NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
MINIMUM STANDARD FILING REQUIREMENTS (MSFR) TABLE OF CONTENTS
170 IAC Description Part
Working Papers and data; rate of return and capital 1-5-13 10 structure 1-5-13(a) An electing utility shall submit the following: 10
Capitalization and capitalization ratios at the end 10 of the test year and at the end of the year beginning 1-5-13(a)(1) twelve (12) months prior to the test year, respectively, including the following information: (A) Year-end interest coverage ratios for the test 10 year and the year ended twelve (12) months prior to 1-5-13(a)(1)(A) the end of the test year, and a pro forma interest coverage under the rates proposed by the utility (B) Year-end preferred stock dividend coverage 10 1-5-13(a)(1)(B) ratios for the test year and the year ended twelve (12) months prior to the end of the test year (C) The supporting calculations for the 1-5-13(a)(1)(C) 10 information described in clauses (A) and (B) The following financial data relating to the utility 1-5-13(a)(2) 10 as of the end of the most recent five (5) fiscal years: 1-5-13(a)(2)(A) (A) Annual price earnings ratio 10 (B) Earnings-book value ratio on a per share basis, 1-5-13(a)(2)(B) 10 using average book value 1-5-13(a)(2)(C) (C) Annual dividend yield 10
1-5-13(a)(2)(D) (D) Annual earnings per share in dollars 10
1-5-13(a)(2)(E) (E) Annual dividends per share in dollars 10
1-5-13(a)(2)(F) (F) A book value per share yearly 10
(G) Average annual market price per share 10 1-5-13(a)(2)(G) calculated using monthly high and low share market prices
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NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
MINIMUM STANDARD FILING REQUIREMENTS (MSFR) TABLE OF CONTENTS
170 IAC Description Part
1-5-13(a)(2)(H) (H) Pretax interest coverage ratio 10
1-5-13(a)(2)(I) (I) Post tax interest coverage ratio 10
1-5-13(a)(2)(J) (J) Market price-book value ratio average 10 (K) The supporting calculations for the 1-5-13(a)(2)(K) 10 information described in this subdivision The utility's capital structure and weighted average 10 1-5-13(a)(3) cost of capital as of the test year end, including the following information: 1-5-13(a)(3)(A) (A) Common equity 10 (B) Long term debt, including that maturing with 1-5-13(a)(3)(B) 10 one (1) year 1-5-13(a)(3)(C) (C) Other debt, with specificity 10
1-5-13(a)(3)(D) (D) Preferred or preference stock 10
1-5-13(a)(3)(E) (E) Customer deposits 10
(F) Sources of cost free capital, including the 10 following: (i) pre-1971 investment tax credit, (ii) 1-5-13(a)(3)(F) deferred taxes for ratemaking, and (iii) FAS 106 nonexternally funded liabilities (G) Post-1970 investment tax credit and other 1-5-13(a)(3)(G) 10 components as appropriate If an electing utility is asking for special treatment 10 because of the provisions of any of the following documents of the utility or its parent company, or 1-5-13(a)(4) both, then copies of the document or documents with the affecting provision or provisions must also
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NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
MINIMUM STANDARD FILING REQUIREMENTS (MSFR) TABLE OF CONTENTS
170 IAC Description Part
(A) Articles of Incorporation or a similar 1-5-13(a)(4)(A) 10 document 1-5-13(a)(4)(B) (B) Indentures 10
1-5-13(a)(4)(C) (C) Other loan documents 10
(D) Other documents that describe the following: 10 (i) coverage requirements, (ii) limits on proportions 1-5-13(a)(4)(D) of types of capital outstanding, and (iii) restrictions on dividend payouts A schedule of preferred stock outstanding by 10 1-5-13(a)(5) series, including current maturities, for the end of the test year and the latest date reasonably available A schedule of long term debt outstanding by 10 1-5-13(a)(6) series, including current maturities, for the end of the test year and the latest date reasonably available A schedule of the following information for the 10 utility as of the end of the test year and as of the 1-5-13(a)(7) latest date reasonably available prior to the post- filing date respectively: (A) A computation of the embedded cost rate of 10 1-5-13(a)(7)(A) long term debt, including the amount maturing within twelve (12) months (B) Computation of the embedded cost rates of 1-5-13(a)(7)(B) 10 other debt (C) Computation of the embedded cost rates of 10 1-5-13(a)(7)(C) preferred or preference stock, including amounts maturing within twelve (12) months Schedules required by this subsection should 10 1-5-13(a)(8) contain all relevant information, including, but not limited to, the following:
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NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
MINIMUM STANDARD FILING REQUIREMENTS (MSFR) TABLE OF CONTENTS
170 IAC Description Part
1-5-13(a)(8)(A) (A) Date of issue 10
1-5-13(a)(8)(B) (B) Maturity date 10
1-5-13(a)(8)(C) (C) Dollar amount 10
1-5-13(a)(8)(D) (D) Coupon or dividend rate 10 (E) Net proceeds, including discounts and 1-5-13(a)(8)(E) 10 premiums (F) Annual interest or dividend paid and balance 1-5-13(a)(8)(F) 10 of principal; and 1-5-13(a)(8)(G) (G) The calculations in this section 10
The following information regarding the utility's 10 1-5-13(a)(9) plans regarding debt, common stock, and preferred stock during the year following the test year end: 1-5-13(a)(9)(A) (A) Issues that are to be retired or refinanced 10
(B) If a refinancing is planned, the following: (i) 10 the manner in which the refinancing will proceed, 1-5-13(a)(9)(B) that is, sinking fund or refinancing, (ii) the source of the capital to be used to implement the refinancing, and (iii) the estimated cost rate of new ca All relevant reports in the utility's possession by 10 rating agencies on the utility and its parent 1-5-13(a)(10) company for the test year, and thereafter up to the date of the final hearing. The reports should be based on the debt: (A) used in calculations in the electing utility's 1-5-13(a)(10)(A) 10 filing; or (B) of a parent company or proxy company whose 1-5-13(a)(10)(B) 10 debt is rated
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NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
MINIMUM STANDARD FILING REQUIREMENTS (MSFR) TABLE OF CONTENTS
170 IAC Description Part
Average monthly balance of short-term debt for 10 the test year and the most recently available twelve 1-5-13(a)(11) (12) month period, and the utility's current cost for short term debt With respect to the electing utility's proposed cost 10 1-5-13(b) of equity and proposed fair rate of return, an electing utility shall provide the following: (1) If an electing utility used a risk premium 10 1-5-13(b)(1) model to establish its cost of equity, all documents the electing utility used to estimate the risk premium (2) If an electing utility used any other cost of 10 1-5-13(b)(2) equity models, all documents used by the utility to derive its estimate (3) If an electing utility used a comp earnings 10 model and the proxy group has more than 20 comps, an electronic copy of the analysis used by the uty in 1-5-13(b)(3) a format or program that was used to derive the electing utility's estimated cost of equity or fair rate of return The requested information is provided on the 10 attached CD-Rom. We have also included a printout of the contents of the CD-Rom. To the extent the electing utility is prohibited from 10 producing copies of the doc listed in subs (b)(1) 1-5-13(c) through (b)(3) due to the documentation being licensed or proprietary material by agreement or by copyright law, the electing utility shall provide: (1) A list of which documents may not be copied 1-5-13(c)(1) 10 and the reasons therefore
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NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
MINIMUM STANDARD FILING REQUIREMENTS (MSFR) TABLE OF CONTENTS
170 IAC Description Part
(2) Access to the documents listed in subdivision 10 1-5-13(c)(2) (1) to all parties to the proceeding under this rule at a mutually convenient time and place
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NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(1)(A) An electing utility shall submit the following: Capitalization and capitalization ratios at the end of the test year and at the end of the year beginning twelve (12) months prior to the test year, respectively, including the following information: (A) Year-end interest coverage ratios for the test year and the year ended twelve (12) months prior to the end of the test year, and a pro forma interest coverage under the rates proposed by the utility
MSFR 1825 170 IAC 1-5-13(a)(1)(A)
NIPSCO Gas Rate Case Pre-Tax Interest Coverage Ratio
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Year 2018 Pro forma 2018 2017 2016 2015 Income Before Income Taxes $ 547,900,000 $ 410,800,000 $ 362,700,000 $ 273,300,000 $ 283,500,000 Total Interest 105,200,000 105,200,000 95,700,000 86,900,000 83,400,000
Pre-Tax Interest Coverage Ratio 5.21 3.90 3.79 3.14 3.40
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Year 2018 Pro forma 2018 2017 2016 2015 Net Income $ 368,000,000 $ 256,400,000 $ 224,300,000 $ 170,600,000 $ 166,700,000 Total Interest 105,200,000 105,200,000 95,700,000 86,900,000 83,400,000
Post-Tax Interest Coverage Ratio 3.50 2.44 2.34 1.96 2.00
MSFR 1826 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(1)(B) An electing utility shall submit the following: Capitalization and capitalization ratios at the end of the test year and at the end of the year beginning twelve (12) months prior to the test year, respectively, including the following information: (B) Year-end preferred stock dividend coverage ratios for the test year and the year ended twelve (12) months prior to the end of the test year
This requirement is not applicable as NIPSCO does not have preferred stock.
MSFR 1827 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(1)(C) An electing utility shall submit the following: Capitalization and capitalization ratios at the end of the test year and at the end of the year beginning twelve (12) months prior to the test year, respectively, including the following information: (C) The supporting calculations for the information described in clauses (A) and (B)
Please see responses for 170 IAC 1-5-13(a)(1)(A) and 170 IAC 1- 5-13(a)(1)(B), respectively.
MSFR 1828 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(2)(A) The following financial data relating to the utility as of the end of the most recent fisve (5) fiscal years: (A) Annual price earnings ratio
This requirement is not applicable as NIPSCO stock is not publicly traded.
MSFR 1829 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(2)(B) The following financial data relating to the utility as of the end of the most recent five (5) fiscal years: (B) Earnings-book value ratio on a per share basis, using average book value
MSFR 1830 170 IAC 1-5-13(a)(2)(B)
NIPSCO Gas Rate Case Earnings Book Value Ratio Per Share
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Year 2016 2015 2014 2013 2012 Net Income $ 170,600,000 $ 166,700,000 $ 193,400,000 $ 201,400,000 $ 158,400,000 Common Shares Outstanding 73,282,258 73,282,258 73,282,258 73,282,258 73,282,258
Earnings per Share $ 2.33 $ 2.27 $ 2.64 $ 2.75 $ 2.16
Common Shareholder's Equity (Beginning Balance)$ 2,155,800,000 $ 1,998,700,000 $ 1,797,300,000 $ 1,647,400,000 $ 1,564,000,000 Common Shareholder's Equity (Ending Balance) $ 2,326,400,000 $ 2,155,800,000 $ 1,998,700,000 $ 1,797,300,000 $ 1,647,400,000 Average Common Shareholder's Equity $ 2,241,100,000 $ 2,077,250,000 $ 1,898,000,000 $ 1,722,350,000 $ 1,605,700,000 Common Shares Outstanding 73,282,258 73,282,258 73,282,258 73,282,258 73,282,258
Book Value Per Share (Yearly) $ 30.58 $ 28.35 $ 25.90 $ 23.50 $ 21.91
Earnings to Book Value Ratio 0.08 0.08 0.10 0.12 0.10
MSFR 1831 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(2)(C) The following financial data relating to the utility as of the end of the most recent five (5) fiscal years: (C) Annual dividend yield
This requirement is not applicable as NIPSCO stock is not publicly traded.
MSFR 1832 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(2)(D) The following financial data relating to the utility as of the end of the most recent five (5) fiscal years: (D) Annual earnings per share in dollars
Please see response to MSFR 1-5-13(a)(2)(A).
MSFR 1833 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(2)(E) The following financial data relating to the utility as of the end of the most recent five (5) fiscal years: (E) Annual dividends per share in dollars
MSFR 1834 170 IAC 1-5-13(a)(2)(E)
NIPSCO Gas Rate Case Annual Dividends Per Share in Dollars
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Year 2016 2015 2014 2013 2012 Annual Dividends Declared$ - $ 25,000,000 $ - $ 60,000,000 $ 76,800,000 Common Shares Outstanding 73,282,258 73,282,258 73,282,258 73,282,258 73,282,258
Annual Dividends Per Share in Dollars$ - $ 0.34 $ - $ 0.82 $ 1.05
MSFR 1835 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(2)(F) The following financial data relating to the utility as of the end of the most recent five (5) fiscal years: (F) A book value per share yearly
MSFR 1836 170 IAC 1-5-13(a)(2)(F)
NIPSCO Gas Rate Case Book Value Per Share (Yearly)
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Year 2016 2015 2014 2013 2012 Common Shareholder's Equity$ 2,326,400,000 $ 2,155,800,000 $ 1,998,700,000 $ 1,797,300,000 $ 1,647,400,000 Common Shares Outstanding 73,282,258 73,282,258 73,282,258 73,282,258 73,282,258
Book Value Per Share (Yearly)$ 31.75 $ 29.42 $ 27.27 $ 24.53 $ 22.48
MSFR 1837 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(2)(G) The following financial data relating to the utility as of the end of the most recent five (5) fiscal years: (G) Average annual market price per share calculated using monthly high and low share market prices
This requirement is not applicable as NIPSCO stock is not publicly traded.
MSFR 1838 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(2)(H) The following financial data relating to the utility as of the end of the most recent five (5) fiscal years: (H) Pretax interest coverage ratio
MSFR 1839 170 IAC 1-5-13(a)(2)(H)
NIPSCO Gas Rate Case Pre-Tax Interest Coverage Ratio
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Year 2016 2015 2014 2013* 2012 Income Before Income Taxes$ 273,300,000 $ 283,500,000 $ 315,400,000 $ 333,300,000 $ 265,200,000 Total Interest 86,900,000 83,400,000 79,700,000 73,700,000 65,500,000
Pre-Tax Interest Coverage Ratio 3.14 3.40 3.96 4.52 4.05
*2013 includes a $43M pre-tax gain on disposition of discontinued operations, if excluded the FY2013 ratio is 3.92; as this occurred in Q1 2013 the Test Year Ratio is not impacted.
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Year 2016 2015 2014 2013 2012 Income from Continuing Operations Before Income Taxes $ 273,300,000 $ 283,500,000 $ 315,400,000 $ 289,900,000 $ 259,700,000 Total Interest 86,900,000 83,400,000 79,700,000 73,700,000 65,500,000
Pre-Tax Interest Coverage Ratio 3.14 3.40 3.96 3.93 3.96
Reconciliation Between IBT from Cont. Ops and IBT Income from Continuing Operations Before Income Taxes $ 273,300,000 $ 283,500,000 $ 315,400,000 $ 289,900,000 $ 259,700,000 Gain on Sale of Disc. Ops. Before Taxes - - - 44,400,000 - Normal Income (Loss) from Disc. Ops. - - - (1,000,000) 5,500,000 Income Before Income Taxes 273,300,000 283,500,000 315,400,000 333,300,000 265,200,000
MSFR 1840 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(2)(I) The following financial data relating to the utility as of the end of the most recent five (5) fiscal years: (I) Post tax interest coverage ratio
MSFR 1841 170 IAC 1-5-13(a)(2)(I)
NIPSCO Gas Rate Case Post-Tax Interest Coverage Ratio
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Year 2016 2015 2014 2013 2012 Net Income$ 170,600,000 $ 166,700,000 $ 193,400,000 $ 201,400,000 $ 158,400,000 Total Interest 86,900,000 83,400,000 79,700,000 73,700,000 65,500,000
Post-Tax Interest Coverage Ratio 1.96 2.00 2.43 2.73 2.42
MSFR 1842 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(2)(J) The following financial data relating to the utility as of the end of the most recent five (5) fiscal years: (J) Market price- book value ratio average
This requirement is not applicable as NIPSCO stock is not publicly traded.
MSFR 1843 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(2)(K) The following financial data relating to the utility as of the end of the most recent five (5) fiscal years: (K) The supporting calculations for the information described in this subdivision
Please see responses to 170 IAC 1-5-13(a)(2)(A) through 1-5- 13(a)(2)(J).
MSFR 1844 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(3)(A) The utility's capital structure and weighted average cost of capital as of the test year end, including the following information: (A) Common equity
MSFR 1845 170 IAC 1-5-13(a)(3)(A)
Northern Indiana Public Service Company December 31, 2016 Capital Structure
Line Total Company Percent Weighted No. Description Capitalization of Total Cost Average Cost
1 Common Equity$ 2,335,770,300 48.37% 10.70% 5.18% 2 Long-Term Debt 1,570,632,945 32.52% 5.39% 1.75% 3 Customer Deposits 70,395,268 1.46% 4.61% 0.07% 4 Deferred Income Taxes 1,023,648,346 21.20% - 0.00% 5 Post-Retirement Liability 108,734,093 2.25% - 0.00% 6 Prepaid Pension Asset (282,773,632) -5.86% 0.00% 0.00% 7 Post-1970 ITC 3,038,277 0.06% 8.57% 0.01%
8 Totals$ 4,829,445,597 100% 7.01%
Cost of Investor Supplied Capital
Line Total Company Percent Weighted No. Description Capitalization of Total Cost Average Cost
9 Common Equity$ 2,335,770,300 59.79% 10.70% 6.40% 10 Long Term Debt $ 1,570,632,945 40.21% 5.39% 2.17%
11 Totals$ 3,906,403,245 100% 8.57%
MSFR 1846 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(3)(B) The utility's capital structure and weighted average cost of capital as of the test year end, including the following information: (B) Long term debt, including that maturing within one (1) year
MSFR 1847 170 IAC 1-5-13(a)(3)(B)
NIPSCO Long-Term Debt as of December 31, 2016
Interest Line Rate Description of Debt Date of Issuance Date of Maturity Principal Amount Interest Requirement Calculations A B C D E F G H
1 Pollution Control Bonds
2 5.70% Series 2003 C Notes August 25, 2008 July 1, 2017 $ 55,000,000 $ 3,135,000 B*F 3 5.85% Series 1994 C Notes August 25, 2008 April 1, 2019 41,000,000 2,398,500 B*F
4 Medium-Term Notes . 5 7.690% Series E June 6, 1997 June 6, 2027 20,000,000 1,538,000 B*F 6 7.590% Series E June 10, 1997 June 12, 2017 22,500,000 1,707,750 B*F 7 7.690% Series E June 6, 1997 June 27, 2027 33,000,000 2,537,700 B*F 8 7.020% Series E August 4, 1997 August 4, 2017 5,000,000 351,000 B*F 9 7.160% Series E August 4, 1997 August 4, 2027 5,000,000 358,000 B*F 10 7.400% Series E August 26, 1997 August 30, 2022 10,000,000 740,000 B*F
11 Intercompany Notes from NiSource Finance Corp. 12 5.42% LT Note 5.42% June 28, 2005 June 26, 2020 137,500,000 7,452,500 B*F 13 5.985% Intercompany LT Note 5.985% September 19, 2005 September 18, 2025 75,000,000 4,488,750 B*F 14 6.525% LT Note 6.525%- Refinancing June 6, 2008 June 6, 2023 80,000,000 5,220,000 B*F 15 6.09% LT Note 6.09% - Refinancing June 6, 2008 June 6, 2018 80,000,000 4,872,000 B*F 16 6.41% LT Note 6.41%- Sugar Creek December 4, 2009 December 4, 2029 120,000,000 7,692,000 B*F 17 4.53% LT Note 4.530%- FGD December 19, 2012 December 21, 2037 55,000,000 2,491,500 B*F 18 4.83% LT Note 4.830%- FGD December 19, 2012 December 19, 2042 95,000,000 4,588,500 B*F 19 5.17% Intercompany LT Note 5.170% July 24, 2013 July 24, 2038 89,000,000 4,601,300 B*F 20 5.43% Intercompany LT Note 5.430% July 24, 2013 July 24, 2043 95,000,000 5,158,500 B*F 21 4.99% Intercompany LT Note 4.99% February 13, 2014 February 15, 2044 66,000,000 3,293,400 B*F 22 4.35% Intercompany LT Note 4.35% December 18, 2014 December 16, 2044 82,000,000 3,567,000 B*F 23 4.55% Intercompany LT Note 4.55% June 26, 2015 June 26, 2035 93,750,000 4,265,625 B*F 24 4.99% Intercompany LT Note 4.99% June 26, 2015 June 26, 2045 93,750,000 4,678,125 B*F 25 4.70% Intercompany LT Note 4.7006% December 30, 2015 December 30, 2045 91,000,000 4,277,546 B*F 26 4.36% Intercompany LT Note December 30, 2016 December 30, 2046 210,000,000 9,156,000 B*F
27 Less: Note to Short Term (Maturity 12/31/2017). Not included in WACC Calculation. (82,500,000) (5,193,750)
28 Unamortized Debt Expense - 29 Unamortized Discount on Long-Term Debt (216,562) 30 Unamortized Loss on Reqcquired Long-Term Debt - NC (415,171) 31 Unamortized Loss on Reqcquired Long-Term Debt - Current (735,322) 32 Amortization of Debt Discount and Expense 27,816 33 Amortization Loss on Reacquired Debt 1,269,731
34 Total NIPSCO Long-Term Debt (excluding current portion of long-term debt)$ 1,570,632,945 $ 84,672,493
MSFR 1848 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(3)(C) The utility's capital structure and weighted average cost of capital as of the test year end, including the following information: (C) Other debt, with specificity
Please see response to MSFR 1-5-13(a)(3)(B).
MSFR 1849 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(3)(D) The utility's capital structure and weighted average cost of capital as of the test year end, including the following information: (D) Preferred or preference stock
This requirement is not applicable as NIPSCO does not have any preferred or preference stock outstanding.
MSFR 1850 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(3)(E) The utility's capital structure and weighted average cost of capital as of the test year end, including the following information: (E) Customer deposits
Please see response to MSFR 1-5-13(a)(3)(A).
MSFR 1851 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(3)(F) The utility's capital structure and weighted average cost of capital as of the test year end, including the following information: (F) Sources of cost free capital, including the following: (i) pre-1971 investment tax credit, (ii) deferred taxes for ratemaking, and (iii) FAS 106 nonexternally funded liabilities
Please see response to MSFR 1-5-13(a)(3)(A).
MSFR 1852 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(3)(G) The utility's capital structure and weighted average cost of capital as of the test year end, including the following information: (G) Post-1970 investment tax credit and other components as appropriate
Please see response to MSFR 1-5-13(a)(3)(A).
MSFR 1853 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(4)(A) If an electing utility is asking for special treatment because of the provisions of any of the following documents of the utility or its parent company, or both, then copies of the document or documents with the affecting provision or provisions must also (A) Articles of Incorporation or a similar document
This requirement is not applicable. NIPSCO is not seeking special treatment.
MSFR 1854 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(4)(B) If an electing utility is asking for special treatment because of the provisions of any of the following documents of the utility or its parent company, or both, then copies of the document or documents with the affecting provision or provisions must also (B) Indentures
This requirement is not applicable. NIPSCO is not seeking special treatment.
MSFR 1855 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(4)(C) If an electing utility is asking for special treatment because of the provisions of any of the following documents of the utility or its parent company, or both, then copies of the document or documents with the affecting provision or provisions must also (C) Other loan documents
This requirement is not applicable. NIPSCO is not seeking special treatment.
MSFR 1856 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(4)(D) If an electing utility is asking for special treatment because of the provisions of any of the following documents of the utility or its parent company, or both, then copies of the document or documents with the affecting provision or provisions must also (D) Other documents that describe the following: (i) coverage requirements, (ii) limits on proportions of types of capital outstanding, and (iii) restrictions on dividend payouts
This requirement is not applicable. NIPSCO is not seeking special treatment.
MSFR 1857 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(5) A schedule of preferred stock outstanding by series, including current maturities, for the end of the test year and the latest date reasonably available
This requirement is not applicable. NIPSCO does not have any preferred stock.
MSFR 1858 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(6) A schedule of long term debt outstanding by series, including current maturities, for the end of the test year and the latest date reasonably available
MSFR 1859 170 IAC 1-5-13(a)(6) Page 1 of 2
Northern Indiana Public Service Company Long Term Debt as of December 31, 2016
Line Interest No. Rate Description of Debt Date of Issuance Date of Maturity Principal Amount Interest Requirement
A B C D E F = E * A
Pollution Control Bonds 1 5.7000% Series 2003 C Notes August 25, 2008 July 1, 2017 $ 55,000,000 [1] $ 3,135,000 [1] 2 5.8500% Series 1994 C Notes August 25, 2008 April 1, 2019 41,000,000 2,398,500
3 Medium-Term Notes . 4 7.6900% Series E June 6, 1997 June 6, 2027 20,000,000 1,538,000 6 7.5900% Series E June 10, 1997 June 12, 2017 22,500,000 [1] 1,707,750 [1] 5 7.6900% Series E June 6, 1997 June 27, 2027 33,000,000 2,537,700 8 7.0200% Series E August 4, 1997 August 4, 2017 5,000,000 [1] 351,000 [1] 7 7.1600% Series E August 4, 1997 August 4, 2027 5,000,000 358,000 9 7.4000% Series E August 26, 1997 August 30, 2022 10,000,000 740,000
10 Intercompany Notes from NiSource Finance Corp. 11 5.4200% LT Note 5.42% June 28, 2005 June 26, 2020 137,500,000 7,452,500 12 5.9850% Intercompany LT Note 5.985% September 19, 2005 September 18, 2025 75,000,000 4,488,750 13 6.5250% LT Note 6.525%- Refinancing June 6, 2008 June 6, 2023 80,000,000 5,220,000 14 6.0900% LT Note 6.09% - Refinancing June 6, 2008 June 6, 2018 80,000,000 4,872,000 15 6.4100% LT Note 6.41%- Sugar Creek December 4, 2009 December 4, 2029 120,000,000 7,692,000 16 4.5300% LT Note 4.530%- FGD December 19, 2012 December 21, 2037 55,000,000 2,491,500 17 4.8300% LT Note 4.830%- FGD December 19, 2012 December 19, 2042 95,000,000 4,588,500 18 5.1700% Intercompany LT Note 5.170% July 24, 2013 July 24, 2038 89,000,000 4,601,300 19 5.4300% Intercompany LT Note 5.430% July 24, 2013 July 24, 2043 95,000,000 5,158,500 20 4.9900% Intercompany LT Note 4.99% February 13, 2014 February 15, 2044 66,000,000 3,293,400 21 4.3500% Intercompany LT Note 4.35% December 18, 2014 December 16, 2044 82,000,000 3,567,000 22 4.5500% Intercompany LT Note 4.55% June 26, 2015 June 26, 2035 93,750,000 4,265,625 23 4.9900% Intercompany LT Note 4.99% June 26, 2015 June 26, 2045 93,750,000 4,678,125 24 4.7006% Intercompany LT Note 4.7006% December 30, 2015 December 30, 2045 91,000,000 4,277,546 25 4.3600% Intercompany LT Note 4.360% December 30, 2016 December 30, 2046 210,000,000 9,156,000
26 Less: Current Portion of Long Term Debt [1] (82,500,000) (5,193,750)
27 Def Chrgs-Unamortized Debt Exp - 28 Unamortized Premium/Discount on Long-term Debt (216,562) 29 Unamortized Reacquision Premium on Debt (415,171) 30 Unamortized reacquistion prem on debt - Current (735,322) Amortization of Debt Discount and 31 Expense Jan 2016 - Dec 2016 27,816 Amortization of Call Premiums on Early 32 Redemption of Long Term Debt Jan 2016 - Dec 2016 1,269,731
33 Total NIPSCO Long-Term Debt $ 1,570,632,945 $ 84,672,493
MSFR 1860 170 IAC 1-5-13(a)(6) Page 2 of 2
Northern Indiana Public Service Company Long-Term Debt as of June 30, 2017
Line Interest No. Rate Description of Debt Date of Issuance Date of Maturity Principal Amount Interest Requirement A B C D E F = E * A
Pollution Control Bonds 1 5.7000% Series 2003 C Notes August 25, 2008 July 1, 2017 $ 55,000,000 [1] $ 3,135,000 2 5.8500% Series 1994 C Notes August 25, 2008 April 1, 2019 41,000,000 $ 2,398,500
3 Medium-Term Notes . 4 7.6900% Series E June 6, 1997 June 6, 2027 20,000,000 1,538,000 5 7.6900% Series E June 6, 1997 June 27, 2027 33,000,000 2,537,700 6 7.0200% Series E August 4, 1997 August 4, 2017 5,000,000 [1] 351,000 7 7.1600% Series E August 4, 1997 August 4, 2027 5,000,000 358,000 8 7.4000% Series E August 26, 1997 August 30, 2022 10,000,000 740,000
9 Intercompany Notes from NiSource Finance Corp. 10 5.4200% LT Note 5.42% June 28, 2005 June 26, 2020 137,500,000 7,452,500 11 5.9850% Intercompany LT Note 5.985% September 19, 2005 September 18, 2025 75,000,000 4,488,750 12 6.5250% LT Note 6.525%- Refinancing June 6, 2008 June 6, 2023 80,000,000 5,220,000 13 6.0900% LT Note 6.09% - Refinancing June 6, 2008 June 6, 2018 80,000,000 [1] 4,872,000 14 6.4100% LT Note 6.41%- Sugar Creek December 4, 2009 December 4, 2029 120,000,000 7,692,000 15 4.5300% LT Note 4.53%- FGD December 19, 2012 December 21, 2037 55,000,000 2,491,500 16 4.8300% LT Note 4.83%- FGD December 19, 2012 December 19, 2042 95,000,000 4,588,500 17 5.1700% Intercompany LT Note 5.17% July 24, 2013 July 24, 2038 89,000,000 4,601,300 18 5.4300% Intercompany LT Note 5.43% July 24, 2013 July 24, 2043 95,000,000 5,158,500 19 4.9900% Intercompany LT Note 4.99% February 13, 2014 February 15, 2044 66,000,000 3,293,400 20 4.3500% Intercompany LT Note 4.35% December 18, 2014 December 16, 2044 82,000,000 3,567,000 21 4.5500% Intercompany LT Note 4.55% June 26, 2015 June 26, 2035 93,750,000 4,265,625 22 4.9900% Intercompany LT Note 4.99% June 26, 2015 June 26, 2045 93,750,000 4,678,125 23 4.7006% Intercompany LT Note 4.7006% December 30, 2015 December 30, 2045 91,000,000 4,277,546 24 4.3640% Intercompany LT Note 4.364% December 30, 2016 December 30, 2046 210,000,000 9,164,400 25 4.1611% Intercompany LT Note 4.1611% June 30, 2017 June 30, 2047 40,000,000 1,664,440
26 Less: Current Portion of Long Term Debt not included in WACC [1] (140,000,000) (8,358,000)
27 Def Chrgs-Unamortized Debt Exp - 28 Unamortized Premium/Discount on Long-term Debt (197,084) 29 Unamortized Reacquision Premium on Debt (370,953) 30 Unamortized reacquistion prem on debt - Current (402,986) 31 Amortization of Debt Discount and Expense July 2016 - June 2017 27,354.00 Amortization of Call Premiums on Early Redemption of 32 Long Term Debt July 2016 - June 2017 1,012,298.83
33 Total NIPSCO Long-Term Debt $ 1,531,028,977 $ 81,215,439
MSFR 1861 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(7)(A) A schedule of the following information for the utility as of the end of the test year and as of the latest date reasonably available prior to the post-filing date respectively: (A) A computation of the embedded cost rate of long term debt, including the amount maturing within twelve (12) months
Please see response to MSFR 1-5-13(a)(3)(A) and (B).
MSFR 1862 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(7)(B) A schedule of the following information for the utility as of the end of the test year and as of the latest date reasonably available prior to the post-filing date respectively: (B) Computation of the embedded cost rates of other debt
This requirement is not applicable.
MSFR 1863 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(7)(C) A schedule of the following information for the utility as of the end of the test year and as of the latest date reasonably available prior to the post-filing date respectively: (C) Computation of the embedded cost rates of preferred or preference stock, including amounts maturing within twelve (12) months
This requirement is not applicable as NIPSCO has no preferred or preference stock.
MSFR 1864 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(8)(A) Schedules required by this subsection should contain all relevant information, including, but not limited to, the following: (A) Date of issue
Please see response to MSFR 1-5-13(a)(3)(B).
MSFR 1865 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(8)(B) Schedules required by this subsection should contain all relevant information, including, but not limited to, the following: (B) Maturity date
Please see response to MSFR 1-5-13(a)(3)(B).
MSFR 1866 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(8)(C) Schedules required by this subsection should contain all relevant information, including, but not limited to, the following: (C) Dollar amount
Please see response to MSFR 1-5-13(a)(3)(B).
MSFR 1867 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(8)(D) Schedules required by this subsection should contain all relevant information, including, but not limited to, the following: (D) Coupon or dividend rate
Please see response to MSFR 1-5-13(a)(3)(B).
MSFR 1868 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(8)(E) Schedules required by this subsection should contain all relevant information, including, but not limited to, the following: (E) Net proceeds, including discounts and premiums
Please see response to MSFR 1-5-13(a)(3)(B).
MSFR 1869 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(8)(F) Schedules required by this subsection should contain all relevant information, including, but not limited to, the following: (F) Annual interest or dividend paid and balance of principal; and
Please see response to MSFR 1-5-13(a)(3)(B).
MSFR 1870 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(8)(G) Schedules required by this subsection should contain all relevant information, including, but not limited to, the following: (G) The calculations in this section
Please see response to MSFR 1-5-13(a)(3)(B).
MSFR 1871 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(9)(A) The following information regarding the utility's plans regarding debt, common stock, and preferred stock during the year following the test year end: (A) Issues that are to be retired or refinanced Responsive information is being provided for the 2017 Budget Period, the Forward Test Year (2018), and the year following the Forward Test Year (2019).
MSFR 1872 170 IAC 1-5-13(a)(9)(A)
NIPSCO Gas Rate Case Year Ending 2017, 2018, and 2019
NIPSCO has the following issues maturing:
Line 2017 2018 2019 No. ISSUE Interest Rate Date Issued Maturity Balance Interest Rate Date Issued Maturity Balance Interest Rate Date Issued Maturity Balance 1 Series 2003 C Notes 5.70% 8/25/2008 07/01/17 55,000,000 2 Series E 7.59% 6/10/1997 06/12/17 22,500,000 3 Series E 7.02% 8/4/1997 08/04/17 5,000,000 4 Intercompany Debt 6.09% 6/6/2008 6/6/2018 80,000,000 5 NPCB - Series 1994C 5.85% 8/25/2008 4/1/2019 41,000,000
MSFR 1873 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(9)(B) The following information regarding the utility's plans regarding debt, common stock, and preferred stock during the year following the test year end: (B) If a refinancing is planned, the following: (i) the manner in which the refinancing will proceed, that is, sinking fund or refinancing, (ii) the source of the capital to be used to implement the refinancing, and (iii) the estimated cost rate of new capital, the estimated overall cost of each refinancing operation, and any cost-benefit analyses performed relating to each refinancing.
Responsive information is being provided for the 2017 Budget Period, the Forward Test Year (2018), and the year following the Forward Test Year (2019).
MSFR 1874 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
The estimated cost rate of new capital is based on a Treasury Department projection for a 30 year interest rate.
MSFR 1875 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(a)(10) All relevant reports in the utility's possession by rating agencies on the utility and its parent company for the test year, and thereafter up to the date of the final hearing. The reports should be based on the debt: (A) used in calculations in the electing utility's filing; or (B) of a parent company or proxy company whose debt is rated
MSFR 1876 170 IAC 1-5-13(a)(10) CorporatesPage 1 of 108
Utilities, Power & Gas / U.S.A. Northern Indiana Public Service Company A Subsidiary of NiSource, Inc. Full Rating Report
Ratings Key Rating Drivers Long-Term IDR BBB Senior Unsecured BBB+ Rating Linkages: Northern Indiana Public Service Company’s (NIPSCO) Issuer Default Rating (IDR) and Outlook are assigned based on the consolidated credit profile of its parent NiSource IDR – Issuer Default Rating. Inc. (NI, BBB/Stable) due to their close linkage. Fitch Ratings considers NI and NIPSCO
closely linked, as NI finances substantially all utility operations through NiSource Finance (NIF). Rating Outlook This report will focus on the credit characteristics of both entities. Stable Outlook Low Business Risk: NI’s fully regulated, relatively low-risk business model is supported by
stable cash flows and earnings from a geographically diverse mix of regulated gas and electric
utilities in seven states. Gas distribution and electric operations represent 61% and 39%, Financial Summary Northern Indiana Public Service respectively, of the total rate base. Fitch expects gas operations to represent a greater share of Company LTM the rate base as the company invests more than twice as much capex in its gas utilities as it ($ Mil.) 3/31/2016 2015 does in its electric segment. Fitch considers this trend to be positive, as NI’s gas distribution Adjusted Revenue 2,123 2,222 utilities benefit from more supportive regulations with less exposure to stringent environmental Operating EBITDAR 615 629 Cash Flow from mandates. Operations 467 571 Total Adjusted Debt 1,792 1,785 Supportive Regulations in Indiana: NIPSCO enjoys favorable regulations for its infrastructure Total Capitalization 4,003 3,941 Capex/ programs, environmental compliance and transmission projects at the state and federal level.
Depreciation (%) 210.8 211.2 In Indiana, the Transmission, Distribution and Storage System Improvement Charge (TDSIC) FFO Fixed- Charge Coverage (x) 7.1 6.7 statute provides for cost recovery outside of general rate case (GRC) proceedings for gas or FFO-Adjusted Leverage (x) 3.1 3.2 electric safety, reliability and modernization and allows pre-approval of a seven-year plan of
Total Adjusted eligible investments. If approved, up to 80% of eligible costs can be recovered using semi- Debt/EBITDAR (x) 2.9 2.8 annual trackers. NIPSCO’s two MISO transmission projects benefit from constructive Federal
Energy Regulatory Commission (FERC) regulation, including forward-looking rates and
construction work in progress (CWIP) recovery.
Rate Approvals Supportive: Fitch views favorably the recent approvals by the Indiana Utility
Regulatory Commission (IURC) of NIPSCO’s seven-year $1.25 billion electric TDSIC plan and Related Research its electric rate case allowing for a revenue increase of $72.5 million, based on an authorized Fitch Upgrades NI and NIPSCO's return on equity (ROE) of 9.975% before certain riders. IDR to ‘BBB’; Outlook Stable (June 2016) High Capex: NI capex is expected to average approximately $1.45 billion per year in
2016–2021, doubling the annual average capex from 2008 to 2011, which could pressure
credit metrics temporarily. Fitch projects NI’s debt/operating EBITDAR to remain above 5x
through 2019 and decline to high-4x in 2020. FFO-adjusted leverage could decline to high-4x in
2020 from 5.3x in 2016 and FFO fixed-charge coverage to improve to 4x from 3.4x. Fitch’s
Analysts projection incorporates bonus depreciation benefits and a certain amount of equity issuance. Julie Jiang +1 212 908-0708 [email protected] Rating Sensitivities Maude Tremblay NI and NIPSCO could be upgraded if the consolidated adjusted +1 312 368-3203 Positive Rating Action: [email protected] debt/operating EBITDAR is expected to sustain below 4x.
Negative Rating Action: If material adverse changes in NI’s regulatory construct occur, and/or if consolidated adjusted debt/operating EBITDAR sustains above 5.25x with low probability to recover, negative rating pressure could mount.
www.fitchratings.com August 3, 2016 MSFR 1877 170 IAC 1-5-13(a)(10) CorporatesPage 2 of 108
Financial Overview
Liquidity and Debt Structure NIF currently maintains a $1.5 billion revolving credit facility expiring on July 1, 2020. The revolver supports a $1.5 billion CP program, LOC and provides liquidity for general corporate purposes. At March 31, 2016 and Dec. 31, 2015, NI had no outstanding borrowings. At March 31, 2016 and Dec. 31, 2015 NI had $460.0 million and $321.4 million, respectively, of CP outstanding. As of March 31, 2016 and Dec. 31, 2015, NI had $14.7 million of LOC outstanding, all of which were under the revolving credit facility. NI’s CP borrowing ranges from $300 million to $900 million in the past several years. In addition, NI’s liquidity is also supported by accounts receivable securitization, which was $385 million as of March 31, 2016. As of March 31, 2016, NI has $24 million cash and $1.025 billion available under the revolver. Gas utilities draw most liquidity as they purchase gas inventory months before heating season approaches and borrowings come down as heating season ends.
The revolver sets a maximum debt/cap ratio of 70%. As of March 31, 2016 the debt/cap was 64.4%. Debt maturities are manageable, with $220 million and $350 million notes due in the remaining of 2016 and in 2017, respectively, which will be refinanced.
Debt Maturities and Liquidity Total Debt and Leverage ($ Mil., As of March 31, 2016) Total Adjusted Debt (LHS) ($ Mil.) Debt/EBITDAR (RHS) (x) 2016 220 15,000 8.0 2017 350 6.0 2018 489 10,000 2019 555 4.0 5,000 2020 564 2.0 Thereafter 4,024 0 0.0 Cash and Cash Equivalents 24 2012 2013 2014 2015 LTM Undrawn Committed Facilities 640 3/31/16 Note: Debt Maturities reflect NI consolidated. Source: Company data, Fitch. Source: Company data, Fitch.
Cash Flow Analysis Fitch expects NI to generate predictable earnings and cash flow from its fully regulated low-risk utility operations with various trackers and recovery mechanisms and frequent rate case filings. Due to the large capex program, NI is expected to average negative $500 million in cash flow per year. NI’s capex began to ramp up substantially in 2012. From 2012 to 2015, it spent approximately $1.23 billion per year in capex. From 2008 to 2011 capex averaged only approximately $709 million per year. In the next several years, capex is expected to average Related Criteria $1.45 billion per year. The capex program will require a high amount of debt to be financed Recovery Ratings and Notching Criteria upfront. However, the programs will have a high level of visibility and security in recoveries, as for Utilities (March 2016) 78% of capex will be pre-approved or tracked or earned through rate structure, although they Corporate Rating Methodology- Including Short-Term Ratings and are subject to some lag in recovery. Fitch expects the dividend payout ratio to be approximately Parent and Subsidiary Linkage 60%–65%, which is relatively consistent with industry average payout ratio. (August 2015) Parent and Subsidiary Rating Linkage Fitch’s Approach to Rating Entities within a Corporate Group Structure (August 2015) Rating U.S. Utilities, Power and Gas Companies (Sector Credit Factors) (March 2014)
Northern Indiana Public Service Company 2 August 3, 2016 MSFR 1878 170 IAC 1-5-13(a)(10) CorporatesPage 3 of 108
CFFO and Cash Use CFFO Capex Dividends ($ Mil.) 700 600 500 400 300 200 100 0 2012 2013 2014 2015 LTM 2016
Source: Company data, Fitch.
Peer and Sector Analysis Peer Group Issuer Country A–
DTE Electric Co. U.S. Peer Group Analysis Northern Indiana BBB+ Public Service Duke Energy Indiana Michigan
Duke Energy Indiana, Inc. U.S. ($ Mil.) Company DTE Electric Co. Indiana, Inc. Power Co. As of 3/31/16 3/31/16 3/31/16 3/31/16 BBB– IDR BBB A– BBB+ BBB–
Indiana Michigan Power Co. U.S. Outlook Rating Outlook Rating Outlook Rating Outlook Rating Outlook Stable Stable Positive Stable
Fundamental Ratios (x) Issuer Rating History Operating EBITDAR/ LT IDR Outlook/ (Gross Interest Expense + Rents) 7.6 6.2 5.9 4.0 Date (FC) Watch FFO Fixed-Charge Coverage 7.1 6.5 5.6 5.0 June 17, 2016 BBB Stable Total Adjusted Debt/Operating EBITDAR 2.9 3.3 3.3 4.4 Sept. 30, 2015 BBB– Positive FFO/Total Adjusted Debt (%) 32.1 31.6 28.1 28.1 June 18, 2015 BBB– Positive FFO-Adjusted Leverage 3.1 3.2 3.6 3.6 April 24, 2015 BBB– Stable Common Dividend Payout (%) — 75.1 107.6 58.5 Sept. 29, 2014 BBB– Stable Internal Cash/Capex (%) 81.9 80.7 88.8 108.3 April 3, 2014 BBB– Stable Capex/Depreciation (%) 210.8 205.5 141.6 249.5 Dec. 9, 2013 BBB– Stable Return on Equity (%) 7.2 9.7 7.7 10.2 Dec. 11, 2012 BBB– Stable Dec. 13, 2011 BBB– Stable Financial Information Dec. 14, 2010 BBB– Stable Revenue 2,123 4,960 2,816 2,132 Dec. 15, 2009 BBB– Stable Revenue Growth (%) (10.9) 2.2 (9.7) (2.8) Feb. 4, 2009 BBB– Stable EBITDA 620 1,815 1,158 557 May 14, 2008 BBB Stable Operating EBITDA Margin (%) 29.2 36.6 41.1 26.1 July 10, 2007 BBB Stable FCF (136) (435) 16 (46) March 31, 2006 BBB Stable Total Adjusted Debt with Equity Credit 1,792 6,162 3,928 2,817 Dec. 6, 2005 BBB Stable Readily Available Cash 1 17 17 3 Sept. 21, 2005 BBB+ Stable Funds Flow from Operations 494 1,660 906 645 June 30, 2003 BBB+ Stable Capex (603) (1,560) (653) (484) Feb. 6, 2002 A– RWN IDR – Issuer Default Rating. Dec. 6, 2001 A– Stable Source: Company data, Fitch. Oct. 27, 2000 A Stable June 1, 2000 A — March 5, 1998 A+ — Jan. 15, 1996 A — April 25, 1994 A– — Key Rating Issues March 11, 1988 BBB+ — LT IDR – Long-term Issuer Default Rating. FC – Foreign currency. RWN – Rating NIPSCO’s Rate Case Approvals Watch Negative. Source: Fitch. In July 2016, NIPSCO’s two major regulatory proceedings received approvals from the IURC that Fitch views as supportive to its credit quality. On July 12, 2016 the IURC approved
NIPSCO’s settlement for a seven-year (2016–2022) electric TDSIC plan that includes $1.25 billion of eligible investments. The remaining $100 million requested is eligible for
Northern Indiana Public Service Company 3 August 3, 2016 MSFR 1879 170 IAC 1-5-13(a)(10) CorporatesPage 4 of 108
consideration for recovery in future proceedings. NIPSCO expects to start recovery based on TDSIC’s semi-annual rate adjustment mechanism.
On July 18, 2016 the IURC approved NIPSCO’s electric base rate case settlement that allows a revenue increase of $72.5 million (58% of the initial request), based on an authorized ROE of 9.975% before certain riders. New rates will result in a 6% increase for a typical residential customer and a 5%–6% increase for commercial or small industrial customers that will take effect in October 2016.
NIPSCO’s gas segment is in the midst of an $800 million gas infrastructure modernization program. On March 30, 2016, the IURC approved the semi-annual tracker (TDSIC-3) that NIPSCO filed in August 2015, including approximately $74 million of investments through mid- 2015. Rates took effect on April 1, 2016. NIPSCO submitted its latest semi-annual tracker TDSIC-4 update with the IURC on Feb. 29, 2016.
Fully Regulated Business Model Partially Mitigates High Leverage NI’s fully regulated, relatively low-risk business model is supported by stable cash flows and earnings from a geographically diverse mix of regulated gas and electric utilities in seven states. Gas distribution and electric operations represent 61% and 39%, respectively, of the total rate base. Fitch expects gas operations to represent a greater share of the rate base as the company invests more than twice as much capex in its gas utilities as it does in its electric segment. Fitch considers this trend to be positive as NI’s gas distribution utilities benefit from more supportive regulations with less exposure to stringent environmental mandates.
The ratings and Stable Outlook also consider supportive regulatory frameworks across NI's operating utilities’ service territories. Balanced regulation is particularly important from a credit perspective in light of NI’s aggressive gas and electric infrastructure modernization programs and high debt leverage. Approximately 78% of capex investment in the next several years is expected to be recovered through trackers and other cost-recovery mechanisms. Most of NI’s gas utilities have decoupling, straight fixed variable rates and/or weather normalization mechanisms. All of NI’s gas utilities use infrastructure trackers on a regular basis, except Pennsylvania.
In Indiana, the TDSIC statute provides for cost recovery outside of GRC proceedings for gas or electric safety, reliability and modernization and allows pre-approval of a seven-year plan of eligible investments. If approved, up to 80% of eligible costs can be recovered using semi- annual trackers.
NIPSCO’s two MISO transmission projects benefit from constructive FERC regulation, including forward-looking rates and CWIP recovery.
High Capex Pressures Credit Metrics NI’s capex began to ramp up in 2012. From 2012 to 2015, capex averaged $1.23 billion per year compared to $709 million per year from 2008 to 2011. NI capex is expected to average around $1.45 billion per year in 2016–2021. The sizeable capex will require substantial upfront financing largely by debt. Fitch projects that NI’s debt/operating EBITDAR will continue to be over 5x through 2019 and decline to high-4x in 2020. FFO-adjusted leverage is expected to decline to high-4x in 2020 from 5.3x in 2016 and FFO fixed-charge coverage to improve to 4x from 3.4x. Fitch’s projection incorporates bonus depreciation benefits and a certain amount of equity issuance.
Northern Indiana Public Service Company 4 August 3, 2016 MSFR 1880 170 IAC 1-5-13(a)(10) CorporatesPage 5 of 108
Rating Linkages NIPSCO’s stand-alone credit profile is considerably stronger that NI. However, NI and NIPSCO’s IDRs will continue to be equalized as NI centrally manages its utilities’ capital allocation and liquidity access. NI finances substantially all of its utility operations through NIF with guarantee from NI. All NI subsidiaries share a five-year $1.5 billion revolver at NIF.
Northern Indiana Public Service Company 5 August 3, 2016 MSFR 1881 170 IAC 1-5-13(a)(10) CorporatesPage 6 of 108
Organizational Structure
Organizational and Debt Structure — Northern Indiana Public Service Company ($ Mil., As of March 31, 2016)
NiSource Inc. IDR — BBB/Stable
NiSource Finance NIPSCO Capital Markets Ni Source Development Columbia of Mass. IDR — BBB/Stable Total Debt 5,435.0 Total Debt 237.0 Total Debt 108.0 Total Debt 2.1 Total Debt 37.0
IDR – Issuer Default Rating. Source: Company filings, Fitch.
Northern Indiana Public Service Company 6 August 3, 2016 MSFR 1882 170 IAC 1-5-13(a)(10) CorporatesPage 7 of 108
Key Metrics
Definitions As the credit metrics of NIPSCO’s parent, NI, drives the ratings of NIPSCO due to their close • Total Adjusted Debt/Op. financial linkages as mentioned previously, we compare NI’s major credit metrics, instead of EBITDAR: Total balance sheet NIPSCO’s, with the median of its integrated utility company peers in the charts below. adjusted for equity credit and off-balance sheet debt divided by operating EBITDAR. Total Adjusted Debt/Op. EBITDAR FFO Fixed-Charge Coverage • FFO Fixed-Charge Coverage: FFO plus gross interest minus NiSource Inc. IUC Median NiSource Inc. IUC Median interest received plus preferred (x) (x) dividends plus rental payments 7.0 8.0 divided by gross interest plus 6.0 preferred dividends plus rental 5.0 6.0 payments. 4.0 4.0 • FFO-Adjusted Leverage: Gross 3.0 debt plus lease adjustment 2.0 minus equity credit for hybrid 2.0 1.0 instruments plus preferred stock divided by FFO plus 0.0 0.0 2012 2013 2014 2015 LTM 2016 gross interest paid plus 2012 2013 2014 2015 LTM 2016 preferred dividends plus rental IUC – Integrated utility companies. IUC – Integrated utility companies. expense. Source: Company data, Fitch. Source: Company data, Fitch.
FFO-Adjusted Leverage Capex/Depreciation
NiSource Inc. IUC Median NiSource Inc. IUC Median
(x) (%) 7.0 400 6.0 5.0 300 4.0 200 3.0 2.0 100 1.0 0.0 0 2012 2013 2014 2015 LTM 2016 2012 2013 2014 2015 LTM 2016
IUC – Integrated utility companies. IUC – Integrated utility companies. Source: Company data, Fitch. Source: Company data, Fitch.
Northern Indiana Public Service Company 7 August 3, 2016 MSFR 1883 170 IAC 1-5-13(a)(10) CorporatesPage 8 of 108
Company Profile NIPSCO, a wholly owned subsidiary of NI, is a public utility operating company that supplies natural gas and electric energy in northern Indiana, serving an area of about 12,000 square miles with a population of approximately 2.2 million. NIPSCO’s $4.3 billion rate base ($3.5 billion electric and $0.8 billion gas) represents approximately 48% of NI’s total rate base.
NIPSCO generates, transmits and distributes electricity to 463,000 customers in northern Indiana. NIPSCO operates three coal-fired electric generation stations with a net capability of 2,540 MW, three gas-fired units with a net capability of 196 MW, two hydro plants with a net capability of 10 MW and the 535 MW combined-cycle gas turbine Sugar Creek plant in Indiana that was purchased in May 2008. These facilities provide for a total system operating net capability of 3,281 MW. NIPSCO participates in the MISO transmission service and wholesale energy market. All coal-generating plants have been 100% scrubbed and controlled for sulfur dioxide (SO2), nitrogen oxide (NOx) and Mercury and Air Toxics Standards (MATS) since the end of 2015.
NIPSCO’s parent, NI, completed its spinoff of a midstream pipeline subsidiary, Columbia Pipeline Group, on July 1, 2015 and became a fully regulated utilities holding company that has gas operations in seven states and electric operations in Indiana.
Business Trends
Revenue Dynamics EBITDA Dynamics Net Revenues Net Revenue Growth EBITDA EBITDA Margin
($ Mil.) (%) ($ Mil.) (%) 1,600 10 700 30 1,400 8 600 29 1,200 500 28 1,000 6 400 27 800 4 300 26 600 2 400 200 25 200 0 100 24 0 (2) 0 23 2012 2013 2014 2015 LTM 2012 2013 2014 2015 LTM 2016 2016 Source: Company data, Fitch. Source: Company data, Fitch.
Northern Indiana Public Service Company 8 August 3, 2016 MSFR 1884 170 IAC 1-5-13(a)(10) CorporatesPage 9 of 108
Financial Summary — Northern Indiana Public Service Company ($ Mil., As of March 31, 2016, IDR — BBB/Rating Outlook Stable) 2012 2013 2014 2015 LTM 1Q16 Fundamental Ratios Operating EBITDAR/(Gross Interest Expense + Rents) (x) 9.3 7.0 6.5 7.5 7.6 FFO Fixed-Charge Coverage (x) 8.9 6.9 7.2 6.7 7.1 Total Adjusted Debt/Operating EBITDAR (x) 2.5 2.6 2.6 2.8 2.9 FFO/Total Adjusted Debt (%) 37.8 37.4 43.4 31.2 32.1 FFO-Adjusted Leverage (x) 2.6 2.7 2.3 3.2 3.1 Common Dividend Payout (%) 48.7 29.8 — 15.0 — Internal Cash/Capex (%) 89.5 91.7 118.8 75.8 81.9 Capex/Depreciation (%) 175.6 198.8 206.5 211.2 210.8 Return on Equity (%) 9.8 11.7 10.2 8.0 7.2
Profitability Revenues 2,085 2,261 2,535 2,222 2,123 Revenue Growth (%) (4.9) 8.4 12.1 (12.4) (10.9) Net Revenues 1,279 1,316 1,365 1,375 1,362 Operating and Maintenance Expense (608) (612) (639) (655) (656) Operating EBITDA 587 614 636 629 620 Operating EBITDAR 587 633 657 629 615 Depreciation and Amortization Expense (266) (257) (255) (280) (286) Operating EBIT 321 357 381 350 334 Gross Interest Expense (63) (71) (80) (83) (87) Net Income for Common 158 201 193 167 154 Operating Maintenance Expense % of Net Revenues (47.5) (46.5) (46.8) (47.6) (48.2) Operating EBIT % of Net Revenues 25.1 27.1 27.9 25.4 24.5
Cash Flow Cash Flow from Operations 411 610 427 571 467 Change in Working Capital (84) 82 (200) 98 (28) Funds from Operations 495 528 627 473 494 Dividends (77) (60) — (25) — Capex (467) (511) (527) (591) (603) FCF (133) 39 (100) (45) (136) Net Other Investment Cash Flow 1 (62) (46) (93) (10) Net Change in Debt 132 23 146 138 147 Net Equity Proceeds — — — — —
Capital Structure Short-Term Debt 234 149 154 158 167 Total Long-Term Debt 1,243 1,352 1,493 1,627 1,625 Total Debt with Equity Credit 1,477 1,501 1,647 1,785 1,792 Total Adjusted Debt with Equity Credit 1,477 1,653 1,676 1,785 1,792 Total Common Shareholder's Equity 1,647 1,797 1,999 2,156 2,211 Total Capital 3,124 3,298 3,646 3,941 4,003 Total Debt/Total Capital (%) 47 46 45 45 45 Common Equity/Total Capital (%) 53 54 55 55 55 IDR – Issuer Default Rating. Source: Company data, Fitch.
Northern Indiana Public Service Company 9 August 3, 2016 MSFR 1885 170 IAC 1-5-13(a)(10) CorporatesPage 10 of 108
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Northern Indiana Public Service Company 10 August 3, 2016 MSFR 1886 170 IAC 1-5-13(a)(10) Page 11 of 108 INFRASTRUCTURE AND PROJECT FINANCE
CREDIT OPINION Northern Indiana Public Service Company 13 June 2016 A regulated electric and gas utility subsidiary of NiSource, Inc.
Update Summary Rating Rationale Northern Indiana Public Service Company’s (NIPSCO) Baa1 rating reflects the company's healthy stand alone credit metrics and a favorable regulatory environment. The company's rating is constrained by its geographic concentration in northern Indiana and a mature and highly industrialized service area, leaving it particularly exposed to macroeconomic RATINGS fluctuations. The one-notch difference in the rating of NIPSCO and parent company Northern Indiana Public Service Company NiSource takes into account the implicit burden of substantial debt at the parent level and Domicile Merrillville, Indiana, the fairly unrestricted movement of cash among its affiliates in a centralized money pool. United States Long Term Rating Baa1 Type LT Issuer Rating Exhibit 1 Outlook Stable Historical CFO Pre W/C, Total Debt and CFO Pre W/C to Debt
Please see the ratings section at the end of this report for more information.The ratings and outlook shown reflect information as of the publication date.
Analyst Contacts Lesley Ritter 212-553-1607 Analyst [email protected] Michael G. Haggarty 212-553-7172 Source: Moody's Financial Metrics Associate Managing Director [email protected] Credit Strengths William L. Hess 212-553-3837 » Supportive regulatory environment in Indiana MD-Utilities [email protected] » With extension of bonus depreciation, financial ratios remain strong for the rating
CLIENT SERVICES Credit Challenges Americas 1-212-553-1653 » Sizeable capital investment program sustained through 2021 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 » Service territory economy heavily influenced by activity in the manufacturing sector EMEA 44-20-7772-5454
MSFR 1887 170 IAC 1-5-13(a)(10) Page 12 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
Rating Outlook NIPSCO's stable rating outlook reflects the credit supportiveness of the Indiana regulatory environment and our expectation that the utility will continue to recover its large capital program on a timely basis. In addition, we anticipate that any funding shortfall will be prudently financed to avoid any material deterioration in the company's financial ratios. Finally, NIPSCO's stable outlook also reflects the stable outlook at its parent company. Factors that Could Lead to an Upgrade » An improvement in the regulatory environment that leads to meaningfully greater predictability, timeliness and/or sufficiency of rates
» If CFO pre-WC to debt rises above 24% and interest coverage to over 5.0x on a sustained basis
» An upgrade at NiSource could also place upward rating pressure on NIPSCO
Factors that Could Lead to a Downgrade » Deterioration in its relationship with its primary regulators or if its CFO pre-WC to debt metrics fell to the mid-teens on a sustained basis
» If the parent adopts an aggressive corporate finance strategy where it would place additional reliance on dividends from its regulated subsidiary to service parent debt
» A downgrade at NiSource could also place downward rating pressure on NIPSCO
Key Indicators
Exhibit 2
[1]All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. Source: Moody's Financial Metrics
Detailed Rating Considerations CREDIT SUPPORTIVE REGULATORY ENVIRONMENT IN INDIANA
We view Indiana's regulatory environment as generally credit supportive of NIPSCO. The utility has access to a suite of attractive tracker and rider mechanisms that allow for timely recovery of both capital investments and expenses. NIPSCO recovers its largest cost component, fuel and power purchase costs, through a quarterly fuel adjustment. It also benefits from mechanisms that cover electric energy efficiency costs, MISO RTO non-fuel costs and revenues, resource capacity charges, and environmental related costs. NIPSCO's environmental cost trackers (ECT) provide for recovery of its environmental investments, of particular importance to the company given its sizeable coal generation fleet. The ECT allows the utility to recover AFUDC and a return on environmental compliance capital investment projects through an environmental cost recovery mechanism (ECRM). Similarly, the related operation & maintenance and depreciation expenses incurred once the environmental facilities become operational are recovered through an energy efficiency recovery mechanism (EERM).
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
2 13 June 2016 Northern Indiana Public Service Company: A regulated electric and gasMSFR utility subsidiary 1888 of NiSource, Inc. 170 IAC 1-5-13(a)(10) Page 13 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
The April 2013 passage of Senate Bill 560 (SB560) provides further evidence of the state's credit-supportiveness. The statute introduced a new cost recovery mechanism called the Transmission, Distribution and Storage System Improvement Charge (TDSIC) for infrastructure improvement expenditures focused on safety, reliability, and modernization. It allows 80% of the investment to be recovered through a semi-annual tracker adjustment while the remaining 20% is deferred until the next rate case. Provisions under the TDSIC statute require that, among other things, requests for recovery include a seven-year plan of eligible investments. Once the plan is approved, the utility becomes eligible for the tracker recovery.
After a challenging start to the TDSIC program, particularly with regards to the company's initial electric plan, which was first approved by the Indiana Regulatory Commission (IURC) and subsequently remanded to the IURC following a Court of Appeal order concluding that the IURC had erred in approving NIPSCO's 7-year electric plan, NIPSCO appears to be close to securing regulatory sign off on its proposed $1.25 billion electric investment On 24 March 2016, NIPSCO filed a stipulation and settlement agreement with the IURC seeking approval of a revised plan. A decision is expected during the third quarter of 2016. NIPSCO secured IURC approval for its seven- year gas plan back in April 2014 and has been granted rider recovery on two separate TDSIC filings to date. ON 30 March 2016, the IURC approved an updated to the plan allowing for planned recovery o f$817 million of investments.
In addition to the TDSIC filings, NIPSCO submitted a settlement agreement on its electric rate case to the IURC in February 2016. The settlement agreement seeks a revenue increase of $72.5 million based on a 9.975% ROE. A decision is expected in 3Q16 with new rates going into effect on 1 October 2016.
SIZEABLE CAPITAL INVESTMENT PROGRAM SUSTAINED THROUGH 2021
NIPSCO plans to continue to grow rate base organically and is investing about $600 million in annual capital expenditures through 2021, or about 2.1x 2015 depreciation. The utility is shifting its focus away from nearly completed environmental projects to transmission and infrastructure enhancements.
Until the end of 2015, tracked environmental investments represented the largest share of NIPSCO's capex program. Its 2,540 MW coal fleet required it to take on significant environmental compliance expenditures to reduce carbon dioxide, sulfur dioxide, and nitrogen oxide emissions to meet current environmental standards by their intended deadlines. Cost recovery for these projects is achieved through existing tracker mechanisms.
As environmental capex requirements have abated, NIPSCO is now turning its attention to investment opportunities under the TDSIC, and focusing on electric and gas infrastructure enhancement projects identified in its seven-year electric and gas resource plans. The infrastructure enhancement investments which began in 2014 have ramped up progressively, with the majority of the spend scheduled to take place in the 2016-2021 timeframe. These include the construction of new transmission and distribution lines, as well as the replacement of aging gas pipes and electric equipment.
On the transmission front, NIPSCO has received MISO and FERC approvals for two Indiana projects aimed at reducing congestion in the region upon completion in 2018. Currently, the approved return-on-equity for the projects is an attractive 12.38% and the estimated cost is $500 million. Other benefits of FERC-regulated projects include common features of formulaic rate making such as automatic inclusion of construction work in progress (CWIP) in rate base as well as future test years.
WITH EXTENSION OF BONUS DEPRECIATION FINANCIAL RATIOS REMAIN STRONG FOR THE RATING
The size of NIPSCO's annual capital investment budget means that the company will generate negative free cash flow even before accounting for any dividends to its parent. Given NIPSCO's capex financing needs, which we anticipate will be largely funded through intercompany loans, we expect lower dividends to the parent to curb the amount of incremental debt needed overall.
Based on NIPSCO's financial results for the last twelve months ending 31 March 2016, the utility continues to produce strong credit metrics that map to an A level; however, those ratios do not reflect the substantial amount of debt at the parent level (about 90% of consolidated debt). As of 31 March 2016, cash flow from operations pre-working capital (CFO pre-WC) plus interest/interest ratio was 6.4x, CFO pre-WC to debt was 24.6%, and debt to capitalization was 40.7%. Looking ahead, credit metrics will remain strong for the rating, buoyed by the additional cash flow derived from bonus depreciation that will offset some of the incremental debt issuances envisioned prior to the extension of bonus depreciation.
3 13 June 2016 Northern Indiana Public Service Company: A regulated electric and gasMSFR utility subsidiary 1889 of NiSource, Inc. 170 IAC 1-5-13(a)(10) Page 14 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
SERVICE TERRITORY ECONOMY HEAVILY INFLUENCED BY ACTIVITY IN THE MANUFACTURING SECTOR
NIPSCO's industrial customers account for roughly 55% of total retail sales volume, about twice what is typical for the US electric power industry, leaving it particularly sensitive to economic cycles. This exposure to large industrial customers has been manifested in the marked downturn in its profits in 2009 as well as in its 2010 rate case, which the company settled in December 2011 following lengthy negotiations with industrial intervenors. Of NIPSCO's industrial sales, about 60% are to energy-intensive steel-related industries. Moody's maintains a negative outlook on the US steel industry and does not foresee improvements in the sector for the balance of the calendar year. Liquidity Analysis NIPSCO's liquidity is adequate. The company participates in the NiSource money pool, which provides access to the parent company's $1.5 billion credit facility, expiring July 2020, and is sufficient to meet NIPSCO's needs. In addition, NIPSCO also maintains a $200 million receivables sales program. The receivable program was extended in August 2015 for a one year term, now expiring August 2016, that can be renewed further if mutually agreed to by all signatory parties. Availability varies according to the season with a maximum seasonal program limit of $200 million.
NIPSCO does not have any near term material external debt maturities. Any remaining external debt is expected to be refinanced at the NiSource Finance Corp. level upon expiration.
For LTM 31 March 2016, NIPSCO generated $467 million in operating cash flows, invested $603 million in capital expenditures, and made no dividend payments to its parent, resulting in a negative free cash flow position of $136 million. NIPSCO funded the cash shortfall through intercompany loans. Going forward, we expect NIPSCO to remain free cash flow negative as it executes on its sizeable capital expenditure plan and anticipate that it will continue to meet any cash shortfall through intercompany loans. Corporate Profile Headquartered in Merrillville, Indiana, Northern Indiana Public Service Company (NIPSCO, Baa1 senior unsecured, stable) is the second largest electric utility and the largest local gas distribution company (LDC) in the state of Indiana in terms of number of customers served (463,000 electric and 812,000 gas customers). The vertically integrated electric operations account for about 75% of NIPSCO's operating income, with the LDC making up the balance.
NIPSCO is the legacy subsidiary of NiSource, Inc. (which guarantees NiSource Finance Corporation, Baa2 senior unsecured, stable), a holding company that also owns LDCs. NIPSCO is a significant operating subsidiary of NiSource in terms of assets (almost 35% of consolidated assets), accounts for about 45% of consolidated operating income, and is the issuer of about 5% of the consolidated organization's external debt (almost all of the rest of NiSource's debt is held at the holding company level).
4 13 June 2016 Northern Indiana Public Service Company: A regulated electric and gasMSFR utility subsidiary 1890 of NiSource, Inc. 170 IAC 1-5-13(a)(10) Page 15 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
Rating Methodology and Scorecard Factors
Exhibit 3
[1]All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. [2]As of 3/31/2016(L) [3]This represents Moody's forward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestitures. Source: Moody's Financial Metrics
Ratings
Exhibit 4 Category Moody's Rating NORTHERN INDIANA PUBLIC SERVICE COMPANY Outlook Stable Issuer Rating Baa1 Senior Unsecured Baa1 PARENT: NISOURCE INC. Outlook Stable Pref. Shelf (P)Ba1 Source: Moody's Investors Service
5 13 June 2016 Northern Indiana Public Service Company: A regulated electric and gasMSFR utility subsidiary 1891 of NiSource, Inc. 170 IAC 1-5-13(a)(10) Page 16 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
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REPORT NUMBER 1030097
6 13 June 2016 Northern Indiana Public Service Company: A regulated electric and gasMSFR utility subsidiary 1892 of NiSource, Inc. 170 IAC 1-5-13(a)(10) Page 17 of 108
Summary: Northern Indiana Public Service Co.
Primary Credit Analyst: Gerrit W Jepsen, CFA, New York (1) 212-438-2529; [email protected]
Secondary Contact: Safina Ali, CFA, New York (1) 212-438-1877; [email protected]
Table Of Contents
Rationale
Outlook
S&P Global Ratings' Base-Case Scenario
Business Risk
Financial Risk
Liquidity
Other Credit Considerations
Group Influence
Ratings Score Snapshot
Issue Ratings
Related Criteria And Research
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Summary: Northern Indiana Public Service Co.
Business Risk: STRONG CORPORATE CREDIT RATING Vulnerable Excellent a- a- bbb+
BBB+/Stable/NR Financial Risk: INTERMEDIATE
Highly leveraged Minimal
Anchor Modifiers Group/Gov't
Rationale
Business Risk: Strong Financial Risk: Intermediate
• Regulated utility with vertically integrated electric • Cash flow measures to remain strong; and natural gas distribution operations; • Northern Indiana Public Service Co. (NIPSCO) has • Lack of competition in regulated service territory; more variability in operating cash flow from • Electric operation has above average dependence industrial load; on industrial customers, particularly steel related; • Increased capital spending for environmental and compliance equipment and transmission projects; • Cost recovery through base rates and rate and surcharges for expenses like environmental • Negative discretionary cash flow that could grow compliance equipment. with greater capital spending.
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Outlook: Stable
The stable rating outlook on Northern Indiana Public Service Co. (NIPSCO) and parent NiSource Inc. reflects S&P Global Ratings' expectation that management will focus on its fully regulated utilities. The outlook also reflects our expectations that cash flow protection and debt leverage measures will be appropriate for the rating. Specifically, our baseline forecast includes funds from operations (FFO) to total debt of around 14% and operating cash flow (OCF) to debt of approximately 14% through 2018. Given the company's regulated focus, we expect NiSource will avoid any meaningful rise in business risk by reaching constructive regulatory outcomes.
Downside scenario We could lower the ratings if core financial measures were to consistently drop below our base-case forecast and remain consistently at less credit-supportive levels, including adjusted FFO to debt consistently below 12%. This could occur if cost recovery is not as timely as expected, construction projects are over budget, or if capital expenditures exceed forecasted levels and are primarily debt financed. Although unlikely over the medium term, we could also lower ratings if NiSource would add a material level of riskier operations to the existing fully regulated strategy.
Upside scenario Although unlikely over the medium term, we could raise the ratings if the business risk profile got stronger or if financial measures exceeded our baseline forecast on a consistent basis, including FFO to total debt over 18%. The company could improve financial measures through more robust cost recovery, debt retirement, or higher equity funding.
S&P Global Ratings' Base-Case Scenario
Assumptions Key Metrics
• Low-single-digit revenue growth over next few 2015A 2016E 2017E years; FFO/debt (%) 21.7 24-26 24-26 • Average annual EBITDA margin around 30%; Debt/EBITDA (x) 3.6 3.0-3.5 2.9-3.4 • Rising capital spending for environmental OCF/debt (%) 24.3 23.5-25.5 23.5-25.5 compliance equipment and transmission investments; A--Actual. E--Estimate. FFO--Funds from operations. • Negative discretionary cash flow over next few OCF--Operating cash flow. years; • Ongoing cost recovery through base rates and rate mechanisms; • Continuation of current regulatory mechanism; and • All debt maturities are refinanced.
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Business Risk: Strong
NIPSCO's generating fleet consists of more than one-half coal, resulting in incremental environmental compliance costs, which the utility has been addressing through the installation of compliance equipment. There is timely cost recovery through an environmental rate surcharge. NIPSCO's customer growth has been flat, service territory unemployment is slightly higher than the national average, and its industrial customer exposure is about 40% of total revenues. Steel-related manufacturing accounts for about 60% of industrial sales, and it can be susceptible to a weak economy. NIPSCO continues to spend on new transmission projects and pollution-control equipment while seeking higher operating cash flow through various rate surcharges and base rates. As rate recovery of these investments continues, revenue and EBITDA will continue growing beyond base levels. NIPSCO's business risk is toward the upper half of the business risk profile compared with rated peers.
Financial Risk: Intermediate
Our assessment of NIPSCO's stand-alone financial risk profile is based the medial volatility financial ratio benchmarks. This reflects the mostly steady cash flows as a regulated utility providing electricity and natural gas with supportive cost recovery of capital investments. Our assessment of the company's financial risk profile takes into consideration ongoing capital spending and steady recovery of costs through various rate mechanisms, including rate surcharges for environmental compliance spending. We expect discretionary cash flow to remain negative after capital spending and distributions to the parent, resulting in external funding needs. This will also require consistent cost recovery through the regulatory process to maintain cash flow measures, including FFO to debt between 24% and 26% and OCF to debt of roughly 25%, both within the benchmark ranges for the intermediate category.
Liquidity: Adequate
We assess NIPSCO's liquidity as adequate because we believe its liquidity sources are likely to cover its uses by more than 1.1x over the next 12 months and meet cash outflows even with a 10% decline in EBITDA. The utility's sound relationship with banks, ability to absorb a high-impact, low-probability event with limited need for refinancing, and generally satisfactory standing in credit markets also support our assessment.
Principal Liquidity Sources Principal Liquidity Uses
• FFO of about $595 million for 2016; • Capital spending of about $600 million for 2016; • Average availability of about $1 billion under the • Dividends of roughly $25 million for 2016; and credit facility; and • Debt maturities of about $185 million for 2016. • Asset sale of roughly $3 billion for 12 months ending March 31, 2016.
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Other Credit Considerations
Our assessment of modifiers results in no further changes.
Group Influence
Under our group rating methodology, we assess NIPSCO to be a core subsidiary to NiSource, reflecting our view that NIPSCO is highly unlikely to be sold, has a strong long-term commitment from senior management, is successful at what it does, and contributes meaningfully to the group. There are no meaningful insulation measures in place that protect NIPSCO from its parent and therefore, the issuer credit rating on NIPSCO is in line with NiSource's group credit profile of 'bbb+'.
Ratings Score Snapshot
Corporate Credit Rating BBB+/Stable/NR
Business risk: Strong • Country risk: Very low • Industry risk: Very low • Competitive position: Satisfactory
Financial risk: Intermediate • Cash flow/Leverage: Intermediate
Anchor: a-
Modifiers • Diversification/Portfolio effect: Neutral (no impact) • Capital structure: Neutral (no impact) • Financial policy: Neutral (no impact) • Liquidity: Adequate (no impact) • Management and governance: Satisfactory (no impact) • Comparable rating analysis: Neutral (no impact)
Stand-alone credit profile : a- • Group credit profile: bbb+ • Entity status within group: Core (-1 notch from SACP)
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Issue Ratings
NIPSCO's senior unsecured debt is rated the same as the issuer credit rating.
Related Criteria And Research
Related Criteria • Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 • Criteria - Corporates - Utilities: Key Credit Factors For The Regulated Utilities Industry, Nov. 19, 2013 • General Criteria: Group Rating Methodology, Nov. 19, 2013 • General Criteria: Methodology: Industry Risk, Nov. 19, 2013 • Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 • Methodology For Linking Short-Term And Long-Term Ratings For Corporate, Insurance, And Sovereign Issuers, May 07, 2013 • Criteria - Corporates - General: Corporate Methodology, Nov. 19, 2013 • Criteria - Corporates - General: Corporate Methodology: Ratios And Adjustments, Nov. 19, 2013 • General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 • Use Of CreditWatch And Outlooks, Sept. 14, 2009 • 2008 Corporate Criteria: Rating Each Issue, April 15, 2008
Business And Financial Risk Matrix
Financial Risk Profile Business Risk Profile Minimal Modest Intermediate Significant Aggressive Highly leveraged Excellent aaa/aa+ aa a+/a a- bbb bbb-/bb+
Strong aa/aa- a+/a a-/bbb+ bbb bb+ bb Satisfactory a/a- bbb+ bbb/bbb- bbb-/bb+ bb b+ Fair bbb/bbb- bbb- bb+ bb bb- b Weak bb+ bb+ bb bb- b+ b/b- Vulnerable bb- bb- bb-/b+ b+ b b-
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Utilities, Power & Gas / U.S.A. Northern Indiana Public Service Company Subsidiary of NiSource, Inc. Full Rating Report
Ratings Key Rating Drivers Long-Term IDR BBB Senior Unsecured BBB+ Rating Linkages: Northern Indiana Public Service Company’s (NIPSCO) Issuer Default Rating (IDR) and Outlook are assigned based on the consolidated credit profile of its parent NiSource IDR – Issuer Default Rating. Inc. (NI, BBB/Stable) as NI finances substantially all utility operations through NiSource Rating Outlook Finance (NIF). This report will focus on the credit characteristics of both entities. Stable
Low Risk Mitigates Leverage: Fitch believes that NI’s fully regulated, low-risk business model Financial Data with predominantly gas distribution operations in diversified and supportive jurisdictions Northern Indiana Public Service mitigate relatively high leverage, which has been the case for NI. Gas distribution and electric Company
LTM operations represent 63% and 37%, respectively, of the total rate base. Fitch expects gas ($ Mil.) 3/31/17 2016 operations to represent a greater share of the rate base as NI invests more than twice as much Adjusted Revenue 2,290 2,249 Operating EBITDAR 669 674 capex in its gas utilities as it does in its electric segment, which Fitch views positively.
Cash Flow from Operations 517 432 Supportive Regulations: Most of NI’s gas utilities have decoupling, straight fixed variable Total Adjusted Debt 1,897 2,028 Total Capitalization 4,228 4,168 rates and/or weather normalization mechanisms. In 2016, 65% of the total revenue was
Capex/ non-volumetric. Most of the utilities have authorized ROEs near or exceeding 10%. All of NI’s Depreciation (%) 207.6 207.5 gas utilities use infrastructure trackers on a regular basis except in Pennsylvania. FFO Fixed-Charge Coverage (x) 6.4 5.7 FFO-Adjusted Approximately 73% of total capex through 2020 will be recovered through trackers and other Leverage (x) 3.2 3.2 Total Adjusted mechanisms and begin earning within 12 months. NIPSCO’s two transmission projects benefit Debt/EBITDAR (x) 2.8 3.0 from constructive Federal Energy Regulatory Commission (FERC) regulation, including 10.32%
ROE, forward-looking rates and construction work in progress (CWIP) recovery.
Robust Capex Driven by Infrastructure Initiatives: In the next four years, NI’s total capital
investment will range from $1.6 billion to $1.8 billion per year. The robust capex program is
supported by the politically uncontroversial infrastructure modernization legislation in most of its
service territories. NI has identified $30 billion of infrastructure investments across the gas and
electric segments. Over 50% of total capex from 2017 to 2020 is invested in infrastructure
modernization as well as certain environmental projects.
Reducing Coal Exposure: NI plans to retire 50% of its coal generation capacity at NIPSCO by
2023. In 2016, NIPSCO’s electric generation capacity consisted of 78% coal, 21% natural gas
and 1% other. By 2023, coal is expected to be 42% of total capacity, with the remaining
capacity being natural gas and other sources. NIPSCO plans to close two Bailly generation
units by mid-2018 and two units at R.M. Schahfer Generating Station by the end of 2023. NI
will address its plans to replace the retired capacity in its 2019 Integrated Resource Plan (IRP),
which will likely be a combination of power purchases and new generation. Related Research Fitch Affirms NiSource and NIPSCO’s ‘BBB’ IDR, Outlook Stable (June 2017) Rating Sensitivities
Positive Rating Action: NI and NIPSCO could be upgraded if consolidated FFO-adjusted Analysts Julie Jiang leverage is sustained below 4.5x after the high capex period. +1 212 908-0708 [email protected] Negative Rating Action: Material adverse changes in NI's regulatory construct that result in Maude Tremblay unexpected lag or disallowance in recovering the capital spending could result in negative +1 312 368-3203 [email protected] rating actions. Negative rating pressure could mount if the consolidated FFO-adjusted leverage remains above 5.5x with low probability of recovery after the high capex period.
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Financial Overview
Liquidity and Debt Structure
NiSource Finance currently maintains a $1.85 billion revolving credit facility with a termination date of Nov. 28, 2021. The purpose of the facility is to fund ongoing working capital requirements including liquidity support for a $1.5 billion commercial paper program, provide for issuance of letters of credit and for general corporate purposes. Gas utilities draw the most liquidity as they purchase gas inventory months before heating season approaches, and they reduce borrowing as heating season ends. At March 31, 2017, NiSource had $1.075 billion of commercial paper outstanding and $14.7 million of stand-by letters of credit outstanding under the revolving credit facility, leaving $760 million available under the revolver. NI had $28 million in cash. The revolver sets a maximum debt-to-cap ratio of 70%. As of March 31, 2017, the debt/cap was 65.4%. In addition, the utilities’ liquidity is also supported by an accounts receivable securitization that had an outstanding amount of $439 million as of March 31, 2017.
NI has been actively refinancing its debt maturities with longer tenor and lower interest rates. Debt maturities are manageable with $215 million of senior notes and medium term notes during the remainder of 2017 are expected to be refinanced. In 2018, $476 million senior notes will be due, $200.9 million of which was repaid in a tender offer in May 2017. Through the same tender offer and issuance of $2 billion of 10-year and 30-year senior notes, NIF redeemed a total of $991 million notes, or nearly 39% of the total debt maturities in 2018, 2019, 2020 and 2022.
Debt Maturities and Liquidity Total Debt and Leverage ($ Mil., As of Dec. 31, 2017) Total Adjusted Debt (LHS) Debt/EBITDAR (RHS) 2017 350 ($ Mil.) (x) 2,500 3.5 2018 476 3.0 2,000 2019 1,041 2.5 2020 550 1,500 2.0 2021 64 1,000 1.5 1.0 Thereafter 3,825 500 0.5 Cash and Cash Equivalents 28 0 0.0 Undrawn Committed Facilities 760 2013 2014 2015 2016 LTM 3/31/17 Source: Company data, Fitch. Source: Company data, Fitch.
Cash Flow Analysis
Related Criteria Fitch expects NiSource to generate predictable earnings and cash flow from its fully regulated Non-Financial Corporates Notching and low-risk utility operations, via pre-approvals, various trackers, recovery mechanisms and Recovery Ratings Criteria (June 2017) frequent rate case filings. Due to the large capex program, NI is expected to generate negative Criteria for Rating Non-Financial Corporates (March 2017) FCF of over $800 million per year in 2017 and 2018 and decline to negative FCF of Parent and Subsidiary Rating Linkage approximately $600 million. (August 2016) Rating U.S. Utilities, Power and Gas NI’s capex began to ramp up in 2012. Capex averaged $709 million per year from 2008 to Companies (Sector Credit Factors) 2011. In 2015, capex increased to $1.5 billion. In the next four years, capital investment will (March 2014) range from $1.6 billion to $1.8 billion per year (approximately $1.25 billion in gas and $500 million in electric).
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The capex program will require a high amount of debt to be financed upfront. However, the programs will have a high level of visibility and security in recoveries, as 73% of capex through 2020 is pre-approved or tracked or earned through rate structure, although subject to some lag in recovery. Fitch expects the dividend payout ratio to be approximately 60%–65%, which is relatively consistent with the industry average.
Cash Flow from Operations and Cash Use Cash Flow from Operations Capex Dividends ($ Mil.) 700 600 500 400 300 200 100 0 2013 2014 2015 2016 LTM 3/31/17
Source: Company data, Fitch.
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Peer and Sector Analysis
Peer Group Peer Group Analysis Issuer Country Northern Indiana A– Public Service Gulf Power Indiana Michigan ($ Mil.) Company DTE Electric Co. Company Power Co. DTE Electric Co. U.S. As of Gulf Power Company U.S. 3/31/17 3/31/17 3/31/17 3/31/17 IDR BBB A– A– BBB–
Outlook Rating Outlook Rating Outlook Rating Outlook Rating Outlook BBB– Stable Negative Stable Stable Indiana Michigan Power Co. U.S. Fundamental Ratios (x) Operating EBITDAR/ Issuer Rating History (Gross Interest Expense + Rents) 7.3 5.9 7.8 5.0 LT IDR Outlook/ FFO Fixed-Charge Coverage 6.4 5.6 5.5 4.7 Date (FC) Watch Total Adjusted Debt/Operating EBITDAR 2.8 3.1 2.7 5.1 June 30, 2017 BBB Stable FFO/Total Adjusted Debt (%) 30.8 30.3 30.2 18.5 Sept. 27, 2016 BBB Stable FFO-Adjusted Leverage 3.2 3.3 3.3 5.4 June 17, 2016 BBB Stable Common Dividend Payout (%) — 70.4 93.8 54.1 Sept. 30, 2015 BBB– Positive Internal Cash/Capex (%) 84.8 74.7 91.7 68.5 June 18, 2015 BBB– Positive Capex/Depreciation (%) 207.6 193.2 120.8 318.3 April 24, 2015 BBB– Stable Return on Equity (%) 7.7 10.3 8.1 10.8 Sept. 29, 2014 BBB– Stable April 3, 2014 BBB– Stable Financial Information Dec. 9, 2013 BBB– Stable Revenue 2290.3 5247.0 1500.0 2195.5 Dec. 11, 2012 BBB– Stable Revenue Growth (%) 7.9 5.8 2.7 3.0 Dec. 13, 2011 BBB– Stable EBITDA 661.9 2001.0 456.0 588.7 Dec. 14, 2010 BBB– Stable Operating EBITDA Margin (%) 28.9 38.1 30.4 26.8 Dec. 15, 2009 BBB– Stable FCF (92.9) (404.0) (16.0) (195.5) Feb. 4, 2009 BBB– Stable Total Adjusted Debt with Equity Credit 1897.4 6375.0 1243.0 3451.3 May 14, 2008 BBB Stable Readily Available Cash 1.8 11.0 32.0 1.2 July 10, 2007 BBB Stable Funds Flow from Operations 492.2 1587.0 308.0 513.8 March 31, 2006 BBB Stable Capex (609.7) (1594.0) (192.0) (620.7) Dec. 6, 2005 BBB Stable IDR – Issuer Default Rating. Sept. 21, 2005 BBB+ Stable Source: Company data, Fitch. June 30, 2003 BBB+ Stable Feb. 6, 2002 A– RWN
Dec. 6, 2001 A– Stable Oct. 27, 2000 A Stable June 1, 2000 A — March 5, 1998 A+ — Jan. 15, 1996 A — April 25, 1994 A– — March 11, 1988 BBB+ — LT IDR – Long-term Issuer Default Rating. FC – Foreign currency. RWN – Rating Watch Negative. Source: Fitch.
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Key Rating Issues
Low Business Risk Mitigates High Leverage
Fitch believes, primarily with gas LDC operations, that a fully regulated business model mitigates relatively high leverage, which has been the case for NiSource due to its capex program and legacy debt leverage. NI’s low business risk profile benefits from stable cash flows and earnings from a geographically diverse mix of fully regulated gas and electric utilities in seven states. Gas distribution and electric operations represented 63% and 37%, respectively, of the total rate base in 2016. Over time, Fitch expects gas operations to account for a greater share of the rate base as the company invests more than twice as much capex in its gas segment as it does in its electric segment. Fitch considers this a positive trend as NI’s gas distribution utilities benefit from more supportive regulations with less exposure to stringent environmental mandates. Additionally, Fitch considers Indiana to be one of the most supportive jurisdictions.
Supportive Regulations
Balanced regulation is particularly important for NI in light of its aggressive gas and electric infrastructure modernization programs and high debt leverage. Approximately 73% of total capex through 2020 will be recovered through trackers and other mechanisms and begin earning within 12 months. Most of NI’s gas utilities have decoupling, straight fixed variable rates and/or weather normalization mechanisms. In 2016, 65% of the total revenue was non-volumetric. Most of the utilities have authorized ROEs near or exceeding 10%. All of NI’s gas utilities use infrastructure trackers on a regular basis except in Pennsylvania. Columbia Gas of Pennsylvania has an option to file for infrastructure tracker recovery or leverage forward-looking rates in a base rate case.
Indiana legislation allows cost recovery of federally mandated requirements, including modernization or environmental capex. NIPSCO has approval from the Indiana Utility Regulatory Commission (IURC) to recover environmental costs through an Environmental Cost Tracker (ECT), which allows the utility to earn a return on the capital investment as well as related the operating and maintenance expenses once operational. NIPSCO owns and operates 2.5 GW of coal generation plants that were fully scrubbed at the end of 2015 and comply with sulfur dioxide, nitrogen oxide and Mercury and Air Toxics Standards rules.
NIPSCO’s transmission projects benefit from constructive FERC regulation, including 10.32% ROE, forward-looking rates and CWIP recovery.
Infrastructure Programs Boost Capex
NI’s capex began to ramp up in 2012. Capex averaged $709 million per year from 2008 to 2011. In 2015, capex increased to $1.5 billion. In the next four years, capital investment will range from $1.6 billion to $1.8 billion per year (approximately $1.25 billion in gas and $500 million in electric). These investments will grow the rate base by 9%–11% annually for the gas segment and 4% to 6% for the electric segment through 2020, which Fitch views positively.
NI’s robust capex program is supported by the politically uncontroversial infrastructure modernization legislation in most of its service territories. NI has identified $30 billion of infrastructure investments across gas and electric segments. Over 50% of total capex from 2017 to 2020 is invested in infrastructure modernization as well as certain environmental projects.
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The IURC approved NIPSCO’s seven-year (2016–2022) electric TDSIC plan in July 2016 that includes $1.25 billion of eligible investments. Consistent with the plan, NIPSCO made its first TDSIC rate adjustment filing seeking recovery of $45.5 million of net capital investments occurred through April 2016 and received approval in January 2017. New rates took effect in February 2017.
NIPSCO’s gas segment is in the midst of an $824 million seven-year gas infrastructure modernization program. On Dec. 28, 2016, the IURC approved within TDSIC-5 the updated estimate of the seven-year (2014–2020) TDSIC investments of $824 million and approved recovery of $211.6 million of net capital investments through June 30, 2016. New rates began on Jan. 1, 2017. On Feb. 28, 2017, NIPSCO filed TDSIC-6 requesting approval of $271.3 million of cumulative net capital spend through Dec. 31, 2016. The request was approved on June 28 with new rates effective July 1, 2017.
Columbia Gas of Ohio requested to extend its IRP for an additional five years (2018–2022) in February 2017. An order is expected by the end of 2017. Its last request to increase revenue by $31.5 million associated with the existing IRP and demand side management program was approved in April 2017.
In March 2017, Columbia Gas of Virginia received an order approving a settlement to increase revenue by $28.5 million. The order was received approximately 12 months after the initial request. However, an interim rate increase was implemented at the end of September 2016.
Credit Metrics Continue to be Weak
NI will continue to be FCF negative over the next four years considering the capex program and that dividend distribution is expected to grow 5%–7% per year per share with a 60%–65% dividend payout ratio. NI’s negative FCF will likely be in the range of negative $700 million to negative $900 million in the next few years. Fitch expects NI to issue approximately $500 million to $1 billion in incremental long- and short-term debt annually and $300 million of equity under its recently announced at-the-market program, and $50 million–$75 million of equity under its Dividend Reinvestment Plan to fund the cash shortfall.
