corp. MDP adj Jun E $35.35 $40.00 40.2 $7.39 $7.14 $6.97 5.0 5.1 $1,421.0 $21.56 Nexstar Media Group NXST Dec O/V $108.46 $150.00 46.1 $8.21 $5.76 $18.17 18.8 6.0 $5,004.2 $40.61 Roku, Inc. ROKU Dec O/V $164.28 $155.00 91.5 ($0.09) ($0.55) ($0.53) NM NM $15,038.2 $2.23 Rubicon Project, Inc. RUBI Dec O/V $8.52 $12.00 85.4 ($1.23) ($0.51) ($0.31) NM NM $452.2 $2.31 Sinclair Broadcast Group SBGI Dec O/V $35.59 $55.00 67.1 $3.30 $0.80 $3.81 44.5 9.3 $2,387.9 $17.33 TEGNA Inc. TGNA adj Dec E $15.40 $17.00 216.7 $1.83 $1.30 $2.23 11.8 6.9 $3,340.3 $6.21 Telaria, Inc. TLRA Dec O/V $8.54 $11.00 45.9 ($0.18) ($0.13) $0.03 NM NM $392.2 $1.23 Trade Desk, The TTD Dec O/V $263.30 $250.00 216.7 $1.92 $2.09 $2.38 NM NM $10,488.5 $9.00 TrueCar, Inc. TRUE adj Dec O/V $5.37 $8.00 106.6 $0.11 ($0.08) ($0.05) NM NM $572.4 $3.32 WideOpenWest, Inc. WOW adj Dec E $5.89 $8.00 84.3 $1.39 $0.90 $1.21 6.5 4.9 $496.4 -$3.51
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 52
SAAS AND ENTERPRISE SOFTWARE JAMES RUTHERFORD, 501-377-8221
James is a research analyst covering the SaaS and Enterprise Software sector. He originally joined Stephens in May 2013 and has served as an associate on both the Business Services team as well as the Diagnostics and Life Science team. James graduated with a bachelors in Finance from the University of Arkansas at Little Rock.
Sector Overview: Software is transforming nearly every aspect of our personal and professional lives, from the ways consumers shop, bank, and entertain themselves to the ways businesses market to customers, manage workforces, and control supply chains. Within the software arena, our coverage is focused primarily on software-as-a-service (SaaS) companies in the human capital management (HCM) and customer relationship management (CRM) space in addition to various other vertical application providers.
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS SaaS and Enterprise Softwarea, James Rutherford, 501-377-8221, [email protected] Adobe Inc. ADBE adj Nov O/V $307.90 $327.00 484.1 $6.76 $7.83 $9.74 39.3 31.6 $149,047.9 $19.20 Avalara, Inc. AVLR adj Dec O/V $79.95 $105.00 75.5 ($0.67) ($0.13) ($0.06) NM NM $6,035.7 $1.64 Blackbaud, Inc. BLKB adj Dec E/V $82.27 $92.00 49.2 $2.59 $2.23 $2.20 36.9 37.4 $4,046.5 $7.70 HubSpot, Inc. HUBS adj Dec O/V $150.33 $200.00 42.8 $0.91 $1.44 $1.58 NM 95.1 $6,437.3 $6.22 Medallia, Inc. MDLA adj Jan O/V $30.53 $52.00 127.6 ($1.85) ($0.10) ($0.05) NM NM $3,895.4 -$0.05 Salesforce.com CRM adj Jan O/V $162.54 $184.00 877.0 $2.75 $2.84 $3.02 57.2 53.8 $142,547.6 $20.27 SharpSpring, Inc. SHSP adj Dec O/V $12.23 $13.00 11.5 ($0.82) ($1.01) ($0.63) NM NM $140.7 $1.48 SVMK Inc. SVMK adj Dec O/V $17.09 $21.00 134.6 ($0.12) ($0.07) ($0.04) NM NM $2,300.6 $1.74 Veeva Systems Inc. VEEV adj Jan O/V $159.23 $185.00 131.6 $1.63 $2.17 $2.51 73.4 63.4 $20,947.6 $8.47 Zendesk, Inc. ZEN adj Dec O/V $79.23 $98.00 112.2 $0.23 $0.32 $0.64 NM NM $8,887.6 $3.86
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 53 COVERAGE LIST BY MARKET CAPITALIZATION
Cos. Market Cap. Average Market Cap $12.6 Billion 184 > $5 Billion Median Market Cap $3.6 Billion 112 $2 Billion-$5 Billion 124 $500 Million $2 Billion 63 Under $500 Million 483 Active Companies
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Walmart Inc. WMT pf Jan O $119.19 $135.00 2,844.3 $4.92 $5.03 $5.29 23.7 22.5 $339,010.2 $25.19 Visa Inc. V op Sep O $182.55 $204.00 1,712.7 $5.44 $6.12 $7.11 29.8 25.7 $312,649.2 $13.53 Mastercard Inc. MA csh/adj Dec O $289.38 $298.00 997.4 $6.49 $7.67 $9.04 37.7 32.0 $288,641.8 $5.23 UnitedHealth Group UNH adj Dec O $281.40 $303.00 947.4 $12.88 $14.97 $16.40 18.8 17.2 $266,602.6 $53.85 Adobe Inc. ADBE adj Nov O/V $307.90 $327.00 484.1 $6.76 $7.83 $9.74 39.3 31.6 $149,047.9 $19.20 McDonald's Corp. MCD adj Dec O $194.01 $225.00 753.1 $7.85 $7.79 $8.52 24.9 22.8 $146,107.6 -$8.16 Salesforce.com CRM adj Jan O/V $162.54 $184.00 877.0 $2.75 $2.84 $3.02 57.2 53.8 $142,547.6 $20.27 PayPal Holdings PYPL pf Dec O/V $106.20 $125.00 1,174.2 $2.42 $3.08 $3.49 34.5 30.4 $124,699.2 $13.11 Union Pacific Corp. UNP op Dec O $178.09 $181.00 694.2 $8.01 $8.50 $9.55 21.0 18.6 $123,630.1 $28.17 Starbucks Corp. SBUX adj Sep E $84.56 $90.00 1,181.0 $2.83 $3.04 $3.36 27.8 25.2 $99,865.4 -$5.26 American Express Co. AXP adj Dec O/V $119.79 $136.00 818.3 $7.33 $8.09 $8.94 14.8 13.4 $98,020.7 $26.32 U.S. Bancorp USB op Dec E $59.92 $60.00 1,561.9 $4.10 $4.34 $4.50 13.8 13.3 $93,586.6 $28.01 United Parcel Service UPS adj Dec E $121.20 $132.00 700.8 $7.24 $7.55 $8.00 16.1 15.2 $84,931.5 $3.52 Fidelity National Information Svcs. FIS op/cs Dec O $137.54 $153.00 614.6 $5.23 $5.51 $6.20 25.0 22.2 $84,532.1 $31.24 Caterpillar Inc. CAT adj Dec U $146.09 $100.00 552.7 $11.22 $10.66 $10.11 13.7 14.5 $80,737.9 $24.39 Fiserv, Inc. FISV adj Dec O $116.22 $117.00 679.9 $3.10 $4.03 $4.79 28.8 24.3 $79,017.4 $5.84 Cigna Corp. CI adj Dec O $200.37 $242.00 373.4 $14.22 $16.96 $18.60 11.8 10.8 $74,823.2 $107.71 Anthem, Inc. ANTM adj Dec O $287.24 $338.00 253.6 $15.89 $19.43 $22.55 14.8 12.7 $72,833.7 $110.88 PNC Financial Services Group PNC op Dec E $152.89 $148.00 438.2 $10.74 $11.26 $12.00 13.6 12.7 $66,991.8 $104.44 Canadian National Railway CNI op/c Dec E $92.35 $93.00 715.3 $5.50 $6.00 $6.55 15.4 14.1 $66,058.0 $17.81 Boston Scientific Corp. BSX cs Dec O $42.83 $48.00 1,393.8 $1.47 $1.58 $1.88 27.1 22.8 $59,697.5 $6.30 CSX Corp. CSX op Dec E $71.95 $76.00 777.6 $3.85 $4.22 $4.45 17.0 16.2 $55,951.0 $15.35 Deere & Company DE adj Oct E $176.65 $160.00 314.9 $9.40 $9.97 $10.28 17.7 17.2 $55,622.3 $35.45 Global Payments Inc. GPN adj Dec O $180.52 $184.00 300.5 $5.19 $6.11 $7.01 29.5 25.8 $54,254.9 $25.27 Norfolk Southern Corp. NSC op Dec O $196.21 $202.00 260.7 $9.52 $10.13 $11.25 19.4 17.4 $51,161.1 $57.30 Schlumberger NV SLB adj Dec E $36.39 $36.00 1,384.4 $1.62 $1.44 $1.61 25.3 22.6 $50,377.9 $26.15 DuPont de Nemours, Inc. DD op Dec O $65.07 $81.00 740.8 $4.05 $3.79 $4.36 17.2 14.9 $48,204.3 $125.04 HCA Healthcare HCA Dec O $138.90 $160.00 339.2 $10.66 $10.12 $11.53 13.7 12.0 $47,111.8 -$14.44 Emerson Electric Co. EMR op Sep O $74.43 $80.00 609.2 $3.71 $3.61 NE 20.6 NM $45,339.3 $13.47 Humana Inc. HUM adj Dec O $342.09 $372.00 132.4 $14.55 $17.75 $18.62 19.3 18.4 $45,301.6 $74.95 FedEx Corp. FDX adj May O $161.50 $192.00 260.9 $15.52 $12.00 $14.75 13.5 10.9 $42,137.0 $68.08 BB&T Corporation BBT op Dec E $54.43 $56.00 766.3 $4.06 $4.28 $4.40 12.7 12.4 $41,709.9 $35.46
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 54
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Activision Blizzard, Inc. ATVI adj Dec O/V $54.17 $65.00 768.3 $2.60 $2.20 $2.62 24.6 20.7 $41,616.6 $14.88 Eaton Corp. ETN op Dec O $92.70 $96.00 413.4 $4.91 $5.70 $6.00 16.3 15.5 $38,322.2 $38.02 Roper Technologies ROP op Dec O $362.94 $414.00 104.1 $11.81 $13.00 $13.80 27.9 26.3 $37,766.8 $74.84 Delta Air Lines, Inc. DAL op Dec E $57.46 $57.00 646.7 $5.61 $6.90 $6.30 8.3 9.1 $37,161.9 $20.13 O'Reilly Automotive, Inc. ORLY adj Dec O/V $442.28 $480.00 75.7 $16.10 $17.92 $19.90 24.7 22.2 $33,462.5 $4.47 Canadian Pacific Railway CP op/c Dec E $239.10 $241.00 137.2 $14.53 $16.35 $18.40 14.6 13.0 $32,803.3 $34.58 SunTrust Banks, Inc. STI Dec E $70.54 NE 444.0 $5.74 $5.42 $5.35 13.0 13.2 $31,322.6 $49.80 Ingersoll-Rand IR op Dec E $130.65 $129.00 239.6 $5.61 $6.40 $6.80 20.4 19.2 $31,303.4 $29.03 Southwest Airlines Co. LUV op Dec O $57.59 $68.00 526.3 $4.25 $4.42 $4.90 13.0 11.8 $30,308.2 $17.83 Experian plc EXPGY adj Mar E/V $32.79 $31.00 908.5 $0.98 $1.02 $1.18 32.2 27.8 $29,791.1 $2.75 Elecltronics Arts, Inc. EA adj Mar O/V $99.28 $120.00 292.0 $4.28 $4.97 $5.04 20.0 19.7 $28,987.7 $17.89 AutoZone Inc. AZO adj Aug O/V $1,177.79 $1,230.00 23.8 $63.52 $65.61 $73.65 18.0 16.0 $28,063.2 -$71.30 Alcon, Inc. ALC pf Dec E $56.14 $62.00 45.4 $2.00 $1.90 $2.00 29.5 28.1 $27,435.6 $46.32 Nutrien NTR op Dec O $46.90 $68.00 572.9 $2.66 $2.34 $2.92 20.0 16.1 $26,869.0 $40.14 Discover Financial Services DFS adj Dec E/V $84.73 $90.00 313.5 $7.79 $9.05 $9.43 9.4 9.0 $26,560.2 $31.88 Tyson Foods TSN op Sep O $89.70 $95.00 295.2 $5.43 $6.49 $7.12 13.8 12.6 $26,478.0 $39.31 Volvo VLVLY adj/sek Dec E $15.68 $14.00 1,651.1 $14.37 $17.01 $12.04 0.9 1.3 $25,882.1 $6.85 Centene Corp. CNC adj Dec O $60.02 $70.00 413.8 $3.54 $4.42 $4.80 13.6 12.5 $24,836.0 $26.47 Synchrony Financial SYF adj Dec E/V $37.39 $40.00 646.2 $3.74 $5.42 $4.90 6.9 7.6 $24,161.2 $20.42 Archer Daniels Midland Co. ADM op Dec O/V $42.75 $50.00 556.7 $3.50 $2.52 $3.41 17.0 12.5 $23,798.3 $33.96 Hormel Foods HRL op Oct E $44.28 $43.00 534.0 $1.73 $1.77 $1.85 25.0 23.9 $23,644.2 #N/A Square, Inc. SQ pf Dec E/V $68.94 $71.00 342.6 $0.47 $0.77 $0.95 89.5 72.6 $23,621.1 $2.69 United Airlines Holdings, Inc. UAL op Dec O $92.76 $112.00 253.0 $9.12 $12.00 $12.50 7.7 7.4 $23,472.4 $37.03 AMETEK, Inc. AME op Dec O $99.26 $106.00 228.6 $3.66 $4.14 $4.40 24.0 22.6 $22,690.1 $18.68 Rockwell Automation ROK op Sep O $196.32 $216.00 115.5 $8.67 $9.00 NE 21.8 NM $22,684.2 $3.49 Chipotle Mexican Grill CMG adj Dec E $815.84 $800.00 27.8 $9.06 $13.66 $17.25 59.7 47.3 $22,676.3 $52.04 CoStar Group, Inc. CSGP pf Dec O $617.39 $616.00 36.6 $8.28 $10.01 $10.95 61.7 56.4 $22,618.1 $82.92 Weyerhaeuser Co. WY op Dec O $29.62 $32.00 745.1 $1.18 $0.40 $0.75 74.1 39.5 $22,071.1 $12.12 Align Technology ALGN pf Dec E/V $277.70 $220.00 78.8 $4.92 $5.39 $6.32 51.5 43.9 $21,886.4 $15.70 Kroger Co. KR op Jan E/V $27.04 $25.00 801.6 $2.11 $2.18 $2.30 12.4 11.8 $21,675.8 $9.88 Fifth Third Bancorp FITB op Dec O $30.23 $34.00 709.7 $2.53 $2.79 $3.00 10.8 10.1 $21,453.3 $23.07 Pioneer Natural Resources Co. PXD op/cf Dec O $127.68 $173.00 165.6 $18.62 $19.76 $22.66 6.5 5.6 $21,149.8 $71.45 Copart, Inc. CPRT adj Jul E/V $90.80 $89.00 232.5 $2.25 $2.77 $3.13 32.8 29.0 $21,106.8 $7.74 Veeva Systems Inc. VEEV adj Jan O/V $159.23 $185.00 131.6 $1.63 $2.17 $2.51 73.4 63.4 $20,947.6 $8.47 Fastenal Company FAST pf Dec E $35.91 $37.00 573.5 $1.31 $1.38 $1.47 26.0 24.4 $20,595.4 $4.03 DexCom, Inc. DXCM pf Dec O/V $224.07 $200.00 91.2 ($1.44) $0.60 $1.02 NM NM $20,432.1 $7.37 Restaurant Brands International QSR adj Dec O $65.16 $82.00 298.1 $2.63 $2.73 $3.04 23.9 21.4 $19,425.1 $3.51 Hess Corp. HES op/cf Mar E $63.57 $71.00 304.7 $6.55 $7.12 $8.42 8.9 7.5 $19,370.2 $33.04
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 55