Fitch projects that NI's FFO-adjusted leverage will continue to exceed 5.5x over the next two years and modestly decline to mid 5x by 2019–2020. FFO fixed-charge coverage is expected to average high 3x over the next two years and improve to 4x thereafter.
Reducing Coal Exposure
NI plans to retire 50% of its coal generation capacity by 2023. In 2016, NIPSCO’s electric generation capacity consists of 78% coal, 21% natural gas and 1% other. By 2023, coal is expected to be 42% of total capacity with the remaining capacity consisting of natural gas and other sources. In November 2016, NIPSCO submitted its IRP with the Indiana Utility Regulatory Commission. The plan recommended the retirement of the Bailly Generating Station (Units 7 and 8) by mid-2018 and two units (Units 17 and 18) at the R.M. Schahfer Generating Station by the end of 2023. In December 2016, MISO approved NIPSCO's plan to retire the Bailly units by May 31, 2018. Closing the Schahfer units will also require MISO approval. NI will address its plan to replace the retired capacity in its 2019 IRP, which will likely be a combination of power purchases and new generation. In 2016, NIPSCO purchased 33.6% of its electric requirements and generated 66.4%.
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Rating Linkages
NI and NIPSCO's IDRs are the same and are assigned based the consolidated credit profile of NI as it finances substantially all of its utility operations at the parent level through NiSource Finance Corp. All NI subsidiaries share a five-year, $1.85 billion revolver at NIF, whose debt obligations are unconditionally guaranteed by NI. NI has announced that it will merge NIF and NiSource Capital Markets (NI Capital) into NI after receiving approvals from applicable public utility commissions. Upon the merger completion, NI will become the obligor under all obligations of NIF and NI Capital, and all guarantees will be extinguished. The ratings of these debt obligations will not be affected by the merger.
Organizational and Debt Structure — Northern Indiana Public Service Company ($ Mil., As of March 31, 2017)
NiSource Inc. (IDR: BBB/Stable) Total Adjusted Debt 7,788
NiSource Finance NIPSCO Capital Markets Columbia of Mass. (IDR: BBB/Stable) Corporate Services Ni Source Total Debt 7,040 Total Debt 77 Development Total Debt 40 Total Debt 367
Columbia of OH/MA/VA/PA Total Debt 264
IDR – Issuer Default Rating. NR – Not rated. Source: Company filings, Fitch.
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Key Metrics
Definitions Total Adjusted Debt/Op. EBITDAR FFO Fixed-Charge Coverage • Total Adjusted Debt/Op. Northern Indiana Public Service Company Northern Indiana Public Service Company EBITDAR: Total balance sheet IUC Median IUC Median adjusted for equity credit and (x) off-balance sheet debt divided (x) by operating EBITDAR. 4.0 8.0 • FFO Fixed-Charge Coverage: FFO plus gross interest minus 3.0 6.0 interest received plus preferred dividends plus rental payments 2.0 4.0 divided by gross interest plus preferred dividends plus rental payments. 1.0 2.0 2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM • FFO-Adjusted Leverage: Gross 3/31/17 3/31/17 IUC – Integrated utility companies. IUC – Integrated utility companies. debt plus lease adjustment Source: Company data, Fitch. Source: Company data, Fitch. minus equity credit for hybrid instruments plus preferred stock divided by FFO plus FFO-Adjusted Leverage Capex/Depreciation gross interest paid plus preferred dividends plus rental Northern Indiana Public Service Company Northern Indiana Public Service Company expense. IUC Median IUC Median (x) (%) 4.0 250
3.0 200
2.0 150
1.0 100 2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM 3/31/17 IUC – Integrated utility companies. IUC – Integrated utility companies. 3/31/17 Source: Company data, Fitch. Source: Company data, Fitch.
Company Profile NIPSCO, a wholly owned subsidiary of NI, is a public utility operating company that supplies natural gas and electric energy in northern Indiana, serving an area of about 12,000 square miles with a population of approximately 2.2 million. NIPSCO’s $4.3 billion rate base ($3.4 billion electric and $0.9 billion gas) represents approximately 48% of NI’s total rate base.
NIPSCO generates, transmits and distributes electricity to 466,000 customers in northern Indiana. Its natural gas distribution business serves 820,000 customers in the same area. NIPSCO operates three coal-fired electric generation stations with a net capability of 2,540 MW, three gas-fired units with a net capability of 196 MW, two hydro plants with a net capability of 10 MW and the 535 MW combined-cycle gas turbine Sugar Creek plant in Indiana that was purchased in May 2008. These facilities provide for a total system operating net capability of 3,281 MW. NIPSCO participates in the MISO transmission service and wholesale energy market. All coal-generating plants have been 100% scrubbed and controlled for sulfur dioxide, nitrogen oxide and have met Mercury and Air Toxics Standards since the end of 2015.
NIPSCO’s parent, NI, completed its spinoff of a midstream pipeline subsidiary, Columbia Pipeline Group, on July 1, 2015 and became a fully regulated utilities holding company. Its regulated subsidiaries provide natural gas and electricity to 3.9 million customers in Indiana, Ohio, Pennsylvania, Massachusetts, Virginia, Kentucky and Maryland. The rate bases of the gas and electric utilities were $5.9 billion and $3.4 billion, respectively, at year-end 2016. In
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2016, the gas distribution segment accounted for approximately 66% of operating earnings, and electric operations accounted for 34%. In 2016, 55% of NI’s revenue was derived from residential customers, 25% from commercial customers and 20% from industrial customers.
Business Trends
Revenue Dynamics EBITDA Dynamics Net Revenues (LHS) Net Revenue Growth (RHS) EBITDA (LHS) EBITDA Margin (RHS) ($ Mil.) (%) ($ Mil.) (%) 1,600 7 700 30 1,400 6 600 29 1,200 5 500 28 1,000 4 400 27 800 3 300 26 600 400 2 200 25 200 1 100 24 0 0 0 23 2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM 3/31/17 3/31/17 Source: Company data, Fitch. Source: Company data, Fitch.
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Financial Summary — Northern Indiana Public Service Company ($ Mil., As of March 31, 2017, IDR — BBB/Rating Outlook Stable) 2013 2014 2015 2016 LTM 3/31/17 Fundamental Ratios Operating EBITDAR/(Gross Interest Expense + Rents) (x) 7.0 6.5 7.5 6.1 7.3 FFO Fixed-Charge Coverage (x) 6.9 7.2 6.7 5.7 6.4 Total Adjusted Debt/Operating EBITDAR (x) 2.6 2.6 2.8 3.0 2.8 FFO/Total Adjusted Debt (%) 37.4 43.4 31.2 31.0 30.8 FFO-Adjusted Leverage (x) 2.7 2.3 3.2 3.2 3.2 Common Dividend Payout (%) 29.8 — 15.0 — — Internal Cash/Capex (%) 107.7 81.0 92.4 72.1 84.8 Capex/Depreciation (%) 198.8 206.5 211.2 207.5 207.6 Return on Equity (%) 11.7 10.2 8.0 7.6 7.7
Profitability Revenues 2,261.0 2,534.7 2,221.5 2,248.6 2,290.3 Revenue Growth (%) 8.4 12.1 (12.4) 1.2 7.9 Net Revenues 1,316.1 1,364.9 1,374.8 1,457.0 1,497.9 Operating and Maintenance Expense (612.1) (639.2) (654.7) (721.6) (749.9) Operating EBITDA 613.8 636.0 629.4 651.1 661.9 Operating EBITDAR 632.8 656.7 629.4 674.4 669.1 Depreciation and Amortization Expense (257.0) (255.4) (279.8) (288.8) (293.7) Operating EBIT 356.8 380.6 349.6 362.3 368.2 Gross Interest Expense (71.3) (79.7) (83.4) (86.5) (84.7) Net Income for Common 201.4 193.4 166.7 170.6 176.4 Operating Maintenance Expense % of Net Revenues (46.5) (46.8) (47.6) (49.5) (50.1) Operating EBIT % of Net Revenues 27.1 27.9 25.4 24.9 24.6
Cash Flow Cash Flow from Operations 610.4 427.0 571.0 431.8 516.8 Change in Working Capital 82.0 (199.6) 97.9 (87.4) 24.6 FFO 528.4 626.6 473.1 519.2 492.2 Dividends (60.0) — (25.0) — — Capex (511.0) (527.4) (590.8) (599.3) (609.7) FCF 39.4 (100.4) (44.8) (167.5) (92.9) Net Other Investment Cash Flow (62.0) (46.1) (92.7) 77.1 59.3 Net Change in Debt 23.0 146.3 137.9 89.8 34.4 Net Equity Proceeds — — — — —
Capital Structure Short-Term Debt 149.0 154.0 158.0 175.0 175.0 Total Long-Term Debt 1,352.0 1,493.0 1,626.9 1,663.2 1,664.8 Total Debt with Equity Credit 1,501.0 1,647.0 1,785.3 1,842.0 1,839.8 Total Adjusted Debt with Equity Credit 1,653.0 1,676.0 1,785.3 2,028.4 1,897.4 Total Common Shareholders’ Equity 1,797.0 1,998.7 2,155.8 2,326.4 2,387.7 Total Capital 3,298.0 3,645.7 3,941.1 4,168.4 4,227.5 Total Debt/Total Capital (%) 45.5 45.2 45.3 44.2 43.5 Common Equity/Total Capital (%) 54.5 54.8 54.7 55.8 56.5 IDR – Issuer Default Rating. Source: Company data, Fitch.
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The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
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CREDIT OPINION Northern Indiana Public Service Company 14 June 2017 A regulated electric and gas utility subsidiary of NiSource, Inc.
Update Summary Rating Rationale Northern Indiana Public Service Company’s (NIPSCO) Baa1 rating reflects the company's strong standalone credit metrics and a favorable regulatory environment. The company's rating is constrained by its geographic concentration in northern Indiana and a mature and highly industrialized service area, leaving it particularly exposed to macroeconomic RATINGS fluctuations. The one-notch difference in the rating of NIPSCO and parent company Northern Indiana Public Service NiSource takes into account the implicit burden of substantial debt at the parent level and Company the fairly unrestricted movement of cash among its affiliates. Domicile Merrillville, Indiana, United States Long Term Rating Baa1 Exhibit 1 Type LT Issuer Rating Historical CFO Pre W/C, Total Debt and CFO Pre W/C to Debt Outlook Stable CFO Pre-W/C Total Debt (CFO Pre-W/C) / Debt $2,000 40.0% $1,842 $1,840 Please see the ratings section at the end of this report 36.7% $1,785 $1,800 for more information. The ratings and outlook shown $1,647 35.0% $1,600 32.1% reflect information as of the publication date. $1,501 31.0% 30.0% $1,400 29.4% 28.7% 25.0% $1,200
$1,000 20.0% Contacts $800 15.0% $591 $551 $571 Lesley Ritter 212-553-1607 $600 $483 $513 10.0% AVP-Analyst $400
5.0% [email protected] $200
Toby Shea 212-553-1779 $0 0.0% 12/31/2013 12/31/2014 12/31/2015 12/31/2016 3/31/2017 (LTM) VP-Sr Credit Officer [email protected] Source: Moody's Financial Metrics Michael G. Haggarty 212-553-7172 Associate Managing Credit Strengths Director [email protected] » Supportive regulatory environment in Indiana
» Strong financial metrics for the Baa1 rating category
Credit Challenges » Sizeable capital investment program sustained through 2020
» Service territory economy heavily influence by activity in the manufacturing sector
» Highly levered parent company
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Rating Outlook NIPSCO's stable rating outlook reflects the credit supportiveness of the Indiana regulatory environment and our expectation that the utility will continue to recover its large capital program on a timely basis. In addition, we anticipate that any funding shortfall will be prudently financed to avoid any material deterioration in the company's financial ratios. Finally, NIPSCO's stable outlook also incorporates the stable outlook at its parent company. Factors that Could Lead to an Upgrade » Material improvement in the credit supportiveness of the regulatory environment, providing greater predictability, timeliness and/ or sufficiency of rates
» Sustained strong financial ratios, such that CFO pre-WC to debt remains above 22% considering its elevated capital expenditure program
» An upgrade at NiSource could also place upward rating pressure on NIPSCO
Factors that Could Lead to a Downgrade » A deterioration in the credit supportiveness of the regulatory jurisdiction
» A weakening in the company’s financial metrics, such that CFO pre-WC to debt fell to the mid-teens, on a sustained basis
» NiSource’s adoption of an aggressive corporate finance strategy where it would place additional reliance on dividends from its regulated subsidiary to service parent debt
» A downgrade at NiSource could also place downward rating pressure on NIPSCO
Key Indicators
Exhibit 2
KEY INDICATORS [1] Northern Indiana Public Service Company -Private
12/31/2013 12/31/2014 12/31/2015 12/31/2016 3/31/2017(L) CFO pre-WC + Interest / Interest 7.8x 6.8x 6.7x 7.1x 7.4x CFO pre-WC / Debt 33.6% 26.0% 24.8% 27.2% 28.1% CFO pre-WC – Dividends / Debt 30.0% 26.0% 23.6% 27.2% 28.1% Debt / Capitalization 39.7% 40.8% 41.2% 39.4% 38.8%
[1]All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. Source: Moody's Financial Metrics
Detailed Rating Considerations CREDIT SUPPORTIVE REGULATORY ENVIRONMENT IN INDIANA
We view Indiana's regulatory environment as generally credit supportive of NIPSCO. The utility has access to a suite of attractive tracker and rider mechanisms that allow for timely recovery of both capital investments and expenses. NIPSCO recovers its largest cost component, fuel and power purchase costs, through regular fuel pass-through adjustments. It also benefits from mechanisms that cover electric energy efficiency costs, MISO RTO non-fuel costs and revenues, resource capacity charges, and environmental related costs. NIPSCO's environmental cost trackers (ECT) provide for recovery of its environmental investments, of particular importance to the company given its sizeable coal generation fleet. The ECT allows the utility to recover AFUDC and a return on environmental compliance capital investment projects through an environmental cost recovery mechanism (ECRM). Similarly, the related operation
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
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and maintenance and depreciation expenses incurred once the environmental facilities become operational are recovered through an environmental expense recovery mechanism (EERM).
The April 2013 passage of Senate Bill 560 (SB560) provides further evidence of the state's credit-supportiveness. The statute introduced a new cost recovery mechanism called the Transmission, Distribution and Storage System Improvement Charge (TDSIC) for infrastructure improvement expenditures focused on safety, reliability, and modernization. It allows 80% of the investment to be recovered through a semi-annual tracker adjustment while the remaining 20% is deferred until the next rate case. Provisions under the TDSIC statute require that, among other things, requests for recovery include a seven-year plan of eligible investments.
After a challenging start to the TDSIC program, particularly with regards to the company's initial electric plan (which was first approved by the Indiana Regulatory Commission (IURC) and subsequently remanded to the IURC following a Court of Appeal order concluding that the IURC had erred in approving NIPSCO's 7-year electric plan) NIPSCO secured regulatory sign off on its proposed $1.25 billion electric investment in July 2016. NIPSCO received regulatory approval for its $824 million seven year gas plan back in April 2014 and has been granted rider recovery on those investments since.
In addition to the TDSIC filings, NIPSCO also secured regulatory approval on its general rate case settlement agreement in July 2016. The approval allows for a $72.5 million increase in electric revenues based on a 9.975% ROE.
Finally, NIPSCO filed its 2016 Integrated Resource Plan (IRP) with the IURC in November 2016. The IRP includes projected retirement of 50% of the company’s coal capacity by 2023. NIPSCO plans to retire Bailly Generating Station Units 7 and 8 in 2018 and Shahfer Units 17 and 18 by 2023. MISO approved the Bailley retirement in the fourth quarter of 2016 and NIPSCO will be requesting permission to retire Shahfer when it files its next IRP. The remaining book value of both plants at the time of their respective retirements totals about $550 million. We expect that NIPSCO will receive full recovery of both plants over their remaining lives.
SIZEABLE CAPITAL INVESTMENT PROGRAM SUSTAINED THROUGH 2020
NIPSCO plans to continue to grow rate base organically and is investing about $400-$600 million in annual capital expenditures through 2020, or about 1.4x to 2.1x 2016 depreciation. The utility is shifting its focus away from nearly completed environmental generation projects to transmission investments and tracked infrastructure enhancements.
Until the end of 2015, tracked environmental investments represented the largest share of NIPSCO's capex program. Its 2,540 MW coal fleet required it to take on significant environmental compliance expenditures to reduce carbon dioxide, sulfur dioxide, and nitrogen oxide emissions to meet current environmental standards by their intended deadlines. Cost recovery for these projects is achieved through existing tracker mechanisms.
As environmental capex requirements have abated, NIPSCO has turned its attention to investment opportunities under the TDSIC, and is focusing on electric and gas infrastructure enhancement projects identified in its seven-year electric and gas resource plans. The infrastructure enhancement investments have ramped up progressively since they began in 2014, with the majority of the spend scheduled to take place through 2021. These include the construction of new transmission and distribution lines, as well as the replacement of aging gas pipes and electric equipment.
NIPSCO has received MISO and FERC approvals for two Indiana transmission projects aimed at reducing congestion in the region upon completion in 2018. The approved return-on-equity for the projects is an attractive 12.38%, though it is currently being challenged in the courts and will likely be lowered. Even with a proposed ROE of 10.82% based on the FERC No 552 Opinion released last fall, the transmission return remains attractive relative to ROEs available at the state level. Furthermore, FERC-regulated projects include credit positive features such as formulaic rate making, automatic inclusion of construction work in progress (CWIP) in rate base as well as the application of future test years when setting rates.
FINANCIAL RATIOS REMAIN STRONG FOR THE RATING
The size of NIPSCO's annual capital investment plan means that the company will generate negative free cash flow even before accounting for any dividends to its parent. Given NIPSCO's capex financing needs, which we anticipate will be largely funded through operating cash flows and intercompany loans, we expect the company will keep with its past practice of forgoing paying a dividend to its parent over the near to medium term.
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Based on NIPSCO's financial results for the last twelve months ending 31 March 2017, the utility continues to produce strong credit metrics that map to an A level; however, those ratios do not reflect the substantial amount of debt at the parent level (about 90% of consolidated debt). As of 31 March 2017, the utility's CFO pre-working capital (CFO pre-WC) plus interest/interest ratio was 6.4x, CFO pre-WC to debt was 24.6%, and debt to capitalization was 40.7%. Looking ahead, credit metrics will remain strong for the rating, but weaken relative to the past years as incremental debt issuances will outpace the growth in CFO.
SERVICE TERRITORY ECONOMY HEAVILY INFLUENCED BY ACTIVITY IN THE MANUFACTURING SECTOR
NIPSCO's industrial customers account for roughly 55% of total retail sales volume, about twice what is typical for the US electric power industry, leaving it particularly sensitive to economic cycles. This exposure to large industrial customers has been manifested in the marked downturn in its profits in 2009 as well as in its 2010 rate case, which the company settled in December 2011 following lengthy negotiations with industrial interveners. Of NIPSCO's industrial sales, about 60% are to energy-intensive steel-related industries. Moody’s outlook on the steel sector is stable, though NIPSCO’s exposure to more volatile markets remains a credit negative. Liquidity Analysis We expect NIPSCO to maintain adequate liquidity over the next 12-18 months. The company participates in the NiSource money pool, which provides indirect access to the parent company's $1.85 billion credit facility, expiring 2021, which is sufficient to meet NIPSCO's needs. The parent revolver does not have any material adverse change clause.
In addition, NIPSCO also maintains a $200 million receivables sales program. The receivable program was extended in August 2016 for a one year term, now expiring August 2017, that can be renewed further if mutually agreed to by all signatory parties. Availability varies according to the season with a maximum seasonal program limit of $200 million.
NIPSCO has $55 million and $5 million of senior notes due in July and August 2017, respectively. We expect these and any remaining external debt will be refinanced at the NiSource Finance Corp. level at maturity.
For LTM 31 March 2017, NIPSCO generated $517 million in operating cash flows, invested $610 million in capital expenditures, and made no dividend payments to its parent, resulting in a negative free cash flow position of $93 million. NIPSCO funded the cash shortfall through intercompany loans. Going forward, we expect NIPSCO to remain free cash flow negative as it executes on its sizeable capital expenditure plan and anticipate that it will continue to meet any cash shortfall through intercompany loans. Corporate Profile Headquartered in Merrillville, Indiana, Northern Indiana Public Service Company (NIPSCO, Baa1 senior unsecured, stable) is the second largest electric utility and the largest local gas distribution company (LDC) in the state of Indiana in terms of number of customers served (470,000 electric and 820,000 gas customers). The vertically integrated electric operations account for about 65% of NIPSCO's operating income, with the LDC making up the balance.
NIPSCO is the legacy subsidiary of NiSource, Inc. (Baa2, stable), a holding company that also owns six other LDCs. NIPSCO is a significant operating subsidiary of NiSource in terms of assets (almost 35% of consolidated assets), accounts for about 45% of consolidated operating income, and is the issuer of about 5% of the consolidated organization's external debt (almost all of the rest of NiSource's debt is held at the holding company level).
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Rating Methodology and Scorecard Factors
Exhibit 3
Rating Factors Northern Indiana Public Service Company -Private Regulated Electric and Gas Utilities Industry Grid [1][2] Current Moody's 12-18 Month LTM 3/31/2017 Forward View As of Date Published [3]
Factor 1 : Regulatory Framework (25%) Measure Score Measure Score a) Legislative and Judicial Underpinnings of the Regulatory Framework A A A A b) Consistency and Predictability of Regulation A A A A Factor 2 : Ability to Recover Costs and Earn Returns (25%) a) Timeliness of Recovery of Operating and Capital Costs A A A A b) Sufficiency of Rates and Returns A A Baa Baa Factor 3 : Diversification (10%) a) Market Position Ba Ba Ba Ba b) Generation and Fuel Diversity Ba Ba Baa Baa Factor 4 : Financial Strength (40%) a) CFO pre-WC + Interest / Interest (3 Year Avg) 7.0x Aa 6x - 6.5x Aa b) CFO pre-WC / Debt (3 Year Avg) 26.4% A 22% - 26% A c) CFO pre-WC – Dividends / Debt (3 Year Avg) 26.0% Aa 20% - 24% A d) Debt / Capitalization (3 Year Avg) 40.1% A 38% - 43% A Rating: Grid-Indicated Rating Before Notching Adjustment A2 A3 HoldCo Structural Subordination Notching 0 0 0 a) Indicated Rating from Grid A2 A3 b) Actual Rating Assigned Baa1 Baa1
[1]All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. [2]As of 3/31/2017(L) [3]This represents Moody's forward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestitures. Source: Moody's Financial Metrics
Ratings
Exhibit 4 Category Moody's Rating NORTHERN INDIANA PUBLIC SERVICE COMPANY Outlook Stable Issuer Rating Baa1 Senior Unsecured Baa1 PARENT: NISOURCE INC. Outlook Stable Issuer Rating Baa2 Pref. Shelf (P)Ba1 Source: Moody's Investors Service
5 14 June 2017 Northern Indiana Public Service Company: A regulated electric and gasMSFR utility subsidiary 1915 of NiSource, Inc. 170 IAC 1-5-13(a)(10) Page 40 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
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REPORT NUMBER 1074901
6 14 June 2017 Northern Indiana Public Service Company: A regulated electric and gasMSFR utility subsidiary 1916 of NiSource, Inc. 170 IAC 1-5-13(a)(10) Page 41 of 108
Summary: Northern Indiana Public Service Co.
Primary Credit Analyst: Safina Ali, CFA, New York (1) 212-438-1877; [email protected]
Secondary Contact: Gerrit W Jepsen, CFA, New York (1) 212-438-2529; [email protected]
Research Contributor: Mayur Deval, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Table Of Contents
Rationale
Outlook
Our Base-Case Scenario
Business Risk
Financial Risk
Liquidity
Group Influence
Ratings Score Snapshot
Issue Ratings
Related Criteria And Research
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Summary: Northern Indiana Public Service Co.
Business Risk: STRONG CORPORATE CREDIT RATING Vulnerable Excellent a- a- bbb+
BBB+/Stable/NR Financial Risk: INTERMEDIATE
Highly leveraged Minimal
Anchor Modifiers Group/Gov't
Rationale
Business Risk: Strong Financial Risk: Intermediate
• Regulated utility with vertically integrated electric • Cash flow measures to remain strong; and natural gas distribution operations; • Northern Indiana Public Service Co. (NIPSCO) has • Lack of competition in regulated service territory; variable operating cash flow from industrial load; • Electric operation has above-average dependence • Elevated capital spending for on industrial customers, particularly steel related; environmental-compliance equipment and and transmission projects; and • Cost recovery through base rates and rate • Negative discretionary cash flow, resulting in surcharges for expenses such as external funding needs. environmental-compliance equipment.
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Outlook: Stable
S&P Global Ratings' stable outlook on Northern Indiana Public Service Co. (NIPSCO) and parent NiSource Inc. reflects our expectation that management will focus on its fully regulated utilities. The outlook also reflects our expectations that cash flow protection and debt leverage measures will be appropriate for the rating. Specifically, our baseline forecast includes funds from operations (FFO) to total debt around 14%. Given the company's regulated focus, we expect NiSource will avoid any meaningful increase in business risk by reaching constructive regulatory outcomes.
Downside scenario We could lower the ratings if core financial measures were to consistently drop below our base-case forecast and remain at less credit-supportive levels, including adjusted FFO to debt consistently below 12%. This could occur if cost recovery is not as timely as expected, construction projects are over budget, or if capital expenditures exceed forecasted levels and are primarily debt financed. Although unlikely over the medium term, we could also lower ratings if NiSource adds a material level of riskier operations to the existing fully regulated strategy.
Upside scenario Although unlikely over the medium term, we could raise the ratings if the business risk profile got stronger or if financial measures exceeded our baseline forecast on a consistent basis, including FFO to total debt over 18%. The company could improve financial measures through more robust cost recovery, debt retirement, or higher equity funding.
Our Base-Case Scenario
Assumptions Key Metrics
• Low-single-digit gross margin growth over next few 2015A 2016E 2017E years; FFO/debt (%) 21.7 24-26 24-26 • Rising capital spending for Debt/EBITDA (x) 3.6 3-3.5 2.9-3.4 environmental-compliance equipment and OCF/debt (%) 24.3 23.5-25.5 23.5-25.5 transmission investments; • Negative discretionary cash flow over next few A--Actual. E--Estimate. FFO--Funds from operations. years; OCF--Operating cash flow. • Ongoing cost recovery through base rates and rate mechanisms; • Continuation of current regulatory mechanism; and • All debt maturities are refinanced.
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Business Risk: Strong
Our assessment of NIPSCO's business risk profile reflects the utility's low-risk, regulated electric and gas distribution operations. NIPSCO's generating fleet consists of more than one-half coal, resulting in incremental environmental compliance costs, which the utility has been addressing through the installation of compliance equipment. There is timely cost recovery through an environmental rate surcharge. NIPSCO's customer growth has been flat, service territory unemployment is slightly higher than the national average, and its industrial customer exposure is about 40% of total revenues. Steel-related manufacturing accounts for about 60% of industrial sales, and it can be susceptible to a weak economy. NIPSCO continues to spend on new transmission projects and pollution-control equipment while seeking higher operating cash flow through various rate surcharges and base rates. As rate recovery of these investments continues, we expect revenue and EBITDA to continue growing beyond base levels. NIPSCO's business risk is toward the upper half of the business risk profile compared with rated peers.
Financial Risk: Intermediate
Our assessment of NIPSCO's stand-alone financial risk profile reflects a base-case scenario forecast that includes adjusted FFO to debt ranging from about 24% to 26%, at the lower end of the intermediate category. The supplemental ratio of operating cash flow to debt is expected to be over 23% during the forecast period, solidly supporting the financial risk assessment. We expect NIPSCO will continue to have negative discretionary cash flow after capital spending and dividend payments to its parent, resulting in external funding needs. We expect NIPSCO to continue to have mostly steady cash flows as a regulated utility providing electricity and natural gas with supportive cost recovery of capital investments. Our assessment of the company's financial risk profile also takes into consideration ongoing capital spending and steady recovery of costs through various rate mechanisms, including rate surcharges for environmental compliance spending. We base our financial risk assessment on our medial volatility financial ratio benchmarks.
Liquidity: Adequate
We assess NIPSCO's stand-alone liquidity as adequate because liquidity sources are likely to cover uses by more than 1.1x over the next 12 months and meet cash outflows even with a 10% decline in EBITDA. The adequate assessment also reflects the company's generally prudent risk management, sound relationship with banks, and a generally satisfactory standing in credit markets.
Principal Liquidity Sources Principal Liquidity Uses
• FFO of about $570 million • Capital spending of about $640 million • Availability of about $1 billion under the credit • Dividends of roughly $150 million facility. • Debt maturities of about $295 million.
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Group Influence
Under our group rating methodology, we assess NIPSCO to be a core subsidiary to NiSource, reflecting our view that NIPSCO is highly unlikely to be sold, has a strong long-term commitment from senior management, is successful at what it does, and contributes meaningfully to the group. There are no meaningful insulation measures in place that protect NIPSCO from its parent and therefore, the issuer credit rating on NIPSCO is in line with NiSource's group credit profile of 'bbb+'.
Ratings Score Snapshot
Corporate Credit Rating BBB+/Stable/NR
Business risk: Strong • Country risk: Very low • Industry risk: Very low • Competitive position: Satisfactory
Financial risk: Intermediate • Cash flow/Leverage: Intermediate
Anchor: a-
Modifiers • Diversification/Portfolio effect: Neutral (no impact) • Capital structure: Neutral (no impact) • Financial policy: Neutral (no impact) • Liquidity: Adequate (no impact) • Management and governance: Satisfactory (no impact) • Comparable rating analysis: Neutral (no impact)
Stand-alone credit profile : a- • Group credit profile: bbb+ • Entity status within group: Core (-1 notch from SACP)
Issue Ratings
NIPSCO's senior unsecured debt is rated the same as the issuer credit rating.
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Related Criteria And Research
Related Criteria • Criteria – Corporates – General: Methodology and Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 • Criteria - Corporates - Utilities: Key Credit Factors For The Regulated Utilities Industry, Nov. 19, 2013 • Criteria - Corporates - General: Corporate Methodology: Ratios And Adjustments, Nov. 19, 2013 • General Criteria: Methodology: Industry Risk, Nov. 19, 2013 • General Criteria: Group Rating Methodology, Nov. 19, 2013 • Criteria - Corporates - General: Corporate Methodology, Nov. 19, 2013 • General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 • General Criteria: Methodology For Linking Short-Term And Long-Term Ratings For Corporate, Insurance, And Sovereign Issuers, May 7, 2013 • General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 • Use of CreditWatch And Outlooks, Sept. 14, 2009 • Criteria - Corporates - General: 2008 Corporate Criteria: Rating Each Issue, April 15, 2008
Business And Financial Risk Matrix
Financial Risk Profile Business Risk Profile Minimal Modest Intermediate Significant Aggressive Highly leveraged Excellent aaa/aa+ aa a+/a a- bbb bbb-/bb+
Strong aa/aa- a+/a a-/bbb+ bbb bb+ bb Satisfactory a/a- bbb+ bbb/bbb- bbb-/bb+ bb b+ Fair bbb/bbb- bbb- bb+ bb bb- b Weak bb+ bb+ bb bb- b+ b/b- Vulnerable bb- bb- bb-/b+ b+ b b-
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Fitch Ratings-New York-17 June 2016: Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) of NiSource Inc. (NI) and Northern Indiana Public Service Company (NIPSCO) to 'BBB' from 'BBB-'. The Rating Outlook is Stable.
A complete list of rating actions is provided at the end of this release.
The rating and Outlook reflect NI's low operating risk as a fully regulated utility holding company with supportive regulation and improved business risk profile in recent years. The ratings also consider NI's robust capex program and management's willingness to issue equity to preserve credit quality, if needed. Fitch estimates that NI's leverage ratios as measured by debt-to-operating EBITDAR will remain elevated in the intermediate term, due to its large capex program and legacy debt, before improving to high-4x by 2020.
KEY RATING DRIVERS
Low Business Risk
NI's fully regulated, relatively low-risk business model is supported by stable cash flows and earnings from a geographically diverse mix of regulated gas and electric utilities in seven states. Gas distribution and electric operations represent 61% and 39%, respectively, of the total rate base. Over time, Fitch expects gas operations to represent a greater share of the rate base as the company invests more than twice as much capex in its gas utilities as it does in its electric segment. Fitch considers this trend to be positive as NI's gas distribution utilities benefit from more supportive regulations with less exposure to stringent environmental mandates.
Supportive Regulation
The ratings and Stable Outlook consider supportive regulatory frameworks across NI's operating utilities' service territories. Balanced regulation is particularly important from a credit perspective in light of NI's aggressive gas and electric infrastructure modernization programs and high debt leverage. Approximately 77% of capex investment in the next several years is expected to be recovered through trackers and other cost-recovery mechanisms.
Most of NI's gas utilities have decoupling, straight fixed variable rates and/or weather normalization mechanisms. All of NI's gas utilities use infrastructure trackers on a regular basis except Pennsylvania.
In Indiana, the Transmission, Distribution and Storage System Improvement Charge (TDSIC) statute provides for cost recovery outside of general rate case proceedings for gas or electric safety, reliability and modernization and allows pre-approval of a seven-year plan of eligible investments. If approved, up to 80% of eligible costs can be recovered using semi-annual trackers. NIPSCO's two MISO transmission projects benefit from constructive FERC regulation, including forward- looking rates and CWIP recovery.
NIPSCO Settlements Constructive
Fitch views recent developments in NIPSCO's pending rate proceedings favorably.
MSFR 1924 170 IAC 1-5-13(a)(10) NIPSCO reached a settlement in March 2016 for a seven-year electric TDSIC plan thatPage includes 49 of 108 $1.25 billion of eligible investments. A final order is expected in the third quarter of 2016. If the settlement is approved by the Indiana Utility Regulatory Commission (IURC), NIPSCO expects to start recovery based on TDSIC's semi-annual rate adjustment mechanism.
NIPSCO's gas segment is in the midst of an $800 million gas infrastructure modernization program. On March 30, 2016, the IURC approved the semi-annual tracker (TDSIC-3) that NIPSCO filed in August 2015, including approximately $74 million of investments through mid-2015. Rates took effect on April 1, 2016. NIPSCO submitted its latest semi-annual tracker TDSIC-4 update with the IURC on Feb. 29, 2016.
On Feb. 19, 2016, NIPSCO reached a settlement of its electric base rate case that, if approved by the IURC, would allow a revenue increase of $72.5 million, based on an authorized ROE of 9.975% before certain riders. The rate increase under the terms of the settlement represents approximately 58% of NIPSCO's rate increase request. A final order is expected in the third quarter of 2016.
High Capex Pressures Credit Metrics
NI's capex began to ramp up in 2012. From 2012 to 2015, capex averaged $1.23 billion per year compared to $709 million per year from 2008 to 2011. NI capex is expected to average $1.45 billion per year 2016 - 2021.
Fitch projects that NI's debt-to-operating EBITDAR will continue to be over 5x through 2019 and decline to high-4x in 2020. FFO adjusted leverage is expected to decline to high-4x in 2020 from 5.3x in 2016 and FFO fixed charge coverage to improve from 3.4x to 4x. Fitch's projection incorporates bonus depreciation benefits and a certain amount of equity issuance.
Rating Linkages
NI and NIPSCO's IDRs will continue to be equalized reflecting strong operational, strategic and financial linkage. NI finances substantially all of its utility operations through NiSource Finance (NIF) with guarantee from NI. All NI subsidiaries share a five-year $1.5 billion revolver at NIF.
KEY ASSUMPTIONS
--An average of $1.45 billion capex annually from 2016 to 2021; --Dividend payout ratio averages approximately 63%; --Balanced regulation and continued utilization of jurisdictional cost-recovery mechanisms for NI's gas and electric utility subsidiaries throughout the projection period.
RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to a positive rating action include: --NI and NIPSCO could be upgraded if adjusted debt-to-operating EBITDAR is expected to sustain below 4x.
Negative: Future developments that may, individually or collectively, lead to a negative rating action include: --Material adverse changes in NI's regulatory construct; --Negative rating pressure could mount if adjusted debt to operating EBITDAR sustains below 5.25x with low probability to recover.
MSFR 1925 FULL LIST OF RATING ACTIONS 170 IAC 1-5-13(a)(10) Page 50 of 108 Fitch has upgraded following ratings with a Stable Outlook:
NiSource Inc. --LT IDR to 'BBB' from 'BBB-'.
NiSource Finance Corp. --Senior unsecured notes to 'BBB' from 'BBB-'.
NiSource Capital Markets, Inc. --Senior unsecured notes to 'BBB' from 'BBB-'.
Northern Indiana Public Service Co. --LT IDR to 'BBB' from 'BBB-'; --Senior unsecured and revenue bonds to 'BBB+' from 'BBB'.
Fitch has affirmed following ratings with a Stable Outlook:
NiSource Inc. --Short-term IDR at 'F3'.
NiSource Finance Corp. --Commercial paper at 'F3'.
Contact:
Primary Analyst Julie Jiang Director +1-212-908-0708 Fitch Ratings, Inc. 33 Whitehall St. New York, NY 10004
Secondary Analyst Maude Trembley Director +1-312-368-3203
Committee Chairperson Philip Smyth, CFA Senior Director +1-212-908-0531
Media Relations: Alyssa Castelli, New York, Tel: +1 (212) 908 0540, Email: [email protected].
Date of Relevant Rating Committee: June 16, 2016
Additional information is available on www.fitchratings.com
Applicable Criteria
MSFR 1926 Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary170 IAC 1-5-13(a)(10) Linkage (pub. 17 Aug 2015) Page 51 of 108 https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=869362
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/ UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
MSFR 1927 170 IAC 1-5-13(a)(10) CorporatesPage 52 of 108
Utilities, Power & Gas / U.S.A. NiSource Inc. And NiSource Finance Corp. and NiSource Capital Markets Full Rating Report
Ratings Key Rating Drivers Long-Term IDR BBB Short-Term IDR F3 Low Business Risk: NiSource, Inc.’s (NI) ratings reflect its lower operating risk as a fully
IDR – Issuer Default Rating. regulated utility holding company with a geographically diverse mix of regulated gas and electric utilities in seven states. Other considerations include the long-term financial impact of Rating Outlook aggressive gas system modernization programs and electric environmental capex, with a Long-Term IDR Stable substantial portion of recoveries expected to be received through tracking mechanisms.
Gas distribution and electric operations represent 61% and 39%, respectively, Financial Summary Focus on Gas:
NiSource Inc. of the total rate base. Fitch Ratings expects gas operations to account for a greater share of LTM the rate base, as NI invests more than twice as much in its gas utilities as it does in its electric ($ Mil.) 6/30/16 2015 Adjusted Revenue 3,667 4,652 utility. Fitch views such a trend favorably, as gas utilities have relatively more supportive
Operating EBITDAR 1,185 1,373 regulations and are not subject to stringent environmental mandates. Cash Flow from
Operations 540 1,163 Total Adjusted Debt 7,650 7,373 Supportive Regulations: Balanced regulation is particularly important for NI in light of its
Total Capitalization 11,080 10,836 aggressive gas and electric infrastructure modernization programs and high debt leverage. Capex/ Approximately 77% of capex in the next few years is expected to be recovered through Depreciation (%) 222.1 259.5 FFO Fixed-Charge trackers and other mechanisms. Most of NI’s gas utilities have decoupling, straight fixed Coverage (x) 2.9 3.4 FFO-Adjusted variable rates and/or weather normalization mechanisms. All of NI’s gas utilities use Leverage (x) 7.0 5.1 infrastructure trackers on a regular basis except Pennsylvania. Indiana allows for cost recovery Total Adjusted Debt/EBITDAR (x) 6.5 5.4 outside of rate case proceedings and preapproval of eligible investments. Northern Indiana
Public Service Company’s (NIPSCO, BBB/Stable) transmission projects benefit from
constructive Federal Energy Regulatory Commission (FERC) regulation, including forward- Related Research looking rates and construction work in progress (CWIP) recovery. Fitch Upgrades NI and NIPSCO’s IDR to ‘BBB’; Outlook Stable High Capex: NI is undertaking a significant capex program of $1.45 billion annually (June 2016) (approximately $1.0 billion in gas and the remainder in electric), compared with $780 million in
2011 and $1 billion in 2012. Though Fitch views these rate base-accretive investments
favorably, NI’s credit metrics could be pressured as a result.
Indiana Rate Approvals: Fitch views favorably the rate approvals by the Indiana Utility
Regulatory Commission (IURC) of NIPSCO’s seven-year $1.25 billion electric TDSIC plan and
its electric rate case, allowing for a revenue increase of $72.5 million, based on an authorized
return on equity (ROE) of 9.975% before certain riders.
Rating Linkages: NI’s and NIPSCO’s ratings and Outlooks are the same due to their close
linkage. All utility operations depend on NI for financing needs and share a five-year $1.5 billion
revolver at NiSource Finance (NIF).
Rating Sensitivities
Positive Rating Action: NI could be upgraded if adjusted debt/operating EBITDAR is Analysts Julie Jiang expected to remain below 4.0x after the high-capex period. +1 212 908-0708 [email protected] Negative Rating Action: NI could be downgraded if material adverse changes occur in NI’s Maude Tremblay regulatory construct. Negative rating pressure could mount if adjusted debt/operating EBITDAR +1 312 368-3203 [email protected] remains above 5.25x with low probability to recover after the high-capex period.
www.fitchratings.com October 31, 2016 MSFR 1928 170 IAC 1-5-13(a)(10) CorporatesPage 53 of 108
Financial Overview
Liquidity and Debt Structure NI (through NIF) downsized its existing $2 billion revolving credit facility in December 2014 to $1.5 billion, effective at the completion of the spinoff of Columbia Pipeline Group on July 1, 2015. The amendment also extended its termination date to July 1, 2020, with two one- year extensions. The facility carries a 70% debt/capitalization financial covenant and includes limitations on liens and restrictions on asset sales. It is used to support NI’s commercial paper program, letters of credit and for general corporate use. As of June 30, 2016, NI had $881.5 million of commercial paper outstanding and $14.7 million of standby letters of credit outstanding, which was supported by the revolving credit facility.
Regulated utilities’ liquidity is also supported by NI’s accounts receivable securitization programs. NI had a total of $219.2 million of borrowings under the programs at June 30, 2016.
Debt Maturities and Liquidity Total Debt and Leverage ($ Mil., As of June 30, 2016) Total Adjusted Debt (LHS) Debt/EBITDAR (RHS) 2016 220 ($ Mil.) (x) 2017 350 12,000 8.0 10,000 2018 476 6.0 8,000 2019 541 6,000 4.0 2020 550 4,000 2.0 Thereafter 3,889 2,000 Cash and Cash Equivalents 16 0 0.0 Undrawn Committed Facilities 604 2012 2013 2014 2015 LTM 6/30/16 Source: Company data, Bloomberg, Fitch. Source: Company data, Fitch.
Cash Flow Analysis
Related Criteria NI is undertaking a significant capex program across its gas and electric segments. From 2012 Criteria for Rating Non-Financial to 2015, capex averaged $1.23 billion per year compared with $709 million per year from 2008 Corporates (September 2016) to 2011. Total capex is expected to average $1.45 billion per year in 2016–2021. The projects Parent and Subsidiary Rating Linkage (August 2016) focus on system safety and modernization. Approximately 77% of capex investment in the next Recovery Ratings and Notching Criteria several years is expected to be recovered through trackers and other cost-recovery for Utilities (March 2016) mechanisms. Fitch views the ramp-up in these types of capex favorably, as they provide Rating U.S. Utilities, Power and Gas Companies (Sector Credit Factors) predictable and sustained earnings growth. However, they could temporarily pressure credit (March 2014) metrics. NI is expected to be cash flow negative throughout the 2016–2021 projection period — ranging from negative $500 million to negative $800 million — and will be largely financed by debt.
CFO and Cash Use CFO Capex Dividends ($ Mil.) 2,500
2,000
1,500
1,000
500
0 2012 2013 2014 2015 LTM 6/30/16
Source: Company data, Fitch.
NiSource Inc. 2 October 31, 2016 MSFR 1929 170 IAC 1-5-13(a)(10) CorporatesPage 54 of 108
Peer and Sector Analysis
Peer Group Peer Group Analysis Issuer Country Dominion CenterPoint IPALCO NiSource Inc. BBB+ ($ Mil.) Resources, Inc. Energy, Inc. Enterprises, Inc.
Dominion Resources, Inc. U.S. As of 6/30/16 6/30/16 6/30/16 6/30/16 IDR BBB BBB+ BBB BB+ BBB Outlook Rating Outlook Rating Outlook Rating Outlook Rating Outlook Stable Stable Stable Stable CenterPoint Energy, Inc. U.S.
Fundamental Ratios (x) BB+ Operating EBITDAR/ IPALCO Enterprises, Inc. U.S. (Gross Interest Expense + Rents) 3.2 4.5 4.9 4.9 FFO Fixed-Charge Coverage 2.9 4.7 5.0 4.6 Total Adjusted Debt/Operating EBITDAR 6.5 5.6 4.0 5.7 Issuer Rating History FFO/Total Adjusted Debt (%) 14.4 18.5 27.3 16.9 LT IDR Outlook/ FFO-Adjusted Leverage 7.0 5.4 3.7 5.9 Date (FC) Watch Common Dividend Payout (%) 75.3 84.1 (72.0) 84.7 Sept. 27, 2016 BBB Stable Internal Cash/Capex (%) 32.9 42.6 90.2 26.1 June 17, 2016 BBB Stable Capex/Depreciation (%) 222.1 374.4 210.6 372.9 Sept. 30, 2015 BBB– Positive Return on Equity (%) 5.1 14.4 (13.7) 19.0 June 18, 2015 BBB– Positive
April 24, 2015 BBB– Stable Financial Information Sept. 29, 2014 BBB– Stable Revenue 3,667 11,041 7,037 1,277 April 3, 2014 BBB– Stable Revenue Growth (%) (40.2) (9.1) (14.9) — Dec. 9, 2013 BBB– Stable EBITDA 1,137 5,119 2,105 445 Dec. 11, 2012 BBB– Stable Operating EBITDA Margin (%) 31.0 46.4 28.5 34.8 Dec. 13, 2011 BBB– Stable FCF (407) (3,652) (153) (601) Dec. 14, 2010 BBB– Stable Total Adjusted Debt with Equity Credit 7,650 29,172 7,881 2,558 Dec. 15, 2009 BBB– Stable Readily Available Cash 16 377 1,008 44 Feb. 4, 2009 BBB– Stable Funds Flow from Operations 722 4,230 1,721 338 May 14, 2008 BBB Stable Capex (1,042) (6,365) (1,554) (813) July 10, 2007 BBB Stable March 31, 2006 BBB Stable IDR – Issuer Default Rating. Source: Company data, Fitch. Dec. 6, 2005 BBB Stable Sept. 21, 2005 BBB Stable June 30, 2003 BBB Stable Feb. 6, 2002 BBB RWN Dec. 6, 2001 BBB Stable Oct. 27, 2000 BBB+ Stable LT IDR – Long-Term Issuer Default Rating. FC – Foreign currency. RWN – Rating Watch Negative. Source: Fitch.
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Key Rating Issues
Low Business Risk Mitigates High Leverage NI’s leverage before the spinoff was high among both utility and pipeline peer groups, primarily due to legacy debt related to the acquisition of Columbia Energy Group in November 2000 and investments in the pipeline business. With the sizeable capex program, NI’s leverage ratio will continue to be elevated.
However, Fitch believes NI’s fully regulated business model allows it to bear relatively weak credit metrics for the rating and Outlook. Fitch projects that NI’s debt/operating EBITDAR will continue to exceed 5.0x through 2019 and decline to the high-4x range in 2020 as capex programs complete and margin improves. FFO-adjusted leverage is expected to decline to high-4x in 2020 from high-5x in 2016 and FFO fixed-charge coverage to improve from 3.5x to 4.2x over the same period. Fitch’s projection incorporates bonus depreciation benefits and a certain amount of equity issuance.
Supportive Regulations NI’s ratings and Outlook benefit from a geographically diverse mix of regulated gas and electric utilities in seven states with relatively transparent and supportive regulations. Gas utilities in all seven states have accelerated infrastructure trackers or expedited rate treatments, bad debt trackers and energy-efficiency programs.
Columbia Gas of Ohio, NI’s largest gas utility by rate base, has revenue decoupling and fully fixed residential rates. Columbia Gas of Pennsylvania, the second-largest gas utility, has weather normalization and is allowed to recover infrastructure and other costs through frequent rate filings utilizing a forward test year. Pennsylvania’s Act 11 allows a gas utility to file a distribution service improvement charge and rate case with a fully forecast test year.
NIPSCO’s electric operations in Indiana have also seen improving regulations. The Transmission, Distribution and Storage System Improvement Charge (TDSIC) statute provides for cost recovery outside of general rate case proceedings for gas or electric safety, reliability and modernization and allows preapproval of a seven-year plan of eligible investments. If approved, up to 80% of eligible costs can be recovered using semiannual trackers. Indiana legislation allows cost recovery of federally mandated requirements, including modernization or environmental capex. NIPSCO owns and operates 2.5 GW of coal generation plants that were fully scrubbed at the end of 2015 and comply with sulfur dioxide, nitrogen oxide and Mercury and Air Toxics Standards rules.
NIPSCO also has FERC-approved forward-looking rates, including CWIP and recovery of any potential abandonment costs for its two Midcontinent Independent System Operator (MISO) transmission projects (approximately $450 million). The MISO-allowed ROE 12.38% for these projects has been challenged in two separate complaints. In June 2016, the FERC administrative law judge (ALJ) issued an initial decision in the second complaint that authorized NI to collect a base ROE of 9.7% from Feb. 12, 2015 through May 11, 2016. For the first complaint, the initial decision issued by the FERC ALJ in December 2015 authorized a base ROE of 10.32% from Nov. 12, 2013 through Feb. 11, 2015. A final approval is pending for both decisions.
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NIPSCO Rate Approvals Constructive Fitch views favorably several NIPSCO rate approvals in 2016. In July 2016, IURC approved NIPSCO’s March 2016 settlement for a seven-year electric TDSIC plan that includes $1.25 billion of eligible investments. NI filed its initial TDSIC case in June 2016 requesting a $1.9 million semiannual revenue requirement to be recovered beginning in February 2017.
NIPSCO’s gas segment is in the midst of an $800 million gas infrastructure modernization program. On June 22, 2016, the IURC approved the semiannual tracker (TDSIC-4) that NIPSCO filed in February 2016, which allows for collection or deferral for recovery associated with approximately $145.7 million of investments through the end of 2015. In August 2016, NIPSCO filed TDSIC-5 requesting $11.8 million increase, which could take effect in January 2017 if approved.
On Feb. 19, 2016, NIPSCO reached a settlement of its electric base rate case that would allow a revenue increase of $72.5 million, based on an authorized ROE of 9.975% before certain riders. The rate increase under the terms of the settlement represents approximately 58% of NIPSCO’s rate increase request. The settlement was approved in July 2016, with new rates becoming effective on Oct. 1, 2016.
Organizational Structure
Organizational and Debt Structure — NiSource Inc. ($ Mil., As of June 30, 2016)
NiSource Inc. IDR — BBB/Stable
NiSource Finance NIPSCO Capital Markets Corporate NiSource Columbia of IDR — Services Development Mass. BBB/Stable Total Debt 6,635 Total Debt 237 Total Debt 108 Total Debt 2 Total Debt 2 Total Debt 37
Columbia of Ohio
Total Debt 138 IDR – Issuer Default Rating. Source: Company filings, Fitch.
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Key Metrics
Definitions Total Adjusted Debt/Op. EBITDAR FFO Fixed-Charge Coverage • Total Adjusted Debt/Op. EBITDAR: Total balance sheet NiSource Inc. UPC Median NiSource Inc. UPC Median adjusted for equity credit and (x) (x) off-balance-sheet debt divided 7.0 6.0 by operating EBITDAR. 6.0 5.0 • FFO Fixed-Charge Coverage: 4.0 4.0 FFO plus gross interest minus 3.0 interest received plus preferred 2.0 dividends plus rental payments 2.0 divided by gross interest plus 1.0 0.0 preferred dividends plus rental 0.0 2012 2013 2014 2015 LTM 2012 2013 2014 2015 LTM payments. 6/30/16 6/30/16 • FFO-Adjusted Leverage: Gross UPC – Ultimate parent company. UPC – Ultimate parent company. debt plus lease adjustment Source: Company data, Fitch. Source: Company data, Fitch. minus equity credit for hybrid instruments plus preferred stock divided by FFO plus FFO-Adjusted Leverage Capex/Depreciation gross interest paid plus preferred dividends plus rental NiSource Inc. UPC Median expense. NiSource Inc. UPC Median (x) (%) 8.0 400 7.0 350 6.0 300 5.0 250 4.0 200 3.0 150 2.0 100 1.0 50 0.0 0 2012 2013 2014 2015 LTM 2012 2013 2014 2015 LTM 6/30/16 6/30/16 UPC – Ultimate parent company. UPC – Ultimate parent company. Source: Company data, Fitch. Source: Company data, Fitch.
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Company Profile NI is a utility holding company whose regulated subsidiaries provide natural gas and electricity to 4 million customers in Indiana, Ohio, Pennsylvania, Massachusetts, Virginia, Kentucky and Maryland. The rate bases of the gas and electric utilities were $5.4 billion and $3.5 billion, respectively, at year-end 2015. In 2015, the gas distribution segment accounted for approximately 68% of operating income, and electric operations accounted for 32%. In 2015, 53% of NI’s revenue was derived from residential customers, 24% from commercial customers, 19% from industrial customers and 3% from other sources. NI subsidiary NIPSCO has a total net generation capacity of 3.3 GW, 2.5 GW of which is from coal-fired generating plants.
Business Trends
Revenue Dynamics EBITDA Dynamics Net Revenues Net Revenue Growth EBITDA EBITDA Margin
($ Mil.) (%) ($ Mil.) (%) 4,500 15 2,000 32 4,000 10 1,800 31 3,500 5 1,600 3,000 0 1,400 30 (5) 2,500 1,200 29 (10) 1,000 2,000 (15) 800 28 1,500 (20) 600 27 1,000 (25) 400 26 500 (30) 200 0 (35) 0 25 2012 2013 2014 2015 LTM 2012 2013 2014 2015 LTM 6/30/16 6/30/16 Source: Company data, Fitch. Source: Company data, Fitch.
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Financial Summary — NiSource Inc. ($ Mil., As of June 30, 2016, IDR — BBB/Rating Outlook Stable) 2012 2013 2014 2015 LTM 6/30/16 Fundamental Ratios (x) Operating EBITDAR/(Gross Interest Expense + Rents) 3.7 3.5 3.6 3.2 3.2 FFO Fixed-Charge Coverage 4.0 3.8 3.8 3.4 2.9 Total Adjusted Debt/Operating EBITDAR 5.2 5.4 5.7 5.4 6.5 FFO/Total Adjusted Debt (%) 21.2 20.1 18.7 19.6 14.4 FFO-Adjusted Leverage 4.7 5.0 5.3 5.1 7.0 Common Dividend Payout (%) 65.6 57.5 60.6 91.9 75.3 Internal Cash/Capex (%) 66.2 60.2 49.2 66.1 50.3 Capex/Depreciation (%) 266.7 325.8 335.0 259.5 222.1 Return on Equity (%) 0.1 0.1 0.1 0.1 6.9
Profitability Revenues 5,061 5,657 6,471 4,652 3,667 Revenue Growth (%) (15.9) 11.8 14.4 (28.1) (40.2) Net Revenues 3,519 3,841 4,246 3,008 2,317 Operating and Maintenance Expense (1,663) (1,874) (2,136) (1,426) (983) Operating EBITDA 1,568 1,666 1,790 1,326 1,137 Operating EBITDAR 1,568 1,722 1,859 1,373 1,185 Depreciation and Amortization Expense (562) (577) (606) (524) (469) Operating EBIT 1,006 1,089 1,184 802 668 Gross Interest Expense (429) (434) (444) (380) (329) Net Income for Common 416 532 530 287 263 Operating Maintenance Expense % of Net Revenues (47.3) (48.8) (50.3) (47.4) (42.4) Operating EBIT % of Net Revenues 28.6 28.4 27.9 26.6 28.8
Cash Flow Cash Flow from Operations 1,265 1,437 1,320 1,163 540 Change in Working Capital (20) 65 (141) 147 (182) Funds from Operations 1,285 1,372 1,461 1,017 722 Dividends (273) (306) (321) (263) (198) Capex (1,499) (1,880) (2,029) (1,361) (1,042) FCF (507) (749) (1,030) (167) (407) Net Other Investment Cash Flow 44 (162) (110) 3,179 3,269 Net Change in Debt 78 719 1,106 (3,029) (2,177) Net Equity Proceeds 374 36 20 2 (1,156)
Capital Structure Short-Term Debt 777 699 1,577 567 1,101 Total Long-Term Debt 7,326 8,135 8,423 6,382 6,169 Total Debt with Equity Credit 8,103 8,834 9,999 6,993 7,270 Total Adjusted Debt with Equity Credit 8,103 9,284 10,554 7,373 7,650 Total Common Shareholders' Equity 5,554 5,886 6,175 3,844 3,811 Total Capital 13,657 14,720 16,175 10,836 11,080 Total Debt/Total Capital (%) 59 60 62 65 66 Common Equity/Total Capital (%) 41 40 38 35 34 IDR – Issuer Default Rating. Source: Company data, Fitch.
NiSource Inc. 8 October 31, 2016 MSFR 1935 170 IAC 1-5-13(a)(10) CorporatesPage 60 of 108
The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
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NiSource Inc. 9 October 31, 2016 MSFR 1936 170 IAC 1-5-13(a)(10) Page 61 of 108 FITCH UPGRADES NI AND NIPSCO'S IDR TO 'BBB'; OUTLOOK STABLE
Fitch Ratings-New York-17 June 2016: Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) of NiSource Inc. (NI) and Northern Indiana Public Service Company (NIPSCO) to 'BBB' from 'BBB-'. The Rating Outlook is Stable.
A complete list of rating actions is provided at the end of this release.
The rating and Outlook reflect NI's low operating risk as a fully regulated utility holding company with supportive regulation and improved business risk profile in recent years. The ratings also consider NI's robust capex program and management's willingness to issue equity to preserve credit quality, if needed. Fitch estimates that NI's leverage ratios as measured by debt-to-operating EBITDAR will remain elevated in the intermediate term, due to its large capex program and legacy debt, before improving to high-4x by 2020.
KEY RATING DRIVERS
Low Business Risk
NI's fully regulated, relatively low-risk business model is supported by stable cash flows and earnings from a geographically diverse mix of regulated gas and electric utilities in seven states. Gas distribution and electric operations represent 61% and 39%, respectively, of the total rate base. Over time, Fitch expects gas operations to represent a greater share of the rate base as the company invests more than twice as much capex in its gas utilities as it does in its electric segment. Fitch considers this trend to be positive as NI's gas distribution utilities benefit from more supportive regulations with less exposure to stringent environmental mandates.
Supportive Regulation
The ratings and Stable Outlook consider supportive regulatory frameworks across NI's operating utilities' service territories. Balanced regulation is particularly important from a credit perspective in light of NI's aggressive gas and electric infrastructure modernization programs and high debt leverage. Approximately 77% of capex investment in the next several years is expected to be recovered through trackers and other cost-recovery mechanisms.
Most of NI's gas utilities have decoupling, straight fixed variable rates and/or weather normalization mechanisms. All of NI's gas utilities use infrastructure trackers on a regular basis except Pennsylvania.
In Indiana, the Transmission, Distribution and Storage System Improvement Charge (TDSIC) statute provides for cost recovery outside of general rate case proceedings for gas or electric safety, reliability and modernization and allows pre-approval of a seven-year plan of eligible investments. If approved, up to 80% of eligible costs can be recovered using semi-annual trackers. NIPSCO's two MISO transmission projects benefit from constructive FERC regulation, including forward- looking rates and CWIP recovery.
NIPSCO Settlements Constructive
Fitch views recent developments in NIPSCO's pending rate proceedings favorably.
MSFR 1937 170 IAC 1-5-13(a)(10) NIPSCO reached a settlement in March 2016 for a seven-year electric TDSIC plan thatPage includes 62 of 108 $1.25 billion of eligible investments. A final order is expected in the third quarter of 2016. If the settlement is approved by the Indiana Utility Regulatory Commission (IURC), NIPSCO expects to start recovery based on TDSIC's semi-annual rate adjustment mechanism.
NIPSCO's gas segment is in the midst of an $800 million gas infrastructure modernization program. On March 30, 2016, the IURC approved the semi-annual tracker (TDSIC-3) that NIPSCO filed in August 2015, including approximately $74 million of investments through mid-2015. Rates took effect on April 1, 2016. NIPSCO submitted its latest semi-annual tracker TDSIC-4 update with the IURC on Feb. 29, 2016.
On Feb. 19, 2016, NIPSCO reached a settlement of its electric base rate case that, if approved by the IURC, would allow a revenue increase of $72.5 million, based on an authorized ROE of 9.975% before certain riders. The rate increase under the terms of the settlement represents approximately 58% of NIPSCO's rate increase request. A final order is expected in the third quarter of 2016.
High Capex Pressures Credit Metrics
NI's capex began to ramp up in 2012. From 2012 to 2015, capex averaged $1.23 billion per year compared to $709 million per year from 2008 to 2011. NI capex is expected to average $1.45 billion per year 2016 - 2021.
Fitch projects that NI's debt-to-operating EBITDAR will continue to be over 5x through 2019 and decline to high-4x in 2020. FFO adjusted leverage is expected to decline to high-4x in 2020 from 5.3x in 2016 and FFO fixed charge coverage to improve from 3.4x to 4x. Fitch's projection incorporates bonus depreciation benefits and a certain amount of equity issuance.
Rating Linkages
NI and NIPSCO's IDRs will continue to be equalized reflecting strong operational, strategic and financial linkage. NI finances substantially all of its utility operations through NiSource Finance (NIF) with guarantee from NI. All NI subsidiaries share a five-year $1.5 billion revolver at NIF.
KEY ASSUMPTIONS
--An average of $1.45 billion capex annually from 2016 to 2021; --Dividend payout ratio averages approximately 63%; --Balanced regulation and continued utilization of jurisdictional cost-recovery mechanisms for NI's gas and electric utility subsidiaries throughout the projection period.
RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to a positive rating action include: --NI and NIPSCO could be upgraded if adjusted debt-to-operating EBITDAR is expected to sustain below 4x.
Negative: Future developments that may, individually or collectively, lead to a negative rating action include: --Material adverse changes in NI's regulatory construct; --Negative rating pressure could mount if adjusted debt to operating EBITDAR sustains below 5.25x with low probability to recover.
MSFR 1938 FULL LIST OF RATING ACTIONS 170 IAC 1-5-13(a)(10) Page 63 of 108 Fitch has upgraded following ratings with a Stable Outlook:
NiSource Inc. --LT IDR to 'BBB' from 'BBB-'.
NiSource Finance Corp. --Senior unsecured notes to 'BBB' from 'BBB-'.
NiSource Capital Markets, Inc. --Senior unsecured notes to 'BBB' from 'BBB-'.
Northern Indiana Public Service Co. --LT IDR to 'BBB' from 'BBB-'; --Senior unsecured and revenue bonds to 'BBB+' from 'BBB'.
Fitch has affirmed following ratings with a Stable Outlook:
NiSource Inc. --Short-term IDR at 'F3'.
NiSource Finance Corp. --Commercial paper at 'F3'.
Contact:
Primary Analyst Julie Jiang Director +1-212-908-0708 Fitch Ratings, Inc. 33 Whitehall St. New York, NY 10004
Secondary Analyst Maude Trembley Director +1-312-368-3203
Committee Chairperson Philip Smyth, CFA Senior Director +1-212-908-0531
Media Relations: Alyssa Castelli, New York, Tel: +1 (212) 908 0540, Email: [email protected].
Date of Relevant Rating Committee: June 16, 2016
Additional information is available on www.fitchratings.com
Applicable Criteria
MSFR 1939 Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary170 IAC 1-5-13(a)(10) Linkage (pub. 17 Aug 2015) Page 64 of 108 https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=869362
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MSFR 1940 170 IAC 1-5-13(a)(10) Page 65 of 108 INFRASTRUCTURE AND PROJECT FINANCE
CREDIT OPINION NiSource Inc. 13 June 2016 A regulated utility holding company
Update Summary Rating Rationale NiSource Inc.'s (NiSource) Baa2 rating (for its guaranteed finance subsidiary NiSource Finance Corporation) reflects the credit supportiveness and diversity of its multiple regulatory jurisdictions that allow the company to generate stable and predictable operating cash flows, the low business risk nature of its operations (approximately 68% of utility operating earnings are generated by natural gas local distribution companies (LDCs)), as well as its broad geographic footprint and scale (approximately 4 million utility customers Contacts across seven states). Together, these help to mitigate a weak financial profile as the company Lesley Ritter 212-553-1607 manages elevated debt levels while executing on a sizeable capital investment program. We Analyst anticipate a ratio of cash flow to debt in the low-teens' range over the next three to five [email protected] years. Michael G. Haggarty 212-553-7172 Associate Managing Director Exhibit 1 [email protected] Historical CFO Pre W/C, Total Debt and CFO Pre W/C to Debt William L. Hess 212-553-3837 MD-Utilities [email protected]
Source: Moody's Financial Metrics
Credit Strengths » Operations in jurisdictions with attractive cost recovery mechanisms
» Regulated utility assets carry low business risk
» Stability of cash flows underpinned by supportive regulatory constructs that largely offset high leverage
Credit Challenges » Persistently high debt balance
» Elevated investment spending
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Rating Outlook The stable outlook reflects our expectation that the modest decline in NiSource's financial profile due to its corporate separation will be temporary. We expect a debt to capitalization ratio of approximately 50% as well as a decline in its cash flow to debt to the 12-13% range before the latter slowly rises closer to the low-teens range towards the end of the decade. The stable outlook also reflects our view that NiSource's regulated utility capital expenditure plans will be financed in a balanced manner. The outlook also takes into account the credit supportiveness of NiSource's regulatory environments, the low business risk associated with its LDC operations, and the scale and scope of its footprint, that together act to mitigate financial ratios that will be temporarily weak for the rating. Factors that Could Lead to an Upgrade » Further improvement in the utility regulatory environment
» A material and sustained increase in the company's credit metrics with cash flow to debt in the high teens and interest coverage in excess of 4.0x
Factors that Could Lead to a Downgrade » A decline in the credit supportiveness of NiSource's regulatory environments
» An adverse change in the company's business mix or corporate structure such that its business risk profile deteriorates
» Debt coverage and debt to capitalization fall below 12% or rise above 55%, respectively, on a sustained basis
Key Indicators
Exhibit 2
[1]All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. Source: Moody's Financial Metrics
Detailed Rating Considerations PERSISTENTLY HIGH DEBT BALANCE AND ELEVATED INVESTMENT SPENDING WEIGH ON FINANCIAL PROFILE
NiSource's rating is constrained by its weak financial profile, primarily relating to its elevated debt levels which appear unlikely to change for the foreseeable future and will continue to weigh on its debt coverage metrics.
The extensive capital investment projects at its utilities, estimated at about $1.4 billion per year through 2020 and equivalent to 2.5x 2015 depreciation, will place added pressure on the company's financial profile. As a result, we anticipate that NiSource's debt coverage metrics will decline from their historical levels to the 12-13% range before returning to the mid-teens towards the end of the decade, once new projects begin generating sufficient cash flows to offset the incremental leverage used to partially fund these capital projects.
Given NiSource's existing debt balance, we expect the company to adopt a conservative approach to financing its capital investments, including equity issuances, as necessary to avoid further erosion of its debt coverage and debt to capitalization ratios.
STABILITY OF CASH FLOWS UNDERPINNED BY SUPPORTIVE REGULATORY CONSTRUCT LARGELY OFFSETS HIGH LEVERAGE
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
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The state regulators overseeing NiSource's utilities are generally credit supportive. Each LDC benefits from decoupling mechanisms and/or weather normalization adjustments which reduce earnings volatility. In addition, NiSource has access to a variety of tracker mechanisms across its different jurisdictions to cover its ongoing infrastructure replacement program, that provide for timely recovery of its sizeable infrastructure investment program. Similarly, NiSource's electric segment benefits from a broad array of tracker mechanisms providing for timely recovery of operating expenses as well as environmental investments.
The company's investments across all of its jurisdictions, as well as higher operations and maintenance expenditures to comply with pipeline safety regulations, are driving a busy 2016 regulatory calendar. After completing three general rate cases in 2015 that added $90 million in incremental annual revenues as well as some other smaller regulatory tracker filings, NiSource expects to secure final general rate case orders on three filings in 2016, potentially adding $134 million in annual revenues, assuming the regulators grant the full ask.
In addition, NIPSCO recently filed a stipulation and settlement agreement for its revised seven-year electric rate plan outlining $1.25 billion of infrastructure investments. The plan was filed according to requirements outlined in Senate Bill 560 that provides for timely recovery of safety, reliability and modernization capex under a tracker mechanism. A decision is expected in the third quarter of 2016.
REGULATED UTILITY ASSETS ARE LOW RISK
NiSource's seven LDCs represent about 68% of operating income (based on FYE 2015), while its vertically integrated electric utility segment makes up the difference.
With no exposure to the risks associated with owning power-generation assets, LDCs carry lower business risk than their vertically integrated electric utility counterparts. Furthermore, the size and broad geographic footprint of NiSource's LDC operations offer regulatory diversity and provide a natural hedge against material exposure to a single jurisdiction.
NiSource's electric segment is inherently riskier than the LDC business. In addition to its exposure to the risks associated with generation assets, unlike its LDC counterparts, its operations are concentrated in a single, highly industrialized market territory. About fifty-five percent of the company's retail electric sales volumes are derived from industrial customers, leaving it particularly sensitive to economic cycles. Also, the electric segment's rate structure does not have the decoupling mechanisms many NiSource's LDCs have.
Still, Indiana's regulatory environment is generally favorable from a credit standpoint and provides the company's electric segment with an attractive suite of cost recovery mechanisms that cover most of its operating and capital expenses. Additionally, the company is on schedule to complete the environmental retrofits of its generation fleet on time and on budget. Furthermore, its latest Integrated Resource Plan, released in 2014, does not envision the need for new power generation investment for the foreseeable future, a credit positive since it further supports the relative stability of NiSource's electric segment. Liquidity Analysis NiSource's liquidity is adequate and is supported by a $1.5 billion revolving credit facility maturing in July 2020. The revolver backs a $1.5 billion commercial paper program and provides funds for ongoing working capital needs. Terms of the facility allow for reliable access to funds by not requiring the company to represent and warrant to any material adverse change at each borrowing. The sole financial covenant is a maximum debt-to-capitalization ratio of 70% which the company satisfies as of 31 March 2016, with a debt to capitalization ratio of 64.4%.
NiSource also maintains three separate accounts receivables securitization programs totaling $515 million at its LDCs ($385 million outstanding as of 31 March 2016). The programs are renewed annually. As of 31 March 2016, NiSource had about $1.0 billion of available capacity under its revolver, after giving effect to $460 million of commercial paper outstanding and $15 million of LCs, as well as about $24 million of cash on hand. NiSource's next material debt maturity is scheduled for September 2017 when $210 million of notes come due.
For LTM 31 March 2016, NiSource generated $1.2 billion in operating cash flow, invested $1.4 billion in capital expenditures and made $231 million in dividend distributions to their common shareholders, resulting in a negative free cash flow position of $494 million. NiSource funded the cash shortfall by issuing short-term debt. Going forward, we expect NiSource to remain free cash flow negative
3 13 June 2016 NiSource Inc.: AMSFR regulated utility1943 holding company 170 IAC 1-5-13(a)(10) Page 68 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
as it executes on its sizeable capital expenditure plan and anticipate that it will meet any cash shortfall through a balanced mix of debt and equity. Notching Considerations NiSource's operating subsidiary NIPSCO is rated one notch above NiSource to reflect its default probability and the structural seniority of its debt to substantially all of the parent guaranteed debt at NiSource Finance Corp. Subsidiary Bay State's debt is guaranteed by NiSource and consequently has the same rating as NiSource.
As shown in the methodology grid, the grid indicates a rating of Baa1, which does not reflect the structural subordination that causes the actual parent rating to be Baa2. Ratings within the NiSource family are notched closely partly because of the company's practice to centrally manage its subsidiaries' cash flow in a corporate money pool and consolidating its debt financing at its guaranteed financing subsidiary NiSource Finance Corp. Corporate Profile NiSource Inc. (Baa2, senior unsecured for its guaranteed financing vehicle, NiSource Finance Corp) is a utility holding company with a portfolio of regulated utility subsidiaries. NiSource owns one of the largest LDC systems in the US, with operations in Ohio, Indiana, Pennsylvania, Virginia, Massachusetts, Kentucky, and Maryland with over 3.4 million customers, as well as a mid-sized vertically integrated electric utility in Indiana. The LDCs account for about 68% of the company's consolidated operating earnings, with the balance coming from its electric utility. Two of NiSource's utility subsidiaries are rated: Bay State Gas Company (Bay State Gas, doing business as Columbia Gas of Massachusetts, Baa2 senior unsecured, stable) and Northern Indiana Public Service Company (NIPSCO, Baa1 senior unsecured, stable). Rating Methodology and Scorecard Factors
Exhibit 3
[1]All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. [2]As of 3/31/2016(L) [3[This represents Moody's forward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestitures. Source: Moody's Financial Metrics
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Ratings
Exhibit 4 Category Moody's Rating NISOURCE INC. Outlook Stable Pref. Shelf (P)Ba1 NISOURCE FINANCE CORPORATION Outlook Stable Issuer Rating Baa2 Sr Unsec Bank Credit Facility Baa2 Senior Unsecured Baa2 Bkd Commercial Paper P-2 NORTHERN INDIANA PUBLIC SERVICE COMPANY Outlook Stable Issuer Rating Baa1 Senior Unsecured Baa1 NISOURCE CAPITAL MARKETS, INC. Outlook Stable Bkd Senior Unsecured Baa2 BAY STATE GAS COMPANY Outlook Stable Senior Unsecured Baa2 Source: Moody's Investors Service
5 13 June 2016 NiSource Inc.: AMSFR regulated utility1945 holding company 170 IAC 1-5-13(a)(10) Page 70 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
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REPORT NUMBER 1030003
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Summary: NiSource Inc.
Primary Credit Analyst: Gerrit W Jepsen, CFA, New York (1) 212-438-2529; [email protected]
Secondary Contact: Safina Ali, CFA, New York (1) 212-438-1877; [email protected]
Contributor: Mayur Deval
Table Of Contents
Rationale
Outlook
Our Base-Case Scenario
Business Risk
Financial Risk
Liquidity
Other Credit Considerations
Group Influence
Ratings Score Snapshot
Issue Ratings
Related Criteria And Research
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Summary: NiSource Inc.
Business Risk: EXCELLENT CORPORATE CREDIT RATING Vulnerable Excellent a- bbb+ bbb+
BBB+/Stable/A-2 Financial Risk: SIGNIFICANT
Highly leveraged Minimal
Anchor Modifiers Group/Gov't
Rationale
Business Risk: Excellent Financial Risk: Significant
• Corporate strategy based only on regulated utilities; • Financial measures, albeit improving slightly, are • Regulated utilities with mostly low operating risks; toward the lower end of the significant financial risk • Lack of competition in regulated service territories; profile; • Diverse service area in seven states with numerous • Ongoing capital spending driven by infrastructure regulatory jurisdictions and a large residential investments; and customer base; • Negative discretionary cash flow, indicating external • Gas distribution operations with geographic funding needs. diversity; and • Utility subsidiary Northern Indiana Public Service Co. (NIPSCO) has higher-than-average dependence on industrial customers.
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Outlook: Stable
The stable rating outlook on NiSource Inc. reflects our expectation that management will focus on its fully regulated utilities. The outlook also reflects our expectations that cash flow protection and debt leverage measures will be appropriate for the rating. Specifically, our baseline forecast includes funds from operations (FFO) to total debt around 14% and operating cash flow (OCF) to debt of approximately 14% through 2018. Given the company's regulated focus, we expect that NiSource will avoid any meaningful rise in business risk by reaching constructive regulatory outcomes.
Downside scenario We could lower ratings if unregulated operations are added to the fully regulated company. Ratings could also be lowered if core financial measures were to consistently drop below our base-case forecast and remain consistently at less credit-supportive levels, including adjusted FFO to debt consistently below 12%. This could occur if cost recovery is not as timely as expected, construction projects are over budget or if capital expenditures exceed forecasted levels and is primarily debt financed.
Upside scenario Although unlikely over the medium term, we could raise the ratings if the business risk profile further strengthened or if financial measures exceeded our baseline forecast on a consistent basis, including FFO to total debt over 18%. Improved financial measures could occur through more robust cost recovery, debt retirement, or higher equity funding.
Our Base-Case Scenario
Assumptions Key Metrics
• The economic conditions in the company's service 2015A 2016E 2017E areas continue to improve which results in modest FFO/debt (%) 13.4 13.5-14.5 13.5-14.5 load growth for the projected period Debt/EBITDA (x) 5.3 4.8-5.3 4.8-5.3 • Annual mid-single-digit gross margin growth FFO cash interest coverage (x) 3.6 3.8-4.2 3.9-4.3 through higher load and rate recovery • Elevated capital spending in range of $1.4 billion to A--Actual. E--Estimate. FFO--Funds from operations. $1.5 billion per year in 2016, 2017, and 2018 • Average annual dividends of $300 million • Ongoing rate recovery that will allow the company to earn close to its average authorized return on equity • Continuation of current regulatory mechanisms • All debt maturities are refinanced
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Business Risk: Excellent
We assess NiSource's business risk profile as excellent based on the company's strong competitive position and operations as a regulated utility in the U.S. NiSource's competitive position reflects its gas distribution operations that are above average, characterized by ample geographic diversity and a large customer base. Cash flow variability is also low given material revenue stabilization and cost-tracking mechanisms. NIPSCO is a vertically integrated electric and natural gas utility providing service mostly in northern Indiana. It has had flat customer growth and has above-average industrial exposure, largely to the steel-related industry. The utility has been installing environmental compliance equipment and using an environmental rate surcharge for timely recovery of costs. Base rates and various rate surcharges support cost recovery. Rates are above the state average, but not the highest in Indiana.
Financial Risk: Significant
Based on the medial volatility financial ratio benchmarks, we assess NiSource's financial risk profile as significant. This takes into consideration sustained cash flows from the regulated utility operations and ongoing cost recovery through rates that will allow the company to earn close to its authorized returns on equity. Also, we based the designation on the company's capital spending program and a dividend payout that exceeds 60%. We expect NiSource to continue having negative free operating cash flow over the next three years. Although we expect equity to grow, we also expect the company to continue using debt financing. Under our base case scenario of higher capital spending, reasonable load growth and steady cost recovery provisions, we expect FFO to debt to average about 14%.
Liquidity: Adequate
We assess NiSource's liquidity as adequate because we believe its liquidity sources are likely to cover its uses by more than 1.1x over the next 12 months and meet cash outflows even with a 10% decline in EBITDA. The company's sound relationship with banks, ability to absorb high-impact, low-probability event with limited need for refinancing and generally satisfactory standing in credit markets also support our assessment.
Principal Liquidity Sources Principal Liquidity Uses
• Estimated FFO of about $1.1 billion in 2016; • Capital spending of about $1.4 billion in 2016; • Revolving credit facility availability of about $1.5 • Common stock dividends of about $275 million in billion in 2016; and 2016; and • Assumed cash and liquid investments of roughly $15 • Debt maturities, including outstanding commercial million in 2016. paper, of about $435 million in 2016.
Other Credit Considerations
The ratings on NiSource include a one-notch negative adjustment for comparable rating analysis that reflects
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NiSource's weak financial ratios within the significant financial risk profile.
Group Influence
Under the group rating methodology, we view NiSource as the parent of the group whose members are NIPSCO, Bay State Gas, NiSource Finance, and NiSource Capital Markets. NiSource's group and stand-alone credit profiles are the same at 'bbb+'.
Ratings Score Snapshot
Corporate Credit Rating BBB+/Stable/A-2
Business risk: Excellent • Country risk: Very low • Industry risk: Very low • Competitive position: Strong
Financial risk: Significant • Cash flow/Leverage: Significant
Anchor: a-
Modifiers • Diversification/Portfolio effect: Neutral (no impact) • Capital structure: Neutral (no impact) • Financial policy: Neutral (no impact) • Liquidity: Adequate (no impact) • Management and governance: Satisfactory (no impact) • Comparable rating analysis: Negative (-1 notch)
Stand-alone credit profile : bbb+ • Group credit profile: bbb+
Issue Ratings
The short-term rating is 'A-2' based on the company's issuer credit rating (ICR) and our assessment of its liquidity as at least adequate. We rate the senior unsecured debt at NiSource Finance and NiSource Capital Markets the same as the ICR because priority liabilities, including operating utility debt, are less than 20% of total assets.
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 5 THIS WAS PREPARED EXCLUSIVELY FOR USER JESSICA MAZZONE. MSFR 1951 NOT FOR REDISTRIBUTION UNLESS OTHERWISE PERMITTED. 170 IAC 1-5-13(a)(10) Page 76 of 108 Summary: NiSource Inc.
Related Criteria And Research
Related Criteria • Criteria - Corporates - Utilities: Key Credit Factors For The Regulated Utilities Industry, Nov. 19, 2013 • Criteria - Corporates - General: Corporate Methodology: Ratios And Adjustments, Nov. 19, 2013 • General Criteria: Methodology: Industry Risk, Nov. 19, 2013 • General Criteria: Group Rating Methodology, Nov. 19, 2013 • Criteria - Corporates - General: Corporate Methodology, Nov. 19, 2013 • General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 • General Criteria: Methodology For Linking Short-Term And Long-Term Ratings For Corporate, Insurance, And Sovereign Issuers, May 7, 2013 • Criteria - Corporates - Utilities: Collateral Coverage And Issue Notching Rules For ‘1+’ And ‘1’ Recovery Ratings On Senior Bonds Secured By Utility Real Property, Feb. 14, 2013 • General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 • Use of CreditWatch And Outlooks, Sept. 14, 2009 • Criteria - Corporates - General: 2008 Corporate Criteria: Rating Each Issue, April 15, 2008
Business And Financial Risk Matrix
Financial Risk Profile Business Risk Profile Minimal Modest Intermediate Significant Aggressive Highly leveraged
Excellent aaa/aa+ aa a+/a a- bbb bbb-/bb+ Strong aa/aa- a+/a a-/bbb+ bbb bb+ bb Satisfactory a/a- bbb+ bbb/bbb- bbb-/bb+ bb b+ Fair bbb/bbb- bbb- bb+ bb bb- b Weak bb+ bb+ bb bb- b+ b/b- Vulnerable bb- bb- bb-/b+ b+ b b-
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WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 7 THIS WAS PREPARED EXCLUSIVELY FOR USER JESSICA MAZZONE. MSFR 1953 NOT FOR REDISTRIBUTION UNLESS OTHERWISE PERMITTED. 170 IAC 1-5-13(a)(10) Page 78 of 108 FITCH AFFIRMS NISOURCE AND NIPSCO'S 'BBB' IDR; OUTLOOK STABLE
Fitch Ratings-New York-30 June 2017: Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of NiSource Inc. (NI) and Northern Indiana Public Service Company (NIPSCO) at 'BBB'. The Rating Outlook is Stable.
A complete list of rating actions follows at the end of this release.
KEY RATING DRIVERS
Low Business Risk Mitigates High Leverage
NI's ratings and Outlook are supported by stable cash flows and earnings from a geographically diverse mix of fully regulated gas and electric utilities in seven states. Gas distribution and electric operations represented 63% and 37%, respectively, of the total rate base in 2016. Over time, Fitch expects gas operations to account for a greater share of the rate base as the company invests more than twice as much capex in its gas segment as it does in its electric segment. Fitch considers this a positive trend as NI's gas distribution utilities benefit from more supportive regulations with less exposure to stringent environmental mandates. Additionally, Fitch considers Indiana to be one of the most supportive jurisdictions. Fitch believes that a fully regulated business model primarily with gas LDC operations mitigates relatively high leverage, which has been the case for NiSource due to its capex program and legacy debt leverage.
Supportive Regulations
Balanced regulation is particularly important for NI in light of its aggressive gas and electric infrastructure modernization programs and high debt leverage. Approximately 73% of total capex through 2020 will be recovered through trackers and other mechanisms and begin earning within 12 months. Most of NI's gas utilities have decoupling, straight fixed variable rates and/or weather normalization mechanisms. In 2016, 65% of the total revenue was non-volumetric. Most of the utilities have authorized ROEs near or exceed 10%. All of NI's gas utilities use infrastructure trackers on a regular basis except in Pennsylvania. Columbia Gas of Pennsylvania has an option to file for infrastructure tracker recovery or leverage forward-looking rates in a base rate case. NIPSCO's transmission projects benefit from constructive Federal Energy Regulatory Commission (FERC) regulation, including 10.32% ROE, forward-looking rates and construction work in progress (CWIP) recovery.
Robust Capex Driven by Infrastructure Initiatives
NI's capex began to ramp up in 2012. Capex averaged $709 million per year from 2008 to 2011. In 2015, capex increased to $1.5 billion. In the next four years, capital investment will range from $1.6 billion to $1.8 billion per year (approximately $1.25 billion in gas and $500 million in electric). These investments will grow rate base for the gas segment by 9% to 11% annually and for the electric segment by 4% to 6% through 2020, which Fitch views positively.
NI's robust capex program is supported by the politically uncontroversial infrastructure modernization legislations in most of its service territories. NI has identified $30 billion of infrastructure investments across gas and electric segments. Over 50% of total capex from 2017 and 2020 are invested in infrastructure modernization as well as certain environmental projects.
MSFR 1954 170 IAC 1-5-13(a)(10) Credit Metrics Continue to be Weak Page 79 of 108
NI will continue to be free cash flow negative in the next four years considering the capex program and dividend distribution that is expected to grow 5% to 7% per year per share with a 60% to 65% dividend payout ratio. NI's negative free cash flow will likely be in the range of negative $700 million to $900 million in the next few years. Fitch expects NI to issue approximately $500 million to $1 billion incremental debt annually and $300 million of equity under its recently announced at-the-market program, and $50 to $75 million of equity under its DRIP program to fund the cash shortfall.
Fitch projects that NI's FFO-adjusted leverage will continue to exceed 5.5x in the next two years and modestly decline to mid 5x by 2019 - 2020. FFO fixed charge coverage is expected to average high 3x in the next two years and improve to 4x thereafter.
Reducing Coal Exposure
NI plans to retire 50% of its coal generation capacity by 2023. In 2016, NIPSCO's electric generation capacity comprises 78% coal, 21% natural gas and 1% other. By 2023, coal is expected to be 42% of total capacity, natural gas 21% and other sources 36%. In November 2016, NIPSCO submitted its Integrated Resource Plan (IRP) with the Indiana Utility Regulatory Commission. The IRP recommended the retirement of Bailly Generating Station (Units 7 and 8) by mid-2018 and two units (Units 17 and 18) at the R.M. Schahfer Generating Station by the end of 2023. In December 2016, MISO approved NIPSCO's plan to retire the Bailly units by May 31, 2018. Closing Schahfer units will also require MISO approval. NI will disclose its plan to replace the lost capacity in its 2019 IRP, which will likely be a combination of power purchases and new generation. In 2016, NIPSCO purchased 33.6% of its electric requirements and generated 66.4%.
Rating Linkages
NI and NIPSCO's IDRs are the same and assigned based the consolidated credit profile of NI as it finances substantially all of its utility operations at the parent level through NiSource Finance Corp.(NIF). All NI subsidiaries share a five-year $1.85 billion revolver at NIF whose debt obligations are unconditionally guaranteed by NI. NI has announced that it will merge NIF and NiSource Capital Markets (NI Capital) in the second quarter of 2017 into NI after receiving approvals from applicable public utility commissions. Upon the merger completion, NI will become the obligor under all obligations of NIF and NI Capital, and all guarantees will be extinguished. The ratings of these debt obligations will not be affected by the merger.
KEY ASSUMPTIONS
--Capex spending will range from $1.6 billion to $1.8 billion from 2017-2020; --Dividend payout ratio ranges from 60% to 65%; --Continued utilization of jurisdictional cost-recovery mechanisms for gas and electric utilities throughout the projection period.
RATING SENSITIVITIES
Future developments, individually or collectively, that could lead to a future upgrade include:
--NI and NIPSCO could be upgraded if consolidated FFO-adjusted leverage sustains below 4.5x after the high-capex period.
Future developments, individually or collectively, that could lead to a future downgrade include:
MSFR 1955 170 IAC 1-5-13(a)(10) --Material adverse changes in NI's regulatory construct that result in unexpected lag orPage 80 of 108 disallowance in recovering the capital spending could result in negative rating actions; --Negative rating pressure could mount if the consolidated FFO-adjusted leverage remains above 5.5x with low probability to recover after the high-capex period.
FULL LIST OF RATING ACTIONS
Fitch has affirmed following ratings with a Stable Outlook:
NiSource Inc. --Long term IDR at 'BBB'; --Short-term IDR at 'F3'.
NiSource Finance Corp. --Senior unsecured notes at 'BBB'; --Commercial paper at 'F3'.
NiSource Capital Markets, Inc. --Senior unsecured notes at 'BBB'.
Northern Indiana Public Service Co. --Long-term IDR at 'BBB'; --Senior unsecured and revenue bonds at 'BBB+'.
Contact:
Primary Analyst Julie Jiang Director +1-212-908-0708 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004
Secondary Analyst Maude Trembley Director +1-312-368-3203
Committee Chairperson Philip Smyth, CFA Senior Director +1-212-908-0531
Date of Relevant Rating Committee: June 29, 2017
Media Relations: Alyssa Castelli, New York, Tel: +1 (212) 908 0540, Email: [email protected].
Additional information is available on www.fitchratings.com
MSFR 1956 Applicable Criteria 170 IAC 1-5-13(a)(10) Criteria for Rating Non-Financial Corporates (pub. 10 Mar 2017) Page 81 of 108 https://www.fitchratings.com/site/re/895493
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MSFR 1957 170 IAC 1-5-13(a)(10) Page 82 of 108 INFRASTRUCTURE AND PROJECT FINANCE
CREDIT OPINION NiSource Inc. 1 May 2017 A regulated utility holding company
Update Summary Rating Rationale NiSource Inc.'s (NiSource) Baa2 rating reflects the credit supportiveness and diversity of its multiple regulatory jurisdictions that allow the company to generate stable and predictable operating cash flows, the low business risk nature of its operations, as well as its broad geographic footprint and scale. Together, these help to mitigate a weak financial profile as the company manages elevated debt levels while executing on a sizeable capital investment program. After a temporary dip in financial ratios, we expect NiSource's debt coverage ratio Contacts will slowly improve to the 13-14% range towards the end of the decade. Lesley Ritter 212-553-1607 AVP-Analyst [email protected] Exhibit 1 Historical CFO Pre W/C, Total Debt and CFO Pre W/C to Debt Michael G. Haggarty 212-553-7172 Associate Managing CFO Pre-W/C Total Debt (CFO Pre-W/C) / Debt $12,000 20.0% Director $10,655 18.7% [email protected] 18.0% 16.4% $10,000 $9,320 16.0% $8,938 $8,574 14.9% 14.0% $8,000 14.0% $7,645 12.0%
10.5% $6,000 10.0%
8.0% $4,000 6.0%
4.0% $2,000 $1,468 $1,390 $1,491 $1,427 $904 2.0%
$0 0.0% 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 Source: Moody's Financial Metrics
Credit Strengths » Operations in jurisdictions with attractive cost recovery mechanisms
» Regulated utility assets with low business risk
Credit Challenges » Persistently high debt balance
» Modest, but resilient, financial ratios
» Elevated investment spending
MSFR 1958 170 IAC 1-5-13(a)(10) Page 83 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
Rating Outlook The stable outlook reflects our expectation that the modest decline in NiSource's financial profile due to its 2015 corporate separation will be temporary. We expect a debt to capitalization ratio of approximately 55% as well as a decline in its cash flow to debt to the 12-13% range before the latter slowly returns closer to a 13-14% normalized run-rate towards the end of the decade. The stable outlook also reflects our view that NiSource's regulated utility capital expenditure plans will be financed in a balanced manner. It takes into account the credit supportiveness of NiSource's regulatory environments, the low business risk associated with its LDC operations, and the scale and scope of its footprint, that together act to mitigate financial ratios that will be temporarily weak for the rating. Factors that Could Lead to an Upgrade » Further improvement in the utility regulatory environment
» A material and sustained increase in the company's credit metrics with cash flow to debt in the high teens and debt to capitalization below 50%
Factors that Could Lead to a Downgrade » A decline in the credit supportiveness of NiSource's regulatory environments
» An adverse change in the company's business mix or corporate structure such that its business risk profile deteriorates
» Debt coverage ratio falls below 12% or debt to capitalization rises above 55%, on a sustained basis
Key Indicators
Exhibit 2
KEY INDICATORS [1] NiSource Inc.