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Corteva, Inc. CTVA op Dec E $25.88 $32.00 748.4 $1.52 $1.22 $1.36 21.2 19.0 $19,368.6 $92.97 KeyCorp. KEY op Dec O $19.29 $20.00 985.0 $1.74 $1.82 $1.90 10.6 10.2 $18,999.8 $13.87 Vulcan Materials Company VMC op Dec O $142.02 $175.00 132.4 $4.06 $4.81 $5.81 29.5 24.4 $18,797.1 $39.49 First Republic Bank FRC op Dec O $108.95 $105.00 168.5 $4.78 $5.06 $5.40 21.5 20.2 $18,360.5 $46.92 Halliburton Company HAL adj Dec O $20.83 $25.00 877.8 $1.90 $1.21 $1.17 17.2 17.8 $18,284.7 $10.93 International Paper Co. IP op Dec E $46.23 $50.00 392.1 $5.32 $4.34 $3.81 10.7 12.1 $18,127.5 $18.38 W.W. Grainger, Inc. GWW pf Dec E $320.68 $315.00 53.9 $16.84 $17.58 $18.83 18.2 17.0 $17,273.8 $34.39 Equifax Inc. EFX cs Dec E $141.30 $139.00 121.1 $5.79 $5.57 $5.84 25.4 24.2 $17,109.0 $25.77 Citizens Financial Group CFG op Dec O $38.49 $42.00 443.9 $3.56 $3.82 $3.92 10.1 9.8 $17,086.3 $42.87 Martin Marietta Materials MLM op Dec O $269.06 $314.00 62.5 $7.78 $9.90 $11.42 27.2 23.6 $16,816.5 $79.12 CarMax, Inc. KMX Feb O $98.64 $103.00 164.4 $4.79 $5.33 $5.71 18.5 17.3 $16,219.4 $20.04 Teleflex Inc. TFX adj Dec O $350.11 $400.00 46.3 $9.90 $11.09 $12.57 31.6 27.9 $16,208.7 $55.20 WellCare Health Plans WCG adj Dec E $321.04 $335.00 50.3 $11.03 $15.70 $16.75 20.4 19.2 $16,148.3 $84.81 Regions Financial Corp. RF op Dec E $16.59 $17.00 964.6 $1.46 $1.54 $1.60 10.8 10.4 $16,003.4 $13.92 Cooper Companies, The COO pf Oct O $313.18 $340.00 49.6 $11.50 $12.30 $13.15 25.5 23.8 $15,525.6 $67.23 Old Dominion Freight Line ODFL op Dec O $194.06 $203.00 79.8 $7.39 $7.70 $8.25 25.2 23.5 $15,490.6 $33.00 Wabtec Corp. WAB op Dec O $80.11 $86.00 191.7 $3.81 $4.15 $4.00 19.3 20.0 $15,355.6 $29.66 Kansas City Southern KSU op Dec E $154.57 $151.00 99.1 $5.97 $7.02 $8.00 22.0 19.3 $15,321.0 $47.65 Huntington Bancshares Inc. HBAN op Dec E $14.77 $15.00 1,032.8 $1.22 $1.29 $1.30 11.4 11.4 $15,253.8 $9.46 Genuine Parts Company GPC adj Dec O $104.45 $112.00 145.3 $5.68 $5.67 $6.02 18.4 17.4 $15,175.9 $23.64 CNH Industrial CNHI adj Dec E $11.20 $10.00 1,351.3 $0.80 $0.85 $0.88 13.2 12.7 $15,134.9 $3.72 Roku, Inc. ROKU Dec O/V $164.28 $155.00 91.5 ($0.09) ($0.55) ($0.53) NM NM $15,038.2 $2.23 Live Nation Entertainment LYV Dec O/V $69.65 $85.00 213.5 ($0.08) $0.22 $0.34 NM NM $14,870.9 $5.23 Concho Resources Inc. CXO op/cf Dec O $72.80 $112.00 201.0 $15.07 $14.25 $16.17 5.1 4.5 $14,634.9 $93.72 Darden Restaurants DRI adj May E $117.19 $125.00 122.6 $5.82 $6.44 $6.84 18.2 17.1 $14,367.7 $19.44 CBS Corp. CBS Dec O/V $40.51 $51.00 351.9 $5.20 $4.94 $5.58 8.2 7.3 $14,256.5 $7.52 Take-Two Interactive Software, Inc. TTWO adj Mar O/V $120.44 $145.00 113.3 $4.84 $4.90 $5.08 24.6 23.7 $13,651.5 $18.19 Fidelity National Financial, Inc. FNF pf/cs Dec O $48.19 $51.00 275.1 $2.69 $3.39 $3.36 14.2 14.3 $13,256.1 $16.81 Expeditors International EXPD Dec E $76.34 $80.00 170.3 $3.50 $3.55 $3.75 21.5 20.4 $13,000.8 $11.58 STERIS plc STE pf Mar O $151.74 $165.00 84.8 $4.89 $5.52 $5.99 27.5 25.3 $12,865.0 $37.60 Twilio, Inc. TWLO adj Dec E/V $102.59 $115.00 124.6 $0.10 $0.14 $0.30 NM NM $12,782.8 $4.38 FMC Corporation FMC op Dec O $98.52 $105.00 129.6 $5.24 $5.89 $6.63 16.7 14.9 $12,769.7 $23.59 American Airlines Group AAL op Dec E $29.05 $35.00 438.1 $4.55 $5.00 $5.10 5.8 5.7 $12,725.6 -$0.37 DENTSPLY SIRONA Inc. XRAY pf Dec E $57.04 $60.00 222.4 $2.01 $2.43 $2.63 23.5 21.7 $12,686.5 $22.96 J.B. Hunt Transport Services, Inc. JBHT op Dec O $117.48 $124.00 106.6 $5.68 $5.40 $5.90 21.8 19.9 $12,520.8 $19.33 Diamondback Energy, Inc. FANG op/cf Dec O $77.10 $136.00 161.1 $14.44 $16.39 $20.30 4.7 3.8 $12,424.0 $83.39 Ally Financial Inc. ALLY adj Dec O/V $31.72 $44.00 380.1 $3.33 $3.79 $4.52 8.4 7.0 $12,055.8 $32.77 SVB Financial Group SIVB op Dec O $232.96 $255.00 51.6 $18.23 $20.81 $19.25 11.2 12.1 $12,013.3 $97.29
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 56
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Continental Resources, Inc. CLR op/cf Dec O $31.96 $42.00 371.4 $8.89 $8.10 $8.57 3.9 3.7 $11,870.6 $16.34 Domino's Pizza, Inc. DPZ adj Dec O $289.14 $300.00 40.9 $8.42 $9.32 $10.62 31.0 27.2 $11,825.8 -$74.19 Jack Henry & Associates, Inc. JKHY adj Jun E $151.79 $140.00 76.9 $3.52 $3.64 $4.15 41.7 36.6 $11,678.3 $18.56 Insulet Corp. PODD pf Dec E/V $184.32 $125.00 61.8 $0.05 $0.25 $0.92 NM NM $11,395.0 $3.58 Tractor Supply Co. TSCO adj Dec O/V $95.90 $115.00 118.4 $4.31 $4.72 $5.26 20.3 18.2 $11,353.2 $12.82 Universal Health Services UHS Dec E $139.76 $145.00 80.3 $8.31 $8.87 $10.23 15.8 13.7 $11,226.2 $59.00 LKQ Corp. LKQ op Dec O/V $35.60 $40.00 306.5 $2.19 $2.34 $2.54 15.2 14.0 $10,910.0 $15.13 Advance Auto Parts AAP adj Dec E/V $157.09 $155.00 69.3 $7.13 $7.96 $8.90 19.7 17.7 $10,880.0 $49.00 FICO FICO adj Sep E $368.98 $352.00 29.0 $7.51 $8.39 $9.83 44.0 37.5 $10,686.4 $10.01 Packaging Corp of America PKG op Dec E $112.46 $100.00 94.7 $8.04 $7.64 $7.00 14.7 16.1 $10,645.2 $28.28 Trade Desk, The TTD Dec O/V $263.30 $250.00 216.7 $1.92 $2.09 $2.38 NM NM $10,488.5 $9.00 WestRock Co. WRK op Sep E $40.49 $45.00 257.9 $3.98 $3.76 $3.80 10.8 10.7 $10,442.1 $45.27 C.H. Robinson Worldwide, Inc. CHRW op Dec E $77.05 $77.00 135.3 $4.74 $4.30 $3.80 17.9 20.3 $10,421.0 $11.62 Comerica Inc. CMA op Dec E $70.31 $72.00 144.2 $7.26 $7.70 $6.85 9.1 10.3 $10,135.5 $46.89 Lennox International LII op Dec E $259.14 $245.00 38.5 $9.41 $11.30 $11.70 22.9 22.1 $9,985.2 -$3.75 Noble Energy NBL op/cf Dec O $20.79 $31.00 478.3 $5.36 $4.24 $5.12 4.9 4.1 $9,943.8 $19.60 CF Industries Holdings CF op Dec O $45.72 $60.00 217.4 $1.24 $2.23 $2.85 20.5 16.0 $9,941.0 $13.28 Black Knight, Inc. BKI adj Dec O/V $62.81 $73.00 149.6 $1.87 $1.94 $2.00 32.4 31.4 $9,393.9 $11.96 Zendesk, Inc. ZEN adj Dec O/V $79.23 $98.00 112.2 $0.23 $0.32 $0.64 NM NM $8,887.6 $3.86 Abiomed, Inc. ABMD Mar O/V $194.26 $240.00 45.2 $5.61 $4.39 $5.14 44.3 37.8 $8,771.8 $20.76 Cable One, Inc. CABO Dec E $1,534.84 $1,550.00 5.7 $28.77 $30.82 $43.86 49.8 35.0 $8,765.5 $135.95 National Oilwell Varco NOV Dec O $22.39 $28.00 385.8 ($0.08) ($14.96) ($0.04) NM NM $8,638.8 $36.04 Devon Energy Corp. DVN op/cf Dec O $22.26 $33.00 387.0 $5.59 $5.64 $6.13 3.9 3.6 $8,614.6 $20.46 Apache Corp. APA op/cf Dec O $22.89 $32.00 376.0 $9.23 $7.09 $7.87 3.2 2.9 $8,607.5 $19.03 Zions Bancorporation ZION op Dec E $49.66 $48.00 170.5 $4.20 $4.37 $4.35 11.4 11.4 $8,465.2 $37.39 Pool Corp. POOL pf Dec E $210.26 $202.00 40.0 $5.62 $6.35 $6.87 33.1 30.6 $8,418.4 $5.66 Molina Healthcare MOH adj Dec E $133.63 $142.00 62.7 $10.86 $11.60 $11.85 11.5 11.3 $8,378.6 $26.56 AerCap Holdings AER adj Dec E/V $61.84 $75.00 134.7 $6.83 $8.28 $7.60 7.5 8.1 $8,332.4 $61.88 Credit Acceptance Corp. CACC adj Dec E/V $432.28 $290.00 18.8 $28.39 $34.97 $21.08 12.4 20.5 $8,125.6 $104.94 Hubbell Inc. HUBB op Dec O $148.84 $163.00 54.4 $7.77 $8.05 $8.60 18.5 17.3 $8,094.8 $32.54 Santander Consumer USA SC adj Dec U/V $23.43 $23.00 339.9 $2.54 $2.92 $2.91 8.0 8.1 $7,963.9 $19.92 Pilgrim's Pride Corp. PPC op Dec O/V $31.73 $35.00 249.6 $1.29 $1.78 $2.25 17.8 14.1 $7,918.9 $8.07 XPO Logistics Inc. XPO op Dec E $84.08 $85.00 92.3 $3.20 $4.10 $4.25 20.5 19.8 $7,760.6 $30.55 Catalent, Inc. CTLT pf Jun O/V $52.67 $60.00 72.2 $1.81 $1.94 $2.19 27.1 24.1 $7,706.1 $11.54 Bunge Ltd. BG adj Dec O/V $53.28 $74.00 141.6 $2.77 $2.92 $3.95 18.2 13.5 $7,543.4 $38.86 Ubisoft Entertainment UBSFY adj, € Mar E/V $12.09 $60.00 602.8 $2.80 $0.11 $3.58 NM 3.4 $7,290.3 $1.88 People's United Financial PBCT op Dec E $16.37 $16.00 444.1 $1.31 $1.35 $1.32 12.1 12.4 $7,270.3 $16.67 Commerce Bancshares, Inc. CBSH op Dec E $67.13 $59.00 107.3 $3.63 $3.63 $3.44 18.5 19.5 $7,204.1 $25.03
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 57
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS First American Financial Corp. FAF op Dec O $63.73 $71.00 112.3 $4.68 $5.45 $5.08 11.7 12.5 $7,159.2 $33.56 Mosaic Company MOS op Dec O $18.75 $36.00 380.0 $2.13 $0.58 $1.11 32.3 16.9 $7,125.9 $26.97 Encompass Health Corp. EHC adj Dec O $71.14 $83.00 377.6 $3.63 $3.83 $3.75 18.6 19.0 $7,014.4 $12.91 WABCO Holdings Inc. WBC op Dec E $135.07 $136.50 51.3 $7.89 $7.60 $8.00 17.8 16.9 $6,923.0 $22.91 Signature Bank SBNY op Dec O $124.39 $140.00 55.1 $9.25 $10.87 $11.45 11.4 10.9 $6,853.4 $80.07 A.O. Smith AOS op Dec E $48.69 $47.00 137.1 $2.61 $2.27 $2.60 21.4 18.7 $6,673.4 $10.21 Prosperity Bancshares, Inc. PB op Dec E $70.00 $76.00 94.4 $4.61 $4.83 $5.09 14.5 13.8 $6,608.3 $58.02 TCF Financial Corp. TCF op Dec O $42.05 $51.00 153.4 $2.91 $3.99 $4.15 10.5 10.1 $6,450.8 $39.69 HubSpot, Inc. HUBS adj Dec O/V $150.33 $200.00 42.8 $0.91 $1.44 $1.58 NM 95.1 $6,437.3 $6.22 Casey's General Stores CASY adj Apr O $174.61 $197.00 36.8 $5.51 $6.82 $7.39 25.6 23.6 $6,422.7 $38.42 Knight-Swift Transportation Holdings KNX op Dec O $37.60 $49.00 170.6 $2.57 $2.25 $2.10 16.7 17.9 $6,416.3 $31.59 Genesee & Wyoming Inc. GWR op Dec E $111.38 $112.00 57.0 $3.87 $4.35 $5.00 25.6 22.3 $6,352.9 $60.17 Dunkin' Brands Group DNKN adj Dec E $75.30 $82.00 82.8 $2.90 $3.12 $3.49 24.1 21.6 $6,238.1 -$8.63 AGCO Corporation AGCO adj Dec O $80.55 $88.00 75.5 $3.89 $5.10 $5.64 15.8 14.3 $6,083.3 $38.32 Avalara, Inc. AVLR adj Dec O/V $79.95 $105.00 75.5 ($0.67) ($0.13) ($0.06) NM NM $6,035.7 $1.64 Israel Chemicals ICL op Dec O $4.68 $7.00 1,280.4 $0.37 $0.41 $0.44 11.4 10.6 $5,992.0 $2.95 Quanta Services, Inc. PWR pf Dec O/V $41.67 $50.00 142.3 $2.81 $3.22 $3.86 12.9 10.8 $5,929.4 $25.45 IAA, Inc. IAA adj Dec O $44.36 $51.00 133.5 $1.52 $1.60 $1.72 27.7 25.8 $5,922.6 #N/A BOK Financial BOKF op Dec E $83.58 $86.00 70.9 $6.87 $7.31 $7.20 11.4 11.6 $5,922.3 $61.45 Zynga, Inc. ZNGA Dec O/V $6.26 $8.25 945.9 $0.02 ($0.01) $0.12 NM 52.2 $5,921.5 $1.85 OneMain Holdings, Inc. OMF adj Dec O/V $43.31 $48.00 136.1 $5.06 $6.52 $5.96 6.6 7.3 $5,894.5 $27.97 Cullen/Frost Bankers, Inc. CFR op Dec E $93.95 $86.00 62.6 $6.94 $6.82 $6.13 13.8 15.3 $5,878.0 $51.19 Watsco, Inc. WSO pf Dec O $179.76 $186.00 32.6 $7.07 $7.22 $7.87 24.9 22.8 $5,868.8 $35.98 Slack Technologies, Inc. WORK adj Jan O/V $22.09 $37.00 259.6 ($0.97) ($0.41) ($0.23) NM NM $5,734.7 -$2.26 Wayfair Inc. W op Dec O $86.41 $95.00 65.8 ($4.09) ($8.02) ($10.90) NM NM $5,682.2 -$3.64 Ingredion Inc. INGR op Dec O/V $84.80 $97.00 66.8 $6.92 $6.55 $6.98 12.9 12.1 $5,661.6 $35.90 Synovus Financial Corp. SNV op Dec O $38.08 $40.00 146.5 $3.64 $3.90 $3.61 9.8 10.5 $5,580.4 $25.36 JetBlue Airways Corp. JBLU op Dec E $19.32 $20.00 288.7 $1.59 $1.90 $2.35 10.2 8.2 $5,577.6 $15.02 New York Community Bancorp NYCB op Dec E $11.87 $12.00 467.4 $0.80 $0.76 $0.85 15.6 14.0 $5,547.5 $12.99 Western Alliance Bancorp. WAL op Dec O $52.36 $55.00 102.6 $4.29 $4.72 $4.82 11.1 10.9 $5,374.1 $24.90 Air Lease Corp. AL Dec O/V $46.78 $61.00 112.7 $4.60 $4.98 $6.00 9.4 7.8 $5,272.3 $43.33 Amedisys, Inc. AMED adj Dec E $163.05 $160.00 255.8 $3.63 $4.38 $4.90 37.2 33.3 $5,259.2 $15.06 RealPage, Inc. RP adj Dec O/V $54.29 $75.00 94.9 $1.50 $1.76 $1.84 30.8 29.5 $5,149.7 $11.35 Kirby Corp. KEX op Dec O $85.15 $96.00 59.9 $2.91 $2.88 $3.10 29.6 27.5 $5,104.5 $53.67 Trex Company TREX op Dec E/V $87.45 $94.00 58.3 $2.69 $2.51 $2.96 34.8 29.5 $5,101.6 $5.86 MasTec, Inc. MTZ adj Dec O/V $66.81 $76.00 76.3 $3.77 $5.19 $5.48 12.9 12.2 $5,099.7 $18.29 Nexstar Media Group NXST Dec O/V $108.46 $150.00 46.1 $8.21 $5.76 $18.17 18.8 6.0 $5,004.2 $40.61 First Horizon National Corp. FHN op Dec E $16.08 $18.00 311.2 $1.39 $1.60 $1.35 10.1 11.9 $5,003.8 $13.79
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 58
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Wendy's Co., The WEN adj Dec O $21.56 $26.00 230.0 $0.59 $0.58 $0.62 37.2 34.8 $4,959.8 $2.80 Alliance Data Systems ADS adj Dec E/V $106.05 $130.00 46.1 $19.01 $17.00 $21.22 6.2 5.0 $4,884.3 $43.67 LendingTree, Inc. TREE adj Dec O/V $371.19 $465.00 13.0 $5.71 $6.07 $7.75 61.2 47.9 $4,825.1 $27.03 Floor & Décor Holdings FND op Dec O $47.15 $56.00 101.1 $0.97 $1.10 $1.38 42.9 34.2 $4,764.9 $5.99 Graphic Packaging GPK op Dec O $16.20 $17.00 290.2 $0.81 $0.88 $1.09 18.4 14.9 $4,702.0 $5.27 First Financial Bankshares FFIN op Dec E $34.53 $33.00 135.8 $1.12 $1.21 $1.24 28.5 27.8 $4,690.7 $7.83 Pinnacle Financial Partners PNFP op Dec E $61.15 $62.00 76.6 $4.74 $5.31 $5.26 11.5 11.6 $4,682.0 $51.18 Carvana Co. CVNA op Dec E/V $92.84 $75.00 50.3 ($1.72) ($2.17) ($2.40) NM NM $4,670.5 $1.78 AutoNation, Inc. AN op Dec E $52.00 $53.00 89.2 $4.40 $4.47 $4.82 11.6 10.8 $4,639.0 $30.17 Repligen Corp. RGEN pf Dec O/V $87.70 $100.00 52.1 $0.73 $1.03 $1.10 85.1 79.7 $4,565.6 $14.02 Webster Financial Corp. WBS op Dec U $48.74 $42.00 95.1 $3.76 $4.10 $3.82 11.9 12.8 $4,485.6 $29.74 PacWest Bancorp PACW op Dec O $37.40 $40.00 119.8 $3.64 $3.63 $3.35 10.3 11.2 $4,481.7 $39.60 Landstar System, Inc. LSTR Dec O $112.48 $129.00 39.5 $6.18 $5.88 $6.00 19.1 18.7 $4,438.8 $17.12 ACI Worldwide, Inc. ACIW pf/cs Dec O $37.71 $41.00 115.6 $1.11 $1.64 $1.86 23.0 20.3 $4,359.2 $9.03 CIT Group Inc. CIT adj Dec E/V $45.30 $44.00 94.7 $4.04 $4.92 $4.48 9.2 10.1 $4,291.0 $55.70 Zoom Video Communications, Inc. ZM adj Jan O/V $75.16 $105.00 56.9 $0.03 $0.19 $0.24 NM NM $4,275.7 -$0.03 Smartsheet, Inc. SMAR adj Jan O/V $46.96 $55.00 90.9 ($0.37) ($0.55) ($0.52) NM NM $4,270.2 $1.59 LHC Group, Inc. LHCG adj Dec O $133.81 $155.00 135.1 $3.55 $4.44 $4.80 30.1 27.9 $4,216.5 $42.93 Parsley Energy, Inc. PE op/cf Dec O $14.94 $25.00 281.2 $4.28 $4.20 $5.03 3.6 3.0 $4,201.7 $19.87 WPX Energy, Inc. WPX op/cf Dec O $10.01 $16.00 416.7 $2.24 $2.90 $3.46 3.5 2.9 $4,171.6 $10.23 Penske Automotive Group, Inc. PAG op Dec O $50.64 $60.00 82.1 $5.35 $5.27 $5.68 9.6 8.9 $4,157.0 $30.86 Sterling Bancorp STL op Dec O $20.50 $24.50 202.0 $1.98 $2.06 $2.24 10.0 9.2 $4,141.9 $19.84 Five9, Inc. FIVN adj Dec E/V $67.53 $55.00 61.1 $0.60 $0.77 $0.85 87.7 79.4 $4,124.7 $2.41 Helmerich & Payne HP Sep O $37.97 $65.00 108.4 ($0.33) $0.33 NE NM NM $4,117.7 $37.00 Q2 Holdings, Inc. QTWO csh/adj Dec E $84.67 $79.00 48.2 $0.23 $0.21 $0.38 NM NM $4,077.3 $3.65 Ollie's Bargain Outlet OLLI op Jan O $64.03 $75.00 63.6 $1.83 $1.96 $2.29 32.7 28.0 $4,071.6 $14.96 Blackbaud, Inc. BLKB adj Dec E/V $82.27 $92.00 49.2 $2.59 $2.23 $2.20 36.9 37.4 $4,046.5 $7.70 Glacier Bancorp GBCI op Dec E $43.66 $41.00 86.6 $2.22 $2.46 $2.28 17.7 19.1 $4,024.9 $17.93 Texas Roadhouse TXRH adj Dec O $57.83 $70.00 69.4 $2.20 $2.29 $2.44 25.3 23.7 $4,013.9 $13.20 Aaron's, Inc. AAN adj Dec O/V $59.60 $80.00 67.2 $3.36 $3.79 $4.45 15.7 13.4 $4,002.3 $26.21 Valley National Bancorp VLY op Dec E $11.77 $12.00 331.8 $0.81 $0.92 $1.00 12.8 11.8 $3,905.3 $9.48 Medallia, Inc. MDLA adj Jan O/V $30.53 $52.00 127.6 ($1.85) ($0.10) ($0.05) NM NM $3,895.4 -$0.05 GrubHub Inc. GRUB adj Dec O $42.34 $42.00 91.4 $1.69 $0.84 $0.32 50.4 132.3 $3,872.0 $15.89 Eagle Materials EXP op Mar O/V $92.54 $111.00 41.6 $5.05 $5.38 $6.11 17.2 15.1 $3,852.5 $26.81 Wintrust Financial Corp. WTFC op Dec O $67.49 $75.00 57.1 $5.92 $6.07 $5.81 11.1 11.6 $3,851.8 $55.71 Bank OZK OZK op Dec E $29.75 $33.00 128.6 $3.30 $3.29 $2.99 9.0 9.9 $3,825.9 $29.32 LogMeIn, Inc. LOGM adj Dec E/V $78.19 $77.00 48.8 $5.40 $5.13 $4.97 15.2 15.7 $3,816.8 $58.68 TopBuild Corp. BLD op Dec E/V $112.21 $115.00 33.9 $4.19 $5.43 $6.16 20.7 18.2 $3,809.3 $31.01
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 59
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS IBERIABANK Corp. IBKC op Dec O $72.46 $83.00 52.3 $6.69 $7.10 $6.94 10.2 10.4 $3,787.3 $71.61 Murphy Oil Corp. MUR op/cf Dec E $23.74 $32.00 157.2 $7.37 $8.33 $10.12 2.8 2.3 $3,732.6 $27.91 Sanderson Farms SAFM op Oct E/V $166.76 $155.00 22.2 $1.49 $1.77 $6.15 94.2 27.1 $3,694.2 $62.80 Lithia Motors, Inc. LAD op Dec O $162.31 $167.00 22.6 $9.96 $11.84 $12.80 13.7 12.7 $3,675.5 $52.05 Murphy USA Inc. MUSA adj Dec O/V $118.90 $122.00 30.8 $5.27 $5.37 $6.05 22.1 19.7 $3,657.3 $25.02 Descartes Systems Group DSGX op Jan E $43.24 $40.00 84.1 $0.40 $0.44 $0.61 98.3 70.9 $3,637.6 $6.94 Umpqua Holdings Corp. UMPQ op Dec E $16.40 $16.00 220.2 $1.50 $1.34 $1.38 12.2 11.9 $3,611.6 $18.42 Hancock Whitney Corp. HWC op Dec E $41.00 $41.00 87.2 $3.99 $3.93 $4.10 10.4 10.0 $3,575.8 $35.98 SLM Corp. SLM adj Dec O/V $8.44 $13.00 422.2 $1.07 $1.24 $1.37 6.8 6.2 $3,563.1 $5.90 Louisiana-Pacific Corp. LPX op Dec O $29.75 $32.00 117.5 $2.75 $0.42 $2.00 70.8 14.9 $3,494.2 $12.43 FirstCash, Inc. FCFS adj Dec E/V $80.67 $99.00 42.7 $3.53 $3.85 $4.35 21.0 18.5 $3,442.9 $30.23 Associated Banc-Corp ASB op Dec E $21.60 $22.00 159.3 $2.05 $1.91 $1.85 11.3 11.7 $3,441.8 $21.43 LiveRamp, Inc. RAMP adj Mar O/V $50.49 $56.00 67.7 ($0.29) ($0.74) $0.20 NM NM $3,418.0 $19.37 Regal Beloit Corp. RBC op Dec E $82.68 $85.00 40.9 $6.00 $5.50 $5.65 15.0 14.6 $3,385.1 $53.98 MSC Industrial Direct Co. MSM pf Aug E $74.36 $76.00 45.0 $5.30 $5.05 $5.37 14.7 13.8 $3,349.5 $26.77 TEGNA Inc. TGNA adj Dec E $15.40 $17.00 216.7 $1.83 $1.30 $2.23 11.8 6.9 $3,340.3 $6.21 BankUnited, Inc. BKU op Dec E $35.17 $36.00 94.9 $2.97 $2.97 $3.04 11.8 11.6 $3,339.2 $29.49 Investors Bancorp, Inc. ISBC op Dec O $12.15 $14.50 274.8 $0.80 $0.78 $0.86 15.6 14.1 $3,338.3 $10.50 Tenet Healthcare THC Dec E/V $31.92 $29.00 103.9 $1.08 ($1.93) $2.16 NM 14.8 $3,316.3 -$1.16 UMB Financial UMBF op Dec O $67.41 $73.00 49.1 $4.03 $4.76 $4.49 14.2 15.0 $3,309.3 $45.37 CoreLogic CLGX adj Dec E/V $41.35 $43.00 79.5 $2.71 $2.73 $2.91 15.1 14.2 $3,288.1 $12.49 Skywest, Inc. SKYW op Dec O $64.31 $75.00 537.5 $5.30 $6.23 $6.70 10.3 9.6 $3,242.6 $38.22 Brooks Automation, Inc. BRKS pf Sep E/V $44.62 $46.00 72.3 $0.77 $1.22 $1.57 36.6 28.4 $3,225.9 $15.76 BancorpSouth Bank BXS op Dec E $31.21 $33.00 103.2 $2.19 $2.32 $2.35 13.5 13.3 $3,220.1 $22.10 CenterState Bank Corp. CSFL op Dec O $25.50 $25.50 125.1 $2.09 $2.05 $1.94 12.4 13.1 $3,189.9 $20.60 Itron, Inc. ITRI op Dec E $80.48 $83.00 39.6 $2.65 $3.15 $3.75 25.5 21.5 $3,184.4 $18.04 Home BancShares, Inc. HOMB op Dec O $18.78 $22.00 166.8 $1.75 $1.71 $1.66 11.0 11.3 $3,133.2 $13.76 Old National Bancorp. ONB op Dec E $18.21 $19.00 170.0 $1.30 $1.46 $1.33 12.5 13.7 $3,096.3 $15.36 Ameris Bancorp ABCB op Dec O $43.33 $50.00 69.7 $3.37 $3.76 $4.20 11.5 10.3 $3,018.4 $30.66 Finning International Inc. FINGF adj/c Dec E $18.45 $19.00 163.3 $1.65 $1.90 $2.12 9.7 8.7 $3,013.1 $9.39 Simmons First National Corp. SFNC op Dec E $26.36 $27.00 114.0 $2.38 $2.30 $2.27 11.5 11.6 $3,004.1 $24.33 Builders FirstSource, Inc. BLDR op Dec O/V $25.72 $32.00 115.8 $1.90 $2.06 $2.25 12.5 11.4 $2,978.0 $5.18 Everbridge, Inc. EVBG adj Dec O/V $86.24 $98.00 33.8 ($0.54) ($0.23) ($0.08) NM NM $2,914.1 $1.42 Texas Capital Bancshares TCBI op Dec E $57.67 $56.00 50.3 $5.80 $5.96 $5.11 9.7 11.3 $2,902.0 $46.82 GATX Corp. GATX adj Dec E $81.63 $75.00 35.1 $5.21 $5.25 $5.05 15.5 16.2 $2,865.2 $48.84 KAR Auction Services KAR op Dec E $21.39 $22.00 133.5 $1.25 $1.14 $1.49 18.8 14.4 $2,855.0 $11.02 Ryder System R op Dec E $53.34 $50.00 53.3 $5.78 $1.05 $2.80 50.8 19.1 $2,842.6 $54.79 Columbia Banking System COLB op Dec E $39.21 $39.00 72.9 $2.48 $2.52 $2.39 15.6 16.4 $2,828.5 $27.76
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 60
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS South State Corp. SSB op Dec E $82.54 NE 33.7 $5.46 $5.57 $5.38 14.8 15.3 $2,785.1 $66.04 Glaukos Corp. GKOS pf Dec O/V $63.28 $95.00 43.3 ($0.37) ($0.68) ($0.36) NM NM $2,741.5 $4.82 Cannae Holdings, Inc. CNNE pf Dec O/V $37.76 $45.00 72.0 $0.38 $1.20 ($0.64) 31.5 -59.0 $2,720.5 $15.57 TFI International TFII-CA op/c Dec O $44.19 $59.00 81.6 $3.54 $3.95 $4.15 11.2 10.6 $2,714.5 $18.25 Summit Materials LLC SUM op Dec O $24.16 $27.00 112.3 $0.26 $0.42 $0.90 57.5 26.8 $2,712.7 $11.89 Spirit Airlines, Inc. SAVE op Dec E $39.10 $45.00 68.4 $4.39 $4.85 $4.95 8.1 7.9 $2,676.3 $28.25 Trinity Industries TRN Dec E $21.26 $20.00 122.7 $1.44 $1.23 $1.10 17.3 19.3 $2,608.3 $16.59 Werner Enterprises, Inc. WERN Dec O $37.02 $44.00 69.2 $2.39 $2.30 $1.95 16.1 19.0 $2,562.0 $17.95 Saia, Inc. SAIA op Dec O $96.43 $113.00 25.9 $3.99 $4.40 $5.05 21.9 19.1 $2,501.0 $27.24 Independent Bank Group IBTX op Dec O $57.70 $61.00 43.0 $4.55 $5.10 $5.08 11.3 11.4 $2,478.3 $52.50 Monro Muffler Brake MNRO op Mar E $73.39 $62.00 33.3 $2.37 $2.48 $2.80 29.6 26.2 $2,441.8 $21.10 United Community Banks, Inc. UCBI op Dec E $30.69 $29.00 79.0 $2.15 $2.36 $2.30 13.0 13.3 $2,424.0 $18.40 First Financial Bancorp. FFBC op Dec E $24.39 $26.00 99.4 $2.25 $2.11 $1.97 11.6 12.4 $2,423.9 $21.23 Aircastle Ltd. AYR adj Dec E/V $32.19 $32.00 74.6 $3.31 $2.17 $2.80 14.8 11.5 $2,402.5 $26.67 Sinclair Broadcast Group SBGI Dec O/V $35.59 $55.00 67.1 $3.30 $0.80 $3.81 44.5 9.3 $2,387.9 $17.33 First Midwest Bancorp FMBI op Dec O $21.55 $23.00 110.0 $1.67 $1.99 $2.00 10.8 10.8 $2,369.9 $19.32 Zillow, Inc. ZG adj Dec O/V $40.01 $57.00 58.5 $0.39 ($0.61) ($0.91) NM NM $2,341.5 $16.02 Ensign Group, The ENSG adj Dec E $43.52 $47.00 377.6 $1.88 $2.18 $2.26 20.0 19.3 $2,321.9 $11.24 Wingstop, Inc. WING adj Dec E $78.69 $85.00 29.5 $0.84 $0.76 $0.90 NM 87.4 $2,317.7 -$7.67 Acushnet Holdings Corp. GOLF adj Dec E/V $30.67 $29.00 75.2 $1.42 $1.60 $1.75 19.2 17.5 $2,305.3 $11.97 SVMK Inc. SVMK adj Dec O/V $17.09 $21.00 134.6 ($0.12) ($0.07) ($0.04) NM NM $2,300.6 $1.74 Sprouts Farmers Market SFM adj Dec E/V $19.23 $22.00 118.1 $1.29 $1.12 $1.16 17.2 16.6 $2,271.8 $4.71 ESCO Technologies ESE op Sep E $87.38 $91.00 26.0 $3.13 $3.25 $3.95 26.9 22.1 $2,270.2 #N/A First Merchants Corp. FRME op Dec O $40.47 $42.00 55.7 $3.17 $3.39 $3.48 11.9 11.6 $2,254.0 $28.53 WESCO International, Inc. WCC pf Dec O/V $53.38 $63.00 41.8 $4.82 $5.20 $5.52 10.3 9.7 $2,231.1 $47.34 Trustmark Corp. TRMK op Dec E $34.59 $34.00 64.3 $2.21 $2.36 $2.24 14.7 15.4 $2,222.8 $24.17 Bottomline Technologies EPAY pf Jun E/V $50.11 $50.00 44.0 $1.35 $1.37 $1.58 36.6 31.7 $2,203.1 $9.18 Domtar Corp. UFS op Dec O $38.44 $45.00 57.3 $4.61 $3.19 $2.32 12.1 16.6 $2,201.6 $40.34 Hilltop Holdings Inc. HTH op Dec E $24.16 $27.00 90.6 $1.43 $2.58 $1.95 9.4 12.4 $2,189.7 $20.83 Installed Building Products IBP op Dec E/V $72.22 $71.00 30.0 $2.66 $3.22 $3.58 22.4 20.2 $2,167.8 $6.10 Asbury Automotive Group, Inc. ABG op Dec O $111.67 $108.00 19.3 $8.42 $9.22 $9.76 12.1 11.4 $2,160.6 $24.46 Schneider National Inc. SNDR op Dec O $22.89 $27.00 94.1 $1.55 $1.27 $1.25 18.0 18.3 $2,153.7 $12.05 Cadence Bancorporation CADE op Dec E $16.29 $18.00 128.0 $2.06 $1.82 $2.01 9.0 8.1 $2,085.4 $17.43 Beacon Roofing Supply, Inc. BECN op Sep O/V $30.15 $34.00 68.5 $2.24 $2.49 $2.77 12.1 10.9 $2,065.1 $27.16 8X8, Inc. EGHT adj Mar O/V $20.56 $27.00 100.2 ($0.22) ($0.62) ($0.19) NM NM $2,060.6 $2.59 Renasant Corp. RNST op Dec E $35.15 $34.00 57.2 $3.01 $2.90 $2.80 12.1 12.6 $2,012.3 $34.91 Forward Air FWRD op Dec E $70.78 $81.00 28.2 $3.13 $3.15 $3.70 22.5 19.1 $1,994.0 $19.39 BMC Stock Holdings BMCH op Dec O/V $29.59 $34.00 66.8 $1.99 $1.85 $1.99 16.0 14.9 $1,975.1 $13.02
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 61