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 CFO pre-WC + Interest / Interest 4.2x 4.1x 4.7x 4.4x 3.4x CFO pre-WC / Debt 16.4% 14.9% 14.0% 18.7% 10.5% CFO pre-WC – Dividends / Debt 13.4% 11.6% 11.0% 15.2% 8.1% Debt / Capitalization 51.2% 50.4% 56.1% 55.4% 56.7%
[1]All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. Source: Moody's Financial Metrics
Detailed Rating Considerations PERSISTENTLY HIGH DEBT BALANCE AND ELEVATED INVESTMENT SPENDING WEIGH ON FINANCIAL PROFILE
NiSource's rating is constrained by its weak financial profile, primarily relating to its elevated debt levels which appear unlikely to change for the foreseeable future and will continue to weigh on its debt coverage metrics.
Straining the company's already weak financial ratios are the extensive capital investment projects under way at each of its utilities. Across the company, investments are expected to total about $1.7 billion per year through 2020 (equivalent to about 3x pro forma depreciation); materially exceeding the company's operating cash flow generation (2016 CFO was about $1 billion (adjusted for over- recovered fuel costs)). When combined with NiSource's target to grow its dividend by 5-7% CAGR between 2017-2020 (2016 dividend was $206 million), we expect the company will generate sizeable, annual negative free cash flow balances that will have to be financed through external capital raises. Still we note that the company's capex program is highly modular and affords NiSource some flexibility around size and timing, if necessary.
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
2 1 May 2017 NiSource Inc.: AMSFR regulated utility1959 holding company 170 IAC 1-5-13(a)(10) Page 84 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
To that effect, NiSource has announced plans to supplement its existing $55-65 million DRIP equity program with an ATM program to raise $200-300 million in equity each year between 2017 and 2020. Although material, the planned equity will not be sufficient to fully offset the cash shortfall and incremental debt will need to be raised as well.
The lag in operating cash flow generation resulting from its capital investment program, as well as the incremental debt will keep NiSource's debt coverage metrics near the 12-13% range near term before returning to 13-14% towards the end of the decade, once new projects begin generating more meaningful cash flows.
STABILITY OF CASH FLOWS UNDERPINNED BY SUPPORTIVE REGULATORY CONSTRUCT LARGELY OFFSETS HIGH LEVERAGE
The state regulators overseeing NiSource's utilities are generally credit supportive. Each LDC benefits from decoupling mechanisms and/or weather normalization adjustments which reduce earnings volatility. In addition, NiSource has access to a variety of tracker mechanisms across its different jurisdictions, that provide for timely recovery of its sizeable infrastructure investment program. Similarly, NiSource's electric segment benefits from a broad array of tracker mechanisms providing for timely recovery of operating expenses as well as environmental investments.
The company's investments across all of its jurisdictions, as well as higher operations and maintenance expenditures to comply with pipeline safety regulations, drove a busy 2016 regulatory calendar for NiSource's LDCs. The company settled or filed for tracker recovery and/or rate cases in six of its seven regulatory jurisdictions and reached supportive outcomes in all cases, increasing 2017 revenues by $165 million.
In addition, NIPSCO electric settled its general rate case and secured regulatory approval for its revised seven-year electric rate plan outlining $1.25 billion of infrastructure investments. The plan was filed according to requirements outlined in Senate Bill 560 that provides for timely recovery of safety, reliability and modernization capex under a tracker mechanism. Per a January 2017 order, NIPSCO began recovering on the first $45.5 million of investments in February 2017.
REGULATED UTILITY ASSETS ARE LOW RISK
NiSource's seven LDCs represent about 67% of operating income (based on FYE 2016), while its vertically integrated electric utility segment makes up the difference.
With no exposure to the risks associated with owning power-generation assets, LDCs carry lower business risk than their vertically integrated electric utility counterparts. Furthermore, the size and broad geographic footprint of NiSource's LDC operations offer regulatory diversity and provide a natural hedge against material exposure to a single jurisdiction.
NiSource's electric segment is inherently riskier than the LDC business. In addition to its exposure to the risks associated with generation assets, unlike its LDC counterparts, its operations are concentrated in a single, highly industrialized market territory. About 55% of the company's retail electric sales volumes are derived from industrial customers, leaving it particularly sensitive to economic cycles. Also, the electric segment's rate structure does not have the decoupling mechanisms many NiSource's LDCs have.
Still, Indiana's regulatory environment is generally favorable from a credit standpoint and provides the company's electric segment with an attractive suite of cost recovery mechanisms that cover most of its operating and capital expenses. Additionally, the company is on schedule to complete the environmental retrofits of its generation fleet on time and on budget. Furthermore, its latest Integrated Resource Plan, released in 2016, the company announced its plan to retire 50% of its coal capacity by 2023, reducing its exposure to more stringent environmental regulations that could have required costly investments, a credit positive.
The company plans to replace its retired coal capacity post 2020 through a mix of wholesale purchases and new construction build, the mix of which will be made public at the time of its next IRP in 2019. Liquidity Analysis NiSource's liquidity is adequate and is supported by a $1.85 billion revolving credit facility maturing in 2021. The revolver backs a $1.5 billion commercial paper program and provides funds for ongoing working capital needs. Terms of the facility allow for reliable access to funds by not requiring the company to represent and warrant to any material adverse change at each borrowing. The sole financial covenant is a maximum debt-to-capitalization ratio of 70%. As of 31 December 2016, the ratio was 66%.
3 1 May 2017 NiSource Inc.: AMSFR regulated utility1960 holding company 170 IAC 1-5-13(a)(10) Page 85 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
NiSource also maintains three separate accounts receivables securitization programs totaling $515 million at its operating companies ($310 million outstanding as of 31 December 2016). The programs are renewed annually. As of 31 December 2016, NiSource had about $657 million of available capacity under its revolver, after giving effect to $1.2 billion of commercial paper outstanding and $15 million of LCs, as well as about $26 million of cash on hand. NiSource's next material debt maturities are scheduled for September 2017 and March 2018 when $210 million and $476 million of notes are due.
For FYE 31 December 2016, NiSource generated $803 million in operating cash flow, invested $1.6 billion in capital expenditures, and made $206 million in dividend distributions to their common shareholders, resulting in a negative free cash flow position of $985 million. NiSource funded the vast majority of the cash shortfall through short-term debt. Going forward, we expect NiSource to remain free cash flow negative as it executes on its sizeable capital expenditure plan and anticipate that it will meet any cash shortfall through a balanced mix of debt and equity. Notching Considerations NiSource's operating subsidiary NIPSCO is rated one notch above NiSource to reflect its default probability and the structural seniority of its debt to substantially all of the parent debt. Subsidiary Bay State's debt is guaranteed by NiSource and consequently has the same rating as NiSource.
As shown in the methodology grid, the grid indicates a rating of Baa1, which does not reflect the structural subordination to a minor amount of subordinated debt that causes the actual parent rating to be Baa2. Ratings within the NiSource family are notched closely partly because of the company's practice to centrally manage its subsidiaries' cash flow in a corporate money pool and consolidating its debt financing at its parent-guaranteed financing subsidiary NiSource Finance Corp. Corporate Profile NiSource Inc. (Baa2 Issuer Rating) is a utility holding company with a portfolio of regulated utility subsidiaries. NiSource owns one of the largest LDC systems in the US, with operations in Ohio, Indiana, Pennsylvania, Virginia, Massachusetts, Kentucky, and Maryland with over 3.4 million customers, as well as a mid-sized vertically integrated electric utility in Indiana. The LDCs account for about 68% of the company's consolidated operating earnings, with the balance coming from its electric utility. Two of NiSource's utility subsidiaries are rated: Bay State Gas Company (Bay State Gas, doing business as Columbia Gas of Massachusetts, Baa2 senior unsecured, stable) and Northern Indiana Public Service Company (NIPSCO, Baa1 senior unsecured, stable).
4 1 May 2017 NiSource Inc.: AMSFR regulated utility1961 holding company 170 IAC 1-5-13(a)(10) Page 86 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
Rating Methodology and Scorecard Factors
Exhibit 3
Rating Factors NiSource Inc. Regulated Electric and Gas Utilities Industry Grid [1][2] Current Moody's 12-18 Month Forward FY 12/31/2016 View As of Date Published [3] Factor 1 : Regulatory Framework (25%) Measure Score Measure Score a) Legislative and Judicial Underpinnings of the Regulatory Framework A A A A b) Consistency and Predictability of Regulation A A A A Factor 2 : Ability to Recover Costs and Earn Returns (25%) a) Timeliness of Recovery of Operating and Capital Costs A A A A b) Sufficiency of Rates and Returns A A A A Factor 3 : Diversification (10%) a) Market Position A A A A b) Generation and Fuel Diversity Ba Ba Ba Ba Factor 4 : Financial Strength (40%) a) CFO pre-WC + Interest / Interest (3 Year Avg) 4.2x Baa 3.6x - 3.8x Baa b) CFO pre-WC / Debt (3 Year Avg) 14.2% Baa 12.2% - 12.6% Baa c) CFO pre-WC – Dividends / Debt (3 Year Avg) 11.3% Baa 9.6% - 10% Baa d) Debt / Capitalization (3 Year Avg) 56.1% Baa 55.4% - 55.6% Baa Rating: Grid-Indicated Rating Before Notching Adjustment Baa1 Baa1 HoldCo Structural Subordination Notching 0 0 0 0 a) Indicated Rating from Grid Baa1 Baa1 b) Actual Rating Assigned Baa2 Baa2
[1]All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. [2]As of 12/31/2016. [3[This represents Moody's forward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestitures. Source: Moody's Financial Metrics
5 1 May 2017 NiSource Inc.: AMSFR regulated utility1962 holding company 170 IAC 1-5-13(a)(10) Page 87 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
Ratings
Exhibit 4 Category Moody's Rating NISOURCE INC. Outlook Stable Pref. Shelf (P)Ba1 NISOURCE FINANCE CORPORATION Outlook Stable Issuer Rating Baa2 Sr Unsec Bank Credit Facility Baa2 Senior Unsecured Baa2 Bkd Commercial Paper P-2 NORTHERN INDIANA PUBLIC SERVICE COMPANY Outlook Stable Issuer Rating Baa1 Senior Unsecured Baa1 NISOURCE CAPITAL MARKETS, INC. Outlook Stable Bkd Senior Unsecured Baa2 BAY STATE GAS COMPANY Outlook Stable Senior Unsecured Baa2 Source: Moody's Investors Service
6 1 May 2017 NiSource Inc.: AMSFR regulated utility1963 holding company 170 IAC 1-5-13(a)(10) Page 88 of 108 MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE
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REPORT NUMBER 1069558
7 1 May 2017 NiSource Inc.: AMSFR regulated utility1964 holding company 170 IAC 1-5-13(a)(10) Page 89 of 108
Summary: NiSource Inc.
Primary Credit Analyst: Safina Ali, CFA, New York (1) 212-438-1877; [email protected]
Secondary Contact: Gerrit W Jepsen, CFA, New York (1) 212-438-2529; [email protected]
Research Contributor: Mayur Deval, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Table Of Contents
Rationale
Outlook
Our Base-Case Scenario
Business Risk
Financial Risk
Liquidity
Other Credit Considerations
Group Influence
Ratings Score Snapshot
Issue Ratings
Related Criteria And Research
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Summary: NiSource Inc.
Business Risk: EXCELLENT CORPORATE CREDIT RATING Vulnerable Excellent a- bbb+ bbb+
BBB+/Stable/A-2 Financial Risk: SIGNIFICANT
Highly leveraged Minimal
Anchor Modifiers Group/Gov't
Rationale
Business Risk: Excellent Financial Risk: Significant
• Corporate strategy focused on regulated utilities • Funds from operations (FFO) to debt, improving with mostly low operating risks slightly, remains toward the lower end of the • Limited competition in regulated service territories significant financial risk category • Diverse service territories in seven states and a large • Annual capital spending over $1.5 billion driven by residential customer base infrastructure investments • Gas distribution operations with geographic • Negative discretionary cash flow, indicating external diversity funding needs. • Utility subsidiary Northern Indiana Public Service Co. (NIPSCO) has higher-than-average dependence on industrial customers.
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Outlook: Stable
S&P Global Ratings' stable rating outlook on NiSource Inc. reflects our expectation that management will focus on its fully regulated utilities. The outlook also reflects our view that cash flow protection and debt leverage measures will be appropriate for the rating. Specifically, our baseline forecast includes adjusted FFO to debt around 14%. Given the company's regulated focus, we expect NiSource will avoid any meaningful increase in business risk by pursuing constructive regulatory outcomes.
Downside scenario We could lower the ratings if core financial measures were to drop below our base-case forecast and remain at less credit-supportive levels, including adjusted FFO to debt consistently below 12%. This could occur if cost recovery is not as timely as expected, construction projects are over budget, or if capital expenditures exceed forecasted levels and are primarily debt financed. Although unlikely over the medium term, we could also lower ratings if NiSource adds a material level of riskier operations to the existing fully regulated strategy.
Upside scenario Although unlikely over the medium term, we could raise the ratings if the business risk profile strengthens or if financial measures exceeded our baseline forecast on a consistent basis, including FFO to total debt over 18%. The company could improve financial measures through more robust cost recovery, debt retirement, or higher equity funding.
Our Base-Case Scenario
Assumptions Key Metrics
• Economic conditions in service territories continue 2016A 2017E 2018E to improve, resulting in modest load growth over the FFO/debt (%) 12-14 12-14 13-14 next few years; OCF/debt (%) 12.5-13.5 13.5-15 14-16 • Annual mid-single-digit gross margin growth over Debt/EBITDA (x) 5-5.5 5-5.5 5-5.5 the next few years due to customer growth and rate recovery; S&P Global Ratings' adjusted figures. A--Actual. • Elevated capital spending of $1.5 billion per year in E--Estimate. FFO--Funds from operations. 2017 and 2018; • Dividends of roughly $270 million per year in 2017 and 2018; and • All debt maturities refinanced.
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Business Risk: Excellent
Our assessment of NiSource's business risk profile reflects its U.S. regulated utility operations, which provide essential services that have material barriers to entry and essentially operate as a monopoly insulated from market challenges. The utility industry generally exhibits substantial stability in terms of usage and consumption, even after accounting for energy conservation efforts and the economy. The business risk profile is also characterized by robust profitability, efficient operations, and above-average scale, scope, and diversification with a very large customer base in multiple states. The company has significant regulatory diversity since it operates in numerous jurisdictions where the company receives base rates and various rate surcharges supporting ongoing cost recovery of capital expenditures and operating expenses.
Financial Risk: Significant
Our assessment of NiSource's financial risk profile reflects a base-case scenario forecast that includes adjusted FFO to debt ranging from about 13% to 14%, at the lower end of the significant category. The supplemental ratio of FFO interest coverage is expected to average 4.7x over the forecast period, solidly supporting the financial risk assessment. We expect NiSource will continue to have negative discretionary cash flow after capital spending and dividend payments, resulting in external funding needs. At the same time, we expect NiSource will continue to have mostly steady cash flows as a regulated utility providing electricity and natural gas with supportive cost recovery of capital investments. Our assessment of the company's financial risk profile also takes into consideration ongoing capital spending and steady recovery of costs through various rate mechanisms, including rate surcharges for environmental compliance spending. We base our financial risk assessment on our medial volatility financial ratio benchmarks.
Liquidity: Adequate
We assess NiSource's liquidity as adequate because we believe its liquidity sources are likely to cover uses by more than 1.1x over the next 12 months and meet cash outflows even in the event of a 10% EBITDA reduction. The adequate assessment also reflects the company's generally prudent risk management and sound relationships with banks. In addition, NiSource has had a generally satisfactory standing in credit markets as it has successfully accessed capital markets whenever required. NiSource exhibits sound ability to absorb a high-impact, low-probability event, with limited need for refinancing.
Principal Liquidity Sources Principal Liquidity Uses
• FFO of about $1.2 billion • Capital spending of about $1.3 billion • Credit facility availability of about $1.5 billion • Dividends of roughly $275 million • Working capital inflows of about 120 million. • Debt maturities of about $910 million.
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Other Credit Considerations
The ratings on NiSource include a one-notch negative adjustment for comparable rating analysis that reflects NiSource's weak financial ratios within the significant financial risk profile.
Group Influence
Under our group rating methodology, we view NiSource as the parent company of the group including NIPSCO, Bay State Gas, NiSource Finance, and NiSource Capital Markets. NiSource's group and stand-alone credit profiles are the same: 'bbb+'.
Ratings Score Snapshot
Corporate Credit Rating BBB+/Stable/A-2
Business risk: Excellent • Country risk: Very low • Industry risk: Very low • Competitive position: Strong
Financial risk: Significant • Cash flow/Leverage: Significant
Anchor: a-
Modifiers • Diversification/Portfolio effect: Neutral (no impact) • Capital structure: Neutral (no impact) • Financial policy: Neutral (no impact) • Liquidity: Adequate (no impact) • Management and governance: Satisfactory (no impact) • Comparable rating analysis: Negative (-1 notch)
Stand-alone credit profile : bbb+ • Group credit profile: bbb+
Issue Ratings
We rate the senior unsecured debt at NiSource Finance and NiSource Capital Markets the same as the issuer credit
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Related Criteria And Research
Related Criteria • Criteria – Corporates – General: Methodology and Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 • Criteria - Corporates - Utilities: Key Credit Factors For The Regulated Utilities Industry, Nov. 19, 2013 • Criteria - Corporates - General: Corporate Methodology: Ratios And Adjustments, Nov. 19, 2013 • General Criteria: Methodology: Industry Risk, Nov. 19, 2013 • General Criteria: Group Rating Methodology, Nov. 19, 2013 • Criteria - Corporates - General: Corporate Methodology, Nov. 19, 2013 • General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 • General Criteria: Methodology For Linking Short-Term And Long-Term Ratings For Corporate, Insurance, And Sovereign Issuers, May 7, 2013 • General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 • General Criteria: Use of CreditWatch And Outlooks, Sept. 14, 2009 • Criteria - Corporates - General: 2008 Corporate Criteria: Rating Each Issue, April 15, 2008
Business And Financial Risk Matrix
Financial Risk Profile Business Risk Profile Minimal Modest Intermediate Significant Aggressive Highly leveraged
Excellent aaa/aa+ aa a+/a a- bbb bbb-/bb+ Strong aa/aa- a+/a a-/bbb+ bbb bb+ bb Satisfactory a/a- bbb+ bbb/bbb- bbb-/bb+ bb b+ Fair bbb/bbb- bbb- bb+ bb bb- b Weak bb+ bb+ bb bb- b+ b/b- Vulnerable bb- bb- bb-/b+ b+ b b-
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NiSource Inc.
Primary Credit Analyst: Safina Ali, CFA, New York (1) 212-438-1877; [email protected]
Secondary Contact: Gerrit W Jepsen, CFA, New York (1) 212-438-2529; [email protected]
Research Contributor: Mayur Deval, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Table Of Contents
Rationale
Outlook
Our Base-Case Scenario
Company Description
Business Risk
Financial Risk
Liquidity
Covenant Analysis
Other Credit Considerations
Group Influence
Ratings Score Snapshot
Issue Ratings
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Table Of Contents (cont.)
Reconciliation
Related Criteria And Research
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NiSource Inc.
Business Risk: EXCELLENT CORPORATE CREDIT RATING Vulnerable Excellent a- bbb+ bbb+
BBB+/Stable/A-2 Financial Risk: SIGNIFICANT
Highly leveraged Minimal
Anchor Modifiers Group/Gov't
Rationale
Business Risk: Excellent Financial Risk: Significant
• Corporate strategy focused on regulated utilities • Funds from operations (FFO) to debt, improving with mostly low operating risks slightly, remains toward the lower end of the • Limited competition in regulated service territories significant financial risk category • Diverse service territories in seven states and a large • Annual capital spending over $1.5 billion driven by residential customer base infrastructure investments • Gas distribution operations with geographic • Negative discretionary cash flow, indicating external diversity funding needs. • Utility subsidiary Northern Indiana Public Service Co. (NIPSCO) has higher-than-average dependence on industrial customers.
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Outlook: Stable
S&P Global Ratings' stable rating outlook on NiSource Inc. reflects our expectation that management will focus on its fully regulated utilities. The outlook also reflects our view that cash flow protection and debt leverage measures will be appropriate for the rating. Specifically, our baseline forecast includes adjusted FFO to debt around 14%. Given the company's regulated focus, we expect NiSource will avoid any meaningful increase in business risk by pursuing constructive regulatory outcomes.
Downside scenario We could lower the ratings if core financial measures were to drop below our base-case forecast and remain at less credit-supportive levels, including adjusted FFO to debt consistently below 12%. This could occur if cost recovery is not as timely as expected, construction projects are over budget, or if capital expenditures exceed forecasted levels and are primarily debt financed. Although unlikely over the medium term, we could also lower ratings if NiSource adds a material level of riskier operations to the existing fully regulated strategy.
Upside scenario Although unlikely over the medium term, we could raise the ratings if the business risk profile strengthens or if financial measures exceeded our baseline forecast on a consistent basis, including FFO to total debt over 18%. The company could improve financial measures through more robust cost recovery, debt retirement, or higher equity funding.
Our Base-Case Scenario
Assumptions Key Metrics
• Economic conditions in service territories continue 2016A 2017E 2018E to improve, resulting in modest load growth over the FFO/debt (%) 12-14 12-14 13-14 next few years; OCF/debt (%) 12.5-13.5 13.5-15 14-16 • Annual mid-single-digit gross margin growth over Debt/EBITDA (x) 5-5.5 5-5.5 5-5.5 the next few years due to customer growth and rate recovery; S&P Global Ratings' adjusted figures. A--Actual. • Elevated capital spending of $1.5 billion per year in E--Estimate. FFO--Funds from operations. 2017 and 2018; • Dividends of roughly $270 million per year in 2017 and 2018; and • All debt maturities refinanced.
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Company Description
NiSource Inc. is an energy holding company engaged in natural gas transmission, storage, and distribution, as well as electric generation, transmission, and distribution. The company serves more than 3.4 million gas customers and about 465,000 electricity customers in seven states. NIPSCO, Bay State Gas Co., and Columbia Gas are pure-play utilities. NiSource Finance Corp. and NiSource Capital Markets Inc. are financing entities for NiSource Inc.
Business Risk: Excellent
Our assessment of NiSource's business risk profile reflects its U.S. regulated utility operations, which provide essential services that have material barriers to entry and essentially operate as a monopoly insulated from market challenges. The utility industry generally exhibits substantial stability in terms of usage and consumption, even after accounting for energy conservation efforts and the economy. The business risk profile is also characterized by robust profitability, efficient operations, and above-average scale, scope, and diversification with a very large customer base in multiple states. The company has significant regulatory diversity since it operates in numerous jurisdictions where the company receives base rates and various rate surcharges supporting ongoing cost recovery of capital expenditures and operating expenses.
Our Base-Case Operating Scenario
• The company remains mostly a regulated utility. • The economic conditions in the company's service territories are either holding steady or improving, which will likely increase customer usage. • Utilities operate under regulatory terms that largely support credit quality and are generally constructive, which includes good gas adjustment and other cost-pass-through mechanisms. These provide for timely recovery of costs that helps support steady revenues.
Peer comparison Table 1 NiSource Inc. -- Peer Comparison
Industry Sector: Combo
Atmos Energy WEC Energy Group NiSource Inc. CMS Energy Corp. Corp. Inc. ONE Gas Inc. Rating as of March 9, 2017 BBB+/Stable/A-2 BBB+/Stable/A-2 A/Stable/A-1 A-/Stable/A-2 A-/Positive/A-2 --Average of past three fiscal years-- (Mil. $) Revenues 5,205.0 6,622.5 4,144.3 6,131.8 1,597.9 EBITDA 1,612.8 2,086.4 975.4 2,015.2 402.5 Funds from operations (FFO) 1,189.2 1,534.7 825.0 1,643.8 340.2 Operating income 949.3 1,270.0 668.7 1,343.3 254.2 EBIT 978.6 1,270.0 665.0 1,482.8 252.9
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Table 1 NiSource Inc. -- Peer Comparison (cont.)
Industry Sector: Combo
Atmos Energy WEC Energy Group NiSource Inc. CMS Energy Corp. Corp. Inc. ONE Gas Inc. Interest Expense 430.6 527.1 145.4 368.9 70.5 Net income from cont. oper. 347.3 517.0 318.3 722.5 123.0 Working capital changes (51.4) 128.3 (27.9) 5.8 (25.9) Cash flow from operations 1,122.8 1,652.0 802.9 1,567.5 295.8 Capital expenditures 1,615.1 1,682.4 963.6 1,142.9 297.3 Free operating cash flow (492.4) (30.4) (160.7) 424.7 (1.4) Dividends paid 263.4 320.7 160.5 487.5 59.9 Discretionary cash flow (755.8) (351.1) (321.2) (62.8) (61.3) Cash and short-term 22.4 236.0 39.5 49.7 9.7 investments Debt 8,815.5 10,617.2 3,045.5 9,015.0 1,388.3 Preferred stock 0.0 0.0 0.0 176.8 0.0 Equity 4,696.7 3,990.7 3,248.0 7,521.7 1,841.3 Debt and equity 13,512.2 14,607.8 6,293.5 16,536.7 3,229.6
Adjusted ratios Compound annual revenue (7.4) (0.8) (4.8) 18.3 (5.5) growth (%) EBITDA margin (%) 31.0 31.5 23.5 32.9 25.2 EBIT interest coverage (x) 2.3 2.4 4.6 4.0 3.6 EBIT margin (%) 18.8 19.2 16.0 24.2 15.8 Return on capital (%) 5.8 7.9 8.9 7.9 6.3 EBITDA interest coverage (x) 3.7 4.0 6.7 5.5 5.7 EBITDA cash int. cov. (x) 4.1 5.2 6.2 6.2 10.5 FFO cash int. cov. (X) 4.1 5.1 6.2 6.2 10.7 CFO cash int. cov. (x) 2.9 4.1 5.1 4.8 7.7 Debt/EBITDA (x) 5.5 5.1 3.1 4.5 3.4 FFO/debt (%) 13.5 14.5 27.1 18.2 24.5 Cash flow from 12.7 15.6 26.4 17.4 21.3 operations/debt (%) Free operating cash flow/debt (5.6) (0.3) (5.3) 4.7 (0.1) (%) Discretionary cash flow/debt (8.6) (3.3) (10.5) (0.7) (4.4) (%) Discretionary cash (46.9) (16.8) (32.9) (3.1) (15.2) flow/EBITDA (%) Total debt/debt plus equity (%) 65.2 72.7 48.4 54.5 43.0 Debt/debt and undepreciated 65.2 72.7 44.0 46.8 28.6 equity (%)
N.M. - Not Meaningful.
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Financial Risk: Significant
Our assessment of NiSource's financial risk profile reflects a base-case scenario forecast that includes adjusted FFO to debt ranging from about 13% to 14%, at the lower end of the significant category. The supplemental ratio of FFO interest coverage is expected to average 4.7x over the forecast period, solidly supporting the financial risk assessment. We expect NiSource will continue to have negative discretionary cash flow after capital spending and dividend payments, resulting in external funding needs. At the same time, we expect NiSource will continue to have mostly steady cash flows as a regulated utility providing electricity and natural gas with supportive cost recovery of capital investments. Our assessment of the company's financial risk profile also takes into consideration ongoing capital spending and steady recovery of costs through various rate mechanisms, including rate surcharges for environmental compliance spending. We base our financial risk assessment on our medial volatility financial ratio benchmarks.
Our Base-Case Cash Flow And Capital Structure Scenario
• NiSource's cash flow ratios will remain consistent with the significant financial risk profile, including FFO to debt averaging around 13% to 14% per year through 2018, supported by the supplemental ratio of FFO cash interest coverage that will average about 4.7x per year. • Capital spending to exceed $1.4 billion per year over the next few years • Cash flow after capital spending will remain negative through 2018 • Dividends of about $275 million in 2017 and roughly $300 million in 2018 • Discretionary cash flow, after capital spending and dividends, expected to remain negative, requiring external funding. • Debt leverage, as indicated by debt to EBITDA, expected to exceed 5x per year through 2018.
Financial summary Table 2 NiSource Inc. -- Financial Summary
Industry Sector: Combo Fiscal year ended Dec. 31
2016 2015 2014 2013 2012 Rating history BBB+/Stable/A-2 BBB+/Stable/A-2 BBB-/Watch BBB-/Stable/A-3 BBB-/Stable/A-3 Pos/A-3
(Mil. $) Revenues 4,492.5 4,651.8 6,470.6 5,657.3 5,061.2 EBITDA 1,519.3 1,414.3 1,904.8 1,838.7 1,743.3 Funds from operations (FFO) 1,153.9 1,013.0 1,400.6 1,394.4 1,371.1 Net income from continuing 328.1 183.0 530.7 490.9 410.6 operations Cash flow from operations 816.7 1,188.7 1,362.8 1,460.1 1,261.9 Capital expenditures 1,469.6 1,355.3 2,020.5 1,867.1 1,491.7 Free operating cash flow (652.9) (166.6) (657.7) (407.0) (229.8)
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Table 2 NiSource Inc. -- Financial Summary (cont.)
Industry Sector: Combo Fiscal year ended Dec. 31
2016 2015 2014 2013 2012 Dividends paid 205.5 263.4 321.3 305.9 273.2 Discretionary cash flow (858.4) (430.0) (979.0) (712.9) (503.0) Debt 8,498.6 7,532.6 10,415.2 9,108.4 8,844.7 Preferred stock 0.0 0.0 0.0 0.0 0.0 Equity 4,071.2 3,843.5 6,175.3 5,886.6 5,554.3 Debt and equity 12,569.8 11,376.1 16,590.5 14,995.0 14,399.0
Adjusted ratios EBITDA margin (%) 33.8 30.4 29.4 32.5 34.4 EBITDA interest coverage (x) 3.8 3.5 3.9 3.9 3.6 FFO cash int. cov. (x) 4.5 3.6 4.3 4.5 4.7 Debt/EBITDA (x) 5.6 5.3 5.5 5.0 5.1 FFO/debt (%) 13.6 13.4 13.4 15.3 15.5 Cash flow from operations/debt 9.6 15.8 13.1 16.0 14.3 (%) Free operating cash flow/debt (7.7) (2.2) (6.3) (4.5) (2.6) (%) Discretionary cash flow/debt (%) (10.1) (5.7) (9.4) (7.8) (5.7) Net Cash Flow / Capex (%) 64.5 55.3 53.4 58.3 73.6 Return on capital (%) 6.2 4.8 6.4 6.8 6.6 Return on common equity (%) 8.1 3.5 8.7 8.4 7.6 Common dividend payout ratio 62.6 144.0 60.6 62.3 66.6 (un-adj.) (%)
N.M. - Not Meaningful.
Liquidity: Adequate
We assess NiSource's liquidity as adequate because we believe its liquidity sources are likely to cover uses by more than 1.1x over the next 12 months and meet cash outflows even in the event of a 10% EBITDA reduction. The adequate assessment also reflects the company's generally prudent risk management and sound relationships with banks. In addition, NiSource has had a generally satisfactory standing in credit markets as it has successfully accessed capital markets whenever required. NiSource exhibits sound ability to absorb a high-impact, low-probability event, with limited need for refinancing.
Principal Liquidity Sources Principal Liquidity Uses
• FFO of about $1.2 billion • Capital spending of about $1.3 billion • Credit facility availability of about $1.5 billion • Dividends of roughly $275 million • Working capital inflows of about 120 million. • Debt maturities of about $910 million.
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Debt maturities • 2017: $349.9 mil. • 2018: $476 mil. • 2019: $1.04 bil. • 2020: $550 mil. • 2021: $63.6 mil.
Covenant Analysis
As of Dec. 31, 2016, the company had adequate cushion in connection with its financial covenant of consolidated debt to total capital of no more than 70%. We believe headroom could erode somewhat if debt rises rapidly without adequate growth in equity while the company makes capital investments.
Compliance Expectations Requirements
• The company was in compliance as of Dec. 31, 2016 • Current: Not more than 70% • Single-digit EBITDA growth and elevated capital • As of year-end 2017: Not more than 70% spending should still permit a cushion. • As of year-end 2018: Not more than 70%. • Covenant headroom could decrease without adequate cost recovery of capital investments.
Other Credit Considerations
The ratings on NiSource include a one-notch negative adjustment for comparable rating analysis that reflects NiSource's weak financial ratios within the significant financial risk profile.
Group Influence
Under our group rating methodology, we view NiSource as the parent company of the group including NIPSCO, Bay State Gas, NiSource Finance, and NiSource Capital Markets. NiSource's group and stand-alone credit profiles are the same: 'bbb+'.
Ratings Score Snapshot
Corporate Credit Rating BBB+/Stable/A-2
Business risk: Excellent • Country risk: Very low • Industry risk: Very low • Competitive position: Strong
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Financial risk: Significant • Cash flow/Leverage: Significant
Anchor: a-
Modifiers • Diversification/Portfolio effect: Neutral (no impact) • Capital structure: Neutral (no impact) • Financial policy: Neutral (no impact) • Liquidity: Adequate (no impact) • Management and governance: Satisfactory (no impact) • Comparable rating analysis: Negative (-1 notch)
Stand-alone credit profile : bbb+ • Group credit profile: bbb+
Issue Ratings
We rate the senior unsecured debt at NiSource Finance and NiSource Capital Markets the same as the issuer credit rating (ICR) because priority liabilities, including operating utility debt, are less than 20% of total assets. The short-term rating is 'A-2' based on NiSource's ICR and our assessment of the company's liquidity as at least adequate.
Reconciliation
Table 3 Reconciliation Of NiSource Inc. Reported Amounts With S&P Global Ratings Adjusted Amounts (Mil. $) Rolling 12 months ended Sept. 30, 2016
NiSource Inc. reported amounts.
Cash flow Shareholders' Operating Interest from Dividends Capital Debt equity Revenues EBITDA income expense EBITDA operations paid expenditures Reported 7,737.80 3,811.60 3,711.40 1,099.90 626.9 318.7 1,099.90 789.9 201.7 1,520.70
S&P Global Ratings adjustments Interest expense ------318.7 ------(reported) Interest income ------6.1 ------(reported) Current tax expense ------75.2 ------(reported) Operating leases 154.3 -- -- 52.2 12.6 12.6 39.6 39.6 -- -- Postretirement 493.7 -- -- -14.5 -14.5 11.4 -17.5 -15.7 -- -- benefit obligations/deferred compensation
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Table 3 Reconciliation Of NiSource Inc. Reported Amounts With S&P Global Ratings Adjusted Amounts (Mil. $) (cont.) Surplus cash -16.1 ------Capitalized interest ------3.5 -3.5 -3.5 -- -3.5 Share-based ------45.7 -- -- 45.7 ------compensation expense Dividends received ------27.9 -- -- -27.9 ------from equity investments Asset retirement 177 -- -- 7.7 7.7 7.7 1.9 -1.9 -- -- obligations Non-operating ------3.9 ------income (expense) Debt - Accrued 71.1 ------interest not included in reported debt Debt - Other -323.6 ------EBITDA - Income ------29.1 29.1 -- 29.1 ------(expense) of unconsolidated companies EBITDA ------15 15 -- 15 ------Gain/(Loss) on disposals of PP&E EBIT - Income ------29.1 ------(expense) of unconsolidated companies Total adjustments 556.3 0 0 107.3 16.9 35.2 (155) 18.6 0 -3.5
S&P Global Ratings adjusted amounts
Funds Cash flow Interest from from Dividends Capital Debt Equity Revenues EBITDA EBIT expense Operations operations paid expenditures Adjusted 8,294.10 3,811.60 3,711.40 1,207.20 643.8 353.9 944.9 808.5 201.7 1,517.30
Related Criteria And Research
Related Criteria • Criteria – Corporates – General: Methodology and Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 • Criteria - Corporates - Utilities: Key Credit Factors For The Regulated Utilities Industry, Nov. 19, 2013 • Criteria - Corporates - General: Corporate Methodology: Ratios And Adjustments, Nov. 19, 2013 • General Criteria: Methodology: Industry Risk, Nov. 19, 2013 • General Criteria: Group Rating Methodology, Nov. 19, 2013 • Criteria - Corporates - General: Corporate Methodology, Nov. 19, 2013 • General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 • General Criteria: Methodology For Linking Short-Term And Long-Term Ratings For Corporate, Insurance, And Sovereign Issuers, May 7, 2013 • General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers,
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Nov. 13, 2012 • General Criteria: Use of CreditWatch And Outlooks, Sept. 14, 2009 • Criteria - Corporates - General: 2008 Corporate Criteria: Rating Each Issue, April 15, 2008
Business And Financial Risk Matrix
Financial Risk Profile Business Risk Profile Minimal Modest Intermediate Significant Aggressive Highly leveraged
Excellent aaa/aa+ aa a+/a a- bbb bbb-/bb+ Strong aa/aa- a+/a a-/bbb+ bbb bb+ bb Satisfactory a/a- bbb+ bbb/bbb- bbb-/bb+ bb b+ Fair bbb/bbb- bbb- bb+ bb bb- b Weak bb+ bb+ bb bb- b+ b/b- Vulnerable bb- bb- bb-/b+ b+ b b-
Ratings Detail (As Of March 10, 2017) NiSource Inc. Corporate Credit Rating BBB+/Stable/A-2 Corporate Credit Ratings History 18-Jun-2015 BBB+/Stable/A-2 29-Sep-2014 BBB-/Watch Pos/A-3 28-Jul-2011 BBB-/Stable/A-3 Related Entities Bay State Gas Co. Issuer Credit Rating BBB+/Stable/NR Senior Unsecured BBB+ NiSource Capital Markets Inc. Issuer Credit Rating BBB+/Stable/NR Senior Unsecured BBB+ NiSource Finance Corp. Issuer Credit Rating BBB+/Stable/A-2 Northern Indiana Public Service Co. Issuer Credit Rating BBB+/Stable/NR Senior Unsecured AA-/Stable Senior Unsecured BBB+ *Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings’ credit ratings on the global scale are comparable across countries. S&P Global Ratings’ credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees.
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170 IAC Description
1-5-13(a)(11) Average monthly balance of short-term debt for the test year and the most recently available twelve (12) month period, and the utility's current cost for short term debt
MSFR 1985 170 IAC 1-5-13(a)(11)
NIPSCO, Inc. Short Term Debt and Current Portion of Long Term Debt (unaudited)
1/01/16 - 12/31/16 1/01/17 - 07/31/17
Month Description Amount Rate Cost Month Description Amount Rate Cost
January, 2016 Money Pool Borrowings/Int. Payable - 0.00% - January, 2017 Money Pool Borrowings/Int. Payable - 1.30% - Jasper County 130,000,000.00 5.60% 606,666.67 Medium Term Notes 27,500,000.00 7.49% 171,562.50 $ 130,000,000.00 $ 606,666.67 Jasper County 55,000,000.00 5.70% 261,250.00 $ 82,500,000.00 $ 432,812.50
February, 2016 Money Pool Borrowings/Int. Payable - 0.00% - February, 2017 Money Pool Borrowings/Int. Payable - 1.26% - Jasper County 130,000,000.00 5.60% 606,666.67 Medium Term Notes 27,500,000.00 7.49% 171,562.50 $ 130,000,000.00 $ 606,666.67 Jasper County 55,000,000.00 5.70% 261,250.00 $ 82,500,000.00 $ 432,812.50
March, 2016 Money Pool Borrowings/Int. Payable - 0.00% - March, 2017 Money Pool Borrowings/Int. Payable - 1.30% - Jasper County 130,000,000.00 5.60% 606,666.67 Medium Term Notes 27,500,000.00 7.49% 171,562.50 $ 130,000,000.00 $ 606,666.67 Jasper County 55,000,000.00 5.70% 261,250.00 $ 82,500,000.00 $ 432,812.50
April, 2016 Money Pool Borrowings/Int. Payable - 0.00% - April, 2017 Money Pool Borrowings/Int. Payable - 1.37% - Jasper County 130,000,000.00 5.60% 606,666.67 Medium Term Notes 27,500,000.00 7.49% 171,562.50 $ 130,000,000.00 $ 606,666.67 Jasper County 55,000,000.00 5.70% 261,250.00 $ 82,500,000.00 $ 432,812.50
May, 2016 Money Pool Borrowings/Int. Payable - 0.00% - May, 2017 Money Pool Borrowings/Int. Payable - 1.30% - Jasper County 130,000,000.00 5.60% 606,666.67 Medium Term Notes 27,500,000.00 7.49% 171,562.50 $ 130,000,000.00 $ 606,666.67 Jasper County 55,000,000.00 5.70% 261,250.00 $ 27,500,000.00 $ 171,562.50
June, 2016 Money Pool Borrowings/Int. Payable - 0.00% - June, 2017 Money Pool Borrowings/Int. Payable 21,475,253.00 1.42% 304,948.59 Medium Term Notes 22,500,000.00 7.59% 142,312.50 Medium Term Notes 5,000,000.00 7.02% 29,250.00 Jasper County 130,000,000.00 5.60% 606,666.67 Jasper County 55,000,000.00 5.70% 261,250.00 $ 152,500,000.00 $ 748,979.17 Intercompany Notes 80,000,000.00 6.09% 406,000.00 $ 161,475,253.00 $ 1,001,448.59
July, 2016 Money Pool Borrowings/Int. Payable - 0.00% - July, 2017 Money Pool Borrowings/Int. Payable 84,957,941.90 1.56% 1,325,343.89 Medium Term Notes 22,500,000.00 7.59% 142,312.50 Medium Term Notes 5,000,000.00 7.02% 29,250.00 Jasper County 185,000,000.00 5.63% 867,916.67 Intercompany Notes 80,000,000.00 6.09% 406,000.00 $ 207,500,000.00 $ 1,010,229.17 $ 169,957,941.90 $ 1,760,593.89
August, 2016 Money Pool Borrowings/Int. Payable - 0.00% - Medium Term Notes 27,500,000.00 7.49% 171,562.50 Jasper County 185,000,000.00 5.63% 867,916.67 $ 212,500,000.00 $ 1,039,479.17
September, 2016 Money Pool Borrowings/Int. Payable - 1.05% 153.60 Medium Term Notes 27,500,000.00 7.49% 171,562.50 Jasper County 185,000,000.00 5.63% 867,916.67 $ 212,500,000.00 $ 1,039,632.77
October, 2016 Money Pool Borrowings/Int. Payable 10,904,171.41 1.09% - Medium Term Notes 27,500,000.00 7.49% 171,562.50 Jasper County 185,000,000.00 5.63% 867,916.67 $ 223,404,171.41 $ 1,039,479.17
November, 2016 Money Pool Borrowings/Int. Payable 181,246,030.49 1.09% 129,388.15 Medium Term Notes 27,500,000.00 7.49% 171,562.50 Jasper County 55,000,000.00 5.70% 261,250.00 $ 263,746,030.49 $ 562,200.65
December, 2016 Money Pool Borrowings/Int. Payable - 1.21% 187,557.97 Medium Term Notes 27,500,000.00 7.49% 171,562.50 Jasper County 55,000,000.00 5.70% 261,250.00 $ 82,500,000.00 $ 620,370.47 *The September2016 through July 2017 monthly money pool interest rates were provided by the NiSource Treasury Department. MSFR 1986 * The rates for the current portion of long term debt are annual rates. NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(b)(1) With respect to the electing utility's proposed cost of equity and proposed fair rate of return, an electing utility shall provide the following: (1) If an electing utility used a risk premium model to establish its cost of equity, all documents the electing utility used to estimate the risk premium
MSFR 1987 170 IAC 1-5-13(b)(1)
Page 1 of 18
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MSFR 1990 170 IAC 1-5-13(b)(1) Page 4 of 18
MSFR 1991 170 IAC 1-5-13(b)(1) Page 5 of 18
MSFR 1992 170 IAC 1-5-13(b)(1) Page 6 of 18
MSFR 1993 170 IAC 1-5-13(b)(1) Page 7 of 18 Risk Premium Method (RPM) Historical Returns for Utility Indices (1926-2016)
Moody's "A" Moody's "Baa" Moody's "A" Moody's "Baa" S&P 500 Rated Utility Rated Utility S&P 500 Rated Utility Rated Utility Year Utilities Index Bond Yields Bond Yields Year Utilities Index Bond Yields Bond Yields 1926 5.38% 5.17% 5.67% 1972 7.57% 7.72% 8.17% 1927 28.99% 5.02% 5.46% 1973 -17.59% 7.84% 8.17% 1928 56.94% 4.95% 5.33% 1974 -21.13% 9.50% 9.84% 1929 11.98% 5.22% 5.76% 1975 43.23% 10.09% 10.96% 1930 -20.89% 5.06% 5.88% 1976 30.48% 9.29% 9.82% 1931 -34.45% 5.12% 6.90% 1977 8.37% 8.61% 9.06% 1932 -0.85% 6.46% 8.78% 1978 -3.53% 9.29% 9.62% 1933 -20.30% 6.32% 9.38% 1979 13.27% 10.49% 10.96% 1934 -18.08% 5.55% 7.49% 1980 14.27% 13.34% 13.95% 1935 74.61% 4.61% 5.56% 1981 11.19% 15.95% 16.60% 1936 20.99% 4.08% 4.67% 1982 24.90% 15.86% 16.45% 1937 -35.64% 3.98% 5.09% 1983 19.47% 13.66% 14.20% 1938 21.92% 3.90% 5.26% 1984 24.47% 14.03% 14.53% 1939 11.71% 3.52% 4.50% 1985 31.64% 12.47% 12.96% 1940 -16.30% 3.24% 4.05% 1986 28.08% 9.58% 10.00% 1941 -30.50% 3.07% 3.84% 1987 -2.51% 10.10% 10.53% 1942 14.25% 3.09% 3.73% 1988 17.75% 10.49% 11.00% 1943 47.07% 2.99% 3.58% 1989 45.82% 9.77% 9.97% 1944 18.23% 2.97% 3.52% 1990 -2.83% 9.86% 10.06% 1945 53.66% 2.87% 3.39% 1991 13.98% 9.36% 9.55% 1946 2.66% 2.71% 3.03% 1992 7.64% 8.69% 8.86% 1947 -11.85% 2.78% 3.08% 1993 14.38% 7.59% 7.91% 1948 4.67% 3.02% 3.36% 1994 -7.88% 8.31% 8.63% 1949 30.99% 2.90% 3.28% 1995 40.86% 7.89% 8.29% 1950 3.26% 2.79% 3.18% 1996 2.90% 7.75% 8.17% 1951 18.02% 3.11% 3.39% 1997 23.68% 7.60% 7.95% 1952 18.55% 3.24% 3.53% 1998 14.39% 7.04% 7.26% 1953 7.45% 3.49% 3.73% 1999 -8.67% 7.62% 7.88% 1954 24.18% 3.16% 3.51% 2000 58.55% 8.24% 8.36% 1955 11.07% 3.22% 3.43% 2001 -30.05% 7.76% 8.03% 1956 5.05% 3.56% 3.78% 2002 -29.99% 7.37% 8.02% 1957 6.33% 4.24% 4.46% 2003 26.26% 6.58% 6.84% 1958 39.86% 4.20% 4.43% 2004 24.28% 6.16% 6.40% 1959 7.46% 4.78% 4.96% 2005 16.84% 5.65% 5.92% 1960 19.85% 4.78% 4.97% 2006 20.99% 6.07% 6.32% 1961 29.04% 4.62% 4.83% 2007 19.38% 6.07% 6.33% 1962 -2.61% 4.54% 4.75% 2008 -28.98% 6.52% 7.23% 1963 12.26% 4.39% 4.67% 2009 11.91% 6.05% 7.06% 1964 15.69% 4.52% 4.74% 2010 5.46% 5.45% 5.95% 1965 4.67% 4.58% 4.78% 2011 19.91% 5.04% 5.57% 1966 -4.60% 5.39% 5.60% 2012 1.29% 4.13% 4.86% 1967 -0.59% 5.87% 6.15% 2013 13.21% 4.48% 4.98% 1968 5.45% 6.51% 6.87% 2014 28.98% 4.28% 4.80% 1969 -11.28% 7.54% 7.93% 2015 -4.85% 4.12% 5.03% 1970 15.67% 8.69% 9.18% 2016 16.29% 3.93% 4.68% 1971 2.22% 8.16% 8.63% Average 10.83% 6.39% 6.92%
Source: S&P 500 Utilities Index historical data.
MSFR 1994 170 IAC 1-5-13(b)(1) Page 8 of 18
Bloomberg Professional S&P 500 Index Companies Consensus EPS Growth Estimates (3-5 Year)
Ticker EPS Growth Rate Average A UN 8.875 10.28203 AAL UW -0.655 AAP UN 13.555 AAPL UW 10.644 ABBV UN 10.61 ABC UN 9.453 ABT UN 10.625 ACN UN 10.067 ADBE UW 17.483 ADI UW 10.96 ADM UN 10.8 ADP UW 10.733 ADS UN 14.5 ADSK UW 24.333 AEE UN 5.8 AEP UN 4.5 AES UN 8.033 AET UN 11.614 AFL UN 3.3 AGN UN 13.3 AIG UN 11 AIV UN 25.08 AIZ UN 21.41 AJG UN 9.95 AKAM UW 14.183 ALB UN 11.7 ALK UN 10.66 ALL UN 10.6 ALLE UN 13.1 ALXN UW 20.61 AMAT UW 15.72 AMD UR 8.333 AME UN 9.858 AMG UN 14.38 AMGN UW 6.812 AMP UN 10.4 AMT UN 17.984 AMZN UW 35.346 AN UN 7.923 ANTM UN 8.29
MSFR 1995 170 IAC 1-5-13(b)(1) Page 9 of 18
AON UN 10.153 APA UN -14.7 APC UN -0.833 APD UN 8.19 APH UN 10.025 ARE UN 7.085 ARNC UN 13.1 ATVI UW 10.917 AVB UN 6.995 AVGO UW 15.637 AVY UN 7.1 AWK UN 7 AXP UN 7.25 AYI UN 20 AZO UN 14.012 BA UN 14.175 BAC UN 15.05 BAX UN 13.08 BBBY UW 5.636 BBT UN 8.408 BBY UN 11.55 BCR UN 9.3 BDX UN 10.18 BEN UN 10 BF/B UN 1.525 BHI UN 20.5 BIIB UW 7.086 BK UN 12.307 BLK UN 13.163 BLL UN 11.575 BMY UN 15.1 BRK/B UN #N/A N/A BSX UN 9.8 BWA UN 6.22 BXP UN 5.362 C UN 4.43 CA UW 6.05 CAG UN 8.65 CAH UN 7.737 CAT UN 7.64 CB UN 10.633 CBG UN 10.233 CBOE UW #N/A N/A CBS UN 12.64 CCI UN 19.967 CCL UN 13.55 CELG UW 20.678
MSFR 1996 170 IAC 1-5-13(b)(1) Page 10 of 18
CERN UW 12.82 CF UN 6 CFG UN 19.125 CHD UN 8.528 CHK UN -11.72 CHRW UW 9.275 CHTR UW 19.297 CI UN 12.078 CINF UW #N/A N/A CL UN 9.036 CLX UN 7.108 CMA UN 10.967 CMCSA UW 10.31 CME UW 9.837 CMG UN 20 CMI UN 8.5 CMS UN 6.825 CNC UN 13.222 CNP UN 6 COF UN 4.524 COG UN 41.285 COH UN 11.7 COL UN 9.6 COO UN 12.1 COP UN 7 COST UW 10.396 COTY UN 1.89 CPB UN 4.98 CRM UN 27.743 CSCO UW 7.44 CSRA UN 6.2 CSX UW 10.217 CTAS UW 11.15 CTL UN -1.05 CTSH UW 13.775 CTXS UW 12.733 CVS UN 11.868 CVX UN 28.865 CXO UN 3.315 D UN 5.9 DAL UN 11.443 DD UN 6.72 DE UN 7.7 DFS UN 6.91 DG UN 9.653 DGX UN 8.14 DHI UN 11.768
MSFR 1997 170 IAC 1-5-13(b)(1) Page 11 of 18
DHR UN 9.615 DIS UN 7.753 DISCA UW 14.1 DISCK UW 14.1 DISH UW 2.987 DLPH UN 11.755 DLR UN 5.485 DLTR UW 15.225 DOV UN 13.633 DOW UN 6.1 DPS UN 8.583 DRI UN 9.688 DTE UN 6 DUK UN 5.3 DVA UN 8.163 DVN UN 18.61 DXC UN 17.55 EA UW 11.267 EBAY UW 9.428 ECL UN 12.96 ED UN 4.267 EFX UN 8.9 EIX UN 6.18 EL UN 11.16 EMN UN 6.967 EMR UN 7.288 EOG UN -6.01 EQIX UW 38.915 EQR UN 9.548 EQT UN 15 ES UN 5.15 ESRX UW 11.988 ESS UN 7.218 ETFC UW 16.17 ETN UN 9.5 ETR UN -3.7 EVHC UN 8.063 EW UN 16.68 EXC UN 4 EXPD UW 8.8 EXPE UW 19.34 EXR UN 6.79 F UN 3.82 FAST UW 14.55 FB UW 26.93 FBHS UN 12.48 FCX UN 12.553
MSFR 1998 170 IAC 1-5-13(b)(1) Page 12 of 18
FDX UN 13.667 FE UN -0.8 FFIV UW 12.173 FIS UN 9.075 FISV UW 10.133 FITB UW 2.525 FL UN 10.123 FLIR UW #N/A N/A FLR UN 17.467 FLS UN 11.74 FMC UN 12 FOX UW 9.837 FOXA UW 9.837 FRT UN 6.58 FTI UN -6.85 FTV UN 8.445 GD UN 8.553 GE UN 10.025 GGP UN 5.903 GILD UW -2.19 GIS UN 8.1 GLW UN 9.188 GM UN 10.228 GOOG UW 16.225 GOOGL UW 16.225 GPC UN 10.315 GPN UN 13 GPS UN 5.457 GRMN UW 5.7 GS UN 7.16 GT UW #N/A N/A GWW UN 12.275 HAL UN #N/A N/A HAS UW 9.45 HBAN UW 10.425 HBI UN 13.8 HCA UN 11.18 HCN UN 4.59 HCP UN -2.14 HD UN 12.445 HES UN -9.6 HIG UN 9.5 HOG UN 8.8 HOLX UW 10.523 HON UN 9.05 HP UN 4.1 HPE UN #N/A N/A
MSFR 1999 170 IAC 1-5-13(b)(1) Page 13 of 18
HPQ UN 1.747 HRB UN 11 HRL UN 4.067 HRS UN #N/A N/A HSIC UW 10.188 HST UN 3.4 HSY UN 9.967 HUM UN 12.525 IBM UN 6.05 ICE UN 11.244 IDXX UW 10.423 IFF UN 6.55 ILMN UW 14.566 INCY UW 41.56 INTC UW 7.871 INTU UW 14.778 IP UN 6.857 IPG UN 9.214 IR UN 10.304 IRM UN 12.9 ISRG UW 9.728 IT UN 13.75 ITW UN 8.4 IVZ UN 10.79 JBHT UW 13.425 JCI UN 10.5 JEC UN 8.49 JNJ UN 6.417 JNPR UN 9.318 JPM UN 7.8 JWN UN 7.057 K UN 6.843 KEY UN 7.417 KHC UW 9.28 KIM UN 7.753 KLAC UW 4.8 KMB UN 6.745 KMI UN 10 KMX UN 13.415 KO UN 5.16 KORS UN 0.735 KR UN 6.662 KSS UN 5.42 KSU UN 12.56 L UN #N/A N/A LB UN 8.725 LEG UN 19
MSFR 2000 170 IAC 1-5-13(b)(1) Page 14 of 18
LEN UN 10.09 LH UN 10.03 LKQ UW 15.367 LLL UN 6.565 LLY UN 12.65 LMT UN 7.345 LNC UN 9.79 LNT UN 6.433 LOW UN 14.55 LRCX UW 11.74 LUK UN 18 LUV UN 10.278 LVLT UN 5 LYB UN 6.5 M UN 1.375 MA UN 15.867 MAA UN #N/A N/A MAC UN 8.508 MAR UW 13.186 MAS UN 13.675 MAT UW 25.647 MCD UN 9.943 MCHP UW 17.52 MCK UN 7.183 MCO UN 8 MDLZ UW 10.388 MDT UN 6.638 MET UN 7.04 MHK UN 7.005 MJN UN 4.933 MKC UN 7.86 MLM UN 21.438 MMC UN 11.777 MMM UN 8.4 MNK UN 6.5 MNST UW 18.88 MO UN 7.643 MON UN 10.1 MOS UN 16.35 MPC UN 16.55 MRK UN 5.44 MRO UN 8.6 MS UN 15.8 MSFT UW 9.568 MSI UN 4.65 MTB UN 6.573 MTD UN 11.91
MSFR 2001 170 IAC 1-5-13(b)(1) Page 15 of 18
MU UW 10 MUR UN #N/A N/A MYL UW 8.2 NAVI UW 8 NBL UN 10.63 NDAQ UW 8.347 NEE UN 6.667 NEM UN -12.95 NFLX UW 41.3 NFX UN 19.85 NI UN 6.653 NKE UN 12.133 NLSN UN 10.667 NOC UN 7.198 NOV UN #N/A N/A NRG UN -15.7 NSC UN 11.667 NTAP UW 10.162 NTRS UW 13.15 NUE UN 6.633 NVDA UW 9.4 NWL UN 11.96 NWS UW 13.25 NWSA UW 13.25 O UN 5.065 OKE UN 25.1 OMC UN 7.105 ORCL UN 9.06 ORLY UW 15.495 OXY UN -1.69 PAYX UW 9 PBCT UW 2 PCAR UW 6.733 PCG UN 3.7 PCLN UW 16.833 PDCO UW 4.758 PEG UN 2.867 PEP UN 6.395 PFE UN 5.143 PFG UN 9.637 PG UN 7.562 PGR UN 11.075 PH UN 9.812 PHM UN 17.053 PKI UN 9.89 PLD UN 5.093 PM UN 9.957
MSFR 2002 170 IAC 1-5-13(b)(1) Page 16 of 18
PNC UN 6.648 PNR UN 5.955 PNW UN 5.9 PPG UN 8.135 PPL UN 1.8 PRGO UN 3.933 PRU UN 9.7 PSA UN 5.935 PSX UN 10.687 PVH UN 8.313 PWR UN 16.8 PX UN 9.967 PXD UN 20 PYPL UW 19.55 QCOM UW 8.398 QRVO UW 13.185 R UN 15 RAI UN 8.05 RCL UN 18.433 REG UN 8.57 REGN UW 19.768 RF UN 9.763 RHI UN 8 RHT UN 14.9 RIG UN -29 RJF UN 13.5 RL UN 1.458 ROK UN 11.173 ROP UN 12.867 ROST UW 12.45 RRC UN -10.13 RSG UN 9.48 RTN UN 8.12 SBUX UW 17.3 SCG UN 5.3 SCHW UN 20.223 SEE UN 3.467 SHW UN 11.257 SIG UN 5.633 SJM UN 5.197 SLB UN 45.403 SLG UN 0.577 SNA UN 15 SNI UW 7.56 SNPS UW 9.355 SO UN 4.65 SPG UN 7.873
MSFR 2003 170 IAC 1-5-13(b)(1) Page 17 of 18
SPGI UN 10 SPLS UW 5.94 SRCL UW 8.175 SRE UN 12.138 STI UN 8.196 STT UN 10.967 STX UW 12.45 STZ UN 15.95 SWK UN 11 SWKS UW 14.35 SYF UN 9.88 SYK UN 8.038 SYMC UW 12.56 SYY UN 10.372 T UN 4.75 TAP UN 18.893 TDC UN 4.71 TDG UN 9.385 TEL UN 6.75 TGNA UN 5.5 TGT UN -1.11 TIF UN 8.733 TJX UN 9.62 TMK UN 7.573 TMO UN 11.98 TRIP UW 16.12 TROW UW 12.147 TRV UN 6.88 TSCO UW 13.8 TSN UN 6.3 TSO UN 19.15 TSS UN 11 TWX UN 9.3 TXN UW 10.34 TXT UN 9.163 UA UN 11.277 UAA UN 17.976 UAL UN 1.9 UDR UN 6.413 UHS UN 9.487 ULTA UW 22.56 UNH UN 12.96 UNM UN 6.533 UNP UN 9.817 UPS UN 8.5 URI UN 17.76 USB UN 8.738
MSFR 2004 170 IAC 1-5-13(b)(1) Page 18 of 18
UTX UN 7.923 V UN 16.57 VAR UN 8 VFC UN 7.908 VIAB UW 1.593 VLO UN 13.145 VMC UN 28.405 VNO UN 3.913 VRSK UW 10.306 VRSN UW 9.3 VRTX UW 74.533 VTR UN 4.073 VZ UN 2.715 WAT UN 7.548 WBA UW 10.65 WDC UW 13.692 WEC UN 6.275 WFC UN 11.037 WFM UW 3.17 WHR UN 15.88 WLTW UW 12.85 WM UN 10.773 WMB UN 13 WMT UN 4.838 WRK UN 7.306 WU UN 4.488 WY UN 7.5 WYN UN 12.9 WYNN UW 17.2 XEC UN 77.89 XEL UN 5.9 XL UN 9 XLNX UW 8.84 XOM UN 13.84 XRAY UW 9.543 XRX UN 1.8 XYL UN 15 YHOO UW 10.533 YUM UN 12.96 ZBH UN 8.379 ZION UW 9 ZTS UN 12.76
MSFR 2005 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(b)(2) With respect to the electing utility's proposed cost of equity and proposed fair rate of return, an electing utility shall provide the following: (2) If an electing utility used any other cost of equity models, all documents used by the utility to derive its estimate
MSFR 2006 170 IAC 1-5-13(b)(2) Page 1 of 190
RECENT P/E Trailing: 23.8 RELATIVE DIV’D VALUE ALLIANT ENERGY NYSE-LNT PRICE 39.28RATIO 20.0()Median: 15.0 P/E RATIO 1.03YLD 3.2% LINE TIMELINESS 3 Lowered 11/18/16 High: 20.0 23.3 21.2 15.8 18.8 22.2 23.8 27.1 34.9 35.4 41.0 39.6 Target Price Range Low: 13.8 17.5 11.4 10.2 14.6 17.0 20.9 21.9 25.0 27.1 30.4 36.6 2020 2021 2022 SAFETY 2 Raised 9/28/07 LEGENDS 0.90 x Dividends p sh TECHNICAL Lowered 2/17/17 divided by Interest Rate 80 3 .... Relative Price Strength BETA .70 (1.00 = Market) 2-for-1 split 5/16 60 Options: Yes 50 2020-22 PROJECTIONS Shaded area indicates recession 40 Ann’l Total Price Gain Return 30 High 45 (+15%) 7% 25 Low 30 (-25%) -2% 20 Insider Decisions 15 MJJASONDJ to Buy 100000100 10 Options 000000000 7.5 to Sell 001100000 % TOT. RETURN 2/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 24 to Buy 421 194 192 1 yr. 20.0 30.5 shares 16 3 yr. 61.3 22.1 to Sell 47 198 196 traded 8 Hld’s(000) 149878 150673 152516 5 yr. 119.3 81.5 Alliant Energy, formerly called Interstate En- 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 ergy Corporation, was formed on April 21, 15.57 16.67 15.51 15.40 16.51 13.94 14.77 15.10 14.34 14.58 15.20 15.50 Revenues per sh 17.15 1998 through the merger of WPL Holdings, 2.56 2.28 2.10 2.60 2.75 2.95 3.34 3.44 3.45 3.45 4.00 4.15 ‘‘Cash Flow’’ per sh 5.00 IES Industries, and Interstate Power. WPL 1.35 1.27 .95 1.38 1.38 1.53 1.65 1.74 1.69 1.65 2.00 2.12 Earnings per sh A 2.50 stockholders received one share of Inter- .64 .70 .75 .79 .85 .90 .94 1.02 1.10 1.18 1.26 1.34 Div’d Decl’d per sh B ■ † 1.58 state Energy stock for each WPL share, IES 2.46 3.98 5.43 3.91 3.03 5.22 3.32 3.78 4.25 5.26 6.10 6.25 Cap’l Spending per sh 5.30 stockholders received 1.14 Interstate Ener- 12.15 12.78 12.54 13.05 13.57 14.12 14.79 15.54 16.41 16.96 17.45 17.95 Book Value per sh C 19.05 gy shares for each IES share, and Interstate 220.72 220.90 221.31 221.79 222.04 221.97 221.89 221.87 226.92 227.67 230.00 232.00 Common Shs Outst’g D 236.00 Power stockholders received 1.11 Interstate 15.1 13.4 13.9 12.5 14.5 14.5 15.3 16.6 18.1 22.3 Bold figures are Avg Ann’l P/E Ratio 15.0 Energy shares for each Interstate Power .80 .81 .93 .80 .91 .92 .86 .87 .91 1.13 Value Line Relative P/E Ratio .95 share. 3.1% 4.1% 5.7% 4.6% 4.3% 4.1% 3.7% 3.5% 3.6% 3.2% estimates Avg Ann’l Div’d Yield 4.2% CAPITAL STRUCTURE as of 12/31/16 3437.6 3681.7 3432.8 3416.1 3665.3 3094.5 3276.8 3350.3 3253.6 3320.0 3500 3600 Revenues ($mill) 4050 Total Debt $4320.2 mill. Due in 5 Yrs $1500.0 mill. 320.8 280.0 208.6 303.9 304.4 337.8 382.1 385.5 380.7 373.8 460 490 Net Profit ($mill) 590 LT Debt $4315.6 mill. LT Interest $200.0 mill. 44.4% 33.4% - - 30.1% 19.0% 21.5% 12.4% 10.1% 15.3% 13.4% 15.0% 15.0% Income Tax Rate 15.0% (LT interest earned: 3.2x) 2.4% ------6.5% 6.5% 7.0% 7.0% 7.0% AFUDC % to Net Profit 7.0% Pension Assets-12/16 $895.7 mill. Oblig. $1244.3 32.4% 36.3% 44.3% 46.3% 45.7% 48.4% 46.1% 49.7% 48.6% 50.0% 50.0% 50.0% Long-Term Debt Ratio 50.0% mill. 61.9% 58.6% 51.2% 49.5% 50.9% 48.4% 50.8% 47.5% 51.4% 48.0% 48.0% 48.0% Common Equity Ratio 48.0% Pfd Stock $400.0 mill. Pfd Div’d $10.2 mill. 4329.5 4815.6 5423.0 5840.8 5921.2 6476.6 6461.0 7257.2 7246.3 7600 7800 7900 Total Capital ($mill) 8400 16,000,000 shs. 4679.9 5353.5 6203.0 6730.6 7037.1 7838.0 7147.3 6442.0 8970.2 9700 10000 10100 Net Plant ($mill) 11000 Common Stock 227,673,654 shs. 8.6% 7.0% 5.1% 6.6% 6.4% 6.3% 7.0% 5.3% 6.3% 5.0% 5.0% 5.5% Return on Total Cap’l 7.0% Adjusted for 2-for-1 split 4/20/16 11.0% 9.1% 6.9% 9.7% 9.5% 10.1% 11.0% 10.6% 10.2% 9.7% 11.5% 12.0% Return on Shr. Equity 13.0% 11.3% 9.3% 6.8% 9.9% 9.5% 10.3% 11.3% 10.9% 10.2% 9.7% 11.5% 12.0% Return on Com Equity E 13.0% MARKET CAP: $8.9 billion (Large Cap) 5.9% 3.8% .9% 3.8% 3.3% 3.9% 4.9% 4.3% 3.6% 2.8% 4.0% 4.5% Retained to Com Eq 5.0% ELECTRIC OPERATING STATISTICS 50% 62% 88% 64% 67% 64% 57% 59% 65% 72% 63% 63% All Div’ds to Net Prof 63% 2014 2015 2016 % Change Retail Sales (KWH) +.1 -.1 +2.0 BUSINESS: Alliant Energy Corp., formerly named Interstate Ener- sources, 2016: coal, 44%; gas, 21%; other, 35%. Fuel costs: 49% Avg. Indust. Use (MWH) 11821 11735 11987 gy, is a holding company formed through the merger of WPL Hold- of revs. 2016 depreciation rate: 5.9%. Estimated plant age: 14 Avg. Indust. Revs. per KWH (¢) 6.85 6.92 7.04 ings, IES Industries, and Interstate Power. Supplies electricity, gas, years. Has approximately 4,000 employees. Chairman & Chief Ex- Capacity at Peak (Mw) 5426 5385 5615 and other services in Wisconsin, Iowa, and Minnesota. Elect. revs. ecutive Officer: Patricia L. Kampling. Incorporated: Wisconsin. Ad- Peak Load, Summer (Mw) 5426 5385 5615 Annual Load Factor (%) NA NA NA by state: WI, 44%; IA, 55%; MN, 1%. Elect. rev.: residential, 35%; dress: 4902 N. Biltmore Lane, Madison, Wisconsin 53718. Tele- % Change Customers (yr-end) +.4 +.3 +1.0 commercial, 25%; industrial, 29%; wholesale, 9%; other, 2%. Fuel phone: 608-458-3311. Internet: www.alliantenergy.com. Fixed Charge Cov. (%) 320 325 342 The Public Service Commission of in Iowa that would add an additional 500 Wisconsin has approved a rate in- megawatts of wind power to its portfolio. ANNUAL RATES Past Past Est’d ’13-’15 of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 crease for Alliant Energy’s main utili- The project is part of management’s vision Revenues 1.0% -1.5% 4.0% ty subsidiary. Electric and natural gas to reduce carbon emissions by 40% from ‘‘Cash Flow’’ 3.5% 8.0% 6.0% rates for Wisconsin Power and Light will 2005 to 2030. LNT has also pledged to Earnings 6.0% 7.0% 6.0% Dividends 7.0% 6.5% 4.5% rise by approximately $19 million in 2017 ramp up investments in solar energy over Book Value 4.0% 4.0% 4.0% and 2018. The order was based on a return the coming years as technology improves of 10% on a common-equity ratio of 52%. and costs come down. Cal- QUARTERLY REVENUES ($ mill.) Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year The utility will use the additional revenue The board of directors raised the divi- to enhance system reliability and help pay dend in January. The increase was $0.02 2014 952.8 750.3 843.1 804.1 3350.3 2015 897.4 717.2 898.9 740.1 3253.6 for pollution controls at its coal-fired a share (6.8%) quarterly, as we had ex- 2016 843.8 754.2 924.6 797.4 3320.0 plants. Alliant also expects to file a rate pected. Alliant is targeting a payout ratio 2017 860 785 975 880 3500 case with the Iowa Utilities Board in the in the range of 60%-70%. 2018 880 810 1005 905 3600 second quarter. In 2014, the IUB approved Alliant increased its projected capital a regulatory settlement worth $105 mil- expenditures. The company plans to Cal- EARNINGS PER SHARE A Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year lion (paid via customer billing credits over spend $5.56 billion on capex over the next 2014 .49 .28 .70 .27 1.74 three years) for Interstate Power and four years, up from its previous outlook of 2015 .44 .30 .80 .15 1.69 Light. With the arrangement set to expire $5.36 billion. The largest increase will 2016 .43 .37 .57 .28 1.65 at the end of this year, LNT will likely ask come in 2019 when the Riverside Energy 2017 .44 .36 .88 .32 2.00 for relief in the form of rate increases to Center and Iowa wind farm expansions 2018 .47 .38 .92 .35 2.12 help offset the reduction in the credits. are completed. The company has made significant This good-quality issue has a decent Cal- QUARTERLY DIVIDENDS PAID B ■† Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year progress in the field of renewable en- dividend yield and above-average ergy. At the end of 2016, Alliant was gen- growth prospects for a utility. That 2013 .235 .235 .235 .235 .94 2014 .255 .255 .255 .255 1.02 erating about 1,200 megawatts of renewa- said, with the recent quotation well within 2015 .275 .275 .275 .275 1.10 ble energy across three different states. our 2020-2022 Target Price Range, total 2016 .295 .295 .295 .295 1.18 The utility has plans to invest $1 billion return potential is subpar. 2017 .315 over the next five years to expand a farm Daniel Henigson March 17, 2017 (A) Diluted EPS. Excl. nonrecur. gains (losses): May, Aug., and Nov. ■ Div’d reinvest. plan Orig. cost. Rates all’d on com. eq. in IA in ’16: Company’s Financial Strength A ’07, 55¢; ’08, 4¢; ’09, (44¢); ’10, (8¢); ’11, (1¢); avail. † Shareholder invest. plan avail. (C) Incl. 10.5%; in WI in ’16 Regul. Clim.: WI, Above Stock’s Price Stability 100 ’12, (8¢). Next earnings report due early May. deferred chgs. In ’16: $22.6 mill., $0.10/sh. (D) Avg.; IA, Avg. Price Growth Persistence 95 (B) Dividends historically paid in mid-Feb., In millions, adjusted for split. (E) Rate base: Earnings Predictability 80 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2007 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 2 of 190