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Calloway Golf Company ELY adj Dec O/V $20.95 $25.00 94.1 $1.08 $1.12 $1.27 18.7 16.5 $1,971.5 $7.67 Papa John's International PZZA adj Dec O $61.59 $70.00 31.9 $1.37 $1.12 $1.55 55.0 39.7 $1,967.6 -$10.12 Group 1 Automotive GPI op Dec O $105.62 $110.00 18.6 $8.91 $10.54 $11.05 10.0 9.6 $1,961.5 $59.80 Banner Corp. BANR op Dec E $54.92 $59.00 34.6 $4.14 $4.24 $4.06 13.0 13.5 $1,960.8 $42.03 ServisFirst Bancshares, Inc. SFBS op Dec E $36.42 $35.00 53.6 $2.52 $2.67 $2.67 13.6 13.6 $1,951.8 $13.39 Cheesecake Factory, The CAKE adj Dec E $43.51 $48.00 44.6 $2.43 $2.67 $2.85 16.3 15.3 $1,942.0 $12.74 Great Western Bancorp GWB Sep O $34.45 $39.00 56.3 $2.92 $3.06 NE 11.3 NM $1,939.0 $33.76 Gray Television, Inc. GTN Dec O/V $20.59 $27.00 93.6 $2.37 $1.02 $3.07 20.2 6.7 $1,927.9 $13.38 Cal-Maine Foods, Inc. CALM op May E/V $43.71 $45.00 43.9 $1.15 $0.18 $1.63 NM 26.8 $1,918.6 $20.26 Arcosa, Inc. ACA Dec E $39.52 $43.00 48.4 $1.82 $2.33 $2.47 17.0 16.0 $1,912.4 $35.17 Pacific Premier Bancorp PPBI op Dec E $32.01 $33.00 59.4 $2.47 $2.48 $2.51 12.9 12.8 $1,900.2 $31.52 Compass Minerals International CMP op Dec O $55.23 $73.00 33.9 $1.94 $2.01 $3.89 27.5 14.2 $1,871.4 $15.96 Magellan Health MGLN adj Dec E/V $76.38 $70.00 24.5 $2.46 $3.50 $4.35 21.8 17.6 $1,868.9 $53.70 Redfin Corp. RDFN adj Dec O $20.00 $25.00 92.3 ($0.34) ($0.72) ($0.39) NM NM $1,845.2 $4.13 Vonage Holdings Corp. VG adj Dec O/V $7.60 $15.00 242.6 $0.32 $0.18 $0.23 42.2 33.0 $1,844.0 $2.23 First Interstate BancSystem FIBK op Dec O $42.08 $47.00 42.9 $2.90 $3.03 $3.03 13.9 13.9 $1,810.9 $27.94 Masonite International DOOR op Dec E $72.00 $70.00 24.9 $3.68 $3.35 $3.67 21.5 19.6 $1,791.6 $23.63 Heartland Express, Inc. HTLD Dec E $21.42 $24.00 82.0 $0.88 $0.98 $0.95 21.9 22.5 $1,756.9 $7.52 Heartland Financial USA HTLF Dec E $47.43 $48.00 36.7 $3.51 $4.10 $4.02 11.6 11.8 $1,740.6 $38.44 Hub Group HUBG Dec O $51.92 $57.00 33.4 $2.91 $3.36 $3.20 15.5 16.2 $1,732.8 $28.47 Dycom Industries DY pf Jan O/V $54.36 $64.00 31.5 $2.79 $2.45 $3.01 22.2 18.1 $1,712.0 $25.59 Patterson-UTI Energy PTEN Dec O $8.73 $15.00 194.5 ($1.47) ($2.04) ($1.47) NM NM $1,698.4 $16.41 Matador Resources Co. MTDR op/cf Dec O $14.48 $22.00 116.6 $4.51 $4.22 $5.26 3.4 2.8 $1,689.0 $14.52 Avanos Medical AVNS pf Dec O $34.55 $45.00 47.9 $0.82 $1.05 $1.35 32.9 25.6 $1,655.9 $27.42 STAAR Surgical Co. STAA pf Dec O/V $37.02 $56.00 44.5 $0.28 $0.44 $0.68 84.1 54.4 $1,649.0 $3.00 Brinker International EAT adj Jun O $44.03 $55.00 37.4 $3.94 $4.30 $4.66 10.2 9.4 $1,645.4 -$20.75 Matson Inc. MATX op Dec O $38.24 $42.00 42.9 $2.53 $1.95 $2.10 19.6 18.2 $1,639.2 $17.69 Calavo Growers Inc. CVGW op Oct O/V $89.78 $97.00 17.6 $2.49 $2.93 $3.25 30.6 27.6 $1,579.7 $14.98 NIC Inc. EGOV adj Dec E $22.82 $23.00 67.0 $0.95 $0.85 $0.94 26.8 24.3 $1,528.1 $3.18 Fortress Transportation FTAI Dec O $17.72 $20.00 84.9 $0.07 $0.48 $0.70 36.9 25.3 $1,504.5 $11.87 PDC Energy, Inc. PDCE op/cf Dec O $23.78 $48.00 62.6 $12.07 $13.32 $14.76 1.8 1.6 $1,489.8 $38.22 Air Transport Services Group ATSG op Dec O $24.98 $32.00 59.4 $1.30 $1.40 $1.65 17.8 15.1 $1,483.1 $7.38 First Busey Corp. BUSE op Dec E $26.70 $28.00 55.0 $2.11 $2.11 $2.15 12.7 12.4 $1,469.8 $20.36 Addus HomeCare Corp. ADUS adj Dec O $93.88 $103.00 255.8 $1.96 $2.37 $3.05 39.6 30.8 $1,460.7 $20.99 Cactus, Inc. WHD Dec O $30.58 $45.00 47.1 $1.78 $1.84 $1.59 16.6 19.2 $1,440.4 $4.72 Rent-A-Center RCII adj Dec E/V $26.24 $30.00 54.8 $1.06 $2.22 $2.39 11.8 11.0 $1,436.8 $5.35 Viper Energy Partners LP VNOM op/cf Dec O $22.92 $36.00 62.6 $2.17 $1.78 $2.27 12.9 10.1 $1,435.9 $10.48 Meredith Corp. MDP adj Jun E $35.35 $40.00 40.2 $7.39 $7.14 $6.97 5.0 5.1 $1,421.0 $21.56
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 62
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Veritex Holdings, Inc. VBTX op Dec O $25.93 $29.00 51.9 $1.84 $2.30 $2.37 11.3 10.9 $1,345.9 $21.88 GMS Inc. GMS op Apr O $31.58 $34.00 41.6 $2.82 $3.04 $3.24 10.4 9.7 $1,315.0 $15.17 Rush Enterprises, Inc. RUSHA op Dec O $45.63 $54.00 27.9 $4.03 $3.25 $3.50 14.0 13.0 $1,272.3 $28.84 Continental Building Products CBPX op Dec E/V $36.62 $31.00 34.7 $1.99 $1.75 $1.81 20.9 20.2 $1,270.3 $9.26 Michaels Companies MIK op Jan O $8.18 $9.00 155.3 $2.35 $2.36 $2.44 3.5 3.4 $1,270.1 -$10.31 Talos Energy, Inc. TALO op/cf Dec O $23.29 $28.00 54.2 $10.76 $9.36 $9.61 2.5 2.4 $1,262.2 $18.60 NOW, Inc. DNOW pf Dec O $11.34 $14.00 108.8 $0.36 $0.30 $0.33 37.8 34.4 $1,233.8 $11.20 OceanFirst Financial Corp. OCFC op Dec E $24.05 $25.50 95.1 $1.97 $2.09 $2.05 11.5 11.7 $1,232.4 $21.68 Lakeland Financial Corp. LKFN op Dec E $47.54 $44.00 25.6 $3.13 $3.26 $3.12 14.6 15.2 $1,218.1 $20.76 Core-Mark Holding Co. CORE adj Dec O/V $26.51 $42.00 45.6 $1.39 $1.65 $1.81 16.1 14.6 $1,208.0 $12.41 Realogy Holdings Corp. RLGY adj Dec E/V $10.50 $10.50 114.3 $1.49 $0.96 $1.15 10.9 9.1 $1,200.6 $20.16 FB Financial Corporation FBK op Dec O $38.60 $40.00 30.9 $2.61 $2.75 $2.70 14.0 14.3 $1,194.0 $21.87 TriCo Bancshares TCBK op Dec E $38.66 $38.00 30.5 $2.69 $2.97 $2.83 13.0 13.7 $1,179.9 $27.20 Boot Barn Holdings BOOT Mar O $40.97 $46.00 89.1 $1.35 $1.75 $2.02 23.4 20.3 $1,170.3 $9.32 Marten Transport, Ltd. MRTN op Dec E $21.26 $23.00 54.7 $1.00 $1.11 $1.15 19.2 18.5 $1,162.7 $10.57 First Bancorp FBNC op Dec E $39.25 $38.00 29.6 $3.05 $3.17 $3.01 12.4 13.0 $1,162.0 $25.71 Denny's Corp. DENN adj Dec O $19.34 $24.00 59.1 $0.68 $0.63 $0.70 30.7 27.6 $1,142.2 -$2.17 MRC Global Inc. MRC pf Dec O $13.71 $17.00 82.2 $1.07 $0.57 $0.84 24.1 16.3 $1,126.8 $8.08 National Bank Holdings Corp. NBHC op Dec E $35.95 $38.00 31.1 $2.16 $2.51 $2.33 14.3 15.4 $1,120.6 $22.59 E.W. Scripps Co. SSP Dec E $15.36 $17.00 69.0 ($0.64) ($0.27) $1.69 NM 9.1 $1,059.6 $11.48 Sonic Automotive, Inc. SAH op Dec O $33.10 $40.00 31.1 $1.79 $2.48 $2.80 13.3 11.8 $1,029.6 $19.25 Stewart Information Services STC op Dec E/V $43.08 $44.00 23.7 $2.61 $2.86 $2.62 15.1 16.4 $1,021.3 $28.40 Heritage Financial Corp. HFWA op Dec E $27.58 $28.00 36.6 $1.75 $1.80 $1.68 15.3 16.4 $1,009.9 $20.63 NexTier Oilfield Solutions NEX Dec O $4.72 $12.00 385.9 $0.54 ($0.85) ($0.72) NM NM $992.3 $4.68 SM Energy Company SM op/cf Dec O $8.59 $15.00 112.9 $6.56 $6.95 $8.22 1.2 1.0 $969.4 $26.02 Carolina Financial Corp. CARO op Dec E $42.11 $38.00 22.3 $2.86 $2.95 $2.91 14.3 14.5 $937.0 $25.70 Greenbrier Companies GBX Aug E $28.47 $31.00 32.6 $2.96 $3.00 $2.85 9.5 10.0 $928.0 $39.30 Stock Yards Bancorp SYBT op Dec E $40.93 $36.00 22.6 $2.41 $2.78 $2.70 14.7 15.2 $924.9 $16.11 Range Resources Corp. RRC op/cf Dec E $3.59 $6.00 251.4 $4.25 $2.86 $2.69 1.3 1.3 $902.6 $16.27 Triumph Bancorp, Inc. TBK op Dec E $35.52 $34.00 25.4 $2.22 $2.24 $2.61 15.9 13.6 $900.7 $23.62 Foundation Building Materials FBM op Dec O/V $20.86 $24.00 43.0 $0.41 $1.05 $1.14 19.9 18.3 $896.8 $8.54 CTS Corp. CTS op Dec E $27.34 $31.00 798.2 $1.53 $1.45 $1.55 18.9 17.6 $891.3 $11.54 ConnectOne Bancorp CNOB op Dec O $25.11 $27.50 35.4 $1.83 $2.26 $2.40 11.1 10.5 $888.3 $18.99 Wabash National Corp. WNC op Dec E $15.87 $16.00 54.1 $1.44 $1.67 $1.40 9.5 11.3 $858.5 $8.59 ProPetro Holding Corp. PUMP Dec O $8.47 $15.00 100.4 $2.00 $1.44 $0.67 5.9 12.6 $850.6 $7.96 Centennial Resource Production CDEV op/cf Dec E $3.09 $5.00 275.6 $2.45 $1.94 $2.11 1.6 1.5 $850.2 $11.73 Horizon Bancorp HBNC op Dec O $18.85 $20.00 45.0 $1.40 $1.62 $1.65 11.6 11.4 $847.7 $12.82 Callon Petroleum Co. CPE op/cf Dec O $3.71 $7.00 228.4 $1.87 $2.32 $3.17 1.6 1.2 $847.4 $10.74
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 63
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Origin Bancorp, Inc. OBNK op Dec O $35.76 $38.00 23.5 $2.13 $2.29 $2.50 15.6 14.3 $839.7 $23.17 Preferred Bank PFBC op Dec E $54.68 $53.00 15.3 $4.56 $5.13 $4.97 10.7 11.0 $838.0 $28.36 QuinStreet, Inc. QNST adj Jun O/V $16.22 $23.00 51.2 $0.47 $0.67 $1.18 24.2 13.7 $830.9 $4.41 Stoneridge Inc. SRI op Dec O $30.15 $36.00 27.4 $1.99 $1.50 $1.65 20.1 18.3 $826.2 $9.94 ECN Capital ECN-CA adj/c Dec O/V $4.43 $6.00 240.4 $0.11 $0.28 $0.37 15.8 12.0 $801.4 $4.29 Gannett Co. GCI adj Dec E $6.46 $11.00 122.9 $1.08 $0.66 $0.68 9.8 9.5 $793.8 $11.89 RPC RES Dec E $3.70 $5.00 214.5 $0.82 ($0.42) ($0.09) NM NM $793.7 $4.43 Oasis Petroleum Inc. OAS op/cf Dec E $2.44 $5.00 321.3 $2.52 $2.44 $2.22 1.0 1.1 $784.0 $11.73 BJ's Restaurants BJRI adj Dec O $40.76 $50.00 19.2 $2.36 $1.92 $2.15 21.2 19.0 $781.1 $14.68 Enova International ENVA adj Dec O/V $22.87 $32.00 33.8 $2.58 $4.07 $4.10 5.6 5.6 $772.3 $10.35 QEP Resources, Inc. QEP op/cf Dec O $3.22 $7.00 237.8 $3.59 $2.37 $3.18 1.4 1.0 $765.7 $11.62 Andersons, The ANDE op Dec E/V $23.28 $23.00 32.6 $1.69 $1.07 $1.87 21.8 12.4 $758.9 $29.14 Glu Mobile, Inc. GLUU Dec O/V $5.16 $7.00 145.8 ($0.10) $0.03 $0.09 NM 57.3 $752.3 $1.23 World Acceptanc Corp. WRLD adj Mar U/V $94.98 $65.00 7.9 $8.03 $6.43 $7.75 14.8 12.3 $751.8 $59.47 ArcBest Corp. ARCB op Dec E $29.08 $34.00 25.5 $3.85 $2.47 $2.30 11.8 12.6 $741.7 $28.05 Allegiance Bancshares, Inc. ABTX op Dec E $35.44 $33.00 20.8 $2.52 $2.45 $2.50 14.5 14.2 $737.5 $32.04 CBTX, Inc. CBTX op Dec E $29.55 $30.00 24.9 $1.89 $1.86 $1.85 15.9 16.0 $736.5 $19.58 Nabors Industries NBR Dec E $2.02 $2.00 363.4 ($1.95) ($1.56) ($1.09) NM NM $734.1 $7.57 Dime Community Bancshares DCOM op Dec E $20.04 $23.00 95.1 $1.35 $1.16 $1.52 17.3 13.2 $718.6 $16.69 CrossFirst Bankshares, Inc. CFB op Dec E $13.67 $15.00 109.7 $0.48 $0.77 $0.98 17.8 13.9 $710.4 $9.40 TriState Capital Holdings TSC op Dec O $24.20 $25.00 29.3 $1.82 $1.82 $1.89 13.3 12.8 $709.2 $15.27 Byline Bancorp, Inc. BY op Dec E $18.25 $20.00 38.2 $1.42 $1.57 $1.50 11.6 12.2 $696.7 $17.62 DXP Enterprises DXPE Dec O $39.42 $47.00 17.6 $1.87 $2.50 $2.72 15.8 14.5 $693.9 $17.63 Ruth's Hospitality Group RUTH adj Dec E $23.50 $24.00 29.5 $1.39 $1.42 $1.52 16.5 15.5 $693.3 $3.09 America's Car-Mart CRMT adj Apr E/V $104.78 $105.00 6.6 $6.52 $8.38 $9.38 12.5 11.2 $688.0 $38.87 U.S. Concrete, Inc. USCR op Dec E $41.07 $47.00 16.7 $2.49 $2.30 $3.42 17.9 12.0 $685.8 $18.78 Midland States Bancorp MSBI op Dec O $28.15 $30.00 24.3 $2.46 $2.63 $2.75 10.7 10.2 $683.2 $25.50 Atlas Air Worldwide Holdings AAWW op Dec E/V $26.23 $23.00 25.9 $7.27 $4.80 $3.75 5.5 7.0 $678.6 $80.81 eXp World Holdings EXPI adj Dec O/V $10.46 $19.00 64.7 ($0.12) ($0.04) $0.32 NM 32.7 $676.7 $0.49 RE/MAX Holdings Inc. RMAX adj Dec E/V $37.73 $38.00 17.8 $2.25 $2.20 $2.27 17.2 16.6 $673.0 $27.12 DMC Global BOOM Dec O $45.07 $65.00 14.6 $2.04 $3.27 $3.66 13.8 12.3 $660.1 $9.01 QCR Holdings, Inc. QCRH op Dec O $41.76 $45.00 15.8 $3.07 $3.57 $3.58 11.7 11.7 $659.6 $30.10 Select Energy Partners WTTR cf Dec O $7.66 $14.00 85.9 $0.49 $0.14 $0.48 54.7 16.0 $658.0 $10.55 Amerant Bancorp Inc. AMTB op Dec E $22.07 $20.00 29.0 $1.35 $1.14 $0.98 19.4 22.5 $639.8 $17.31 First Bancshares Inc. FBMS op Dec E $33.50 $36.00 18.8 $2.31 $2.82 $3.00 11.9 11.2 $630.1 $24.49 Conn's, Inc. CONN op Jan O $21.78 $33.00 28.9 $2.51 $2.82 $3.20 7.7 6.8 $629.5 $19.50 Construction Partners Inc. ROAD op Sep O $19.31 $17.00 32.6 $0.73 $0.83 $0.95 23.3 20.3 $629.5 $5.82 Carrizo Oil & Gas, Inc. CRZO op/cf Dec E $6.50 $8.00 92.6 $7.10 $6.72 $7.93 1.0 0.8 $602.0 $10.71
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 64
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS First Mid-Illinois Bancshares FMBH op Dec E $35.28 $38.00 16.7 $2.83 $2.91 $2.75 12.1 12.8 $587.9 $28.59 Cerus Corp. CERS pf Dec O/V $4.12 $7.50 140.3 ($0.44) ($0.52) ($0.46) NM NM $578.1 $0.62 TrueCar, Inc. TRUE adj Dec O/V $5.37 $8.00 106.6 $0.11 ($0.08) ($0.05) NM NM $572.4 $3.32 Echo Global Logistics ECHO op Dec E $20.30 $26.00 27.3 $1.87 $1.41 $1.25 14.4 16.2 $554.1 $14.23 Cutera, Inc. CUTR pf Dec O/V $38.81 $45.00 14.2 $0.11 $0.11 $0.46 NM 84.4 $552.4 $3.32 CURO Group Holdings CURO adj Dec O/V $13.22 $19.00 41.5 $1.93 $2.76 $2.24 4.8 5.9 $548.5 -$0.41 Green Plains Inc. GPRE op Dec E/V $15.20 $16.00 36.0 ($2.74) ($4.07) ($1.28) NM NM $546.5 $23.04 Franklin Financial Network FSB op Dec O $34.12 $38.00 14.7 $2.74 $2.16 $2.96 15.8 11.5 $502.1 $25.64 WideOpenWest, Inc. WOW adj Dec E $5.89 $8.00 84.3 $1.39 $0.90 $1.21 6.5 4.9 $496.4 -$3.51 Denbury Resources DNR op/cf Dec E $1.02 $2.00 483.3 $1.15 $1.01 $0.90 1.0 1.1 $492.9 $2.48 Establishment Labs ESTA pf Dec O/V $23.56 $37.00 20.6 ($1.22) ($2.07) ($1.71) NM NM $485.4 $3.43 Capital City Bank Group CCBG op Dec E $28.88 $28.00 16.7 $1.24 $1.77 $1.80 16.3 16.0 $483.7 $18.07 Chuy's Holdings, Inc. CHUY adj Dec E $28.74 $26.00 16.6 $0.88 $0.99 $1.11 29.0 25.9 $477.5 $11.50 Equity Bancshares, Inc. EQBK Dec O $29.33 $32.00 15.4 $2.28 $1.56 $2.30 18.8 12.8 $452.9 $28.54 Rubicon Project, Inc. RUBI Dec O/V $8.52 $12.00 85.4 ($1.23) ($0.51) ($0.31) NM NM $452.2 $2.31 Camping World Holdings CWH Dec O/V $12.00 $14.00 37.4 $0.28 ($1.12) $0.80 NM 15.0 $448.8 $1.20 Whiting Petroleum Corp. WLL op/cf Dec E $4.89 $9.00 91.3 $12.10 $8.84 $9.19 0.6 0.5 $446.5 $46.92 Sientra, Inc. SIEN Dec O/V $8.44 $14.00 49.5 ($3.25) ($3.01) ($1.61) NM NM $417.6 $2.34 Carrols Restaurant Group TAST adj Dec O $8.04 $14.00 51.8 $0.31 ($0.43) ($0.03) NM NM $416.6 $5.19 Spirit of Texas Bancshares STXB op Dec O $22.83 $26.00 18.2 $1.24 $1.53 $1.83 14.9 12.5 $416.4 $16.42 RBB Bancorp, Inc. RBB op Dec O $20.11 $22.00 20.0 $2.02 $1.85 $1.88 10.9 10.7 $402.8 $18.73 Telaria, Inc. TLRA Dec O/V $8.54 $11.00 45.9 ($0.18) ($0.13) $0.03 NM NM $392.2 $1.23 Guaranty Bancshares, Inc. GNTY op Dec O $32.80 $35.00 11.5 $1.84 $2.22 $2.31 14.8 14.2 $378.2 $20.68 Regional Management RM adj Dec E/V $32.71 $33.00 11.5 $3.17 $3.69 $4.27 8.9 7.7 $375.6 $23.70 U.S. Silica Holdings SLCA cf Dec E $5.00 $5.00 73.6 ($2.63) ($1.03) ($2.00) NM NM $367.8 $14.28 Red River Bancshares, Inc. RRBI op Dec E $50.03 $48.00 7.3 $3.42 $3.45 $3.41 14.5 14.7 $365.5 $26.53 Recro Pharma, Inc. REPH pf Dec O/V $15.85 $19.00 140.3 ($2.49) ($0.38) $0.83 NM NM $360.3 -$0.89 Red Robin Gourmet Burgers RRGB adj Dec O $26.90 $36.00 12.9 $1.75 $0.87 $0.76 30.9 35.4 $348.1 $29.51 Limoneira Company LMNR op Oct E/V $19.36 $17.00 17.8 $0.50 ($0.20) $0.66 NM 29.3 $344.1 $12.39 Titan Machinery TITN op Jan E/V $15.23 $23.00 22.4 $0.68 $0.79 $0.95 19.3 16.0 $340.5 $15.09 MutualFirst Financial Inc. MFSF op Dec E $39.71 $34.00 8.5 $2.38 $2.62 $2.68 15.2 14.8 $338.8 $23.52 Kimbell Royalty Partners KRP op/cf Dec O $13.90 $19.00 23.5 $1.73 $2.47 $1.49 5.6 9.3 $326.9 $16.34 Business First Bancshares BFST op Dec E $24.26 $27.00 13.3 $1.45 $1.80 $1.92 13.5 12.6 $322.1 $19.68 SmartFinancial, Inc. SMBK op Dec E $22.39 $23.00 14.0 $1.56 $1.61 $1.69 13.9 13.2 $312.6 $20.31 CapStar Financial Holdings CSTR op Dec E $16.92 $17.00 18.4 $1.22 $1.31 $1.25 12.9 13.5 $310.6 $14.30 Invacare Corp. IVC Dec O/V $9.12 $17.00 33.7 ($1.33) ($1.13) $0.30 NM 30.4 $307.1 $10.83 Avid Bioservices, Inc. CDMO pf Apr O/V $5.36 $8.00 72.2 ($0.16) ($0.22) ($0.01) NM NM $301.4 $0.95 Intrepid Potash, Inc. IPI op Dec O $2.24 $5.00 132.0 $0.09 $0.14 $0.20 16.0 11.2 $295.6 $3.24
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 65
COVERAGE LIST BY MARKET CAPITALIZATION
Shares ANNUAL P/E P/E Market Ftnt. Rating/ 11/26/2019 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS OnDeck Capital, Inc. ONDK adj Dec E/V $4.11 $5.00 71.8 $0.58 $0.38 $0.44 10.8 9.3 $295.3 $3.98 Falcon Minerals Corp. FLMN op/cf Dec O $6.42 $8.00 46.0 $0.73 $0.60 $0.80 10.7 8.0 $295.0 $3.11 EZCORP, Inc. EZPW adj Sep E/V $5.18 $11.00 52.5 $0.88 $0.86 $1.06 6.0 4.9 $271.8 $13.70 Fiesta Restaurant Group FRGI cs Dec O $9.62 $12.00 27.5 $0.62 $0.47 $0.50 20.5 19.2 $264.3 $8.94 Lumber Liquidators LL op Dec E $8.83 $11.00 28.7 ($1.32) $0.26 $0.68 34.0 13.0 $253.5 $5.15 Reliant Bancorp, Inc. RBNC op Dec E $22.28 $24.00 11.2 $1.39 $1.46 $1.85 15.3 12.0 $249.4 $18.07 SciPlay Corp. SCPL Dec O/V $10.57 $12.50 22.7 $0.31 $0.72 $0.96 14.7 11.0 $240.2 $5.48 Extraction Oil & Gas XOG op/cf Dec E $1.60 $4.00 138.6 $3.29 $3.42 $4.98 0.5 0.3 $221.8 $10.18 Habit Restaurants, Inc. HABT adj Dec E $10.64 $11.00 20.8 $0.17 $0.15 $0.15 70.9 70.9 $221.0 $6.01 Covenant Transportation Group CVTI op Dec E $13.69 $18.00 16.1 $2.36 $0.74 $0.90 18.5 15.2 $220.5 $18.68 Bank7 Corp. BSVN op Dec O $18.81 $24.00 10.1 $2.41 $1.99 $2.00 9.5 9.4 $189.2 $8.68 Elevate Credit, Inc. ELVT adj Dec E/V $4.13 $5.00 44.2 $0.28 $0.67 $0.66 6.2 6.3 $182.4 $2.70 Kura Sushi USA, Inc. KRUS adj Dec O $24.72 $30.00 7.3 $0.25 $0.27 $0.50 91.6 49.4 $181.3 $7.46 Party City Holdco Inc. PRTY op Dec O $1.83 $8.00 94.5 $1.62 $0.85 $1.40 2.2 1.3 $172.9 $11.14 County Bancorp, Inc. ICBK op Dec O $24.48 $23.00 6.7 $2.07 $2.21 $1.92 11.1 12.8 $164.7 $21.50 J. Alexander's Holdings JAX op Dec O $10.26 $15.00 15.0 $0.61 $0.68 $0.70 15.1 14.7 $153.5 $7.75 U.S. Xpress USX op Dec E/V $4.52 $6.00 33.3 $0.97 $0.13 $0.20 34.8 22.6 $150.4 $4.86 SharpSpring, Inc. SHSP adj Dec O/V $12.23 $13.00 11.5 ($0.82) ($1.01) ($0.63) NM NM $140.7 $1.48 First Western Financial MYFW op Dec E $17.27 $17.00 8.0 $0.65 $1.18 $1.40 14.6 12.3 $137.9 $14.67 Earthstone Energy, Inc. ESTE op/cf Mar O $4.28 $6.00 29.0 $3.30 $2.66 $2.52 1.6 1.7 $124.3 $11.66 YRC Worldwide Inc. YRCW op Dec E/V $3.29 $5.00 36.3 $1.09 ($2.26) ($0.18) NM NM $119.3 -$9.23 Liqtech, Inc. LIQT op Dec O $5.32 $5.50 20.5 ($0.07) $0.05 $0.28 NM 19.0 $109.3 $0.47 Quintana Energy Services QES Dec O $2.53 $2.50 33.5 ($0.50) ($2.30) ($1.23) NM NM $84.6 $6.02 Hi-Crush Inc. HCR Dec E $0.81 $1.25 100.9 $1.41 ($4.07) ($0.49) NM NM $81.3 $8.00 Mammoth Energy Services TUSK Dec E $1.65 $1.50 45.0 $5.24 ($1.12) ($1.68) NM NM $74.3 $16.80 USA Truck, Inc. USAK op Dec O $7.42 $10.00 8.6 $1.56 $0.09 $0.25 82.4 29.7 $63.6 $9.62 Endologix, Inc. ELGX pf Dec E/V $2.83 $7.00 17.9 ($0.86) ($3.44) ($1.03) NM NM $50.8 $3.83 Unit Corp. UNT op/cf Dec E $0.78 $5.00 55.5 $6.02 $4.52 $5.29 0.2 0.1 $43.4 $25.73 Abraxas Petroleum Corp. AXAS op/cf Dec E $0.25 $1.00 168.4 $0.46 $0.43 $0.52 0.6 0.5 $42.1 $1.00 FreightCar America RAIL op Dec E $2.03 $4.00 12.7 ($1.79) ($3.09) ($1.40) NM NM $25.8 $15.54 Good Times Restaurants GTIM op Sep O $1.64 $4.00 12.5 ($0.08) ($0.16) ($0.22) NM NM $20.6 $2.72 Lilis Energy, Inc. LLEX op/cf Dec E $0.15 $1.00 91.7 $0.03 $0.22 $0.45 0.7 0.3 $13.3 $0.19 Basic Energy Services BAS Dec E $0.44 $0.65 24.9 ($5.46) ($5.04) ($3.88) NM NM $10.9 $8.20
Source: Stephens Inc. and FactSet Research Systems
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 66
MLP COMPANY RISKS KRP Company Risks KRP may not have sufficient available cash to pay any quarterly distribution on KRP's common units. The amount of cash KRP have available for distribution to holders of KRP's common units depends primarily on KRP's cash flow and not solely on profitability, which may prevent KRP from paying cash distributions during periods when KRP record net income. KRP's business is difficult to evaluate because KRP has a limited financial history. The amount of KRP's quarterly cash distributions, if any, may vary significantly both quarterly and annually and is directly dependent on the performance of KRP's business. KRP does not have a minimum quarterly distribution or employ structures intended to consistently maintain or increase distributions over time and could pay no distribution with respect to any particular quarter. KRP's partnership agreement requires that KRP distribute all of KRP's available cash, which could limit KRP's ability to grow and make acquisitions. The limited liability company agreement of KRP's General Partner contains restrictive covenants, governance and other provisions that may restrict KRP's ability to pursue KRP's business strategies. All of KRP's revenues are derived from royalty payments that are based on the price at which oil, natural gas and NGLs produced from the acreage underlying KRP's interests is sold. The volatility of these prices due to factors beyond KRP's control greatly affects KRP's business, financial condition, results of operations and cash available for distribution. KRP's derivative activities could result in financial losses and reduce earnings. KRP will be required to take write-downs of the carrying values of KRP's properties if commodity prices decrease to a level such that KRP's future undiscounted cash flows from KRP's properties are less than their carrying value for a significant period of time. KRP depends on unaffiliated operators for all of the exploration, development and production on the properties in which KRP owns mineral and royalty interests. Substantially all of KRP's revenue is derived from royalty payments made by these operators. A reduction in the expected number of KRP wells to be drilled on the acreage underlying KRP's interests by these operators or the failure of these operators to adequately and efficiently develop and operate the underlying acreage could materially adversely affect KRP's results of operations and cash available for distribution. The development of KRP's proved undeveloped reserves may take longer and may require higher levels of capital expenditures from the operators of KRP's properties than KRP or they currently anticipate. KRP may not be able to terminate KRP's leases if any of the operators of the properties in which KRP own mineral interests declare bankruptcy, and KRP may experience delays and be unable to replace operators that do not make royalty payments. KRP's future success depends on replacing reserves through acquisitions and the exploration and development activities of the operators of KRP's properties. KRP's failure to successfully identify, complete and integrate acquisitions of properties or businesses would slow KRP's growth and could materially adversely affect KRP's results of operations and cash available for distribution. Any acquisitions of additional mineral and royalty interests that KRP completes will be subject to substantial risks. If KRP is unable to make acquisitions on economically acceptable terms from KRP's Sponsors, the Contributing Parties or third parties, KRP's future growth will be limited. Project areas on KRP's properties, which are in various stages of development, may not yield oil or natural gas in commercially viable quantities. KRP's estimated reserves are based on many assumptions that may prove to be inaccurate. Any material inaccuracies in these reserve estimates or underlying assumptions will materially affect the quantities and present value of KRP's reserves. Restrictions in KRP's secured revolving credit facility and future debt agreements could limit KRP's growth and KRP's ability to engage in certain activities, including KRP's ability to pay distributions to KRP's unitholders. Any significant reduction in KRP's borrowing base under KRP's secured revolving credit facility as a result of the periodic borrowing base redeterminations or otherwise may negatively impact KRP's ability to fund KRP's operations. KRP's debt levels may limit KRP's flexibility to obtain additional financing and pursue other business opportunities. KRP does not intend to retain cash from KRP's operations for replacement