RECENT P/E Trailing: 26.0 RELATIVE DIV’D VALUE BLACK HILLS CORP. NYSE-BKH PRICE 68.48RATIO 19.5()Median: 18.0 P/E RATIO 0.99YLD 2.6% LINE TIMELINESS 3 Lowered 9/16/16 High: 37.9 45.4 44.0 28.0 34.5 34.8 37.0 55.1 62.1 53.4 64.6 68.6 Target Price Range Low: 32.5 35.4 21.7 14.5 25.7 25.8 30.3 36.9 47.1 36.8 44.7 60.0 2020 2021 2022 SAFETY 2 Raised 5/1/15 LEGENDS 0.77 x Dividends p sh 128 TECHNICAL 4 Lowered 3/10/17 divided by Interest Rate .... Relative Price Strength 96 BETA .85 (1.00 = Market) Options: Yes 80 Shaded area indicates recession 2020-22 PROJECTIONS 64 Ann’l Total 48 Price Gain Return 40 High 70 (Nil) 4% Low 55 (-20%) -2% 32 Insider Decisions 24 J JASOND JF to Buy 000000000 16 Options 8448559612 12 to Sell 000000000 % TOT. RETURN 3/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 18 to Buy 135 118 129 1 yr. 13.7 20.2 shares 12 3 yr. 26.6 22.0 to Sell 99 114 103 traded 6 Hld’s(000) 46685 48357 48931 5 yr. 134.1 78.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 57.96 15.74 35.17 34.54 41.97 19.69 18.41 26.03 32.58 33.29 28.96 26.55 28.67 31.20 25.48 29.47 33.35 31.10 Revenues per sh 34.50 5.27 4.93 4.26 4.46 4.81 5.04 5.29 2.95 5.41 4.88 4.01 5.59 5.93 6.25 5.67 6.28 7.40 7.20 ‘‘Cash Flow’’ per sh 8.75 3.42 2.33 1.84 1.74 2.11 2.21 2.68 .18 2.32 1.66 1.01 1.97 2.61 2.89 2.83 2.63 3.50 3.65 Earnings per sh A 4.25 1.12 1.16 1.20 1.24 1.28 1.32 1.37 1.40 1.42 1.44 1.46 1.48 1.52 1.56 1.62 1.68 1.78 1.88 Div’d Decl’d per sh B ■ 2.20 14.07 8.65 2.80 2.80 4.18 9.24 6.92 8.51 8.90 12.04 10.03 7.90 7.97 8.92 8.90 8.89 6.05 5.10 Cap’l Spending per sh 6.25 18.95 19.66 21.72 22.43 22.29 23.68 25.66 27.19 27.84 28.02 27.53 27.88 29.39 30.80 28.63 30.25 32.25 35.65 Book Value per sh C 41.00 26.89 26.93 32.30 32.48 33.16 33.37 37.80 38.64 38.97 39.27 43.92 44.21 44.50 44.67 51.19 53.38 54.00 60.25 Common Shs Outst’g D 61.00 11.4 12.5 15.9 17.1 17.3 15.8 15.0 NMF 9.9 18.1 31.1 17.1 18.2 19.0 16.1 22.3 Bold figures are Avg Ann’l P/E Ratio 15.0 .58 .68 .91 .90 .92 .85 .80 NMF .66 1.15 1.95 1.09 1.02 1.00 .81 1.17 Value Line Relative P/E Ratio .95 2.9% 4.0% 4.1% 4.2% 3.5% 3.8% 3.4% 4.2% 6.2% 4.8% 4.6% 4.4% 3.2% 2.8% 3.5% 2.9% estimates Avg Ann’l Div’d Yield 3.5% CAPITAL STRUCTURE as of 12/31/16 695.9 1005.8 1269.6 1307.3 1272.2 1173.9 1275.9 1393.6 1304.6 1573.0 1800 1875 Revenues ($mill) 2100 Total Debt $3313.5 mill. Due in 5 Yrs $978.0 mill. 100.1 6.8 89.7 64.6 40.4 86.9 115.8 128.8 128.3 140.3 190 210 Net Profit ($mill) 260 LT Debt $3211.2 mill. LT Interest $126.3 mill. 31.3% 33.1% 30.7% 26.4% 31.1% 35.5% 34.7% 33.7% 35.8% 25.1% 30.0% 30.0% Income Tax Rate 30.0% (LT interest earned: 2.9x) Leases, Uncapitalized Annual rentals $6.7 mill. 14.8% 173.2% 20.1% 28.0% 65.0% 5.4% 2.4% 2.4% 2.7% 5.3% 3.0% 2.0% AFUDC % to Net Profit 2.0% 36.8% 32.3% 48.4% 51.9% 51.4% 43.2% 51.6% 47.9% 56.0% 66.5% 67.0% 60.5% Long-Term Debt Ratio 59.5% Pension Assets-12/16 $364.7 mill. 63.2% 67.7% 51.6% 48.1% 48.6% 56.8% 48.4% 52.1% 44.0% 33.5% 33.0% 39.5% Common Equity Ratio 40.5% Oblig $440.2 mill. 1534.2 1551.8 2100.7 2286.3 2489.7 2171.4 2704.7 2643.6 3332.7 4825.8 5305 5410 Total Capital ($mill) 6200 Pfd Stock None 1823.5 2022.2 2160.7 2495.4 2789.6 2742.7 2990.3 3239.4 3259.1 4469.0 4585 4670 Net Plant ($mill) 5000 Common Stock 53,432,111 shs. 7.9% 1.6% 5.9% 4.4% 3.3% 5.5% 5.5% 6.1% 4.9% 4.0% 5.0% 5.0% Return on Total Cap’l 5.5% as of 3/6/17 10.3% .7% 8.3% 5.9% 3.3% 7.1% 8.9% 9.4% 8.8% 8.7% 11.0% 9.5% Return on Shr. Equity 10.5% 10.3% .7% 8.3% 5.9% 3.3% 7.1% 8.9% 9.4% 8.8% 8.7% 11.0% 9.5% Return on Com Equity E 10.5% MARKET CAP: $3.7 billion (Mid Cap) 5.1% NMF 3.2% .7% NMF 1.8% 3.7% 4.3% 3.8% 3.3% 5.5% 4.5% Retained to Com Eq 5.0% ELECTRIC OPERATING STATISTICS 50% NMF 62% 87% NMF 75% 58% 54% 57% 62% 50% 51% All Div’ds to Net Prof 52% 2014 2015 2016 % Change Retail Sales (KWH) +2.9 +4.5 +3.0 BUSINESS: Black Hills Corporation is a holding company for Black Electric rev. breakdown: res’l, 31%; comm’l, 38%; ind’l, 17%; other, Avg. Indust. Use (MWH) 13055 15552 17321 Hills Energy, which serves 209,000 electric customers in CO, SD, 14%. Generating sources: coal, 33%; other, 7%; purchased, 60%. Avg. Indust. Revs. per KWH (¢) 7.97 8.02 7.80 WY and MT, and 1 million gas customers in NE, IA, KS, CO, WY, Fuel costs: 32% of revs. ’16 deprec. rate: 3.0%. Has 3,100 employ- Capacity at Yearend (Mw) NA NA NA and AR. Mines coal & has gas & oil E&P business. Acq’d ees. Chairman & CEO: David R. Emery. Pres. & COO: Linn Evans. Peak Load, Summer (Mw) 992 1028 1086 Annual Load Factor (%) NA NA NA Cheyenne Light 1/05; utility ops. from Aquila 7/08; SourceGas 2/16. Inc.: SD. Address: P.O. Box 1400, 625 Ninth St., Rapid City, SD % Change Customers (yr-end) +.9 +.9 +.6 Discont. telecom in ’05; oil marketing in ’06; gas marketing in ’11. 57701. Tel.: 605-721-1700. Internet: www.blackhillscorp.com. Fixed Charge Cov. (%) 357 324 236 Black Hills’ earnings will almost cer- ness, but is retaining some reserves that it tainly rise substantially in 2017. This believes would be suitable to include in the ANNUAL RATES Past Past Est’d ’14-’16 of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 is primarily related to the company’s ac- rate base if the utility can demonstrate to Revenues -1.0% -2.0% 3.0% quisition of SourceGas in mid-February of regulators that there are benefits to cus- ‘‘Cash Flow’’ 2.5% 5.0% 6.5% 2016. Due to the timing of the deal’s clos- tomers from placing cost-of-service gas in Earnings 3.5% 11.0% 7.5% Dividends 2.5% 2.5% 5.0% ing, Black Hills missed part of the sea- rates. Book Value 2.5% 1.5% 5.5% sonally strongest period for a gas utility. Black Hills is appealing a disappoint- In addition, Black Hills incurred ing rate order in Colorado. Last year, Cal- QUARTERLY REVENUES ($ mill.) Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year acquisition-related expenses of $0.56 a the utility requested an electric rate in- share last year. These costs are largely (if crease of $8.9 million, but received just 2014 460.2 283.2 272.1 378.1 1393.6 2015 442.0 272.2 272.1 318.3 1304.6 not entirely) behind the company now that $1.2 million. Moreover, Black Hills is ask- 2016 450.0 325.4 333.8 463.8 1573.0 the integration process is largely complete. ing for the recusal of one of the commis- 2017 625 350 350 475 1800 Our earnings estimate of $3.50 a share is sioners, saying she acted with bias. 2018 650 365 365 495 1875 within management’s guidance of $3.45- The board of directors raised the an- $3.65. We estimate profits will rise at a nual dividend by $0.10 a share (6%). Cal- EARNINGS PER SHARE A Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year mid-single-digit pace in 2018. However... This is a greater increase than in recent 2014 1.08 .44 .60 .76 2.89 The gas and oil exploration and prod- years. Even so, the company’s payout ratio 2015 1.07 .55 .58 .63 2.83 uction division remains in the red. this year (based on our estimate) will be 2016 .94 .31 .41 .97 2.63 Low commodity prices are the problem. barely over 50%. This is low for a utility, 2017 1.30 .60 .65 .95 3.50 Black Hills estimates this division’s loss so Black Hills’ board of directors has 2018 1.35 .60 .70 1.00 3.65 will range from $0.10 to $0.15 a share in plenty of room for dividend growth. 2017. What’s more, the company has been We consider this stock expensively Cal- QUARTERLY DIVIDENDS PAID B ■ Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year incurring nonrecurring charges to write priced. The dividend yield is well below down the value of its reserves. These average for a utility. With the recent price 2013 .38 .38 .38 .38 1.52 2014 .39 .39 .39 .39 1.56 amounted to $1.26 a share in 2016. The near the upper end of our 2020-2022 Tar- 2015 .405 .405 .405 .405 1.62 charges are noncash, but reduce the com- get Price Range, total return potential 2016 .42 .42 .42 .42 1.68 pany’s equity nonetheless. Black Hills is over that time frame is minuscule. 2017 .445 trying to reduce its exposure to this busi- Paul E. Debbas, CFA April 28, 2017 (A) Dil. EPS. Excl. nonrec. gains (losses): ’08, 23¢; ’12, (16¢). ’14 EPS don’t sum due to $29.12/sh. (D) In mill. (E) Rate base: Net orig. Company’s Financial Strength A ($1.55); ’09, (28¢); ’10, 10¢; ’12, 4¢; ’15, rounding. Next egs. due early May. (B) Div’ds cost. Rate all’d on com. eq. in SD in ’15: none Stock’s Price Stability 80 ($3.54); ’16, ($1.26); gains (losses) on disc. paid early Mar., Jun., Sept., & Dec. ■ Div’d re- specified; in CO in ’17: 9.37%; earned on avg. Price Growth Persistence 70 ops.: ’06, 21¢; ’07, (4¢); ’08, $4.12; ’09, 7¢; ’11, inv. plan avail. (C) Incl. def’d chgs. In ’16: com. eq., ’16: 8.7%. Regulatory Climate: Avg. Earnings Predictability 50 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2008 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 3 of 190
RECENT P/E Trailing: 22.3 RELATIVE DIV’D VALUE CMS ENERGY CORP. NYSE-CMS PRICE 44.44RATIO 22.4()Median: 16.0 P/E RATIO 1.15YLD 3.0% LINE TIMELINESS 3 Raised 12/30/16 High: 17.0 19.5 17.5 16.1 19.3 22.4 25.0 30.0 36.9 38.7 46.3 44.8 Target Price Range Low: 12.1 15.0 8.3 10.0 14.1 17.0 21.1 24.6 26.0 31.2 35.0 41.1 2020 2021 2022 SAFETY 2 Raised 3/21/14 LEGENDS 0.81 x Dividends p sh TECHNICAL Lowered 9/30/16 divided by Interest Rate 80 3 .... Relative Price Strength BETA .65 (1.00 = Market) Options: Yes 60 Shaded area indicates recession 50 2020-22 PROJECTIONS 40 Ann’l Total Price Gain Return 30 High 45 (Nil) 4% 25 Low 35 (-20%) -1% 20 Insider Decisions 15 MJJASONDJ to Buy 000000100 10 Options 10010100011 7.5 to Sell 400300000 % TOT. RETURN 2/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 30 to Buy 236 203 232 1 yr. 16.0 30.5 shares 20 3 yr. 72.5 22.1 to Sell 201 225 218 traded 10 Hld’s(000) 251054 246256 246703 5 yr. 147.5 81.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 72.16 60.28 34.21 28.06 28.52 30.57 28.95 30.13 27.23 25.77 25.59 23.90 24.68 26.09 23.29 22.92 23.15 23.85 Revenues per sh 26.00 5.24 d.09 2.39 2.87 3.43 3.22 3.08 3.88 3.47 3.70 3.65 3.82 4.06 4.22 4.59 4.88 5.30 5.65 ‘‘Cash Flow’’ per sh 7.00 1.27 d2.99 d.29 .74 1.10 .64 .64 1.23 .93 1.33 1.45 1.53 1.66 1.74 1.89 1.98 2.15 2.30 Earnings per sh A 2.75 1.46 1.09 ------.20 .36 .50 .66 .84 .96 1.02 1.08 1.16 1.24 1.33 1.42 Div’d Decl’d per sh B ■ 1.70 9.49 5.18 3.32 2.69 2.69 3.01 5.61 3.50 3.59 3.29 3.47 4.65 4.98 5.73 5.64 5.99 6.55 6.65 Cap’l Spending per sh 6.25 14.21 7.86 9.84 10.63 10.53 10.03 9.46 10.88 11.42 11.19 11.92 12.09 12.98 13.34 14.21 15.23 16.30 17.40 Book Value per sh C 21.00 132.99 144.10 161.13 195.00 220.50 222.78 225.15 226.41 227.89 249.60 254.10 264.10 266.10 275.20 277.16 279.21 281.00 283.00 Common Shs Outst’g D 289.00 20.8 - - - - 12.4 12.6 22.2 26.8 10.9 13.6 12.5 13.6 15.1 16.3 17.3 18.3 20.9 Bold figures are Avg Ann’l P/E Ratio 14.5 1.07 - - - - .66 .67 1.20 1.42 .66 .91 .80 .85 .96 .92 .91 .92 1.10 Value Line Relative P/E Ratio .90 5.5% 7.5% ------1.2% 2.7% 4.0% 4.0% 4.3% 4.2% 3.8% 3.6% 3.4% 3.0% estimates Avg Ann’l Div’d Yield 4.2% CAPITAL STRUCTURE as of 12/31/16 6519.0 6821.0 6205.0 6432.0 6503.0 6312.0 6566.0 7179.0 6456.0 6399.0 6500 6750 Revenues ($mill) 7500 Total Debt $10034 mill. Due in 5 Yrs $4608 mill. 168.0 300.0 231.0 356.0 384.0 413.0 454.0 479.0 525.0 553.0 610 655 Net Profit ($mill) 805 LT Debt $8750 mill. LT Interest $389 mill. 37.6% 31.6% 34.6% 38.1% 36.8% 39.4% 39.9% 34.3% 34.0% 33.1% 34.0% 34.0% Income Tax Rate 34.0% Incl. $110 mill. capitalized leases. (LT interest earned: 3.0x) 3.6% 1.3% 13.0% 2.2% 2.6% 2.9% 2.0% 2.3% 2.7% 3.1% 3.0% 3.0% AFUDC % to Net Profit 2.0% Leases, Uncapitalized Annual rentals $20 mill. 70.5% 69.4% 67.9% 70.1% 66.9% 67.9% 67.5% 68.7% 68.3% 67.1% 66.5% 65.5% Long-Term Debt Ratio 64.5% Pension Assets-12/16 $2101 mill. 25.9% 27.4% 29.0% 29.5% 32.6% 31.6% 32.2% 31.0% 31.4% 32.6% 33.5% 34.0% Common Equity Ratio 35.5% Oblig $2562 mill. 8212.0 8993.0 8977.0 9473.0 9279.0 10101 10730 11846 12534 13040 13725 14450 Total Capital ($mill) 17100 Pfd Stock $37 mill. Pfd Div’d $2 mill. 8728.0 9190.0 9682.0 10069 10633 11551 12246 13412 14705 15715 16675 17600 Net Plant ($mill) 19800 Incl. 373,148 shs. $4.50 $100 par, cum., callable at $110.00. 4.5% 5.4% 4.7% 5.8% 6.3% 5.9% 6.0% 5.7% 5.7% 5.8% 6.0% 6.0% Return on Total Cap’l 6.0% Common Stock 279,205,000 shs. 6.9% 10.9% 8.0% 12.5% 12.5% 12.8% 13.0% 12.9% 13.2% 12.9% 13.0% 13.0% Return on Shr. Equity 13.0% 7.2% 11.7% 8.5% 12.5% 12.6% 12.9% 13.1% 13.0% 13.3% 13.0% 13.5% 13.5% Return on Com Equity E 13.5% MARKET CAP: $12 billion (Large Cap) 5.1% 8.4% 4.1% 6.9% 5.6% 5.0% 5.2% 5.0% 5.2% 4.8% 5.0% 5.0% Retained to Com Eq 5.0% ELECTRIC OPERATING STATISTICS 35% 31% 54% 46% 55% 61% 60% 62% 61% 63% 61% 61% All Div’ds to Net Prof 61% 2014 2015 2016 % Change Retail Sales (KWH) +1.9 -.8 +1.7 BUSINESS: CMS Energy Corporation is a holding company for 6%. Generating sources: coal, 27%; gas, 16%; other, 3%; pur- Avg. Indust. Use (MWH) NMF 5922 NA Consumers Energy, which supplies electricity and gas to lower chased, 54%. Fuel costs: 44% of revenues. ’16 reported deprec. Avg. Indust. Revs. per KWH (¢) 8.79 8.07 NA Michigan (excluding Detroit). Has 1.8 million electric, 1.7 million gas rates: 3.9% electric, 2.9% gas, 9.8% other. Has 7,400 employees. Capacity at Peak (Mw) 8776 8762 NA customers. Has 1,034 megawatts of nonregulated generating capa- Chairman: John G. Russell. President & CEO: Patti Poppe. In- Peak Load, Summer (Mw) 7498 7812 NA Annual Load Factor (%) 59.7 56.8 NA city. Sold Palisades nuclear plant in ’07. Electric revenue break- corporated: Michigan. Address: One Energy Plaza, Jackson, Michi- % Change Customers (yr-end) - - +.6 +.1 down: residential, 45%; commercial, 31%; industrial, 18%; other, gan 49201. Tel.: 517-788-0550. Internet: www.cmsenergy.com. Fixed Charge Cov. (%) 278 288 292 CMS Energy’s utility subsidiary 2018, we forecast a bottom-line increase in received an electric rate increase. The line with the company’s annual goal of 6%- ANNUAL RATES Past Past Est’d ’14-’16 of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Michigan Public Service Commission 8%. Revenues -2.0% -1.5% 1.5% (MPSC) granted Consumers Energy a rate The board of directors raised the divi- ‘‘Cash Flow’’ 3.5% 5.0% 7.5% hike of $113 million, based on 10.1% re- dend in the first quarter. The increase Earnings 8.5% 8.5% 6.5% Dividends - - 11.5% 6.5% turn on equity. The utility had sought a was $0.09 a share (7.3%). This is in line Book Value 3.0% 4.5% 6.5% boost of $225 million, based on a 10.3% with CMS Energy’s target for yearly profit ROE. New tariffs went into effect on growth. Cal- QUARTERLY REVENUES ($ mill.) Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year March 7th. The utility has asked the MPSC to ap- The utility self-implemented an inter- prove the buyout of a purchased- 2014 2523 1468 1430 1758 7179.0 2015 2111 1350 1486 1509 6456.0 im gas rate increase in late January. power contract with Entergy, the 2016 1801 1371 1587 1640 6399.0 The increase was $20 million, effective owner of the Palisades nuclear plant. 2017 1900 1400 1550 1650 6500 January 29th. Consumers Energy is seek- Current market prices for power are well 2018 2000 1450 1600 1700 6750 ing a hike of $90 million, based on a 10.6% below the prices specified in the contract. ROE. The MPSC’s final decision is due by If the $172 million buyout is approved, the Cal- EARNINGS PER SHARE A Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year the end of July. contract will terminate in 2018 instead of 2014 .75 .30 .34 .35 1.74 Earnings should advance nicely this 2022, and Consumers Energy will issue 2015 .73 .25 .53 .38 1.89 year and next. Consumers Energy will securitized bonds for the amount of the 2016 .59 .45 .67 .28 1.98 benefit from the aforementioned rate mat- payment. The company expects to hear 2017 .70 .40 .60 .45 2.15 ters. In addition, the company is bene- from the MPSC in August. 2018 .80 .40 .65 .45 2.30 fiting from a cost-management program CMS Energy’s strengths are reflected that should see a reduction of 2%-3% an- in the stock price, in our view. This re- Cal- QUARTERLY DIVIDENDS PAID B ■ Full endar Mar.31 Jun.30 Sep.30 Dec. 31 Year nually in operating and maintenance ex- flects the company’s solid earnings and penses. Our 2017 estimate is within CMS dividend growth potential. With the equi- 2013 .255 .255 .255 .255 1.02 2014 .27 .27 .27 .27 1.08 Energy’s typically narrow guidance of ty’s recent quotation near the upper end of 2015 .29 .29 .29 .29 1.16 $2.14-$2.18 a share. (Management raised our 2020-2022 Target Price Range, total 2016 .31 .31 .31 .31 1.24 this by a cent upon its fourth-quarter return potential is negligible. 2017 .3325 earnings release in early February.) For Paul E. Debbas, CFA March 17, 2017 (A) Diluted EPS. Excl. nonrec. gains (losses): ’10, (8¢); ’11, 1¢; ’12, 3¢. ’16 EPS don’t sum (C) Incl. intang. In ’16: $7.49/sh. (D) In mill. (E) Company’s Financial Strength B++ ’05, ($1.61); ’06, ($1.08); ’07, ($1.26); ’09, (7¢); due to rounding. Next earnings report due late Rate base: Net orig. cost. Rate allowed on Stock’s Price Stability 100 ’10, 3¢; ’11, 12¢; ’12, (14¢); gains (losses) on Apr. (B) Div’ds historically paid late Feb., May, com. eq. in ’17: 10.1%; earned on avg. com. Price Growth Persistence 90 disc. ops.: ’05, 7¢; ’06, 3¢; ’07, (40¢); ’09, 8¢; Aug., & Nov. ■ Div’d reinvestment plan avail. eq., ’16: 13.5%. Regulatory Climate: Average. Earnings Predictability 80 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2009 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 4 of 190
MSFR 2010 170 IAC 1-5-13(b)(2) Page 5 of 190
MSFR 2011 170 IAC 1-5-13(b)(2) Page 6 of 190
RECENT P/E Trailing: 29.2 RELATIVE DIV’D VALUE MGE ENERGY INC. NDQ-MGEE PRICE 63.65RATIO 28.5()Median: 16.0 P/E RATIO 1.46YLD 2.0% LINE TIMELINESS 4 Lowered 3/10/17 High: 24.7 24.8 24.3 25.5 29.1 31.9 37.4 40.5 48.0 48.0 66.9 65.9 Target Price Range Low: 19.5 19.6 18.6 18.2 21.4 24.7 28.7 33.4 35.7 36.5 44.8 60.3 2020 2021 2022 SAFETY 1 New 1/3/03 LEGENDS 1.30 x Dividends p sh 120 TECHNICAL 3 Lowered 3/3/17 divided by Interest Rate 100 .... Relative Price Strength 80 BETA .70 (1.00 = Market) 3-for-2 split 2/14 64 Options: Yes 3-for-2 2020-22 PROJECTIONS Shaded area indicates recession 48 Ann’l Total Price Gain Return High 55 (-15%) -1% 32 Low 45 (-30%) -6% 24 Insider Decisions 20 MJJASONDJ 16 to Buy 000000010 12 Options 000000000 to Sell 000000000 % TOT. RETURN 2/17 8 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 6 to Buy 79 74 75 1 yr. 34.6 30.5 shares 4 3 yr. 78.8 22.1 to Sell 51 57 64 traded 2 Hld’s(000) 12637 12692 13125 5 yr. 150.8 81.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 13.03 13.17 14.59 13.89 16.73 16.13 16.33 17.35 15.40 15.36 15.76 15.61 17.04 17.88 16.27 15.71 16.45 17.45 Revenues per sh 20.85 2.52 2.22 1.96 1.92 2.00 2.34 2.46 2.68 2.66 2.76 2.94 2.98 3.28 3.49 3.33 3.47 3.55 4.00 ‘‘Cash Flow’’ per sh 5.15 1.08 1.13 1.14 1.18 1.05 1.37 1.51 1.59 1.47 1.67 1.76 1.86 2.16 2.32 2.06 2.18 2.30 2.45 Earnings per sh A 3.25 .89 .89 .90 .91 .92 .93 .94 .96 .97 .99 1.01 1.04 1.07 1.11 1.16 1.21 1.25 1.30 Div’d Decl’d per sh B ■ 1.45 1.65 2.97 3.02 3.13 2.80 2.94 4.14 3.08 2.35 1.76 1.88 2.84 3.43 2.67 2.08 2.41 2.55 2.80 Cap’l Spending per sh 3.45 8.45 8.62 9.56 11.06 11.21 11.93 12.99 13.92 14.47 15.14 15.89 16.71 17.81 19.02 19.92 20.89 20.85 22.15 Book Value per sh E 25.70 25.61 26.36 27.52 30.59 30.68 31.46 32.93 34.36 34.67 34.67 34.67 34.67 34.67 34.67 34.67 34.67 35.00 35.00 Common Shs Outst’g C 36.00 14.8 16.0 17.5 18.0 22.4 15.9 15.0 14.2 15.1 15.0 15.8 17.2 17.0 17.2 20.3 24.9 Bold figures are Avg Ann’l P/E Ratio 15.0 .76 .87 1.00 .95 1.19 .86 .80 .85 1.01 .95 .99 1.09 .96 .91 1.02 1.31 Value Line Relative P/E Ratio .95 5.5% 5.0% 4.5% 4.3% 3.9% 4.3% 4.1% 4.2% 4.4% 4.0% 3.6% 3.2% 2.9% 2.8% 2.8% 2.2% estimates Avg Ann’l Div’d Yield 3.0% CAPITAL STRUCTURE as of 12/31/16 537.6 596.0 533.8 532.6 546.4 541.3 590.9 619.9 564.0 544.7 575 610 Revenues ($mill) 750 Total Debt $387.1 mill. Due in 5 Yrs $57.8 mill. 48.8 52.8 51.0 57.7 60.9 64.4 74.9 80.3 71.3 75.6 80.0 85.0 Net Profit ($mill) 115 LT Debt $382.8 mill. LT Interest $20.0 mill. 36.3% 35.5% 35.6% 36.9% 37.1% 37.7% 37.5% 37.5% 36.7% 36.0% 35.0% 35.0% Income Tax Rate 35.0% (LT interest earned: 7.0x) ------2.2% 2.0% 2.0% 2.0% AFUDC % to Net Profit 2.0% Leases, Uncapitalized Annual rentals $1.3 mill. 35.2% 36.3% 39.0% 38.9% 39.6% 38.2% 39.3% 37.5% 36.2% 34.6% 36.0% 36.0% Long-Term Debt Ratio 36.0% Pension Assets-12/16 $311.9 mill. 64.8% 63.7% 61.0% 61.1% 60.4% 61.8% 60.7% 62.5% 63.8% 65.4% 64.0% 64.0% Common Equity Ratio 64.0% Obligation $349.6 mill. 660.1 750.6 822.7 859.4 911.9 937.9 1016.9 1054.7 1081.5 1106.9 1145 1210 Total Capital ($mill) 1450 Pfd Stock None 844.0 901.2 939.8 968.0 995.6 1073.5 1160.2 1208.1 1243.4 1282.1 1320 1360 Net Plant ($mill) 1500 Common Stock 34,668,370 shs. 8.1% 7.7% 6.9% 7.6% 7.8% 7.9% 8.3% 8.5% 7.5% 7.7% 8.0% 8.0% Return on Total Cap’l 9.0% as of 2/1/17 11.4% 11.0% 10.2% 11.0% 11.1% 11.1% 12.1% 12.2% 10.3% 10.4% 11.0% 11.0% Return on Shr. Equity 12.5% MARKET CAP: $2.2 billion (Mid Cap) 11.4% 11.0% 10.2% 11.0% 11.1% 11.1% 12.1% 12.2% 10.3% 10.4% 11.0% 11.0% Return on Com Equity D 12.5% ELECTRIC OPERATING STATISTICS 4.3% 4.4% 3.4% 4.4% 4.7% 4.9% 6.1% 6.4% 4.5% 4.7% 5.0% 5.0% Retained to Com Eq 7.0% 2014 2015 2016 62% 60% 66% 60% 57% 56% 50% 48% 56% 55% 55% 54% All Div’ds to Net Prof 45% % Change Retail Sales (KWH) -0.5 -0.3 1.1 Avg. Indust. Use (MWH) 2463 2484 2329 BUSINESS: MGE Energy Inc. is a holding company for Madison 9%. Generating sources, ’16: coal, 48%; purchased power, 30%; Avg. Indust. Revs. per KWH (¢) 7.78 8.17 7.55 Gas and Electric, which provides electric service to approximately natural gas and other, 22%. Fuel costs: 21% of revenues. ’16 Capacity at Peak (Mw) NA NA NA 149,000 customers in a 316-square-mile area of Dane County and reported depreciation rate: 3.5%. Has 704 employees. Chairman: Peak Load, Summer (Mw) 783 783 783 Annual Load Factor (%) NA NA NA gas service to 154,000 customers in 1,682 square miles in seven Gary J. Wolter. President & CEO: Jeffrey M. Keebler. Incorporated: % Change Customers (avg.) NA NA NA counties in Wisconsin. Electric revenue breakdown, ’16: residential, Wisconsin. Address: 133 South Blair St., Madison, WI 53788. Tele- 34%; commercial, 53%; industrial, 4%; public authorities and other, phone: 608-252-7000. Internet: www.mgeenergy.com. Fixed Charge Cov. (%) 702 616 645 Shares of MGE Energy have contin- struction of the $107 million project could ANNUAL RATES Past Past Est’d ’14-’16 of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 ued to advance in price over the past begin next year. Revenues 0.5% 1.5% 4.0% three months, and are presently trad- Prospects for the coming years ap- ‘‘Cash Flow’’ 5.0% 4.5% 7.0% ing near a high-water mark. The com- pear solid. We expect steady bottom-line Earnings 6.0% 6.0% 7.0% pany reported solid results for the fourth growth for MGE from 2017 onward. The Dividends 2.5% 3.0% 3.0% Book Value 6.0% 5.5% 4.5% quarter. Revenues and earnings per share company’s utility operations ought to rebounded nicely from the unimpressive benefit from favorable demographics in its Cal- QUARTERLY REVENUES ($ mill.) Full figures that were generated in the prior- service territories. Growth in the residen- endar Mar.31 Jun.30 Sep.30 Dec.31 Year year period. Performance in the December tial customer base will probably remain an 2014 210.3 128.8 135.1 145.7 619.9 quarter benefited from higher electric con- important driver of performance here. Ef- 2015 170.1 122.1 140.8 131.0 564.0 forts to control operating costs should sup- 2016 147.5 121.6 136.7 138.9 544.7 sumption due partly to an increase in 2017 155 130 145 145 575 residential customers. In addition, colder port profitability. 2018 165 140 150 155 610 weather led to greater sales of natural gas. These shares are unfavorably ranked A Temperature variations had also been for year-ahead relative price perform- Cal- EARNINGS PER SHARE Full kind to the utility last summer, as warmer ance. MGE earns good marks for Safety, endar Mar.31 Jun.30 Sep.30 Dec.31 Year weather resulted in an increase in electric Financial Strength, Price Stability, and 2014 .80 .41 .67 .44 2.32 consumption. Earnings Predictability. Volatility is below 2015 .53 .39 .82 .32 2.06 2016 .49 .47 .80 .42 2.18 The utility subsidiary is proposing to average, too (Beta: 0.70). However, this is- 2017 .48 .48 .85 .49 2.30 construct, own, and operate its larg- sue presently lacks long-term total return 2018 .52 .52 .88 .53 2.45 est wind farm to date. The 66-megawatt potential. The stock’s valuation appears wind farm would be located close to fairly rich in relation to its historical aver- Cal- QUARTERLY DIVIDENDS PAID B ■ Full endar Year Saratoga, Iowa, roughly 200 miles west of age, following a strong run-up in the share Mar.31 Jun.30 Sep.30 Dec.31 Madison, Wisconsin. The site is well price that began around mid-2015. On top 2013 .2634 .2634 .2717 .2717 1.07 situated with persistent winds and of that, the dividend yield is subpar for a 2014 .2717 .2717 .2825 .2825 1.11 proximity to transmission infrastructure. utility. All things considered, subscribers 2015 .2825 .2825 .2950 .2950 1.16 2016 .2950 .2950 .3075 .3075 1.21 MGE is seeking approval for the project can probably find more-attractive choices 2017 .3075 from the Public Service Commission of elsewhere at this time. Wisconsin. Assuming this is granted, con- Michael Napoli, CFA March 17, 2017 (A) Diluted earnings. Next earnings report due lions, adjusted for split. (D) Rate allowed on In 2016: $164.9 mill., $4.76 per share. Company’s Financial Strength A early May. (B) Dividends historically paid in common equity in ’16: 10.2%; earned on com- Stock’s Price Stability 90 mid-March, June, September, and December. mon equity, ’16: 10.4%. Regulatory Climate: Price Growth Persistence 70 ■ Dvd. reinvestment plan available. (C) In mil- Above Average. (E) Includes regulatory assets. Earnings Predictability 90 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2012 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 7 of 190
RECENT P/E Trailing: 17.8 RELATIVE DIV’D VALUE NORTHWESTERN NYSE-NWE PRICE 60.40RATIO 18.5()Median: 16.0 P/E RATIO 0.94YLD 3.5% LINE TIMELINESS 3 Raised 12/23/16 High: 35.8 36.7 29.7 26.8 30.6 36.6 38.0 47.2 58.7 59.7 63.8 60.6 Target Price Range Low: 30.1 24.5 16.5 18.5 23.8 27.4 33.0 35.1 42.6 48.4 52.2 55.7 2020 2021 2022 SAFETY 3 New 5/4/12 LEGENDS 0.71 x Dividends p sh 120 TECHNICAL 4 Lowered 4/28/17 divided by Interest Rate 100 .... Relative Price Strength 80 BETA .65 (1.00 = Market) Options: Yes Shaded area indicates recession 64 2020-22 PROJECTIONS 48 Ann’l Total Price Gain Return High 75 (+25%) 9% 32 Low 50 (-15%) Nil 24 Insider Decisions 20 J JASOND JF 16 to Buy 000000000 12 Options 003003045 to Sell 211101000 % TOT. RETURN 3/17 8 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 30 to Buy 114 105 135 1 yr. -1.6 20.2 shares 20 3 yr. 37.4 22.0 to Sell 98 109 94 traded 10 Hld’s(000) 48537 47339 47832 5 yr. 98.6 78.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 ------29.18 32.57 31.49 30.79 35.09 31.72 30.66 30.80 28.76 29.80 25.68 25.21 26.01 26.80 27.95 Revenues per sh 32.00 ------3.20 4.00 3.62 3.70 4.40 4.62 4.76 5.42 5.18 5.45 5.39 5.92 6.74 6.85 7.10 ‘‘Cash Flow’’ per sh 8.00 ------d14.32 1.71 1.31 1.44 1.77 2.02 2.14 2.53 2.26 2.46 2.99 2.90 3.39 3.40 3.55 Earnings per sh A 4.00 ------1.00 1.24 1.28 1.32 1.34 1.36 1.44 1.48 1.52 1.60 1.92 2.00 2.10 2.20 Div’d Decl’d per sh B ■ † 2.50 ------2.25 2.26 2.81 3.00 3.47 5.26 6.30 5.20 5.89 5.95 5.76 5.89 5.96 6.15 6.60 Cap’l Spending per sh 6.75 ------19.92 20.60 20.65 21.12 21.25 21.86 22.64 23.68 25.09 26.60 31.50 33.22 34.68 35.85 37.10 Book Value per sh C 41.00 ------35.60 35.79 35.97 38.97 35.93 36.00 36.23 36.28 37.22 38.75 46.91 48.17 48.33 48.50 48.65 Common Shs Outst’g D 49.10 ------17.1 26.0 21.7 13.9 11.5 12.9 12.6 15.7 16.9 16.2 18.4 17.2 Bold figures are Avg Ann’l P/E Ratio 15.0 ------.91 1.40 1.15 .84 .77 .82 .79 1.00 .95 .85 .93 .90 Value Line Relative P/E Ratio .95 ------3.4% 3.6% 4.1% 5.4% 5.7% 4.9% 4.5% 4.2% 3.7% 3.3% 3.6% 3.4% estimates Avg Ann’l Div’d Yield 4.1% CAPITAL STRUCTURE as of 12/31/16 1200.1 1260.8 1141.9 1110.7 1117.3 1070.3 1154.5 1204.9 1214.3 1257.2 1300 1360 Revenues ($mill) 1575 Total Debt $2120.5 mill. Due in 5 Yrs $562.4 mill. 53.2 67.6 73.4 77.4 92.6 83.7 94.0 120.7 138.4 164.2 165 170 Net Profit ($mill) 195 LT Debt $1817.7 mill. LT Interest $83.6 mill. 37.8% 37.3% 17.2% 25.0% 9.8% 9.6% 13.2% - - 13.7% 13.7% 9.0% 12.0% Income Tax Rate 20.0% Incl. $24.4 mill. capitalized leases. (LT interest earned: 2.8x) 2.5% 2.3% 4.4% 14.2% 3.3% 9.4% 8.7% 8.9% 9.8% 4.3% 6.0% 6.0% AFUDC % to Net Profit 5.0% 50.1% 46.8% 56.4% 57.2% 52.2% 53.8% 53.5% 53.4% 53.1% 52.0% 51.0% 47.0% Long-Term Debt Ratio 48.0% 49.9% 53.2% 43.6% 42.8% 47.8% 46.2% 46.5% 46.6% 46.9% 48.0% 49.0% 53.0% Common Equity Ratio 52.0% Pension Assets-12/16 $524.6 mill. 1648.4 1434.3 1803.9 1916.4 1797.1 2020.7 2215.7 3168.0 3408.6 3493.9 3535 3405 Total Capital ($mill) 3850 Oblig $646.0 mill. 1770.9 1839.7 1964.1 2118.0 2213.3 2435.6 2690.1 3758.0 4059.5 4214.9 4345 4495 Net Plant ($mill) 4900 Pfd Stock None 5.0% 7.0% 6.0% 5.9% 7.0% 5.5% 5.5% 4.8% 5.2% 5.9% 6.0% 6.0% Return on Total Cap’l 6.0% Common Stock 48,354,198 shs. 6.5% 8.9% 9.3% 9.4% 10.8% 9.0% 9.1% 8.2% 8.6% 9.8% 9.5% 9.5% Return on Shr. Equity 9.5% as of 2/10/17 6.5% 8.9% 9.3% 9.4% 10.8% 9.0% 9.1% 8.2% 8.6% 9.8% 9.5% 9.5% Return on Com Equity E 9.5% MARKET CAP: $2.9 billion (Mid Cap) .7% 2.3% 3.2% 3.5% 4.7% 3.2% 3.5% 3.8% 3.0% 4.1% 3.5% 3.5% Retained to Com Eq 3.5% ELECTRIC OPERATING STATISTICS 89% 74% 66% 63% 56% 65% 61% 54% 65% 58% 62% 62% All Div’ds to Net Prof 63% 2014 2015 2016 % Change Retail Sales (KWH) +.7 -.1 -.7 BUSINESS: NorthWestern Corporation (doing business as North- 5%; other, 4%. Generating sources: hydro, 34%; coal, 30%; other, Avg. Indust. Use (MWH) 28987 30133 29784 Western Energy) supplies electricity & gas in the Upper Midwest 10%; purchased, 26%. Fuel costs: 32% of revenues. ’15 reported Avg. Indust. Revs. per KWH (¢) NA NA NA and Northwest, serving 427,000 electric customers in Montana and deprec. rate: 3.3%. Has 1,600 employees. Chairman: Dr. E. Linn Capacity at Peak (Mw) NA NA NA South Dakota and 283,000 gas customers in Montana (87% of Draper Jr. President & CEO: Robert C. Rowe. Incorporated: Dela- Peak Load, Winter (Mw) 2044 2096 2138 Annual Load Factor (%) NA NA NA gross margin), South Dakota (12%), and Nebraska (1%). Electric ware. Address: 3010 West 69th Street, Sioux Falls, South Dakota % Change Customers (yr-end) +1.0 +1.3 +1.2 revenue breakdown: residential, 40%; commercial, 51%; industrial, 57108. Tel.: 605-978-2900. Internet: www.northwesternenergy.com. Fixed Charge Cov. (%) 217 252 253 NorthWestern is awaiting an order on forecast a 4% rise in 2018, spurred by rate its gas rate case in Montana. The utili- relief and good customer growth. ANNUAL RATES Past Past Est’d ’14-’16 of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 ty is seeking a rate hike of $9.4 million The board of directors raised the divi- Revenues -2.0% -4.0% 4.0% (6.9%), based on a return of 10.35% on a dend — and the dividend growth rate. ‘‘Cash Flow’’ 5.5% 4.0% 5.0% common-equity ratio of 46.79%. This is the The quarterly increase was $0.025 a share Earnings - - 7.0% 4.5% Dividends 9.5% 6.0% 5.0% company’s first gas application in the state (5%). We project the same yearly increase Book Value 5.0% 8.0% 3.5% since 2012. The Montana Consumer Coun- over the 3- to 5-year period. NorthWestern cil has recommended a boost of $3.7 mil- is targeting a payout ratio of 60%-70%. Cal- QUARTERLY REVENUES ($ mill.) Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year lion (2.7%), based on a return of 9.0% on Some legal matters are pending. The the same common-equity ratio. A ruling company is appealing an unfavorable rul- 2014 369.7 270.3 251.9 313.0 1204.9 2015 346.0 270.6 272.7 325.0 1214.3 from the Montana regulators is expected ing from the Federal Energy Regulatory 2016 332.5 293.1 301.0 330.6 1257.2 in July. Commission to the U.S. Circuit Court of 2017 345 310 310 335 1300 Additional rate filings are possible. By Appeals. The ruling forced NorthWestern 2018 360 325 325 350 1360 the end of April, NorthWestern needs to to take a charge of $0.12 a share (included inform the Montana commission whether in our earnings presentation) in 2012. A Cal- EARNINGS PER SHARE A Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year it intends to file an electric rate case. Man- decision is unlikely before the second half 2014 1.17 .20 .77 .85 2.99 agement planned to indicate its regulatory of 2017. The utility is appealing an order 2015 1.09 .38 .51 .93 2.90 plans (include its intentions in South Da- from the Montana commission to the state 2016 .82 .73 .92 .92 3.39 kota and Nebraska) on its first-quarter district court because the regulators disal- 2017 1.10 .50 .75 1.05 3.40 earnings conference call shortly before this lowed some costs. This forced North- 2018 1.15 .50 .80 1.10 3.55 report came out in print. Western to take a charge of $0.13 a share We estimate flattish earnings in 2017, in the first period of 2016 (again, included Cal- QUARTERLY DIVIDENDS PAID B ■ † Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year followed by a modest increase in 2018. in our presentation). A ruling might not NorthWestern benefited from the net ef- come until 2018. 2013 .38 .38 .38 .38 1.52 2014 .40 .40 .40 .40 1.60 fect of some unusual (but not nonrecur- This stock has a dividend yield and 3- 2015 .48 .48 .48 .48 1.92 ring) items last year. Our 2017 profit esti- to 5-year total return potential that 2016 .50 .50 .50 .50 2.00 mate is at the midpoint of the company’s are close to the utility averages. 2017 .525 targeted range of $3.30-$3.50 a share. We Paul E. Debbas, CFA April 28, 2017 (A) Diluted EPS. Excl. gain (loss) on disc. ops.: historically paid in late Mar., June, Sept. & Dec. cost. Rate allowed on com. eq. in MT in ’14 Company’s Financial Strength B+ ’05, (6¢); ’06, 1¢; nonrec. gains: ’12, 39¢ net; ■ Div’d reinvest. plan avail. † Shareholder in- (elec.): 9.8%; in ’13 (gas): 9.8%; in SD in ’15: Stock’s Price Stability 95 ’15, 27¢. ’15 EPS don’t add due to rounding. vest. plan avail. (C) Incl. def’d charges. In ’16: none specified; in NE in ’07: 10.4%; earned on Price Growth Persistence 85 Next earnings report due late July. (B) Div’ds $19.87/sh. (D) In mill. (E) Rate base: Net orig. avg. com. eq., ’16: 10.1%. Regul. Climate: Avg. Earnings Predictability 90 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2013 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 8 of 190
RECENT P/E Trailing: 22.1 RELATIVE DIV’D VALUE VECTREN CORP. NYSE-VVC PRICE 56.30RATIO 21.2()Median: 16.0 P/E RATIO 1.09YLD 3.1% LINE TIMELINESS 3 Lowered 7/22/16 High: 29.3 30.5 32.2 26.9 27.8 30.7 30.8 37.9 48.3 49.5 53.3 57.1 Target Price Range Low: 25.2 24.8 19.5 18.1 21.7 23.7 27.5 29.5 34.6 37.3 39.4 51.5 2020 2021 2022 SAFETY 2 Lowered 1/5/01 LEGENDS 1.00 x Dividends p sh 128 TECHNICAL 3 Raised 2/24/17 divided by Interest Rate .... Relative Price Strength 96 BETA .75 (1.00 = Market) Options: Yes 80 Shaded area indicates recession 2020-22 PROJECTIONS 64 Ann’l Total 48 Price Gain Return 40 High 65 (+15%) 7% Low 45 (-20%) -1% 32 Insider Decisions 24 MJJASONDJ to Buy 000000000 16 Options 0000000010 12 to Sell 000000000 % TOT. RETURN 2/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 12 to Buy 151 129 138 1 yr. 27.9 30.5 shares 8 3 yr. 62.6 22.1 to Sell 112 136 132 traded 4 Hld’s(000) 52315 51679 52408 5 yr. 133.6 81.5 Vectren was formed on March 31, 2000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 through the merger of Indiana Energy and 29.88 30.67 25.76 26.06 28.39 27.16 30.23 31.62 29.40 29.53 30.85 31.90 Revenues per sh 40.70 SIGCORP. The merger was consummated 4.29 3.97 4.40 4.44 4.71 5.03 5.03 5.33 5.48 5.69 5.95 6.25 ‘‘Cash Flow’’ per sh 7.80 with a tax-free exchange of shares and has 1.83 1.63 1.79 1.65 1.73 1.94 1.66 2.02 2.39 2.55 2.70 2.85 Earnings per sh A 3.45 been accounted for as a pooling of interests. 1.27 1.31 1.35 1.37 1.39 1.41 1.43 1.46 1.54 1.62 1.70 1.78 Div’d Decl’d per sh B■† 2.00 Indiana Energy common stockholders 4.38 4.83 5.33 3.39 3.92 4.45 4.77 5.43 5.76 6.54 6.95 7.40 Cap’l Spending per sh 8.70 received one Vectren common share for 16.16 16.68 17.23 17.61 17.89 18.57 18.86 19.45 20.34 21.33 22.50 23.80 Book Value per sh C 27.05 each share held. SIGCORP stockholders 76.36 81.03 81.10 81.70 81.90 82.20 82.40 82.60 82.80 82.90 83.50 84.00 Common Shs Outst’g D 86.00 exchanged each common share for 1.333 15.3 16.8 12.9 15.0 15.8 15.0 20.7 20.0 17.9 19.2 Bold figures are Avg Ann’l P/E Ratio 16.0 common shares of Vectren. .81 1.01 .86 .95 .99 .95 1.16 1.05 .90 1.01 Value Line Relative P/E Ratio 1.00 estimates CAPITAL STRUCTURE as of 12/31/16 4.5% 4.8% 5.9% 5.5% 5.1% 4.8% 4.2% 3.6% 3.6% 3.3% Avg Ann’l Div’d Yield 3.6% Total Debt $1908.4 mill. Due in 5 Yrs $633.5 mill. 2281.9 2484.7 2088.9 2129.5 2325.2 2232.8 2491.2 2611.7 2434.7 2448.3 2575 2680 Revenues ($mill) 3500 LT Debt $1589.9 mill. LT Interest $85.0 mill. 143.1 129.0 145.0 133.7 141.6 159.0 136.6 166.9 197.3 211.6 225 240 Net Profit ($mill) 295 (LT interest earned: 4.8x) 34.7% 37.1% 26.5% 35.8% 37.9% 34.2% 32.9% 32.7% 33.6% 34.8% 35.0% 35.0% Income Tax Rate 35.0% Pension Assets-12/16 $304.5 mill. 2.8% 2.9% 4.1% ------4.1% 4.0% 4.0% 4.0% AFUDC % to Net Profit 4.0% Oblig. $350.4 mill. 50.2% 48.0% 52.4% 49.9% 51.6% 50.4% 53.3% 46.7% 50.6% 47.3% 48.0% 48.0% Long-Term Debt Ratio 48.0% Pfd Stock None 49.8% 52.0% 47.6% 50.1% 48.4% 49.6% 46.7% 53.3% 49.4% 52.7% 52.0% 52.0% Common Equity Ratio 52.0% 2479.1 2599.5 2937.7 2874.1 3025.1 3079.5 3331.4 3013.9 3406.6 3358.0 3630 3850 Total Capital ($mill) 4475 Common Stock 82,922,412 shs. 2539.7 2720.3 2878.8 2955.4 3032.6 3119.6 3224.3 3439.0 4089.5 4406.8 4700 5000 Net Plant ($mill) 6000 as of 1/31/17 7.2% 6.5% 6.3% 6.1% 6.2% 6.4% 5.4% 6.8% 7.0% 7.4% 7.5% 7.5% Return on Total Cap’l 7.5% 11.6% 9.5% 10.4% 9.3% 9.7% 10.4% 8.8% 10.4% 11.7% 12.0% 12.0% 12.0% Return on Shr. Equity 12.5% MARKET CAP: $4.7 billion (Mid Cap) 11.6% 9.5% 10.4% 9.3% 9.7% 10.4% 8.8% 10.4% 11.7% 12.0% 12.0% 12.0% Return on Com Equity E 12.5% ELECTRIC OPERATING STATISTICS 3.8% 2.0% 2.6% 1.6% 1.9% 2.9% 1.2% 2.9% 4.2% 4.4% 4.5% 4.5% Retained to Com Eq 5.5% 2014 2015 2016 67% 80% 75% 83% 80% 73% 86% 72% 65% 63% 63% 62% All Div’ds to Net Prof 58% % Change Retail Sales (KWH) +2.0 -2.4 +.3 Avg. Indust. Use (MWH) NA NA NA BUSINESS: Vectren is a holding company formed through the commercial, 23%; other, 10%. Nonutility operations include Infra- Avg. Indust. Revs. per KWH (¢) NA NA NA merger of Indiana Energy and SIGCORP. Supplies electricity and structure Services and Energy Services. Est’d plant age: electric, Capacity at Peak (Mw) 1407 1357 1360 Peak Load, Summer (Mw) 1095 1088 1096 gas to an area nearly two-thirds of the state of Indiana. Owns gas 10 years. ’16 depreciation rate: 4.0%. Has about 5,800 employees. Annual Load Factor (%) NA NA NA distribution assets in Ohio. Has a customer base exceeding 1.1 mil- Chairman, President, & CEO: Carl Chapman. Incorporated: Indi- % Change Customers (yr-end) +.6 +.7 +.8 lion. 2016 Electricity revenues: residential, 37%; commercial, 27%; ana. Address: One Vectren Square, Evansville, Indiana 47708. Tel- industrial, 34%; other, 2%. 2016 Gas revenues: residential, 67%; ephone: 812-491-4000. Internet: www.vectren.com. Fixed Charge Cov. (%) 363 428 446 here. Vectren’s utility businesses remain ANNUAL RATES Past Past Est’d ’14-’16 Shares of Vectren have moved higher of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 in price in recent months, and are well positioned in their service territories. Revenues 2.0% 2.5% 5.0% presently trading close to an all-time We look for solid results at the company’s ‘‘Cash Flow’’ 4.5% 4.0% 6.0% high. The company finished 2016 on a nonutility operations, as well. A greater Earnings 4.0% 6.0% 7.0% Dividends 2.5% 2.5% 4.5% good note. Revenues advanced nearly 16% national emphasis on infrastructure Book Value 3.0% 3.0% 5.0% in the December quarter, on a year-to-year spending in the coming years may well basis. Expenses increased at roughly the benefit performance at the Infrastructure Cal- QUARTERLY REVENUES ($ mill.) F Full endar Mar.31 Jun. 30 Sep. 30 Dec. 31 Year same pace, and share earnings were mod- Services line. We envision healthy growth 2014 796.8 542.5 595.6 676.8 2611.7 erately higher. Favorable performance at at the Energy Services unit, too. 2015 706.2 551.0 573.5 604.0 2434.7 the Utility Group was largely driven by These shares do not stand out at this 2016 584.8 533.7 631.0 699.0 2448.3 continued investment in gas infrastructure time. The stock is ranked to mirror the 2017 660 565 650 700 2575 programs in both Indiana and Ohio. On broader market for the year ahead. Long- 2018 680 600 675 725 2680 the nonutility side, the Infrastructure term total return potential is nothing to Services distribution business was able to write home about, either. This issue Cal- EARNINGS PER SHARE A Full endar Mar.31 Jun. 30 Sep. 30 Dec. 31 Year capitalize on greater spending on gas in- presently trades at a price-to-earnings 2014 .62 .14 .57 .69 2.02 frastructure systems. Performance at the multiple that is well above its historical 2015 .69 .43 .48 .79 2.39 Infrastructure Services transmission oper- average, following a run-up in the share 2016 .58 .39 .74 .84 2.55 ation has been impacted by increasing price. We do expect solid growth at the 2017 .64 .43 .75 .88 2.70 competition, which has reduced the num- company out to early next decade, but this 2018 .70 .46 .78 .91 2.85 ber of projects awarded and pressured appears to be discounted by the recent Cal- QUARTERLY DIVIDENDS PAID B■† Full margins. The recent addition of several quotation. A selloff some time down the endar Mar.31 Jun.30 Sep.30 Dec.31 Year projects has provided some support here, road may offer conservative, income- and should continue to do so. seeking accounts a more attractive entry 2013 .355 .355 .355 .360 1.43 2014 .360 .360 .360 .380 1.46 Overall performance should remain point. Vectren earns good marks for 2015 .380 .380 .380 .400 1.54 solid going forward. Continued invest- Safety, Financial Strength, Price Stability, 2016 .400 .400 .400 .420 1.62 ment by the company in gas infrastructure and Earnings Predictability. Volatility is 2017 .420 and accelerated spending in its electric below average here, as well (Beta: .75). system augur well for future performance Michael Napoli, CFA March 17, 2017 (A) Diluted EPS. Excl. nonrecur. gain (loss): vest. plan avail. † Shareholder invest. plan equity range from 10.15% to 10.4%. Regu- Company’s Financial Strength A ’09, 15¢. Next egs report due early May. avail. (C) Incl. intang. In ’16, $7.27/sh. (D) In latory Climate: Above Average. (F) Totals may Stock’s Price Stability 95 (B) Div’ds historically paid in early March, millions. (E) Electric rate base determination: not sum due to rounding. Price Growth Persistence 70 June, September, and December. ■Div’d rein- fair value. Rates allowed on elect. common Earnings Predictability 75 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2014 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 9 of 190
RECENT P/E Trailing: 20.1 RELATIVE DIV’D VALUE WEC ENERGY GROUP NYSE-WEC PRICE 59.29RATIO 19.4()Median: 16.0 P/E RATIO 0.99YLD 3.6% LINE TIMELINESS 3 Lowered 9/16/16 High: 24.3 25.2 24.8 25.3 30.5 35.4 41.5 45.0 55.4 58.0 66.1 60.7 Target Price Range Low: 19.1 20.5 17.4 18.2 23.4 27.0 33.6 37.0 40.2 44.9 50.4 56.1 2020 2021 2022 SAFETY 1 Raised 3/23/12 LEGENDS 0.82 x Dividends p sh 128 TECHNICAL 3 Raised 1/20/17 divided by Interest Rate .... Relative Price Strength 96 BETA .60 (1.00 = Market) 2-for-1 split 3/11 80 Options: Yes 2020-22 PROJECTIONS Shaded area indicates recession 2-for-1 64 Ann’l Total 48 Price Gain Return 40 High 65 (+10%) 6% Low 55 (-5%) 2% 32 Insider Decisions 24 MJJASONDJ to Buy 000000000 16 Options 5205000024 12 to Sell 420600001 % TOT. RETURN 2/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 30 to Buy 334 278 325 1 yr. 10.6 30.5 shares 20 3 yr. 51.4 22.1 to Sell 235 299 272 traded 10 Hld’s(000) 223080 214898 223988 5 yr. 108.9 81.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 17.02 16.10 17.12 14.66 16.31 17.08 18.12 18.95 17.65 17.98 19.46 18.54 20.00 22.16 18.77 23.68 24.25 25.20 Revenues per sh 28.25 2.72 2.84 2.86 2.58 2.89 2.90 2.98 2.95 3.11 3.30 3.68 4.01 4.33 4.47 3.87 5.39 5.60 5.85 ‘‘Cash Flow’’ per sh 6.75 .92 1.16 1.13 .93 1.28 1.32 1.42 1.52 1.60 1.92 2.18 2.35 2.51 2.59 2.34 2.96 3.10 3.25 Earnings per sh A 3.75 .40 .40 .40 .42 .44 .46 .50 .54 .68 .80 1.04 1.20 1.45 1.56 1.74 1.98 2.08 2.18 Div’d Decl’d per sh B ■ 2.50 3.01 2.54 2.95 2.85 3.40 4.17 5.28 4.86 3.50 3.41 3.60 3.09 3.04 3.26 4.01 4.51 7.00 6.30 Cap’l Spending per sh 5.75 8.91 9.22 9.96 10.65 11.46 12.35 13.25 14.27 15.26 16.26 17.20 18.05 18.73 19.60 27.42 28.29 29.30 30.30 Book Value per sh C 33.75 230.84 232.06 236.85 233.97 233.96 233.94 233.89 233.84 233.82 233.77 230.49 229.04 225.96 225.52 315.68 315.62 315.65 315.65 Common Shs Outst’g D 315.65 12.1 10.5 12.4 17.5 14.5 16.0 16.5 14.8 13.3 14.0 14.2 15.8 16.5 17.7 21.3 19.9 Bold figures are Avg Ann’l P/E Ratio 16.0 .62 .57 .71 .92 .77 .86 .88 .89 .89 .89 .89 1.01 .93 .93 1.07 1.05 Value Line Relative P/E Ratio 1.00 3.6% 3.3% 2.8% 2.6% 2.4% 2.2% 2.1% 2.4% 3.2% 3.0% 3.3% 3.2% 3.5% 3.4% 3.5% 3.4% estimates Avg Ann’l Div’d Yield 4.2% CAPITAL STRUCTURE as of 12/31/16 4237.8 4431.0 4127.9 4202.5 4486.4 4246.4 4519.0 4997.1 5926.1 7472.3 7650 7950 Revenues ($mill) 8900 Total Debt $10176 mill. Due in 5 Yrs $3250.8 mill. 337.7 359.8 378.4 455.6 514.0 547.5 578.6 589.5 640.3 940.2 980 1025 Net Profit ($mill) 1180 LT Debt $9158.2 mill. LT Interest $462.5 mill. 39.1% 37.6% 36.5% 35.4% 33.9% 35.9% 36.9% 38.0% 40.4% 37.6% 37.5% 37.5% Income Tax Rate 38.0% Incl. $29.6 mill. capitalized leases. (LT interest earned: 4.7x) 23.8% 27.2% 25.0% 18.6% 16.8% 9.4% 4.5% 1.3% 4.5% 3.8% 4.0% 3.0% AFUDC % to Net Profit 3.0% Leases, Uncapitalized Annual rentals $9.9 mill. 50.3% 54.8% 51.9% 50.6% 53.6% 51.7% 50.6% 48.5% 51.2% 50.5% 49.5% 50.5% Long-Term Debt Ratio 48.5% Pension Assets-12/16 $2709.2 mill. 49.2% 44.8% 47.7% 49.0% 46.0% 48.0% 49.1% 51.2% 48.6% 49.3% 50.0% 49.5% Common Equity Ratio 51.0% Oblig $3058.8 mill. 6302.1 7442.0 7473.1 7764.5 8608.0 8619.3 8626.6 8636.5 17809 18118 18425 19400 Total Capital ($mill) 20775 Pfd Stock $30.4 mill. Pfd Div’d $1.2 mill. 7681.2 8517.0 9070.5 9601.5 10160 10572 10907 11258 19190 19916 21350 22500 Net Plant ($mill) 25550 260,000 shs. 3.60%, $100 par, callable. $101; 44,498 shs. 6%, $100 par. 7.0% 6.3% 6.4% 7.5% 7.5% 7.9% 8.1% 8.1% 4.5% 6.3% 6.5% 6.5% Return on Total Cap’l 7.0% Common Stock 315,587,523 shs. 10.8% 10.7% 10.5% 11.9% 12.9% 13.1% 13.6% 13.2% 7.4% 10.5% 10.5% 10.5% Return on Shr. Equity 11.0% as of 1/31/17 10.9% 10.7% 10.6% 12.0% 12.9% 13.2% 13.6% 13.3% 7.4% 10.5% 10.5% 10.5% Return on Com Equity E 11.0% MARKET CAP: $19 billion (Large Cap) 7.1% 7.0% 6.2% 7.0% 6.8% 6.5% 5.9% 5.3% 2.1% 3.5% 3.5% 3.5% Retained to Com Eq 3.5% ELECTRIC OPERATING STATISTICS 35% 35% 42% 41% 47% 51% 57% 60% 71% 67% 67% 67% All Div’ds to Net Prof 67% 2014 2015 2016 % Change Retail Sales (KWH) -5.9 +29.1 +18.5 BUSINESS: WEC Energy Group, Inc. (formerly Wisconsin Energy) other, 13%. Generating sources: coal, 52%; gas, 16%; renewables, Avg. Indust. Use (MWH) NA NA NA is a holding company for utilities that provide electric, gas & steam 3%; purchased, 29%. Fuel costs: 35% of revs. ’16 reported deprec. Avg. Lg. C&I Revs. per KWH (¢) 8.62 7.71 NA service in WI & gas service in IL, MN, & MI. Customers: 1.6 mill. rates (utility): 2.3%-3.3%. Has 8,200 employees. Chairman: Gale E. Capacity at Peak (Mw) NA NA NA elec., 2.8 mill. gas. Acq’d Integrys Energy 6/15. Sold Point Beach Klappa. President & CEO: Allen L. Leverett. Inc.: Wisconsin. Ad- Peak Load, Summer (Mw) NA NA NA Annual Load Factor (%) NA NA NA nuclear plant in ’07. Elec. rev. breakdown: residential, 35%; small dress: 231 W. Michigan St., P.O. Box 1331, Milwaukee, WI 53201. % Change Customers (yr-end) +.5 +40.2 NA commercial & industrial, 31%; large commercial & industrial, 21%; Tel.: 414-221-2345. Internet: www.wecenergygroup.com. Fixed Charge Cov. (%) 454 364 404 WEC Energy Group’s board of direc- costs would be recovered in rates, the tors has raised the dividend. As is the other half from a large industrial customer ANNUAL RATES Past Past Est’d ’14-’16 of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 practice in recent years, in early December through a 20-year contract. After the pro- Revenues 3.0% 3.0% 4.5% WEC announced its expectation of a boost ject is completed, the utility would retire ‘‘Cash Flow’’ 5.0% 6.5% 6.5% in the disbursement, and the board fol- an aging coal-fired plant. A ruling from Earnings 8.5% 6.5% 6.0% Dividends 15.0% 16.0% 6.0% lowed through at its meeting in January. the Michigan regulators is expected by Oc- Book Value 8.0% 9.0% 5.0% The increase was $0.10 a share (5.1%) an- tober. nually. The company’s goals for its divi- The company has announced a gas Cal- QUARTERLY REVENUES ($ mill.) Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year dend are an annual growth rate of 5%-7% storage acquisition. WEC has agreed to (matching its target for earnings growth) pay $230 million in cash for a gas storage 2014 1695 1044 1033 1225 4997.1 2015 1388 991 1699 1848 5926.1 and a payout ratio of 65%-70%. facility in Michigan. The utility is asking 2016 2195 1602 1712 1963 7472.3 We estimate that WEC’s earnings will the state commission for a declaratory rul- 2017 2300 1650 1700 2000 7650 advance 5% in 2017 and 2018. The com- ing approving the deal. This would provide 2018 2400 1700 1750 2100 7950 pany’s Peoples Gas subsidiary in Chicago a return on investment similar to that of a benefits from its accelerated main replace- utility. Cal- EARNINGS PER SHARE A Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year ment program, in which the utility re- Finances are strong. WEC’s fixed- 2014 .91 .58 .56 .53 2.59 ceives a current return (via a monthly charge coverage is well above the industry 2015 .86 .35 .58 .57 2.34 charge on customers’ bills) for the $280 average. The common-equity ratio is 2016 1.09 .57 .68 .61 2.96 million-$300 million it spends yearly on healthy. The earned return on equity isn’t 2017 1.05 .65 .75 .65 3.10 this program. Our 2017 share-net estimate as high as it was before the Integrys take- 2018 1.10 .67 .80 .68 3.25 is within management’s targeted range of over in 2015, but is still adequate. $3.06-$3.12 a share. WEC stock offers a dividend yield that Cal- QUARTERLY DIVIDENDS PAID B ■ Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year WEC’s electric utility in Michigan has is average for a utility. Conservative ac- asked the state commission for a cer- counts might find this suitable, given the 2013 .34 .34 .382 .383 1.45 2014 .39 .39 .39 .39 1.56 tificate of need to build a gas-fired equity’s top-notch Safety rank. Like most 2015 .422 .422 .44 .457 1.74 plant. The 180-megawatt facility would issues in this industry, however, 3- to 5- 2016 .495 .495 .495 .495 1.98 cost an estimated $275 million and would year total return potential is just modest. 2017 .52 be completed in 2019. Half of the plant’s Paul E. Debbas, CFA March 17, 2017 (A) Diluted EPS. Excl. gains on disc. ops.: ’04, (B) Div’ds paid in early Mar., June, Sept. & WI in ’15: 10.0%-10.3%; in IL in ’15: 9.05%; in Company’s Financial Strength A+ 77¢; ’05, 2¢; ’06, 2¢; ’09, 2¢; ’10, 1¢; ’11, 6¢. Dec. ■ Div’d reinv. avail. (C) Incl. intang. In ’16: MN in ’16: 9.11%; in MI in ’16: 9.9%; earned on Stock’s Price Stability 95 ’14-’16 EPS don’t sum due to rounding or $19.44/sh. (D) In mill., adj. for split. (E) Rate avg. com. eq., ’16: 10.6%. Regul. Climate: WI, Price Growth Persistence 85 chng. in shs. Next egs. report due early May. base: Net orig. cost. Rates all’d on com. eq. in Above Avg.; IL, Below Avg.; MN & MI, Avg. Earnings Predictability 85 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2015 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 10 of 190
Part 1 File at the front of the Summary Ratings & Reports THE ALUE LINE & binder. Last week’s ® Summary & Index Investment Survey® Index should be removed. June 2, 2017 TABLE OF SUMMARY & INDEX CONTENTS Summary & Index Page Number Industries, in alphabetical order ...... 1 Stocks, in alphabetical order ...... 2-23 Noteworthy Rank Changes ...... 24 SCREENS Industries, in order of Timeliness Rank ...... 24 Stocks with Lowest P/Es ...... 35 Timely Stocks in Timely Industries ...... 25-26 Stocks with Highest P/Es ...... 35 Timely Stocks (1 & 2 for Performance) ...... 27-29 Stocks with Highest Annual Total Returns ...... 36 Conservative Stocks (1 & 2 for Safety) ...... 30-31 Stocks with Highest 3- to 5-year Dividend Yield .... 36 Highest Dividend Yielding Stocks ...... 32 High Returns Earned on Total Capital ...... 37 Stocks with High 3- to 5-year Price Potential ...... 32 Bargain Basement Stocks ...... 37 Biggest ″Free Flow″ Cash Generators ...... 33 Untimely Stocks (5 for Performance) ...... 38 Best Performing Stocks last 13 Weeks ...... 33 Highest Dividend Yielding Non-utility Stocks ...... 38 Worst Performing Stocks last 13 Weeks ...... 33 Highest Growth Stocks ...... 39 Widest Discounts from Book Value ...... 34
The Median of Estimated The Median of Estimated The Estimated Median Price PRICE-EARNINGS RATIOS DIVIDEND YIELDS APPRECIATION POTENTIAL of all stocks with earnings (next 12 months) of all dividend of all 1700 stocks in the Value Line paying stocks under review universe in the hypothesized economic environment 3 to 5 years hence 19.5 2.1% 35% 26 Weeks Market Low Market High 26 Weeks Market Low Market High Ago 3-9-09 5-15-17 26 Weeks Market Low Market High Ago 3-9-09 5-15-17 3-9-09 5-15-17 19.1 2.1% 4.0% 2.1% Ago 10.3 19.5 35% 185% 35%
ANALYSES OF INDUSTRIES IN ALPHABETICAL ORDER WITH PAGE NUMBER Numeral in parenthesis after the industry is rank for probable performance (next 12 months). PAGE PAGE PAGE PAGE Advertising (19) ...... 2389 Electric Utility (West) (2) ...... 2224 Investment Co.(Foreign) (--) ...... 418 Railroad (45) ...... 339 Aerospace/Defense (59) ...... 701 Electronics (40) ...... 1317 Machinery (58) ...... 1701 R.E.I.T. (36) ...... 1511 Air Transport (67) ...... 301 Engineering & Const (85) ...... 1230 Maritime (73) ...... 330 Recreation (15) ...... 2301 Apparel (30) ...... 2101 Entertainment (25) ...... 2328 Medical Services (14) ...... 793 Reinsurance (90) ...... 2023 Automotive (12) ...... 101 Entertainment Tech (91) ...... 2009 Med Supp Invasive (68) ...... 169 Restaurant (21) ...... 351 Auto Parts (5) ...... 973 Environmental (81) ...... 408 Med Supp Non-Invasive (76) ...... 195 Retail Automotive (8) ...... 2118 Bank (63) ...... 2501 Financial Svcs. (Div.) (33) ...... 2534 Metal Fabricating (43) ...... 729 Retail Building Supply (24) ...... 1138 Bank (Midwest) (88) ...... 775 Food Processing (71) ...... 1901 Metals & Mining (Div.) (54) ...... 1580 Retail (Hardlines) (29) ...... 2163 Beverage (75) ...... 1967 Foreign Electronics (9) ...... 1985 *Natural Gas Utility (80) ...... 547 Retail (Softlines) (50) ...... 2200 Biotechnology (84) ...... 828 Funeral Services (77) ...... 1833 *Natural Gas (Div.) (26) ...... 524 Retail Store (20) ...... 2132 Brokers & Exchanges (38) ...... 1791 Furn/Home Furnishings (10) ...... 1147 Newspaper (83) ...... 2382 Retail/Wholesale Food (57) ...... 1945 Building Materials (4) ...... 1101 Healthcare Information (61) ...... 820 Office Equip/Supplies (44) ...... 1409 Semiconductor (37) ...... 1347 Cable TV (1) ...... 1016 Heavy Truck & Equip (93) ...... 151 *Oil/Gas Distribution (74) ...... 606 Semiconductor Equip (17) ...... 1379 Chemical (Basic) (97) ...... 1597 Homebuilding (3) ...... 1123 Oilfield Svcs/Equip. (96) ...... 2418 Shoe (35) ...... 2154 Chemical (Diversified) (60) ...... 2443 Hotel/Gaming (6) ...... 2351 Packaging & Container (23) ...... 1173 Steel (46) ...... 739 *Chemical (Specialty) (65) ...... 559 Household Products (66) ...... 1187 Paper/Forest Products (16) ...... 1163 Telecom. Equipment (64) ...... 939 Computers/Peripherals (55) ...... 1391 Human Resources (48) ...... 1640 *Petroleum (Integrated) (22) ...... 501 Telecom. Services (31) ...... 918 Computer Software (51) ...... 2586 Industrial Services (41) ...... 377 Petroleum (Producing) (27) . 452, 2399 Telecom. Utility (32) ...... 1024 Diversified Co. (52) ...... 1737 Information Services (39) ...... 433 Pharmacy Services (18) ...... 964 Thrift (92) ...... 1501 Drug (70) ...... 1609 IT Services (56) ...... 2608 *Pipeline MLPs (78) ...... 616 Tobacco (94) ...... 1993 E-Commerce (28) ...... 1811 Insurance (Life) (89) ...... 1551 Power (69) ...... 1213 Toiletries/Cosmetics (47) ...... 1006 Educational Services (79) ...... 2001 Insurance (Prop/Cas.) (82) ...... 754 Precious Metals (7) ...... 1563 Trucking (86) ...... 318 Electrical Equipment (53) ...... 1301 Internet (62) ...... 2631 Precision Instrument (72) ...... 112 Water Utility (87) ...... 1781 Electric Util. (Central) (34) ...... 901 Investment Banking (13) ...... 1803 Public/Private Equity (49) ...... 2657 *Wireless Networking (11) ...... 590 Electric Utility (East) (42) ...... 138 Investment Co. (--) ...... 1202 Publishing (95) ...... 2374 *Reviewed in this week’s issue.
In three parts: This is Part 1, the Summary & Index. Part 2 is Selection & Opinion. Part 3 is Ratings & Reports. Volume LXXII, No. 42. Published weekly by VALUE LINE PUBLISHING LLC, 551 Fifth Avenue, New York, NY 10176 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for each subscriber’s own, non-commercial, internal use. No part of this publication may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. See back cover for important disclosures. MSFR 2016 170 IAC 1-5-13(b)(2) Page 11 of 190 A -AI Page 2 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 Index to Stocks
Prices quoted are as of May 23, 2017. All shares are traded on the New York Stock Exchange except where noted.
PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 1702 AAON, Inc. (NDQ) AAON 36.65 4 3 3 1.25 35- 55 (N- 50%) 33.3 0.7 1.10 .26 58 3/31 .19 .21 9/30 .13 .11 YES 702 AAR Corp. AIR 33.98 3 3 3 1.25 30- 45 (N- 30%) 19.8 0.9 1.72 .30 59 2/28 .38 .31 6/30 .075 .075 YES 1968 AB InBev ADR BUD 118.59 – 1 – 1.00 120- 145 (N- 20%) 26.4 3.6 4.50 4.25 75 3/31 .71 .08 6/30 2.193 2.301 YES 1738 ABB Ltd. ADR ABB 24.85 4 2 3 1.15 30- 40 (20- 60%) 22.6 3.0 1.10 .74 52 3/31 .34 .23 3/31 NIL NIL YES 378 ABM Industries Inc. ABM 42.07 3 2 3 .80 45- 60 (5- 45%) 22.5 1.6 1.87 .68 41 1/31 .38 .38 6/30 .17 .165 YES 1410 ACCO Brands ACCO 11.25 2 4 1 1.35 15- 25 (35-120%) 10.2 NIL 1.10 NIL 44 3/31 .04 d.01 3/31 NIL NIL YES 856 2609 ACI Worldwide (NDQ) ACIW 22.97 1 3 3 1.05 25- 35 (10- 50%) 23.0 NIL 1.00 NIL 56 3/31 d.01 .74 3/31 NIL NIL YES 1214 AES Corp. AES 11.37 3 3 4 1.15 16- 25 (40-120%) NMF 4.2 d.98 .48 69 3/31 d.04 .19 6/30 .12 NIL YES 152 AGCO Corp. AGCO 64.04 ▼433 1.10 60- 95 (N- 50%) 25.6 0.9 2.50 .56 93 3/31 d.02 .09 6/30 .14 .13 YES 2383 A.H. Belo AHC 5.60 – 4 – .90 7- 11 (25- 95%) 14.0 5.7 .40 .32 83 3/31 d.21 d.04 9/30 .08 .08 YES 740 AK Steel Holding AKS 6.03 1 5 2 1.95 10- 18 (65-200%) 11.2 NIL .54 NIL 46 3/31 .19 d.08 3/31 NIL NIL YES 2302 AMC Entertainment Hldgs. AMC 24.65 3 3 1 1.05 45- 65 (85-165%) 20.2 3.2 1.22 .80 15 3/31 .07 .29 6/30 .20 .20 YES 2329 AMC Networks (NDQ) AMCX 52.72 1 3 3 .90 115- 175 (120-230%) 8.5 NIL 6.20 NIL 25 3/31 2.10 1.99 3/31 NIL NIL YES 1641 AMN Healthcare AMN 36.50 1 3 3 1.10 45- 65 (25- 80%) 15.5 NIL 2.36 NIL 48 3/31 .65 .53 3/31 NIL NIL YES 1564 ASA Gold & Precious ASA 12.01 – 3 1 .90 16- 25 (35-110%) NMF 0.3 NMF .04 7 2/28 13.73(q) 11.47(q) 6/30 .02 .02 YES 919 AT&T Inc. T 38.31 3 1 1 .75 45- 55 (15- 45%) 13.0 5.1 2.94 1.97 31 3/31 .74 .72 6/30 .49 .48 YES 920 ATN International (NDQ) ATNI 63.00 5 3 3 .85 75- 110 (20- 75%) 27.5 2.2 2.29 1.38 31 3/31 .53 .54 6/30 .34 .32 YES 1318 AVX Corp. AVX 16.18 4 3 2 1.00 14- 20 (N- 25%) 18.2 2.8 .89 .46 40 3/31 .20 .19 3/31 ▲ .11 .105 YES 2664 2133 Aaron’s Inc. AAN 34.37 2 3 2 1.00 35- 55 (N- 60%) 13.5 0.3 2.55 .11 20 3/31 .80 .71 9/30 ◆.028 .025 YES 196 Abaxis, Inc. (NDQ) ABAX 48.12 3 3 5 1.05 50- 75 (5- 55%) 38.5 1.2 1.25 .56 76 3/31 .33 .36 6/30 .14 .12 YES 197 Abbott Labs. ABT 43.68 3 1 2 1.05 60- 70 (35- 60%) 17.8 2.4 2.45 1.06 76 3/31 .48 .41 6/30 .265 .26 YES 1610 AbbVie Inc. ABBV 65.84 3 3 3 1.10 90- 135 (35-105%) 12.0 3.9 5.50 2.56 70 3/31 1.28 1.15 6/30 .64 .57 YES 227 2201 Abercrombie & Fitch ANF 12.20 – 3 – 1.30 20- 30 (65-145%) NMF 6.6 d.10 .80 50 1/31 .71 .85 6/30 ◆.20 .20 YES 419 Aberdeen Australia Fd. (ASE) IAF 6.02 – 3 2 .95 9- 13 (50-115%) NMF 2.7 NMF .16 – 4/30 6.45(q) 6.37(q) 3/31 .043 .072 1203 Aberdeen Asia-Pac. Fd.(ASE) FAX 5.02 – 4 2 .65 4- 7 (N- 40%) NMF 8.4 NMF .42 – 10/31 5.69(q) 5.57(q) 3/31 .14 .14 420 Aberdeen Japan Equity JEQ 8.36 – 3 3 .95 11- 16 (30- 90%) NMF 1.2 NMF .10 – 4/30 9.13(q) 8.55(q) 3/31 .089 .048 170 ABIOMED Inc. (NDQ) ABMD 134.74 3 3 4 1.00 130- 200 (N- 50%) 91.0 NIL 1.48 NIL 68 3/31 .33 .24 3/31 NIL NIL YES 940 Acacia Communications(NDQ) ACIA 48.18 – 3 – NMF 175- 265 (265-450%) 11.3 NIL 4.25 NIL 64 3/31 .86 .30 3/31 NIL NIL YES 2610 Accenture Plc ACN 122.15 3 1 4 1.05 115- 140 (N- 15%) 20.6 2.1 5.92 2.53 56 2/28 1.33 1.34 6/30 1.21 1.10 YES 2010 Activision Blizzard (NDQ) ATVI 57.80 3 3 5 1.05 30- 45 (N- N%) 49.8 0.5 1.16 .30 91 3/31 .56 .48 6/30 ▲ .30 .26 YES 153 Actuant Corp. ATU 25.65 5 3 2 1.40 25- 40 (N- 55%) 22.3 0.2 1.15 .04 93 2/28 .11 .21 3/31 NIL NIL YES 1839 1302 Acuity Brands AYI 169.73 3 3 5 1.30 205- 310 (20- 85%) 18.6 0.3 9.12 .52 53 2/28 1.77 1.80 6/30 .13 .13 YES 1204 Adams Divers. Equity Fd ADX 14.12 – 2 3 .95 20- 25 (40- 75%) NMF 1.4 NMF .20 – 12/31 15.22(q) 15.04(q) 6/30 .05 .05 2587 Adobe Systems (NDQ) ADBE 139.52 3 3 5 1.15 180- 275 (30- 95%) 46.5 NIL 3.00 NIL 51 2/28 .80 .50 3/31 NIL NIL YES 2005 Adtalem Global Educ. ATGE 36.90 3 3 3 1.15 35- 50 (N- 35%) 14.2 NIL 2.60 NIL 79 3/31 .70 .71 6/30 ▼NIL .18 YES 941 ADTRAN, Inc. (NDQ) ADTN 19.55 3 3 3 .85 25- 40 (30-105%) 23.8 1.8 .82 .36 64 3/31 .14 .10 6/30 .09 .09 YES 2119 Advance Auto Parts AAP 140.66 3 3 4 1.00 145- 220 (5- 55%) 18.8 0.2 7.50 .24 8 3/31 ◆1.60 2.51 9/30 ◆.06 .06 YES 1348 Advanced Energy (NDQ) AEIS 77.12 ▲234 1.15 65- 95 (N- 25%) 21.4 NIL 3.60 NIL 37 3/31 1.04 .56 3/31 NIL NIL YES 2665 1349 Advanced Micro Dev. (NDQ) AMD 10.89 4 5 2 1.55 5- 10 (N- N%) NMF NIL .05 NIL 37 3/31 d.04 d.12 3/31 NIL NIL YES 2455 1902 AdvancePierre Foods APFH 40.22 – 3 – NMF 25- 40 (N- N%) 29.8 1.6 1.35 .66 71 3/31 .36 .25 6/30 .16 NIL YES 434 Advisory Board (NDQ) ABCO 51.00 – 3 – .65 40- 65 (N- 25%) 40.8 NIL 1.25 NIL 39 3/31 .48 .25 3/31 NIL NIL YES 1231 AECOM ACM 32.55 3 3 3 1.50 45- 65 (40-100%) 10.8 NIL 3.02 NIL 85 3/31 .89 .87 3/31 NIL NIL YES 847 1102 Aegion Corp. (NDQ) AEGN 20.87 2 3 2 1.40 25- 40 (20- 90%) 14.9 NIL 1.40 NIL 4 3/31 .18 .12 3/31 NIL NIL YES 1552 AEGON AEG 5.00 5 3 3 1.40 6- 9 (20- 80%) 7.1 5.8 .70 .29 89 12/31 .22 d.31 3/31 NIL NIL YES 2535 AerCap Hldgs. NV AER 45.03 1 3 3 1.30 60- 85 (35- 90%) 7.9 NIL 5.70 NIL 33 3/31 1.48 1.14 3/31 NIL NIL YES 1739 Aerojet Rocketdyne AJRD 21.35 2 3 2 1.15 30- 40 (40- 85%) 25.4 NIL .84 NIL 52 3/31 .08 .08 3/31 NIL NIL YES 703 AeroVironment (NDQ) AVAV 31.34 4 3 4 1.05 35- 50 (10- 60%) 58.0 NIL .54 NIL 59 1/31 d.09 .27 3/31 NIL NIL YES 794 Aetna Inc. AET 141.89 1 2 4 .95 140- 185 (N- 30%) 16.1 1.4 8.80 2.00 14 3/31 2.71 2.30 9/30 ◆.50 .25 YES 2536 Affiliated Managers AMG 152.66 3 3 1 1.40 210- 310 (40-105%) 16.4 0.5 9.30 .80 33 3/31 2.13 1.92 6/30 .20 NIL YES 1553 Aflac Inc. AFL 74.13 3 2 3 1.05 75- 100 (N- 35%) 11.3 2.4 6.54 1.76 89 3/31 1.67 1.73 6/30 .43 .41 YES 113 Agilent Technologies A 58.66 3 3 4 1.15 65- 95 (10- 60%) 27.0 0.9 2.17 .53 72 4/30 ◆.58 .44 9/30 ◆.132 .115 YES 1565 Agnico Eagle Mines AEM 47.60 3 3 2 .60 50- 75 (5- 60%) 60.3 0.8 .79 .40 7 3/31 .28 .13 6/30 .10 .08 YES 1598 Agrium, Inc. AGU 93.07 – 3 – 1.05 95- 140 (N- 50%) 17.8 4.0 5.22 3.68 97 3/31 d.08 .02 9/30 .875 .875 YES 2444 Air Products & Chem. APD 142.83 3 1 5 1.05 180- 220 (25- 55%) 21.1 2.7 6.78 3.80 60 3/31 1.43 1.82 6/30 ▲ .95 .86 YES 2537 Aircastle Ltd. AYR 22.71 3 3 3 1.30 25- 35 (10- 55%) 10.6 4.6 2.15 1.04 33 3/31 .54 .46 6/30 .26 .24 YES ★★ Supplementary Report in this week’s issue. For Timeliness, 3-5 year Target Price Range, or Estimated results, the rank change probably was primarily caused by the ▲ Arrow indicates the direction of a change. When it appears Earnings 12 months to 12-31-17, the arrow indicates a change earnings report. In other cases, the change is due to the dynamics with the Latest Dividend, the arrow signals that a change in the since the preceding week. When a diamond ♦ (indicating a of the ranking system and could simply be the result of the regular payment rate has occurred in the latest quarter. new figure) appears alongside the latest quarterly earnings improvement or weakening of other stocks.
Volume LXXII, Number 42, Issue 3. The Value Line Investment Survey (ISSN 0042-2401) is published weekly by Value Line Publishing LLC, 551 Fifth Avenue New York, NY 10176 and is accorded expeditious treatment prescribed for newspapers. Subscription rate for one year in the United States and US possessions is $598. Foreign rates upon request. Periodical Postage Paid at New York, NY and additional mailing offices. The contents are protected by copyright 2017. Factual material is not guaranteed, but is obtained from sources believed to be reliable. Rights of reproduction and distribution are reserved to the publisher VALUE LINE PUBLISHING LLC.