capital expenditures. Unless KRP replenishes KRP's oil and natural gas reserves, KRP's cash generated from operations and KRP's ability to pay distributions to KRP's unitholders could be materially adversely affected. A deterioration in general economic, business or industry conditions would materially adversely affect KRP's results of operations, financial condition and cash available for distribution. Conservation measures and technological advances could reduce demand for oil and natural gas. Competition in the oil and natural gas industry is intense, which may adversely affect KRP's operators’ ability to succeed. KRP relies on a few key individuals whose absence or loss could materially adversely affect KRP's business. Increased costs of capital could materially adversely affect KRP's business. Loss of KRP's or KRP's operators’ information and computer systems could materially adversely affect KRP's business. A terrorist attack or armed conflict could harm KRP's business. Title to the properties in which KRP has an interest may be impaired by title defects. The Contributing Parties have limited indemnity obligations to us for liabilities arising out of the ownership and operation of KRP's assets prior to the closing of KRP's IPO, including title defects. The potential drilling locations identified by the operators of KRP's properties are susceptible to uncertainties that could materially alter the occurrence or timing of their drilling. Acreage must be drilled before lease expiration, generally within three to five years, in order to hold the acreage by production. KRP's operators’ failure to drill sufficient KRP wells to hold acreage may result in loss of the lease and prospective drilling opportunities. The unavailability, high cost, or shortages of rigs, equipment, raw materials, supplies or personnel may restrict or result in increased costs for operators related to developing and operating KRP's properties. The results of exploratory drilling in shale plays will be subject to risks associated with drilling and completion techniques and drilling results may not meet KRP's expectations for reserves or production. The marketability of oil and natural gas production is dependent upon transportation and other facilities, certain of which neither KRP nor the operators of KRP's properties control. If these facilities are unavailable, KRP's operators’ operations could be interrupted and KRP's results of operations and cash available for distribution could be materially adversely affected. Oil and natural gas operations are subject to various governmental laws and regulations. Compliance with these laws and regulations can be burdensome and expensive, and failure to comply could result in significant liabilities, which could reduce KRP's cash available for distribution.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 67
MLP COMPANY RISKS The operators of KRP's properties are subject to complex and evolving environmental and occupational health and safety laws and regulations. As a result, they may incur significant delays, costs and liabilities that could materially adversely affect KRP's business and financial condition. Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays. The adoption of climate change legislation and regulations could result in increased operating costs and reduced demand for the oil and natural gas that KRP's operators produce. Drilling for and producing oil and natural gas are high-risk activities with many uncertainties that may materially adversely affect KRP's business, financial condition, results of operations and cash available for distribution. Operating hazards and uninsured risks may result in substantial losses to the operators of KRP's properties, and any losses could materially adversely affect KRP's results of operations and cash available for distribution. If the operators of KRP's properties suspend KRP's right to receive royalty payments due to title or other issues, KRP's business, financial condition, results of operations and cash available for distribution may be adversely affected. Cyber-attacks targeting systems and infrastructure used by the oil and gas industry and related regulations may adversely impact KRP's operations and, if KRP is unable to obtain and maintain adequate protection for KRP's data, KRP's business may be harmed. KRP's General Partner and its affiliates, including KRP's Sponsors and their respective affiliates, have conflicts of interest with KRP and limited duties to KRP and KRP's unitholders, and they may favor their own interests to the detriment of KRP and KRP's unitholders. Additionally, KRP has no control over the business decisions and operations of KRP's Sponsors and their respective affiliates, which are under no obligation to adopt a business strategy that favors KRP. KRP's partnership agreement does not restrict KRP's Sponsors and their respective affiliates or the Contributing Parties from competing with KRP. Certain of KRP's directors and officers may in the future spend significant time serving, and may have significant duties with, investment partnerships or other private entities that compete with KRP in seeking out acquisitions and business opportunities and, accordingly, may have conflicts of interest in allocating time or pursuing business opportunities. KRP's General Partner intends to limit its liability regarding KRP's obligations. Neither KRP, KRP's General Partner nor KRP's subsidiaries have any employees, and KRP relies solely on Kimbell Operating to manage and operate, or arrange for the management and operation of, KRP's business. The management team of Kimbell Operating, which includes the individuals who will manage KRP, also provides substantially similar services to other entities and thus is not solely focused on KRP's business. KRP's partnership agreement replaces fiduciary duties applicable to a corporation with contractual duties and restricts the remedies available to KRP's unitholders for actions taken by KRP's General Partner that might otherwise constitute breaches of fiduciary duty. KRP's partnership agreement replaces KRP's General Partner’s fiduciary duties to KRP's unitholders with contractual standards governing its duties. Holders of KRP's common units have limited voting rights and are not entitled to elect KRP's General Partner or its directors, which could reduce the price at which KRP's common units will trade. Even if KRP's unitholders are dissatisfied, they cannot initially remove KRP's General Partner without its consent. KRP's partnership agreement restricts the voting rights of unitholders owning 20% or more of the interests in any class of KRP's securities, subject to certain exceptions. Cost reimbursements due to KRP's General Partner and its affiliates for services provided to KRP or on KRP's behalf will reduce cash available for distribution to KRP's unitholders. KRP's partnership agreement and the limited liability company agreement of the Operating Company do not set a limit on the amount of expenses for which KRP's General Partner and its affiliates may be reimbursed. The amount and timing of such reimbursements will be determined by KRP's General Partner. KRP's General Partner interest or the control of KRP's General Partner may be transferred to a third party without unitholder consent. KRP's sole cash-generating asset is KRP's membership interest in the Operating Company and KRP is accordingly dependent upon distributions from the Operating Company to pay taxes and cover KRP's expenses and to make distributions to KRP's unitholders. Unitholders may have liability to repay distributions and in certain circumstances may be personally liable for the obligations of the partnership. Increases in interest rates may cause the market price of KRP's common units to decline. KRP's General Partner has a call right that may require unitholders to sell their units at an undesirable time or price. KRP may issue additional common units and other equity interests ranking junior to the Series A Preferred Units without unitholder approval, which would dilute existing common unitholder ownership interests. There are no limitations in KRP's partnership agreement on KRP's ability to issue units ranking senior in right of distributions or liquidation to KRP's common units. The market price of KRP's common units could be materially adversely affected by sales of substantial amounts of KRP's common units in the public or private markets, including sales by KRP's Sponsors, the Contributing Parties and other selling unitholders pursuant to any registration rights agreements. The price of KRP's common units may fluctuate significantly, and unitholders could lose all or part of their investment. KRP has incurred and will continue to incur increased costs as a result of being a publicly traded company. For as long as KRP is an emerging growth company, KRP will not be required to comply with certain disclosure requirements that apply to other public companies. If KRP fails to maintain an effective system of internal controls, KRP may not be able to accurately report KRP's financial results or prevent fraud. As a result, current and potential unitholders could lose confidence in KRP's financial reporting, which would harm KRP's business and the trading price of KRP's units. The NYSE does not require a publicly traded partnership like KRP to comply with certain of its corporate governance requirements. KRP's partnership agreement includes exclusive forum, venue and jurisdiction provisions. By acquiring an interest in KRP, a limited partner is irrevocably consenting to these provisions regarding claims, suits, actions or proceedings and submitting to the exclusive jurisdiction of Delaware courts. If a unitholder is an ineligible holder, the units of such unitholder may be subject to redemption. KRP's Series A Preferred Units have rights, preferences and privileges that are not held by, and are preferential to the rights of, holders of KRP's common units. The terms of KRP's Series A Preferred Units contain covenants that may limit KRP's business flexibility. KRP may incur substantial income tax liabilities on KRP's allocable share of income from the Operating Company. Taxable gain or loss on the sale of KRP's common units could be more or less than expected.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 68
MLP COMPANY RISKS KRP's current tax treatment may change, which could affect the value of KRP's common units or reduce KRP's cash available for distribution. Certain decreases in the price of KRP's common units could adversely affect KRP's amount of cash available for distribution. The Internal Revenue Service (“IRS”) Form 1099-DIV that you receive from your broker may over-report your dividend income with respect to KRP's units for United States federal income tax purposes, and failure to report your dividend income in a manner consistent with the IRS Form 1099-DIV that you receive from your broker may cause the IRS to assert audit adjustments to your United States federal income tax return. If the Operating Company were to become a publicly traded partnership taxable as a corporation for United States federal income tax purposes, KRP and the Operating Company might be subject to potentially significant tax inefficiencies.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 69