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© 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2017 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 12 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 3 AK-AR PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 2665 1812 Akamai Technologies (NDQ) AKAM 47.41 3 3 3 1.35 100- 150 (110-215%) 21.1 NIL 2.25 NIL 28 3/31 .46 .42 3/31 NIL NIL YES 2455 1611 Akorn, Inc. (NDQ) AKRX 33.18 – 3 – 1.15 25- 35 (N- 5%) 31.6 NIL 1.05 NIL 70 3/31 .33 .34 3/31 NIL NIL YES 302 Alaska Air Group ALK 85.78 2 3 3 1.15 100- 150 (15- 75%) 10.9 1.4 7.90 1.20 67 3/31 1.05 1.44 6/30 .30 .275 YES 1703 Albany Int’l ‘A’ AIN 47.50 ▲433 1.15 45- 70 (N- 45%) 23.8 1.4 2.00 .68 58 3/31 .46 .46 9/30 .17 .17 YES 1612 Albany Molecular (NDQ) AMRI 17.68 4 4 5 1.25 19- 30 (5- 70%) NMF NIL d.20 NIL 70 3/31 d.25 d.29 3/31 NIL NIL YES 2445 Albemarle Corp. ALB 111.71 ▲433 1.25 120- 180 (5- 60%) 26.6 1.1 4.20 1.28 60 3/31 .45 2.02 9/30 .32 .305 YES 1581 Alcoa Corp. AA 33.26 – 3 – NMF 35- 55 (5- 65%) 12.6 NIL 2.63 NIL 54 3/31 .63 d1.16 3/31 NIL NIL YES 198 Alere Inc. ALR 48.85 – 3 – 1.00 45- 70 (N- 45%) 16.8 NIL 2.90 NIL 76 9/30 .19 .50 3/31 NIL NIL YES ★★ 1613 Alexion Pharmac. (NDQ) ALXN 104.64 3 3 4 1.10 150- 230 (45-120%) 34.3 NIL 3.05 NIL 70 3/31 .75 .41 3/31 NIL NIL YES 2632 Alibaba Group Hldg Ltd. BABA 122.93 3 3 4 1.00 130- 195 (5- 60%) 34.4 NIL 3.57 NIL 62 3/31 ◆.63 .45 3/31 NIL NIL YES 2665 199 Align Techn. (NDQ) ALGN 138.22 3 3 3 1.20 105- 160 (N- 15%) 44.6 NIL 3.10 NIL 76 3/31 .85 .50 3/31 NIL NIL YES 1946 Alimentation Couche-Tard(TSE) ATDB.TO 61.78b 3 3 3 .70 95- 145 (55-135%) 18.5 0.6 3.34 .38 57 1/31 .68(b) .60(b) 6/30 .09(b) .068(b) YES 829 Alkermes plc (NDQ) ALKS 57.71 5 3 2 1.35 80- 120 (40-110%) NMF NIL d.05 NIL 84 3/31 d.18 d.12 3/31 NIL NIL YES 755 Alleghany Corp. Y 577.00 4 1 2 .90 540- 660 (N- 15%) 21.6 NIL 26.75 NIL 82 3/31 5.80 9.96 3/31 NIL NIL YES 1582 Allegheny Techn. ATI 16.49 3 4 2 1.90 20- 35 (20-110%) 20.4 NIL .81 NIL 54 3/31 .16 d.58 3/31 NIL .08 YES 303 Allegiant Travel (NDQ) ALGT 143.40 3 3 3 .85 160- 245 (10- 70%) 14.1 2.0 10.20 2.80 67 3/31 2.50 4.29 6/30 .70 .70 YES 1319 Allegion plc ALLE 78.90 ▲233 1.10 85- 125 (10- 60%) 20.9 0.8 3.78 .64 40 3/31 .73 .61 6/30 .16 .12 YES 1614 Allergan plc AGN 220.66 3 3 3 1.00 305- 460 (40-110%) 13.7 0.1 16.10 .28 70 3/31 3.35 3.04 6/30 .07 NIL YES 902 ALLETE ALE 70.90 3 2 2 .80 50- 70 (N- N%) 21.5 3.0 3.30 2.16 34 3/31 .97 .93 6/30 .535 .52 YES 435 Alliance Data Sys. ADS 236.21 2 3 3 1.10 330- 490 (40-105%) 12.7 0.9 18.55 2.08 39 3/31 3.91 3.83 6/30 .52 NIL YES 1583 Alliance Resource (NDQ) ARLP 21.95 2 3 2 1.15 40- 55 (80-150%) 7.8 8.0 2.80 1.75 54 3/31 1.10 .36 6/30 .438 .438 YES 2538 AllianceBernstein Hldg. AB 21.10 1 3 3 1.20 30- 40 (40- 90%) 10.6 9.6 2.00 2.02 33 3/31 .46 .40 6/30 .46 .40 YES 903 Alliant Energy LNT 40.91 3 2 3 .70 30- 45 (N- 10%) 20.5 3.1 2.00 1.26 34 3/31 .44 .43 6/30 .315 .295 YES 974 Allison Transmission ALSN 38.21 4 3 3 1.00 35- 55 (N- 45%) 21.2 1.6 1.80 .60 5 3/31 .52 .28 6/30 .15 .15 YES 821 Allscripts Healthcare (NDQ) MDRX 11.75 3 3 3 1.00 15- 25 (30-115%) 18.7 NIL .63 NIL 61 3/31 .13 .13 3/31 NIL NIL YES 756 Allstate Corp. ALL 85.40 3 1 3 .85 95- 115 (10- 35%) 13.8 1.7 6.19 1.48 82 3/31 1.64 .84 6/30 ▲ .37 .33 YES 2502 Ally Financial ALLY 18.97 3 3 3 1.20 30- 50 (60-165%) 8.4 1.7 2.25 .32 63 3/31 .48 .52 6/30 .08 NIL YES ★★ 830 Alnylam Pharmac. (NDQ) ALNY 74.87 5 4 5 1.45 65- 120 (N- 60%) NMF NIL d5.00 NIL 84 3/31 d1.25 d1.21 3/31 NIL NIL YES 2633 Alphabet Inc. (NDQ) GOOG 948.82 3 1 5 1.05 1085-1325 (15- 40%) 27.1 NIL 35.00 NIL 62 3/31 7.73 6.02 3/31 NIL NIL YES 1704 Altra Industrial Motion (NDQ) AIMC 42.60 3 3 3 1.30 30- 50 (N- 15%) 25.8 1.4 1.65 .60 58 3/31 .36 .34 9/30 .15 .15 YES 1994 Altria Group MO 72.13 4 2 3 .65 70- 95 (N- 30%) 22.5 3.4 3.20 2.44 94 3/31 .73 .62 9/30 ◆.61 .61 YES 2634 Amazon.com (NDQ) AMZN 971.54 1 3 4 1.10 765-1145 (N- 20%) NMF NIL 7.95 NIL 62 3/31 1.48 1.07 3/31 NIL NIL YES 2611 Amdocs Ltd. (NDQ) DOX 64.09 3 1 4 .80 60- 75 (N- 15%) 22.0 1.4 2.91 .88 56 3/31 .76 .71 9/30 .22 .195 YES 795 Amedisys, Inc. (NDQ) AMED 58.65 2 4 4 1.15 35- 60 (N- N%) 31.7 NIL 1.85 NIL 14 3/31 .47 .33 3/31 NIL NIL YES 319 AMERCO (NDQ) UHAL 387.41 4 3 3 1.10 340- 505 (N- 30%) 17.1 NIL 22.60 NIL 86 12/31 3.33 4.17 3/31 NIL NIL 904 Ameren Corp. AEE 56.46 3 2 2 .65 45- 60 (N- 5%) 20.2 3.2 2.80 1.79 34 3/31 .42 .43 6/30 .44 .425 YES 921 America Movil AMX 15.92 3 3 4 1.10 14- 20 (N- 25%) 17.1 1.9 .93 .31 31 3/31 .53 .08 3/31 NIL NIL YES 304 Amer. Airlines (NDQ) AAL 46.66 3 3 3 1.30 50- 70 (5- 50%) 11.8 0.9 3.95 .40 67 3/31 .46 1.17 6/30 .10 .10 YES 975 Amer. Axle AXL 15.64 2 4 2 1.35 25- 40 (60-155%) 4.6 NIL 3.40 NIL 5 3/31 1.03 .78 3/31 NIL NIL YES 452 2202 Amer. Eagle Outfitters AEO 11.07 4 3 3 .90 18- 25 (65-125%) 10.1 4.5 1.10 .50 50 4/30 .16 .22 9/30 ◆.125 .125 YES 905 Amer. Elec. Power AEP 69.59 2 1 3 .65 60- 75 (N- 10%) 19.1 3.5 3.65 2.42 34 3/31 1.20 1.02 6/30 .59 .56 YES 2238 2539 Amer. Express AXP 77.20 4 1 2 1.10 90- 105 (15- 35%) 13.5 1.8 5.70 1.36 33 3/31 1.34 1.45 9/30 .32 .32 YES 757 Amer. Financial Group AFG 98.45 2 2 3 .85 80- 110 (N- 10%) 15.6 1.3 6.30 1.25 82 3/31 1.69 1.25 6/30 .313 .28 YES 2540 Amer. Int’l Group AIG 62.17 4 3 3 1.10 70- 100 (15- 60%) 10.7 2.1 5.80 1.28 33 3/31 1.36 d.12 6/30 .32 .32 YES 2303 Amer. Outdoor Brands (NDQ) AOBC 22.62 2 3 5 .95 25- 35 (10- 55%) 12.6 NIL 1.79 NIL 15 1/31 .57 .56 3/31 NIL NIL YES 340 Amer. Railcar (NDQ) ARII 36.75 3 3 4 1.40 35- 55 (N- 50%) 14.1 4.4 2.60 1.60 45 3/31 .55 1.16 6/30 .40 .40 YES 1782 Amer. States Water AWR 45.17 3 2 2 .75 40- 55 (N- 20%) 26.6 2.1 1.70 .97 87 3/31 .34 .28 6/30 .242 .224 YES 591 Amer. Tower ‘A’ AMT 128.73 3 2 3 .95 130- 175 (N- 35%) 48.6 2.1 2.65 2.74 11 3/31 .67 .58 6/30 ▲ .62 .51 YES 560 Amer. Vanguard Corp. AVD 17.40 3 3 3 1.10 17- 25 (N- 45%) 31.6 0.3 .55 .06 65 3/31 .12 .10 6/30 ▲ .015 NIL YES 1783 Amer. Water Works AWK 76.57 3 3 2 .60 60- 90 (N- 20%) 25.1 2.2 3.05 1.66 87 3/31 .52 .46 6/30 ▲ .415 .375 YES 856 1103 Amer. Woodmark (NDQ) AMWD 87.30 1 3 3 1.10 85- 125 (N- 45%) 19.1 NIL 4.57 NIL 4 1/31 .89 .73 3/31 NIL NIL YES 617 AmeriGas Partners APU 44.16 ▼531 .75 50- 70 (15- 60%) 40.9 8.7 ▼1.08 3.82 78 3/31 1.14 1.74 6/30 ▲ .95 .94 YES 2541 Ameriprise Fin’l AMP 122.98 3 3 3 1.30 165- 245 (35-100%) 12.5 2.7 9.87 3.32 33 3/31 2.52 2.09 6/30 ▲ .83 .75 YES 200 AmerisourceBergen ABC 89.19 3 2 4 .85 105- 145 (20- 65%) 14.9 1.6 5.98 1.46 76 3/31 1.77 1.68 6/30 .365 .34 YES 1740 Ametek, Inc. AME 60.56 3 2 4 1.10 50- 70 (N- 15%) 24.7 0.6 2.45 .36 52 3/31 .60 .57 6/30 .09 .09 YES 1419 831 Amgen (NDQ) AMGN 154.07 2 1 1 1.05 225- 275 (45- 80%) 12.2 3.1 12.60 4.70 84 3/31 3.15 2.90 6/30 1.15 1.00 YES 1380 Amkor Technology (NDQ) AMKR 11.19 2 5 2 1.30 12- 20 (5- 80%) 19.3 NIL .58 NIL 17 3/31 d.04 NIL 3/31 NIL NIL YES 1320 Amphenol Corp. APH 73.37 3 2 3 .95 55- 75 (N- N%) 24.5 0.9 3.00 .64 40 3/31 .71 .59 9/30 .16 .14 YES 227 758 AmTrust Financial Svcs.(NDQ) AFSI 12.18 4 3 3 .90 30- 45 (145-270%) 4.7 5.6 2.60 .68 82 3/31 .32 .66 9/30 .17 .15 YES 2400 Anadarko Petroleum APC 53.57 4 3 2 1.65 75- 115 (40-115%) NMF 0.4 d.20 .20 27 3/31 d.58 d2.03 6/30 .05 .05 YES 1350 Analog Devices (NDQ) ADI 81.96 3 2 3 1.10 95- 130 (15- 60%) 20.2 2.2 4.05 1.80 37 1/31 .94 .56 3/31 ▲ .45 .42 YES 1034 114 Analogic Corp. (NDQ) ALOG 71.50 4 3 5 .80 65- 100 (N- 40%) 29.7 0.6 2.41 .40 72 1/31 .59 d.24 3/31 .10 .20 YES 171 AngioDynamics (NDQ) ANGO 15.82 2 3 3 .90 17- 25 (5- 60%) 52.7 NIL .30 NIL 68 2/28 .08 .02 3/31 NIL NIL YES 1566 AngloGold Ashanti ADS AU 11.84 2 4 3 .65 20- 35 (70-195%) 14.8 0.8 .80 .10 7 12/31 .02(p) .13 6/30 .094 NIL YES 1321 Anixter Int’l AXE 76.95 3 3 2 1.20 75- 110 (N- 45%) 16.6 NIL 4.63 NIL 40 3/31 .91 .70 3/31 NIL NIL YES 1512 Annaly Capital Mgmt. NLY 11.68 4 3 2 .60 12- 18 (5- 55%) 10.2 10.3 1.15 1.20 36 3/31 ◆.31 .30 6/30 .30 .30 YES 2588 ANSYS, Inc. (NDQ) ANSS 124.66 ▲325 1.05 95- 130 (N- 5%) 33.2 NIL 3.75 NIL 51 3/31 .89 .77 3/31 NIL NIL YES 525 Antero Resources AR 21.91 ▼233 1.30 45- 65 (105-195%) 31.3 NIL ▲ .70 NIL 26 3/31 .18 .17 3/31 NIL NIL YES 2666 796 Anthem, Inc. ANTM 177.71 2 2 3 .85 190- 260 (5- 45%) 15.5 1.5 11.43 2.60 14 3/31 3.73 2.63 6/30 .65 .65 YES 2542 Aon plc AON 128.56 2 1 4 .90 140- 175 (10- 35%) 23.2 1.1 5.55 1.44 33 3/31 1.09 1.15 6/30 ▲ .36 .33 YES 2401 Apache Corp. APA 50.00 3 3 4 1.50 70- 105 (40-110%) 44.2 2.0 1.13 1.00 27 3/31 .08 d.40 9/30 .25 .25 YES 1513 Apartment Investment AIV 43.28 3 3 2 .85 35- 55 (N- 25%) 96.2 3.3 .45 1.44 36 3/31 .07 .15 6/30 .36 .33 YES 1104 Apogee Enterprises (NDQ) APOG 51.65 2 3 2 1.20 60- 90 (15- 75%) 15.2 1.1 3.40 .56 4 2/28 .80 .69 6/30 .14 .125 YES 2658 Apollo Global Mgmt APO 27.59 1 3 3 1.35 30- 40 (10- 45%) 12.8 7.1 2.15 1.96 49 3/31 .82 d.18 6/30 ▲ .49 .25 YES 2659 Apollo Investment (NDQ) AINV 6.38 5 3 2 .90 7- 10 (10- 55%) 9.0 9.4 .71 .60 49 3/31 ◆.17 d.10 9/30 ◆.15 .20 YES 2664 1392 Apple Inc. (NDQ) AAPL 153.80 3 2 4 .90 155- 210 (N- 35%) 16.2 1.6 9.49 2.52 55 3/31 2.10 1.90 6/30 ▲ .63 .57 YES 1705 Applied Ind’l Techn. AIT 61.35 ▲332 1.00 55- 80 (N- 30%) 20.5 1.9 3.00 1.16 58 3/31 .75 .51 6/30 .29 .27 YES 1381 Applied Materials (NDQ) AMAT 44.91 3 3 4 1.15 40- 60 (N- 35%) 16.3 0.9 2.75 .40 17 4/30 ◆.76 .29 6/30 .10 .10 YES 1174 AptarGroup ATR 83.19 3 2 4 .95 80- 105 (N- 25%) 24.5 1.5 3.40 1.28 23 3/31 ◆.81 .67 6/30 .32 .30 YES 1784 Aqua America WTR 32.17 3 2 2 .70 35- 45 (10- 40%) 23.0 2.5 1.40 .81 87 3/31 .28 .29 6/30 .191 .178 YES 1741 ARAMARK Holdings ARMK 36.72 2 3 3 .85 40- 60 (10- 65%) 26.0 1.1 1.41 .41 52 3/31 .28 .27 6/30 .103 .095 YES 227 320 ArcBest Corp. (NDQ) ARCB 18.90 3 3 2 1.65 25- 40 (30-110%) 15.8 1.7 1.20 .32 86 3/31 d.22 d.23 6/30 .08 .08 YES (•) All data adjusted for announced stock split or stock dividend. (h) Est’d Earnings & Est’d Dividends after conversion to U.S. See back page of Ratings & Reports. (f) The estimate may reflect a probable increase or decrease. dollars at Value Line estimated translation rate. ♦ New figure this week. If a dividend boost or cut is possible but not probable, (j) All Index data expressed in hundreds. (b) Canadian Dollars. two figures are shown, the first is the more likely. (p) 6 months (q) Asset Value (d) Deficit. (g) Dividends subject to foreign withholding tax for U.S. residents. N=Negative figure NA=Not available NMF=No meaningful figure © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2018 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 13 of 190 AR-BI Page 4 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 741 ArcelorMittal(•) MT 22.89 1 4 3 1.70 20- 35 (N- 55%) 12.7 NIL 1.80 NIL 46 3/31 .99 d.69 3/31 NIL NIL YES 759 Arch Capital Group (NDQ) ACGL 94.79 ▲313 .70 90- 110 (N- 15%) 17.7 NIL 5.35 NIL 82 3/31 1.42 1.17 3/31 NIL NIL YES 1903 Archer Daniels Midl’d ADM 43.04 3 2 2 1.10 50- 70 (15- 65%) 15.1 3.0 2.85 1.28 71 3/31 .59 .39 6/30 .32 .30 YES 2238 1584 Arconic Inc. ARNC 27.87 – 3 – NMF 30- 50 (10- 80%) 18.0 0.9 1.55 .24 54 3/31 .65 .21 6/30 .06 NIL YES 2024 Argo Group Int’l (NDQ) AGII 62.10 3 2 3 .85 60- 80 (N- 30%) 14.8 1.7 4.20 1.08 90 3/31 1.19 .89 3/31 .27 .20 1813 Arista Networks ANET 143.20 2 3 4 1.05 120- 175 (N- 20%) 50.2 NIL 2.85 NIL 28 3/31 1.07 .48 3/31 NIL NIL YES 847 1105 Armstrong World Inds. AWI 43.10 2 3 2 1.20 55- 80 (30- 85%) 16.6 NIL 2.60 NIL 4 3/31 .55 .49 3/31 NIL NIL YES 942 Arris Int’l plc (NDQ) ARRS 27.39 2 3 4 1.20 40- 60 (45-120%) 9.8 NIL 2.80 NIL 64 3/31 .40 .47 3/31 NIL NIL YES 1322 Arrow Electronics ARW 74.01 4 3 3 1.30 55- 80 (N- 10%) 10.4 NIL 7.10 NIL 40 3/31 1.46 1.43 3/31 NIL NIL YES 2120 Asbury Automotive ABG 56.15 1 3 3 1.30 95- 145 (70-160%) 8.8 NIL 6.35 NIL 8 3/31 1.58 1.36 3/31 NIL NIL YES 453 2203 Ascena Retail Group (NDQ) ASNA 1.92 3 5 1 1.35 14- 20 (630-940%) 12.0 NIL ▼.16 NIL 50 1/31 d.18 d.12 3/31 NIL NIL YES 561 Ashland Global Hldgs. ASH 64.66 – 3 – NMF 50- 70 (N- 10%) 17.1 1.4 ▼3.79 .90 65 3/31 1.71 1.83 6/30 ▼.225 .39 YES 2025 Aspen Insurance Hldgs. AHL 50.40 5 2 1 .85 40- 55 (N- 10%) 12.3 1.9 4.10 .96 90 3/31 1.36 1.68 6/30 ▲ .24 .22 YES 776 Assoc. Banc-Corp ASB 24.60 3 3 3 1.15 25- 40 (N- 65%) 17.1 2.0 1.44 .48 88 3/31 .35 .27 6/30 .12 .11 YES 2543 Assurant Inc. AIZ 99.49 ▲223 .90 55- 80 (N- N%) 15.8 2.1 6.30 2.12 33 3/31 2.53 3.34 6/30 .53 .50 YES 2026 Assured Guaranty AGO 38.70 1 3 3 1.40 30- 45 (N- 15%) 14.1 1.5 2.75 .58 90 3/31 2.49 .43 6/30 .143 .13 YES 154 Astec Inds. (NDQ) ASTE 56.20 4 3 2 1.20 75- 115 (35-105%) 21.2 0.7 2.65 .40 93 3/31 .65 .77 6/30 .10 .10 YES 1034 1502 Astoria Financial AF 19.07 – 3 – 1.05 18- 25 (N- 30%) 35.3 0.8 .54 .16 92 3/31 .12 .16 6/30 .04 .04 YES 453 1615 AstraZeneca PLC (ADS) AZN 34.08 2 3 5 1.00 35- 50 (5- 45%) 28.4 4.1 1.20 1.40 70 3/31 .21 .26 3/31 .95 .95 YES 704 Astronics Corp. (NDQ) ATRO 30.00 3 3 4 1.25 35- 55 (15- 85%) 16.7 NIL 1.80 NIL 59 3/31 .38 .38 3/31 NIL NIL YES 457 822 athenahealth (NDQ) ATHN 132.06 ▼435 1.15 155- 235 (15- 80%) NMF NIL 1.20 NIL 61 3/31 d.03 d.02 3/31 NIL NIL YES 305 Atlas Air Worldwide (NDQ) AAWW 48.75 3 3 1 1.35 55- 85 (15- 75%) 13.5 NIL 3.60 NIL 67 3/31 d.03 .02 3/31 NIL NIL YES 548 Atmos Energy ATO 82.09 3 1 3 .70 95- 115 (15- 40%) 22.2 2.3 3.70 1.89 80 3/31 1.52 1.38 6/30 .45 .42 YES ★★ 2589 Autodesk, Inc. (NDQ) ADSK 112.97 5 3 5 1.25 45- 70 (N- N%) NMF NIL ▼d2.50 NIL 51 4/30 ◆d.59 d.75 3/31 NIL NIL YES 976 Autoliv, Inc. ALV 106.90 3 3 5 1.10 105- 155 (N- 45%) 16.5 2.2 6.49 2.40 5 3/31 1.62 1.51 9/30 .60 .58 YES 2612 Automatic Data Proc. (NDQ) ADP 99.53 4 1 3 .95 120- 145 (20- 45%) 28.0 2.5 3.55 2.46 56 3/31 1.31 1.17 9/30 .57 .53 YES 2121 AutoNation, Inc. AN 38.99 2 3 3 1.05 65- 95 (65-145%) 9.5 NIL 4.12 NIL 8 3/31 .97 .90 3/31 NIL NIL YES ★★ 2122 AutoZone Inc. AZO 581.40 3 3 3 .75 735-1100 (25- 90%) 12.5 NIL 46.39 NIL 8 5/31◆11.44 10.77 3/31 NIL NIL YES 1514 AvalonBay Communities AVB 191.75 3 2 3 .75 215- 290 (10- 50%) 28.1 3.1 6.82 5.85 36 3/31 1.72 1.73 9/30 ◆1.42 1.35 YES 139 AVANGRID, Inc. AGR 44.63 – 2 – NMF 35- 45 (N- N%) 21.3 3.9 2.10 1.73 42 3/31 .77 .63 9/30 .432 .432 YES 562 Avery Dennison AVY 82.80 ▲223 1.00 80- 110 (N- 35%) 17.8 2.2 4.65 1.84 65 3/31 1.11 .94 6/30 ▲ .45 .41 YES 1323 Avigilon Corp. (TSE) AVO.TO 14.71b ▼333 1.10 30- 40 (105-170%) 16.5 NIL .89 NIL 40 3/31 .09(b) .12(b) 3/31 NIL NIL 1420 2164 Avis Budget Group (NDQ) CAR 22.38 3 4 4 1.60 40- 70 (80-215%) 6.8 NIL 3.30 NIL 29 3/31 d.94 d.28 3/31 NIL NIL YES 2225 Avista Corp. AVA 42.04 2 2 3 .70 35- 45 (N- 5%) 21.6 3.4 1.95 1.45 2 3/31 .96 .92 6/30 .358 .343 YES 1324 Avnet, Inc. AVT 36.51 4 3 3 1.15 50- 75 (35-105%) 9.9 2.0 3.68 .72 40 3/31 .88 1.01 6/30 .18 .17 YES 1007 Avon Products AVP 3.55 4 5 3 1.65 5- 10 (40-180%) 17.8 NIL .20 NIL 47 3/31 d.10 d.36 3/31 NIL NIL YES 563 Axalta Coating AXTA 31.43 3 3 3 1.05 35- 50 (10- 60%) 22.5 NIL 1.40 NIL 65 3/31 .26 .13 3/31 NIL NIL YES 2027 AXIS Capital Hldgs. AXS 63.75 5 2 2 .80 60- 80 (N- 25%) 16.2 2.4 3.94 1.52 90 3/31 .59 1.07 9/30 .38 .35 YES 725 Axon Enterprise (NDQ) AAXN 24.88 3 4 4 1.25 35- 60 (40-140%) 55.3 NIL .45 NIL 59 3/31 .09 .06 3/31 NIL NIL YES 1904 B&G Foods BGS 40.10 3 3 3 .60 45- 70 (10- 75%) 18.2 4.6 2.20 1.86 71 3/31 .58 .65 9/30 ◆.465 .42 YES 2503 BB&T Corp. BBT 43.03 3 2 3 1.05 40- 50 (N- 15%) 15.4 3.0 2.80 1.28 63 3/31 .46 .67 6/30 .30 .28 YES 1025 BCE Inc. BCE 44.73 3 3 3 .70 40- 60 (N- 35%) 18.6 6.4 2.40 2.87 32 3/31 .65 .82 9/30 ▲ .718 .683 YES 2034 705 B/E Aerospace BEAV SEE FINAL SUPPLEMENT - PAGE 2034 1792 BGC Partners (NDQ) BGCP 11.53 2 3 3 1.20 12- 18 (5- 55%) 10.5 6.2 1.10 .72 38 3/31 .23 .18 6/30 ▲ .18 .16 YES 1585 BHP Billiton Ltd. ADR BHP 36.66 3 3 3 1.40 60- 85 (65-130%) 13.1 4.4 2.80 1.60(h)54 12/31 1.20(p) d2.12(p) 3/31 ▲ .80 .32 YES 352 BJ’s Restaurants (NDQ) BJRI 45.50 2 3 4 .90 95- 140 (110-210%) 25.3 NIL 1.80 NIL 21 3/31 .42 .47 3/31 NIL NIL YES 777 BOK Financial (NDQ) BOKF 83.66 4 3 3 1.05 80- 115 (N- 35%) 17.8 2.1 4.70 1.76 88 3/31 1.35 .64 6/30 .44 .43 YES 502 BP PLC ADR BP 36.93 2 3 4 1.25 50- 75 (35-105%) 14.8 6.5 2.50 2.40 22 3/31 .44 d.19 6/30 .60 .60 YES 1026 BT Group ADR(g) BT 20.71 3 3 5 1.00 30- 45 (45-115%) 11.4 4.3 1.81 .90 32 3/31 .52 .73 3/31 .301 .316 848 1215 BWX Technologies BWXT 48.26 – 3 – NMF 50- 70 (5- 45%) 25.4 0.9 1.90 .44 69 3/31 .55 .47 6/30 ▲ .11 .09 YES 848 1232 Babcock & Wilcox Enter. BW 10.83 – 3 – NMF 25- 35 (130-225%) 13.5 NIL .80 NIL 85 3/31 d.14 .20 3/31 NIL NIL YES 115 Badger Meter BMI 38.50 4 3 3 1.00 40- 55 (5- 45%) 30.8 1.2 1.25 .46 72 3/31 .30 .27 6/30 .115 .10 YES 2635 Baidu, Inc. (NDQ) BIDU 191.80 2 3 4 1.25 140- 210 (N- 10%) 34.9 NIL 5.50 NIL 62 3/31 .67 .84 3/31 NIL NIL YES 2419 Baker Hughes BHI 57.67 – 3 – 1.30 50- 75 (N- 30%) NMF 1.2 d.05 .68 96 3/31 d.30 d2.22 6/30 .17 .17 YES 564 Balchem Corp. (NDQ) BCPC 79.54 4 3 3 1.00 70- 105 (N- 30%) 39.8 0.5 ▼2.00 .38 65 3/31 .48 .37 3/31 ▲ .38 .34 YES 1175 Ball Corp.(•) BLL 40.13 3 2 4 .95 30- 40 (N- N%) 19.1 0.5 2.10 .21 23 3/31 .19 d.45 6/30 ▼.05 .065 YES 2504 BancorpSouth BXS 29.65 ▲332 1.15 30- 45 (N- 50%) 18.0 2.0 1.65 .58 63 3/31 .41 .34 9/30 .125 .10 YES 2505 Bank of America BAC 23.39 3 3 3 1.30 25- 35 (5- 50%) 13.0 1.4 1.80 .33 63 3/31 .41 .28 6/30 .075 .05 YES 2506 Bank of Hawaii BOH 79.67 4 2 3 1.00 75- 105 (N- 30%) 18.5 2.5 4.30 2.00 63 3/31 1.20 1.16 6/30 .50 .48 YES 2507 Bank of Montreal (TSE) BMO.TO 95.13b 3 2 2 .75 100- 135 (5- 40%) 12.2 3.8 7.82 3.64 63 4/30 ◆1.84(b) 1.45(b) 9/30 ▲ .90(b) .86(b) YES 2508 Bank of New York Mellon BK 47.03 3 2 2 1.15 70- 95 (50-100%) 13.6 1.6 3.46 .76 63 3/31 .83 .74 6/30 .19 .17 YES 2509 Bank of Nova Scotia (TSE) BNS.TO 76.17b 3 1 2 .80 85- 105 (10- 40%) 11.8 4.1 6.48 3.12 63 1/31 1.57(b) 1.43(b) 6/30 ▲ .76(b) .72(b) YES 2455 172 Bard (C.R.) BCR 308.34 – 1 – .85 250- 305 (N- N%) 26.8 0.4 11.50 1.08 68 3/31 2.87 2.34 6/30 .26 .24 YES 1248 2165 Barnes & Noble BKS 6.85 – 4 – NMF 11- 18 (60-165%) 24.5 8.8 .28 .60 29 1/31 .96 1.04 6/30 .15 .15 YES 1742 Barnes Group B 55.45 ▲233 1.15 55- 85 (N- 55%) 20.5 1.0 2.70 .56 52 3/31 .71 .53 6/30 ▲ .14 .13 YES 1567 Barrick Gold ABX 16.42 2 3 1 .75 16- 25 (N- 50%) 20.8 0.7 .79 .12 7 3/31 .14 .11 6/30 .03 .02 YES 1148 Bassett Furniture (NDQ) BSET 28.00 3 3 3 1.10 40- 60 (45-115%) 16.8 1.4 1.67 .40 10 2/28 .27 .30 6/30 .10 .09 YES 173 Baxter Int’l Inc. BAX 57.92 – 2 – .85 50- 70 (N- 20%) 25.7 1.1 2.25 .64 68 3/31 .58 .36 9/30 ▲ .16 .13 YES 1106 Beacon Roofing (NDQ) BECN 48.78 3 3 3 1.20 55- 80 (15- 65%) 19.6 NIL 2.49 NIL 4 3/31 d.16 d.10 3/31 NIL NIL YES 1124 Beazer Homes USA BZH 14.28 3 5 3 1.85 13- 25 (N- 75%) 17.4 NIL .82 NIL 3 3/31 d.23 d.04 3/31 NIL NIL YES 2455 174 Becton, Dickinson BDX 186.62 2 1 2 .80 200- 240 (5- 30%) 19.4 1.6 9.62 3.06 68 3/31 2.30 2.18 6/30 ◆.73 .66 YES 2166 Bed Bath & Beyond (NDQ) BBBY 34.70 3 2 3 1.00 45- 65 (30- 85%) 8.0 1.7 4.32 .60 29 2/28 1.84 1.91 9/30 ▲ .15 .125 YES 1303 Belden Inc. BDC 69.12 3 3 3 1.45 60- 90 (N- 30%) 24.3 0.3 2.85 .20 53 3/31 .40 .39 6/30 .05 .05 YES 2352 Belmond Ltd. BEL 12.10 4 4 3 1.20 13- 20 (5- 65%) 40.3 NIL .30 NIL 6 3/31 d.18 d.02 3/31 NIL NIL YES 1176 Bemis Co. BMS 44.18 4 1 3 .85 60- 70 (35- 60%) 15.9 2.7 2.78 1.20 23 3/31 .55 .59 6/30 .30 .29 YES 1325 Benchmark Electronics BHE 31.80 3 3 3 1.05 30- 45 (N- 40%) 20.5 NIL 1.55 NIL 40 3/31 .34 .29 3/31 NIL NIL YES 760 Berkley (W.R.) WRB 68.01 5 1 2 .80 60- 75 (N- 10%) 20.9 0.8 3.26 .56 82 3/31 .70 .89 9/30 ▲ .14 .13 YES 761 Berkshire Hathaway ‘B’ BRKB 165.48 4 1 2 .85 190- 235 (15- 40%) 17.9 NIL 9.25 NIL 82 3/31 1.65 2.27 3/31 NIL NIL YES 1177 Berry Global Group BERY 56.39 1 3 4 1.05 65- 100 (15- 75%) 19.8 NIL 2.85 NIL 23 3/31 .79 .58 3/31 NIL NIL YES Berry Plastics Group NAME CHANGED TO BERRY GLOBAL GROUP ★★ 2167 Best Buy Co. BBY 51.55 2 3 3 1.10 45- 65 (N- 25%) 13.9 2.6 3.70 1.36 29 1/31 1.95 1.53 6/30 ▲ .34 .28 YES 2168 Big 5 Sporting Goods (NDQ) BGFV 13.20 1 4 1 .90 17- 30 (30-125%) 12.0 4.5 1.10 .60 29 3/31 .24 d.05 6/30 .15 .125 YES
★★ Supplementary Report in this week’s issue. For Timeliness, 3-5 year Target Price Range, or Estimated results, the rank change probably was primarily caused by the ▲ Arrow indicates the direction of a change. When it appears Earnings 12 months to 12-31-17, the arrow indicates a change earnings report. In other cases, the change is due to the dynamics with the Latest Dividend, the arrow signals that a change in the since the preceding week. When a diamond ♦ (indicating a of the ranking system and could simply be the result of the regular payment rate has occurred in the latest quarter. new figure) appears alongside the latest quarterly earnings improvement or weakening of other stocks. © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2019 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 14 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 5 BI-CA PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 2134 Big Lots Inc. BIG 46.95 ▲233 1.10 70- 110 (50-135%) 11.7 2.2 4.00 1.03 20 1/31 1.99 1.91 3/31 ▲ .25 NIL YES 201 Bio-Rad Labs. ‘A’ BIO 219.36 5 2 4 .90 140- 190 (N- N%) 56.2 NIL 3.90 NIL 76 3/31 .41 .42 3/31 NIL NIL YES 832 Bio-Techne Corp. (NDQ) TECH 110.84 5 1 4 .85 115- 140 (5- 25%) 38.2 1.2 2.90 1.29 84 3/31 .57 .81 6/30 .32 .32 YES 1616 Biogen (NDQ) BIIB 248.10 3 3 4 1.10 360- 540 (45-120%) 11.9 NIL 20.80 NIL 70 3/31 3.46 4.43 3/31 NIL NIL YES 833 BioMarin Pharmac. (NDQ) BMRN 88.36 4 3 4 1.30 95- 140 (10- 60%) NMF NIL d1.00 NIL 84 3/31 d.09 d.53 3/31 NIL NIL YES 943 Black Box (NDQ) BBOX 8.35 4 3 4 1.35 11- 16 (30- 90%) NMF 5.7 .08 .48 64 3/31 d.12 d1.15 9/30 .12 .12 YES 2226 Black Hills BKH 68.50 ▲223 .85 55- 70 (N- N%) 19.6 2.6 3.50 1.81 2 3/31 1.39 .94 6/30 .445 .42 YES 1814 Black Knight Fin’l BKFS 39.00 – 3 – NMF 55- 80 (40-105%) 31.2 NIL 1.25 NIL 28 3/31 .30 .27 3/31 NIL NIL YES 2402 Black Stone Minerals BSM 16.85 – 3 – NMF 18- 25 (5- 50%) 33.7 6.9 .50 1.16 27 3/31 .37 .09 6/30 .288 .263 YES 2034 592 BlackBerry (NDQ) BBRY 11.30 ▼244 1.45 10- 12 (N- 5%) NMF NIL ▲ .06 NIL 11 2/28 .04 d.03 3/31 NIL NIL YES 2544 BlackRock, Inc. BLK 395.97 3 2 3 1.25 490- 660 (25- 65%) 18.0 2.5 22.00 10.00 33 3/31 5.23 3.92 3/31 ▲ 2.50 2.29 YES 2660 Blackstone Group LP BX 32.47 3 3 3 1.30 40- 60 (25- 85%) 11.5 10.7 2.82 3.48 49 3/31 .82 .31 6/30 ▲ .87 .28 YES 1035 2545 Block (H&R) HRB 25.75 3 3 4 .85 35- 50 (35- 95%) 15.5 3.4 1.66 .88 33 1/31 d.49 d.34 6/30 .22 .20 YES 353 Bloomin’ Brands (NDQ) BLMN 19.97 1 3 2 1.10 40- 60 (100-200%) 13.8 1.6 1.45 .32 21 3/31 .54 .47 6/30 .08 .07 YES 1905 Blue Buffalo Pet Prod. (NDQ) BUFF 23.36 – 3 – NMF 25- 35 (5- 50%) 26.0 NIL .90 NIL 71 3/31 .22 .19 3/31 NIL NIL YES 618 Boardwalk Pipeline BWP 18.53 1 4 3 .90 20- 35 (10- 90%) 13.7 2.2 1.35 .40 78 3/31 .47 .39 6/30 .10 .10 YES 1906 Bob Evans Farms (NDQ) BOBE 72.25 – 3 – .90 50- 75 (N- 5%) 29.5 1.9 2.45 1.36 71 1/31 .75 .62 3/31 .34 .34 YES 2456 706 Boeing BA 183.49 ▲213 1.05 175- 215 (N- 15%) 17.8 3.2 10.29 5.89 59 3/31 2.34 1.83 6/30 1.42 1.09 YES 1107 Boise Cascade BCC 27.00 2 3 2 1.35 35- 50 (30- 85%) 18.0 NIL 1.50 NIL 4 3/31 .26 .13 3/31 NIL NIL YES 707 Bombardier Inc. ‘B’ (TSE) BBDB.TO 2.09b 5 5 3 .90 4- 7 (90-235%) NMF NIL d.05 NIL 59 3/31 d.03(b) d.09(b) 3/31 NIL NIL YES 379 Booz Allen Hamilton BAH 38.33 ▲433 1.00 25- 40 (N- 5%) 21.5 1.8 1.78 .68 41 3/31 ◆.44 .43 6/30 ◆.17 .15 YES 977 BorgWarner BWA 40.82 3 3 3 1.40 50- 75 (20- 85%) 11.4 1.4 3.58 .56 5 3/31 .91 .80 6/30 .14 .13 YES 1969 Boston Beer ‘A’ SAM 143.55 3 3 4 .95 215- 325 (50-125%) 25.9 NIL 5.55 NIL 75 3/31 .45 .53 3/31 NIL NIL YES 1515 Boston Properties BXP 121.84 3 3 1 .90 130- 200 (5- 65%) 45.5 2.5 2.68 3.00 36 3/31 .63 1.18 6/30 .75 .65 YES 175 Boston Scientific BSX 26.67 4 3 4 1.00 35- 55 (30-105%) 29.6 NIL .90 NIL 68 3/31 .20 .19 3/31 NIL NIL YES 2353 Boyd Gaming BYD 25.04 1 4 4 1.50 25- 45 (N- 80%) 20.9 0.8 1.20 .20 6 3/31 .32 .30 9/30 ▲ .05 NIL YES 1743 Brady Corp. BRC 37.40 ▼332 1.15 40- 60 (5- 60%) 20.0 2.2 1.87 .82 52 1/31 .49 .30 6/30 .205 .203 YES 2002 Bridgepoint Education BPI 14.21 4 4 3 1.35 13- 20 (N- 40%) 47.4 NIL .30 NIL 79 3/31 .23 d.02 3/31 NIL NIL YES 2455 1706 Briggs & Stratton BGG 23.69 2 3 3 1.15 20- 30 (N- 25%) 16.3 2.4 1.45 .56 58 3/31 .83 .80 6/30 .14 .135 YES 2003 Bright Horizons Family BFAM 76.01 3 3 4 .85 95- 145 (25- 90%) 29.8 NIL 2.55 NIL 79 3/31 .68 .40 3/31 NIL NIL YES 354 Brinker Int’l EAT 40.07 2 3 3 .80 55- 80 (35-100%) 12.5 3.5 3.20 1.41 21 3/31 .94 1.00 3/31 .34 .32 YES 380 Brink’s (The) Co. BCO 60.80 3 3 3 1.20 45- 65 (N- 5%) 23.4 1.0 2.60 .60 41 3/31 .57 .31 6/30 ▲ .15 .10 YES 1617 Bristol-Myers Squibb BMY 54.21 3 2 4 .85 75- 95 (40- 75%) 19.4 2.9 2.80 1.56 70 3/31 .94 .71 6/30 .39 .38 YES ★★ 306 Bristow Group BRS 14.62 5 4 4 1.55 14- 25 (N- 70%) NMF 1.9 d1.96 .28 67 3/31◆d2.22 d.72 6/30 ◆.07 .07 YES 1995 Brit. Amer Tobac. ADR (ASE) BTI 70.65 3 2 3 .95 70- 95 (N- 35%) 21.4 3.1 3.30 2.20 94 12/31 1.68(p) 1.60(p) 6/30 1.524 1.515 YES 1351 Broadcom Ltd. (NDQ) AVGO 236.54 4 3 4 1.15 170- 255 (N- 10%) 38.9 1.7 6.08 4.08 37 1/31 .57 1.30 3/31 1.02 .49 YES 436 Broadridge Fin’l BR 74.11 3 2 4 .95 60- 85 (N- 15%) 22.3 1.9 3.32 1.41 39 3/31 .69 .52 9/30 .33 .30 YES 1393 Brocade Communic. (NDQ) BRCD 12.67 – 3 – .95 14- 20 (10- 60%) 12.5 1.7 1.01 .22 55 1/31 d.01 .23 6/30 .055 .045 YES 797 Brookdale Senior Living BKD 14.19 4 4 4 1.45 15- 25 (5- 75%) NMF NIL d1.78 NIL 14 3/31 d.68 d.26 3/31 NIL NIL YES 381 Brookfield Asset Mgmt. BAM 38.02 ▲433 1.10 50- 75 (30- 95%) 24.5 1.5 1.55 .56 41 3/31 d.08 .23 6/30 .14 .13 YES 1744 Brookfield Infrastruc. BIP 40.06 2 2 3 .90 35- 50 (N- 25%) 32.0 4.3 1.25 1.74 52 3/31 d.03 .17 6/30 .435 .38 YES 1707 Brooks Automation (NDQ) BRKS 27.58 3 3 4 1.20 20- 30 (N- 10%) 27.6 1.5 1.00 .40 58 3/31 .28 .07 6/30 .10 .10 YES 2546 Brown & Brown BRO 42.47 4 2 2 .90 45- 60 (5- 40%) 21.2 1.3 2.00 .54 33 3/31 .49 .44 6/30 .135 .123 YES ★★ 1970 Brown-Forman ‘B’ BFB 53.38 3 1 5 .85 65- 80 (20- 50%) 26.6 1.4 2.01 .74 75 1/31 .47 .47 6/30 .183 .17 YES 116 Bruker Corp. (NDQ) BRKR 26.92 3 3 5 1.20 25- 40 (N- 50%) 33.7 0.6 .80 .16 72 3/31 .13 .14 6/30 .04 .04 YES 2304 Brunswick Corp. BC 54.31 1 3 2 1.40 75- 115 (40-110%) 13.6 1.2 4.00 .66 15 3/31 .84 .71 6/30 .165 .15 YES 619 Buckeye Partners L.P. BPL 67.15 ▼434 1.15 90- 135 (35-100%) 16.6 7.6 4.05 5.13 78 3/31 .88 1.01 6/30 ▲ 1.25 1.20 YES 2204 Buckle (The), Inc. BKE 16.70 4 3 4 .90 30- 40 (80-140%) 9.8 6.0 1.70 1.00 50 4/30 ◆.34 .48 6/30 .25 .25 YES 355 Buffalo Wild Wings (NDQ) BWLD 147.10 3 3 3 .85 180- 275 (20- 85%) 26.7 NIL 5.50 NIL 21 3/31 1.44 1.73 3/31 NIL NIL YES ★★ 1907 Bunge Ltd. BG 81.70 4 3 3 .85 75- 115 (N- 40%) 15.3 2.3 5.35 1.84 71 3/31 .31 1.60 9/30 ▲ .46 .42 YES 2135 Burlington Stores BURL 95.90 2 4 3 1.05 90- 150 (N- 55%) 24.3 NIL 3.95 NIL 20 1/31 1.78 1.43 3/31 NIL NIL YES 2590 CA, Inc. (NDQ) CA 31.50 3 2 3 1.10 35- 45 (10- 45%) 16.8 3.2 1.88 1.02 51 3/31 .38 .41 6/30 .255 .255 YES 2613 CACI Int’l CACI 124.35 ▲233 1.00 110- 170 (N- 35%) 19.3 NIL 6.44 NIL 56 3/31 1.61 1.38 3/31 NIL NIL YES 708 CAE Inc. (TSE) CAE.TO 21.31b 2 3 4 .75 20- 30 (N- 40%) 19.4 1.5 1.10 .32 59 12/31 .25(b) .21(b) 3/31 .08(b) .075(b) 1793 CBOE Holdings (NDQ) CBOE 85.73 ▲324 .70 80- 105 (N- 20%) 42.9 1.2 2.00 1.00 38 3/31 .16 .60 6/30 ◆.25 .23 YES 382 CBRE Group CBG 34.15 1 3 2 1.40 45- 70 (30-105%) 13.9 NIL 2.45 NIL 41 3/31 .43 .36 3/31 NIL NIL YES 2330 CBS Corp. ‘B’ CBS 61.47 2 3 1 1.10 60- 90 (N- 45%) 14.0 1.2 4.40 .72 25 3/31 1.09 .95 9/30 ◆.18 .18 YES 1420 1642 CDI Corp. CDI 6.25 – 4 – 1.35 8- 13 (30-110%) NMF NIL d.40 NIL 48 3/31 d.37 d.24 3/31 NIL NIL YES 2390 CDK Global Inc. (NDQ) CDK 61.09 – 3 – NMF 80- 120 (30- 95%) 28.5 1.0 2.14 .60 19 3/31 .53 .34 3/31 .14 .135 YES 2614 CDW Corp. (NDQ) CDW 57.67 3 3 3 1.00 55- 80 (N- 40%) 19.5 1.1 2.95 .64 56 3/31 .35 .46 6/30 .16 .108 YES 1839 CEB Inc. CEB SEE FINAL SUPPLEMENT - PAGE 1839 1352 CEVA, Inc. (NDQ) CEVA 42.25 ▲344 1.20 40- 65 (N- 55%) 49.7 NIL .85 NIL 37 3/31 .19 .09 3/31 NIL NIL YES 1599 CF Industries CF 28.95 5 3 4 1.30 25- 40 (N- 40%) NMF 4.2 .20 1.23 97 3/31 d.10 .11 6/30 .30 .30 YES 383 C.H. Robinson (NDQ) CHRW 68.34 3 2 1 .85 100- 135 (45-100%) 18.5 2.6 3.70 1.80 41 3/31 .86 .83 6/30 .45 .43 YES 2547 CIT Group CIT 47.45 ▼543 1.15 45- 70 (N- 50%) 18.3 1.3 2.59 .60 33 3/31 .38 .41 6/30 .15 .15 YES 1794 CME Group (NDQ) CME 118.20 3 2 3 .75 90- 125 (N- 5%) 24.4 2.2 4.85 2.64 38 3/31 1.18 1.09 6/30 ◆.66 .60 YES 906 CMS Energy Corp. CMS 46.67 3 2 3 .65 35- 45 (N- N%) 21.7 2.9 2.15 1.35 34 3/31 .71 .59 6/30 .333 .31 YES 762 CNA Fin’l CNA 45.55 3 2 3 1.00 55- 75 (20- 65%) 13.4 2.2 3.39 1.00 82 3/31 .87 .34 6/30 .25 .25 YES 2615 CSG Systems Int’l (NDQ) CSGS 40.08 3 3 5 .90 35- 50 (N- 25%) 18.2 2.0 2.20 .79 56 3/31 .62 .64 9/30 ◆.198 .185 YES 2616 CSRA Inc. CSRA 29.26 – 3 – NMF 40- 60 (35-105%) 15.9 1.4 1.84 .40 56 3/31 ◆.22 d.44 6/30 .10 .10 YES 1947 CST Brands CST 48.39 – 3 – .95 35- 50 (N- 5%) 48.4 NIL 1.00 NIL 57 3/31 .04 .24 3/31 NIL .063 YES 341 CSX Corp. (NDQ) CSX 51.80 3 3 3 1.25 40- 60 (N- 15%) 23.0 1.5 2.25 .80 45 3/31 .51 .37 6/30 ▲ .20 .18 YES 1326 CTS Corp. CTS 20.90 2 3 3 1.15 25- 35 (20- 65%) 17.4 0.8 1.20 .16 40 3/31 .26 .26 9/30 ◆.04 .04 YES 503 CVR Energy CVI 21.23 3 4 4 1.45 25- 40 (20- 90%) 30.3 9.4 .70 2.00 22 3/31 .26 d.19 6/30 .50 .50 YES 1600 CVR Partners, LP UAN 4.74 5 3 3 1.20 9- 13 (90-175%) NMF 9.5 d.01 .45-.23 97 3/31 d.09 .25 6/30 .02 .27 YES 504 CVR Refining LP CVRR 10.10 3 3 4 1.10 20- 35 (100-245%) 8.4 NIL 1.20 NIL 22 3/31 .45 d.46 3/31 NIL NIL YES 965 CVS Health CVS 77.27 2 1 4 .85 130- 155 (70-100%) 13.2 2.6 5.85 2.00 18 3/31 1.17 1.18 6/30 .50 .425 YES 2169 Cabela’s Inc. CAB 53.27 – 3 – .95 55- 80 (5- 50%) 21.3 NIL 2.50 NIL 29 3/31 .28 .33 3/31 NIL NIL YES 2446 Cabot Corp. CBT 51.12 3 3 1 1.30 50- 80 (N- 55%) 13.2 2.5 3.86 1.26 60 3/31 .87 .70 6/30 ▲ .315 .30 YES 565 Cabot Microelectr’s (NDQ) CCMP 76.25 2 3 3 1.05 ▲ 90- 130 (20- 70%) 22.0 1.1 ▲ 3.47 .82 65 3/31 .71 .37 6/30 ▲ .20 .18 YES 526 Cabot Oil & Gas ‘A’ COG 23.55 3 3 3 1.05 30- 45 (25- 90%) 33.6 0.8 ▲ .70 .20 26 3/31 .23 d.12 6/30 .05 .02 YES 2591 Cadence Design Sys. (NDQ) CDNS 34.02 3 3 3 1.10 30- 40 (N- 20%) 24.8 NIL 1.37 NIL 51 3/31 .32 .28 3/31 NIL NIL YES (•) All data adjusted for announced stock split or stock dividend. (h) Est’d Earnings & Est’d Dividends after conversion to U.S. See back page of Ratings & Reports. (f) The estimate may reflect a probable increase or decrease. dollars at Value Line estimated translation rate. ♦ New figure this week. If a dividend boost or cut is possible but not probable, (j) All Index data expressed in hundreds. (b) Canadian Dollars. two figures are shown, the first is the more likely. (p) 6 months (q) Asset Value (d) Deficit. (g) Dividends subject to foreign withholding tax for U.S. residents. N=Negative figure NA=Not available NMF=No meaningful figure © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2020 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 15 of 190 CA-CI Page 6 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 1908 Cal-Maine Foods (NDQ) CALM 40.35 5 3 4 1.05 30- 40 (N- N%) 48.0 NIL .84 NIL 71 2/28 .09 1.33 3/31 NIL .751 YES 593 CalAmp Corp. (NDQ) CAMP 18.78 4 4 4 1.10 20- 35 (5- 85%) NMF NIL ▼.04 NIL 11 2/28 d.12 .15 3/31 NIL NIL YES 1125 CalAtlantic Group CAA 36.92 1 3 4 1.35 55- 85 (50-130%) 9.3 0.4 3.95 .16 3 3/31 .62 .52 6/30 .04 .04 YES 1034 1909 Calavo Growers (NDQ) CVGW 67.45 3 3 3 .70 60- 90 (N- 35%) 28.7 1.3 2.35 .90 71 1/31 .34 .37 3/31 NIL NIL YES 1419 2155 Caleres Inc. CAL 24.90 ▲233 1.10 35- 50 (40-100%) 11.6 1.1 2.15 .28 35 1/31 .33 .26 6/30 .07 .07 YES 409 Calgon Carbon CCC 14.25 5 3 5 1.10 15- 25 (5- 75%) 23.8 1.4 .60 .20 81 3/31 .02 .11 6/30 .05 .05 YES 1785 California Water CWT 34.60 3 3 2 .75 30- 50 (N- 45%) 26.2 2.1 1.32 .72 87 3/31 .02 d.02 6/30 .18 .173 YES 2305 Callaway Golf ELY 12.74 3 4 3 1.05 12- 19 (N- 50%) 51.0 0.3 .25 .04 15 3/31 .30 .40 6/30 .01 .01 YES 527 Callon Petroleum CPE 12.34 3 4 3 2.05 ▲ 17- 30 (40-145%) 19.0 NIL ▲ .65 NIL 26 3/31 .22 d.51 3/31 NIL NIL YES 228 1216 Calpine Corp. CPN 13.11 ▼334 1.00 16- 25 (20- 90%) 26.2 NIL .50 NIL 69 3/31 d.16 d.56 3/31 NIL NIL YES 834 Cambrex Corp. CBM 52.60 1 3 2 1.05 65- 100 (25- 90%) 16.8 NIL 3.13 NIL 84 3/31 .63 .45 3/31 NIL NIL YES 1516 Camden Property Trust CPT 82.94 3 3 3 .75 85- 125 (N- 50%) 50.3 3.6 1.65 3.00 36 3/31 .39 .41 6/30 .75 .75 YES 1586 Cameco Corp. (TSE) CCO.TO 13.31b 5 3 4 1.30 20- 30 (50-125%) 44.4 3.0 .30 .40 54 3/31 d.07(b) d.02(b) 9/30 .10(b) .10(b) YES 1910 Campbell Soup CPB 58.12 3 2 3 .70 55- 80 (N- 40%) 18.5 2.4 3.15 1.40 71 4/30 ◆.59 .65 6/30 .35 .312 YES 2510 Can. Imperial Bank (TSE) CM.TO 106.95b 1 1 1 .75 115- 140 (10- 30%) 9.9 4.8 10.85 5.14 63 1/31 3.50(b) 2.43(b) 6/30 ▲ 1.27(b) 1.18(b) YES 342 Can. National Railway CNI 75.55 3 2 3 1.05 75- 100 (N- 30%) 20.1 1.6 3.75 1.24 45 3/31 .86 .75 6/30 .309 .28 YES 2403 Can. Natural Res. (TSE) CNQ.TO 41.28b 2 3 2 1.40 45- 70 (10- 70%) 33.0 2.7 1.25 1.10 27 3/31 .25(b) d.50(b) 9/30 .275(b) .23(b) YES 343 Can. Pacific Railway CP 157.29 3 3 3 1.20 175- 260 (10- 65%) 18.6 1.1 8.45 1.69 45 3/31 1.88 1.88 9/30 ▲ .422 .375 YES 2136 Canadian Tire ‘A’ (TSE) CTCA.TO 152.43b 1 1 3 .70 190- 235 (25- 55%) 15.1 1.7 10.10 2.60 20 3/31 1.24(b) .90(b) 9/30 .65(b) .575(b) YES 1986 Canon Inc. ADR(g) CAJ 33.92 3 2 4 .95 45- 65 (35- 90%) 24.2 3.5 1.40 1.20 9 3/31 .45 .22 6/30 .598 .594 YES 202 Cantel Medical Corp. CMD 72.72 3 3 3 1.00 70- 110 (N- 50%) 37.9 0.2 1.92 .15 76 1/31 .43 .37 3/31 ▲ .07 .06 YES 2548 Capital One Fin’l COF 80.34 5 3 3 1.10 70- 105 (N- 30%) 10.9 2.0 7.40 1.60 33 3/31 1.51 1.85 6/30 .40 .40 YES 1503 Capitol Fed. Fin’l (NDQ) CFFN 14.03 4 2 2 .70 14- 19 (N- 35%) 21.9 2.4 .64 .34 92 3/31 .16 .16 6/30 .085 .085 YES 2420 CARBO Ceramics CRR 8.26 4 5 3 1.50 20- 40 (140-385%) NMF NIL d3.10 NIL 96 3/31 d1.22 d1.07 3/31 NIL NIL YES 203 Cardinal Health CAH 72.96 3 1 4 .95 110- 135 (50- 85%) 16.3 2.6 4.47 1.87 76 3/31 1.20 1.17 9/30 ▲ .462 .449 YES 848 2004 Career Education (NDQ) CECO 9.69 4 5 3 1.45 10- 18 (5- 85%) NMF NIL .05 NIL 79 3/31 .08 .04 3/31 NIL NIL YES 1745 Carlisle Cos. CSL 100.05 3 2 3 1.05 120- 160 (20- 60%) 16.4 1.4 6.10 1.40 52 3/31 1.04 1.05 6/30 .35 .30 YES 2123 CarMax, Inc. KMX 64.49 3 3 4 1.20 70- 100 (10- 55%) 18.5 NIL 3.48 NIL 8 2/28 .81 .74 3/31 NIL NIL YES 2306 Carnival Corp. CCL 61.92 3 3 3 .95 70- 105 (15- 70%) 16.3 2.6 3.80 1.60 15 2/28 .48 .38 6/30 ▲ .40 .35 YES 742 Carpenter Technology CRS 36.99 3 3 3 1.50 60- 90 (60-145%) 26.8 2.2 1.38 .80 46 3/31 .44 .30 6/30 .18 .18 YES 1834 Carriage Services CSV 26.13 4 3 2 .95 30- 50 (15- 90%) 18.4 0.8 1.42 .20 77 3/31 .39 .27 6/30 .05 .025 YES 2102 Carter’s Inc. CRI 80.35 2 3 3 .80 120- 180 (50-125%) 14.2 1.8 5.65 1.48 30 3/31 .95 1.04 6/30 ◆.37 .33 YES 1948 Casey’s Gen’l Stores (NDQ) CASY 112.61 3 3 4 .70 85- 130 (N- 15%) 23.4 0.9 4.81 1.02 57 1/31 .58 .97 6/30 .24 .22 YES 2456 155 Caterpillar Inc. CAT 103.63 3 2 3 1.20 105- 145 (N- 40%) 25.6 3.0 4.05 3.08 93 3/31 1.28 .67 6/30 .77 .77 YES 2205 Cato Corp. CATO 21.35 4 3 4 1.05 35- 50 (65-135%) 14.2 6.7 1.50 1.44 50 4/30 ◆.85 1.29 6/30 ◆.33 .33 YES 1353 Cavium Inc. (NDQ) CAVM 73.59 3 3 3 1.30 80- 120 (10- 65%) 27.1 NIL 2.72 NIL 37 3/31 .58 .25 3/31 NIL NIL YES 2307 Cedar Fair L.P. FUN 70.64 3 3 3 .85 65- 95 (N- 35%) 20.0 4.8 3.54 3.42 15 3/31 d1.16 d.87 6/30 .855 .83 YES 2447 Celanese Corp. CE 87.20 3 3 3 1.30 85- 125 (N- 45%) 12.0 2.1 7.25 1.84 60 3/31 1.81 1.83 6/30 ▲ .46 .36 YES 1327 Celestica Inc. CLS 13.71 3 3 2 1.00 14- 20 (N- 45%) 12.9 NIL 1.06 NIL 40 3/31 .21 .18 3/31 NIL NIL YES 1618 Celgene Corp. (NDQ) CELG 117.31 3 3 1 1.20 160- 240 (35-105%) 16.3 NIL 7.20 NIL 70 3/31 1.16 .99 3/31 NIL NIL YES 1108 CEMEX ADS CX 8.58 1 4 3 1.65 10- 17 (15-100%) 17.2 NIL .50 NIL 4 3/31 .14 .03 3/31 NIL NIL YES 1651 505 Cenovus Energy (TSE) CVE.TO 13.01b 2 3 3 1.10 ▼ 20- 30 (55-130%) 65.1 1.5 ▼.20 .20 22 3/31 .25(b) d.14(b) 6/30 .05(b) .05(b) YES 798 Centene Corp. CNC 73.99 1 3 3 .85 90- 135 (20- 80%) 15.6 NIL 4.75 NIL 14 3/31 1.12 .74 3/31 NIL NIL YES 907 CenterPoint Energy CNP 27.75 3 3 1 .85 20- 30 (N- 10%) 21.3 3.9 1.30 1.08 34 3/31 .44 .36 6/30 .268 .258 YES 421 Central Europe/Russia CEE 21.96 – 4 2 1.10 25- 45 (15-105%) NMF 2.3 NMF .50 – 4/30 24.60(q) 22.26(q) 3/31 .321 .486 1188 Central Garden & Pet (NDQ) CENT 30.56 3 3 1 .75 25- 35 (N- 15%) 21.1 NIL 1.45 NIL 66 3/31 .67 .65 3/31 NIL NIL YES 1587 Century Aluminum (NDQ) CENX 14.59 3 4 3 2.15 15- 25 (5- 70%) NMF NIL .03 NIL 54 3/31 d.17 d.19 3/31 NIL NIL YES 1027 CenturyLink Inc. CTL 25.19 – 3 – .95 25- 40 (N- 60%) 11.7 8.6 2.15 2.16 32 3/31 .52 .44 3/31 .54 .54 YES 823 Cerner Corp. (NDQ) CERN 64.67 2 2 4 .95 60- 85 (N- 30%) 25.8 NIL 2.51 NIL 61 3/31 .59 .53 3/31 NIL NIL YES 204 Charles River CRL 90.62 2 3 3 1.05 100- 150 (10- 65%) 21.3 NIL 4.25 NIL 76 3/31 .97 .78 3/31 NIL NIL YES 730 Chart Industries (NDQ) GTLS 36.14 4 3 3 1.70 45- 65 (25- 80%) 40.2 NIL .90 NIL 43 3/31 d.09 d.15 3/31 NIL NIL YES 1017 Charter Communic. (NDQ) CHTR 318.79 ▲132 .95 215- 325 (N- N%) 50.6 NIL 6.30 NIL 1 3/31 .57 d1.86 3/31 NIL NIL YES 1815 Check Point Software (NDQ) CHKP 109.62 3 2 3 .80 95- 125 (N- 15%) 22.2 NIL 4.93 NIL 28 3/31 1.08 .95 3/31 NIL NIL YES 356 Cheesecake Factory (NDQ) CAKE 58.35 2 2 2 .85 65- 85 (10- 45%) 19.5 1.8 3.00 1.05 21 3/31 .72 .68 6/30 .24 .20 YES 1746 Chemed Corp. CHE 201.63 ▲333 .85 180- 270 (N- 35%) 27.4 0.5 7.35 1.04 52 3/31 1.78 1.45 6/30 .26 .24 YES 778 Chemical Financial (NDQ) CHFC 46.55 4 3 3 1.00 50- 75 (5- 60%) 15.2 2.3 3.06 1.08 88 3/31 .67 .60 6/30 .27 .26 YES 566 Chemours Co. (The) CC 43.16 – 4 – 2.35 ▲ 45- 75 (5- 75%) 13.5 0.3 ▲ 3.20 .14 65 3/31 .75 .06 6/30 .03 .03 YES 2455 Chemtura Corp. CHMT SEE FINAL SUPPLEMENT - PAGE 2455 607 Cheniere Energy (ASE) LNG 48.82 3 4 3 1.65 ▲ 75- 125 (55-155%) 48.8 NIL ▲ 1.00 NIL 74 3/31 .23 d1.41 3/31 NIL NIL YES 528 Chesapeake Energy CHK 5.67 3 5 3 2.05 ▲ 7- 12 (25-110%) NMF NIL ▼d.90 NIL 26 3/31 .08 d1.65 3/31 NIL NIL YES 549 Chesapeake Utilities CPK 73.35 3 2 3 .70 75- 100 (N- 35%) 27.7 1.8 ▼2.65 1.32 80 3/31 1.17 1.33 9/30 ▲ .325 .305 YES 2667 506 Chevron Corp. CVX 106.27 4 1 3 1.15 125- 150 (20- 40%) 23.4 4.1 ▲ 4.55 4.34 22 3/31 1.41 d.39 6/30 1.08 1.07 YES 228 1233 Chicago Bridge & Iron CBI 20.15 3 3 3 1.65 55- 80 (175-295%) 4.9 1.4 4.10 .28 85 3/31 .24 1.01 6/30 .07 .07 YES 2206 Chico’s FAS CHS 11.09 ▼231 1.05 20- 30 (80-170%) 13.0 3.0 .85 .33 50 4/30 ◆.26 .23 6/30 .083 .08 YES 1036 2207 Children’s Place (NDQ) PLCE 110.35 1 3 3 .80 115- 170 (5- 55%) 16.6 1.4 6.65 1.60 50 4/30 ◆1.95 1.32 9/30 ◆.40 .20 YES 453 978 China Auto. Sys. (NDQ) CAAS 5.02 – 5 – 1.45 8- 15 (60-200%) 6.7 NIL ▼.75 NIL 5 3/31 .18 .18 3/31 NIL NIL YES 422 China Fund (The) CHN 17.93 – 3 2 .80 20- 30 (10- 65%) NMF 1.4 NMF .25 – 4/30 19.41(q) 16.71(q) 3/31 .468 .213 357 Chipotle Mex. Grill CMG 475.00 4 3 4 1.00 540- 805 (15- 70%) 46.6 NIL 10.20 NIL 21 3/31 1.60 d.88 3/31 NIL NIL YES 2354 Choice Hotels Int’l CHH 64.95 3 3 3 .95 50- 75 (N- 15%) 23.2 1.3 2.80 .86 6 3/31 .51 .37 9/30 .215 .205 YES 763 Chubb Ltd. CB 140.61 3 1 3 .85 140- 175 (N- 25%) 13.5 2.0 10.45 2.84 82 3/31 2.48 2.26 9/30 ▲ .71 .69 YES 1189 Church & Dwight CHD 50.31 4 1 1 .70 45- 55 (N- 10%) 26.2 1.5 1.92 .76 66 3/31 .52 .43 6/30 .19 .178 YES 2355 Churchill Downs (NDQ) CHDN 168.55 ▲133 .90 145- 215 (N- 30%) 24.8 0.9 6.80 1.50 6 3/31 .44 .16 3/31 ▲ 1.32 1.15 YES 944 Ciena Corp. CIEN 24.35 3 4 4 1.35 40- 65 (65-165%) 29.7 NIL .82 NIL 64 1/31 .03 d.08 3/31 NIL NIL YES 2666 799 Cigna Corp. CI 160.52 – 2 – .85 160- 215 (N- 35%) 17.4 NIL 9.25 .04 14 3/31 2.77 2.32 6/30 .04 .04 YES 529 Cimarex Energy XEC 114.99 3 3 2 1.50 125- 190 (10- 65%) 26.1 0.3 4.40 .32 26 3/31 1.05 d.40 9/30 .08 .08 YES 2375 Cimpress N.V. (NDQ) CMPR 89.78 5 3 5 1.10 75- 110 (N- 25%) NMF NIL d.15 NIL 95 3/31 d1.38 d1.04 3/31 NIL NIL YES 1028 Cincinnati Bell CBB 17.25 2 4 4 1.25 15- 25 (N- 45%) NMF NIL .05 NIL 32 3/31 d.01 .10 3/31 NIL NIL YES 764 Cincinnati Financial (NDQ) CINF 69.57 3 2 2 .85 60- 85 (N- 20%) 22.4 2.9 3.10 2.00 82 3/31 .59 .89 6/30 ▲ .50 .48 YES 2308 Cinemark Hldgs. CNK 40.77 1 3 2 1.05 50- 80 (25- 95%) 19.4 2.8 2.10 1.16 15 3/31 .68 .50 3/31 ▲ .29 .27 YES 384 Cintas Corp. (NDQ) CTAS 122.39 4 2 3 .95 90- 125 (N- N%) 26.3 1.1 4.66 1.33 41 2/28 1.08 1.05 3/31 NIL NIL YES 1354 Cirrus Logic (NDQ) CRUS 64.99 1 3 3 1.00 70- 110 (10- 70%) 14.4 NIL 4.50 NIL 37 3/31 .85 .38 3/31 NIL NIL YES 453 945 Cisco Systems (NDQ) CSCO 31.76 3 1 3 1.10 35- 45 (10- 40%) 13.1 3.7 2.43 1.16 64 4/30 ◆.60 .57 6/30 ▲ .29 .26 YES
★★ Supplementary Report in this week’s issue. For Timeliness, 3-5 year Target Price Range, or Estimated results, the rank change probably was primarily caused by the ▲ Arrow indicates the direction of a change. When it appears Earnings 12 months to 12-31-17, the arrow indicates a change earnings report. In other cases, the change is due to the dynamics with the Latest Dividend, the arrow signals that a change in the since the preceding week. When a diamond ♦ (indicating a of the ranking system and could simply be the result of the regular payment rate has occurred in the latest quarter. new figure) appears alongside the latest quarterly earnings improvement or weakening of other stocks. © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2021 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 16 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 7 CI-CU PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 1243 2208 Citi Trends (NDQ) CTRN 18.45 2 4 4 .70 25- 45 (35-145%) 15.4 1.7 1.20 .32 50 4/30 .60 .60 6/30 ▲ .08 .06 YES 2511 Citigroup Inc. C 61.71 3 3 3 1.35 75- 110 (20- 80%) 11.8 1.1 5.25 .66 63 3/31 1.35 1.10 6/30 .16 .05 YES 2512 Citizens Fin’l Group CFG 35.09 2 3 3 1.15 40- 60 (15- 70%) 14.3 1.7 2.45 .58 63 3/31 .61 .41 6/30 .14 .12 YES 2592 Citrix Sys. (NDQ) CTXS 82.06 – 3 – 1.20 80- 120 (N- 45%) 17.6 NIL 4.67 NIL 51 3/31 .97 1.18 3/31 NIL NIL YES 847 1178 CLARCOR Inc. CLC SEE FINAL SUPPLEMENT - PAGE 847 849 608 Clean Energy Fuels (NDQ) CLNE 2.42 – 5 – 1.90 ▲ 7- 13 (190-435%) 12.1 NIL ▲ .20 NIL 74 3/31 .40 .03 3/31 NIL NIL YES 410 Clean Harbors CLH 58.16 ▲432 1.10 45- 70 (N- 20%) NMF NIL .50 NIL 81 3/31 d.37 d.36 3/31 NIL NIL YES 2391 Clear Channel Outdoor CCO 3.65 – 5 – NMF 4- 7 (10- 90%) NMF NIL d.15 NIL 19 3/31 d.08 .39 3/31 NIL NIL YES 743 Cliffs Natural Res. CLF 6.75 5 5 2 1.95 9- 16 (35-135%) 11.3 NIL .60 NIL 46 3/31 d.11 .61 3/31 NIL NIL YES 1190 Clorox Co. CLX 131.68 3 2 1 .65 110- 145 (N- 10%) 23.9 2.5 5.52 3.26 66 3/31 1.31 1.21 6/30 .80 .77 YES 2037 2309 ClubCorp Hldgs. MYCC 13.15 3 3 3 1.25 14- 20 (5- 50%) 32.9 4.0 .40 .52 15 3/31 d.12 d.13 6/30 .13 .13 YES 231 2170 Coach Inc. COH 46.01 3 3 3 1.05 45- 70 (N- 50%) 20.7 2.9 2.22 1.35 29 3/31 .46 .44 9/30 ◆.338 .338 YES 2460 1971 Coca-Cola KO 44.39 5 1 5 .75 45- 55 (N- 25%) 24.3 3.4 1.83 1.50 75 3/31 .43 .45 6/30 ▲ .37 .35 YES 1972 Coca-Cola Bottling (NDQ) COKE 215.11 4 3 2 .80 175- 265 (N- 25%) 36.5 0.5 5.90 1.00 75 3/31 .45 .32 6/30 .25 .25 1973 Coca-Cola European Part. CCE 41.03 – 3 – NMF 50- 75 (20- 85%) 17.5 2.1 2.35 .88 75 3/31 .33 .31 6/30 ▲ .21 NIL YES 1018 Cogeco Communic. (TSE) CCA.TO 78.51b 1 3 3 .65 65- 95 (N- 20%) 13.3 2.2 5.90 1.72 1 2/28 1.55(b) 1.26(b) 6/30 .43(b) .39(b) YES 117 Cognex Corp. (NDQ) CGNX 92.93 2 3 4 1.20 60- 95 (N- N%) 46.5 0.4 2.00 .34 72 3/31 .51 .17 6/30 ▲ .085 .075 YES 2617 Cognizant Technology (NDQ) CTSH 66.01 3 2 4 1.10 80- 110 (20- 65%) 18.0 0.9 3.67 .60 56 3/31 .84 .80 6/30 ▲ .15 NIL YES 118 Coherent, Inc. (NDQ) COHR 247.62 2 3 4 1.20 135- 205 (N- N%) 36.7 NIL 6.74 NIL 72 3/31 1.69 .73 3/31 NIL NIL YES 1747 Colfax Corp. CFX 40.14 3 3 3 1.35 45- 70 (10- 75%) 25.1 NIL 1.60 NIL 52 3/31 .35 .30 3/31 NIL NIL YES 1191 Colgate-Palmolive CL 73.84 3 1 2 .80 80- 95 (10- 30%) 25.9 2.2 2.85 1.62 66 3/31 .64 .59 6/30 ▲ .40 .39 YES 2103 Columbia Sportswear (NDQ) COLM 53.25 3 3 2 1.05 55- 80 (5- 50%) 18.3 1.4 2.91 .74 30 3/31 .51 .45 6/30 .18 .17 YES 1708 Columbus McKinnon (NDQ) CMCO 24.78 4 3 3 1.30 30- 45 (20- 80%) 17.3 0.6 1.43 .16 58 12/31 .22 .32 6/30 .04 .04 YES 1019 Comcast Corp. (NDQ) CMCSA 39.78 1 2 3 .90 45- 60 (15- 50%) 20.9 1.6 1.90 .63 1 3/31 .53 .42 9/30 .158 .138 YES 779 Comerica Inc. CMA 69.57 ▲333 1.25 70- 105 (N- 50%) 16.8 1.5 4.14 1.04 88 3/31 1.11 .34 9/30 ▲ .26 .23 YES 780 Commerce Bancshs. (NDQ) CBSH 54.91 ▲413 .95 50- 60 (N- 10%) 19.4 1.6 2.83 .90 88 3/31 .68 .62 6/30 .225 .214 YES 744 Commercial Metals CMC 19.05 3 3 3 1.45 20- 30 (5- 55%) 17.3 2.5 1.10 .48 46 2/28 .25 .09 6/30 .12 .12 YES 1654 979 Commercial Vehicle (NDQ) CVGI 8.30 – 5 – 1.40 6- 12 (N- 45%) 33.2 NIL .25 NIL 5 3/31 .08 .10 3/31 NIL NIL YES 2666 946 CommScope Holding (NDQ) COMM 37.11 3 3 3 1.20 50- 75 (35-100%) 13.5 NIL 2.75 NIL 64 3/31 .52 .48 3/31 NIL NIL YES 2667 800 Community Health CYH 9.61 – 4 – NMF 18- 30 (85-210%) 19.2 NIL .50 NIL 14 3/31 .08 .11 3/31 NIL NIL YES 1601 Compass Minerals Int’l CMP 66.55 4 3 4 .90 90- 135 (35-105%) 20.3 4.4 3.28 2.92 97 3/31 .63 1.46 6/30 .72 .695 YES 824 Computer Prog. & Sys.(NDQ) CPSI 33.75 4 3 5 .65 40- 60 (20- 80%) 21.1 2.5 1.60 .85 61 3/31 .02 d.13 6/30 ▼.20 .64 YES 947 Comtech Telecom. (NDQ) CMTL 14.28 3 4 5 1.25 18- 30 (25-110%) 33.2 2.8 .43 .40 64 1/31 .01 .15 6/30 .10 .30 YES 1911 Conagra Brands CAG 38.38 – 1 – NMF 45- 55 (15- 45%) 21.3 2.1 1.80 .80 71 2/28 .48 .57 6/30 .20 .25 YES 530 Concho Resources CXO 131.46 3 3 3 1.55 130- 190 (N- 45%) 87.6 NIL ▲ 1.50 NIL 26 3/31 .49 d.05 3/31 NIL NIL YES 176 CONMED Corp. (NDQ) CNMD 49.81 4 3 3 1.00 45- 65 (N- 30%) 35.6 1.6 1.40 .80 68 3/31 .26 .30 9/30 ◆.20 .20 YES 2171 Conn’s, Inc. (NDQ) CONN 15.55 2 4 4 1.50 17- 25 (10- 60%) 34.6 NIL .45 NIL 29 1/31 .05 .03 3/31 NIL NIL YES 1786 Conn. Water Services (NDQ) CTWS 53.67 4 3 2 .65 40- 60 (N- 10%) 23.7 2.2 2.26 1.19 87 3/31 .36 .28 6/30 ▲ .298 .283 YES 1651 2404 ConocoPhillips COP 46.76 3 3 1 1.35 60- 85 (30- 80%) NMF 2.3 .20 1.08 27 3/31 d.02 d.95 6/30 .265 .25 YES 1588 CONSOL Energy CNX 16.43 2 4 4 1.55 30- 55 (85-235%) 65.7 NIL .25 NIL 54 3/31 .17 d.07 3/31 NIL .01 YES 1029 Consol. Communic. (NDQ) CNSL 19.53 3 3 2 .90 25- 40 (30-105%) 48.8 7.9 .40 1.55 32 3/31 d.07 .15 6/30 .387 .387 YES 140 Consol. Edison ED 81.31 3 1 3 .50 65- 80 (N- N%) 20.1 3.4 4.05 2.80 42 3/31 1.27 1.05 6/30 .69 .67 YES 1787 Consolidated Water (NDQ) CWCO 11.65 5 3 4 .95 20- 30 (70-160%) 17.9 2.6 .65 .30 87 3/31 .18 .15 6/30 .075 .075 YES ★★ 1974 Constellation Brands STZ 180.86 3 3 4 .85 160- 245 (N- 35%) 23.3 1.2 7.75 2.11 75 2/28 1.48 1.19 6/30 ▲ .52 .40 YES ★★ 2172 Container Store Group TCS 4.15 – 5 – 1.40 7- 12 (70-190%) 16.6 NIL .25 NIL 29 3/31 ◆.17 NA 3/31 NIL NIL YES 2405 Continental Resources CLR 42.01 2 3 2 1.85 55- 80 (30- 90%) NMF NIL .35 NIL 27 3/31 .02 d.41 3/31 NIL NIL YES 385 Convergys Corp. CVG 24.11 3 3 5 1.05 30- 40 (25- 65%) 12.1 1.7 2.00 .40 41 3/31 .52 .50 6/30 .09 .09 YES 205 Cooper Cos. COO 217.08 4 2 4 .90 205- 275 (N- 25%) 26.1 NIL 8.32 .06 76 1/31 1.53 1.05 3/31 .03 .03 YES 980 Cooper Tire & Rubber CTB 35.95 2 3 1 1.15 45- 70 (25- 95%) 11.7 1.2 3.08 .42 5 3/31 .57 1.07 6/30 .105 .105 YES 981 Cooper-Standard CPS 107.97 1 3 3 .90 125- 185 (15- 70%) 12.7 NIL 8.50 NIL 5 3/31 2.20 1.67 3/31 NIL NIL YES 307 Copa Holdings, S.A. CPA 109.27 3 3 3 1.30 115- 170 (5- 55%) 12.7 1.9 8.60 2.08 67 3/31 2.41 2.72 6/30 .51 .51 YES 2124 Copart, Inc. (NDQ) CPRT 30.02 3 2 2 .95 30- 45 (N- 50%) 22.9 NIL 1.31 NIL 8 1/31 .28 .24 3/31 NIL NIL YES 1949 Core-Mark Holding (NDQ) CORE 34.58 3 3 3 .80 35- 50 (N- 45%) 26.6 1.1 1.30 .38 57 3/31 .05 .12 6/30 .09 .08 YES 1517 CoreCivic, Inc. CXW 29.34 3 3 2 1.00 30- 40 (N- 35%) 19.6 5.7 1.50 1.68 36 3/31 .43 .40 9/30 .42 .54 YES 437 CoreLogic CLGX 42.47 2 3 2 1.05 40- 60 (N- 40%) 18.9 NIL 2.25 NIL 39 3/31 .37 .48 3/31 NIL NIL YES 2421 Core Laboratories CLB 107.10 ▲433 1.15 140- 210 (30- 95%) 51.0 2.1 2.10 2.20 96 3/31 .40 .35 6/30 .55 .55 YES 1816 Cornerstone OnDemand(NDQ) CSOD 37.75 3 4 3 1.35 55- 90 (45-140%) NMF NIL .35 NIL 28 3/31 .08 NIL 3/31 NIL NIL YES 1304 Corning Inc. GLW 29.18 3 3 3 1.20 30- 40 (5- 35%) 21.9 2.1 1.33 .62 53 3/31 .07 d.36 6/30 .155 .135 YES 438 CoStar Group (NDQ) CSGP 256.00 4 3 5 1.15 290- 430 (15- 70%) 58.2 NIL 4.40 NIL 39 3/31 1.05 .95 3/31 NIL NIL YES 2137 Costco Wholesale (NDQ) COST 172.47 5 1 3 .80 190- 235 (10- 35%) 29.8 1.2 5.78 2.00 20 2/28 1.17 1.24 6/30 ▲ .50 .45 YES 1975 Cott Corp. COT 13.29 3 3 5 .90 12- 17 (N- 30%) 66.5 1.8 .20 .24 75 3/31 d.13 d.03 6/30 .06 .06 YES 228 1008 Coty Inc. COTY 18.98 3 3 4 .75 25- 40 (30-110%) 21.3 2.6 .89 .50 47 3/31 .15 .09 6/30 .125 NIL YES 1217 Covanta Holding Corp. CVA 14.50 4 3 3 .95 20- 30 (40-105%) NMF 6.9 NIL 1.00 69 3/31 d.41 d.29 9/30 .25 .25 YES 358 Cracker Barrel (NDQ) CBRL 161.42 1 2 3 .80 135- 180 (N- 10%) 18.9 3.0 8.55 4.80 21 4/30 ◆1.95 2.04 9/30 ▲ 1.20 1.15 YES 1976 Craft Brew Alliance (NDQ) BREW 16.05 4 4 3 1.25 12- 20 (N- 25%) NMF NIL .15 NIL 75 3/31 d.09 d.17 3/31 NIL NIL YES 1748 Crane Co. CR 77.45 3 3 3 1.20 70- 105 (N- 35%) 17.4 1.7 4.45 1.32 52 3/31 1.05 .93 6/30 .33 .33 YES 2549 Crawford & Co. ‘B’ CRDB 9.03 3 4 2 1.35 12- 20 (35-120%) 10.6 2.2 .85 .20 33 3/31 .14 .14 6/30 .05 .05 1394 Cray Inc. (NDQ) CRAY 17.75 ▼443 1.25 25- 40 (40-125%) NMF NIL d.13 NIL 55 3/31 d.71 d.13 3/31 NIL NIL YES 2456 1355 Cree, Inc. (NDQ) CREE 24.23 5 3 5 1.30 30- 50 (25-105%) NMF NIL .10 NIL 37 3/31 d.01 .01 3/31 NIL NIL YES 2406 Crescent Point Energy (TSE) CPG.TO 13.18b ▼333 1.50 14- 20 (5- 50%) NMF 2.7 d.15 .36 27 3/31 .22(b) d.17(b) 6/30 .09(b) .09(b) YES 228 2156 Crocs, Inc. (NDQ) CROX 6.52 4 4 4 1.05 11- 19 (70-190%) 43.5 NIL .15 NIL 35 3/31 .08 .07 3/31 NIL NIL YES 1643 Cross Country Health. (NDQ) CCRN 11.38 ▼441 1.15 14- 25 (25-120%) 45.5 NIL .25 NIL 48 3/31 d.08 .09 3/31 NIL NIL YES 594 Crown Castle Int’l CCI 100.78 3 3 2 .85 110- 160 (10- 60%) 87.6 4.0 1.15 4.01 11 3/31 .33 .11 6/30 ◆.95 .885 YES 1178 Crown Holdings CCK 56.53 3 3 4 1.00 60- 95 (5- 70%) 14.2 NIL 3.97 NIL 23 3/31 .72 .69 3/31 NIL NIL YES 177 CryoLife Inc. CRY 18.30 5 3 4 1.10 16- 25 (N- 35%) 40.7 NIL .45 NIL 68 3/31 .06 .08 3/31 NIL NIL YES 2636 Ctrip.com Int’l ADR (NDQ) CTRP 54.68 3 3 4 1.15 60- 95 (10- 75%) NMF NIL .45 NIL 62 3/31 .02 d.50 3/31 NIL NIL YES 1328 Cubic Corp. CUB 46.10 5 3 3 1.05 45- 65 (N- 40%) 80.9 0.6 .57 .28 40 3/31 .02 .43 6/30 NIL NIL YES 2513 Cullen/Frost Bankers CFR 93.64 4 2 3 1.10 75- 105 (N- 10%) 18.5 2.4 5.05 2.28 63 3/31 1.28 1.07 6/30 ▲ .57 .54 YES 1149 Culp Inc. CFI 31.15 4 3 2 .90 35- 50 (10- 60%) 15.7 1.0 1.98 .32 10 1/31 .47 .47 6/30 .08 .07 YES 156 Cummins Inc. CMI 155.30 3 2 3 1.15 160- 215 (5- 40%) 17.9 2.6 8.70 4.10 93 3/31 2.36 1.87 6/30 1.025 .975 YES 1709 Curtiss-Wright CW 86.21 4 3 3 1.15 90- 130 (5- 50%) 20.0 0.6 4.30 .52 58 3/31 .73 .73 9/30 ◆.13 .13 YES 206 Cutera, Inc. (NDQ) CUTR 22.30 ▲333 .90 30- 45 (35-100%) 49.6 NIL .45 NIL 76 3/31 d.07 d.16 3/31 NIL NIL YES (•) All data adjusted for announced stock split or stock dividend. (h) Est’d Earnings & Est’d Dividends after conversion to U.S. See back page of Ratings & Reports. (f) The estimate may reflect a probable increase or decrease. dollars at Value Line estimated translation rate. ♦ New figure this week. If a dividend boost or cut is possible but not probable, (j) All Index data expressed in hundreds. (b) Canadian Dollars. two figures are shown, the first is the more likely. (p) 6 months (q) Asset Value (d) Deficit. (g) Dividends subject to foreign withholding tax for U.S. residents. N=Negative figure NA=Not available NMF=No meaningful figure © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2022 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 17 of 190 CY-ED Page 8 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 1356 Cypress Semic. (NDQ) CY 13.04 3 3 2 1.50 19- 30 (45-130%) 17.9 3.4 .73 .44 37 3/31 .13 .07 9/30 ◆.11 .11 YES 620 DCP Midstream LP DCP 37.19 3 3 2 1.50 40- 65 (10- 75%) 22.5 8.4 ▲ 1.65 3.12 78 3/31 .41 .36 6/30 .78 .78 YES 1518 DDR Corp. DDR 9.05 3 3 3 .90 25- 35 (175-285%) NMF 9.3 d.04 .84 36 3/31 d.16 .11 9/30 .19 .19 YES 731 DMC Global (NDQ) BOOM 13.60 – 5 – 1.15 13- 20 (N- 45%) 30.2 0.6 .45 .08 43 3/31 d.21 d.04 6/30 .02 .02 YES 1205 DNP Select Inc. Fund DNP 11.11 – 2 3 .60 10- 14 (N- 25%) NMF 3.1 NMF .34 – 10/31 9.40(q) 8.72(q) 12/31 NIL NIL 595 DSP Group (NDQ) DSPG 12.20 2 3 3 .80 13- 20 (5- 65%) NMF NIL d.10 NIL 11 3/31 d.13 d.13 3/31 NIL NIL YES 2618 DST Systems DST 118.49 – 2 – 1.00 165- 220 (40- 85%) 19.1 1.2 6.20 1.44 56 3/31 1.45 1.13 6/30 ▲ .36 .33 YES ★★ 2209 DSW Inc. DSW 16.21 ▼333 .90 20- 30 (25- 85%) 10.8 4.9 1.50 .80 50 4/30 ◆.32 .40 3/31 .20 .20 YES 908 DTE Energy DTE 107.37 1 2 3 .65 85- 120 (N- 10%) 20.3 3.2 5.30 3.42 34 3/31 2.23 1.37 6/30 .825 .73 YES 1034 DTS, Inc. DTSI SEE FINAL SUPPLEMENT - PAGE 1034 2619 DXC Technology DXC 78.27 – 3 – NMF 80- 115 (N- 45%) 24.5 0.9 3.20 .72 56 12/31 .81 .71 9/30 ▲ .18 .14 YES 102 Daimler AG (PNK) DDAIF 74.80 2 3 3 1.30 105- 160 (40-115%) 7.4 4.9 10.15 3.70 12 3/31 2.71 1.44 6/30 3.428 3.43 2011 Daktronics Inc. (NDQ) DAKT 9.15 5 3 3 1.25 15- 25 (65-175%) 25.4 3.3 .36 .30 91 1/31 d.12 d.04 3/31 .07 .10 YES 982 Dana Inc. DAN 19.97 1 3 3 1.55 25- 40 (25-100%) 10.1 1.2 1.98 .24 5 3/31 .63 .34 6/30 .06 .06 YES 1749 Danaher Corp. DHR 83.95 – 2 – NMF 105- 145 (25- 75%) 24.1 0.7 3.49 .56 52 3/31 .69 .79 9/30 .14 .16 YES 1651 359 Darden Restaurants DRI 86.64 3 3 3 .90 70- 110 (N- 25%) 20.6 2.6 4.20 2.26 21 2/28 1.32 1.21 6/30 .56 .50 YES 849 411 Darling Ingredients DAR 16.56 2 3 3 1.15 18- 25 (10- 50%) 36.8 NIL .45 NIL 81 3/31 .04 .01 3/31 NIL NIL YES 801 DaVita Inc. DVA 64.88 2 2 4 .85 95- 130 (45-100%) 16.4 NIL 3.95 NIL 14 3/31 .79 .92 3/31 NIL NIL YES 1912 Dean Foods DF 18.31 3 4 1 .95 25- 45 (35-145%) 13.1 2.0 1.40 .37 71 3/31 .13 .45 6/30 .09 .09 YES 2157 Deckers Outdoor DECK 58.26 4 3 4 1.20 85- 125 (45-115%) 16.0 NIL 3.65 NIL 35 12/31 4.11 4.78 3/31 NIL NIL YES ★★ 157 Deere & Co. DE 122.13 3 1 4 .95 120- 145 (N- 20%) 20.1 2.0 ▲ 6.09 2.40 93 4/30 ◆2.49 1.56 6/30 .60 .60 YES 2667 983 Delphi Automotive PLC DLPH 86.40 3 3 3 1.20 80- 120 (N- 40%) 14.4 1.4 6.00 1.24 5 3/31 1.24 1.15 6/30 .29 .29 YES 308 Delta Air Lines DAL 48.59 4 3 3 1.25 65- 95 (35- 95%) 9.4 2.3 5.15 1.11 67 3/31 .77 1.32 6/30 .203 .135 YES 2376 Deluxe Corp. DLX 68.15 4 3 2 1.20 65- 100 (N- 45%) 13.2 1.8 5.15 1.20 95 3/31 1.16 1.18 6/30 .30 .30 YES 2407 Denbury Resources DNR 1.83 3 5 2 2.20 4- 8 (120-335%) 18.3 NIL .10 NIL 27 3/31 d.02 d.03 3/31 NIL NIL YES 178 Dentsply Sirona (NDQ) XRAY 63.15 – 2 – .95 70- 100 (10- 60%) 23.0 0.6 2.75 .35 68 3/31 .49 .69 6/30 ▲ .088 .078 YES 1030 Deutsche Telekom ADR (PNK) DTEGY 20.09 3 2 4 1.05 19- 25 (N- 25%) 23.6 3.2 .85 .64 32 3/31 ◆.17 .30 3/31 NIL .135 531 Devon Energy DVN 37.82 3 3 2 1.70 60- 85 (60-125%) 19.9 0.6 1.90 .24 26 3/31 .41 d.53 6/30 .06 .06 YES DeVry Education Group NAME CHANGED TO ADTALEM GLOBAL EDUC. 1651 207 DexCom Inc. (NDQ) DXCM 67.58 5 4 2 1.05 35- 55 (N- N%) NMF NIL d.60 NIL 76 3/31 d.49 d.23 3/31 NIL NIL YES 1977 Diageo plc DEO 121.74 4 1 4 .95 105- 125 (N- 5%) 22.7 3.0 5.36 3.60 75 12/31 2.54(p) 3.33(p) 6/30 1.181 1.27 YES 2422 Diamond Offshore DO 13.42 3 3 2 1.20 25- 40 (85-200%) 17.9 NIL .75 NIL 96 3/31 .17 .64 3/31 NIL NIL YES 2408 Diamondback Energy (NDQ) FANG 100.65 3 3 2 1.60 105- 155 (5- 55%) 28.8 NIL 3.50 NIL 27 3/31 1.46 d.46 3/31 NIL NIL YES 331 Diana Shipping DSX 4.00 – 4 – 1.55 5- 8 (25-100%) NMF NIL d1.05 NIL 73 3/31 ◆d.34 d.41 3/31 NIL NIL YES 454 2173 Dick’s Sporting Goods DKS 41.43 3 3 2 .95 65- 100 (55-140%) 11.0 1.6 3.75 .68 29 4/30 .54 .50 6/30 ◆.17 .151 YES 1411 Diebold Nixdorf DBD 27.20 4 3 2 1.15 35- 50 (30- 85%) 17.0 1.5 1.60 .40 44 3/31 .08 d.03 6/30 .10 .288 YES 1519 Digital Realty Trust DLR 116.19 4 3 3 .85 90- 135 (N- 15%) 66.0 3.3 1.76 3.80 36 3/31 .41 .27 6/30 .93 .88 YES 709 DigitalGlobe, Inc. DGI 31.45 – 3 – 1.15 35- 55 (10- 75%) 69.9 NIL .45 NIL 59 3/31 d.05 .11 3/31 NIL NIL YES 237 2138 Dillard’s, Inc. DDS 49.25 2 3 4 1.00 60- 90 (20- 85%) 10.7 0.6 4.60 .28 20 4/30 2.12 2.17 9/30 ◆.07 .07 YES 360 DineEquity Inc. DIN 48.61 ▼333 .85 80- 120 (65-145%) 10.9 8.0 4.45 3.88 21 3/31 .79 1.37 9/30 .97 .92 YES 966 Diplomat Pharmacy DPLO 17.61 3 4 5 1.15 30- 55 (70-210%) 27.5 NIL .64 NIL 18 3/31 .07 .15 3/31 NIL NIL YES 2550 Discover Fin’l Svcs. DFS 59.74 3 2 1 1.05 85- 115 (40- 95%) 9.8 2.0 6.10 1.20 33 3/31 1.43 1.34 6/30 .30 .28 YES 2331 Discovery Communic. (NDQ) DISCA 25.63 2 3 1 1.15 55- 80 (115-210%) 11.9 NIL 2.15 NIL 25 3/31 .37 .42 3/31 NIL NIL YES 1020 Dish Network ‘A’ (NDQ) DISH 63.86 3 3 3 1.15 40- 60 (N- N%) 20.0 NIL 3.20 NIL 1 3/31 .76 .84 3/31 NIL NIL YES 229 2332 Disney (Walt) DIS 107.02 3 1 1 1.00 110- 135 (5- 25%) 17.5 1.5 6.10 1.56 25 3/31 1.50 1.30 3/31 ▲ .78 .71 YES 2012 Dolby Labs. DLB 50.78 4 3 2 .90 55- 80 (10- 60%) 24.9 1.1 2.04 .56 91 3/31 .49 .66 6/30 .14 .12 YES 2139 Dollar General DG 70.71 2 3 5 .80 100- 150 (40-110%) 15.9 1.6 4.45 1.12 20 1/31 1.49 1.30 6/30 ▲ .26 .50 YES 2140 Dollar Tree, Inc. (NDQ) DLTR 78.85 1 3 4 .75 95- 140 (20- 80%) 17.9 NIL 4.40 NIL 20 1/31 1.36 .97 3/31 NIL NIL YES 141 Dominion Energy D 79.71 3 2 3 .65 75- 105 (N- 30%) 23.4 3.9 3.40 3.14 42 3/31 1.01 .88 6/30 .755 .70 YES Dominion Resources NAME CHANGED TO DOMINION ENERGY 361 Domino’s Pizza DPZ 199.25 3 3 4 .85 150- 230 (N- 15%) 36.9 0.9 5.40 1.84 21 3/31 1.26 .89 6/30 .46 .38 YES 1164 Domtar Corp. UFS 36.73 3 3 3 1.10 60- 85 (65-130%) 14.3 4.5 2.57 1.66 16 3/31 .32 .06 9/30 .415 .415 YES 1710 Donaldson Co. DCI 46.91 3 2 3 1.15 45- 60 (N- 30%) 27.1 1.5 1.73 .70 58 1/31 .35 .28 3/31 .175 .17 YES 2392 Donnelley (R.R) & Sons(NDQ) RRD 12.05 – 3 – NMF 19- 30 (60-150%) 12.7 4.6 .95 .56 19 3/31 d.71 .05 6/30 .14 .78 YES 984 Dorman Products (NDQ) DORM 81.93 3 3 3 .90 80- 115 (N- 40%) 24.5 NIL 3.35 NIL 5 3/31 .85 .71 3/31 NIL NIL YES 158 Douglas Dynamics PLOW 28.95 4 3 3 1.10 30- 45 (5- 55%) 21.4 3.3 1.35 .96 93 3/31 d.14 d.04 3/31 ▲ .24 .235 YES 1711 Dover Corp. DOV 83.50 4 2 3 1.25 70- 95 (N- 15%) 24.2 2.1 3.45 1.76 58 3/31 .70 .64 6/30 .44 .42 YES 1602 Dow Chemical DOW 60.78 – 3 – 1.30 65- 100 (5- 65%) 14.5 3.4 4.19 2.04 97 3/31 1.04 .89 9/30 .46 .46 YES 1978 Dr Pepper Snapple DPS 91.90 3 2 2 .75 85- 120 (N- 30%) 19.3 2.5 4.75 2.34 75 3/31 .96 .96 9/30 ◆.58 .53 YES 2423 Dril-Quip, Inc. DRQ 52.90 5 3 4 1.25 90- 135 (70-155%) NMF NIL .20 NIL 96 3/31 NIL .97 3/31 NIL NIL YES 2457 1603 Du Pont DD 77.34 – 1 – 1.10 70- 85 (N- 10%) 19.8 2.1 3.90 1.62 97 3/31 1.64 1.26 6/30 .38 .38 YES 142 Duke Energy DUK 84.30 3 2 2 .60 75- 100 (N- 20%) 18.1 4.2 4.65 3.54 42 3/31 1.02 .83 6/30 .855 .825 YES 1520 Duke Realty Corp. DRE 28.83 3 3 3 1.00 30- 45 (5- 55%) 72.1 2.7 .40 .78 36 3/31 .20 .12 6/30 .19 .18 YES 439 Dun & Bradstreet DNB 105.73 4 3 5 1.10 115- 175 (10- 65%) 15.0 1.9 7.05 2.01 39 3/31 .95 1.19 6/30 .503 .483 YES 362 Dunkin’ Brands Group (NDQ) DNKN 55.71 3 3 3 .70 65- 100 (15- 80%) 22.7 2.4 2.45 1.34 21 3/31 .54 .44 6/30 .323 .30 YES ★★ 922 Dycom Inds. DY 108.05 ▼233 1.30 135- 205 (25- 90%) 18.3 NIL 5.91 NIL 31 4/30 ◆1.30 1.08 3/31 NIL NIL YES 1795 E*Trade Fin’l (NDQ) ETFC 34.73 2 3 3 1.45 40- 60 (15- 75%) 17.4 NIL 2.00 NIL 38 3/31 .48 .53 3/31 NIL NIL YES 532 EOG Resources EOG 92.53 3 3 2 1.45 ▲ 80- 120 (N- 30%) 92.5 0.8 ▲ 1.00 .71 26 3/31 .15 d.83 6/30 .168 .168 YES 2620 EPAM Systems EPAM 82.66 4 3 3 1.10 90- 130 (10- 55%) 33.1 NIL 2.50 NIL 56 3/31 .44 .45 3/31 NIL NIL YES 533 EQT Corp. EQT 57.21 3 3 3 1.00 75- 110 (30- 90%) 42.4 0.2 ▲ 1.35 .12 26 3/31 .43 .07 6/30 .03 .03 YES 621 EQT Midstream Part. EQM 74.18 2 3 2 1.20 110- 165 (50-120%) 13.5 5.3 5.50 3.96 78 3/31 1.36 1.39 6/30 ▲ .89 .745 YES 1109 Eagle Materials EXP 98.86 3 3 3 1.50 100- 150 (N- 50%) 20.0 0.4 4.95 .40 4 3/31 ◆.81 .80 9/30 ◆.10 .10 YES 847 EarthLink Hldgs. ELNK SEE FINAL SUPPLEMENT - PAGE 847 2514 East West Bancorp (NDQ) EWBC 55.70 2 3 3 1.20 45- 70 (N- 25%) 17.5 1.4 3.19 .80 63 3/31 .88 .74 6/30 .20 .20 YES 2448 Eastman Chemical EMN 79.59 3 3 3 1.25 90- 130 (15- 65%) 10.9 2.6 7.30 2.04 60 3/31 1.89 1.69 9/30 .51 .46 YES 985 Eaton Corp. plc ETN 77.65 3 2 3 1.20 85- 115 (10- 50%) 17.4 3.1 4.45 2.40 5 3/31 .96 .88 6/30 .60 .57 YES 2551 Eaton Vance Corp. EV 45.18 3 3 3 1.35 50- 80 (10- 75%) 17.9 2.5 2.52 1.12 33 4/30 ◆.62 .48 6/30 .28 .265 YES 2637 eBay Inc. (NDQ) EBAY 34.61 – 3 – NMF 40- 60 (15- 75%) 17.3 NIL 2.00 NIL 62 3/31 .94 .41 3/31 NIL NIL YES 1021 EchoStar Corp. (NDQ) SATS 58.68 3 3 3 1.05 35- 55 (N- N%) 46.9 NIL 1.25 NIL 1 3/31 .34 .54 3/31 NIL NIL YES 567 Ecolab Inc. ECL 128.05 3 1 3 1.00 155- 190 (20- 50%) 26.7 1.2 4.80 1.48 65 3/31 .80 .77 9/30 .37 .35 YES 1192 Edgewell Personal Care EPC 72.09 – 3 – NMF 60- 90 (N- 25%) 18.8 NIL 3.84 NIL 66 3/31 1.14 1.17 3/31 NIL NIL YES 2227 Edison Int’l EIX 78.82 ▲222 .60 70- 95 (N- 20%) 18.5 2.9 4.25 2.25 2 3/31 1.10 .85 9/30 .543 .48 YES