MLP COMPANY RISKS VNOM Company Risks
VNOM may not have sufficient available cash to pay any quarterly distribution on VNOM common units The amount of cash available for distribution to holders of VNOM units depends primarily on cash flow and not solely on profitability, which may prevent VNOM from making cash distributions during periods when VNOM records net income The board of directors of VNOM’s general partner may modify or revoke VNOM’s cash distribution policy at any time at its discretion. VNOM’s partnership agreement does not require VNOM to make any distributions at all. The volatility of oil and natural gas prices, and particularly the ongoing decline in those prices, due to factors beyond VNOM’s control greatly affects VNOM’s financial condition, results of operations and cash available for distribution. VNOM does not enter into hedging arrangements with respect to the oil and natural gas production from VNOM properties, and VNOM will be exposed to the impact of decreases in the price of oil and natural gas. VNOM depends on two operators for substantially all of the development and production on the properties underlying VNOM mineral interests. Substantially all of VNOM revenue is derived from royalty payments made by these operators. A reduction in the expected number of wells to be drilled on VNOM acreage by these operators or the failure of either operator to adequately and efficiently develop and operate VNOM acreage could have an adverse effect on VNOM’s expected growth and VNOM’s results of operations. The development of VNOM’s proved undeveloped reserves may take longer and may require higher levels of capital expenditures than currently anticipated. VNOM may not be able to terminate their leases if any of their operators declare bankruptcy, and VNOM may experience delays and be unable to replace operators that do not make royalty payments. VNOM’s producing properties are primarily located in the Permian Basin of West Texas, making VNOM vulnerable to risks associated with operating in a single geographic area. In addition, VNOM has a large amount of proved reserves attributable to a small number of producing horizons within this area. VNOM’s future success depends on finding, developing or acquiring additional reserves. VNOM’s failure to successfully identify, complete and integrate acquisitions of properties or businesses could slow the company’s growth and adversely affect its results of operations and cash available for distribution. Properties VNOM acquire may not produce as projected, and VNOM may be unable to determine reserve potential, identify liabilities associated with the properties that VNOM acquire or obtain protection from sellers against such liabilities. Project areas on VNOM properties, which are in various stages of development, may not yield oil or natural gas in commercially viable quantities. VNOM’s method of accounting for investments in oil and natural gas properties resulted in an impairment of asset value for the year ended December 31, 2016 and may result in further impairments in future periods. VNOM’s estimated reserves are based on many assumptions that may turn out to be inaccurate. Any material inaccuracies in these reserve estimates or underlying assumptions will materially affect the quantities and present value of VNOM’s reserves. SEC rules could limit VNOM’s ability to book additional proved undeveloped reserves in the future. Concerns over general economic, business or industry conditions may have a material adverse effect on VNOM results of operations, financial condition and cash available for distribution. Conservation measures and technological advances could reduce demand for VNOM relies on a few key individuals whose absence or loss could adversely affect VNOM’s business. Competition in the oil and natural gas industry is intense, which may adversely affect VNOM’s ability to succeed. VNOM’s credit agreement has restrictions and financial covenants that may restrict VNOM’s business and financing activities and VNOM’s ability to pay distributions to our unitholders. Loss of VNOM’s information and computer systems could adversely affect VNOM’s business. If a significant portion of any future net leasehold acreage is undeveloped, and that acreage is not ultimately developed or does not become commercially productive, VNOM could lose rights under these leases, and any such events could have a material adverse effect on our oil and natural gas reserves and future production and, therefore, our financial condition, results of operations and cash available for distribution. Development and exploration operations require substantial capital and VNOM may be unable to obtain needed capital or financing on satisfactory terms or at all, which could lead to a loss of properties and a decline in VNOM’s oil and natural gas reserves. VNOM may incur losses as a result of title defects in the properties in which we invest. Identified potential drilling locations are susceptible to uncertainties that could materially alter the occurrence or timing of their drilling. Acreage must be drilled before lease expiration, generally within three to five years, to hold the acreage by production. The failure to drill sufficient wells to hold acreage may result in a substantial lease renewal cost or, if renewal is not feasible, loss of VNOM’s lease and prospective drilling opportunities.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 70
MLP COMPANY RISKS WY Company Risks
The industries in which we operate are sensitive to macroeconomic conditions and consequently are highly cyclical. The overall levels of demand for the products we manufacture and distribute reflect fluctuations in levels of end-user demand, which consequently impact our sales and profitability. End-user demand depends in part on general macroeconomic conditions, both in the U.S. and globally, as well as on local economic conditions. Current economic conditions in the United States reflect growth at or below historical trends and general business uncertainty. Global economic conditions reflect issues such as inflation and slowing growth in emerging countries. The construction and homebuilding industries continue to recover from the severe downturn caused by the overall collapse of credit markets and recession of 2009. However, construction activity remains below pre-recession and trend levels. Our Wood Products segment is highly dependent on the strength of the homebuilding industry. The decline in home construction activity due to the recession resulted in depressed prices of and reduced demand for wood products and building materials. This resulted in lower prices and demand for logs and reduced harvests in our Timberlands segment. The length and magnitude of industry cycles vary over time and by product, but generally reflect changes in macroeconomic conditions and levels of industry capacity. Those conditions have improved since the recession, but if macroeconomic conditions do not continue to improve we could experience lower sales volume and smaller margins. Many of our products are commodities that are widely available from other producers. Because commodity products have few distinguishing properties from producer to producer, competition for these products is based primarily on price, which is determined by supply relative to demand and competition from substitute products. In addition, prices for our products are affected by many other factors outside of our control. As a result, we have little influence over the timing and extent of price changes, which often are volatile. Our profitability with respect to these products depends, in part, on managing our costs, particularly raw material and energy costs, which represent significant components of our operating costs and can fluctuate based upon factors beyond our control. Both sales and profitability of our products are subject to volatility due to market forces beyond our control. Excess supply of logs and wood products may adversely affect prices and margins. Our industry may increase harvest levels, which could lead to an oversupply of logs. Wood products producers may likewise expand manufacturing capacity, which could lead to an oversupply of manufactured wood products. Any occurrence, continuation or increase of industry oversupply to our markets could adversely affect our prices and margins. High unemployment, low demand and low levels of consumer confidence can adversely affect our business and results of operations. Our business is dependent upon the health of the U.S. housing market. Demand for homes is sensitive to changes in economic conditions such as the level of employment, consumer confidence, consumer income, the availability of financing and interest rate levels. The legacy of the housing bubble, its collapse and ensuing credit crisis was tightened credit requirements and a reduced number of mortgage loans available for financing home purchases. Although credit conditions have eased, they remain more restrictive than prior to the housing bubble. Demand for new homes also has been adversely affected by factors such as limited wage growth and weak consumer confidence. Additionally, rising student loan debt among younger adults is limiting access to mortgage financing and home ownership. Foreclosure rates and distress sales of houses, have fallen significantly and are less of an impact compared to the years immediately following the housing collapse. Homebuyers’ ability to qualify for and obtain affordable mortgages could be affected by changes in interest rates, government sponsored entities and private mortgage insurance companies supporting the mortgage market. Access to affordable mortgage financing is critical to the health of the U.S. housing market. Recently, the U.S. Federal Reserve increased its benchmark interest rate, and further increases are expected in 2017. Generally, increases in interest rates make mortgage financing more difficult for home buyers to obtain, which could negatively affect demand for housing and, in turn, for our products. Another significant role of the federal government in supporting mortgage lending has been through its sponsorship of Fannie Mae and Freddie Mac. As a result of turbulence in credit markets and the mortgage finance industry in the last few years, the effect of the federal government’s conservatorship of these government sponsored entities on the short-term and long-term demand for new housing remains unclear. The liquidity provided to the mortgage industry by Fannie Mae and Freddie Mac, both of which purchase home mortgages and mortgage-backed securities originated by mortgage lenders, has been critical to the housing market. However, there have been questions and concerns about the future purpose of Fannie Mae and Freddie Mac, and a number of proposals to curtail their activities over time are under review. Limitations or restrictions on the availability of financing by these entities could also adversely affect interest rates and the availability of mortgage financing.