★★ Supplementary Report in this week’s issue. For Timeliness, 3-5 year Target Price Range, or Estimated results, the rank change probably was primarily caused by the ▲ Arrow indicates the direction of a change. When it appears Earnings 12 months to 12-31-17, the arrow indicates a change earnings report. In other cases, the change is due to the dynamics with the Latest Dividend, the arrow signals that a change in the since the preceding week. When a diamond ♦ (indicating a of the ranking system and could simply be the result of the regular payment rate has occurred in the latest quarter. new figure) appears alongside the latest quarterly earnings improvement or weakening of other stocks. © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2023 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 18 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 9 ED-FI PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 2458 179 Edwards Lifesciences EW 113.54 2 3 4 .85 130- 200 (15- 75%) 32.4 NIL 3.50 NIL 68 3/31 .94 .71 3/31 NIL NIL YES 2228 El Paso Electric EE 53.05 2 2 3 .75 40- 60 (N- 15%) 21.7 2.5 2.45 1.32 2 3/31 d.10 d.14 3/31 .31 .295 YES 710 Elbit Systems (NDQ) ESLT 120.00 3 3 3 .85 95- 145 (N- 20%) 21.2 1.5 5.65 1.76 59 3/31 1.07 1.22 6/30 ▲ .44 .80 1568 Eldorado Gold EGO 3.40 2 4 2 1.15 7- 12 (105-255%) 34.0 NIL .10 NIL 7 3/31 .01 NIL 3/31 NIL NIL YES 229 1382 Electro Scientific (NDQ) ESIO 8.24 – 4 – .95 8- 12 (N- 45%) 31.7 NIL .26 NIL 17 3/31 .09 .11 3/31 NIL NIL YES 237 2013 Electronic Arts (NDQ) EA 109.01 2 3 4 1.05 105- 160 (N- 45%) 27.1 NIL 4.02 NIL 91 3/31 .85 .50 3/31 NIL NIL YES 2457 1412 Electr. for Imaging (NDQ) EFII 48.26 3 3 3 1.00 60- 90 (25- 85%) 18.9 NIL 2.55 NIL 44 3/31 .55 .55 3/31 NIL NIL YES 711 Embraer SA ERJ 19.52 3 3 3 1.05 30- 45 (55-130%) 11.8 0.8 1.65 .16 59 3/31 .23 .57 6/30 .051 .046 YES 386 EMCOR Group EME 64.08 2 3 3 1.15 55- 85 (N- 35%) 18.3 0.5 3.50 .32 41 3/31 .88 .57 6/30 .08 .08 YES 1218 Emera Inc. (TSE) EMA.TO 47.51b 4 2 2 .60 60- 85 (25- 80%) 17.9 4.4 2.65 2.09 69 3/31 1.48(b) .30(b) 6/30 .523(b) .475(b) YES 1305 Emerson Electric EMR 59.24 4 1 3 1.10 65- 80 (10- 35%) 22.6 3.3 2.62 1.93 53 3/31 .58 .57 6/30 .48 .475 YES 1950 Empire Company Ltd. (TSE) EMPA.TO 20.97b 3 3 4 .55 25- 35 (20- 65%) 35.0 2.0 .60 .42 57 1/31 .13(b) .30(b) 6/30 .103(b) .10(b) YES 622 Enable Midstream Part. ENBL 16.40 4 4 2 1.30 20- 35 (20-115%) 19.3 7.8 .85 1.28 78 3/31 .25 .20 6/30 .318 .32 YES 2668 623 Enbridge Energy Part. EEP 17.62 2 3 4 1.25 ▲ 20- 35 (15-100%) 32.0 7.9 ▲ .55 1.40 78 3/31 .15 .07 6/30 ▼.35 .583 YES 609 Enbridge Inc. (TSE) ENB.TO 53.60b 3 3 2 .95 ▼ 40- 60 (N- 10%) 24.4 4.6 ▼2.20 2.44 74 3/31 .57(b) .76(b) 6/30 ▲ .61(b) .53(b) YES 534 Encana Corp. ECA 11.18 2 5 2 1.65 17- 30 (50-170%) 28.0 0.5 ▲ .40 .06 26 3/31 .11 d.15 6/30 .015 .015 YES 230 1619 Endo Int’l plc (NDQ) ENDP 12.88 1 4 5 1.05 30- 45 (135-250%) 3.6 NIL 3.55 NIL 70 3/31 1.23 1.08 3/31 NIL NIL YES 1817 Endurance Int’l Group (NDQ) EIGI 7.55 4 4 5 1.15 10- 17 (30-125%) NMF NIL d.75 NIL 28 3/31 d.26 .16 3/31 NIL NIL YES 1651 Endurance Specialty ENH SEE FINAL SUPPLEMENT - PAGE 1651 535 Energen Corp. EGN 57.87 4 3 3 1.60 60- 90 (5- 55%) NMF NIL .50 NIL 26 3/31 d.13 d.64 3/31 NIL NIL YES 1193 Energizer Holdings ENR 53.38 – 3 – NMF 50- 70 (N- 30%) 18.1 2.1 2.95 1.10 66 3/31 .50 .30 6/30 .275 .25 YES 624 Energy Transfer Equity ETE 18.51 4 4 2 1.90 25- 45 (35-145%) 16.1 6.4 ▼1.15 1.18 78 3/31 .21 .30 6/30 .285 .285 YES 2664 Energy Trans. Part. ETP.D SEE FINAL SUPPLEMENT - PAGE 2664 2664 625 Energy Transfer Part. ETP 23.66 – 3 – 1.50 ▼ 30- 40 (25- 70%) 23.7 9.0 ▼1.00 2.14 78 3/31 ◆.01 .18 6/30 ▲ .535 .489 YES 1219 EnerNOC, Inc. (NDQ) ENOC 5.60 3 5 3 1.60 9- 16 (60-185%) NMF NIL d2.50 NIL 69 3/31 d1.08 d1.41 3/31 NIL NIL YES 536 Enerplus Corp. (TSE) ERF.TO 11.39b ▼242 2.05 ▲ 11- 20 (N- 75%) 17.5 1.1 ▲ .65 .12 26 3/31 .31(b) d.84(b) 6/30 .03(b) .03(b) 1220 EnerSys ENS 82.37 ▲333 1.35 90- 130 (10- 60%) 21.0 0.8 3.93 .70 69 3/31 .76 .23 6/30 .175 .175 YES 626 EnLink Midstream Part. ENLK 17.72 5 4 2 1.60 ▼ 19- 30 (5- 70%) 88.6 8.8 ▼.20 1.56 78 3/31 d.03 d1.74 6/30 .39 .39 YES 1751 EnPro Industries NPO 67.26 4 3 3 1.25 100- 150 (50-125%) 33.6 1.3 2.00 .88 52 3/31 .30 .13 6/30 .22 .21 YES 2424 Ensco plc ESV 7.62 3 4 3 1.60 6- 10 (N- 30%) NMF 0.5 d.15 .04 96 3/31 d.04 .74 6/30 ◆.01 .01 YES 909 Entergy Corp. ETR 76.56 3 3 1 .65 65- 95 (N- 25%) 15.8 4.6 4.85 3.52 34 3/31 .92 1.28 6/30 .87 .85 YES 627 Enterprise Products EPD 27.50 4 3 2 1.25 40- 55 (45-100%) 19.0 6.2 1.45 1.71 78 3/31 .36 .32 6/30 ▲ .415 .395 YES 1034 2333 Entravision Communic. EVC 5.60 2 5 4 1.40 9- 16 (60-185%) 22.4 2.1 .25 .12 25 3/31 .03 .02 6/30 .031 .03 YES 802 Envision Healthcare EVHC 55.56 – 3 – NMF 90- 135 (60-145%) 12.9 NIL 4.30 NIL 14 3/31 .66 NA 3/31 NIL NIL YES 440 Equifax, Inc. EFX 136.76 2 2 3 .95 150- 205 (10- 50%) 22.6 1.1 6.05 1.56 39 3/31 1.44 1.23 6/30 .39 .33 YES 1818 Equinix, Inc. (NDQ) EQIX 435.79 3 3 4 1.00 215- 325 (N- N%) NMF 1.8 3.82 8.00 28 3/31 .57 d.55 6/30 2.00 1.75 YES 1521 Equity Residential EQR 64.93 ▼424 .75 70- 95 (10- 45%) 33.5 3.1 1.94 2.03 36 3/31 .39 9.76 6/30 .504 .504 YES 948 Ericsson ADR(g) (NDQ) ERIC 6.99 ▼535 1.10 7- 11 (N- 55%) NMF 1.6 d.15 .11 64 3/31 d.33 .08 6/30 .111 .457 YES 765 Erie Indemnity (NDQ) ERIE 117.21 4 2 2 .75 105- 140 (N- 20%) 28.6 2.7 4.10 3.13 82 3/31 .91 .88 9/30 .783 .73 YES 1750 ESCO Technologies ESE 57.15 3 3 2 .95 60- 90 (5- 55%) 23.9 0.6 2.39 .32 52 3/31 .43 .40 9/30 .08 .08 YES 2458 1413 Essendant Inc. (NDQ) ESND 16.11 ▼435 1.15 18- 25 (10- 55%) 11.9 3.5 1.35 .56 44 3/31 .25 .45 6/30 .14 .14 YES 1522 Essex Property Trust ESS 251.93 3 3 4 .75 240- 365 (N- 45%) 42.4 2.8 5.94 7.03 36 3/31 2.72 1.19 9/30 ◆1.75 1.60 YES 712 Esterline Technologies ESL 94.10 3 3 3 1.35 95- 140 (N- 50%) 20.5 NIL 4.58 NIL 59 3/31 1.20 .92 3/31 NIL NIL YES 1150 Ethan Allen Interiors ETH 27.15 3 3 4 1.15 40- 60 (45-120%) 17.7 2.8 1.53 .76 10 3/31 .23 .34 9/30 .19 .17 YES 423 European Equity Fund EEA 9.14 – 3 3 1.00 10- 16 (10- 75%) NMF 1.1 NMF .10 – 12/31 8.76(q) 8.98(q) 6/30 .051 NIL 2028 Everest Re Group Ltd. RE 246.27 3 1 3 .75 235- 285 (N- 15%) 12.2 2.1 20.14 5.20 90 3/31 6.29 5.08 6/30 ◆1.25 1.15 YES 143 Eversource Energy ES 61.14 3 1 3 .65 55- 70 (N- 15%) 19.7 3.2 3.10 1.95 42 3/31 .82 .77 6/30 .475 .445 YES 835 Exelixis, Inc. (NDQ) EXEL 19.80 2 4 3 1.15 18- 30 (N- 50%) NMF NIL .07 NIL 84 3/31 .05 d.26 3/31 NIL NIL YES 144 Exelon Corp. EXC 35.37 3 3 2 .65 35- 55 (N- 55%) 12.6 3.7 2.80 1.30 42 3/31 .83 .26 6/30 .328 .318 YES 2638 Expedia Inc. (NDQ) EXPE 142.57 5 3 4 1.20 170- 255 (20- 80%) 50.9 0.8 2.80 1.12 62 3/31 d.57 d.72 6/30 .28 .24 YES 387 Expeditors Int’l (NDQ) EXPD 53.58 4 2 1 .95 85- 115 (60-115%) 22.8 1.6 2.35 .84 41 3/31 .51 .53 6/30 ▲ .42 .40 YES 1035 2210 Express, Inc. EXPR 7.88 4 3 4 1.20 16- 25 (105-215%) 12.1 NIL .65 NIL 50 1/31 .29 .67 3/31 NIL NIL YES 2458 967 Express Scripts (NDQ) ESRX 60.15 1 3 3 .95 100- 150 (65-150%) 12.2 NIL 4.95 NIL 18 3/31 .90 .81 3/31 NIL NIL YES 2356 Extended Stay America STAY 17.77 ▼233 1.15 20- 35 (15- 95%) 20.9 4.7 .85 .84 6 3/31 .12 .08 6/30 ▲ .21 .19 YES 1523 Extra Space Storage EXR 77.88 ▲233 .85 90- 135 (15- 75%) 28.7 4.2 2.71 3.24 36 3/31 .64 .66 6/30 ◆.78 .78 YES 537 Extraction Oil & Gas (NDQ) XOG 16.43 – 3 – NMF 12- 18 (N- 10%) NMF NIL .10 NIL 26 3/31 .03 NA 3/31 NIL NIL YES 2668 1395 Extreme Networks (NDQ) EXTR 9.31 ▲144 1.20 7- 12 (N- 30%) 21.2 NIL .44 NIL 55 3/31 .10 .03 3/31 NIL NIL YES 2671 507 Exxon Mobil Corp. XOM 82.58 2 1 5 .95 100- 120 (20- 45%) 20.4 3.7 4.05 3.08 22 3/31 .95 .43 6/30 ▲ .77 .75 YES 2552 EZCORP, Inc. (NDQ) EZPW 8.65 – 4 – 1.45 7- 12 (N- 40%) 14.9 NIL .58 NIL 33 3/31 .15 .05 3/31 NIL NIL YES 949 F5 Networks (NDQ) FFIV 125.99 3 3 2 1.10 145- 215 (15- 70%) 20.1 NIL 6.26 NIL 64 3/31 1.43 1.11 3/31 NIL NIL YES 119 FARO Technologies (NDQ) FARO 35.30 5 3 3 1.40 50- 75 (40-110%) 29.4 NIL 1.20 NIL 72 3/31 d.09 .19 3/31 NIL NIL YES 1306 FLIR Systems (NDQ) FLIR 36.80 3 3 4 .90 35- 55 (N- 50%) 19.9 1.7 1.85 .63 53 3/31 .36 .30 6/30 .15 .12 YES 1604 FMC Corp. FMC 74.52 ▼533 1.25 50- 70 (N- N%) 23.8 0.9 3.13 .67 97 3/31 .43 .58 9/30 .165 .165 YES 1194 FTD Companies (NDQ) FTD 19.02 ▼534 1.15 30- 40 (60-110%) 22.4 NIL .85 NIL 66 3/31 .32 .07 3/31 NIL NIL YES 388 FTI Consulting FCN 34.70 4 3 3 1.05 45- 65 (30- 85%) 18.3 NIL 1.90 NIL 41 3/31 .34 .82 3/31 NIL NIL YES 2639 Facebook Inc. (NDQ) FB 148.07 2 3 3 .90 230- 340 (55-130%) 31.2 NIL 4.75 NIL 62 3/31 1.04 .60 3/31 NIL NIL YES 441 FactSet Research FDS 160.88 3 2 3 .95 180- 240 (10- 50%) 23.0 1.4 6.99 2.24 39 2/28 1.68 1.63 6/30 ▲ .56 .50 YES 2621 Fair Isaac FICO 132.17 4 3 3 1.15 120- 180 (N- 35%) 28.9 NIL 4.57 NIL 56 3/31 .78 .72 6/30 ▼NIL .02 YES 2034 1139 Fastenal Co. (NDQ) FAST 44.24 3 2 2 1.00 55- 75 (25- 70%) 24.6 2.9 1.80 1.28 24 3/31 .46 .44 6/30 .32 .30 YES 2450 Federal-Mogul Hldgs. FDML SEE FINAL SUPPLEMENT-PAGE 2450 1524 Federal Rlty. Inv. Trust FRT 125.71 3 2 4 .75 150- 200 (20- 60%) 39.3 3.2 3.20 4.06 36 3/31 .78 .73 9/30 .98 .94 YES 159 Federal Signal FSS 16.12 ▼434 1.20 19- 30 (20- 85%) 21.5 1.7 .75 .28 93 3/31 .14 .19 6/30 .07 .07 YES 2553 Federated Investors FII 25.63 2 3 4 1.20 30- 50 (15- 95%) 12.5 3.9 2.05 1.00 33 3/31 .49 .44 6/30 .25 .25 YES 309 FedEx Corp. FDX 193.06 4 1 3 1.10 275- 335 (40- 75%) 15.3 0.9 12.65 1.80 67 2/28 2.35 2.51 6/30 .40 .25 YES 2459 1525 FelCor Lodging Tr. FCH 7.25 – 4 – 1.40 8- 14 (10- 95%) 72.5 3.3 .10 .24 36 3/31 d.31 d.08 6/30 .06 .06 YES 103 Ferrari N.V. RACE 84.79 – 3 – NMF 75- 115 (N- 35%) 31.4 0.8 2.70 .64 12 3/31 .70 .41 6/30 .635 .46 YES 568 Ferro Corp. FOE 17.44 1 4 3 1.30 18- 30 (5- 70%) 14.0 NIL 1.25 NIL 65 3/31 .31 .22 3/31 NIL NIL YES 2459 104 Fiat Chrysler FCAU 10.32 – 3 – NMF 12- 18 (15- 75%) 5.0 NIL 2.05 NIL 12 3/31 .44 .31 3/31 NIL NIL YES 2554 Fidelity Nat’l Fin’l FNF 41.63 1 2 3 .85 50- 65 (20- 55%) 15.7 2.4 2.65 1.00 33 3/31 .25 .26 6/30 .25 .21 YES 2555 Fidelity Nat’l Info. FIS 83.66 4 2 3 .90 85- 115 (N- 35%) 21.1 1.4 3.96 1.16 33 3/31 .41 .17 6/30 .29 .26 YES 850 363 Fiesta Restaurant (NDQ) FRGI 23.10 3 3 3 1.00 35- 55 (50-140%) 19.3 NIL 1.20 NIL 21 3/31 .25 .37 3/31 NIL NIL YES 781 Fifth Third Bancorp (NDQ) FITB 24.74 3 3 3 1.15 25- 35 (N- 40%) 15.0 2.3 1.65 .57 88 3/31 .38 .40 6/30 .14 .13 YES (•) All data adjusted for announced stock split or stock dividend. (h) Est’d Earnings & Est’d Dividends after conversion to U.S. See back page of Ratings & Reports. (f) The estimate may reflect a probable increase or decrease. dollars at Value Line estimated translation rate. ♦ New figure this week. If a dividend boost or cut is possible but not probable, (j) All Index data expressed in hundreds. (b) Canadian Dollars. two figures are shown, the first is the more likely. (p) 6 months (q) Asset Value (d) Deficit. (g) Dividends subject to foreign withholding tax for U.S. residents. N=Negative figure NA=Not available NMF=No meaningful figure © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2024 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 19 of 190 FI-GL Page 10 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 1243 596 Finisar Corp. (NDQ) FNSR 25.41 2 4 3 1.25 40- 70 (55-175%) 15.1 NIL ▼1.68 NIL 11 1/31 .40 .11 3/31 NIL NIL YES 1652 2211 Finish Line (The) (NDQ) FINL 14.02 4 3 4 .95 19- 30 (35-115%) 14.3 3.1 .98 .44 50 2/28 .50 .83 6/30 .11 .10 YES 160 Finning Int’l (TSE) FTT.TO 25.71b 3 3 3 1.20 30- 40 (15- 55%) 21.4 2.8 1.20 .73 93 3/31 .28(b) .09(b) 6/30 .183(b) .183(b) 2593 FireEye Inc. (NDQ) FEYE 15.25 1 5 5 1.75 20- 35 (30-130%) NMF NIL d1.95 NIL 51 3/31 d.48 d.98 3/31 NIL NIL YES 2515 First Commonwealth FCF 12.57 3 3 3 1.05 17- 25 (35-100%) 16.8 2.5 .75 .32 63 3/31 .18 .14 6/30 .08 .07 YES 2556 First Data Corporation FDC 16.61 – 3 – NMF 35- 55 (110-230%) 16.6 NIL 1.00 NIL 33 3/31 .04 d.06 3/31 NIL NIL YES 782 First Horizon National FHN 17.44 4 3 2 1.20 17- 25 (N- 45%) 16.6 2.1 1.05 .36 88 3/31 .23 .20 9/30 .09 .07 YES 783 First Midwest Bancorp (NDQ) FMBI 22.83 ▲333 1.10 20- 30 (N- 30%) 19.9 1.8 1.15 .40 88 3/31 .23 .23 9/30 ▲ .10 .09 YES 2516 First Republic Bank FRC 92.74 3 3 3 1.00 85- 125 (N- 35%) 20.6 0.7 4.50 .68 63 3/31 1.01 .93 6/30 ▲ .17 .16 YES 1221 First Solar, Inc. (NDQ) FSLR 36.47 ▼535 1.60 75- 110 (105-200%) NMF NIL d.50 NIL 69 3/31 .09 1.67 3/31 NIL NIL YES 2557 FirstCash, Inc. FCFS 54.15 – 3 – .90 55- 85 (N- 55%) 19.0 1.4 2.85 .76 33 3/31 .67 .47 6/30 .19 .125 YES 145 FirstEnergy Corp. FE 28.50 3 3 3 .65 30- 50 (5- 75%) 12.7 5.1 2.25 1.44 42 3/31 .46 .77 6/30 .36 .36 YES 2622 Fiserv Inc. (NDQ) FISV 122.34 ▲224 .90 95- 125 (N- N%) 25.2 NIL 4.85 NIL 56 3/31 1.25 1.06 3/31 NIL NIL YES 1329 Fitbit Inc. FIT 5.56 – 4 – NMF 7- 11 (25-100%) NMF NIL d.30 NIL 40 3/31 d.15 .10 3/31 NIL NIL YES 1420 2141 Five Below, Inc. (NDQ) FIVE 51.31 1 3 4 .95 65- 100 (25- 95%) 32.1 NIL 1.60 NIL 20 1/31 .90 .77 3/31 NIL NIL YES 2558 FleetCor Technologies FLT 135.97 2 3 4 1.20 260- 390 (90-185%) 16.4 NIL 8.30 NIL 33 3/31 1.96 1.53 3/31 NIL NIL YES 1330 Flex Ltd. (NDQ) FLEX 16.73 4 3 3 1.10 15- 25 (N- 50%) 15.2 NIL 1.10 NIL 40 3/31 .16 .26 3/31 NIL NIL YES 1913 Flowers Foods FLO 18.56 4 3 2 .85 20- 30 (10- 60%) 19.5 3.7 .95 .68 71 3/31 ◆.25 .28 3/31 .16 .145 YES 1712 Flowserve Corp. FLS 49.47 ▼533 1.30 45- 65 (N- 30%) 30.0 1.5 1.65 .76 58 3/31 .25 .39 9/30 ◆.19 .19 YES 1234 Fluor Corp. FLR 46.08 3 3 3 1.40 60- 95 (30-105%) 15.4 1.8 3.00 .84 85 3/31 .43 .85 6/30 .21 .21 YES 2459 1504 Flushing Financial (NDQ) FFIC 28.10 3 3 3 1.00 25- 35 (N- 25%) 17.7 2.6 1.59 .72 92 3/31 .42 .33 3/31 ▲ .18 .17 YES ★★ 2212 Foot Locker FL 59.87 2 3 1 .85 80- 125 (35-110%) 11.4 2.1 5.25 1.24 50 4/30 ◆1.36 1.39 9/30 .31 .275 YES ★★ 105 Ford Motor F 11.05 3 3 3 1.20 12- 18 (10- 65%) 7.1 5.4 1.55 .60 12 3/31 .40 .68 6/30 .15 .15 YES 1526 Forest City Realty FCEA 22.64 3 3 2 1.20 25- 40 (10- 75%) 34.8 1.6 .65 .36 36 3/31 .16 .92 6/30 ◆.09 .06 YES 442 Forrester Research (NDQ) FORR 38.90 ▼433 .70 40- 60 (5- 55%) 33.8 2.0 1.15 .76 39 3/31 .17 .18 6/30 .19 .18 YES 2594 Fortinet Inc. (NDQ) FTNT 40.07 3 3 3 1.25 50- 75 (25- 85%) NMF NIL .30 NIL 51 3/31 .06 .01 3/31 NIL NIL YES 910 Fortis Inc. (TSE) FTS.TO 43.76b 2 2 3 .65 40- 50 (N- 15%) 18.2 3.8 2.40 1.65 34 3/31 .72(b) .57(b) 6/30 .40(b) .375(b) YES 120 Fortive Corp. FTV 62.61 – 3 – NMF 55- 85 (N- 35%) 23.6 0.4 2.65 .28 72 3/31 .57 .53 6/30 .07 NIL YES 2661 Fortress Investment FIG 7.95 – 3 – 1.20 12- 18 (50-125%) 8.0 4.5 1.00 .36 49 3/31 .19 .16 6/30 .09 .09 YES 1151 Fortune Brands Home FBHS 62.61 1 3 3 1.30 70- 105 (10- 70%) 20.2 1.1 3.10 .72 10 3/31 .53 .39 6/30 .18 .16 YES 321 Forward Air (NDQ) FWRD 50.01 3 3 2 1.00 60- 90 (20- 80%) 21.3 1.2 2.35 .60 86 3/31 .47 .43 6/30 .15 .12 YES 230 2174 Fossil Group (NDQ) FOSL 12.20 4 3 3 1.30 40- 60 (230-390%) NMF NIL d.40 NIL 29 3/31 d1.00 .12 3/31 NIL NIL YES 2213 Francesca’s Hldgs. (NDQ) FRAN 13.33 3 3 2 .85 25- 35 (90-165%) 11.6 NIL 1.15 NIL 50 1/31 .39 .35 3/31 NIL NIL YES 1569 Franco-Nevada Corp. FNV 72.07 3 3 3 .60 60- 90 (N- 25%) 68.6 1.3 1.05 .92 7 3/31 .25 .18 6/30 ▲ .23 .22 YES 1307 Franklin Electric (NDQ) FELE 37.80 3 3 1 1.25 40- 60 (5- 60%) 21.0 1.2 1.80 .45 53 3/31 .33 .28 6/30 ▲ .108 .10 YES 2559 Franklin Resources BEN 41.40 2 2 3 1.35 55- 75 (35- 80%) 13.4 2.0 3.10 .84 33 3/31 .74 .61 6/30 .20 .18 YES 2670 2142 Fred’s Inc. (NDQ) FRED 13.62 5 4 2 1.10 13- 20 (N- 45%) NMF 1.8 d.30 .24 20 1/31 d.60 d.11 6/30 ◆.06 .06 YES 1589 Freep’t-McMoRan Inc. FCX 11.88 3 4 3 1.95 25- 40 (110-235%) 17.2 NIL .69 NIL 54 3/31 .15 d.15 3/31 NIL NIL YES 803 Fresenius Medical ADR FMS 45.81 2 2 4 .80 55- 75 (20- 65%) 20.8 1.2 2.20 .53 14 3/31 .54 .38 6/30 .53 .432 YES 1914 Fresh Del Monte Prod. FDP 52.45 2 3 2 .80 55- 80 (5- 55%) 13.8 1.1 3.80 .60 71 3/31 .90 1.57 6/30 .15 .125 YES 1420 1031 Frontier Communic. (NDQ) FTR 1.40 4 5 3 1.10 6- 10 (330-615%) NMF 11.4 d.05 .16 32 3/31 d.08 d.04 6/30 ▼.04 .105 YES 332 Frontline Ltd. FRO 6.22 ▼353 1.40 9- 18 (45-190%) 20.7 9.6 .30 .60-.20 73 12/31 .12 .36 3/31 ▲ .15 .35 YES 1987 FUJIFILM Hldgs. ADR(g)(PNK) FUJIY 36.53 2 3 3 .95 45- 65 (25- 80%) 15.8 1.9 2.31 .68 9 12/31 .75 .66 3/31 NIL NIL 569 Fuller (H.B.) FUL 51.23 3 3 2 1.25 55- 85 (5- 65%) 21.3 1.2 2.40 .60 65 2/28 .29 .37 6/30 ▲ .15 .14 YES 1652 2104 G-III Apparel Group (NDQ) GIII 19.83 5 3 4 1.15 40- 60 (100-205%) 23.3 NIL .85 NIL 30 1/31 d.42 .17 3/31 NIL NIL YES 1419 G&K Services GK SEE FINAL SUPPLEMENT - PAGE 1419 344 GATX Corp. GATX 61.63 3 3 1 1.20 60- 85 (N- 40%) 13.5 2.7 4.55 1.68 45 3/31 1.44 1.62 6/30 .42 .40 YES 1527 GEO Group (The) GEO 30.01 3 3 2 1.10 30- 45 (N- 50%) 23.1 6.3 1.30 1.89 36 3/31 .35 .29 6/30 ▲ .47 .433 YES 1528 GGP Inc. GGP 22.81 2 3 4 .95 30- 40 (30- 75%) 35.1 4.1 .65 .93 36 3/31 .13 .20 9/30 .22 .19 YES 2175 GNC Holdings GNC 7.23 3 3 4 1.10 15- 25 (105-245%) 5.4 NIL 1.35 NIL 29 3/31 .35 .69 3/31 ▼NIL .20 YES 1206 Gabelli Equity GAB 6.12 – 3 3 1.10 7- 10 (15- 65%) NMF 0.8 NMF .05 – 12/31 5.84(q) 5.70(q) 12/31 .015 .016 2560 Gallagher (Arthur J.) AJG 56.69 ▲212 .95 70- 90 (25- 60%) 19.5 2.8 2.90 1.56 33 3/31 .31 .26 6/30 .39 .38 YES 1652 2176 GameStop Corp. GME 22.66 4 3 5 1.05 30- 45 (30-100%) 7.0 6.7 3.25 1.52 29 1/31 2.04 2.36 3/31 ▲ .38 .37 YES 2384 Gannett Co. GCI 7.72 – 3 – NMF 20- 35 (160-355%) 14.0 8.3 .55 .64 83 3/31 d.02 .33 6/30 .16 .32 YES 2214 Gap (The), Inc. GPS 22.32 3 3 4 1.00 25- 40 (10- 80%) 11.2 4.1 2.00 .92 50 4/30 ◆.36 .32 9/30 ◆.23 .23 YES 1308 Garmin Ltd. (NDQ) GRMN 51.68 2 3 3 1.05 40- 75 (N- 45%) 17.8 3.9 2.90 2.04 53 3/31 .52 .49 12/31 .51 .51 YES 443 Gartner Inc. IT 113.63 3 2 4 .90 160- 215 (40- 90%) 32.9 NIL 3.45 NIL 39 3/31 .60 .66 3/31 NIL NIL YES 333 GasLog Ltd. GLOG 14.15 3 4 3 1.70 16- 25 (15- 75%) 31.4 4.0 .45 .56 73 3/31 .06 d.09 6/30 .14 .14 YES 1222 Generac Holdings GNRC 35.18 3 3 3 1.10 55- 85 (55-140%) 19.5 NIL 1.80 NIL 69 3/31 .21 .15 3/31 NIL NIL YES 1207 Gen’l Amer. Invest GAM 34.04 – 3 3 1.00 45- 70 (30-105%) NMF 1.0 NMF .34 – 12/31 37.56(q) 37.34(q) 3/31 NIL .052 1309 Gen’l Cable BGC 15.80 3 4 3 1.65 20- 35 (25-120%) 18.6 4.6 .85 .72 53 3/31 .27 .19 6/30 ◆.18 .18 YES 1840 923 Gen’l Communic. ‘A’ (NDQ) GNCMA 35.75 – 3 – 1.00 20- 35 (N- N%) NMF NIL d2.40 NIL 31 3/31 d1.60 d.04 3/31 NIL NIL YES 713 Gen’l Dynamics GD 199.32 4 1 3 .95 135- 165 (N- N%) 20.0 1.7 9.96 3.36 59 3/31 2.48 2.33 6/30 ▲ .84 .76 YES 2459 1752 Gen’l Electric GE 28.28 3 2 3 1.05 40- 55 (40- 95%) 17.1 3.4 1.65 .96 52 3/31 .21 .21 6/30 .24 .23 YES 1915 Gen’l Mills GIS 56.69 3 1 4 .75 60- 70 (5- 25%) 17.4 3.4 3.25 1.94 71 2/28 .72 .65 6/30 .48 .46 YES 106 Gen’l Motors GM 33.22 ▲132 1.20 40- 65 (20- 95%) 5.3 4.7 6.25 1.56 12 3/31 1.70 1.24 6/30 .38 .38 YES ★★ 2158 Genesco Inc. GCO 45.75 ▼333 1.05 75- 115 (65-150%) 10.2 NIL 4.50 NIL 35 1/31 2.15 2.11 3/31 NIL NIL YES 345 Genesee & Wyoming GWR 64.63 3 3 3 1.45 75- 115 (15- 80%) 21.5 NIL 3.00 NIL 45 3/31 .53 .77 3/31 NIL NIL YES 208 Genomic Health (NDQ) GHDX 29.37 2 3 3 .90 30- 45 (N- 55%) NMF NIL .05 NIL 76 3/31 d.02 d.19 3/31 NIL NIL YES 389 Genpact Limited G 26.82 2 3 5 .75 30- 45 (10- 70%) 17.3 0.9 1.55 .24 41 3/31 .31 .31 3/31 ▲ .06 NIL YES 986 Gentex Corp. (NDQ) GNTX 18.78 3 3 1 1.25 25- 40 (35-115%) 14.0 2.1 1.34 .40 5 3/31 .33 .25 9/30 ▲ .10 .09 YES 987 Gentherm Inc. (NDQ) THRM 36.95 1 3 4 1.50 60- 85 (60-130%) 14.2 NIL 2.60 NIL 5 3/31 .69 .59 3/31 NIL NIL YES 988 Genuine Parts GPC 90.65 4 1 4 .95 125- 150 (40- 65%) 18.8 3.0 4.81 2.70 5 3/31 1.08 1.05 9/30 .675 .658 YES 1554 Genworth Fin’l GNW 3.67 – 5 – 1.95 5- 9 (35-145%) 4.3 NIL .85 NIL 89 3/31 .29 .14 3/31 NIL NIL YES 121 Geospace Technologies(NDQ) GEOS 15.84 5 4 5 1.75 35- 55 (120-245%) NMF NIL d3.26 NIL 72 3/31 d.88 d.84 3/31 NIL NIL YES 234 745 Gibraltar Inds. (NDQ) ROCK 32.35 5 4 2 1.35 25- 45 (N- 40%) 20.2 NIL 1.60 NIL 46 3/31 .12 .28 3/31 NIL NIL YES 2105 Gildan Activewear GIL 28.01 1 3 4 1.00 35- 55 (25- 95%) 16.5 1.4 1.70 .38 30 3/31 .39 .28 6/30 .094 .078 YES 1620 Gilead Sciences (NDQ) GILD 64.69 2 3 4 .95 70- 110 (10- 70%) 7.8 3.2 8.25 2.08 70 3/31 2.05 2.53 6/30 .52 .47 YES 2662 Gladstone Capital (NDQ) GLAD 10.08 3 3 3 1.05 14- 20 (40-100%) 10.1 8.3 1.00 .84 49 3/31 .18 d.26 6/30 .21 .21 YES 1165 Glatfelter GLT 18.35 3 3 3 .95 30- 40 (65-120%) 12.7 2.8 1.45 .52 16 3/31 .26 .37 9/30 .13 .125 YES 1621 GlaxoSmithKline ADR(g) GSK 42.96 4 1 4 .95 45- 55 (5- 30%) 24.7 5.4 1.74 2.32 70 3/31 .54 .17 6/30 .576 .656 YES ★★ 2334 Global Eagle Entertain. (NDQ) ENT 3.22 – 4 – 1.30 9- 15 (180-365%) NMF NIL d.30 NIL 25 9/30 d.49 d.09 3/31 NIL NIL YES
★★ Supplementary Report in this week’s issue. For Timeliness, 3-5 year Target Price Range, or Estimated results, the rank change probably was primarily caused by the ▲ Arrow indicates the direction of a change. When it appears Earnings 12 months to 12-31-17, the arrow indicates a change earnings report. In other cases, the change is due to the dynamics with the Latest Dividend, the arrow signals that a change in the since the preceding week. When a diamond ♦ (indicating a of the ranking system and could simply be the result of the regular payment rate has occurred in the latest quarter. new figure) appears alongside the latest quarterly earnings improvement or weakening of other stocks. © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2025 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 20 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 11 GL-HO PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 2561 Global Payments GPN 91.21 4 3 5 1.10 85- 125 (N- 35%) 48.0 NIL 1.90 .04 33 3/31 .32 NA 6/30 .01 .01 YES 180 Globus Medical GMED 30.43 3 3 2 .85 30- 45 (N- 50%) 24.3 NIL 1.25 NIL 68 3/31 .30 .29 3/31 NIL NIL YES 2014 Glu Mobile (NDQ) GLUU 2.68 – 5 – 1.15 3- 5 (10- 85%) NMF NIL d.40 NIL 91 3/31 d.17 d.07 3/31 NIL NIL YES 1819 GoDaddy Inc. GDDY 40.53 – 3 – NMF 50- 70 (25- 75%) NMF NIL .22 NIL 28 3/31 .01 d.15 3/31 NIL NIL YES 851 924 Gogo Inc. (NDQ) GOGO 12.44 4 4 4 1.15 12- 20 (N- 60%) NMF NIL d1.55 NIL 31 3/31 d.52 d.31 3/31 NIL NIL YES 334 Golar LNG Ltd. (NDQ) GLNG 27.57 4 4 3 1.85 30- 55 (10-100%) NMF 0.7 d.40 .20 73 12/31 d.17 d.74 6/30 .05 .05 YES 1570 Goldcorp Inc. GG 13.55 3 3 3 .75 30- 40 (120-195%) 30.1 0.6 .45 .08 7 3/31 .10 .11 3/31 .02 .06 YES 2238 1804 Goldman Sachs GS 219.64 3 2 2 1.25 275- 370 (25- 70%) 11.0 1.4 19.95 3.00 13 3/31 5.15 2.68 6/30 ▲ .75 .65 YES 989 Goodyear Tire (NDQ) GT 32.08 2 3 1 1.45 50- 70 (55-120%) 8.1 1.3 3.95 .42 5 3/31 .74 .72 6/30 .10 .07 YES 1244 1331 GoPro, Inc. (NDQ) GPRO 8.63 3 4 5 1.45 7- 11 (N- 25%) NMF NIL d1.25 NIL 40 3/31 d.78 d.78 3/31 NIL NIL YES 161 Gorman-Rupp Co. (ASE) GRC 24.57 ▼531 1.10 30- 40 (20- 65%) 24.6 1.9 1.00 .47 93 3/31 .23 .24 6/30 .115 .105 YES 570 Grace (W.R.) & Co. GRA 71.36 – 3 – NMF 90- 130 (25- 80%) 20.7 1.2 3.45 .88 65 3/31 .68 .61 6/30 .21 .17 YES 1713 Graco Inc. GGG 110.19 2 3 4 1.15 90- 130 (N- 20%) 27.5 1.3 4.00 1.44 58 3/31 1.05 .70 6/30 .36 .33 YES 1753 Graham Hldgs. GHC 598.15 – 3 – NMF 560- 840 (N- 40%) 18.7 0.8 32.00 5.08 52 3/31 3.75 6.60 9/30 1.27 1.21 1310 Grainger (W.W.) GWW 176.62 4 1 1 .90 275- 340 (55- 95%) 16.1 2.9 10.98 5.12 53 3/31 2.88 3.18 6/30 ▲ 1.28 1.22 YES 1235 Granite Construction GVA 46.80 5 3 2 1.20 60- 90 (30- 90%) 19.5 1.1 2.40 .52 85 3/31 d.60 d.27 6/30 .13 .13 YES 1179 Graphic Packaging GPK 13.07 3 3 4 1.05 19- 30 (45-130%) 13.1 2.3 1.00 .30 23 3/31 .12 .18 6/30 .075 .05 YES 2335 Gray Television GTN 12.45 3 4 1 1.50 20- 35 (60-180%) 12.5 NIL 1.00 NIL 25 3/31 .14 .13 3/31 NIL NIL YES 911 G’t Plains Energy GXP 28.82 3 3 1 .75 25- 40 (N- 40%) 22.2 4.0 1.30 1.14 34 3/31 d.11 .17 6/30 .275 .263 YES 1223 Green Plains Inc. (NDQ) GPRE 21.95 3 4 2 1.85 30- 40 (35- 80%) 11.6 2.2 1.90 .48 69 3/31 d.09 d.60 6/30 .12 .12 YES 1840 346 Greenbrier (The) Cos. GBX 45.05 4 4 2 1.85 35- 60 (N- 35%) 12.7 2.0 3.56 .88 45 2/28 1.09 1.41 6/30 ▲ .22 .20 YES 1805 Greenhill & Co. GHL 21.25 4 3 1 1.40 30- 45 (40-110%) 15.4 8.5 1.38 1.80 13 3/31 d.02 .14 6/30 .45 .45 YES 2029 Greenlight Capital Re (NDQ) GLRE 20.45 ▼433 1.00 30- 40 (45- 95%) 8.2 NIL 2.50 NIL 90 3/31 .22 .77 3/31 NIL NIL YES 1180 Greif, Inc. GEF 56.99 3 3 3 1.30 50- 75 (N- 30%) 19.0 2.9 3.00 1.68 23 1/31 .45 .40 6/30 .42 .42 YES 1754 Griffon Corp. GFF 22.00 3 3 3 1.30 25- 35 (15- 60%) 22.7 1.1 .97 .24 52 3/31 .15 .14 6/30 .06 .05 YES 2125 Group 1 Automotive GPI 62.69 ▼232 1.25 90- 135 (45-115%) 8.3 1.5 7.55 .97 8 3/31 1.53 1.59 6/30 .24 .23 YES 2640 Groupon, Inc. (NDQ) GRPN 3.28 ▼353 1.55 3- 6 (N- 85%) NMF NIL d.10 NIL 62 3/31 d.04 d.08 3/31 NIL NIL YES ★★ 2106 Guess Inc. GES 10.06 4 3 3 1.10 14- 20 (40-100%) 23.4 8.9 .43 .90 30 1/31 .41 .56 6/30 .225 .45 YES 804 HCA Holdings HCA 81.93 2 3 1 .95 95- 145 (15- 75%) 11.0 NIL 7.44 NIL 14 3/31 1.74 1.71 3/31 NIL NIL YES 1529 HCP Inc. HCP 31.73 4 3 4 .80 45- 70 (40-120%) 19.8 4.7 1.60 1.49 36 3/31 .97 .25 6/30 .37 .575 YES 1110 HD Supply Holdings (NDQ) HDS 41.54 ▲133 1.45 45- 65 (10- 55%) 13.4 NIL 3.10 NIL 4 1/31 .44 .27 3/31 NIL NIL YES 1152 HNI Corp. HNI 42.46 3 3 3 1.35 70- 100 (65-135%) 14.6 2.7 2.90 1.14 10 3/31 .26 .31 6/30 ▲ .285 .275 YES 1396 HP Inc. HPQ 18.96 – 3 – NMF 16- 25 (N- 30%) 13.0 2.9 1.46 .55 55 4/30 ◆.33 .38 9/30 ◆.133 .124 YES 2517 HSBC Holdings PLC HSBC 43.44 5 3 4 1.05 40- 65 (N- 50%) 10.2 5.9 4.25 2.55 63 3/31 .80 1.00 9/30 .50 1.00 YES 2177 HSN, Inc. (NDQ) HSNI 34.40 4 3 4 1.00 60- 85 (75-145%) 13.2 4.1 2.60 1.42 29 3/31 .40 .54 6/30 .35 .35 YES 209 Haemonetics Corp. HAE 40.13 4 3 2 .85 45- 65 (10- 60%) 25.7 NIL 1.56 NIL 76 3/31 .39 .37 3/31 NIL NIL YES 1916 Hain Celestial Group (NDQ) HAIN SEE LATEST REPORT 2425 Halliburton Co. HAL 47.60 5 3 2 1.40 50- 75 (5- 60%) 63.5 1.5 .75 .72 96 3/31 d.04 .07 6/30 ◆.18 .18 YES 784 Hancock Holding (NDQ) HBHC 48.05 3 3 3 1.15 45- 65 (N- 35%) 18.0 2.0 2.67 .96 88 3/31 .57 .05 6/30 .24 .24 YES 2107 Hanesbrands, Inc. HBI 20.54 1 3 4 1.00 30- 45 (45-120%) 10.3 2.9 2.00 .60 30 3/31 .29 .26 6/30 .15 .11 YES 766 Hanover Insurance THG 82.33 5 2 1 .95 95- 130 (15- 60%) 11.8 2.4 6.95 2.00 82 3/31 .95 1.64 6/30 .50 .46 YES 2310 Harley-Davidson HOG 52.84 3 3 1 1.10 75- 115 (40-120%) 13.7 2.8 3.85 1.46 15 3/31 1.05 1.37 6/30 .365 .35 YES 1243 Harman Int’l HAR SEE FINAL SUPPLEMENT - PAGE 1243 950 Harmonic, Inc. (NDQ) HLIT 5.20 – 3 – 1.35 8- 12 (55-130%) NMF NIL .04 NIL 64 3/31 d.14 d.11 3/31 NIL NIL YES 1332 Harris Corp. HRS 108.94 5 2 2 1.00 100- 130 (N- 20%) 18.7 2.0 5.84 2.18 40 3/31 1.38 1.45 6/30 .53 .50 YES 390 Harsco Corp. HSC 14.30 3 4 3 1.65 16- 25 (10- 75%) 26.0 NIL .55 NIL 41 3/31 .11 .03 3/31 NIL .051 YES 2393 Harte-Hanks HHS 1.25 – 5 – 1.10 2- 4 (60-220%) NMF NIL d.25 NIL 19 9/30 d.07 d2.77 3/31 NIL .085 YES 2562 Hartford Fin’l Svcs. HIG 49.15 3 3 3 1.10 50- 70 (N- 40%) 11.3 1.9 4.35 .92 33 3/31 1.00 .95 9/30 ◆.23 .21 YES 2311 Hasbro, Inc. (NDQ) HAS 100.98 2 3 4 .90 85- 130 (N- 30%) 20.8 2.3 4.85 2.28 15 3/31 .54 .38 9/30 ◆.57 .51 YES 2178 Haverty Furniture HVT 23.15 2 3 2 .95 30- 50 (30-115%) 16.5 2.3 1.40 .54 29 3/31 .28 .21 6/30 .12 .10 YES 2229 Hawaiian Elec. HE 32.64 3 2 1 .70 25- 35 (N- 5%) 20.4 3.8 1.60 1.24 2 3/31 .31 .30 6/30 .31 .31 YES 310 Hawaiian Hldgs. (NDQ) HA 50.10 1 4 3 1.20 45- 70 (N- 40%) 12.2 NIL 4.10 NIL 67 3/31 .68 .95 3/31 NIL NIL YES 925 Hawaiian Telcom (NDQ) HCOM 25.26 3 3 3 .90 25- 35 (N- 40%) NMF NIL d.02 NIL 31 3/31 d.17 .01 3/31 NIL NIL 454 732 Haynes International (NDQ) HAYN 37.62 5 3 3 1.40 40- 60 (5- 60%) 40.9 2.3 .92 .88 43 3/31 d.15 d.09 6/30 .22 .22 YES 227 1111 Headwaters Inc. HW SEE FINAL SUPPLEMENT - PAGE 227 1530 Healthcare R’lty Trust HR 33.74 ▼332 .70 35- 50 (5- 50%) 67.5 3.6 .50 1.20 36 3/31 .28 .09 6/30 .30 .30 YES 2034 391 Healthcare Svcs. (NDQ) HCSG 47.41 3 2 4 .90 40- 55 (N- 15%) 38.9 1.7 1.22 .81 41 3/31 .30 .25 6/30 ▲ .188 .183 YES 805 HealthSouth Corp. HLS 46.66 2 3 2 1.05 45- 65 (N- 40%) 17.6 2.1 2.65 .96 14 3/31 .70 .61 9/30 .24 .23 YES 322 Heartland Express (NDQ) HTLD 19.37 4 2 2 .90 25- 30 (30- 55%) 27.7 0.4 .70 .08 86 3/31 .17 .17 6/30 .02 .02 YES 714 HEICO Corp. HEI 74.77 3 3 4 .95 65- 100 (N- 35%) 28.6 0.2 2.61 .14 59 4/30 ◆.53 .46 3/31 ▲ .072 .064 YES 1644 Heidrick & Struggles (NDQ) HSII 22.20 3 3 2 1.05 30- 40 (35- 80%) 29.6 2.3 .75 .52 48 3/31 .03 .07 6/30 .13 .13 YES 1009 Helen of Troy Ltd. (NDQ) HELE 90.05 2 3 3 1.00 90- 135 (N- 50%) 12.7 NIL 7.08 NIL 47 2/28 1.78 2.03 3/31 NIL NIL YES 2426 Helix Energy Solutions HLX 5.83 3 4 3 2.00 12- 20 (105-245%) NMF NIL .05 NIL 96 3/31 d.11 d.26 3/31 NIL NIL YES 2427 Helmerich & Payne HP 57.49 5 3 1 1.50 65- 95 (15- 65%) NMF 4.9 d.74 2.80 96 3/31 d.45 d.23 6/30 .70 .688 YES 2623 Henry (Jack) & Assoc. (NDQ) JKHY 103.18 3 2 4 .85 70- 95 (N- N%) 30.3 1.2 3.41 1.24 56 3/31 .77 .68 6/30 .31 .25 YES 230 1917 Herbalife, Ltd. HLF 69.03 ▼334 1.40 50- 70 (N- N%) 17.3 NIL 4.00 NIL 71 3/31 1.24 1.36 3/31 NIL NIL YES 1918 Hershey Co. HSY 113.14 2 2 3 .70 115- 155 (N- 35%) 23.6 2.2 4.80 2.47 71 3/31 1.31 1.10 6/30 .618 .583 YES 230 2179 Hertz Global Hldgs. HTZ 9.81 – 4 – NMF 25- 45 (155-360%) 13.1 NIL .75 NIL 29 3/31 d2.69 d.61 3/31 NIL NIL YES 508 Hess Corp. HES 49.57 2 3 4 1.65 55- 85 (10- 70%) NMF 2.0 d3.70 1.00 22 3/31 d1.07 d1.72 3/31 .25 .25 YES 1036 1397 Hewlett Packard Ent. HPE 18.86 – 3 – NMF 19- 30 (N- 60%) 30.4 1.4 .62 .26 55 1/31 .16 .15 6/30 .065 .055 YES 2449 Hexcel Corp. HXL 50.31 3 3 1 1.15 60- 90 (20- 80%) 18.6 0.9 2.70 .44 60 3/31 .70 .59 6/30 .11 .11 YES 2180 Hibbett Sports (NDQ) HIBB 23.80 3 3 3 .90 35- 55 (45-130%) 8.7 NIL 2.75 NIL 29 4/30 ◆.97 1.22 3/31 NIL NIL YES 210 Hill-Rom Hldgs. HRC 75.25 ▲133 1.00 75- 110 (N- 45%) 19.1 1.0 3.95 .72 76 3/31 .88 .71 3/31 ▲ .18 .17 YES 1835 Hillenbrand, Inc. HI 36.45 3 3 2 1.15 35- 55 (N- 50%) 17.1 2.2 2.13 .82 77 3/31 .52 .41 6/30 .205 .203 YES 2357 Hilton Worldwide Hldgs. HLT 65.49 – 3 – NMF 75- 110 (15- 70%) 37.4 0.9 1.75 .60 6 3/31 .22 .94 6/30 .15 .21 YES 1988 Hitachi, Ltd. ADR(g) (PNK) HTHIY 60.43 3 3 4 1.10 55- 85 (N- 40%) 12.9 1.9 4.70 1.14 9 3/31 .90 1.20 3/31 NIL NIL 509 HollyFrontier Corp. HFC 26.33 ▼434 1.15 40- 60 (50-130%) 17.6 5.2 1.50 1.38 22 3/31 d.19 d.09 6/30 .33 .33 YES 211 Hologic, Inc. (NDQ) HOLX 42.89 4 3 3 1.00 40- 55 (N- 30%) 15.5 NIL 2.77 NIL 76 3/31 1.84 .24 3/31 NIL NIL YES 455 1140 Home Depot HD 154.83 ▲214 .95 160- 195 (5- 25%) 21.7 2.3 7.15 3.56 24 4/30 1.67 1.44 6/30 ◆.89 .69 YES 107 Honda Motor ADR(g) HMC 27.74 ▼232 1.05 45- 65 (60-135%) 10.4 3.1 2.68 .86 12 3/31 .48 d.46 3/31 .214 .193 YES 1755 Honeywell Int’l HON 131.85 4 1 4 1.05 130- 160 (N- 20%) 18.5 2.0 7.13 2.66 52 3/31 1.66 1.55 6/30 .665 .595 YES 1919 Hormel Foods HRL 35.21 3 1 4 .75 40- 50 (15- 40%) 20.4 2.0 1.73 .69 71 1/31 .44 .43 9/30 ◆.17 .145 YES (•) All data adjusted for announced stock split or stock dividend. (h) Est’d Earnings & Est’d Dividends after conversion to U.S. See back page of Ratings & Reports. (f) The estimate may reflect a probable increase or decrease. dollars at Value Line estimated translation rate. ♦ New figure this week. If a dividend boost or cut is possible but not probable, (j) All Index data expressed in hundreds. (b) Canadian Dollars. two figures are shown, the first is the more likely. (p) 6 months (q) Asset Value (d) Deficit. (g) Dividends subject to foreign withholding tax for U.S. residents. N=Negative figure NA=Not available NMF=No meaningful figure © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2026 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 21 of 190 HO-JA Page 12 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 1126 Horton D.R. DHI 33.37 1 3 2 1.30 35- 55 (5- 65%) 12.0 1.2 2.77 .41 3 3/31 .60 .52 6/30 .10 .08 YES 1531 Hospitality Properties HPT 28.89 3 3 2 1.15 30- 45 (5- 55%) 20.6 7.2 1.40 2.08 36 3/31 .16 .31 6/30 ▲ .52 .51 YES 1532 Host Hotels & Resorts HST 18.16 2 3 3 1.30 20- 30 (10- 65%) 24.2 4.4 .75 .80 36 3/31 .21 .24 6/30 .20 .20 YES 1920 Hostess Brands (NDQ) TWNK 16.77 – 3 – NMF 18- 30 (5- 80%) 16.8 NIL 1.00 NIL 71 3/31 .15 NA 3/31 NIL NIL YES 1806 Houlihan Lokey HLI 33.75 – 3 – NMF 25- 40 (N- 20%) 21.0 2.4 1.61 .80 13 3/31 .51 .35 6/30 .20 .17 YES 1127 Hovnanian Enterpr. ‘A’ HOV 2.47 – 5 – 1.70 6- 10 (145-305%) 8.2 NIL .30 NIL 3 1/31 NIL d.11 3/31 NIL NIL YES 392 Howard Hughes Corp. HHC 126.20 ▼333 1.25 130- 190 (5- 50%) 47.6 NIL 2.65 NIL 41 3/31 .14 3.64 3/31 NIL NIL YES 2035 323 Hub Group (NDQ) HUBG 34.40 4 3 1 1.10 50- 75 (45-120%) 19.7 NIL 1.75 NIL 86 3/31 .34 .58 3/31 NIL NIL YES 1311 Hubbell Inc. HUBB 115.08 3 2 2 1.10 110- 145 (N- 25%) 19.7 2.4 5.85 2.80 53 3/31 1.23 1.16 6/30 .70 .63 YES 1820 HubSpot, Inc. HUBS 70.10 2 4 4 1.30 55- 95 (N- 35%) NMF NIL d1.30 NIL 28 3/31 d.22 d.29 3/31 NIL NIL YES 806 Humana Inc. HUM 229.28 3 3 4 .80 145- 215 (N- N%) 21.2 0.7 10.80 1.60 14 3/31 2.75 1.99 9/30 .40 .29 YES 324 Hunt (J.B.) (NDQ) JBHT 85.07 4 2 2 1.00 100- 135 (20- 60%) 21.3 1.1 4.00 .92 86 3/31 .92 .88 6/30 .23 .22 YES 785 Huntington Bancshs. (NDQ) HBAN 12.89 4 3 3 1.15 11- 17 (N- 30%) 17.2 2.6 .75 .33 88 3/31 .17 .20 9/30 .08 .07 YES 715 Huntington Ingalls HII 196.03 2 3 3 1.05 150- 225 (N- 15%) 17.6 1.2 11.15 2.40 59 3/31 2.56 2.87 6/30 .60 .50 YES ★★ 2450 Huntsman Corp. HUN 25.21 – 4 – 1.80 25- 45 (N- 80%) 13.3 2.0 1.90 .50 60 3/31 .31 .24 6/30 .125 .125 YES 393 Huron Consulting (NDQ) HURN 41.15 ▼434 1.00 35- 55 (N- 35%) 29.4 NIL 1.40 NIL 41 3/31 .24 .32 3/31 NIL NIL YES 510 Husky Energy (TSE) HSE.TO 16.53b 2 3 5 1.15 20- 30 (20- 80%) 36.7 NIL ▼.45 NIL 22 3/31 .06(b) d.47(b) 3/31 NIL NIL(b) YES 2358 Hyatt Hotels H 57.98 2 3 3 1.10 60- 90 (5- 55%) 44.6 NIL 1.30 NIL 6 3/31 .73 .25 3/31 NIL NIL YES 162 Hyster-Yale Materials HY 74.57 3 3 5 1.35 75- 110 (N- 50%) 19.6 1.6 3.80 1.21 93 3/31 1.10 .61 6/30 ▲ .303 .295 YES 2641 IAC/InterActiveCorp (NDQ) IAC 103.23 3 3 4 1.10 90- 135 (N- 30%) 45.9 NIL 2.25 NIL 62 3/31 .29 .09 3/31 NIL NIL YES 181 ICU Medical (NDQ) ICUI 160.45 3 3 4 .80 140- 210 (N- 30%) 39.1 NIL 4.10 NIL 68 3/31 1.29 .96 3/31 NIL NIL YES 926 IDT Corp. IDT 16.94 3 3 5 1.00 18- 25 (5- 50%) 21.2 4.5 .80 .76 31 1/31 .04 .18 3/31 .19 .19 YES 444 IHS Markit (NDQ) INFO 44.68 – 3 – 1.05 55- 85 (25- 90%) 42.6 NIL 1.05 NIL 39 2/28 .16 .18 3/31 NIL NIL YES 122 II-VI Inc. (NDQ) IIVI 31.70 4 3 3 1.05 35- 50 (10- 60%) 22.5 NIL 1.41 NIL 72 3/31 .35 .24 3/31 NIL NIL YES 2312 ILG, Inc. (NDQ) ILG 26.96 2 3 4 1.05 25- 35 (N- 30%) 23.4 2.2 1.15 .60 15 3/31 .35 .38 6/30 .15 .12 YES 1383 IPG Photonics (NDQ) IPGP 138.44 ▲234 1.20 135- 200 (N- 45%) 25.4 NIL 5.45 NIL 17 3/31 1.38 .92 3/31 NIL NIL YES 1756 ITT Inc. ITT 38.97 3 3 2 1.35 50- 75 (30- 90%) 16.2 1.3 2.40 .51 52 3/31 .64 .59 9/30 .128 .124 YES 230 2108 Iconix Brand Group (NDQ) ICON 6.10 4 4 3 1.35 11- 19 (80-210%) 7.6 NIL .80 NIL 30 3/31 .21 .53 3/31 NIL NIL YES 2230 IDACORP, Inc. IDA 85.25 3 2 2 .70 60- 85 (N- N%) 21.0 2.7 4.05 2.28 2 3/31 .66 .51 6/30 .55 .51 YES 1714 IDEX Corp. IEX 108.65 2 2 3 1.05 115- 150 (5- 40%) 27.2 1.4 4.00 1.48 58 3/31 .99 .89 6/30 ▲ .37 .34 YES 212 IDEXX Labs. (NDQ) IDXX 164.20 3 3 3 .90 135- 205 (N- 25%) 53.8 NIL 3.05 NIL 76 3/31 .77 .51 3/31 NIL NIL YES 733 Illinois Tool Works ITW 138.78 3 1 3 1.05 140- 175 (N- 25%) 21.9 1.9 6.34 2.60 43 3/31 1.54 1.29 9/30 .65 .65 YES 213 Illumina Inc. (NDQ) ILMN 174.72 3 3 2 1.00 220- 330 (25- 90%) 33.0 NIL 5.30 NIL 76 3/31 2.52 .60 3/31 NIL NIL YES 2313 IMAX Corp. IMAX 26.50 ▼431 1.05 55- 80 (110-200%) 26.5 NIL 1.00 NIL 15 3/31 NIL .14 3/31 NIL NIL YES 1036 2015 Immersion Corp. (NDQ) IMMR 8.13 5 4 3 1.35 9- 15 (10- 85%) NMF NIL d1.00 NIL 91 3/31 d.44 d.09 3/31 NIL NIL YES 511 Imperial Oil Ltd. (ASE) IMO 29.05 3 3 4 1.20 40- 60 (40-105%) 20.8 1.7 ▼1.40 .48 22 3/31 .16 d.09 9/30 ▲ .117 .112 YES 836 Incyte Corp. (NDQ) INCY 136.16 5 4 2 1.30 110- 180 (N- 30%) NMF NIL .04 NIL 84 3/31 d.96 .12 3/31 NIL NIL YES 424 India Fund (The) IFN 26.59 – 3 3 .95 30- 50 (15- 90%) NMF 0.4 NMF .10 – 12/31 24.24(q) 25.95(q) 3/31 NIL .067 YES 951 Infinera Corp. (NDQ) INFN 9.83 5 4 4 1.45 14- 25 (40-155%) NMF NIL d.20 NIL 64 3/31 d.28 .08 3/31 NIL NIL YES 2624 Infosys Ltd. ADR INFY 15.06 4 2 5 .90 30- 40 (100-165%) 13.4 2.3 1.12 .34 56 3/31 .24 .23 3/31 NIL NIL YES 1757 Ingersoll-Rand IR 89.03 3 3 3 1.25 80- 125 (N- 40%) 19.9 1.8 4.48 1.60 52 3/31 .57 .50 6/30 .40 .32 YES 571 Ingevity Corp. NGVT 59.10 – 3 – NMF 60- 90 (N- 50%) 27.5 NIL 2.15 NIL 65 3/31 .49 .29 3/31 NIL NIL YES 1951 Ingles Markets (NDQ) IMKTA 38.10 3 3 1 .80 30- 45 (N- 20%) 13.0 1.7 2.92 .66 57 3/31 .45 .71 6/30 .165 .165 YES 1921 Ingredion Inc. INGR 117.11 2 3 2 .90 120- 175 (N- 50%) 15.8 1.8 7.40 2.09 71 3/31 1.88 1.73 9/30 ◆.50 .45 YES 572 Innospec Inc. (NDQ) IOSP 63.70 4 3 3 1.10 60- 90 (N- 40%) 15.3 1.3 4.15 .80 65 3/31 .70 .77 6/30 .38 .33 YES 2181 Insight Enterprises (NDQ) NSIT 41.73 2 3 3 1.35 50- 75 (20- 80%) 14.9 NIL 2.80 NIL 29 3/31 .38 .18 3/31 NIL NIL YES 1645 Insperity Inc. NSP 78.20 3 3 2 .95 90- 140 (15- 80%) 22.0 1.5 3.55 1.20 48 3/31 1.69 1.53 6/30 ▲ .30 .25 YES 182 Insulet Corp. (NDQ) PODD 42.03 4 3 3 1.15 45- 70 (5- 65%) NMF NIL d.40 NIL 68 3/31 d.17 d.19 3/31 NIL NIL YES 1333 Integer Holdings ITGR 39.50 3 3 3 1.25 45- 70 (15- 75%) 14.6 NIL 2.71 NIL 40 3/31 .41 .34 3/31 NIL NIL YES 183 Integra LifeSciences (NDQ) IART 47.97 4 3 4 .90 40- 60 (N- 25%) NMF NIL .45 NIL 68 3/31 .08 .18 3/31 NIL NIL YES 1357 Integrated Device (NDQ) IDTI 24.25 4 3 3 1.25 30- 45 (25- 85%) 18.8 NIL 1.29 NIL 37 3/31 .33 .34 3/31 NIL NIL YES 2668 1358 Intel Corp. (NDQ) INTC 35.86 ▲113 1.05 45- 55 (25- 55%) 12.6 3.0 2.85 1.09 37 3/31 .66 .54 6/30 ▲ .273 .26 YES 1010 Inter Parfums (NDQ) IPAR 34.25 3 3 2 1.10 35- 50 (N- 45%) 27.4 2.0 1.25 .68 47 3/31 .43 .24 9/30 .17 .15 YES 837 Intercept Pharmac. (NDQ) ICPT 112.99 ▼544 1.55 200- 250 (75-120%) NMF NIL d13.20 NIL 84 3/31 d3.61 d3.33 3/31 NIL NIL YES 1796 Intercontinental Exch. ICE 59.87 4 2 3 .80 80- 105 (35- 75%) 19.6 1.3 3.05 .80 38 3/31 .74 .74 6/30 .20 .17 YES 597 InterDigital Inc. (NDQ) IDCC 82.05 2 3 2 1.00 85- 125 (5- 50%) 29.3 1.5 ▼2.80 1.20 11 3/31 .93 .79 6/30 .30 .20 YES 1153 Interface Inc. ‘A’ (NDQ) TILE 20.20 2 3 3 1.20 25- 35 (25- 75%) 17.6 1.2 1.15 .24 10 3/31 .21 .20 6/30 .06 .05 YES 2239 1398 Int’l Business Mach. IBM 152.03 4 1 1 .90 165- 200 (10- 30%) 12.7 3.9 11.95 6.00 55 3/31 1.85 2.09 6/30 ▲ 1.50 1.40 YES 573 Int’l Flavors & Frag. IFF 136.52 3 1 3 .95 125- 155 (N- 15%) 23.5 2.1 5.80 2.80 65 3/31 1.52 1.47 9/30 .64 .56 YES 2359 Int’l Game Tech. PLC IGT 20.63 – 4 – NMF 20- 35 (N- 70%) 20.6 3.9 1.00 .80 6 12/31 1.15 .39 6/30 .20 .40 YES 1166 Int’l Paper IP 51.97 3 3 2 1.15 75- 110 (45-110%) 17.9 3.6 2.90 1.85 16 3/31 .50 .82 6/30 .463 .44 YES 2314 Int’l Speedway ‘A’ (NDQ) ISCA 35.55 2 3 2 1.15 35- 55 (N- 55%) 22.2 1.2 1.60 .43 15 2/28 .47 .43 6/30 ▲ .43 .41 YES 2394 Interpublic Group IPG 24.31 1 3 3 1.05 30- 45 (25- 85%) 16.2 3.0 1.50 .72 19 3/31 .05 .01 3/31 ▲ .18 .15 YES 847 Intersil Corp. ‘A’ ISIL SEE FINAL SUPPLEMENT - PAGE 847 2595 Intuit Inc. (NDQ) INTU 129.15 3 2 4 1.10 135- 180 (5- 40%) 28.8 1.1 4.48 1.36 51 4/30 ◆3.90 3.43 9/30 ◆.34 .30 YES 184 Intuitive Surgical (NDQ) ISRG 897.04 3 3 4 .85 745-1115 (N- 25%) 42.7 NIL 21.00 NIL 68 3/31 4.67 3.54 3/31 NIL NIL YES 214 Invacare Corp. IVC 14.80 5 4 5 1.20 14- 25 (N- 70%) NMF 0.3 d1.40 .05 76 3/31 d.47 d.25 9/30 ◆.013 .013 YES 2563 Invesco Ltd. IVZ 31.25 2 3 3 1.40 40- 60 (30- 90%) 13.3 3.7 2.35 1.16 33 3/31 .52 .38 6/30 ▲ .29 .28 YES 1797 Investment Techn. ITG 20.31 3 3 3 1.25 40- 55 (95-170%) 33.9 1.4 .60 .28 38 3/31 .16 .05 6/30 ◆.07 .07 YES 1505 Investors Bancorp (NDQ) ISBC 13.25 3 3 2 .90 13- 20 (N- 50%) 18.9 2.4 .70 .32 92 3/31 .16 .14 6/30 .08 .06 YES 455 838 Ionis Pharmac. (NDQ) IONS 45.14 3 4 3 1.30 60- 100 (35-120%) NMF NIL d.50 NIL 84 3/31 .03 d.52 3/31 NIL NIL YES 927 Iridium Communic. (NDQ) IRDM 10.10 2 4 3 .95 9- 14 (N- 40%) 13.5 NIL .75 NIL 31 3/31 .19 .23 3/31 NIL NIL YES 2461 1334 iRobot Corp. (NDQ) IRBT 97.00 2 3 4 1.10 70- 105 (N- 10%) 42.2 NIL 2.30 NIL 40 3/31 .58 .13 3/31 NIL NIL YES 394 Iron Mountain IRM 34.72 4 3 2 1.05 50- 75 (45-115%) 28.9 6.3 1.20 2.20 41 3/31 .24 .33 6/30 .55 .485 YES 1622 Ironwood Pharmac. (NDQ) IRWD 18.31 4 4 3 1.25 20- 30 (10- 65%) NMF NIL d.75 NIL 70 3/31 d.36 d.09 3/31 NIL NIL YES 598 Itron Inc. (NDQ) ITRI 66.70 3 3 4 1.10 70- 105 (5- 55%) 30.3 NIL 2.20 NIL 11 3/31 .40 .26 3/31 NIL NIL YES 2238 952 Ixia XXIA SEE FINAL SUPPLEMENT - PAGE 2238 1922 J&J Snack Foods (NDQ) JJSF 133.07 4 2 2 .80 125- 165 (N- 25%) 30.5 1.3 4.37 1.68 71 3/31 .85 .83 6/30 .42 .39 2035 2518 JPMorgan Chase JPM 85.76 4 3 3 1.15 70- 105 (N- 20%) 13.3 2.4 6.45 2.02 63 3/31 1.65 1.35 9/30 .50 .48 YES 928 j2 Global (NDQ) JCOM 82.52 3 3 2 1.05 90- 130 (10- 60%) 25.0 1.9 3.30 1.56 31 3/31 .52 .61 6/30 ▲ .375 .335 YES 1335 Jabil Circuit JBL 29.01 3 3 3 1.10 25- 40 (N- 40%) 17.5 1.2 1.66 .36 40 2/28 .40 .46 6/30 .08 .08 YES 364 Jack in the Box (NDQ) JACK 100.80 2 3 3 .80 90- 135 (N- 35%) 20.9 1.6 4.83 1.60 21 3/31 .98 .85 6/30 .40 .30 YES
★★ Supplementary Report in this week’s issue. For Timeliness, 3-5 year Target Price Range, or Estimated results, the rank change probably was primarily caused by the ▲ Arrow indicates the direction of a change. When it appears Earnings 12 months to 12-31-17, the arrow indicates a change earnings report. In other cases, the change is due to the dynamics with the Latest Dividend, the arrow signals that a change in the since the preceding week. When a diamond ♦ (indicating a of the ranking system and could simply be the result of the regular payment rate has occurred in the latest quarter. new figure) appears alongside the latest quarterly earnings improvement or weakening of other stocks. © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2027 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 22 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 13 JA-LI PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 1236 Jacobs Engineering JEC 53.18 5 3 3 1.30 60- 90 (15- 70%) 16.8 1.2 3.17 .62 85 3/31 .78 .75 6/30 .15 NIL YES 2564 Janus Capital Group JNS 14.52 – 3 – 1.40 18- 25 (25- 70%) 17.1 3.0 .85 .44 33 3/31 .17 .19 6/30 .11 .11 YES 425 Japan Smaller Cap Fd JOF 11.28 – 3 3 .85 14- 20 (25- 75%) NMF 0.9 NMF .10 – 2/28◆12.09(q) 10.50(q) 3/31 NIL NIL 839 Jazz Pharmac. plc (NDQ) JAZZ 150.61 3 3 2 1.30 160- 245 (5- 65%) 13.4 NIL 11.25 NIL 84 3/31 2.31 2.23 3/31 NIL NIL YES 968 Jean Coutu Group (TSE) PJCA.TO 21.58b 3 2 3 .55 20- 30 (N- 40%) 19.4 2.4 1.11 .52 18 2/28 .26(b) .28(b) 6/30 ▲ .13(b) .12(b) YES 311 JetBlue Airways (NDQ) JBLU 22.08 3 3 3 1.15 25- 35 (15- 60%) 12.6 NIL 1.75 NIL 67 3/31 .25 .59 3/31 NIL NIL YES 2239 215 Johnson & Johnson JNJ 127.52 3 1 4 .80 145- 175 (15- 35%) 19.8 2.7 6.45 3.40 76 3/31 1.61 1.59 6/30 ▲ .84 .80 YES 990 Johnson Ctrls. Int’l plc JCI 41.98 – 3 – 1.30 50- 80 (20- 90%) 15.4 2.7 2.72 1.12 5 3/31 .50 .86 6/30 .25 .29 YES 395 Jones Lang LaSalle JLL 113.48 3 3 4 1.30 165- 250 (45-120%) 13.7 0.6 8.30 .70 41 3/31 .45 .82 6/30 .35 .31 YES 1839 Joy Global JOY SEE FINAL SUPPLEMENT - PAGE 1839 953 Juniper Networks JNPR 29.45 3 3 2 1.15 35- 50 (20- 70%) 16.3 1.4 1.81 .42 64 3/31 .33 .26 6/30 .10 .10 YES 2126 KAR Auction Svcs. KAR 43.72 2 3 3 1.00 45- 65 (5- 50%) 24.3 3.1 1.80 1.34 8 3/31 .50 .44 9/30 .32 .29 YES 1128 KB Home KBH 21.18 3 4 3 1.55 25- 40 (20- 90%) 15.1 0.5 1.40 .10 3 2/28 .15 .14 6/30 .025 .025 YES 1237 KBR, Inc. KBR 14.91 5 3 5 1.60 16- 25 (5- 70%) 11.8 2.1 1.26 .32 85 3/31 .26 .30 9/30 ◆.08 .08 YES 2663 KKR & Co. L.P. KKR 18.70 3 3 3 1.30 35- 50 (85-165%) 8.3 3.6 2.25 .68 49 3/31 .65 d.65 6/30 ▲ .17 .16 YES 123 KLA-Tencor (NDQ) KLAC 102.49 ▲233 1.10 95- 146 (N- 40%) 17.2 2.1 5.96 2.16 72 3/31 1.62 1.15 6/30 .54 .52 YES 1758 Kadant Inc. KAI 70.40 3 3 3 1.10 55- 85 (N- 20%) 21.0 1.2 3.35 .84 52 3/31 .80 .72 9/30 ◆.21 .19 YES 1759 Kaman Corp. KAMN 47.91 5 2 3 .95 50- 70 (5- 45%) 22.8 1.7 2.10 .80 52 3/31 .22 .41 6/30 ▲ .20 .18 YES 347 Kansas City South’n KSU 90.54 2 3 4 1.15 105- 160 (15- 75%) 17.6 1.5 5.15 1.32 45 3/31 1.38 .99 9/30 .33 .33 YES 231 2109 Kate Spade & Co. KATE 18.42 – 3 – 1.45 25- 35 (35- 90%) 24.6 NIL .75 NIL 30 3/31 .06 .05 3/31 NIL NIL YES 1923 Kellogg K 71.61 3 1 4 .75 85- 105 (20- 45%) 18.1 2.9 3.95 2.10 71 3/31 1.06 .96 6/30 .52 .50 YES 1646 Kelly Services ‘A’ (NDQ) KELYA 23.65 3 3 3 1.10 25- 35 (5- 50%) 13.5 1.3 1.75 .30 48 3/31 .35 .29 6/30 .075 .075 YES 2565 Kemper Corp. KMPR 39.15 4 3 2 1.05 45- 65 (15- 65%) 15.4 2.5 2.55 .96 33 3/31 d.01 d.04 6/30 .24 .24 YES 734 Kennametal Inc. KMT 39.00 2 3 2 1.40 40- 55 (5- 40%) 20.0 2.1 1.95 .80 43 3/31 .60 .39 6/30 .20 .20 YES 2519 KeyCorp KEY 18.05 4 3 3 1.15 16- 25 (N- 40%) 13.9 2.1 1.30 .38 63 3/31 .27 .22 6/30 ▲ .095 .085 YES 1154 Kimball Int’l (NDQ) KBAL 17.01 – 3 – NMF 20- 30 (20- 75%) 17.4 1.4 .98 .24 10 3/31 .19 .07 9/30 .06 .055 YES 1195 Kimberly-Clark KMB 126.80 3 1 1 .75 135- 165 (5- 30%) 20.1 3.1 6.30 3.88 66 3/31 1.57 1.50 9/30 .97 .92 YES 1533 Kimco Realty KIM 18.03 3 2 3 .95 30- 40 (65-120%) 28.6 6.2 .63 1.11 36 3/31 .15 .31 9/30 .27 .255 YES 610 Kinder Morgan Inc. KMI 19.52 – 3 – 1.35 35- 55 (80-180%) 27.9 2.6 .70 .50 74 3/31 .18 .12 6/30 .125 .125 YES 1571 Kinross Gold KGC 4.17 2 5 3 .90 3- 6 (N- 45%) NMF NIL .04 NIL 7 3/31 .02 NIL 3/31 NIL NIL YES 335 Kirby Corp. KEX 67.65 4 3 2 1.25 70- 105 (5- 55%) 33.8 NIL 2.00 NIL 73 3/31 .51 .71 3/31 NIL NIL YES 2037 325 Knight Transportation KNX 32.80 – 3 – 1.10 30- 45 (N- 35%) 29.8 0.7 1.10 .24 86 3/31 .18 .28 6/30 .06 .06 YES 1414 Knoll Inc. KNL 22.27 3 3 2 1.10 30- 45 (35-100%) 12.9 2.7 1.72 .60 44 3/31 .31 .36 6/30 .15 .15 YES 954 Knowles Corp. KN 17.53 3 3 3 1.60 20- 30 (15- 70%) 17.5 NIL 1.00 NIL 64 3/31 .12 .09 3/31 NIL NIL YES 2143 Kohl’s Corp. KSS 37.79 3 3 4 1.05 55- 85 (45-125%) 10.5 5.8 3.60 2.20 20 4/30 .39 .09 6/30 .55 .50 YES 426 Korea Fund KF 40.65 – 3 2 .90 50- 75 (25- 85%) NMF 0.7 NMF .28 – 3/31 41.53(q) 36.52(q) 3/31 .277 NIL 1647 Korn/Ferry Int’l KFY 32.31 3 3 3 1.25 40- 60 (25- 85%) 13.7 1.2 2.36 .40 48 1/31 .53 .52 6/30 .10 .10 YES 1924 Kraft Heinz Co. (NDQ) KHC 91.87 – 2 – NMF 90- 125 (N- 35%) 24.2 2.7 3.80 2.46 71 3/31 .84 .73 6/30 .60 .575 YES 1952 Kroger Co. KR 29.12 3 2 3 .85 40- 55 (35- 90%) 13.2 1.8 2.20 .53 57 1/31 .53 .57 6/30 .12 .105 YES 1245 574 Kronos Worldwide KRO 19.48 3 4 4 1.55 15- 25 (N- 30%) 30.0 3.1 ▼.65 .60 65 3/31 .32 d.03 6/30 ◆.15 .15 YES 1384 Kulicke & Soffa (NDQ) KLIC 21.54 3 3 3 1.10 25- 35 (15- 60%) 19.2 NIL 1.12 NIL 17 3/31 .40 .07 3/31 NIL NIL YES 1989 Kyocera Corp. ADR(g) KYO 58.61 2 2 3 1.00 60- 85 (N- 45%) 25.0 1.3 2.34 .78 9 3/31 .80 1.20 3/31 NIL NIL 1842 2215 L Brands LB 50.15 2 3 5 .95 60- 90 (20- 80%) 15.7 4.8 3.20 2.40 50 4/30 ◆.33 .52 6/30 ◆.60 .60 YES 716 L3 Technologies LLL 164.18 4 2 2 1.00 145- 195 (N- 20%) 19.1 1.8 8.60 3.00 59 3/31 2.07 2.08 6/30 .75 .70 YES 991 LCI Industries LCII 90.10 ▲133 1.10 155- 230 (70-155%) 14.7 2.2 6.15 2.00 5 3/31 1.71 1.45 6/30 .50 .60 YES 992 LKQ Corp. (NDQ) LKQ 31.27 1 3 5 1.05 50- 70 (60-125%) 16.1 NIL 1.94 NIL 5 3/31 .49 .42 3/31 NIL NIL YES 1798 LPL Financial Hldgs. (NDQ) LPLA 39.17 3 3 3 1.05 50- 70 (30- 80%) 17.8 2.6 2.20 1.00 38 3/31 .52 .56 6/30 .25 .25 YES 851 1760 LSB Inds. LXU 9.15 – 5 – 1.90 15- 30 (65-230%) NMF NIL d1.20 NIL 52 3/31 d.48 d1.11 3/31 NIL NIL YES 2360 La Quinta Hldgs. LQ 14.22 3 3 3 1.25 12- 18 (N- 25%) 35.6 NIL .40 NIL 6 3/31 .04 .09 3/31 NIL NIL YES 1155 La-Z-Boy Inc. LZB 27.05 2 3 3 1.10 40- 60 (50-120%) 13.9 1.6 1.94 .44 10 1/31 .47 .43 6/30 .11 .10 YES 807 Laboratory Corp. LH 139.70 3 1 2 .90 170- 205 (20- 45%) 14.5 NIL 9.62 NIL 14 3/31 2.22 2.05 3/31 NIL NIL YES 1385 Lam Research (NDQ) LRCX 153.43 ▲234 1.10 105- 155 (N- N%) 17.1 1.2 8.95 1.90 17 3/31 3.10 .82 6/30 .45 .60 YES 2395 Lamar Advertising (NDQ) LAMR 70.24 4 3 2 .95 80- 120 (15- 70%) 21.6 4.8 3.25 3.36 19 3/31 .42 .53 3/31 ▲ .83 .75 YES 1925 Lancaster Colony (NDQ) LANC 121.58 5 1 2 .80 110- 130 (N- 5%) 25.0 1.8 4.86 2.20 71 3/31 .53 1.06 3/31 .55 .50 YES 124 Landauer, Inc. LDR 52.00 3 3 3 1.10 50- 75 (N- 45%) 31.3 2.1 1.66 1.10 72 3/31 .54 .45 9/30 .275 .275 YES 2409 Laredo Petroleum LPI 12.87 3 4 2 1.75 17- 30 (30-135%) 42.9 NIL .30 NIL 27 3/31 .28 d.07 3/31 NIL NIL YES 2361 Las Vegas Sands LVS 57.53 2 3 3 1.40 80- 115 (40-100%) 23.5 5.1 2.45 2.92 6 3/31 .60 .40 6/30 .73 .72 YES 1359 Lattice Semiconductor (NDQ) LSCC 6.98 – 4 – 1.25 8- 14 (15-100%) 20.5 NIL .34 NIL 37 3/31 .06 d.01 3/31 NIL NIL YES 1011 Lauder (Estee) EL 91.99 3 2 4 .85 100- 135 (10- 45%) 26.6 1.5 3.46 1.36 47 3/31 .80 .71 6/30 .34 .30 YES 2566 Lazard Ltd. LAZ 43.91 2 3 2 1.50 60- 90 (35-105%) 13.1 3.7 3.35 1.64 33 3/31 .83 .50 6/30 ▲ .41 .38 YES 993 Lear Corp. LEA 143.54 1 3 3 1.25 170- 255 (20- 80%) 9.0 1.4 15.92 2.00 5 3/31 4.27 3.40 6/30 ◆.50 .30 YES 1156 Leggett & Platt LEG 51.19 3 2 3 1.05 55- 70 (5- 35%) 19.3 2.8 2.65 1.44 10 3/31 .62 .63 9/30 ▲ .36 .34 YES 2567 Legg Mason LM 37.93 3 3 3 1.40 75- 110 (100-190%) 13.0 3.0 2.91 1.12 33 3/31 .76 d.43 9/30 ▲ .28 .22 YES 396 Leidos Hldgs. LDOS 54.67 – 3 – NMF 50- 75 (N- 35%) 16.6 2.3 3.30 1.28 41 3/31 .88 .72 6/30 .32 .32 YES 1129 Lennar Corp. LEN 51.63 3 3 2 1.25 60- 90 (15- 75%) 12.3 0.3 4.20 .16 3 2/28 .62 .63 6/30 .04 .04 YES 1715 Lennox Int’l LII 175.38 1 3 3 1.05 160- 240 (N- 35%) 21.7 1.2 8.10 2.04 58 3/31 .90 .60 9/30 ▲ .51 .43 YES 1761 Leucadia National LUK 24.79 3 3 2 1.25 45- 65 (80-160%) 17.7 1.0 1.40 .25 52 3/31 .75 d.60 3/31 .063 .063 YES 599 Level 3 Communic. LVLT 60.01 – 3 – 1.20 55- 90 (N- 50%) 42.9 NIL 1.40 NIL 11 3/31 .26 .36 3/31 NIL NIL YES 1208 Liberty All-Star USA 5.55 – 2 3 1.05 7- 10 (25- 80%) NMF 8.8 NMF .49 – 12/31 6.13(q) 6.18(q) 6/30 .13 .12 1022 Liberty Global plc (NDQ) LBTYA 30.90 1 3 3 1.10 40- 60 (30- 95%) NMF NIL .05 NIL 1 3/31 d.33 d.39 3/31 NIL NIL YES 1840 2182 Liberty Interactive (NDQ) QVCA 23.53 3 3 5 1.05 40- 65 (70-175%) 18.8 NIL 1.25 NIL 29 3/31 .20 .18 3/31 NIL NIL YES 1534 Liberty Property LPT 41.39 ▼333 1.00 35- 55 (N- 35%) 27.6 3.9 1.50 1.60 36 3/31 .29 .39 6/30 ▼.40 .475 YES 808 LifePoint Health (NDQ) LPNT 62.05 3 3 3 1.00 75- 110 (20- 75%) 13.6 NIL 4.56 NIL 14 3/31 1.07 .87 3/31 NIL NIL YES 1623 Lilly (Eli) LLY 77.99 3 1 1 .75 100- 120 (30- 55%) 18.9 2.7 4.12 2.08 70 3/31 .98 .83 6/30 .52 .51 YES 994 Linamar Corp. (TSE) LNR.TO 63.80b 1 3 4 1.15 100- 145 (55-125%) 7.5 0.8 8.55 .48 5 3/31 2.20(b) 1.92(b) 6/30 .12 .20 1716 Lincoln Elec Hldgs. (NDQ) LECO 88.86 4 3 3 1.15 55- 85 (N- N%) 25.0 1.6 3.55 1.40 58 3/31 .88 .76 9/30 .35 .32 YES 1555 Lincoln Nat’l Corp. LNC 65.50 2 3 3 1.50 65- 95 (N- 45%) 9.7 1.8 6.75 1.20 89 3/31 1.73 1.25 6/30 .29 .25 YES 1717 Lindsay Corp. LNN 85.44 3 3 3 1.00 85- 125 (N- 45%) 36.1 1.4 2.37 1.16 58 2/28 .47 .39 6/30 .29 .28 YES 1243 Linear Technology LLTC SEE FINAL SUPPLEMENT - PAGE 1243 2336 Lions Gate ‘A’ LGFA 25.57 5 3 2 1.05 35- 55 (35-115%) 26.9 NIL .95 NIL 25 12/31 .21 .27 3/31 NIL .09 YES 2127 Lithia Motors LAD 90.33 1 3 3 1.30 115- 175 (25- 95%) 10.5 1.2 8.60 1.08 8 3/31 2.01 1.55 6/30 ▲ .27 .25 YES 1312 Littelfuse Inc. (NDQ) LFUS 161.22 2 3 2 1.05 145- 220 (N- 35%) 23.2 0.9 6.95 1.40 53 3/31 1.69 1.38 6/30 .33 .29 YES (•) All data adjusted for announced stock split or stock dividend. (h) Est’d Earnings & Est’d Dividends after conversion to U.S. See back page of Ratings & Reports. (f) The estimate may reflect a probable increase or decrease. dollars at Value Line estimated translation rate. ♦ New figure this week. If a dividend boost or cut is possible but not probable, (j) All Index data expressed in hundreds. (b) Canadian Dollars. two figures are shown, the first is the more likely. (p) 6 months (q) Asset Value (d) Deficit. (g) Dividends subject to foreign withholding tax for U.S. residents. N=Negative figure NA=Not available NMF=No meaningful figure © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2028 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 23 of 190 LI-ME Page 14 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 2337 Live Nation Entertain. LYV 33.61 3 3 3 1.15 20- 30 (N- N%) NMF NIL .10 NIL 25 3/31 d.22 d.29 3/31 NIL NIL YES 1953 Loblaw Cos. Ltd. (TSE) L.TO 76.28b 3 2 4 .70 85- 115 (10- 50%) 26.3 1.4 2.90 1.08 57 3/31 .57(b) .47(b) 9/30 .27(b) .26(b) YES 717 Lockheed Martin LMT 278.36 4 1 3 .80 255- 315 (N- 15%) 22.4 2.7 12.41 7.45 59 3/31 2.61 2.61 6/30 1.82 1.65 YES 2568 Loews Corp. L 46.78 2 2 3 .95 50- 70 (5- 50%) 14.2 0.5 3.30 .25 33 3/31 .81 .57 6/30 .063 .063 YES 1399 Logitech Int’l (NDQ) LOGI 35.47 ▼434 .80 25- 40 (N- 15%) 30.3 1.6 1.17 .56 55 3/31 .15 .18 3/31 NIL NIL YES 1821 LogMeIn Inc. (NDQ) LOGM 111.25 4 3 2 1.00 105- 160 (N- 45%) 30.9 NIL 3.60 NIL 28 3/31 d.43 d.04 3/31 NIL NIL YES 1167 Louisiana-Pacific LPX 22.81 2 4 1 1.50 25- 40 (10- 75%) 13.3 NIL 1.72 NIL 16 3/31 .38 .07 3/31 NIL NIL YES 850 1141 Lowe’s Cos. LOW 82.34 ▲123 1.05 100- 135 (20- 65%) 17.7 1.9 4.64 1.55 24 4/30 ◆1.03 .87 6/30 .35 .35 YES 1653 2216 lululemon athletica (NDQ) LULU 48.80 4 3 3 .90 70- 110 (45-125%) 21.2 NIL 2.30 NIL 50 1/31 1.00 .85 3/31 NIL NIL YES 2669 1142 Lumber Liquidators LL 29.98 4 5 3 1.65 20- 40 (N- 35%) NMF NIL d.65 NIL 24 3/31 d.93 d1.20 3/31 NIL NIL YES 2183 Luxottica Group ADR(g) LUX 59.87 – 3 – .90 60- 90 (N- 50%) 27.8 1.7 2.15 .99 29 12/31 .77(p) .26 3/31 NIL NIL YES 575 LyondellBasell Inds. LYB 80.57 3 3 2 1.35 100- 150 (25- 85%) 8.5 4.5 9.50 3.60 65 3/31 1.98 2.39 6/30 ▲ .90 .85 YES 2520 M&T Bank Corp. MTB 161.30 4 2 3 .95 155- 205 (N- 25%) 17.5 1.9 9.22 3.00 63 3/31 2.12 1.73 6/30 .75 .70 YES 1130 M.D.C. Holdings MDC 33.94 2 3 3 1.30 30- 50 (N- 45%) 13.9 2.9 2.45 1.00 3 3/31 .43 .19 6/30 .25 .238 YES 538 MDU Resources MDU 26.77 2 2 1 1.10 30- 45 (10- 70%) 20.6 2.9 1.30 .77 26 3/31 .19 .13 9/30 .193 .188 YES 1209 MFS Multimarket MMT 6.19 – 4 3 .60 5- 8 (N- 30%) NMF 7.8 NMF .48 – 10/31 6.73(q) 6.79(q) 3/31 .134 .127 912 MGE Energy (NDQ) MGEE 64.10 4 1 1 .75 45- 55 (N- N%) 26.9 2.0 2.38 1.25 34 3/31 .56 .49 6/30 .308 .295 YES 2569 MGIC Investment MTG 10.78 1 5 3 1.60 16- 30 (50-180%) 8.3 NIL 1.30 NIL 33 3/31 .24 .17 3/31 NIL NIL YES 2362 MGM Resorts Int’l MGM 31.30 2 3 3 1.55 35- 55 (10- 75%) 26.1 1.4 1.20 .44 6 3/31 .36 .12 6/30 .11 NIL YES 1386 MKS Instruments (NDQ) MKSI 80.10 3 3 4 1.05 65- 95 (N- 20%) 21.8 0.9 3.68 .70 17 3/31 1.18 .33 6/30 .175 .17 YES 628 MPLX LP MPLX 35.52 3 4 3 1.40 40- 70 (15- 95%) 27.3 6.1 ▲ 1.30 2.16 78 3/31 .19 d.33 6/30 ▲ .54 .505 YES 2428 MRC Global MRC 20.66 4 4 3 1.45 30- 50 (45-140%) NMF NIL .15 NIL 96 3/31 NIL d.14 3/31 NIL NIL YES 1718 MSA Safety MSA 80.63 ▲333 1.25 55- 85 (N- 5%) 31.4 1.7 2.57 1.40 58 3/31 .37 .34 6/30 ▲ .35 .33 YES 1719 MSC Industrial Direct MSM 85.72 4 2 2 .95 100- 135 (15- 55%) 21.2 2.1 4.04 1.80 58 2/28 .90 .80 6/30 .45 .43 YES 1245 445 MSCI Inc. MSCI 98.91 3 3 3 1.00 105- 155 (5- 55%) 29.1 1.3 3.40 1.32 39 3/31 .80 .60 6/30 .28 .22 YES 2036 2338 MSG Networks MSGN 21.45 – 3 – NMF 40- 60 (85-180%) 9.1 NIL 2.35 NIL 25 3/31 .58 .59 3/31 NIL NIL YES 2036 125 MTS Systems (NDQ) MTSC 53.85 4 3 5 1.10 55- 80 (N- 50%) 34.1 2.2 1.58 1.20 72 3/31 .38 .20 6/30 .30 .30 YES 718 MacDonald Dettwiler (TSE) MDA.TO 62.70b 4 2 4 .75 95- 130 (50-105%) 12.5 2.4 5.00 1.48 59 3/31 .15(b) 1.10(b) 6/30 .37(b) .37(b) 1535 Macerich Comp. (The) MAC 58.20 ▼433 .85 80- 120 (35-105%) 26.1 5.0 2.23 2.90 36 3/31 .48 2.76 6/30 .71 .68 YES 1536 Mack-Cali R’lty CLI 27.19 1 3 2 .95 20- 35 (N- 30%) 77.7 2.2 .35 .60 36 3/31 .11 .69 6/30 .15 .15 YES 397 Macquarie Infra. MIC 78.48 1 3 3 1.00 80- 120 (N- 55%) 41.3 7.1 1.90 5.61 41 3/31 .44 .28 6/30 ▲ 1.32 1.20 YES 231 2144 Macy’s Inc. M 23.05 3 3 3 1.05 40- 65 (75-180%) 6.7 6.6 3.45 1.51 20 4/30 .24 .40 9/30 .378 .378 YES 2159 Madden (Steven) Ltd. (NDQ) SHOO 37.50 3 3 3 .95 40- 60 (5- 60%) 17.0 NIL 2.20 NIL 35 3/31 .47 .38 3/31 NIL NIL YES 2339 Madison Square Garden MSG 196.51 – 3 – NMF 200- 300 (N- 55%) NMF NIL d.10 NIL 25 3/31 d.74 d2.47 3/31 NIL NIL YES 629 Magellan Midstream MMP 74.66 3 3 1 1.10 95- 140 (25- 90%) 19.1 4.9 3.90 3.69 78 3/31 .98 .91 6/30 ▲ .873 .803 YES 995 Magna Int’l ‘A’ MGA 45.09 2 3 4 1.35 80- 120 (75-165%) 7.8 2.5 5.80 1.12(h) 5 3/31 1.54 1.22 6/30 .275 .25 YES 2030 Maiden Hldgs. Ltd. (NDQ) MHLD 10.50 4 3 2 .95 17- 25 (60-140%) 5.5 5.8 1.90 .61 90 3/31 .23 .27 9/30 .15 .14 YES 1624 Mallinckrodt plc MNK 39.86 2 3 3 1.30 95- 140 (140-250%) 7.2 NIL 5.50 NIL 70 3/31 .28 .88 3/31 NIL NIL YES 2625 Manhattan Assoc. (NDQ) MANH 46.56 3 3 4 1.15 65- 100 (40-115%) 25.9 NIL 1.80 NIL 56 3/31 .40 .38 3/31 NIL NIL YES 1419 929 Manitoba Telecom Svcs. MBT.TO SEE FINAL SUPPLEMENT - PAGE 1419 163 Manitowoc Co. MTW 5.91 – 4 – NMF 7- 12 (20-105%) NMF NIL d.35 NIL 93 3/31 d.17 d.04 3/31 NIL NIL YES 1648 ManpowerGroup Inc. MAN 103.88 3 3 3 1.40 95- 140 (N- 35%) 15.8 1.8 6.58 1.86 48 3/31 1.09 .98 6/30 ▲ .93 .86 YES 2626 ManTech Int’l ‘A’ (NDQ) MANT 38.57 4 3 3 1.05 35- 50 (N- 30%) 25.7 2.2 1.50 .84 56 3/31 .39 .35 6/30 .21 .21 YES 1556 Manulife Fin’l MFC 17.45 3 3 3 1.30 20- 30 (15- 70%) 11.9 4.7 1.47 .82 89 3/31 .40 .34 6/30 .205 .185 YES 2410 Marathon Oil Corp. MRO 14.56 2 3 3 1.80 20- 30 (35-105%) NMF 1.4 d.10 .20 27 3/31 d.07 d.45 6/30 .05 .05 YES 512 Marathon Petroleum MPC 53.08 3 3 3 1.40 ▲ 55- 80 (5- 50%) 17.7 3.0 3.00 1.60 22 3/31 .06 NIL 6/30 .36 .32 YES 2363 Marcus Corp. MCS 32.65 1 3 3 1.00 35- 50 (5- 55%) 21.8 1.5 1.50 .50 6 3/31 .33 .20 6/30 .125 .113 YES 2184 MarineMax HZO 18.05 3 4 2 1.30 25- 45 (40-150%) 13.7 NIL 1.32 NIL 29 3/31 .11 .10 3/31 NIL NIL YES 767 Markel Corp. MKL 966.62 4 1 3 .75 805- 985 (N- N%) 34.5 NIL 28.00 NIL 82 3/31 2.17 9.05 3/31 NIL NIL YES 1799 MarketAxess Holdings (NDQ) MKTX 188.00 3 3 3 .90 165- 250 (N- 35%) 44.7 0.7 4.21 1.32 38 3/31 1.11 .77 6/30 .33 .26 YES 2364 Marriott Int’l MAR 105.49 3 3 4 1.15 110- 165 (5- 55%) 25.8 1.3 4.09 1.32 6 3/31 .94 .85 6/30 ▲ .33 .30 YES 2365 Marriott Vacations VAC 116.03 2 3 4 1.20 95- 145 (N- 25%) 22.3 1.2 5.20 1.40 6 3/31 1.21 .82 6/30 .35 .30 YES 2570 Marsh & McLennan MMC 74.74 3 1 3 .90 75- 95 (N- 25%) 19.5 2.0 3.84 1.50 33 3/31 1.09 .91 9/30 ▲ .375 .34 YES 1112 Martin Marietta MLM 231.06 4 3 3 1.25 210- 320 (N- 40%) 29.4 0.7 7.85 1.68 4 3/31 .67 .69 6/30 ◆.42 .40 YES 955 Marvell Technology (NDQ) MRVL 16.36 3 3 3 1.10 20- 30 (20- 85%) 16.4 1.5 1.00 .24 64 1/31 .22 .11 6/30 .06 .06 YES 1113 Masco Corp. MAS 36.83 2 3 4 1.35 35- 50 (N- 35%) 18.9 1.1 1.95 .40 4 3/31 .41 .32 6/30 .10 .095 YES 216 Masimo Corp. (NDQ) MASI 85.83 2 3 3 1.10 60- 90 (N- 5%) 32.4 NIL 2.65 NIL 76 3/31 .82 .53 3/31 NIL NIL YES 1157 Masonite Int’l DOOR 75.15 2 3 2 1.00 95- 145 (25- 95%) 18.8 NIL 4.00 NIL 10 3/31 .78 .57 3/31 NIL NIL YES 1238 MasTec MTZ 43.10 1 4 2 1.75 45- 70 (5- 60%) 19.2 NIL 2.25 NIL 85 3/31 .59 .02 3/31 NIL NIL YES 2571 MasterCard Inc. MA 119.60 3 1 4 1.05 140- 170 (15- 40%) 28.1 0.7 4.25 .88 33 3/31 1.00 .86 6/30 .22 .19 YES 2642 Match Group (NDQ) MTCH 19.66 – 4 – NMF 19- 30 (N- 55%) 28.1 NIL .70 NIL 62 3/31 .07 .03 3/31 NIL NIL YES 1590 Materion Corp. MTRN 34.55 4 3 3 1.45 35- 55 (N- 60%) 24.5 1.2 1.41 .40 54 3/31 .29 .27 6/30 ▲ .10 .095 YES 336 Matson, Inc. MATX 30.32 3 3 4 1.15 45- 65 (50-115%) 18.4 2.5 1.65 .76 73 3/31 .16 .41 6/30 .19 .18 YES 2315 Mattel, Inc. (NDQ) MAT 21.75 5 3 4 .85 35- 50 (60-130%) 18.9 7.0 1.15 1.52 15 3/31 d.33 d.20 6/30 .38 .38 YES 1836 Matthews Int’l (NDQ) MATW 64.15 3 3 1 1.10 65- 100 (N- 55%) 18.9 1.1 3.39 .68 77 3/31 .84 .75 6/30 .17 .15 YES 1360 Maxim Integrated (NDQ) MXIM 46.84 3 3 4 1.00 50- 75 (5- 60%) 21.2 2.8 2.21 1.32 37 3/31 .56 .41 6/30 .33 .30 YES 398 MAXIMUS Inc. MMS 63.24 2 3 3 1.10 80- 115 (25- 80%) 20.1 0.3 3.15 .18 41 3/31 .80 .74 6/30 .045 .045 YES 1926 McCormick & Co. MKC 102.53 4 1 3 .80 95- 115 (N- 10%) 25.3 1.8 4.05 1.88 71 2/28 .76 .74 6/30 .47 .43 YES 1762 McDermott Int’l MDR 6.45 3 5 3 1.80 7- 12 (10- 85%) 25.8 NIL .25 NIL 52 3/31 .08 d.01 3/31 NIL NIL YES 2461 365 McDonald’s Corp. MCD 147.82 3 1 5 .80 140- 170 (N- 15%) 23.5 2.6 6.30 3.84 21 3/31 1.47 1.23 3/31 .94 .89 YES ★★ 217 McKesson Corp. MCK 159.00 2 1 4 1.00 295- 360 (85-125%) 12.0 0.7 13.21 1.12 76 3/31 ◆3.39 1.98 6/30 .28 .28 YES 1927 Mead Johnson Nutrition MJN 89.04 – 2 – .95 90- 125 (N- 40%) 29.7 1.9 3.00 1.65 71 3/31 .65 .39 6/30 .413 .413 YES 1420 1625 Medicines Company (NDQ) MDCO 40.95 5 3 1 1.10 50- 75 (20- 85%) NMF NIL d5.09 NIL 70 3/31 d1.44 d1.31 3/31 NIL NIL YES 809 Medidata Solutions (NDQ) MDSO 71.87 3 3 4 1.15 60- 90 (N- 25%) NMF NIL .60 NIL 14 3/31 .16 .10 3/31 NIL NIL YES 810 MEDNAX, Inc. MD 54.47 3 2 3 .90 85- 115 (55-110%) 13.8 NIL 3.95 NIL 14 3/31 .75 .87 3/31 NIL NIL YES 185 Medtronic plc MDT 84.61 3 1 3 .95 85- 105 (N- 25%) 15.4 2.1 5.51 1.76 68 1/31 1.39 1.32 6/30 .43 .38 YES Melco Crown Ent. ADR NAME CHANGED TO MELCO RESORTS & ENTERT. 2366 Melco Resorts & Entert.(NDQ) MLCO 21.94 3 3 3 1.60 25- 35 (15- 60%) 43.9 1.6 .50 .36 6 3/31 .23 .07 6/30 .09 .022 YES 1361 Mellanox Technologies (NDQ) MLNX 48.15 5 4 2 .95 70- 115 (45-140%) 21.9 NIL 2.20 NIL 37 3/31 d.25 d.15 3/31 NIL NIL YES 1651 Mentor Graphics MENT SEE FINAL SUPPLEMENT - PAGE 1651 232 1822 Mercadolibre Inc. (NDQ) MELI 281.80 1 3 4 1.35 280- 420 (N- 50%) 57.5 0.2 4.90 .64 28 3/31 1.10 .68 6/30 .15 .15 YES 2669 1626 Merck & Co. MRK 64.55 4 1 3 .85 70- 85 (10- 30%) 17.0 2.9 3.80 1.88 70 3/31 .88 .89 9/30 ◆.47 .46 YES
★★ Supplementary Report in this week’s issue. For Timeliness, 3-5 year Target Price Range, or Estimated results, the rank change probably was primarily caused by the ▲ Arrow indicates the direction of a change. When it appears Earnings 12 months to 12-31-17, the arrow indicates a change earnings report. In other cases, the change is due to the dynamics with the Latest Dividend, the arrow signals that a change in the since the preceding week. When a diamond ♦ (indicating a of the ranking system and could simply be the result of the regular payment rate has occurred in the latest quarter. new figure) appears alongside the latest quarterly earnings improvement or weakening of other stocks. © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2029 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 24 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 15 ME-NE PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 768 Mercury General MCY 55.77 4 2 2 .70 55- 75 (N- 35%) 19.6 4.5 2.85 2.49 82 3/31 .20 .13 6/30 .623 .62 YES 1400 Mercury Systems (NDQ) MRCY 39.05 ▲333 .85 30- 45 (N- 15%) 43.9 NIL .89 NIL 55 3/31 .23 .20 3/31 NIL NIL YES 2377 Meredith Corp. MDP 54.35 4 3 1 1.10 60- 95 (10- 75%) 16.5 3.8 3.30 2.08 95 3/31 .87 .92 6/30 .52 .495 YES 218 Meridian Bioscience (NDQ) VIVO 13.85 4 3 5 .80 25- 40 (80-190%) 18.5 3.6 .75 .50 76 3/31 .22 .21 6/30 .125 .20 YES 996 Meritor, Inc. MTOR 16.15 3 4 3 1.70 17- 30 (5- 85%) 10.8 NIL 1.50 NIL 5 3/31 .35 .40 3/31 NIL NIL YES 1131 Meritage Homes MTH 40.25 2 3 3 1.40 60- 90 (50-125%) 10.3 NIL 3.91 NIL 3 3/31 .56 .50 3/31 NIL NIL YES 576 Methanex Corp. (NDQ) MEOH 44.30 3 3 2 1.55 65- 95 (45-115%) 18.5 2.8 ▼2.40 1.25 65 3/31 1.56 d.27 6/30 ▲ .30 .275 YES 1336 Methode Electronics MEI 39.75 3 3 2 1.40 40- 60 (N- 50%) 15.3 0.9 2.60 .36 40 1/31 .63 .45 6/30 .09 .09 YES 1557 MetLife Inc. MET 50.51 3 3 3 1.35 55- 80 (10- 60%) 9.4 3.4 5.40 1.72 89 3/31 1.41 1.20 6/30 .40 .40 YES 1954 Metro Inc. (TSE) MRU.TO 45.27b 3 2 3 .60 40- 55 (N- 20%) 17.7 1.4 2.56 .65 57 3/31 .56(b) .51(b) 6/30 .163(b) .14(b) YES 126 Mettler-Toledo Int’l MTD 570.75 3 3 5 1.10 415- 620 (N- 10%) 33.6 NIL 17.00 NIL 72 3/31 3.48 2.40 3/31 NIL NIL YES 427 Mexico Fund MXF 16.64 – 4 2 1.15 20- 35 (20-110%) NMF NIL NMF NIL – 4/30 18.59(q) 20.00(q) 3/31 NIL NIL 2110 Michael Kors Hldgs. KORS 36.97 2 3 4 .95 65- 100 (75-170%) 8.7 NIL 4.23 NIL 30 12/31 1.64 1.59 3/31 NIL NIL YES 2185 Michaels Cos. (The) (NDQ) MIK 19.59 1 3 3 1.05 35- 55 (80-180%) 9.1 NIL 2.15 NIL 29 1/31 .96 .87 3/31 NIL NIL YES 1362 Microchip Technology (NDQ) MCHP 81.35 1 2 3 1.15 80- 105 (N- 30%) 18.4 1.8 4.43 1.45 37 3/31 1.16 .70 6/30 ▲ .362 .36 YES 1363 Micron Technology (NDQ) MU 28.29 ▲233 1.65 40- 60 (40-110%) 7.6 NIL 3.74 NIL 37 2/28 .77 d.09 3/31 NIL NIL YES 1364 Microsemi Corp. (NDQ) MSCC 48.52 ▲134 1.30 60- 85 (25- 75%) 12.3 NIL 3.95 NIL 37 3/31 .91 .67 3/31 NIL NIL YES 2596 Microsoft Corp. (NDQ) MSFT 68.68 ▲314 1.05 70- 85 (N- 25%) 21.9 2.3 3.13 1.56 51 3/31 .73 .63 6/30 .39 .36 YES 1720 Middleby Corp. (The) (NDQ) MIDD 127.97 2 3 2 1.15 135- 205 (5- 60%) 23.3 NIL 5.50 NIL 58 3/31 1.24 .96 3/31 NIL NIL YES 1788 Middlesex Water (NDQ) MSEX 34.99 3 2 2 .75 35- 50 (N- 45%) 23.3 2.4 1.50 .85 87 3/31 .27 .29 6/30 .211 .199 YES 1158 Miller (Herman) (NDQ) MLHR 31.60 3 3 3 1.20 35- 55 (10- 75%) 15.4 2.2 2.05 .68 10 2/28 .39 .46 9/30 .17 .148 YES 577 Minerals Techn. MTX 73.75 4 3 2 1.45 90- 130 (20- 75%) 15.7 0.3 4.70 .20 65 3/31 1.07 1.02 6/30 .05 .05 YES 399 Mobile Mini (NDQ) MINI 28.05 3 3 4 1.30 45- 65 (60-130%) 20.8 3.2 1.35 .91 41 3/31 .25 .28 6/30 .227 .206 YES 1244 997 Mobileye NV MBLY 61.81 – 3 – 1.45 65- 100 (5- 60%) 58.9 NIL 1.05 NIL 5 12/31 .22 .08 3/31 NIL NIL YES 998 Modine Mfg. MOD 12.70 3 4 4 1.35 14- 25 (10- 95%) 13.4 NIL .95 NIL 5 12/31 .21 .22 3/31 NIL NIL YES 1159 Mohawk Inds. MHK 232.87 1 3 3 1.20 230- 340 (N- 45%) 17.4 NIL 13.40 NIL 10 3/31 2.72 2.38 3/31 NIL NIL YES 1979 Molson Coors Brewing TAP 94.85 – 2 – .95 80- 110 (N- 15%) 19.0 1.8 5.00 1.75 75 3/31 .93 .80 6/30 ◆.41 .41 YES 1928 Mondelez Int’l (NDQ) MDLZ 46.05 4 2 3 1.05 50- 65 (10- 40%) 21.9 1.8 2.10 .82 71 3/31 .53 .51 9/30 ◆.19 .17 YES 1365 Monolithic Power Sys. (NDQ) MPWR 95.04 3 3 4 1.20 100- 155 (5- 65%) 61.3 0.8 1.55 .80 37 3/31 .33 .25 6/30 .20 .20 YES 2128 Monro Muffler Brake (NDQ) MNRO 49.00 3 3 4 .80 65- 100 (35-105%) 23.8 1.5 2.06 .72 8 3/31 ◆.29 .42 6/30 ▲ .18 .17 YES 2451 Monsanto Co. MON 116.04 – 2 – .95 140- 190 (20- 65%) 25.9 1.9 4.48 2.16 60 2/28 3.09 2.40 6/30 .54 .54 YES 855 1980 Monster Beverage (NDQ) MNST 49.43 3 3 4 .80 45- 65 (N- 30%) 33.0 NIL 1.50 NIL 75 3/31 .31 .27 3/31 NIL NIL YES 446 Moody’s Corp. MCO 114.89 2 3 3 1.15 110- 165 (N- 45%) 21.7 1.3 5.30 1.52 39 3/31 1.47 .94 6/30 .38 .37 YES 719 Moog Inc. ‘A’ MOGA 69.56 3 3 3 1.25 75- 115 (10- 65%) 20.0 NIL 3.47 NIL 59 3/31 .88 .85 3/31 NIL NIL YES 1807 Morgan Stanley MS 42.42 2 3 3 1.50 60- 90 (40-110%) 11.8 1.9 3.60 .80 13 3/31 1.00 .56 6/30 .20 .15 YES 1605 Mosaic Company MOS 23.32 3 3 3 1.30 30- 45 (30- 95%) 24.8 2.6 .94 .60 97 3/31 NIL .73 6/30 ▼.15 .275 YES 956 Motorola Solutions MSI 82.11 1 2 3 .95 105- 140 (30- 70%) 15.8 2.3 5.20 1.88 64 3/31 .71 .52 9/30 .47 .41 YES 2186 Movado Group MOV 22.25 ▼434 1.20 35- 50 (55-125%) 14.8 2.3 1.50 .52 29 1/31 .22 .39 6/30 .13 .26 YES 735 Mueller Inds. MLI 28.88 – 3 – 1.15 35- 55 (20- 90%) 14.4 1.4 2.00 .40 43 3/31 .52 .50 6/30 .10 .10 YES 1721 Mueller Water Prod. MWA 11.29 3 3 3 1.30 15- 20 (35- 75%) 25.1 1.4 .45 .16 58 3/31 .09 .10 6/30 .04 .03 YES 513 Murphy Oil Corp. MUR 26.46 2 3 4 1.55 55- 80 (110-200%) 52.9 3.8 .50 1.00 22 3/31 .33 d1.16 6/30 .25 .35 YES 2187 Murphy USA Inc. MUSA 67.69 3 3 1 .85 85- 130 (25- 90%) 16.1 NIL 4.20 NIL 29 3/31 d.08 .72 3/31 NIL NIL YES 1763 Myers Inds. MYE 16.90 4 3 3 1.20 17- 25 (N- 50%) 30.7 3.2 .55 .54 52 3/31 .10 d.11 6/30 .135 .135 YES 1627 Mylan N.V. (NDQ) MYL 39.59 1 3 4 1.10 55- 85 (40-115%) 18.9 NIL 2.10 NIL 70 3/31 .12 .03 3/31 NIL NIL YES 840 Myriad Genetics (NDQ) MYGN 20.62 4 3 5 .85 35- 55 (70-165%) 19.6 NIL 1.05 NIL 84 3/31 .27 .47 3/31 NIL NIL YES 1114 NCI Bldg. Sys. NCS 16.90 2 4 3 1.40 20- 35 (20-105%) 17.8 NIL .95 NIL 4 1/31 .03 .08 3/31 NIL NIL YES 1245 1337 NCR Corp. NCR 40.22 1 3 1 1.40 50- 75 (25- 85%) 12.0 NIL 3.36 NIL 40 3/31 .56 .39 3/31 NIL NIL YES 736 NN Inc. (NDQ) NNBR 28.10 1 4 3 1.50 25- 40 (N- 40%) 16.5 1.0 1.70 .28 43 3/31 .47 .27 6/30 ◆.07 .07 YES 1224 NRG Energy NRG 15.88 4 3 1 1.20 20- 30 (25- 90%) 45.4 0.8 .35 .12 69 3/31 d.52 .24 6/30 .03 .03 YES 1132 NVR, Inc. NVR 2296.00 2 2 4 .90 1685-2275 (N- N%) 17.0 NIL 135.12 NIL 3 3/31 25.12 15.79 3/31 NIL NIL 1367 NXP Semiconductors NV(NDQ) NXPI 108.09 – 3 – 1.30 130- 190 (20- 75%) 17.0 NIL 6.35 NIL 37 3/31 1.27 1.14 3/31 NIL NIL YES 2429 Nabors Inds. NBR 10.08 4 4 1 1.85 20- 35 (100-245%) NMF 2.4 d1.00 .24-NIL 96 3/31 d.49 d.39 9/30 .06 .06 YES 1800 Nasdaq, Inc. (NDQ) NDAQ 67.93 2 3 2 .95 70- 105 (5- 55%) 16.2 2.2 4.20 1.52 38 3/31 1.10 .91 6/30 ▲ .38 .32 YES 2521 Nat’l Bank of Canada (TSE) NA.TO 53.87b ▲322 .80 60- 85 (10- 60%) 11.0 4.4 4.91 2.36 63 1/31 1.34(b) 1.10(b) 6/30 .56(b) .54(b) YES 1981 National Beverage (NDQ) FIZZ 90.51 2 3 3 .85 65- 95 (N- 5%) 34.4 NIL 2.63 NIL 75 1/31 .52 .24 3/31 NIL NIL YES 232 2396 National CineMedia (NDQ) NCMI 7.54 3 3 3 .90 20- 35 (165-365%) 16.8 11.7 .45 .88 19 3/31 d.08 d.07 6/30 .22 .22 YES 2036 539 National Fuel Gas NFG 56.91 2 3 3 1.00 80- 115 (40-100%) 17.7 2.8 3.21 1.62 26 3/31 1.04 d1.74 6/30 .405 .395 YES 127 National Instruments (NDQ) NATI 37.78 4 3 4 1.00 40- 60 (5- 60%) 37.8 2.2 1.00 .84 72 3/31 .14 .07 6/30 .21 .20 YES 2430 National Oilwell Varco NOV 35.00 5 3 2 1.15 40- 60 (15- 70%) NMF 0.6 d.45 .20 96 3/31 d.26 d.06 6/30 ◆.05 .05 YES 1764 National Presto Ind. NPK 105.75 2 3 4 .90 85- 125 (N- 20%) 16.5 5.2 6.40 5.50 52 3/31 2.60 .94 3/31 ▲ 5.50 5.05 1591 Natural Resource NRP 28.30 – 5 – 1.40 40- 75 (40-165%) 4.8 6.4 5.84 1.80-NIL 54 3/31 .94 .21 6/30 .45 .45 YES 219 Natus Medical (NDQ) BABY 33.75 4 3 3 1.10 50- 70 (50-105%) 33.8 NIL 1.00 NIL 76 3/31 .01 .26 3/31 NIL NIL YES 2188 Nautilus Inc. NLS 18.25 3 4 4 1.05 20- 35 (10- 90%) 18.3 NIL 1.00 NIL 29 3/31 .26 .38 3/31 NIL NIL YES 2572 Navient Corp. (NDQ) NAVI 14.24 3 3 2 1.45 20- 30 (40-110%) 7.9 4.5 1.80 .64 33 3/31 .36 .43 6/30 .16 .16 YES 400 Navigant Consulting NCI 19.35 3 3 2 1.10 25- 40 (30-105%) 14.3 NIL 1.35 NIL 41 3/31 .27 .27 3/31 NIL NIL YES 164 Navistar Int’l NAV 26.73 5 5 3 2.15 25- 45 (N- 70%) 74.3 NIL .36 NIL 93 1/31 d.76 d.40 3/31 NIL NIL YES 1168 Neenah Paper NP 75.85 2 3 3 1.05 90- 135 (20- 80%) 17.0 2.0 4.45 1.48 16 3/31 1.03 1.11 6/30 .37 .33 YES 1421 1628 Nektar Therapeutics (NDQ) NKTR 19.75 4 5 2 1.25 25- 40 (25-105%) NMF NIL d1.35 NIL 70 3/31 d.42 d.14 3/31 NIL NIL YES 1929 Nestle SA ADS (PNK) NSRGY 84.75 5 1 4 .75 80- 100 (N- 20%) 27.8 2.7 3.05 2.32 71 12/31 1.40(p) 1.46(p) 6/30 2.304 2.32 1402 NetApp, Inc. (NDQ) NTAP 39.49 3 3 3 1.00 45- 70 (15- 75%) 17.8 1.9 2.22 .76 55 1/31 .52 .52 6/30 .19 .18 YES 2643 Netflix, Inc. (NDQ) NFLX 157.95 ▲233 .90 140- 210 (N- 35%) NMF NIL 1.10 NIL 62 3/31 .40 .06 3/31 NIL NIL YES 957 NETGEAR (NDQ) NTGR 42.85 3 3 1 1.00 55- 85 (30-100%) 17.9 NIL 2.40 NIL 64 3/31 .54 .65 3/31 NIL NIL YES 958 NeuStar Inc. NSR 33.20 – 3 – 1.20 55- 80 (65-140%) 9.5 NIL 3.50 NIL 64 3/31 .80 .57 3/31 NIL NIL YES 186 Nevro Corp. NVRO 73.16 4 4 2 1.25 65- 110 (N- 50%) NMF NIL d.80 NIL 68 3/31 d.50 d.33 3/31 NIL NIL YES 428 New Germany Fund GF 16.44 – 3 3 1.05 18- 30 (10- 80%) NMF 1.5 NMF .25 – 12/31 14.97(q) 16.19(q) 3/31 .442 NIL 550 New Jersey Resources NJR 41.20 4 1 3 .80 25- 35 (N- N%) 23.1 2.5 ▲ 1.78 1.02 80 3/31 1.21 .91 9/30 .255 .24 YES 2385 New Media Investment NEWM 12.73 3 3 4 1.15 19- 30 (50-135%) 18.2 11.0 .70 1.40-.70 83 3/31 d.07 .12 6/30 .35 .33 YES 2006 New Orient. Ed. ADS EDU 73.21 3 3 4 .90 60- 85 (N- 15%) 35.5 NIL 2.06 NIL 79 2/28 .48 .31 3/31 NIL NIL YES 1506 New York Community NYCB 13.14 5 3 3 .90 17- 25 (30- 90%) 13.1 5.2 1.00 .68 92 3/31 .21 .27 6/30 .17 .17 YES 2386 New York Times NYT 17.40 ▲433 1.15 16- 25 (N- 45%) 34.8 0.9 .50 .16 83 3/31 .08 d.05 6/30 .04 .04 YES 232 1196 Newell Brands NWL 52.84 3 3 4 1.15 45- 70 (N- 30%) 17.6 1.7 3.00 .92 66 3/31 1.31 .15 6/30 ▲ .23 .19 YES 540 Newfield Exploration NFX 33.78 1 3 4 1.85 50- 75 (50-120%) 15.0 NIL ▲ 2.25 NIL 26 3/31 .57 d.09 3/31 NIL NIL YES (•) All data adjusted for announced stock split or stock dividend. (h) Est’d Earnings & Est’d Dividends after conversion to U.S. See back page of Ratings & Reports. (f) The estimate may reflect a probable increase or decrease. dollars at Value Line estimated translation rate. ♦ New figure this week. If a dividend boost or cut is possible but not probable, (j) All Index data expressed in hundreds. (b) Canadian Dollars. two figures are shown, the first is the more likely. (p) 6 months (q) Asset Value (d) Deficit. (g) Dividends subject to foreign withholding tax for U.S. residents. N=Negative figure NA=Not available NMF=No meaningful figure © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2030 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 25 of 190 NE-PA Page 16 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 578 NewMarket Corp. NEU 468.02 3 3 3 1.00 460- 690 (N- 45%) 21.5 1.5 21.75 7.00 65 3/31 5.39 5.22 6/30 ▲ 1.75 1.60 YES 1572 Newmont Mining NEM 33.05 ▼332 .80 25- 35 (N- 5%) 34.1 0.6 .97 .20 7 3/31 .25 .23 6/30 .05 .025 YES 2387 News Corp. ‘A’ (NDQ) NWSA 13.15 4 3 5 1.30 25- 35 (90-165%) 57.2 1.5 .23 .20 83 3/31 d.01 d.26 6/30 .10 .10 YES 2340 Nexstar Media Group (NDQ) NXST 57.90 4 3 1 1.25 90- 135 (55-135%) 23.2 2.1 2.50 1.20 25 3/31 .13 .69 6/30 .30 .24 YES 146 NextEra Energy NEE 138.96 2 2 4 .65 125- 170 (N- 20%) 20.4 2.9 6.80 4.06 42 3/31 1.91 1.41 6/30 ◆.983 .87 YES 447 Nielsen Hldgs. plc NLSN 39.11 3 2 4 .95 50- 70 (30- 80%) 27.0 3.5 1.45 1.36 39 3/31 .31 .28 6/30 ▲ .34 .31 YES 1421 2160 NIKE, Inc. ‘B’ NKE 52.20 2 1 3 .90 75- 90 (45- 70%) 20.1 1.4 2.60 .72 35 2/28 .68 .55 9/30 .18 .16 YES 2238 1401 Nimble Storage NMBL SEE FINAL SUPPLEMENT - PAGE 2238 551 NiSource Inc. NI 25.14 – 3 – .65 19- 30 (N- 20%) 21.9 2.8 ▼1.15 .70 80 3/31 .65 .58 9/30 .175 .165 YES 108 Nissan Motor ADR(g) (PNK) NSANY 19.48 2 3 4 1.05 20- 30 (5- 55%) 6.3 4.3 3.08 .84 12 3/31 1.13 .30 3/31 NIL NIL 2431 Noble Corp. plc NE 4.58 3 5 1 1.75 5- 8 (10- 75%) NMF NIL d1.20 NIL 96 3/31 d.17 .31 3/31 ▼NIL .15 YES 2411 Noble Energy NBL 30.81 2 3 3 1.45 50- 80 (60-160%) NMF 1.3 d.25 .40 27 3/31 .08 d.67 6/30 .10 .10 YES 959 Nokia Corp. ADR NOK 6.54 4 3 5 1.35 6- 10 (N- 55%) 26.2 2.8 .25 .18 64 3/31 .03 .03 3/31 NIL NIL YES 1722 Nordson Corp. (NDQ) NDSN 121.71 3 3 4 1.25 120- 180 (N- 50%) 23.0 1.0 5.29 1.17 58 4/30 ◆1.35 1.19 6/30 .27 .24 YES 456 2145 Nordstrom, Inc. JWN 41.55 2 3 4 1.05 50- 70 (20- 70%) 14.1 3.6 2.95 1.48 20 4/30 .37 .26 6/30 .37 .37 YES 348 Norfolk Southern NSC 114.37 3 3 2 1.15 110- 165 (N- 45%) 18.2 2.1 6.30 2.44 45 3/31 1.48 1.29 6/30 .61 .59 YES 786 Northern Trust Corp. (NDQ) NTRS 88.60 4 3 3 1.10 90- 130 (N- 45%) 18.9 1.7 4.70 1.52 88 3/31 1.09 1.03 9/30 .38 .38 YES 1225 Northland Power (TSE) NPI.TO 23.42b 3 3 2 .70 35- 45 (50- 90%) 20.4 4.6 1.15 1.08 69 3/31 .24(b) d.32(b) 6/30 .27(b) .27(b) YES 720 Northrop Grumman NOC 250.65 2 1 3 .90 245- 300 (N- 20%) 19.6 1.6 12.78 4.00 59 3/31 3.63 3.03 6/30 ▲ 1.00 .90 YES 1507 Northwest Bancshares (NDQ) NWBI 15.43 3 2 1 .80 18- 25 (15- 60%) 17.7 4.1 .87 .64 92 3/31 .21 .18 6/30 .16 .15 YES 552 Northwest Nat. Gas NWN 60.10 ▼413 .65 50- 60 (N- N%) 27.3 3.1 2.20 1.88 80 3/31 1.40 1.33 6/30 .47 .468 YES 2231 NorthWestern Corp. NWE 60.92 2 3 2 .65 50- 75 (N- 25%) 17.9 3.5 3.40 2.13 2 3/31 1.17 .82 6/30 .525 .50 YES 2316 Norwegian Cruise Line (NDQ) NCLH 49.58 3 3 3 1.15 85- 130 (70-160%) 12.1 NIL 4.10 NIL 15 3/31 .27 .32 3/31 NIL NIL YES 1629 Novartis AG ADR NVS 81.06 5 1 5 .90 100- 120 (25- 50%) 28.4 3.4 2.85 2.72 70 3/31 .70 .85 6/30 2.718 2.718 YES 1630 Novo Nordisk ADR(g) NVO 41.48 2 2 5 .90 50- 70 (20- 70%) 19.3 2.7 2.15 1.10 70 3/31 .58 3.71 6/30 .67 NIL YES 1012 Nu Skin Enterprises NUS 55.19 2 4 3 1.20 60- 100 (10- 80%) 17.0 2.7 3.25 1.48 47 3/31 .51 .42 6/30 .36 .355 YES 2597 Nuance Communic. (NDQ) NUAN 18.82 4 3 4 1.05 20- 30 (5- 60%) NMF NIL d.19 NIL 51 3/31 d.12 d.02 3/31 NIL NIL YES 746 Nucor Corp. NUE 58.64 3 3 3 1.25 65- 100 (10- 70%) 18.3 2.6 3.20 1.51 46 3/31 1.11 .27 6/30 .378 .375 YES 851 1930 NutriSystem Inc. (NDQ) NTRI 50.10 3 3 2 1.05 35- 55 (N- 10%) 29.5 1.4 1.70 .70 71 3/31 .25 .09 6/30 .175 .175 YES 187 NuVasive, Inc. (NDQ) NUVA 72.21 3 3 2 1.00 75- 110 (5- 50%) 62.8 NIL 1.15 NIL 68 3/31 .22 d.07 3/31 NIL NIL YES 1210 Nuveen Muni Value Fund NUV 10.01 – 1 3 .40 9- 11 (N- 10%) NMF 4.0 NMF .40 – 10/31 10.39(q) 10.20(q) 6/30 .098 .098 232 1366 NVIDIA Corp. (NDQ) NVDA 137.03 3 3 4 1.10 55- 85 (N- N%) 39.2 0.4 3.50 .56 37 4/30 .79 .35 6/30 .14 .115 YES 913 OGE Energy OGE 34.78 3 2 1 .95 35- 45 (N- 30%) 17.0 3.7 2.05 1.30 34 3/31 .18 .13 9/30 ◆.303 .275 YES 128 OSI Systems (NDQ) OSIS 77.60 3 3 3 .85 85- 125 (10- 60%) 29.1 NIL 2.67 NIL 72 3/31 .72 .47 3/31 NIL NIL YES 2412 Oasis Petroleum OAS 11.52 3 5 2 2.15 15- 25 (30-115%) NMF NIL d.15 NIL 27 3/31 d.05 d.14 3/31 NIL NIL YES 514 Occidental Petroleum OXY 61.56 3 3 3 1.20 85- 125 (40-105%) 64.8 5.0 ▲ .95 3.07 22 3/31 .15 d.56 9/30 .76 .75 YES 2432 Oceaneering Int’l OII 26.54 ▼433 1.25 30- 50 (15- 90%) NMF 2.3 d.11 .60 96 3/31 d.04 .26 6/30 .15 .27 YES 851 1415 Office Depot (NDQ) ODP 5.01 1 5 4 1.35 5- 9 (N- 80%) 10.0 2.0 .50 .10 44 3/31 .14 .11 6/30 .025 NIL YES 2433 Oil States Int’l OIS 30.50 5 3 3 1.45 30- 45 (N- 50%) NMF NIL d.75 NIL 96 3/31 d.34 d.24 3/31 NIL NIL YES 326 Old Dominion Freight (NDQ) ODFL 87.81 3 3 2 1.10 80- 120 (N- 35%) 22.2 0.5 3.95 .40 86 3/31 .80 .72 6/30 ◆.10 NIL YES 787 Old Nat’l Bancorp (NDQ) ONB 16.40 3 3 2 1.10 16- 25 (N- 50%) 14.0 3.2 1.17 .52 88 3/31 .27 .24 6/30 .13 .13 YES 769 Old Republic ORI 19.90 3 3 2 1.10 20- 30 (N- 50%) 13.4 3.8 1.49 .76 82 3/31 .36 .33 6/30 .19 .187 YES 1606 Olin Corp. OLN 30.85 4 3 3 1.30 25- 40 (N- 30%) 26.1 2.6 1.18 .80 97 3/31 .08 .28 6/30 .20 .20 YES 2146 Ollie’s Bargain Outlet (NDQ) OLLI 41.10 – 3 – NMF 30- 45 (N- 10%) 43.3 NIL .95 NIL 20 1/31 .39 .26 3/31 NIL NIL YES 220 Omnicell, Inc. (NDQ) OMCL 41.10 5 3 3 .85 40- 60 (N- 45%) NMF NIL d.05 NIL 76 3/31 d.29 d.01 3/31 NIL NIL YES 2397 Omnicom Group OMC 82.92 3 2 3 1.00 105- 140 (25- 70%) 15.8 2.8 5.25 2.30 19 3/31 1.02 .90 6/30 .55 .50 YES 1649 On Assignment ASGN 52.38 4 3 3 1.50 45- 70 (N- 35%) 23.8 NIL 2.20 NIL 48 3/31 .42 .32 3/31 NIL NIL YES 1368 ON Semiconductor (NDQ) ON 15.29 2 3 3 1.40 20- 30 (30- 95%) 12.2 NIL 1.25 NIL 37 3/31 .23 .17 3/31 NIL NIL YES 553 ONE Gas, Inc. OGS 69.50 3 2 3 .70 85- 115 (20- 65%) 23.6 2.5 2.95 1.73 80 3/31 1.44 1.22 6/30 .42 .35 YES 1243 2644 1-800-FLOWERS.COM (NDQ) FLWS 10.35 3 4 3 1.10 12- 20 (15- 95%) 22.0 NIL .47 NIL 62 3/31 d.17 d.14 3/31 NIL NIL YES 611 ONEOK Inc. OKE 52.23 4 3 2 1.45 55- 80 (5- 55%) 26.1 4.8 2.00 2.52 74 3/31 .41 .40 6/30 .615 .615 YES 630 ONEOK Partners L.P. OKS 51.24 – 3 – 1.15 55- 80 (5- 55%) 20.5 6.2 2.50 3.16 78 3/31 .57 .52 6/30 .79 .79 YES 1823 Open Text Corp. (NDQ) OTEX 32.34 4 3 2 .95 40- 60 (25- 85%) 29.9 1.6 ▼1.08 .53 28 3/31 .08 .29 6/30 ▲ .132 .10 YES 856 1631 Opko Health (NDQ) OPK 6.54 4 3 3 1.15 12- 18 (85-175%) NMF NIL d.10 NIL 70 3/31 d.06 d.02 3/31 NIL NIL YES 1245 2598 Oracle Corp. ORCL 44.56 2 1 3 1.05 50- 60 (10- 35%) 16.3 1.7 2.74 .76 51 2/28 .69 .64 6/30 ▲ .19 .15 YES 721 Orbital ATK OA 98.89 – 3 – NMF 70- 105 (N- 5%) 17.1 1.3 5.80 1.28 59 3/31 1.15 1.31 6/30 .32 .30 YES ★★ 129 Orbotech Ltd. (NDQ) ORBK 34.35 2 3 4 .90 45- 65 (30- 90%) 17.2 NIL 2.00 NIL 72 3/31 .31 .36 3/31 NIL NIL YES 2129 O’Reilly Automotive (NDQ) ORLY 240.18 3 2 3 .80 275- 370 (15- 55%) 19.6 NIL 12.25 NIL 8 3/31 2.83 2.59 3/31 NIL NIL YES 1226 Ormat Technologies ORA 57.92 2 3 3 .90 50- 80 (N- 40%) 25.2 0.8 2.30 .45 69 3/31 .70 .58 6/30 .08 .07 YES 165 Oshkosh Corp. OSK 64.61 4 3 1 1.20 75- 110 (15- 70%) 18.3 1.3 3.54 .84 93 3/31 .76 .76 6/30 .21 .19 YES 914 Otter Tail Corp. (NDQ) OTTR 38.90 3 2 2 .90 35- 45 (N- 15%) 22.2 3.3 1.75 1.28 34 3/31 .49 .38 6/30 .32 .313 YES 2645 Overstock.com (NDQ) OSTK 14.30 3 4 1 1.20 20- 35 (40-145%) 40.9 NIL .35 NIL 62 3/31 d.23 .09 3/31 NIL NIL YES 221 Owens & Minor OMI 32.24 4 2 3 .95 60- 80 (85-150%) 15.7 3.2 2.05 1.03 76 3/31 .31 .39 6/30 .258 .255 YES 1115 Owens Corning OC 61.73 1 3 2 1.20 60- 90 (N- 45%) 15.2 1.3 4.05 .80 4 3/31 .89 .49 6/30 .20 .18 YES 1181 Owens-Illinois OI 22.07 2 3 3 1.40 30- 45 (35-105%) 8.9 NIL 2.48 NIL 23 3/31 .58 .48 3/31 NIL NIL YES 2111 Oxford Inds. OXM 54.22 3 3 4 1.20 80- 115 (50-110%) 14.7 2.0 3.70 1.08 30 1/31 .63 1.09 6/30 .27 .27 YES 515 PBF Energy PBF 21.54 2 3 4 1.40 45- 70 (110-225%) 8.3 5.6 ▼2.60 1.20 22 3/31 d.29 d.30 6/30 .30 .30 YES 2189 PC Connection (NDQ) CNXN 25.94 4 3 2 1.10 25- 40 (N- 55%) 13.5 NIL 1.92 NIL 29 3/31 .28 .34 3/31 NIL NIL YES 541 PDC Energy (NDQ) PDCE 54.59 4 4 3 1.70 40- 65 (N- 20%) NMF NIL ▲ .40 NIL 26 3/31 .70 d1.72 3/31 NIL NIL YES 1632 PDL BioPharma (NDQ) PDLI 2.35 5 4 4 1.05 4- 6 (70-155%) 11.8 NIL .20 NIL 70 3/31 .04 .34 3/31 NIL .05 YES 2232 PG&E Corp. PCG 66.16 2 3 2 .65 55- 85 (N- 30%) 18.1 3.2 3.65 2.12 2 3/31 1.13 .22 6/30 .49 .455 YES 2522 PNC Financial Serv. PNC 121.15 3 2 3 1.05 115- 155 (N- 30%) 15.4 1.8 7.86 2.20 63 3/31 1.96 1.68 6/30 .55 .51 YES 2233 PNM Resources PNM 37.40 1 3 2 .75 30- 50 (N- 35%) 20.2 2.6 1.85 .97 2 3/31 .28 .13 6/30 .243 .22 YES 1037 2452 PPG Inds. PPG 106.70 4 1 2 1.20 125- 150 (15- 40%) 17.1 1.5 6.25 1.60 60 3/31 1.29 1.29 6/30 .40 .40 YES 147 PPL Corp. PPL 39.29 – 2 – .70 35- 50 (N- 25%) 18.3 4.1 2.15 1.61 42 3/31 .59 .71 9/30 .395 .38 YES 2599 PTC Inc. (NDQ) PTC 55.90 ▲433 1.20 25- 40 (N- N%) NMF NIL .16 NIL 51 3/31 d.01 d.05 3/31 NIL NIL YES 1422 2112 PVH Corp. PVH 102.38 2 3 3 1.05 125- 190 (20- 85%) 13.8 0.1 7.40 .15 30 1/31 1.23 1.52 6/30 .038 .037 YES 166 PACCAR Inc. (NDQ) PCAR 62.81 3 2 2 1.15 75- 105 (20- 65%) 17.0 2.6 3.70 1.64 93 3/31 .88 .99 6/30 ▲ .25 .24 YES 1182 Packaging Corp. PKG 100.00 ▲133 1.10 85- 130 (N- 30%) 19.1 2.5 5.24 2.52 23 3/31 1.24 1.09 9/30 ◆.63 .63 YES 852 2600 Palo Alto Networks PANW 118.12 3 3 4 1.05 165- 245 (40-105%) NMF NIL d2.14 NIL 51 1/31 d.67 d.72 3/31 NIL NIL YES 1573 Pan Amer. Silver (NDQ) PAAS 17.11 2 4 2 1.10 17- 30 (N- 75%) 31.1 0.6 .55 .10 7 3/31 .06 .02 6/30 .025 .013 YES 1990 Panasonic Corp.(g) (PNK) PCRFY 12.38 3 3 4 1.20 16- 25 (30-100%) 13.9 2.0 .89 .25 9 12/31 .14 .19 3/31 NIL NIL
★★ Supplementary Report in this week’s issue. For Timeliness, 3-5 year Target Price Range, or Estimated results, the rank change probably was primarily caused by the ▲ Arrow indicates the direction of a change. When it appears Earnings 12 months to 12-31-17, the arrow indicates a change earnings report. In other cases, the change is due to the dynamics with the Latest Dividend, the arrow signals that a change in the since the preceding week. When a diamond ♦ (indicating a of the ranking system and could simply be the result of the regular payment rate has occurred in the latest quarter. new figure) appears alongside the latest quarterly earnings improvement or weakening of other stocks. © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2031 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 26 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 17 PA-Q PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 2646 Pandora Media P 9.14 5 5 3 1.30 11- 20 (20-120%) NMF NIL d1.45 NIL 62 3/31 d.56 d.51 3/31 NIL NIL YES 1841 366 Panera Bread Co. (NDQ) PNRA 313.34 – 2 – .80 235- 315 (N- N%) 40.4 NIL 7.75 NIL 21 3/31 1.83 1.56 3/31 NIL NIL YES 367 Papa John’s Int’l (NDQ) PZZA 78.19 3 3 3 .85 65- 95 (N- 20%) 27.9 1.2 2.80 .92 21 3/31 .77 .69 6/30 .20 .175 YES 233 1633 PAREXEL Int’l (NDQ) PRXL 79.64 3 3 5 1.05 70- 110 (N- 40%) 28.5 NIL 2.79 NIL 70 3/31 .35 .89 3/31 NIL NIL YES 579 Park Electrochemical PKE 16.34 5 3 3 1.15 20- 30 (20- 85%) 26.4 2.4 .62 .40 65 2/28 .12 .23 6/30 .10 .10 YES 788 Park National (ASE) PRK 103.84 4 2 3 .95 105- 145 (N- 40%) 18.2 3.6 5.69 3.76 88 3/31 1.31 1.21 6/30 .94 .94 YES 1765 Park-Ohio (NDQ) PKOH 35.85 4 4 3 1.60 50- 85 (40-135%) 11.2 1.4 3.19 .50 52 3/31 .79 .55 6/30 .125 .125 YES 1766 Parker-Hannifin PH 158.05 3 2 2 1.25 140- 190 (N- 20%) 19.3 1.7 8.19 2.64 52 3/31 2.11 1.51 6/30 .66 .63 YES 2413 Parsley Energy PE 31.28 ▲333 1.75 30- 40 (N- 30%) NMF NIL .30 NIL 27 3/31 .13 d.14 3/31 NIL NIL YES 2190 Party City Holdco PRTY 15.95 – 4 – NMF 16- 25 (N- 55%) 12.3 NIL 1.30 NIL 29 3/31 .05 .04 3/31 NIL NIL YES 1227 Pattern Energy Group (NDQ) PEGI 22.30 1 3 5 1.25 25- 35 (10- 55%) 89.2 7.5 .25 1.67 69 3/31 .06 d.29 9/30 ▲ .418 .40 YES 222 Patterson Cos. (NDQ) PDCO 43.56 5 2 4 .90 60- 85 (40- 95%) 21.1 2.5 2.06 1.07 76 1/31 .29 .60 6/30 ▲ .26 .24 YES 2434 Patterson-UTI Energy (NDQ) PTEN 21.98 4 3 2 1.65 25- 35 (15- 60%) NMF 0.4 d1.25 .08 96 3/31 d.42 d.48 6/30 .02 .02 YES 2627 Paychex, Inc. (NDQ) PAYX 58.05 4 1 3 .95 70- 85 (20- 45%) 24.1 3.4 2.41 2.00 56 2/28 .56 .50 6/30 .46 .42 YES 1824 Paylocity Holding (NDQ) PCTY 43.64 2 4 4 1.25 45- 70 (5- 60%) NMF NIL .11 NIL 28 3/31 .27 .12 3/31 NIL NIL YES 2573 PayPal Holdings (NDQ) PYPL 50.13 – 3 – NMF 45- 65 (N- 30%) 37.4 NIL 1.34 NIL 33 3/31 .32 .30 3/31 NIL NIL YES 2670 612 Pembina Pipeline (TSE) PPL.TO 43.70b 3 3 2 1.05 ▲ 50- 75 (15- 70%) 31.2 4.7 1.40 2.04 74 3/31 .49(b) .23(b) 6/30 ▲ .50(b) .473(b) 1422 2367 Penn Nat’l Gaming (NDQ) PENN 19.57 2 3 3 1.20 25- 35 (30- 80%) 20.6 NIL .95 NIL 6 3/31 .24 .26 3/31 NIL NIL YES 455 2147 Penney (J.C.) JCP 4.62 2 5 3 1.40 9- 16 (95-245%) 9.2 NIL .50 NIL 20 4/30 .06 d.32 3/31 NIL NIL YES 1537 Penn. R.E.I.T. PEI 11.18 3 3 3 1.15 20- 30 (80-170%) NMF 8.2 d.10 .92 36 3/31 d.10 d.03 6/30 .21 .21 YES 2130 Penske Auto PAG 43.12 2 3 2 1.30 50- 75 (15- 75%) 10.0 3.0 4.30 1.30 8 3/31 .97 .90 6/30 ▲ .31 .27 YES 1767 Pentair plc PNR 66.15 4 3 4 1.20 70- 110 (5- 65%) 22.5 2.1 2.94 1.38 52 3/31 .44 .50 9/30 .345 .34 YES 188 Penumbra Inc. PEN 82.95 – 3 – NMF 90- 130 (10- 55%) NMF NIL d.25 NIL 68 3/31 d.10 .02 3/31 NIL NIL YES 1508 People’s United Fin’l (NDQ) PBCT 16.94 3 2 2 .90 20- 30 (20- 75%) 18.2 4.1 .93 .69 92 3/31 .22 .21 6/30 ▲ .173 .17 YES 1982 PepsiCo, Inc. PEP 115.05 3 1 3 .80 120- 150 (5- 30%) 22.6 2.8 5.10 3.22 75 3/31 .94 .89 6/30 ▲ .805 .753 YES 1955 Performance Food Group PFGC 28.05 – 3 – NMF 25- 35 (N- 25%) 36.4 NIL .77 NIL 57 3/31 .20 .09 3/31 NIL NIL YES 130 PerkinElmer Inc. PKI 62.06 3 3 4 1.10 60- 90 (N- 45%) 21.8 0.5 2.85 .28 72 3/31 .55 .50 9/30 .07 .07 YES 852 1634 Perrigo Co. plc PRGO 73.07 ▼335 .80 95- 145 (30-100%) 16.6 0.9 4.40 .64 70 12/31 ◆1.24 NA 6/30 .16 .145 YES 2113 Perry Ellis Int’l (NDQ) PERY 18.19 3 3 2 1.00 25- 45 (35-145%) 8.3 NIL 2.20 NIL 30 4/30 ◆.83 1.01 3/31 NIL NIL YES 233 969 PetMed Express (NDQ) PETS 34.27 3 3 5 .90 20- 30 (N- N%) 26.8 2.3 1.28 .80 18 3/31 .37 .27 6/30 ▲ .20 .19 YES 456 516 Petroleo Brasileiro ADR PBR 8.83 3 5 3 1.90 17- 30 (95-240%) 10.4 NIL ▲ .85 NIL 22 3/31 .22 d.04 3/31 NIL NIL YES 2670 1635 Pfizer, Inc. PFE 32.14 4 1 1 .85 40- 50 (25- 55%) 23.8 4.0 1.35 1.28 70 3/31 .51 .49 6/30 .32 .30 YES 970 PharMerica Corp. PMC 25.40 2 4 5 1.15 35- 55 (40-115%) 14.9 NIL 1.70 NIL 18 3/31 .24 .31 3/31 NIL NIL YES 1991 Philips Electronics NV(g) PHG 35.33 ▼233 1.10 35- 50 (N- 40%) 27.2 2.6 1.30 .92 9 3/31 .22 .02 3/31 NIL NIL YES 1996 Philip Morris Int’l PM 116.46 5 2 3 .80 105- 145 (N- 25%) 24.2 3.6 4.81 4.16 94 3/31 1.02 .98 6/30 1.04 1.02 YES 517 Phillips 66 PSX 78.14 4 3 4 1.25 85- 130 (10- 65%) 16.6 3.7 4.70 2.87 22 3/31 1.02 .72 6/30 ▲ .70 .63 YES 456 1387 Photronics Inc. (NDQ) PLAB 10.25 3 4 3 .75 14- 25 (35-145%) 19.0 NIL .54 NIL 17 4/30 .03 .13 3/31 NIL NIL YES 2191 Pier 1 Imports PIR 5.25 3 4 1 1.45 8- 14 (50-165%) 10.5 5.3 .50 .28 29 2/28 .34 .23 6/30 .07 .07 YES 1931 Pilgrim’s Pride Corp. (NDQ) PPC 23.44 ▼332 .95 25- 35 (5- 50%) 11.2 NIL 2.10 NIL 71 3/31 .38 .46 3/31 NIL NIL YES 2368 Pinnacle Entertain. (NDQ) PNK 19.39 – 4 – NMF 20- 35 (5- 80%) 27.7 NIL .70 NIL 6 3/31 .28 .83 3/31 NIL NIL YES 1932 Pinnacle Foods PF 61.05 2 3 3 .80 50- 75 (N- 25%) 23.7 1.9 2.58 1.14 71 3/31 .50 .40 6/30 .285 .255 YES 2234 Pinnacle West Capital PNW 85.78 ▲213 .65 70- 85 (N- N%) 19.9 3.2 4.30 2.71 2 3/31 .21 .04 6/30 .655 .625 YES 2414 Pioneer Natural Res. PXD 173.74 3 3 2 1.45 185- 275 (5- 60%) NMF NIL 1.50 .08 27 3/31 .25 d.64 6/30 .04 .04 YES 1808 Piper Jaffray Cos. PJC 60.65 1 3 3 1.35 70- 110 (15- 80%) 9.8 2.1 6.17 1.25 13 3/31 1.77 .70 6/30 .313 NIL YES 1416 Pitney Bowes PBI 15.24 3 3 5 1.20 20- 35 (30-130%) 8.5 4.9 1.80 .75 44 3/31 .36 .34 6/30 .188 .188 YES 631 Plains All Amer. Pipe. PAA 27.95 5 3 2 1.35 35- 55 (25- 95%) 16.0 7.9 1.75 2.20 78 3/31 .58 .07 6/30 .55 .70 YES 2317 Planet Fitness PLNT 21.02 – 3 – NMF 30- 40 (45- 90%) 34.5 NIL .61 NIL 15 3/31 .19 .09 3/31 NIL NIL YES 1338 Plantronics Inc. PLT 52.63 3 3 3 1.05 55- 80 (5- 50%) 18.8 1.2 2.80 .62 40 3/31 .59 .45 6/30 .15 .15 YES 580 Platform Specialty PAH 13.05 3 4 2 2.00 12- 20 (N- 55%) 17.4 NIL .75 NIL 65 3/31 .16 .11 3/31 NIL NIL YES 1339 Plexus Corp. (NDQ) PLXS 50.76 3 3 1 1.10 50- 75 (N- 50%) 15.5 NIL 3.28 NIL 40 3/31 .84 .55 3/31 NIL NIL YES 2318 Polaris Inds. PII 86.56 3 3 5 1.20 120- 175 (40-100%) 19.7 2.7 4.40 2.32 15 3/31 .75 .71 6/30 .58 .55 YES 581 PolyOne Corp. POL 37.59 3 3 3 1.40 ▲ 45- 65 (20- 75%) 16.3 1.4 2.30 .54 65 3/31 .59 .56 9/30 .135 .12 YES 2319 Pool Corp. (NDQ) POOL 119.47 2 3 3 .95 90- 130 (N- 10%) 29.9 1.2 4.00 1.48 15 3/31 .52 .38 6/30 ▲ .37 .31 YES 1651 Popeyes LA Kitchen PLKI SEE FINAL SUPPLEMENT - PAGE 1651 2523 Popular Inc. (NDQ) BPOP 38.42 3 3 2 1.35 55- 85 (45-120%) 10.8 2.6 3.55 1.00 63 3/31 .89 .81 9/30 ◆.25 .15 YES 2235 Portland General POR 46.06 ▲223 .70 35- 45 (N- N%) 20.9 3.0 2.20 1.36 2 3/31 .82 .68 9/30 ▲ .34 .32 YES 747 POSCO ADR(g) PKX 63.33 3 3 3 1.15 75- 115 (20- 80%) 21.1 2.8 3.00 1.79 46 12/31 1.42(p) d1.66(p) 6/30 1.256 1.298 YES 1933 Post Holdings POST 82.12 2 3 2 1.00 80- 120 (N- 45%) 29.8 NIL 2.76 NIL 71 3/31 .55 .87 3/31 NIL NIL YES 1607 Potash Corp. POT 16.69 – 3 – 1.10 19- 30 (15- 80%) 28.8 2.4 .58 .40 97 3/31 .18 .15 9/30 .10 .25 YES 368 Potbelly Corp. (NDQ) PBPB 10.65 ▼342 .90 19- 30 (80-180%) 35.5 NIL .30 NIL 21 3/31 .03 .04 3/31 NIL NIL YES 1169 Potlatch Corp. (NDQ) PCH 44.75 4 3 2 1.00 45- 70 (N- 55%) 25.4 3.4 1.76 1.50 16 3/31 .41 NIL 6/30 .375 .375 YES 1558 Power Financial (TSE) PWF.TO 32.33b 4 3 2 .85 35- 50 (10- 55%) 10.8 5.1 3.00 1.65 89 3/31 .68(b) .36(b) 9/30 .413(b) .393(b) YES 1388 Power Integrations (NDQ) POWI 65.90 3 3 3 1.10 75- 110 (15- 65%) 33.6 0.8 1.96 .56 17 3/31 .47 .30 6/30 .14 .13 YES 582 Praxair Inc. PX 129.97 – 1 – .95 140- 170 (10- 30%) 22.6 2.5 5.75 3.28 65 3/31 1.35 1.24 6/30 .788 .75 YES 1574 Pretium Resources PVG 8.67 ▲451 .50 16- 30 (85-245%) 34.7 NIL .25 NIL 7 3/31 d.02 d.07 3/31 NIL NIL YES 2574 Price (T. Rowe) Group (NDQ) TROW 71.06 ▼314 1.10 90- 110 (25- 55%) 13.2 3.3 5.40 2.31 33 3/31 1.41 1.15 6/30 .57 .54 YES 2647 Priceline Group (The) (NDQ) PCLN 1827.94 3 3 3 1.20 2255-3385 (25- 85%) 23.9 NIL 76.40 NIL 62 3/31 9.88 9.20 3/31 NIL NIL YES 2036 2148 PriceSmart (NDQ) PSMT 88.05 3 3 3 .95 100- 150 (15- 70%) 27.3 0.8 3.23 .70 20 2/28 .90 .85 9/30 .35 .35 YES 1983 Primo Water Corp. (NDQ) PRMW 11.27 4 4 3 .70 12- 20 (5- 75%) 32.2 NIL .35 NIL 75 3/31 d.37 .04 3/31 NIL NIL YES 1239 Primoris Services (NDQ) PRIM 23.07 4 3 3 1.45 30- 45 (30- 95%) 19.2 1.0 1.20 .22 85 3/31 .15 .05 6/30 .055 .055 YES 2575 Principal Fin’l Group PFG 61.71 3 3 2 1.35 50- 70 (N- 15%) 12.5 3.0 4.92 1.84 33 3/31 1.27 .97 6/30 ▲ .46 .39 YES 789 PrivateBancorp (NDQ) PVTB 60.06 – 3 – 1.30 50- 75 (N- 25%) 20.7 0.1 2.90 .04 88 3/31 .70 .62 3/31 .01 .01 YES 2462 1197 Procter & Gamble PG 86.08 3 1 1 .70 90- 110 (5- 30%) 21.8 3.2 3.94 2.76 66 3/31 .96 .86 6/30 ▲ .69 .67 YES 770 Progressive (Ohio) PGR 41.55 ▲323 .85 35- 45 (N- 10%) 18.9 1.6 2.20 .68 82 3/31 .67 .42 3/31 .681 .89 YES 1538 Prologis PLD 55.69 3 3 3 1.05 55- 85 (N- 55%) 32.2 3.2 1.73 1.76 36 3/31 .38 .39 6/30 .44 .42 YES 1509 Provident Fin’l Svcs. PFS 24.10 4 3 3 .90 25- 35 (5- 45%) 16.6 3.2 1.45 .76 92 3/31 .37 .33 6/30 .19 .18 YES 1559 Prudential Fin’l PRU 105.15 4 3 3 1.30 125- 190 (20- 80%) 10.1 2.9 10.40 3.00 89 3/31 2.79 2.18 6/30 .75 .70 YES 148 Public Serv. Enterprise PEG 44.07 3 1 1 .65 45- 60 (N- 35%) 15.5 3.9 2.85 1.74 42 3/31 .94 .93 6/30 .43 .41 YES 1539 Public Storage PSA 217.20 3 1 3 .75 240- 295 (10- 35%) 29.1 3.8 7.47 8.15 36 3/31 1.62 1.39 6/30 2.00 1.80 YES 1133 PulteGroup, Inc. PHM 22.92 2 3 2 1.40 35- 50 (55-120%) 10.0 1.6 2.30 .37 3 3/31 .31 .24 9/30 .09 .09 YES 1037 1403 Pure Storage PSTG 10.84 – 4 – NMF 20- 35 (85-225%) NMF NIL d1.10 NIL 55 4/30 ◆d.30 d.35 3/31 NIL NIL YES 542 QEP Resources QEP 11.10 2 4 4 1.70 19- 30 (70-170%) NMF NIL ▲ d.70 NIL 26 3/31 d.14 d.60 3/31 NIL NIL YES (•) All data adjusted for announced stock split or stock dividend. (h) Est’d Earnings & Est’d Dividends after conversion to U.S. See back page of Ratings & Reports. (f) The estimate may reflect a probable increase or decrease. dollars at Value Line estimated translation rate. ♦ New figure this week. If a dividend boost or cut is possible but not probable, (j) All Index data expressed in hundreds. (b) Canadian Dollars. two figures are shown, the first is the more likely. (p) 6 months (q) Asset Value (d) Deficit. (g) Dividends subject to foreign withholding tax for U.S. residents. N=Negative figure NA=Not available NMF=No meaningful figure © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2032 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 27 of 190 Q -SA Page 18 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 841 QIAGEN N.V. (NDQ) QGEN 32.75 3 3 4 1.10 30- 50 (N- 55%) 46.8 NIL .70 NIL 84 3/31 .08 .06 3/31 NIL NIL YES 1369 Qorvo Inc. (NDQ) QRVO 78.55 – 3 – NMF 60- 95 (N- 20%) NMF NIL .78 NIL 37 3/31 .43 d.18 3/31 NIL NIL YES 2378 Quad/Graphics Inc. QUAD 22.50 2 4 3 1.40 19- 30 (N- 35%) 14.5 5.3 1.55 1.20 95 3/31 .52 .26 6/30 .30 .30 YES 583 Quaker Chemical KWR 140.43 ▲332 1.25 100- 150 (N- 5%) 29.0 1.0 4.85 1.42 65 3/31 .52 .98 9/30 ▲ .355 .345 YES 960 Qualcomm Inc. (NDQ) QCOM 59.22 3 1 5 .90 95- 120 (60-105%) 13.8 3.9 4.29 2.32 64 3/31 1.34 1.04 6/30 ▲ .57 .53 YES 825 Quality Systems (NDQ) QSII 14.36 3 3 3 .80 18- 30 (25-110%) 37.8 NIL .38 NIL 61 3/31 ◆.07 d.27 3/31 NIL NIL YES 1116 Quanex Bldg. Prod. NX 19.70 3 3 3 1.35 20- 35 (N- 80%) 19.5 0.8 1.01 .16 4 1/31 d.11 d.21 3/31 .04 .04 YES 1240 Quanta Services PWR 31.70 3 3 1 1.35 40- 60 (25- 90%) 15.9 NIL 2.00 NIL 85 3/31 .39 .23 3/31 NIL NIL YES 811 Quest Diagnostics DGX 106.51 3 2 3 .95 90- 125 (N- 15%) 18.5 1.7 5.75 1.80 14 3/31 1.33 1.12 9/30 .45 .40 YES 812 Quintiles IMS Hldgs. Q 83.80 2 3 3 .90 85- 125 (N- 50%) 18.4 NIL 4.55 NIL 14 3/31 1.01 .89 3/31 NIL NIL YES 1723 RBC Bearings (NDQ) ROLL 101.02 4 3 3 1.05 70- 110 (N- 10%) 30.4 NIL 3.32 NIL 58 12/31 .73 .73 3/31 NIL NIL YES 1653 1160 RH RH 58.49 2 4 5 .95 45- 80 (N- 35%) 39.3 NIL 1.49 NIL 10 1/31 .68 .79 3/31 NIL NIL YES 771 RLI Corp. RLI 55.62 5 2 4 .90 45- 60 (N- 10%) 27.1 1.5 2.05 .84 82 3/31 .44 .54 6/30 ▲ .21 .20 YES 2435 RPC Inc. RES 20.26 4 3 3 1.45 30- 45 (50-120%) NMF NIL .20 NIL 96 3/31 .02 d.15 3/31 NIL NIL YES 584 RPM Int’l RPM 53.68 4 3 4 1.15 55- 80 (N- 50%) 19.0 2.2 2.83 1.20 65 2/28 .09 .14 6/30 .30 .275 YES 2415 RSP Permian RSPP 39.23 4 4 2 1.85 45- 75 (15- 90%) 56.0 NIL .70 NIL 27 3/31 .26 d.17 3/31 NIL NIL YES 2114 Ralph Lauren RL 67.70 3 3 3 1.15 110- 170 (60-150%) 13.2 3.0 5.14 2.00 30 3/31 ◆.76 .88 6/30 .50 .50 YES 1370 Rambus Inc. (NDQ) RMBS 12.13 2 4 2 1.20 16- 25 (30-105%) 22.9 NIL .53 NIL 37 3/31 .17 .13 3/31 NIL NIL YES 2416 Range Resources RRC 25.09 2 3 3 1.15 50- 75 (100-200%) 27.9 0.3 .90 .08 27 3/31 .25 d.10 3/31 .02 .02 YES 1768 Raven Inds. (NDQ) RAVN 33.95 4 3 3 1.15 30- 40 (N- 20%) 36.1 1.5 ▲ .94 .52 52 4/30 ◆.34 .15 6/30 .13 .13 YES 1809 Raymond James Fin’l RJF 73.31 2 3 3 1.20 75- 115 (N- 55%) 18.5 1.2 3.97 .88 13 3/31 .77 .87 9/30 ◆.22 .20 YES 1170 Rayonier Inc. RYN 27.90 2 3 2 1.00 25- 35 (N- 25%) 73.4 3.6 .38 1.00 16 3/31 .27 .12 6/30 ◆.25 .25 YES 722 Raytheon Co. RTN 161.48 ▲314 .80 120- 145 (N- N%) 21.1 2.0 7.64 3.19 59 3/31 1.73 1.43 6/30 ▲ .798 .733 YES 1769 Realogy Holdings RLGY 30.47 1 3 4 1.20 50- 75 (65-145%) 19.0 1.2 1.60 .36 52 3/31 d.20 d.30 6/30 .09 NIL YES 1540 Realty Income Corp. O 54.14 3 2 1 .70 65- 85 (20- 55%) 43.7 4.7 1.24 2.55 36 3/31 .27 .25 6/30 ▲ .633 .597 YES 2601 Red Hat, Inc. RHT 87.63 3 3 4 1.15 105- 155 (20- 75%) 56.2 NIL 1.56 NIL 51 2/28 .36 .29 3/31 NIL NIL YES 369 Red Robin Gourmet (NDQ) RRGB 71.35 2 3 4 .95 65- 95 (N- 35%) 24.6 NIL 2.90 NIL 21 3/31 .89 1.09 3/31 NIL NIL YES 2369 Red Rock Resorts (NDQ) RRR 23.69 – 3 – NMF 30- 45 (25- 90%) 16.3 1.7 1.45 .40 6 3/31 .30 .32 6/30 .10 NIL YES 1724 Regal Beloit RBC 80.40 3 3 3 1.15 80- 120 (N- 50%) 17.3 1.3 4.65 1.04 58 3/31 1.02 .93 9/30 ▲ .26 .24 YES 2320 Regal Entertainment RGC 20.51 2 3 1 .85 30- 45 (45-120%) 16.4 4.3 1.25 .88 15 3/31 .31 .26 6/30 .22 .22 YES 842 Regeneron Pharmac. (NDQ) REGN 461.37 3 3 5 1.20 575- 865 (25- 85%) 46.1 NIL 10.00 NIL 84 3/31 2.16 1.59 3/31 NIL NIL YES 2524 Regions Financial RF 14.47 3 3 3 1.30 14- 20 (N- 40%) 15.2 2.0 .95 .29 63 3/31 .23 .20 6/30 ▲ .07 .06 YES 1013 Regis Corp. RGS 9.43 4 3 4 1.05 11- 16 (15- 70%) 49.6 NIL .19 NIL 47 3/31 d.40 d.04 3/31 NIL NIL YES 1560 Reinsurance Group RGA 124.87 4 2 3 1.00 125- 165 (N- 30%) 13.0 1.4 9.61 1.76 89 3/31 1.86 1.85 6/30 .41 .37 YES 748 Reliance Steel RS 74.23 3 3 2 1.30 70- 110 (N- 50%) 14.0 2.4 5.30 1.80 46 3/31 1.52 1.27 6/30 .45 .40 YES 2031 RenaissanceRe Hldgs. RNR 139.27 4 2 3 .65 120- 160 (N- 15%) 16.0 0.9 8.68 1.28 90 3/31 1.18 1.51 6/30 ◆.32 .31 YES 2149 Rent-A-Center (NDQ) RCII 10.84 3 4 4 1.10 14- 25 (30-130%) 28.5 3.0 .38 .32 20 3/31 .04 .48 6/30 .08 .08 YES 412 Republic Services RSG 62.36 3 2 3 .80 50- 70 (N- 10%) 26.0 2.1 2.40 1.34 81 3/31 .55 .48 6/30 .32 .30 YES 223 ResMed Inc. RMD 69.60 4 3 3 .90 65- 100 (N- 45%) 26.6 1.9 2.62 1.32 76 3/31 .62 .64 6/30 .33 .30 YES 401 Resources Connection (NDQ) RECN 13.05 5 3 4 1.20 20- 35 (55-170%) 20.4 3.4 .64 .44 41 2/28 .09 .16 6/30 .11 .10 YES 370 Restaurant Brands Int’l QSR 59.63 – 3 – 1.00 55- 80 (N- 35%) 32.2 1.3 1.85 .76 21 3/31 .36 .21 9/30 ▲ .19 .15 YES 233 1014 Revlon Inc. REV 19.45 4 3 3 1.00 35- 50 (80-155%) 34.7 NIL .56 NIL 47 3/31 d.71 .21 3/31 NIL NIL YES 1725 Rexnord Corp. RXN 23.10 4 3 2 1.20 35- 55 (50-140%) 23.6 NIL .98 NIL 58 3/31 ◆.21 .01 3/31 NIL NIL YES 1997 Reynolds American RAI 66.13 – 2 – .70 55- 70 (N- 5%) 26.5 3.1 2.50 2.04 94 3/31 .55 .37 9/30 .51 .46 YES 543 Rice Energy RICE 21.20 2 4 2 1.55 30- 50 (40-135%) 32.6 NIL .65 NIL 26 3/31 d.17 d.15 3/31 NIL NIL YES 1592 Rio Tinto plc RIO 41.86 3 3 3 1.35 55- 80 (30- 90%) 11.0 4.5 3.80 1.90 54 12/31 1.97(p) .90(p) 6/30 1.256 1.067 YES 971 Rite Aid Corp. RAD 3.54 – 5 – .95 6- 11 (70-210%) NMF NIL .01 NIL 18 2/28 d.02 .06 3/31 NIL NIL YES 1650 Robert Half Int’l RHI 46.23 3 2 3 1.20 60- 80 (30- 75%) 17.4 2.1 2.65 .96 48 3/31 .62 .64 6/30 .24 .22 YES 1313 Rockwell Automation ROK 158.59 4 3 3 1.15 105- 160 (N- N%) 26.7 1.9 5.95 3.04 53 3/31 1.45 1.28 6/30 .76 .725 YES 723 Rockwell Collins COL 103.68 3 1 3 1.00 115- 140 (10- 35%) 18.7 1.3 5.55 1.32 59 3/31 1.27 1.30 6/30 .33 .33 YES 1770 Rogers Communications(TSE) RCIB.TO 62.42b 3 3 3 .55 60- 90 (N- 45%) 24.6 3.1 2.54 1.92 52 3/31 .57(b) .44(b) 9/30 .48(b) .48(b) YES 1340 Rogers Corp. ROG 106.78 2 3 4 1.10 80- 115 (N- 10%) 25.1 NIL 4.25 NIL 40 3/31 1.68 .94 3/31 NIL NIL YES 402 Rollins, Inc. ROL 42.51 3 2 4 .90 35- 45 (N- 5%) 47.2 1.1 .90 .46 41 3/31 .18 .15 6/30 .115 .10 YES 1726 Roper Tech. ROP 224.81 ▲314 1.00 200- 245 (N- 10%) 30.0 0.6 7.50 1.40 58 3/31 1.53 1.48 6/30 .35 .30 YES 1245 2007 Rosetta Stone RST 11.47 2 4 3 .80 17- 30 (50-160%) NMF NIL d.39 NIL 79 3/31 .02 d.34 3/31 NIL NIL YES 2217 Ross Stores (NDQ) ROST 62.02 3 2 3 .85 70- 95 (15- 55%) 20.0 1.0 3.10 .65 50 4/30 ◆.82 .73 6/30 ◆.16 .135 YES 2436 Rowan Cos. plc RDC 13.90 3 3 4 1.40 19- 30 (35-115%) NMF NIL d.65 NIL 96 3/31 .07 .98 3/31 NIL NIL YES 2525 Royal Bank of Canada (TSE) RY.TO 93.53b ▲312 .80 105- 130 (10- 40%) 12.9 3.9 7.24 3.64 63 1/31 1.83(b) 1.58(b) 6/30 ▲ .87(b) .81(b) YES 2321 Royal Caribbean RCL 107.14 1 3 3 1.20 125- 185 (15- 75%) 15.3 1.8 7.00 1.92 15 3/31 .99 .45 9/30 .48 .48 YES 518 Royal Dutch Shell ‘B’ RDSB 56.91 3 2 3 1.20 80- 110 (40- 95%) 14.2 6.6 4.00 3.76 22 3/31 .86 .14 6/30 .94 .94 YES 1575 Royal Gold (NDQ) RGLD 79.17 1 3 3 .90 95- 145 (20- 85%) 41.7 1.2 1.90 .98 7 3/31 .36 .29 6/30 .24 .23 YES 1211 Royce Value Trust RVT 14.58 – 3 3 1.05 15- 25 (5- 70%) NMF 1.0 NMF .14 – 12/31 15.85(q) 13.56(q) 12/31 NIL NIL 749 Russel Metals (TSE) RUS.TO 25.80b 4 3 2 1.10 25- 35 (N- 35%) 18.2 5.9 1.42 1.52 46 3/31 .48(b) .13(b) 6/30 .38(b) .38(b) YES 2461 327 Ryder System R 64.56 3 3 1 1.40 105- 155 (65-140%) 14.7 2.7 4.40 1.76 86 3/31 .82 1.12 6/30 .44 .41 YES 1541 Ryman Hospitality RHP 64.13 2 3 2 1.05 65- 100 (N- 55%) 21.0 5.0 3.05 3.20 36 3/31 .63 .51 6/30 ▲ .80 .75 YES 448 S&P Global SPGI 138.20 2 2 4 1.15 165- 220 (20- 60%) 22.3 1.2 6.20 1.64 39 3/31 1.62 1.20 6/30 .41 .36 YES 2602 SAP SE SAP 106.28 3 2 4 1.00 85- 115 (N- 10%) 31.3 1.3 3.40 1.34 51 3/31 .46 .50 6/30 1.372 1.30 YES 600 SBA Communications (NDQ) SBAC 134.31 2 3 3 1.00 135- 200 (N- 50%) NMF NIL ▼.95 NIL 11 3/31 .20 .07 3/31 NIL NIL YES 2628 SEI Investments (NDQ) SEIC 49.93 3 2 2 1.15 60- 85 (20- 70%) 22.2 1.2 2.25 .58 56 3/31 .55 .47 3/31 ▲ .28 .26 YES 1789 SJW Corp. SJW 47.97 4 3 2 .70 50- 75 (5- 55%) 22.0 1.8 2.18 .87 87 3/31 .18 .16 6/30 .218 .203 YES 1542 SL Green Realty SLG 102.91 3 3 2 1.05 130- 195 (25- 90%) 76.2 3.0 1.35 3.10 36 3/31 .11 .23 6/30 .775 .72 YES 2576 SLM Corporation (NDQ) SLM 10.81 3 3 1 1.20 19- 30 (75-180%) 15.4 NIL .70 NIL 33 3/31 .20 .14 3/31 NIL NIL YES 1241 SNC-Lavalin Group (TSE) SNC.TO 51.40b 4 3 2 .90 60- 90 (15- 75%) 18.7 2.1 2.75 1.09 85 3/31 .60(b) .81(b) 6/30 .273(b) .26(b) YES 1771 SPX Corp. SPXC 26.17 – 3 – NMF 19- 30 (N- 15%) 47.6 NIL .55 NIL 52 3/31 .24 .47 3/31 NIL NIL YES 2603 SS&C Techn. Hldgs Inc (NDQ) SSNC 37.10 2 3 3 1.10 40- 60 (10- 60%) 19.6 0.7 1.89 .25 51 3/31 .44 .37 6/30 ◆.063 .063 YES 1825 Sabre Corp. (NDQ) SABR 22.92 3 3 5 1.00 55- 80 (140-250%) 17.0 2.4 1.35 .56 28 3/31 .42 .41 3/31 ▲ .14 .13 YES 1134 St. Joe Corp. JOE 17.50 2 3 5 1.00 14- 20 (N- 15%) NMF NIL .12 NIL 3 3/31 .06 d.01 3/31 NIL NIL YES 1826 salesforce.com CRM 88.49 3 3 4 1.15 90- 135 (N- 55%) NMF NIL ▼.24 NIL 28 4/30 ◆d.01 .06 3/31 NIL NIL YES 1015 Sally Beauty SBH 17.56 2 3 4 .65 40- 60 (130-240%) 9.7 NIL 1.81 NIL 47 3/31 .40 .41 3/31 NIL NIL YES 1934 Sanderson Farms (NDQ) SAFM 116.96 3 3 3 .70 85- 125 (N- 5%) 14.4 0.8 8.13 .96 71 1/31 1.02 .47 6/30 .24 .22 YES 1341 Sanmina Corp. (NDQ) SANM 36.75 2 3 2 1.30 35- 50 (N- 35%) 12.0 NIL 3.07 NIL 40 3/31 .76 .63 3/31 NIL NIL YES 1636 Sanofi ADR SNY 49.07 4 1 3 1.00 50- 60 (N- 20%) 26.5 3.3 1.85 1.60 70 3/31 .54 .40 3/31 NIL NIL YES
★★ Supplementary Report in this week’s issue. For Timeliness, 3-5 year Target Price Range, or Estimated results, the rank change probably was primarily caused by the ▲ Arrow indicates the direction of a change. When it appears Earnings 12 months to 12-31-17, the arrow indicates a change earnings report. In other cases, the change is due to the dynamics with the Latest Dividend, the arrow signals that a change in the since the preceding week. When a diamond ♦ (indicating a of the ranking system and could simply be the result of the regular payment rate has occurred in the latest quarter. new figure) appears alongside the latest quarterly earnings improvement or weakening of other stocks. © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2033 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 28 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 19 SA-SP PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 1935 Saputo Inc. (TSE) SAP.TO 43.31b 3 1 1 .60 35- 45 (N- 5%) 20.9 1.4 2.07 .60 71 12/31 .49(b) .44(b) 3/31 .15(b) .135(b) YES 149 SCANA Corp. SCG 66.08 3 2 4 .65 60- 85 (N- 30%) 16.3 3.8 4.05 2.49 42 3/31 1.19 1.23 6/30 ▲ .613 .575 YES 1404 ScanSource (NDQ) SCSC 37.60 4 3 2 1.25 40- 60 (5- 60%) 15.9 NIL 2.36 NIL 55 3/31 .49 .54 3/31 NIL NIL YES 224 Schein (Henry) (NDQ) HSIC 182.10 ▲233 .95 175- 260 (N- 45%) 25.1 NIL 7.25 NIL 76 3/31 1.76 1.37 3/31 NIL NIL YES 2437 Schlumberger Ltd. SLB 72.09 5 2 2 1.25 110- 150 (55-110%) 46.5 2.8 1.55 2.00 96 3/31 .20 .40 9/30 .50 .50 YES 750 Schnitzer Steel (NDQ) SCHN 20.20 3 3 4 1.50 25- 35 (25- 75%) 25.3 3.7 .80 .75 46 2/28 .40 d1.44 6/30 .188 .188 YES 2379 Scholastic Corp. (NDQ) SCHL 42.56 5 3 3 1.00 30- 45 (N- 5%) 27.3 1.4 1.56 .60 95 2/28 d.36 d.06 6/30 .15 .15 YES 585 Schulman (A.) (NDQ) SHLM 29.85 3 3 3 1.40 40- 60 (35-100%) 18.5 2.7 ▼1.61 .82 65 2/28 .11 d.03 6/30 .205 .205 YES 1801 Schwab (Charles) (NDQ) SCHW 38.87 3 3 3 1.30 45- 65 (15- 65%) 24.6 0.8 1.58 .32 38 3/31 .39 .29 6/30 .08 .07 YES 1998 Schweitzer-Mauduit Int’l SWM 37.97 3 3 2 .75 40- 60 (5- 60%) 14.3 4.4 2.65 1.68 94 3/31 .66 .69 6/30 .42 .40 YES 1654 403 Science Applications SAIC 74.19 3 3 3 .95 65- 95 (N- 30%) 19.8 1.7 3.75 1.24 41 1/31 .79 .74 6/30 .31 .31 YES 2370 Scientific Games (NDQ) SGMS 23.05 – 5 – 1.80 25- 45 (10- 95%) NMF NIL d2.80 NIL 6 3/31 d1.14 d1.07 3/31 NIL NIL YES 1198 Scotts Miracle-Gro SMG 88.40 3 3 2 .95 85- 130 (N- 45%) 21.7 2.3 4.08 2.03 66 3/31 2.73 3.64 6/30 .50 .47 YES 2341 Scripps (E.W.) ‘A’ SSP 17.82 3 3 1 1.15 25- 35 (40- 95%) 23.8 NIL .75 NIL 25 3/31 d.02 .06 3/31 NIL NIL YES 2342 Scripps Networks SNI 67.48 2 2 1 .95 110- 150 (65-120%) 12.7 1.8 5.30 1.20 25 3/31 1.53 2.24 6/30 .30 .25 YES 2016 SeaChange Int’l (NDQ) SEAC 2.43 – 4 – .75 2- 4 (N- 65%) NMF NIL d.60 NIL 91 1/31 d.78 d.66 3/31 NIL NIL YES 1841 2438 Seadrill Ltd. SDRL SEE FINAL REPORT - PAGE 2438 2463 1405 Seagate Technology (NDQ) STX 42.63 3 3 3 1.35 45- 70 (5- 65%) 9.2 5.9 4.63 2.52 55 3/31 1.10 .22 9/30 .63 NIL YES 1183 Sealed Air SEE 43.90 3 3 5 1.00 50- 75 (15- 70%) 15.7 1.5 2.80 .64 23 3/31 d.27 .51 6/30 ◆.16 .16 YES ★★ 2150 Sears Holdings (NDQ) SHLD 7.78 4 5 3 1.45 16- 30 (105-285%) NMF NIL d8.60 NIL 20 1/31 d1.28 d1.70 3/31 NIL NIL YES 843 Seattle Genetics (NDQ) SGEN 66.67 5 4 2 1.30 60- 100 (N- 50%) NMF NIL d1.72 NIL 84 3/31 d.42 d.15 3/31 NIL NIL YES 2322 SeaWorld Entertainment SEAS 18.55 4 3 3 1.05 18- 25 (N- 35%) 24.7 NIL .75 NIL 15 3/31 d.66 d.56 3/31 ▼NIL .21 YES 853 813 Select Med. Hldgs. SEM 14.00 3 3 3 1.15 13- 20 (N- 45%) 16.5 NIL .85 NIL 14 3/31 .21 .20 3/31 NIL NIL YES 772 Selective Ins. Group (NDQ) SIGI 50.45 1 3 2 .95 35- 55 (N- 10%) 17.4 1.3 2.90 .64 82 3/31 .86 .66 6/30 .16 .15 YES 2236 Sempra Energy SRE 113.27 3 2 2 .80 110- 150 (N- 30%) 22.7 3.0 5.00 3.36 2 3/31 1.74 1.61 6/30 ▲ .823 .755 YES 1371 Semtech Corp. (NDQ) SMTC 36.40 4 3 3 1.25 35- 55 (N- 50%) 47.3 NIL .77 NIL 37 1/31 .12 .02 3/31 NIL NIL YES 131 Sensata Technologies ST 40.64 3 3 2 1.20 60- 90 (50-120%) 12.7 NIL 3.20 NIL 72 3/31 .71 .66 3/31 NIL NIL YES 1936 Sensient Techn. SXT 80.22 3 2 2 1.05 65- 85 (N- 5%) 23.5 1.5 3.41 1.20 71 3/31 .82 .75 6/30 .30 .27 YES 1837 Service Corp. Int’l SCI 31.86 2 3 3 1.00 35- 50 (10- 55%) 22.3 1.9 1.43 .60 77 3/31 .91 .24 6/30 ▲ .15 .13 YES 404 ServiceMaster Global SERV 37.38 2 3 1 .90 50- 75 (35-100%) 18.2 NIL 2.05 NIL 41 3/31 .29 .28 3/31 NIL NIL YES 2629 ServiceNow, Inc. NOW 101.70 3 4 4 1.15 75- 125 (N- 25%) NMF NIL d.80 NIL 56 3/31 d.24 d2.06 3/31 NIL NIL YES 371 Shake Shack SHAK 37.03 – 4 – 1.45 35- 55 (N- 50%) 61.7 NIL .60 NIL 21 3/31 .10 .08 3/31 NIL NIL YES 1023 Shaw Commun. ‘B’ (TSE) SJRB.TO 28.60b 3 2 3 .65 25- 40 (N- 40%) 22.0 4.5 1.30 1.30 1 2/28 .30(b) .24(b) 9/30 .296(b) .296(b) YES 930 Shenandoah Telecom. (NDQ) SHEN 31.05 3 3 3 1.05 30- 45 (N- 45%) 34.5 0.8 .90 .26 31 3/31 .05 .28 3/31 NIL NIL YES 1143 Sherwin-Williams SHW 331.91 2 2 3 1.00 300- 405 (N- 20%) 23.7 1.0 14.00 3.40 24 3/31 2.27 1.75 6/30 .85 .84 YES 337 Ship Finance Int’l SFL 13.75 3 3 4 1.20 16- 25 (15- 80%) 10.6 13.1 1.30 1.80 73 12/31 .31 .34 3/31 .45 .45 YES 1827 Shopify Inc. SHOP 90.02 – 4 – NMF 90- 150 (N- 65%) NMF NIL d.25 NIL 28 3/31 d.04 d.07 3/31 NIL NIL YES 1772 Siemens AG (ADS) (PNK) SIEGY 70.94 3 2 3 1.15 70- 110 (N- 55%) 16.2 2.7 4.38 1.93 52 3/31 .95 1.02 3/31 1.931 1.907 234 601 Sierra Wireless (NDQ) SWIR 26.85 3 4 3 1.45 30- 50 (10- 85%) 89.5 NIL .30 NIL 11 3/31 d.01 .02 3/31 NIL NIL YES 2017 Sigma Designs (NDQ) SIGM 6.20 5 4 5 1.20 9- 15 (45-140%) NMF NIL d.25 NIL 91 1/31 d.23 d.17 3/31 NIL NIL YES 2526 Signature Bank (NDQ) SBNY 140.80 4 3 3 1.00 155- 230 (10- 65%) 14.5 NIL 9.68 NIL 63 3/31 2.48 1.97 3/31 NIL NIL YES 2192 Signet Jewelers Ltd. SIG 58.38 2 3 3 1.05 120- 180 (105-210%) 8.2 2.1 7.15 1.24 29 1/31 4.03 3.63 6/30 ▲ .31 .26 YES 1184 Silgan Holdings(•) (NDQ) SLGN 31.28 3 3 3 .85 30- 45 (N- 45%) 19.8 1.2 1.58 .36 23 3/31 .21 .22 6/30 .09 .085 YES 1372 Silicon Labs. (NDQ) SLAB 73.80 4 3 3 1.10 50- 75 (N- N%) 47.6 NIL 1.55 NIL 37 3/31 .36 .14 3/31 NIL NIL YES Silver Wheaton NAME CHANGED TO WHEATON PRECIOUS MET. 1543 Simon Property Group SPG 157.25 2 2 3 .85 210- 285 (35- 80%) 23.9 4.5 6.58 7.00 36 3/31 1.53 1.55 6/30 1.75 1.60 YES 1117 Simpson Manufacturing SSD 41.01 3 3 3 1.05 45- 70 (10- 70%) 20.5 1.8 2.00 .72 4 3/31 .48 .34 6/30 .18 .18 YES 235 2343 Sinclair Broadcast (NDQ) SBGI 34.00 2 4 1 1.30 45- 75 (30-120%) 15.5 2.1 2.20 .72 25 3/31 .32 .25 6/30 .18 .18 YES 2344 Sirius XM Holdings (NDQ) SIRI 4.97 3 4 2 1.10 12- 20 (140-300%) 24.9 0.8 .20 .04 25 3/31 .04 .03 6/30 .01 NIL YES 2323 Six Flags Entertainment SIX 61.30 3 3 2 .85 50- 75 (N- 20%) 36.1 4.2 1.70 2.56 15 3/31 d.63 d.51 6/30 .64 .58 YES 2161 Skechers U.S.A. SKX 23.65 3 3 3 1.30 35- 55 (50-135%) 13.1 NIL 1.80 NIL 35 3/31 .60 .63 3/31 NIL NIL YES 312 SkyWest (NDQ) SKYW 35.00 3 3 3 1.55 35- 50 (N- 45%) 11.5 0.9 3.05 .32 67 3/31 .65 .52 9/30 .08 .05 YES 1373 Skyworks Solutions (NDQ) SWKS 105.17 3 3 4 1.20 105- 160 (N- 50%) 18.5 1.1 5.67 1.12 37 3/31 1.20 1.08 6/30 .28 .26 YES 1956 Smart & Final Stores SFS 13.25 4 3 4 1.00 15- 20 (15- 50%) 26.5 NIL .50 NIL 57 3/31 d.06 d.03 3/31 NIL NIL YES 1727 Smith (A.O.) AOS 54.13 3 3 3 1.20 40- 60 (N- 10%) 26.4 1.0 2.05 .56 58 3/31 .50 .42 6/30 .14 .12 YES 1937 Smucker (J.M.) SJM 127.54 3 1 3 .70 145- 180 (15- 40%) 19.0 2.4 6.72 3.00 71 1/31 2.00 1.76 6/30 .75 .67 YES 234 2648 Snap Inc. (NDQ) SNAP 20.03 – 3 – NMF 16- 25 (N- 25%) NMF NIL d.55 NIL 62 3/31 d2.31 NA 3/31 NIL NIL YES 1728 Snap-on Inc. SNA 163.21 3 2 2 1.10 165- 220 (N- 35%) 16.4 1.7 9.94 2.84 58 3/31 2.39 2.16 6/30 .71 .61 YES 1938 Snyder’s-Lance (NDQ) LNCE 36.97 4 3 3 .90 35- 55 (N- 50%) 32.1 1.7 1.15 .64 71 3/31 .13 .25 6/30 .16 .16 YES 1984 SodaStream Int’l (NDQ) SODA 52.50 3 3 3 1.15 55- 85 (5- 60%) 24.4 NIL 2.15 NIL 75 3/31 .66 .29 3/31 NIL NIL YES 2649 Sohu.com Inc. (NDQ) SOHU 48.54 ▼534 1.20 30- 45 (N- N%) NMF NIL d4.50 NIL 62 3/31 d1.77 d.53 3/31 NIL NIL YES 2131 Sonic Automotive SAH 18.20 3 3 2 1.25 30- 45 (65-145%) 8.9 1.3 2.05 .24 8 3/31 .23 .39 9/30 .05 .05 YES 1654 372 Sonic Corp. (NDQ) SONC 28.03 2 3 5 .95 30- 45 (5- 60%) 20.0 2.0 1.40 .56 21 2/28 .25 .22 6/30 .14 .11 YES 1185 Sonoco Products SON 50.40 4 2 1 1.00 50- 70 (N- 40%) 18.3 3.1 2.75 1.56 23 3/31 .59 .65 6/30 ▲ .39 .37 YES 1992 Sony Corp. ADR(g) SNE 35.55 2 3 4 1.25 35- 55 (N- 55%) 39.1 0.6 .91 .20 9 3/31 .19 d.54 3/31 NIL NIL YES 848 2193 Sotheby’s BID 51.40 3 3 4 1.30 45- 65 (N- 25%) 23.9 NIL 2.15 NIL 29 3/31 d.21 d.35 3/31 NIL NIL YES 554 South Jersey Inds. SJI 35.34 5 2 1 .80 25- 35 (N- N%) 28.3 3.1 ▼1.25 1.11 80 3/31 .72 .75 9/30 .273 .264 YES 150 Southern Co. SO 50.08 4 2 2 .55 45- 60 (N- 20%) 16.7 4.7 3.00 2.34 42 3/31 .73 .57 6/30 ▲ .58 .56 YES 1593 Southern Copper SCCO 35.01 3 3 3 1.20 50- 75 (45-115%) 20.6 1.4 1.70 .48 54 3/31 .41 .23 6/30 ▲ .12 .05 YES 313 Southwest Airlines LUV 59.64 4 3 3 1.15 65- 95 (10- 60%) 16.1 0.8 3.70 .50 67 3/31 .57 .79 6/30 ▲ .125 .10 YES 555 Southwest Gas SWX 77.16 4 3 1 .75 60- 90 (N- 15%) 23.4 2.6 3.30 2.00 80 3/31 1.45 1.58 9/30 .495 .45 YES 544 Southwestern Energy SWN 6.99 3 4 3 1.30 ▲ 20- 35 (185-400%) 10.0 NIL ▲ .70 NIL 26 3/31 .18 d.08 3/31 NIL NIL YES 1957 SpartanNash Co. (NDQ) SPTN 36.08 ▲433 1.15 35- 50 (N- 40%) 16.4 1.8 2.20 .66 57 12/31 .34 .46 3/31 ▲ .165 .15 YES 632 Spectra Energy Part. SEP 44.50 3 3 4 .85 40- 60 (N- 35%) 14.4 6.3 ▼3.10 2.80 78 3/31 .74 1.05 6/30 ▲ .701 .651 YES 1199 Spectrum Brands SPB 129.79 3 3 2 .85 110- 165 (N- 25%) 21.5 1.3 6.04 1.68 66 3/31 1.19 1.16 6/30 .42 .38 YES 2324 Speedway Motorsports TRK 17.27 4 3 3 .90 20- 30 (15- 75%) 15.7 3.5 1.10 .60 15 3/31 d.05 .02 6/30 .15 .15 YES 556 Spire Inc. SR 70.05 3 2 2 .70 65- 85 (N- 20%) 20.2 3.0 3.46 2.10 80 3/31 2.36 2.31 9/30 .525 .49 YES 724 Spirit AeroSystems SPR 54.04 4 3 3 1.05 65- 100 (20- 85%) 11.0 0.7 4.90 .40 59 3/31 1.17 1.29 9/30 .10 NIL YES 314 Spirit Airlines (NDQ) SAVE 53.12 3 3 2 1.40 55- 85 (5- 60%) 15.0 NIL 3.55 NIL 67 3/31 .46 .86 3/31 NIL NIL YES 1828 Splunk Inc. (NDQ) SPLK 66.43 2 3 4 1.65 95- 140 (45-110%) NMF NIL d2.00 NIL 28 1/31 d.54 d.61 3/31 NIL NIL YES 931 Sprint Corp. S 8.18 2 4 3 1.30 12- 20 (45-145%) NMF NIL d.28 NIL 31 3/31 d.07 d.14 3/31 NIL NIL YES 1958 Sprouts Farmers Market(NDQ) SFM 23.45 3 3 4 1.00 25- 40 (5- 70%) 26.1 NIL .90 NIL 57 3/31 .33 .30 3/31 NIL NIL YES (•) All data adjusted for announced stock split or stock dividend. (h) Est’d Earnings & Est’d Dividends after conversion to U.S. See back page of Ratings & Reports. (f) The estimate may reflect a probable increase or decrease. dollars at Value Line estimated translation rate. ♦ New figure this week. If a dividend boost or cut is possible but not probable, (j) All Index data expressed in hundreds. (b) Canadian Dollars. two figures are shown, the first is the more likely. (p) 6 months (q) Asset Value (d) Deficit. (g) Dividends subject to foreign withholding tax for U.S. residents. N=Negative figure NA=Not available NMF=No meaningful figure © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2034 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 29 of 190 ST-TE Page 20 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 847 Stage Stores SSI SEE FINAL SUPPLEMENT - PAGE 847 999 Standard Motor Prod. SMP 48.56 ▲233 1.10 60- 90 (25- 85%) 15.4 1.6 3.15 .78 5 3/31 .67 .55 6/30 ▲ .19 .17 YES 1773 Standex Int’l SXI 88.60 4 3 2 1.05 90- 135 (N- 50%) 19.7 0.7 4.49 .64 52 3/31 .98 .93 6/30 .16 .14 YES 1729 Stanley Black & Decker SWK 135.38 3 2 3 1.00 120- 160 (N- 20%) 19.6 1.7 6.90 2.32 58 3/31 1.29 1.28 6/30 .58 .55 YES 1242 Stantec Inc. (TSE) STN.TO 30.89b 3 3 1 .85 40- 60 (30- 95%) 15.4 1.6 2.00 .50 85 3/31 .40(b) .40(b) 9/30 .125(b) .113(b) YES 1841 1417 Staples, Inc. (NDQ) SPLS 8.68 4 3 3 1.10 12- 17 (40- 95%) 9.6 5.5 .90 .48 44 4/30 .17 .17 6/30 .12 .12 YES 373 Starbucks Corp. (NDQ) SBUX 61.15 3 1 4 .95 80- 100 (30- 65%) 28.1 1.9 2.18 1.15 21 3/31 .45 .39 6/30 .25 .20 YES 2527 State Street Corp. STT 81.51 3 3 2 1.20 75- 115 (N- 40%) 14.6 2.1 5.60 1.68 63 3/31 1.15 .79 9/30 ◆.38 .34 YES 751 Steel Dynamics (NDQ) STLD 35.28 2 3 3 1.40 30- 50 (N- 40%) 14.7 1.8 2.40 .62 46 3/31 .82 .26 6/30 ▲ .155 .14 YES 1161 Steelcase, Inc. ‘A’ SCS 16.60 3 3 3 1.10 20- 30 (20- 80%) 15.2 3.1 1.09 .51 10 2/28 .22 .22 6/30 ▲ .128 .12 YES 452 2151 Stein Mart SMRT SEE FINAL SUPPLEMENT - PAGE 452 586 Stepan Company SCL 84.69 4 3 3 1.05 100- 150 (20- 75%) 20.2 1.1 4.20 .90 65 3/31 1.37 1.21 6/30 .205 .19 YES 413 Stericycle Inc. (NDQ) SRCL 83.05 3 3 4 .90 110- 165 (30-100%) 17.7 NIL 4.70 NIL 81 3/31 1.09 1.11 3/31 NIL NIL YES 189 STERIS plc STE 76.28 2 2 4 1.05 90- 125 (20- 65%) 19.3 1.5 3.96 1.12 68 3/31 1.11 .90 6/30 .28 .25 YES 1810 Stifel Financial Corp. SF 44.16 3 3 2 1.35 60- 90 (35-105%) 13.4 NIL 3.30 NIL 13 3/31 .74 .57 3/31 NIL NIL YES 2664 1577 Stillwater Mining SWC SEE FINAL SUPPLEMENT - PAGE 2664 1374 STMicroelectronics STM 16.11 3 3 3 1.30 20- 35 (25-115%) 23.7 1.5 .68 .24 37 3/31 .12 d.05 3/31 .06 .10 YES 1838 StoneMor Partners L.P.