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 71
APPENDIX
Investment Ratings
OVERWEIGHT (O) – The stock’s total return is expected to be greater than the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months. EQUAL-WEIGHT (E) – The stock’s total return is expected to be equivalent to the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months. UNDERWEIGHT (U) – The stock’s total return is expected to be less than the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months. VOLATILE (V) – The stock’s price volatility is potentially higher than that of the company’s industry sector. The company stock ratings may reflect the analyst’s subjective assessment of risk factors that could impact the company’s business.
Distribution of Stephens Inc.'s Ratings (as of 09/26/19)
% Investment Banking Clients Rating % (Past 12 Months) BUY 54 18 HOLD 45 15 SELL 1 25
Codes NA-Not Applicable NR-Not Rated ADJ-Adjusted EPS CS-Cash EPS NM-Not Meaningful Susp-Rating Suspended ADJE-Adjusted EBITDA Per Share OP-Operating EPS NE-No Estimate UR-Under Review C-Canadian Dollars PF-Pro forma EPS
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This report has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the report was obtained from internal and external sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the report, and all expressions of opinion apply on the date of issuance of the report. No subsequent publication or distribution of this report shall mean or imply that any such information or opinion remains current at any time after the stated date of the report. We do not undertake to advise you of any changes in any such information or opinion. Prices, yields, and availability are subject to change with the market. Nothing in this report is intended, or should be construed, as legal, accounting, regulatory or tax advice. Any discussion of tax attributes is provided for informational purposes only, and each investor should consult his/her/its own tax advisors regarding any and all tax implications or tax consequences of any investment in securities discussed in this report. Please note that we provide supplemental news and analysis in Quick Takes blogs available to clients on our website. If applicable, when reading research on Business Development Companies, you should consider carefully the investment objectives, charges, risks, fees and expenses of the investment company before investing. The prospectus, and, if available, the summary prospectus, contain this and other information about the investment company. You can obtain a current prospectus, and, if available, a summary prospectus, by calling your financial consultant. Please read the prospectus, and, if available, the summary prospectus, carefully before investing as it contains information about the previous referenced factors and other important information. Also, please note other reports filed with the Securities and Exchange Commission by the relevant investment company at www.sec.gov. Please also note that the report may include one or more links to external or third-party websites. Stephens Inc. has not independently verified the information contained on such websites and can provide no assurance as to the reliability of such information, and there can be no assurance that any opinions expressed on such websites reflect the opinions of Stephens Inc. or its management. Additional information available upon request.
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Monthly Statistical Review Member NYSE, SIPC December 2019, Page 72 INSTITUTIONAL SALES & TRADING
DAVID HAGEN-PRODUCING SALES MANAGER
BOSTON MIDWEST Doug Sichol, MD 617.239.7548 Jason Bowman, Team Leader, MD 312.292.5761 Mike Walsh, VP 617-239-7522 Will Greutzmacher, VP 312.292.5793
CANADA NEW YORK Jason Bowman, Team Leader, MD 312.292.5761 David Hagen, Producing Sales Manager, MD 212.891.1726 Will Greutzmacher, SVP 312.292.5783 Frank Chiou, MD 212.891.1773 Sawyer Dunigan, VP 501.377.8376 Katie Huff, MD 501.377.2432 EUROPE Brett Katzner, MD 212.891.1774 Joe Dacus, Team Leader, SVP 501.377.6381 Cody McGrath, MD 501.377.2651 Ralph Mastrangelo, MD 44 (0)20 3757 9881 Michael Mayer 212.891.1787 Brittany Morgan, VP 501.377.3725 Dave Norton,SVP 212.891.1747 Michael Pascarella, MD 212.891.1785 Jackson Ratcliff, SVP 501.377.2107 MID-SOUTH & SOUTHWEST Henry Van Wagenburg, VP 212.891.1723 Joe Dacus, Team Leader, SVP 501.377.6381 Brittany Morgan, VP 501.377.3725 Will Steinwart, VP 501.377.8303
MID-ATLANTIC David Hagen, Producing Sales Manager, MD 212.891.1726 Henry Van Wagenburg, VP 212.891.1723 Jackson Ratcliff, SVP 501.377.2107
WEST COAST Doug Seelicke, Team Leader, MD 501.377.8088 Andy Rogers, MD 501.377.2256 Billy Sherrill, VP 501.377.8513
ANTHONY PIGNIO-PRODUCING HEAD OF SALES TRADING & EQUITY TRADING
SALES TRADING LITTLE ROCK TRADING NEW YORK Adam Raines, SVP 501.377.2076 Edward DeBiasi, MD – Industrials 212.891.1701 Gray Standridge, MD 501.377.2078 Robert Guida 212.891.1768 James Law, MD – Consumer 212.891.1757 SALES TRADING BOSTON Tommy Roszko, MD – Financial Services 212.891.1758 Scott Mutryn, MD 617.239.7544 Brendan O’Brien, VP 617.239.7518
SALES TRADING CHICAGO TRADING LITTLE ROCK Frank Kalble 312.292.5784 Anthony Pignio, Producing Head of Equity Trading, MD - Brian Kowieski, MD 312.292.5765 Technology 501.377.3460 Jason Jarcho, MD – Energy 501.377.2074 Leon Lants, Director of Trading Ops, MD 501.377.6394 SALES TRADING NEW YORK Brian Wardle, MD – Healthcare 501.377.3468 Jeffrey Castellano, MD 212.891.1738 Edward DeBiasi, MD 212.891.1701 Matt Delia, MD 212.891.1731 Greg Gaffney, MD 212.891.1741 Robert Guida 212.891.1768 Tommy Roszko,MD 212.891.1758
Monthly Statistical Review Member NYSE, SIPC December 2019, Page 73 BRANCH OFFICES
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Monthly Statistical Review Member NYSE, SIPC December 2019, Page 74 Stephens Research Department Directory
Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335 Executive Assistant: Dena Page (501) 377-6368
CONSUMER FINANCIAL SERVICES HEALTHCARE Transportation/Railroads and Food and Agribusiness Banks-Mid-Atlantic and Northeast Diagnostics and Life Science Tools Equipment Suppliers Grocery & C-Store Matt Breese, Analyst (401) 658-1114 Jacob Johnson, CFA, Analyst (615) 279-4355 Justin Long, Analyst (501) 377-2036 Ben Bienvenu, Analyst (501) 377-8511 Brody Preston, CFA, Analyst (207) 808-5900 Mason Carrico, Associate (501) 377-8231 Brian Colley, Senior Associate (214) 258-2771 Tim Perz, CPA, Associate (212) 891-1782 Zaman Alidina, Associate (207) 808-5902 Grace Tokarski, Assistant (312) 292-5750 George Sellers, Associate (501) 377-2065 Pooran Sharma, CFA, Associate (212) 891-1794 Leigh Ann Moseley, Assistant (501) 377-2250 Katie Logan, Assistant (501) 377-2057 Leigh Ann Moseley, Assistant (501) 377-2250 Healthcare Services Banks-Southeast & West Coast Scott Fidel, Analyst (212) 891-1788 Transportation/Truckload, Restaurants Tyler Stafford, CFA, Analyst (501) 377-8362 Gerard Campagna, CFA, Senior Assoc. (212) 891-1745 Less-Than-Truckload and Logistics/Maritime Will Slabaugh, Analyst (501) 377-2259 Andrew Terrell, Associate (501) 377-2303 Caleb Ezell, Associate (501) 377-3721 Jack Atkins, Analyst (501) 377-2298 Sean Cuskley, Associate (501) 377-2257 Dena Page, Assistant (501) 377-6368 Tamika Bascombe, Assistant (212) 891-1706 Wade Schaller, Associate (501) 377-8564 Niall Pratt, Associate (501) 377-3721 Katie Logan, Assistant (501) 377-2057 Leigh Ann Moseley, Assistant (501) 377-2250 Banks-Southwest Medical Devices & Hospital Supply Matt Olney, CFA, Analyst (501) 377-2101 Chris Cooley, CFA, Analyst (501) 377-2516 Adam Freyaldenhoven, Associate (501) 377-3740 Ross Osborn, Associate (501) 377-8228 TECHNOLOGY, MEDIA AND Retail/Broadlines Garrett Pitts, Associate (501) 377-2265 Leigh Ann Moseley, Assistant (501) 377-2250 TELECOMMUNICATIONS Daniel Imbro, Analyst (501) 377-2055 Dena Page, Assistant (501) 377-6368 Andrew Ryan, Associate (501) 377-8518 Business Services Leigh Ann Moseley, Assistant (501) 377-2250 Banks-Super-Regional & Midwest Brett Huff, CFA, Analyst (501) 377-8068 Terry McEvoy, CFA, Analyst (207) 808-5025 INDUSTRIALS Joel Hoeffler, Associate (501) 377-6312 Retail/Hardlines Cooper Brown, Senior Associate (207) 228-1707 Megan Ladd, Assistant (501) 377-8104 Rick Nelson, CFA, CPA, Alex Glockner, Associate (207) 835-3007 Agriculture, Chemicals, and Analyst (312) 292-5768 Leigh Ann Moseley, Assistant (501) 377-2250 Paper and Wood Products Enterprise and Cloud Infrastructure Nicholas Zangler, CFA, Senior Assoc. (312) 292-5753 Mark Connelly, Analyst (212) 891-1781 Security Software Grace Tokarski, Assistant (312) 292-5750 Banks-West Coast John Rider, CPA, Associate (212) 891-1778 Ryan MacWilliams, CFA, Sr. Assoc. (212) 891-1789 Gordon McGuire, Analyst (501) 377-3717 Joan Tong, CFA, Senior Associate (212) 891-1792 Tamika Bascombe, Assistant (212) 891-1706 Dena Page, Assistant (501) 377-6368 Tamika Bascombe, Assistant (212) 891-1706 ENERGY Internet, Video Games and Online Gambling Real Estate Services Building Materials Jeff Cohen, Analyst (212) 891-1728 Exploration and Production John Campbell, Analyst (501) 377-6362 Trey Grooms, Analyst (501) 377-2318 Bob Weaver, Associate (212) 891-1769 Gail Nicholson Dodds, Analyst (301) 904-7466 Carter Trent, Associate (501) 377-8215 Noah Merkousko, Associate (501) 377-8506 Tamika Bascombe, Assistant (212) 891-1706 Michael Newton, Associate (501) 377-2220 Megan Ladd, Assistant (501) 377-8104 Dena Page, Assistant (501) 377-6368 Fletcher Sipple, Associate (501) 377-2347 Media Reed Spivey, Associate (501) 377-8321 Specialty Finance Electrical Equipment/Multi-Industry Kyle Evans, Analyst (501) 377-6376 Megan Ladd, Assistant (501) 377-8104 Vincent Caintic, CFA, Analyst (727) 502-3524 Rob McCarthy, CFA, Analyst (617) 239-7537 Joseph Wei, Associate (501) 377-6372 Morgan O’Donovan, CFA, Sr. Assoc. (954) 637-2234 Brandon Reagan, Associate (501) 377-2214 Megan Ladd, Assistant (501) 377-8104 Oilfield Services Tamika Bascombe, Assistant (212) 891-1706 Katie Logan, Assistant (501) 377-2057 Tommy Moll, Analyst (501) 377-6306 SaaS and Enterprise Software Cameron Lochridge, Associate (501) 377-8078 Industrial Products and Services James Rutherford, Analyst (501) 377-8221 Megan Ladd, Assistant (501) 377-8104 Blake Hirschman, Analyst (501) 377-8046 Rita Chowdhury, Associate (501) 377-2668 Raleigh Barnes, Associate (501) 377-2532 Megan Ladd, Assistant (501) 377-8104 Leigh Ann Moseley, Assistant (501) 377-2250
Machinery Ashish Gupta, Analyst (212) 891-1709 Tamika Bascombe, Assistant (212) 891-1706 EDITORIAL
Transportation/Airlines Kelley Wilkins Jack Atkins, Analyst (501) 377-2298 Managing Supervisory Analyst (501) 377-2020 Scott Schoenhaus, Analyst (212) 891-1707 Martha Graham, Supervisory Analyst (501) 377-2260 Wade Schaller, Associate (501) 377-8564 Natacha Hammerstad, Katie Logan, Assistant (501) 377-2057 Supervisory Analyst (713) 993-4233 Jennifer Keeling, Supervisory Analyst (501) 377-8004 Kat Versfelt, Editor (817) 900-5700
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