(NDQ) STON 9.03 ▼555 .75 6- 10 (N- 10%) NMF 14.6 d.70 1.32-.60 77 9/30 d.32 d.11 6/30 .33 .66 YES 1342 Stratasys Ltd. (NDQ) SSYS 28.24 3 3 5 1.35 20- 35 (N- 25%) NMF NIL d.85 NIL 40 3/31 d.26 d.44 3/31 NIL NIL YES 2008 Strayer Education (NDQ) STRA 88.30 5 4 3 1.15 80- 130 (N- 45%) 24.5 1.1 3.60 1.00 79 3/31 .95 1.06 6/30 .25 NIL YES 190 Stryker Corp. SYK 139.90 ▲313 .90 120- 150 (N- 5%) 27.4 1.2 5.10 1.70 68 3/31 1.17 1.07 9/30 .425 .38 YES 233 2325 Sturm, Ruger & Co. RGR 63.75 2 3 5 .85 50- 80 (N- 25%) 14.7 2.1 4.35 1.34 15 3/31 1.21 1.22 6/30 .48 .48 YES 633 Suburban Propane SPH 23.27 ▼433 .95 35- 50 (50-115%) 26.1 15.3 ▼.89 3.55 78 3/31 1.37 1.51 6/30 .888 .888 YES 1118 Summit Materials SUM 27.05 – 3 – NMF 30- 50 (10- 85%) 21.6 NIL 1.25 NIL 4 3/31 d.50 d.42 3/31 NIL NIL YES 2577 Sun Life Fin’l Svcs. (TSE) SLF.TO 45.16b 3 3 3 .90 45- 65 (N- 45%) 10.8 3.9 4.20 1.74 33 3/31 .89(b) .88(b) 6/30 ▲ .435(b) .405(b) YES 519 Suncor Energy (TSE) SU.TO 43.01b 2 3 3 1.10 45- 70 (5- 65%) 26.9 3.0 ▲ 1.60 1.28 22 3/31 .81(b) .17(b) 6/30 .32(b) .29(b) YES Sunoco Logistics Part. NAME CHANGED TO ENERGY TRANSFER PARTNERS 1038 1228 SunPower Corp. (NDQ) SPWR 7.95 5 4 5 2.00 20- 35 (150-340%) NMF NIL d2.15 NIL 69 3/31 d.97 d.62 3/31 NIL NIL YES 2528 SunTrust Banks STI 54.79 4 3 3 1.20 60- 85 (10- 55%) 14.2 2.0 3.85 1.11 63 3/31 .92 .85 6/30 .26 .24 YES 2439 Superior Energy Svcs. SPN 12.13 3 4 4 1.75 25- 40 (105-230%) NMF NIL d1.60 NIL 96 3/31 d.59 d.49 3/31 NIL .08 YES 856 1000 Superior Inds. Int’l SUP 18.80 2 3 3 1.05 30- 45 (60-140%) 10.4 3.8 1.80 .72 5 3/31 .31 .56 6/30 .18 .18 YES 1959 SUPERVALU INC. SVU 3.97 – 5 – 1.40 6- 12 (50-200%) 8.4 NIL .47 NIL 57 2/28 .13 .18 3/31 NIL NIL YES 191 SurModics, Inc. (NDQ) SRDX 23.05 4 3 4 .85 25- 40 (10- 75%) 39.7 NIL .58 NIL 68 3/31 .04 .06 3/31 NIL NIL YES 2037 328 Swift Transportation SWFT 23.45 – 4 – 1.45 30- 50 (30-115%) 24.7 NIL .95 NIL 86 3/31 .07 .25 3/31 NIL NIL YES 429 Swiss Helvetia Fund SWZ 12.50 – 3 3 .90 13- 19 (5- 50%) NMF 0.8 NMF .10 – 12/31 11.66(q) 12.30(q) 3/31 NIL .033 2604 Symantec Corp. (NDQ) SYMC 29.79 3 3 3 1.00 30- 50 (N- 70%) 20.0 1.0 1.49 .30 51 3/31 .28 .22 6/30 .075 .075 YES 961 Synaptics (NDQ) SYNA 55.77 2 3 5 1.25 85- 125 (50-125%) 11.8 NIL 4.74 NIL 64 3/31 1.27 1.21 3/31 NIL NIL YES 456 2018 Synchronoss Techn. (NDQ) SNCR 12.92 3 3 3 1.45 30- 50 (130-285%) 5.3 NIL 2.45 NIL 91 12/31 .24 .61 3/31 NIL NIL YES 2578 Synchrony Financial SYF 26.84 – 3 – NMF 40- 60 (50-125%) 9.3 1.9 2.90 .52 33 3/31 .61 .70 6/30 .13 NIL YES 405 SYNNEX Corp. SNX 109.89 1 3 3 1.15 105- 160 (N- 45%) 13.5 0.9 8.15 1.00 41 2/28 1.82 1.37 6/30 .25 .20 YES 2605 Synopsys, Inc. (NDQ) SNPS 72.60 2 1 3 1.00 65- 80 (N- 10%) 22.6 NIL 3.21 NIL 51 4/30 ◆.88 .81 3/31 NIL NIL YES 2529 Synovus Financial SNV 42.06 3 3 3 1.15 55- 80 (30- 90%) 18.3 1.4 2.30 .60 63 3/31 .56 .39 6/30 ▲ .15 .12 YES 452 1939 Synutra Int’l SYUT SEE FINAL SUPPLEMENT - PAGE 452 1960 Sysco Corp. SYY 54.23 3 1 3 .75 55- 65 (N- 20%) 21.1 2.5 2.57 1.36 57 3/31 .51 .46 6/30 .33 .31 YES 932 T-Mobile US (NDQ) TMUS 67.62 2 3 3 1.00 60- 85 (N- 25%) 35.0 NIL 1.93 NIL 31 3/31 .80 .10 3/31 NIL NIL YES 790 TCF Financial TCF 15.75 ▼432 1.20 20- 30 (25- 90%) 12.8 1.9 1.23 .30 88 3/31 .25 .26 6/30 .075 .075 YES 1802 TD Ameritrade Holding (NDQ) AMTD 37.43 4 3 3 1.25 40- 60 (5- 60%) 20.9 1.9 1.79 .72 38 3/31 .40 .38 6/30 .18 .17 YES 1343 TE Connectivity TEL 75.97 1 3 3 1.20 75- 115 (N- 50%) 16.0 2.1 4.74 1.60 40 3/31 1.19 .90 6/30 ▲ .40 .33 YES 2218 TJX Companies TJX 74.40 3 1 3 .85 100- 125 (35- 70%) 19.6 1.7 3.80 1.25 50 4/30 .82 .76 6/30 ▲ .313 .26 YES 1135 TRI Pointe Group TPH 12.75 3 3 4 1.40 20- 35 (55-175%) 10.6 NIL 1.20 NIL 3 3/31 .05 .18 3/31 NIL NIL YES 1578 Tahoe Resources TAHO 9.28 1 4 4 1.15 18- 30 (95-225%) 14.3 2.6 .65 .24 7 3/31 .24 .17 6/30 .06 .06 YES 1038 2219 Tailored Brands TLRD 10.10 3 4 3 1.50 35- 60 (245-495%) 5.8 7.1 1.75 .72 50 1/31 d.62 d21.86 6/30 .18 .18 YES 430 Taiwan Fund TWN 19.25 – 4 3 .85 20- 35 (5- 80%) NMF NIL NMF NIL – 2/28 20.24(q) 16.80(q) 3/31 NIL NIL 1375 Taiwan Semic. ADR TSM 35.40 1 2 4 1.05 35- 50 (N- 40%) 16.1 2.7 2.20 .94 37 3/31 .54 .38 3/31 NIL NIL YES 2019 Take-Two Interactive (NDQ) TTWO 72.83 ▲335 1.10 45- 65 (N- N%) 39.4 NIL 1.85 NIL 91 3/31 ◆.89 .48 3/31 NIL NIL YES 545 Targa Resources TRGP 50.26 5 4 1 1.85 55- 95 (10- 90%) NMF 7.2 ▼d.10 3.64 26 3/31 d.77 d.06 6/30 .91 .91 YES 853 2152 Target Corp. TGT 54.49 ▼325 .80 75- 105 (40- 95%) 13.1 4.4 4.15 2.40 20 4/30 1.21 1.29 6/30 .60 .56 YES TASER Int’l NAME CHANGED TO AXON ENTERPRISE 109 Tata Motors ADR TTM 36.81 3 3 3 1.35 45- 70 (20- 90%) 11.3 0.5 3.25 .20 12 12/31 .02 .71 3/31 NIL NIL YES 1136 Taylor Morrison Home TMHC 23.47 3 3 3 1.50 25- 40 (5- 70%) 12.0 NIL 1.95 NIL 3 3/31 .30 .21 3/31 NIL NIL YES 1406 Tech Data (NDQ) TECD 92.67 3 3 3 1.05 115- 170 (25- 85%) 10.3 NIL 9.00 NIL 55 1/31 2.45 2.29 3/31 NIL NIL YES 1594 Teck Resources ‘B’ (TSE) TECKB.TO 25.33b 3 5 1 1.60 25- 40 (N- 60%) 7.1 0.8 3.55 .20 54 3/31 .99(b) .16(b) 6/30 ▲ .10(b) .05(b) YES 338 Teekay Corp. TK 6.49 3 5 1 1.95 16- 30 (145-360%) NMF 3.4 ▼d1.15 .22 73 3/31 ◆d.41 d.08 6/30 .055 .055 YES 2345 TEGNA Inc. TGNA 23.21 – 3 – 1.35 35- 55 (50-135%) 11.3 2.4 2.05 .56 25 3/31 .27 .41 6/30 .14 .14 YES 726 Teledyne Technologies TDY 128.96 4 3 3 1.10 120- 180 (N- 40%) 23.7 NIL 5.45 NIL 59 3/31 .84 1.12 3/31 NIL NIL YES 192 Teleflex Inc. TFX 199.66 3 1 3 .85 175- 215 (N- 10%) 35.7 0.7 5.60 1.36 68 3/31 .87 1.05 6/30 .34 .34 YES 1032 Telefonica SA ADR(g) TEF 11.24 2 4 3 1.25 12- 20 (5- 80%) 15.0 3.7 .75 .42 32 3/31 .15 .10 3/31 NIL NIL YES 933 Telephone & Data TDS 27.61 3 3 5 1.25 20- 35 (N- 25%) 92.0 2.2 .30 .62 31 3/31 .33 .07 3/31 ▲ .155 .148 YES 406 TeleTech Holdings (NDQ) TTEC 40.65 3 3 5 1.00 30- 50 (N- 25%) 22.6 1.1 1.80 .44 41 3/31 .42 .25 6/30 ▲ .22 .185 YES 934 TELUS Corporation (TSE) T.TO 45.80b 3 2 3 .55 45- 65 (N- 40%) 18.0 4.4 2.55 2.00 31 3/31 .73(b) .64(b) 9/30 ▲ .493(b) .46(b) YES 431 Templeton Emerg’g EMF 15.05 – 4 2 1.20 15- 25 (N- 65%) NMF 1.7 NMF .25 – 2/28 15.18(q) 10.77(q) 3/31 NIL NIL 1162 Tempur Sealy Int’l TPX 47.43 2 4 5 1.20 55- 90 (15- 90%) 47.4 NIL 1.00 NIL 10 3/31 .62 .63 3/31 NIL NIL YES 737 Tenaris S.A. ADS TS 31.88 3 3 2 1.35 35- 55 (10- 75%) NMF 2.7 .30 .86 43 3/31 .35 .06 3/31 NIL NIL YES 2670 814 Tenet Healthcare THC 17.51 3 4 4 1.25 45- 70 (155-300%) 14.6 NIL 1.20 NIL 14 3/31 .27 .45 3/31 NIL NIL YES 1730 Tennant Co. TNC 70.70 3 3 2 1.10 65- 95 (N- 35%) 25.3 1.2 2.80 .84 58 3/31 .31 .25 6/30 .21 .20 YES 1001 Tenneco Inc. TEN 55.10 1 3 2 1.50 85- 125 (55-125%) 8.3 1.8 6.60 1.00 5 3/31 1.53 1.17 6/30 ◆.25 NIL YES 2606 Teradata Corp. TDC 28.77 5 3 2 1.20 30- 45 (5- 55%) 24.4 NIL 1.18 NIL 51 3/31 d.02 .20 3/31 NIL NIL YES 1389 Teradyne Inc. TER 34.91 2 3 4 1.20 25- 40 (N- 15%) 19.7 0.8 1.77 .28 17 3/31 .42 .24 6/30 .07 .06 YES 167 Terex Corp. TEX 33.80 3 4 3 1.80 30- 50 (N- 50%) 39.8 0.9 .85 .32 93 3/31 .05 d.05 6/30 .08 .07 YES 1608 Terra Nitrogen TNH 82.90 4 3 3 .75 115- 175 (40-110%) 10.0 7.1 8.30 5.85 97 3/31 2.10 NIL 6/30 .97 1.51 1246 844 TESARO, Inc. (NDQ) TSRO 155.17 5 4 2 1.65 145- 220 (N- 40%) NMF NIL d7.00 NIL 84 3/31 d2.55 d2.22 3/31 NIL NIL YES 110 Tesla, Inc. (NDQ) TSLA 303.86 4 4 3 1.25 195- 320 (N- 5%) NMF NIL d2.85 NIL 12 3/31 d2.04 d2.13 3/31 NIL NIL YES
★★ Supplementary Report in this week’s issue. For Timeliness, 3-5 year Target Price Range, or Estimated results, the rank change probably was primarily caused by the ▲ Arrow indicates the direction of a change. When it appears Earnings 12 months to 12-31-17, the arrow indicates a change earnings report. In other cases, the change is due to the dynamics with the Latest Dividend, the arrow signals that a change in the since the preceding week. When a diamond ♦ (indicating a of the ranking system and could simply be the result of the regular payment rate has occurred in the latest quarter. new figure) appears alongside the latest quarterly earnings improvement or weakening of other stocks. © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2035 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 30 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 21 TE-UN PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 520 Tesoro Corp. TSO 83.02 3 3 5 1.20 95- 145 (15- 75%) 15.2 2.6 ▲ 5.45 2.20 22 3/31 .42 .57 6/30 .55 .55 YES Tessera Holding NAME CHANGED TO XPERI CORPORATION 414 Tetra Tech (NDQ) TTEK 45.00 4 3 3 1.15 55- 80 (20- 80%) 19.4 0.9 2.32 .40 81 3/31 .48 .37 6/30 ▲ .10 .08 YES 2440 TETRA Technologies TTI 3.45 3 5 3 1.65 10- 19 (190-450%) NMF NIL d.02 NIL 96 3/31 d.10 d.24 3/31 NIL NIL YES 1637 Teva Pharmac. ADR TEVA 28.76 3 2 4 .85 50- 65 (75-125%) 5.8 4.7 5.00 1.36 70 3/31 1.06 1.20 6/30 .34 .34 YES 1376 Texas Instruments (NDQ) TXN 79.69 2 1 3 1.05 80- 100 (N- 25%) 20.1 2.5 3.97 2.00 37 3/31 .97 .69 6/30 .50 .38 YES 374 Texas Roadhouse (NDQ) TXRH 47.89 4 3 3 .85 60- 90 (25- 90%) 23.4 1.8 2.05 .84 21 3/31 .61 .55 6/30 ◆.21 .19 YES 1774 Textron, Inc. TXT 47.12 3 3 2 1.35 65- 100 (40-110%) 18.1 0.2 2.60 .08 52 3/31 .46 .55 9/30 .02 .02 YES 432 Thai Fund TTF 8.69 – 5 – NMF 9- 16 (5- 85%) NMF 1.7 NMF .15 – 12/31 8.92(q) 8.07(q) 3/31 .127 .123 132 Thermo Fisher Sci. TMO 171.83 3 2 4 1.00 165- 225 (N- 30%) 29.9 0.3 5.75 .60 72 3/31 1.40 1.01 9/30 ◆.15 .15 YES 2032 Third Point Reinsurance TPRE 12.40 3 3 5 .90 16- 25 (30-100%) 5.9 NIL 2.10 NIL 90 3/31 .98 d.49 3/31 NIL NIL YES 449 Thomson Reuters (TSE) TRI.TO 58.22b 4 2 3 .75 60- 85 (5- 45%) 24.8 2.4 2.35 1.38 39 3/31 .63(b) .46(b) 6/30 .345(b) .34(b) 1037 2326 Thor Inds. THO 92.51 ▲133 1.15 100- 150 (10- 60%) 13.4 1.4 6.88 1.32 15 1/31 1.23 .86 6/30 .33 .60 YES 1344 3D Systems DDD 22.37 4 4 5 1.50 18- 25 (N- 10%) NMF NIL .05 NIL 40 3/31 d.09 d.16 3/31 NIL NIL YES 2462 1775 3M Company MMM 197.73 3 1 3 .90 210- 255 (5- 30%) 22.2 2.4 8.91 4.70 52 3/31 2.16 2.05 6/30 1.175 1.11 YES ★★ 2194 Tiffany & Co. TIF 93.14 4 2 3 1.05 100- 140 (5- 50%) 23.3 2.1 4.00 2.00 29 4/30 ◆.74 .69 6/30 .45 .40 YES 1144 Tile Shop Hldgs. (NDQ) TTS 19.95 3 4 3 1.15 17- 30 (N- 50%) 35.6 1.0 .56 .20 24 3/31 .16 .14 6/30 .05 NIL YES 1246 2220 Tilly’s, Inc. TLYS 8.58 3 3 3 .95 10- 15 (15- 75%) 17.2 NIL ▲ .50 NIL 50 4/30◆d.01 d.06 3/31 NIL NIL YES 235 2380 Time Inc. TIME 12.00 – 3 – 1.25 19- 30 (60-150%) 10.9 1.3 1.10 .16 95 3/31 d.18 d.11 6/30 ▼.04 .19 YES 2346 Time Warner TWX 98.23 – 3 – 1.00 100- 155 (N- 60%) 16.4 1.6 6.00 1.61 25 3/31 1.80 1.46 6/30 .403 .403 YES 738 Timken Co. TKR 45.95 3 3 3 1.30 40- 60 (N- 30%) 20.9 2.4 2.20 1.08 43 3/31 .55 .46 6/30 ▲ .27 .26 YES 1247 1002 Titan Int’l TWI 10.63 5 4 2 1.70 13- 20 (20- 90%) NMF 0.2 d.25 .02 5 3/31 d.18 d.17 6/30 .005 .005 YES 815 Tivity Health (NDQ) TVTY 32.55 2 4 2 .70 30- 55 (N- 70%) 23.3 NIL 1.40 NIL 14 3/31 .38 .52 3/31 NIL NIL YES 2020 TiVo Corp. (NDQ) TIVO 16.55 – 3 – 1.50 25- 40 (50-140%) NMF 4.4 d.70 .72 91 3/31 d.29 d.22 6/30 .18 NIL YES 1137 Toll Brothers TOL 37.78 2 3 3 1.30 40- 60 (5- 60%) 12.2 0.8 3.10 .32 3 4/30 ◆.73 .51 6/30 ▲ .08 NIL YES 1940 Tootsie Roll TR 35.75 4 1 3 .85 35- 45 (N- 25%) 32.5 1.0 1.10 .35 71 3/31 .16 .15 3/31 .174 .171 YES 1561 Torchmark Corp. TMK 75.06 4 1 2 .90 75- 95 (N- 25%) 16.0 0.8 4.69 .60 89 3/31 1.11 1.01 9/30 ◆.15 .14 YES 1731 Toro Co. TTC 67.42 2 2 4 .90 45- 65 (N- N%) 28.9 1.0 2.33 .70 58 1/31 .41 .35 6/30 .175 .15 YES 2530 Toronto-Dominion (TSE) TD.TO 63.57b 2 2 2 .70 70- 95 (10- 50%) 12.3 3.9 5.18 2.45 63 1/31 1.32(b) 1.17(b) 6/30 ▲ .60(b) .55(b) YES 521 Total ADR TOT 53.86 2 2 3 1.30 65- 85 (20- 60%) 13.5 5.1 4.00 2.76 22 3/31 1.13 .67 6/30 .649 .693 YES 2579 Total System Svcs. TSS 58.77 3 2 4 1.00 55- 75 (N- 30%) 26.7 0.7 2.20 .40 33 3/31 .57 .49 6/30 .10 .10 YES 111 Toyota Motor ADR(g) TM 108.08 3 2 5 1.05 155- 210 (45- 95%) 10.4 3.7 10.37 4.00 12 3/31 2.37 2.39 3/31 NIL NIL YES 2036 1145 Tractor Supply (NDQ) TSCO 54.29 3 3 3 1.00 85- 130 (55-140%) 15.7 2.0 3.45 1.08 24 3/31 .46 .50 6/30 ▲ .27 .24 YES 1229 TransAlta Corp. (TSE) TA.TO 7.51b 2 3 2 .85 12- 18 (60-140%) 15.0 2.1 .50 .16 69 3/31 NIL(b) .22(b) 9/30 .04(b) .04(b) YES 613 TransCanada Corp. TRP 47.01 2 3 2 1.05 60- 90 (30- 90%) 37.6 5.3 ▲ 1.25 2.50 74 3/31 .61 .27 9/30 .625 .42 YES 727 TransDigm Group TDG 263.28 2 3 5 .90 235- 355 (N- 35%) 21.6 NIL 12.18 NIL 59 3/31 2.78 2.52 6/30 NIL NIL YES 2441 Transocean Ltd. RIG 10.61 3 5 2 1.60 10- 18 (N- 70%) NMF NIL d.60 NIL 96 3/31 .01 .33 3/31 NIL NIL YES 450 TransUnion TRU 41.81 – 3 – 1.00 45- 65 (10- 55%) 33.4 NIL 1.25 NIL 39 3/31 .33 .07 3/31 NIL NIL YES 2240 773 Travelers Cos. TRV 121.66 3 1 3 .85 130- 160 (5- 30%) 13.2 2.4 9.20 2.88 82 3/31 2.16 2.33 6/30 ▲ .72 .67 YES 587 Tredegar Corp. TG 15.95 4 3 3 1.45 20- 35 (25-120%) 21.3 3.0 ▼.75 .48 65 3/31 .11 .22 9/30 ◆.11 .11 YES 2672 1941 TreeHouse Foods THS 77.48 3 3 3 .70 100- 150 (30- 95%) 21.2 NIL 3.65 NIL 71 3/31 .61 .48 3/31 NIL NIL YES 1119 Trex Co. TREX 63.96 3 3 2 1.45 70- 110 (10- 70%) 24.6 NIL 2.60 NIL 4 3/31 .95 .79 3/31 NIL NIL YES 1212 Tri-Continental TY 23.93 – 2 3 .90 30- 40 (25- 65%) NMF 4.2 NMF 1.00 – 12/31 25.83(q) 23.89(q) 3/31 .251 .216 235 2347 Tribune Media Co. TRCO 39.62 – 3 – 1.20 55- 80 (40-100%) 22.0 2.5 1.80 1.00 25 3/31 d.07 .22 6/30 .25 .25 YES 1776 TriMas Corp. (NDQ) TRS 21.95 – 3 – NMF 25- 40 (15- 80%) 15.7 NIL 1.40 NIL 52 3/31 .30 .27 3/31 NIL NIL YES 1314 Trimble Inc. (NDQ) TRMB 35.86 3 3 3 1.30 30- 45 (N- 25%) 47.8 NIL .75 NIL 53 3/31 .20 .08 3/31 NIL NIL YES 349 Trinity Inds. TRN 26.79 3 3 3 1.55 20- 30 (N- 10%) 24.4 1.9 1.10 .52 45 3/31 .26 .64 9/30 ▲ .13 .11 YES 2453 Trinseo S.A. TSE 65.20 2 3 3 1.55 85- 125 (30- 90%) 9.1 1.8 7.20 1.20 60 3/31 2.59 1.56 6/30 .30 NIL YES 2650 TripAdvisor, Inc. (NDQ) TRIP 40.87 5 3 5 1.15 60- 90 (45-120%) 58.4 NIL .70 NIL 62 3/31 .09 .20 3/31 NIL NIL YES ★★ 728 Triumph Group TGI 24.25 3 3 3 1.15 45- 65 (85-170%) 5.4 0.7 4.50 .16 59 3/31◆3.09 1.32 6/30 .04 .04 YES 2388 tronc, Inc. (NDQ) TRNC 11.11 ▼342 1.35 19- 30 (70-170%) 27.8 NIL .40 NIL 83 3/31 d.08 d.22 3/31 NIL .175 YES 2463 1200 Tupperware Brands TUP 69.71 2 3 3 1.15 85- 125 (20- 80%) 15.5 3.9 4.50 2.72 66 3/31 .93 .86 6/30 .68 .68 YES 1999 Turning Point Brands TPB 16.77 – 3 – NMF 18- 25 (5- 50%) 9.9 NIL 1.70 NIL 94 3/31 .10 .24 3/31 NIL NIL 2348 Twenty-First Century Fox(NDQ) FOXA 26.74 3 3 1 1.00 35- 50 (30- 85%) 14.9 1.3 1.80 .36 25 3/31 .44 .44 6/30 .18 .15 YES 1829 Twilio Inc. TWLO 25.56 – 4 – NMF 40- 65 (55-155%) NMF NIL d.50 NIL 28 3/31 d.04 d.05 3/31 NIL NIL YES 2463 2651 Twitter Inc. TWTR 18.15 ▼345 1.20 17- 27 (N- 50%) NMF NIL d.55 NIL 62 3/31 d.09 d.12 3/31 NIL NIL YES 2630 Tyler Technologies TYL 169.79 3 3 4 .95 200- 295 (20- 75%) 43.0 NIL 3.95 NIL 56 3/31 .90 .81 3/31 NIL NIL YES 2455 1942 Tyson Foods ‘A’ TSN 58.42 ▼231 .80 65- 100 (10- 70%) 12.3 1.6 4.76 .96 71 3/31 .92 1.10 9/30 .225 .15 YES 1544 UDR, Inc. UDR 38.28 3 3 3 .80 40- 60 (5- 55%) NMF 3.2 .35 1.24 36 3/31 .09 .04 6/30 ▲ .31 .295 YES 557 UGI Corp. UGI 49.47 2 2 1 .90 30- 40 (N- N%) 20.4 2.0 2.42 1.00 80 3/31 1.31 1.24 9/30 ▲ .25 .238 YES 415 US Ecology (NDQ) ECOL 50.50 5 3 4 .90 45- 70 (N- 40%) 28.9 1.4 1.75 .72 81 3/31 .24 .32 6/30 .18 .18 YES 1961 US Foods Hldg. USFD 29.45 – 3 – NMF 35- 50 (20- 70%) 21.8 NIL 1.35 NIL 57 3/31 .18 .17 3/31 NIL NIL YES 1120 USG Corp. USG 28.90 3 4 2 1.40 35- 55 (20- 90%) 15.2 NIL 1.90 NIL 4 3/31 .37 .38 3/31 NIL NIL YES 602 Ubiquiti Networks (NDQ) UBNT 48.00 2 3 3 .95 55- 85 (15- 75%) 15.4 NIL 3.11 NIL 11 3/31 .77 .62 3/31 NIL NIL YES 2195 Ulta Beauty (NDQ) ULTA 290.55 3 3 3 .90 345- 515 (20- 75%) 38.3 NIL 7.58 NIL 29 1/31 2.24 1.69 3/31 NIL NIL YES 1830 Ultimate Software Group(NDQ) ULTI 215.96 3 3 3 1.10 250- 375 (15- 75%) 55.1 NIL 3.92 NIL 28 3/31 .75 .74 3/31 NIL NIL YES 133 Ultratech, Inc. (NDQ) UTEK 30.18 – 3 – 1.00 25- 35 (N- 15%) 60.4 NIL .50 NIL 72 3/31 .11 d.04 3/31 NIL NIL YES 2465 2115 Under Armour ‘A’ UAA 19.49 ▼334 1.10 30- 45 (55-130%) 48.7 NIL .40 NIL 30 3/31 d.01 .04 3/31 NIL NIL YES 2116 Unifi, Inc. UFI 27.83 3 3 3 1.00 35- 50 (25- 80%) 13.9 NIL 2.00 NIL 30 3/31 .50 .53 3/31 NIL NIL YES 407 UniFirst Corp. UNF 138.85 3 2 3 1.00 125- 165 (N- 20%) 26.9 0.1 5.17 .15 41 2/28 1.10 1.16 6/30 .038 .038 YES 1943 Unilever PLC ADR(g) UL 54.20 3 1 4 .95 45- 60 (N- 10%) 26.4 2.8 2.05 1.53 71 12/31 .94(p) .93(p) 6/30 .383 .364 YES 350 Union Pacific UNP 108.00 3 1 2 1.05 130- 160 (20- 50%) 18.9 2.2 5.70 2.42 45 3/31 1.32 1.16 6/30 .605 .55 YES 1407 Unisys Corp. UIS 11.80 2 5 3 1.40 16- 30 (35-155%) NMF NIL d.30 NIL 55 3/31 d.65 d.80 3/31 NIL NIL YES 315 United Cont’l Hldgs. UAL 79.03 4 4 4 1.30 75- 125 (N- 60%) 11.4 NIL 6.95 NIL 67 3/31 .41 1.23 3/31 NIL NIL YES 1962 United Natural Foods (NDQ) UNFI 40.03 2 3 4 .95 50- 75 (25- 85%) 15.2 NIL 2.63 NIL 57 1/31 .50 .45 3/31 NIL NIL YES 2465 316 United Parcel Serv. UPS 104.20 3 1 3 .85 140- 175 (35- 70%) 17.7 3.2 5.90 3.32 67 3/31 1.32 1.27 6/30 .83 .78 YES 1732 United Rentals URI 111.30 1 3 2 1.70 95- 160 (N- 45%) 11.8 NIL 9.40 NIL 58 3/31 1.63 1.40 3/31 NIL NIL YES 791 U.S. Bancorp USB 51.96 4 2 3 .95 45- 60 (N- 15%) 15.5 2.2 3.35 1.14 88 3/31 .82 .77 6/30 .28 .255 YES 935 U.S. Cellular USM 38.76 2 3 4 1.10 30- 50 (N- 30%) NMF NIL .30 NIL 31 3/31 .31 .10 3/31 NIL NIL YES 1595 U.S. Silica Holdings SLCA 39.03 3 4 2 2.25 40- 65 (N- 65%) 53.5 0.7 .73 .26 54 3/31 .09 d.20 9/30 .063 .063 YES 2465 752 U.S. Steel Corp. X 20.38 3 4 1 1.90 18- 35 (N- 70%) NMF 1.0 .10 .20 46 3/31 d1.03 d2.20 6/30 .05 .05 YES 2464 1777 United Technologies UTX 122.07 4 1 4 1.00 140- 170 (15- 40%) 18.4 2.2 6.63 2.64 52 3/31 1.48 1.47 6/30 .66 .66 YES (•) All data adjusted for announced stock split or stock dividend. (h) Est’d Earnings & Est’d Dividends after conversion to U.S. See back page of Ratings & Reports. (f) The estimate may reflect a probable increase or decrease. dollars at Value Line estimated translation rate. ♦ New figure this week. If a dividend boost or cut is possible but not probable, (j) All Index data expressed in hundreds. (b) Canadian Dollars. two figures are shown, the first is the more likely. (p) 6 months (q) Asset Value (d) Deficit. (g) Dividends subject to foreign withholding tax for U.S. residents. N=Negative figure NA=Not available NMF=No meaningful figure © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2036 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 31 of 190 UN-WE Page 22 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 1841 845 United Therapeutics (NDQ) UTHR 121.46 1 3 2 1.10 245- 365 (100-200%) 8.5 NIL 14.25 NIL 84 3/31 3.61 3.02 3/31 NIL NIL YES 2241 816 UnitedHealth Group UNH 175.22 2 1 3 .85 155- 190 (N- 10%) 17.8 1.4 9.87 2.50 14 3/31 2.37 1.81 3/31 .625 .50 YES 2454 Univar Inc. UNVR 31.07 – 3 – NMF 25- 40 (N- 30%) 27.0 NIL 1.15 NIL 60 3/31 .16 .10 3/31 NIL NIL YES 2000 Universal Corp. UVV 68.85 ▼432 .90 55- 85 (N- 25%) 16.3 3.1 4.23 2.16 94 3/31 ◆1.26 1.72 9/30 ◆.54 .53 YES 233 1315 Universal Display (NDQ) OLED 113.85 2 3 4 1.40 75- 110 (N- N%) 81.3 0.1 1.40 .12 53 3/31 .22 .04 6/30 .03 NIL YES 2021 Universal Electronics (NDQ) UEIC 62.70 4 3 3 1.10 55- 85 (N- 35%) 33.0 NIL 1.90 NIL 91 3/31 .01 .19 3/31 NIL NIL YES 1121 Universal Forest (NDQ) UFPI 90.25 3 3 2 1.30 95- 140 (5- 55%) 16.8 1.0 5.38 .90 4 3/31 1.03 .95 6/30 .45 .42 YES 817 Universal Health Sv. ‘B’ UHS 118.84 3 3 3 .95 145- 215 (20- 80%) 14.7 0.3 8.06 .40 14 3/31 2.12 1.93 6/30 ◆.10 .10 YES 1562 Unum Group UNM 45.70 4 3 3 1.15 45- 65 (N- 40%) 11.1 2.0 4.10 .92 89 3/31 1.02 .95 6/30 .20 .185 YES 2221 Urban Outfitters (NDQ) URBN 18.81 ▼433 1.00 45- 65 (140-245%) 11.1 NIL 1.70 NIL 50 4/30 .10 .25 3/31 NIL NIL YES 818 VCA Inc. (NDQ) WOOF 91.90 – 3 – 1.00 70- 110 (N- 20%) 29.6 NIL 3.10 NIL 14 3/31 .62 .57 3/31 NIL NIL YES 2672 225 VWR Corp. (NDQ) VWR 32.90 – 3 – .85 35- 50 (5- 50%) 17.3 NIL 1.90 NIL 76 3/31 .29 .29 3/31 NIL NIL YES 2117 V.F. Corp. VFC 52.99 3 2 3 1.00 70- 95 (30- 80%) 17.4 3.2 3.05 1.68 30 3/31 .55 .60 6/30 .42 .37 YES 2371 Vail Resorts MTN 205.93 3 3 4 .85 185- 275 (N- 35%) 39.1 2.0 5.27 4.21 6 1/31 3.63 3.14 6/30 ▲ 1.05 .81 YES 1596 Vale S.A. ADR VALE 8.63 3 4 3 1.65 11- 20 (25-130%) 7.2 1.2 1.20 .10 54 3/31 .50 NIL 6/30 .283 NIL YES 236 1638 Valeant Pharm. Int’l VRX 13.31 3 5 5 1.00 30- 55 (125-315%) 3.0 NIL 4.50 NIL 70 3/31 .78 1.27 3/31 NIL NIL YES 522 Valero Energy VLO 64.12 3 3 2 1.15 65- 95 (N- 50%) 12.8 4.4 5.00 2.80 22 3/31 .68 1.05 6/30 .70 .60 YES 2033 Validus Holdings VR 52.87 4 2 2 .70 45- 60 (N- 15%) 12.4 2.9 4.25 1.52 90 3/31 1.17 1.98 6/30 .38 .35 YES 1778 Valmont Inds. VMI 148.05 2 3 2 1.00 140- 210 (N- 40%) 20.9 1.0 7.09 1.50 52 3/31 1.72 1.45 6/30 .375 .375 YES 588 Valspar Corp. VAL 112.31 – 3 – 1.05 90- 140 (N- 25%) 25.8 1.3 4.35 1.48 65 1/31 .50 .65 6/30 ◆.37 .33 YES 1003 Valvoline Inc. VVV 22.43 – 3 – NMF 25- 35 (10- 55%) 15.6 0.9 1.44 .20 5 3/31 .37 .33 6/30 .049 NIL YES 2580 Vantiv Inc. VNTV 61.26 3 3 3 1.00 70- 105 (15- 70%) 35.0 NIL 1.75 NIL 33 3/31 .17 .25 3/31 NIL NIL YES 193 Varian Medical Sys. VAR 95.95 – 1 – .95 110- 135 (15- 40%) 26.4 NIL 3.63 NIL 68 3/31 .74 1.01 3/31 NIL NIL YES 915 Vectren Corp. VVC 60.25 4 2 3 .70 45- 65 (N- 10%) 22.1 2.9 2.73 1.72 34 3/31 .67 .58 6/30 .42 .40 YES 134 Veeco Instruments (NDQ) VECO 31.65 3 4 3 1.10 25- 40 (N- 25%) 45.2 NIL .70 NIL 72 3/31 .09 d.15 3/31 NIL NIL YES 826 Veeva Systems VEEV 60.49 3 3 4 1.35 60- 90 (N- 50%) 75.6 NIL .80 NIL 61 1/31 .22 .15 3/31 NIL NIL YES 1545 Ventas, Inc. VTR 67.50 3 3 3 .75 65- 95 (N- 40%) 33.8 4.7 2.00 3.20 36 3/31 .55 .44 6/30 ◆.775 .73 YES 2222 Vera Bradley Inc. (NDQ) VRA 7.87 4 3 3 1.20 13- 20 (65-155%) 17.5 NIL .45 NIL 50 1/31 .09 .41 3/31 NIL NIL YES 962 Verifone Systems PAY 17.82 4 4 4 1.50 30- 50 (70-180%) 11.8 NIL 1.51 NIL 64 1/31 .21 .48 3/31 NIL NIL YES 2652 VeriSign Inc. (NDQ) VRSN 89.05 3 3 3 .85 95- 145 (5- 65%) 23.4 NIL 3.80 NIL 62 3/31 .94 .82 3/31 NIL NIL YES 451 Verisk Analytics (NDQ) VRSK 79.52 3 2 3 .90 90- 120 (15- 50%) 27.4 NIL 2.90 NIL 39 3/31 .64 .64 3/31 NIL NIL YES 2241 936 Verizon Communic. VZ 45.48 2 1 3 .75 75- 90 (65-100%) 11.8 5.1 3.84 2.31 31 3/31 .95 1.06 6/30 .578 .565 YES 1390 Versum Materials VSM 30.89 – 3 – NMF 40- 60 (30- 95%) 22.7 0.6 1.36 .20 17 3/31 .44 NA 6/30 ▲ .05 NIL YES 1654 846 Vertex Pharmac. (NDQ) VRTX 116.59 2 3 3 1.20 135- 200 (15- 70%) 97.2 NIL 1.20 NIL 84 3/31 .99 d.17 3/31 NIL NIL YES 2349 Viacom Inc. ‘B’ (NDQ) VIAB 34.32 2 3 2 1.20 65- 100 (90-190%) 8.4 2.3 4.08 .80 25 3/31 .79 .76 9/30 ◆.20 .40 YES 1779 Viad Corp. VVI 43.30 3 3 3 .95 40- 60 (N- 40%) 14.5 0.9 2.98 .40 52 3/31 .33 d.34 9/30 ◆.10 .10 YES 603 ViaSat, Inc. (NDQ) VSAT 62.64 3 3 5 1.05 60- 90 (N- 45%) NMF NIL d.04 NIL 11 3/31 ◆.11 .09 3/31 NIL NIL YES 1345 Viavi Solutions (NDQ) VIAV 11.26 – 4 – NMF 8- 14 (N- 25%) 28.9 NIL .39 NIL 40 3/31 .09 .09 3/31 NIL NIL YES 1963 Village Super Market (NDQ) VLGEA 25.08 3 3 3 .75 35- 55 (40-120%) 14.4 4.0 1.74 1.00 57 1/31 .42 .44 6/30 .25 .25 2464 2581 Visa Inc. V 93.86 3 1 4 .95 115- 140 (25- 50%) 27.8 0.8 3.38 .72 33 3/31 .86 .68 6/30 .165 .14 YES 1346 Vishay Intertechnology VSH 16.10 2 3 3 1.35 16- 25 (N- 55%) 15.3 1.6 1.05 .25 40 3/31 .28 .19 6/30 ◆.063 .063 YES 1004 Visteon Corp. VC 98.99 – 3 – NMF 95- 140 (N- 40%) 24.4 NIL 4.05 NIL 5 3/31 1.67 .83 3/31 NIL NIL YES 236 2196 Vitamin Shoppe VSI 11.55 3 3 3 .95 35- 50 (205-335%) 5.6 NIL 2.05 NIL 29 3/31 .35 .59 3/31 NIL NIL YES 2607 VMware, Inc. VMW 94.87 3 3 3 1.05 90- 135 (N- 40%) 19.6 NIL 4.85 NIL 51 12/31 1.43 1.26 3/31 NIL NIL YES 937 Vodafone Group ADR(g)(NDQ) VOD 29.50 2 3 5 1.10 35- 55 (20- 85%) 32.8 5.4 .90 1.60 31 9/30 .34(p) .38(p) 3/31 .508 .522 YES 938 Vonage Holdings VG 6.86 4 4 4 .85 5- 9 (N- 30%) 22.9 NIL .30 NIL 31 3/31 .06 .10 3/31 NIL NIL YES 1546 Vornado R’lty Trust VNO 93.18 – 3 – 1.00 110- 160 (20- 70%) 47.8 3.0 1.95 2.84 36 3/31 .25 d.61 6/30 .71 .63 YES 2582 Voya Financial VOYA 35.02 3 3 2 1.25 60- 85 (70-145%) 9.2 0.1 3.80 .04 33 3/31 d.75 .92 6/30 .01 .01 YES 1122 Vulcan Materials VMC 126.65 2 3 3 1.25 110- 165 (N- 30%) 32.6 0.8 3.88 1.00 4 3/31 .32 .31 6/30 .25 .20 YES 1005 WABCO Hldgs. WBC 118.75 3 3 3 1.30 115- 170 (N- 45%) 20.4 NIL 5.81 NIL 5 3/31 1.48 d.24 3/31 NIL NIL YES 1201 WD-40 Co. (NDQ) WDFC 103.25 3 2 3 .80 75- 105 (N- N%) 29.1 1.9 3.55 1.96 66 2/28 .87 .94 6/30 .49 .42 YES 916 WEC Energy Group WEC 61.63 3 1 3 .60 55- 65 (N- 5%) 19.9 3.4 3.10 2.11 34 3/31 1.12 1.09 6/30 .52 .495 YES 558 WGL Holdings Inc. WGL 82.78 – 1 – .75 50- 60 (N- N%) 23.7 2.5 3.50 2.04 80 3/31 1.87 1.78 9/30 .51 .488 YES 1547 W.P. Carey Inc. WPC 64.01 ▼334 .85 80- 120 (25- 85%) 28.4 6.2 2.25 3.98 36 3/31 .53 .54 6/30 ▲ .995 .974 YES 1038 2398 WPP PLC ADR (NDQ) WPPGY 108.60 ▲225 1.15 145- 195 (35- 80%) 13.8 2.9 7.85 3.15 19 12/31 5.00(p) 3.80(p) 3/31 NIL NIL YES 546 WPX Energy WPX 12.42 3 5 3 1.95 13- 25 (5-100%) NMF NIL ▲ d.20 NIL 26 3/31 .22 d.02 3/31 NIL NIL YES 168 Wabash National WNC 21.61 4 4 3 1.60 20- 35 (N- 60%) 14.4 1.1 1.50 .24 93 3/31 .31 .42 9/30 ◆.06 NIL YES 1733 Wabtec Corp. WAB 82.01 5 3 3 1.15 100- 150 (20- 85%) 20.9 0.6 3.92 .48 58 3/31 .77 1.05 9/30 ▲ .12 .10 YES 457 2153 Wal-Mart Stores WMT 78.49 4 1 3 .65 85- 105 (10- 35%) 18.3 2.6 4.30 2.04 20 4/30 ◆1.00 .98 9/30 .51 .50 YES 972 Walgreens Boots (NDQ) WBA 81.24 3 2 1 .90 110- 145 (35- 80%) 16.1 1.8 5.06 1.50 18 2/28 1.36 1.31 6/30 .375 .36 YES 1510 Washington Federal (NDQ) WAFD 32.45 4 3 2 .95 25- 35 (N- 10%) 17.2 1.8 1.89 .60 92 3/31 .47 .45 6/30 .15 .14 YES 1548 Washington R.E.I.T. WRE 32.58 2 3 3 .85 30- 40 (N- 25%) 88.1 3.7 .37 1.20 36 3/31 .09 .03 6/30 .30 .30 YES 416 Waste Connections WCN 92.41 2 2 3 .85 85- 115 (N- 25%) 42.0 0.8 2.20 .72 81 3/31 .08 .36 6/30 .18 .145 YES 417 Waste Management WM 71.02 3 1 3 .75 70- 90 (N- 25%) 22.5 2.4 3.15 1.70 81 3/31 .66 .58 6/30 .425 .41 YES 135 Waters Corp. WAT 176.10 3 2 4 .95 130- 175 (N- N%) 24.5 NIL 7.20 NIL 72 3/31 1.31 1.15 3/31 NIL NIL YES 1146 Watsco, Inc. WSO 141.41 4 2 3 .95 140- 190 (N- 35%) 25.0 3.0 5.65 4.30 24 3/31 .71 .71 6/30 1.05 .85 YES 1734 Watts Water Techn. WTS 62.95 3 3 3 1.20 65- 95 (5- 50%) 21.7 1.2 2.90 .76 58 3/31 .65 .57 6/30 ▲ .19 .18 YES 1654 2442 Weatherford Int’l plc WFT 5.33 ▼543 1.85 14- 25 (165-370%) NMF NIL d.80 NIL 96 3/31 d.45 d.61 3/31 NIL NIL YES 827 WebMD Health (NDQ) WBMD 55.82 3 4 4 1.05 50- 85 (N- 50%) 27.9 NIL 2.00 NIL 61 3/31 .30 .36 3/31 NIL NIL YES 2531 Webster Fin’l WBS 50.10 ▲333 1.15 50- 70 (N- 40%) 19.5 2.1 2.57 1.04 63 3/31 .62 .49 6/30 ▲ .26 .25 YES 2671 2197 Weight Watchers WTW 26.05 2 5 4 1.20 20- 35 (N- 35%) 20.0 NIL 1.30 NIL 29 3/31 .16 d.17 3/31 NIL NIL YES 1549 Weingarten Realty WRI 30.41 2 3 3 .95 35- 55 (15- 80%) 30.7 5.1 .99 1.56 36 3/31 .24 .85 6/30 .385 .365 YES 1964 Weis Markets WMK 57.82 4 2 1 .85 55- 70 (N- 20%) 21.4 2.1 2.70 1.20 57 3/31 .44 .75 6/30 .30 .30 1735 Welbilt, Inc. WBT 19.83 – 3 – NMF 20- 30 (N- 50%) 28.3 NIL .70 NIL 58 3/31 .04 .13 3/31 NIL NIL YES 819 WellCare Health Plans WCG 171.25 3 3 4 1.00 175- 260 (N- 50%) 27.2 NIL 6.30 NIL 14 3/31 1.50 .83 3/31 NIL NIL YES 2532 Wells Fargo WFC 53.39 3 2 3 1.05 65- 90 (20- 70%) 12.9 3.0 4.15 1.62 63 3/31 1.00 .99 6/30 .38 .38 YES 1550 Welltower Inc. HCN 73.25 3 3 2 .70 70- 105 (N- 45%) 27.1 4.8 2.70 3.49 36 3/31 .86 .42 6/30 .87 .86 YES 375 Wendy’s Company (NDQ) WEN 16.17 4 3 5 1.00 15- 25 (N- 55%) 35.9 1.8 .45 .29 21 3/31 .09 .11 6/30 .07 .06 YES 329 Werner Enterprises (NDQ) WERN 27.05 ▼432 .95 35- 50 (30- 85%) 23.5 1.0 1.15 .28 86 3/31 .22 .28 9/30 ▲ .07 .06 YES 1316 WESCO Int’l WCC 62.10 4 3 2 1.35 75- 115 (20- 85%) 15.7 NIL 3.96 NIL 53 3/31 .76 .77 3/31 NIL NIL YES 236 604 West Corp. (NDQ) WSTC 23.10 – 3 – 1.30 ▼ 25- 40 (10- 75%) 10.5 NIL ▼2.20 NIL 11 3/31 .63 .53 6/30 ▼NIL .225 YES 1171 West Fraser Timber (TSE) WFT.TO 59.23b 1 3 2 1.10 55- 85 (N- 45%) 16.9 0.5 3.50 .28 16 3/31 1.58(b) .49(b) 6/30 .07(b) .07(b) YES
★★ Supplementary Report in this week’s issue. For Timeliness, 3-5 year Target Price Range, or Estimated results, the rank change probably was primarily caused by the ▲ Arrow indicates the direction of a change. When it appears Earnings 12 months to 12-31-17, the arrow indicates a change earnings report. In other cases, the change is due to the dynamics with the Latest Dividend, the arrow signals that a change in the since the preceding week. When a diamond ♦ (indicating a of the ranking system and could simply be the result of the regular payment rate has occurred in the latest quarter. new figure) appears alongside the latest quarterly earnings improvement or weakening of other stocks. © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2037 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 32 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 23 WE-ZY PAGE NUMBERS R A N K S Industry Rank Bold type refers to Do Options Trade? Ratings and Reports Technical (f) % Est’d Est’d Recent Price Safety 3-5 year Est’d Earns. Div’d LATEST RESULTS Timeliness Target Price Range Current Yield 12 mos. next Ticker and % appreciation P/E next to 12 Qtr. Earns. Year Qtr. Latest Year NAME OF STOCK Symbol▼ ▼▼▼ Beta potential Ratio 12 mos. 12-31-17 mos. ▼ Ended Per sh. Ago Ended Div’d Ago ▼ 854 2198 West Marine (NDQ) WMAR 9.78 2 3 2 1.00 11- 17 (10- 75%) 30.6 2.0 .32 .20 29 3/31 d.29 d.37 6/30 ▲ .05 NIL YES 226 West Pharmac. Svcs. WST 95.30 4 2 4 .85 80- 110 (N- 15%) 35.3 0.6 2.70 .55 76 3/31 .81 .30 9/30 .13 .13 YES 917 Westar Energy WR 51.83 – 2 – .70 40- 55 (N- 5%) 20.3 3.1 2.55 1.60 34 3/31 .42 .46 9/30 ◆.40 .38 YES 1408 Western Digital (NDQ) WDC 88.03 3 3 2 1.40 85- 130 (N- 50%) 9.7 2.3 9.07 2.00 55 3/31 2.39 1.21 9/30 .50 .50 YES 634 Western Gas Part. WES 56.54 4 3 2 1.30 75- 115 (35-105%) 22.2 6.5 2.55 3.65 78 3/31 .33 .31 6/30 ▲ .875 .815 YES 523 Western Refining WNR 36.18 – 3 – 1.20 50- 80 (40-120%) 14.5 4.2 ▼2.50 1.52 22 3/31 .10 .33 6/30 .38 .38 YES 2583 Western Union WU 18.82 ▼433 .95 25- 35 (35- 85%) 10.5 3.7 1.80 .70 33 3/31 .33 .37 6/30 .175 .16 YES 317 WestJet Airlines Ltd. (TSE) WJA.TO 22.29b 3 3 2 .80 25- 40 (10- 80%) 10.9 2.5 2.05 .56 67 3/31 .41(b) .71(b) 6/30 .14(b) .14(b) YES 589 Westlake Chemical WLK 63.05 3 3 3 1.45 80- 125 (25-100%) 16.8 1.2 3.75 .76 65 3/31 1.06 .94 6/30 ◆.191 .182 YES 1965 Weston (George) (TSE) WN.TO 122.10b 3 2 4 .65 120- 165 (N- 35%) 17.2 1.5 7.10 1.82 57 3/31 1.42(b) 1.31(b) 9/30 ▲ .455(b) .44(b) YES 1186 WestRock Co. WRK 52.70 – 3 – NMF 55- 85 (5- 60%) 19.9 3.0 2.65 1.60 23 3/31 .54 .61 6/30 .40 .375 YES 2584 WEX Inc. WEX 102.53 3 3 3 1.30 100- 150 (N- 45%) 20.0 NIL 5.13 NIL 33 3/31 1.23 .97 3/31 NIL NIL YES 1172 Weyerhaeuser Co. WY 33.07 3 3 2 1.15 35- 55 (5- 65%) 30.9 3.7 1.07 1.24 16 3/31 .22 .11 6/30 ◆.31 .31 YES 1576 Wheaton Precious Met. WPM 20.49 2 3 3 1.05 25- 35 (20- 70%) 33.6 1.4 .61 .28 7 3/31 .14 .10 6/30 ▲ .07 .10 YES 1780 Whirlpool Corp. WHR 180.78 3 3 4 1.30 210- 310 (15- 70%) 11.7 2.4 15.50 4.40 52 3/31 2.50 2.63 6/30 ▲ 1.10 1.00 YES 1944 WhiteWave Foods WWAV SEE FINAL REPORT - PAGE 1944 2417 Whiting Petroleum WLL 8.69 2 5 4 2.30 17- 30 (95-245%) NMF NIL d.75 NIL 27 3/31 d.24 d1.03 3/31 NIL NIL YES 1966 Whole Foods Market (NDQ) WFM 35.33 3 3 3 .90 30- 45 (N- 25%) 26.4 2.0 1.34 .72 57 3/31 .37 .44 9/30 ▲ .18 .135 YES 2381 Wiley (John) & Sons JWA 51.15 3 3 3 1.00 55- 85 (10- 65%) 18.3 2.4 2.80 1.24 95 1/31 .92 .67 6/30 .31 .30 YES 614 Williams Cos. WMB 30.49 3 3 3 1.75 30- 45 (N- 50%) 30.5 3.9 ▲ 1.00 1.20 74 3/31 .14 .03 6/30 ◆.30 .64 YES 635 Williams Partners L.P. WPZ 40.63 2 4 3 1.45 45- 75 (10- 85%) 23.9 5.9 1.70 2.40 78 3/31 .68 d.34 6/30 ▼.60 .85 YES 2199 Williams-Sonoma WSM 49.07 2 2 3 1.00 75- 105 (55-115%) 13.8 3.2 3.55 1.56 29 1/31 1.63 1.55 6/30 ▲ .39 .37 YES 2585 Willis Towers Watson plc(NDQ) WLTW 141.22 – 3 – NMF 145- 220 (5- 55%) 30.4 1.5 4.65 2.12 33 3/31 2.50 1.75 9/30 ◆.53 .48 YES 1033 Windstream Hldgs. (NDQ) WIN 4.59 – 4 – NMF 5- 9 (10- 95%) NMF 13.1 d3.25 .60 32 3/31 d.89 d2.52 9/30 .15 .15 YES 2327 Winnebago WGO 26.15 1 3 3 1.25 50- 75 (90-185%) 11.7 1.5 2.23 .40 15 2/28 .48 .35 6/30 .10 .10 YES 792 Wintrust Financial (NDQ) WTFC 70.64 3 3 3 1.00 65- 95 (N- 35%) 18.1 0.8 3.90 .56 88 3/31 .94 .90 6/30 .14 .12 YES 2162 Wolverine World Wide WWW 25.25 3 3 3 1.05 25- 40 (N- 60%) 16.3 1.0 1.55 .24 35 3/31 .37 .29 9/30 .06 .06 YES 136 Woodward, Inc. (NDQ) WWD 67.50 3 3 2 1.20 75- 115 (10- 70%) 21.8 0.7 3.09 .50 72 3/31 .60 .65 6/30 .125 .11 YES 1831 Workday, Inc. WDAY 98.44 2 3 4 1.25 115- 175 (15- 80%) NMF NIL d1.65 NIL 28 1/31 d.52 d.42 3/31 NIL NIL YES 615 World Fuel Services INT 36.95 5 3 5 1.10 55- 80 (50-115%) 16.4 0.6 2.25 .24 74 3/31 .45 .74 6/30 .06 .06 YES 2350 World Wrestling Ent. WWE 19.76 4 4 2 1.10 25- 40 (25-100%) 39.5 2.4 .50 .48 25 3/31 .01 .18 6/30 .12 .12 YES 753 Worthington Inds. WOR 43.36 3 3 3 1.30 55- 85 (25- 95%) 15.7 1.8 2.76 .80 46 2/28 .55 .46 6/30 .20 .19 YES 2372 Wyndham Worldwide WYN 96.88 2 3 3 1.10 80- 120 (N- 25%) 16.4 2.4 5.90 2.32 6 3/31 1.33 .84 6/30 .58 .50 YES 2373 Wynn Resorts (NDQ) WYNN 124.15 4 3 3 1.45 155- 230 (25- 85%) 28.9 1.6 4.30 2.00 6 3/31 .99 .74 6/30 .50 .50 YES 774 XL Group Ltd. XL 42.36 4 3 3 .90 40- 60 (N- 40%) 12.5 2.1 3.40 .88 82 3/31 .50 .35 6/30 ◆.22 .20 YES 855 2653 XO Group XOXO 17.39 3 3 3 .85 20- 30 (15- 75%) 34.8 NIL .50 NIL 62 3/31 .01 .12 3/31 NIL NIL YES 2237 Xcel Energy Inc. XEL 46.51 3 1 3 .60 40- 50 (N- 10%) 20.2 3.1 2.30 1.46 2 3/31 .47 .47 9/30 .36 .34 YES 2037 137 Xcerra Corp. (NDQ) XCRA 9.45 – 4 – 1.20 9- 14 (N- 50%) 39.4 NIL .24 NIL 72 1/31 .05 d.07 3/31 NIL NIL YES 1418 Xerox Corp. XRX 6.95 – 3 – NMF 9- 13 (30- 85%) 13.9 3.6 .50 .25 44 3/31 .01 .06 9/30 ◆.063 .078 YES 1377 Xilinx Inc. (NDQ) XLNX 63.97 4 3 4 1.05 60- 90 (N- 40%) 27.6 2.2 2.32 1.40 37 3/31 .57 .54 6/30 ▲ .35 .33 YES 1378 Xperi Corp. (NDQ) XPER 31.80 5 3 3 .95 55- 80 (75-150%) 15.2 2.5 2.09 .80 37 3/31 d.07 .48 6/30 .20 .20 YES 1736 Xylem Inc. XYL 52.80 3 3 3 1.10 50- 70 (N- 35%) 23.0 1.4 2.30 .72 58 3/31 .31 .37 6/30 .18 .155 YES 2654 Yahoo! Inc. (NDQ) YHOO 50.31 – 3 – 1.05 45- 65 (N- 30%) 91.5 NIL .55 NIL 62 3/31 .10 d.10 3/31 NIL NIL YES 1579 Yamana Gold AUY 2.73 ▼353 1.05 3- 6 (10-120%) 45.5 0.7 .06 .02 7 3/31 d.01 .02 9/30 .005 .005 YES 237 2655 Yelp, Inc. YELP 27.78 3 4 3 1.45 30- 50 (10- 80%) NMF NIL .05 NIL 62 3/31 d.06 d.20 3/31 NIL NIL YES 1790 York Water Co. (The) (NDQ) YORW 32.95 ▲432 .80 25- 40 (N- 20%) 31.4 1.9 1.05 .64 87 3/31 .20 .19 9/30 .16 .156 YES 376 Yum! Brands YUM 70.92 – 3 – NMF 70- 110 (N- 55%) 25.8 1.7 2.75 1.23 21 3/31 .65 .57 9/30 ◆.30 .46 YES 963 Zayo Group Holdings ZAYO 31.80 – 3 – NMF 30- 50 (N- 55%) 88.3 NIL .36 NIL 64 3/31 .11 d.08 3/31 NIL NIL YES 605 Zebra Techn. ‘A’ (NDQ) ZBRA 102.28 1 3 4 1.20 100- 150 (N- 45%) 15.9 NIL 6.45 NIL 11 3/31 1.37 1.01 3/31 NIL NIL YES 1832 Zendesk Inc. ZEN 25.82 3 4 2 1.15 30- 50 (15- 95%) NMF NIL d.15 NIL 28 3/31 d.28 d.30 3/31 NIL NIL YES 2656 Zillow Group ‘C’ (NDQ) Z 42.63 3 4 3 1.25 30- 50 (N- 15%) NMF NIL d1.15 NIL 62 3/31 d.03 d.27 3/31 NIL NIL YES 194 Zimmer Biomet Hldgs. ZBH 117.81 3 2 2 1.00 155- 205 (30- 75%) 13.8 0.9 8.55 1.04 68 3/31 2.13 2.00 6/30 .24 .24 YES 2533 Zions Bancorp. (NDQ) ZION 41.34 3 3 3 1.25 35- 50 (N- 20%) 16.2 0.8 2.55 .35 63 3/31 .61 .38 6/30 .08 .06 YES 1639 Zoetis Inc. ZTS 61.43 3 3 4 1.00 55- 85 (N- 40%) 26.7 0.7 2.30 .42 70 3/31 .53 .48 9/30 .105 .095 YES 1247 2223 Zumiez Inc. (NDQ) ZUMZ 14.85 2 3 4 .95 25- 35 (70-135%) 14.1 NIL 1.05 NIL 50 1/31 .74 .53 3/31 NIL NIL YES 2022 Zynga Inc. (NDQ) ZNGA 3.50 2 5 5 1.00 4- 7 (15-100%) NMF NIL d.05 NIL 91 3/31 d.01 d.03 3/31 NIL NIL YES
(•) All data adjusted for announced stock split or stock dividend. (h) Est’d Earnings & Est’d Dividends after conversion to U.S. See back page of Ratings & Reports. (f) The estimate may reflect a probable increase or decrease. dollars at Value Line estimated translation rate. ♦ New figure this week. If a dividend boost or cut is possible but not probable, (j) All Index data expressed in hundreds. (b) Canadian Dollars. two figures are shown, the first is the more likely. (p) 6 months (q) Asset Value (d) Deficit. (g) Dividends subject to foreign withholding tax for U.S. residents. N=Negative figure NA=Not available NMF=No meaningful figure © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2038 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 33 of 190
Page 24 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 INDUSTRIES, IN ORDER OF TIMELINESS RANK* Arrow (▲▼) before name indicates that a significant change in Rank has occurred since the preceding week. 1 Cable TV 26 Natural Gas (Div.) 51▲Computer Software 76 Med Supp Non-Invasive 2▲Electric Utility (West) 27 Petroleum (Producing) 52 Diversified Co. 77 Funeral Services 3 Homebuilding 28 E-Commerce 53 Electrical Equipment 78▼Pipeline MLPs 4 Building Materials 29 Retail (Hardlines) 54 Metals & Mining (Div.) 79 Educational Services 5 Auto Parts 30 Apparel 55 Computers/Peripherals 80 Natural Gas Utility 6 Hotel/Gaming 31 Telecom. Services 56 IT Services 81 Environmental 7 Precious Metals 32 Telecom. Utility 57 Retail/Wholesale Food 82 Insurance (Prop/Cas.) 8 Retail Automotive 33 Financial Svcs. (Div.) 58 Machinery 83 Newspaper 9 Foreign Electronics 34 Electric Util. (Central) 59 Aerospace/Defense 84 Biotechnology 10 Furn/Home Furnishings 35 Shoe 60 Chemical (Diversified) 85 Engineering & Const 11 Wireless Networking 36 R.E.I.T. 61 Healthcare Information 86 Trucking 12 Automotive 37▲Semiconductor 62 Internet 87 Water Utility 13 Investment Banking 38 Brokers & Exchanges 63 Bank 88 Bank (Midwest) 14 Medical Services 39 Information Services 64 Telecom. Equipment 89 Insurance (Life) 15 Recreation 40 Electronics 65 Chemical (Specialty) 90 Reinsurance 16 Paper/Forest Products 41 Industrial Services 66 Household Products 91 Entertainment Tech 17 Semiconductor Equip 42 Electric Utility (East) 67 Air Transport 92 Thrift 18 Pharmacy Services 43 Metal Fabricating 68 Med Supp Invasive 93 Heavy Truck & Equip 19 Advertising 44 Office Equip/Supplies 69 Power 94 Tobacco 20 Retail Store 45 Railroad 70 Drug 95 Publishing 21 Restaurant 46 Steel 71▼Food Processing 96 Oilfield Svcs/Equip. 22 Petroleum (Integrated) 47 Toiletries/Cosmetics 72 Precision Instrument 97 Chemical (Basic) 23 Packaging & Container 48 Human Resources 73 Maritime 24▲Retail Building Supply 49 Public/Private Equity 74 Oil/Gas Distribution 25 Entertainment 50▼Retail (Softlines) 75 Beverage *Based on the TimelinessTM ranks of the stocks in the industry
Noteworthy Rank Changes Listed below are some of the stocks whose Timeliness ranks have changed this week. We include mostly rank changes caused by fundamentals such as new earnings reports. Even when a significant change in earnings momentum has been forecast, the stock’s rank will not be affected until the actual results, confirming that forecast, are reported. In most cases, we omit stocks that have been bumped up or down in rank by the dynamism of the ranking system.
STOCKS MOVING UP IN TIMELINESS RANK Earnings Est. Old New 12 months to Stock Name Rank Rank Reason for Change 12-31-17
Booz Allen Hamilton 5 4 Earnings turnaround. Mar. quarter 44¢ vs. year ago 43¢. Our estimate was 42¢. $1.78
STOCKS MOVING DOWN IN TIMELINESS RANK Earnings Est. Old New 12 months to Stock Name Rank Rank Reason for Change 12-31-17
Antero Resources 1 2 Dynamism of the ranking system. (A) BlackBerry 1 2 Dynamism of the ranking system. (A) Brady Corp. 2 3 Decreasing profit growth. Apr. quarter 43¢ vs. year ago 42¢. Our estimate was 44¢. Under Review Chico’s FAS 1 2 Decreasing profit growth. Apr. period 26¢ vs. year ago 23¢. Our estimate was 28¢. $.85 DSW Inc. (B) 1 3 Surprise factor, earnings reversal. Apr. period 32¢ vs. year ago 40¢. Our estimate was 40¢. 1.50 Dycom Inds. (B) 1 2 Surprise factor, earnings reversal. Management forecasts $1.35-$1.50 for the Jul. period vs. year ago $1.64. Our estimate was $1.78. 5.91 Enerplus Corp. 1 2 Dynamism of the ranking system. (A) Extended Stay America 1 2 Dynamism of the ranking system. Genesco Inc. (B) 1 3 Surprise factor, earnings reversal. Apr. period 6¢ vs. year ago 62¢. Our estimate was 54¢. Under Review Group 1 Automotive 1 2 Dynamism of the ranking system. Honda Motor ADR 1 2 Dynamism of the ranking system. Movado Group 3 4 Lower than expected earnings. Apr. period 1¢ vs. year ago 19¢. Our estimate was 12¢. Under Review Philips Electronics NV 1 2 Dynamism of the ranking system. Tyson Foods ‘A’ 1 2 Dynamism of the ranking system. Universal Corp. 3 4 Surprise factor, earnings reversal. Mar. quarter $1.26 vs. year ago $1.94. Our estimate was $1.68. Under Review (A) New full-page report in this week’s Ratings & Reports. (B) Supplementary report in this week’s Ratings & Reports.
© 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. MSFR 2039 170 IAC 1-5-13(b)(2) Page 34 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 25
TIMELY STOCKS IN TIMELY INDUSTRIES RANKS Est’d. RANKS Est’d. Recent Price Technical Current % 3-5 Year Recent Price Technical Current % 3-5 Year Page Industry Safety P/E Est’d Price Page Industry Safety P/E Est’d Price No. (Industry Rank) Timeliness Beta Ratio Yield Apprec. No. (Industry Rank) Timeliness Beta Ratio Yield Apprec. ▼▼▼ ▼▼▼
Cable TV (INDUSTRY RANK 1) Retail Automotive (INDUSTRY RANK 8) 1017 Charter Communic. 318.79 1 3 2 0.95 50.6 NIL N- N% 2120 Asbury Automotive 56.15 1 3 3 1.30 8.8 NIL 70-160% 1018 Cogeco Communic. 78.51 1 3 3 0.65 13.3 2.2 N- 20% 2121 AutoNation, Inc. 38.99 2 3 3 1.05 9.5 NIL 65-145% 1019 Comcast Corp. 39.78 1 2 3 0.90 20.9 1.6 15- 50% 2125 Group 1 Automotive 62.69 2 3 2 1.25 8.3 1.5 45-115% 1022 Liberty Global plc 30.90 1 3 3 1.10 NMF NIL 30- 95% 2126 KAR Auction Svcs. 43.72 2 3 3 1.00 24.3 3.1 5- 50% 2127 Lithia Motors 90.33 1 3 3 1.30 10.5 1.2 25- 95% 2130 Penske Auto 43.12 2 3 2 1.30 10.0 3.0 15- 75% Electric Utility (West) (INDUSTRY RANK 2) 2225 Avista Corp. 42.04 2 2 3 0.70 21.6 3.4 N- 5% 2226 Black Hills 68.50 2 2 3 0.85 19.6 2.6 N- N% Foreign Electronics (INDUSTRY RANK 9) 2227 Edison Int’l 78.82 2 2 2 0.60 18.5 2.9 N- 20% 1987 FUJIFILM Hldgs. ADR 36.53 2 3 3 0.95 15.8 1.9 25- 80% 2228 El Paso Electric 53.05 2 2 3 0.75 21.7 2.5 N- 15% 1989 Kyocera Corp. ADR 58.61 2 2 3 1.00 25.0 1.3 N- 45% 2231 NorthWestern Corp. 60.92 2 3 2 0.65 17.9 3.5 N- 25% 1991 Philips Electronics NV 35.33 2 3 3 1.10 27.2 2.6 N- 40% 2232 PG&E Corp. 66.16 2 3 2 0.65 18.1 3.2 N- 30% 1992 Sony Corp. ADR 35.55 2 3 4 1.25 39.1 0.6 N- 55% 2233 PNM Resources 37.40 1 3 2 0.75 20.2 2.6 N- 35% 2234 Pinnacle West Capital 85.78 2 1 3 0.65 19.9 3.2 N- N% 2235 Portland General 46.06 2 2 3 0.70 20.9 3.0 N- N% Furn/Home Furnishings (INDUSTRY RANK 10) 1151 Fortune Brands Home 62.61 1 3 3 1.30 20.2 1.1 10- 70% 1153 Interface Inc. ‘A’ 20.20 2 3 3 1.20 17.6 1.2 25- 75% Homebuilding (INDUSTRY RANK 3) 1155 La-Z-Boy Inc. 27.05 2 3 3 1.10 13.9 1.6 50-120% 1125 CalAtlantic Group 36.92 1 3 4 1.35 9.3 0.4 50-130% 1157 Masonite Int’l 75.15 2 3 2 1.00 18.8 NIL 25- 95% 1126 Horton D.R. 33.37 1 3 2 1.30 12.0 1.2 5- 65% 1159 Mohawk Inds. 232.87 1 3 3 1.20 17.4 NIL N- 45% 1130 M.D.C. Holdings 33.94 2 3 3 1.30 13.9 2.9 N- 45% 1160 RH 58.49 2 4 5 0.95 39.3 NIL N- 35% 1131 Meritage Homes 40.25 2 3 3 1.40 10.3 NIL 50-125% 1162 Tempur Sealy Int’l 47.43 2 4 5 1.20 47.4 NIL 15- 90% 1132 NVR, Inc. 2296.00 2 2 4 0.90 17.0 NIL N- N% 1133 PulteGroup, Inc. 22.92 2 3 2 1.40 10.0 1.6 55-120% 1134 St. Joe Corp. 17.50 2 3 5 1.00 NMF NIL N- 15% Wireless Networking (INDUSTRY RANK 11) 1137 Toll Brothers 37.78 2 3 3 1.30 12.2 0.8 5- 60% 592 BlackBerry 11.30 2 4 4 1.45 NMF NIL N- 5% 595 DSP Group 12.20 2 3 3 0.80 NMF NIL 5- 65% 596 Finisar Corp. 25.41 2 4 3 1.25 15.1 NIL 55-175% Building Materials (INDUSTRY RANK 4) 597 InterDigital Inc. 82.05 2 3 2 1.00 29.3 1.5 5- 50% 1102 Aegion Corp. 20.87 2 3 2 1.40 14.9 NIL 20- 90% 600 SBA Communications 134.31 2 3 3 1.00 NMF NIL N- 50% 1103 Amer. Woodmark 87.30 1 3 3 1.10 19.1 NIL N- 45% 602 Ubiquiti Networks 48.00 2 3 3 0.95 15.4 NIL 15- 75% 1104 Apogee Enterprises 51.65 2 3 2 1.20 15.2 1.1 15- 75% 605 Zebra Techn. ‘A’ 102.28 1 3 4 1.20 15.9 NIL N- 45% 1105 Armstrong World Inds. 43.10 2 3 2 1.20 16.6 NIL 30- 85% 1107 Boise Cascade 27.00 2 3 2 1.35 18.0 NIL 30- 85% 1108 CEMEX ADS 8.58 1 4 3 1.65 17.2 NIL 15-100% Automotive (INDUSTRY RANK 12) 1110 HD Supply Holdings 41.54 1 3 3 1.45 13.4 NIL 10- 55% 102 Daimler AG 74.80 2 3 3 1.30 7.4 4.9 40-115% 1113 Masco Corp. 36.83 2 3 4 1.35 18.9 1.1 N- 35% 106 Gen’l Motors 33.22 1 3 2 1.20 5.3 4.7 20- 95% 1114 NCI Bldg. Sys. 16.90 2 4 3 1.40 17.8 NIL 20-105% 107 Honda Motor ADR 27.74 2 3 2 1.05 10.4 3.1 60-135% 1115 Owens Corning 61.73 1 3 2 1.20 15.2 1.3 N- 45% 108 Nissan Motor ADR 19.48 2 3 4 1.05 6.3 4.3 5- 55% 1122 Vulcan Materials 126.65 2 3 3 1.25 32.6 0.8 N- 30%
Investment Banking (INDUSTRY RANK 13) Auto Parts (INDUSTRY RANK 5) 1807 Morgan Stanley 42.42 2 3 3 1.50 11.8 1.9 40-110% 975 Amer. Axle 15.64 2 4 2 1.35 4.6 NIL 60-155% 1808 Piper Jaffray Cos. 60.65 1 3 3 1.35 9.8 2.1 15- 80% 980 Cooper Tire & Rubber 35.95 2 3 1 1.15 11.7 1.2 25- 95% 1809 Raymond James Fin’l 73.31 2 3 3 1.20 18.5 1.2 N- 55% 981 Cooper-Standard 107.97 1 3 3 0.90 12.7 NIL 15- 70% 982 Dana Inc. 19.97 1 3 3 1.55 10.1 1.2 25-100% 987 Gentherm Inc. 36.95 1 3 4 1.50 14.2 NIL 60-130% Medical Services (INDUSTRY RANK 14) 989 Goodyear Tire 32.08 2 3 1 1.45 8.1 1.3 55-120% 794 Aetna Inc. 141.89 1 2 4 0.95 16.1 1.4 N- 30% 991 LCI Industries 90.10 1 3 3 1.10 14.7 2.2 70-155% 795 Amedisys, Inc. 58.65 2 4 4 1.15 31.7 NIL N- N% 992 LKQ Corp. 31.27 1 3 5 1.05 16.1 NIL 60-125% 796 Anthem, Inc. 177.71 2 2 3 0.85 15.5 1.5 5- 45% 993 Lear Corp. 143.54 1 3 3 1.25 9.0 1.4 20- 80% 798 Centene Corp. 73.99 1 3 3 0.85 15.6 NIL 20- 80% 994 Linamar Corp. 63.80 1 3 4 1.15 7.5 0.8 55-125% 801 DaVita Inc. 64.88 2 2 4 0.85 16.4 NIL 45-100% 995 Magna Int’l ‘A’ 45.09 2 3 4 1.35 7.8 2.5 75-165% 803 Fresenius Medical ADR 45.81 2 2 4 0.80 20.8 1.2 20- 65% 999 Standard Motor Prod. 48.56 2 3 3 1.10 15.4 1.6 25- 85% 804 HCA Holdings 81.93 2 3 1 0.95 11.0 NIL 15- 75% 1000 Superior Inds. Int’l 18.80 2 3 3 1.05 10.4 3.8 60-140% 805 HealthSouth Corp. 46.66 2 3 2 1.05 17.6 2.1 N- 40% 1001 Tenneco Inc. 55.10 1 3 2 1.50 8.3 1.8 55-125% 812 Quintiles IMS Hldgs. 83.80 2 3 3 0.90 18.4 NIL N- 50% 815 Tivity Health 32.55 2 4 2 0.70 23.3 NIL N- 70% 816 UnitedHealth Group 175.22 2 1 3 0.85 17.8 1.4 N- 10% Hotel/Gaming (INDUSTRY RANK 6) 2353 Boyd Gaming 25.04 1 4 4 1.50 20.9 0.8 N- 80% 2355 Churchill Downs 168.55 1 3 3 0.90 24.8 0.9 N- 30% Recreation (INDUSTRY RANK 15) 2356 Extended Stay America 17.77 2 3 3 1.15 20.9 4.7 15- 95% 2303 Amer. Outdoor Brands 22.62 2 3 5 0.95 12.6 NIL 10- 55% 2358 Hyatt Hotels 57.98 2 3 3 1.10 44.6 NIL 5- 55% 2304 Brunswick Corp. 54.31 1 3 2 1.40 13.6 1.2 40-110% 2361 Las Vegas Sands 57.53 2 3 3 1.40 23.5 5.1 40-100% 2308 Cinemark Hldgs. 40.77 1 3 2 1.05 19.4 2.8 25- 95% 2362 MGM Resorts Int’l 31.30 2 3 3 1.55 26.1 1.4 10- 75% 2311 Hasbro, Inc. 100.98 2 3 4 0.90 20.8 2.3 N- 30% 2363 Marcus Corp. 32.65 1 3 3 1.00 21.8 1.5 5- 55% 2312 ILG, Inc. 26.96 2 3 4 1.05 23.4 2.2 N- 30% 2365 Marriott Vacations 116.03 2 3 4 1.20 22.3 1.2 N- 25% 2314 Int’l Speedway ‘A’ 35.55 2 3 2 1.15 22.2 1.2 N- 55% 2367 Penn Nat’l Gaming 19.57 2 3 3 1.20 20.6 NIL 30- 80% 2319 Pool Corp. 119.47 2 3 3 0.95 29.9 1.2 N- 10% 2372 Wyndham Worldwide 96.88 2 3 3 1.10 16.4 2.4 N- 25% 2320 Regal Entertainment 20.51 2 3 1 0.85 16.4 4.3 45-120% 2321 Royal Caribbean 107.14 1 3 3 1.20 15.3 1.8 15- 75% 2325 Sturm, Ruger & Co. 63.75 2 3 5 0.85 14.7 2.1 N- 25% Precious Metals (INDUSTRY RANK 7) 2326 Thor Inds. 92.51 1 3 3 1.15 13.4 1.4 10- 60% 1566 AngloGold Ashanti ADS 11.84 2 4 3 0.65 14.8 0.8 70-195% 2327 Winnebago 26.15 1 3 3 1.25 11.7 1.5 90-185% 1567 Barrick Gold 16.42 2 3 1 0.75 20.8 0.7 N- 50% 1568 Eldorado Gold 3.40 2 4 2 1.15 34.0 NIL 105-255% 1571 Kinross Gold 4.17 2 5 3 0.90 NMF NIL N- 45% Paper/Forest Products (INDUSTRY RANK 16) 1573 Pan Amer. Silver 17.11 2 4 2 1.10 31.1 0.6 N- 75% 1167 Louisiana-Pacific 22.81 2 4 1 1.50 13.3 NIL 10- 75% 1575 Royal Gold 79.17 1 3 3 0.90 41.7 1.2 20- 85% 1168 Neenah Paper 75.85 2 3 3 1.05 17.0 2.0 20- 80% 1578 Tahoe Resources 9.28 1 4 4 1.15 14.3 2.6 95-225% 1170 Rayonier Inc. 27.90 2 3 2 1.00 73.4 3.6 N- 25% 1576 Wheaton Precious Met. 20.49 2 3 3 1.05 33.6 1.4 20- 70% 1171 West Fraser Timber 59.23 1 3 2 1.10 16.9 0.5 N- 45%
© 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. MSFR 2040 170 IAC 1-5-13(b)(2) Page 35 of 190 Page 26 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 TIMELY STOCKS IN TIMELY INDUSTRIES RANKS Est’d. RANKS Est’d. Recent Price Technical Current % 3-5 Year Recent Price Technical Current % 3-5 Year Page Industry Safety P/E Est’d Price Page Industry Safety P/E Est’d Price No. (Industry Rank) Timeliness Beta Ratio Yield Apprec. No. (Industry Rank) Timeliness Beta Ratio Yield Apprec. ▼▼▼ ▼▼▼
Semiconductor Equip (INDUSTRY RANK 17) Petroleum (Producing) (INDUSTRY RANK 27) 1380 Amkor Technology 11.19 2 5 2 1.30 19.3 NIL 5- 80% 2403 Can. Natural Res. 41.28 2 3 2 1.40 33.0 2.7 10- 70% 1383 IPG Photonics 138.44 2 3 4 1.20 25.4 NIL N- 45% 2405 Continental Resources 42.01 2 3 2 1.85 NMF NIL 30- 90% 1385 Lam Research 153.43 2 3 4 1.10 17.1 1.2 N- N% 2410 Marathon Oil Corp. 14.56 2 3 3 1.80 NMF 1.4 35-105% 1389 Teradyne Inc. 34.91 2 3 4 1.20 19.7 0.8 N- 15% 2411 Noble Energy 30.81 2 3 3 1.45 NMF 1.3 60-160% 2416 Range Resources 25.09 2 3 3 1.15 27.9 0.3 100-200% 2417 Whiting Petroleum 8.69 2 5 4 2.30 NMF NIL 95-245% Pharmacy Services (INDUSTRY RANK 18) 965 CVS Health 77.27 2 1 4 0.85 13.2 2.6 70-100% 967 Express Scripts 60.15 1 3 3 0.95 12.2 NIL 65-150% 970 PharMerica Corp. 25.40 2 4 5 1.15 14.9 NIL 40-115% E-Commerce (INDUSTRY RANK 28) 1813 Arista Networks 143.20 2 3 4 1.05 50.2 NIL N- 20% 1820 HubSpot, Inc. 70.10 2 4 4 1.30 NMF NIL N- 35% Advertising (INDUSTRY RANK 19) 1822 Mercadolibre Inc. 281.80 1 3 4 1.35 57.5 0.2 N- 50% 2394 Interpublic Group 24.31 1 3 3 1.05 16.2 3.0 25- 85% 1824 Paylocity Holding 43.64 2 4 4 1.25 NMF NIL 5- 60% 2398 WPP PLC ADR 108.60 2 2 5 1.15 13.8 2.9 35- 80% 1828 Splunk Inc. 66.43 2 3 4 1.65 NMF NIL 45-110% 1831 Workday, Inc. 98.44 2 3 4 1.25 NMF NIL 15- 80%
Retail Store (INDUSTRY RANK 20) 2133 Aaron’s Inc. 34.37 2 3 2 1.00 13.5 0.3 N- 60% 2134 Big Lots Inc. 46.95 2 3 3 1.10 11.7 2.2 50-135% Retail (Hardlines) (INDUSTRY RANK 29) 2135 Burlington Stores 95.90 2 4 3 1.05 24.3 NIL N- 55% 2167 Best Buy Co. 51.55 2 3 3 1.10 13.9 2.6 N- 25% 2136 Canadian Tire ‘A’ 152.43 1 1 3 0.70 15.1 1.7 25- 55% 2168 Big 5 Sporting Goods 13.20 1 4 1 0.90 12.0 4.5 30-125% 2138 Dillard’s, Inc. 49.25 2 3 4 1.00 10.7 0.6 20- 85% 2171 Conn’s, Inc. 15.55 2 4 4 1.50 34.6 NIL 10- 60% 2139 Dollar General 70.71 2 3 5 0.80 15.9 1.6 40-110% 2178 Haverty Furniture 23.15 2 3 2 0.95 16.5 2.3 30-115% 2140 Dollar Tree, Inc. 78.85 1 3 4 0.75 17.9 NIL 20- 80% 2181 Insight Enterprises 41.73 2 3 3 1.35 14.9 NIL 20- 80% 2141 Five Below, Inc. 51.31 1 3 4 0.95 32.1 NIL 25- 95% 2185 Michaels Cos. (The) 19.59 1 3 3 1.05 9.1 NIL 80-180% 2145 Nordstrom, Inc. 41.55 2 3 4 1.05 14.1 3.6 20- 70% 2192 Signet Jewelers Ltd. 58.38 2 3 3 1.05 8.2 2.1 105-210% 2147 Penney (J.C.) 4.62 2 5 3 1.40 9.2 NIL 95-245% 2197 Weight Watchers 26.05 2 5 4 1.20 20.0 NIL N- 35% 2198 West Marine 9.78 2 3 2 1.00 30.6 2.0 10- 75% 2199 Williams-Sonoma 49.07 2 2 3 1.00 13.8 3.2 55-115% Restaurant (INDUSTRY RANK 21) 352 BJ’s Restaurants 45.50 2 3 4 0.90 25.3 NIL 110-210% 353 Bloomin’ Brands 19.97 1 3 2 1.10 13.8 1.6 100-200% Apparel (INDUSTRY RANK 30) 354 Brinker Int’l 40.07 2 3 3 0.80 12.5 3.5 35-100% 2102 Carter’s Inc. 80.35 2 3 3 0.80 14.2 1.8 50-125% 356 Cheesecake Factory 58.35 2 2 2 0.85 19.5 1.8 10- 45% 2105 Gildan Activewear 28.01 1 3 4 1.00 16.5 1.4 25- 95% 358 Cracker Barrel 161.42 1 2 3 0.80 18.9 3.0 N- 10% 2107 Hanesbrands, Inc. 20.54 1 3 4 1.00 10.3 2.9 45-120% 364 Jack in the Box 100.80 2 3 3 0.80 20.9 1.6 N- 35% 2110 Michael Kors Hldgs. 36.97 2 3 4 0.95 8.7 NIL 75-170% 369 Red Robin Gourmet 71.35 2 3 4 0.95 24.6 NIL N- 35% 2112 PVH Corp. 102.38 2 3 3 1.05 13.8 0.1 20- 85% 372 Sonic Corp. 28.03 2 3 5 0.95 20.0 2.0 5- 60%
Petroleum (Integrated) (INDUSTRY RANK 22) Telecom. Services (INDUSTRY RANK 31) 502 BP PLC ADR 36.93 2 3 4 1.25 14.8 6.5 35-105% 922 Dycom Inds. 108.05 2 3 3 1.30 18.3 NIL 25- 90% 505 Cenovus Energy 13.01 2 3 3 1.10 65.1 1.5 55-130% 927 Iridium Communic. 10.10 2 4 3 0.95 13.5 NIL N- 40% 507 Exxon Mobil Corp. 82.58 2 1 5 0.95 20.4 3.7 20- 45% 931 Sprint Corp. 8.18 2 4 3 1.30 NMF NIL 45-145% 508 Hess Corp. 49.57 2 3 4 1.65 NMF 2.0 10- 70% 932 T-Mobile US 67.62 2 3 3 1.00 35.0 NIL N- 25% 510 Husky Energy 16.53 2 3 5 1.15 36.7 NIL 20- 80% 935 U.S. Cellular 38.76 2 3 4 1.10 NMF NIL N- 30% 513 Murphy Oil Corp. 26.46 2 3 4 1.55 52.9 3.8 110-200% 936 Verizon Communic. 45.48 2 1 3 0.75 11.8 5.1 65-100% 515 PBF Energy 21.54 2 3 4 1.40 8.3 5.6 110-225% 937 Vodafone Group ADR 29.50 2 3 5 1.10 32.8 5.4 20- 85% 519 Suncor Energy 43.01 2 3 3 1.10 26.9 3.0 5- 65% 521 Total ADR 53.86 2 2 3 1.30 13.5 5.1 20- 60% Telecom. Utility (INDUSTRY RANK 32) Packaging & Container (INDUSTRY RANK 23) 1028 Cincinnati Bell 17.25 2 4 4 1.25 NMF NIL N- 45% 1177 Berry Global Group 56.39 1 3 4 1.05 19.8 NIL 15- 75% 1032 Telefonica SA ADR 11.24 2 4 3 1.25 15.0 3.7 5- 80% 1181 Owens-Illinois 22.07 2 3 3 1.40 8.9 NIL 35-105% 1182 Packaging Corp. 100.00 1 3 3 1.10 19.1 2.5 N- 30% Financial Svcs. (Div.) (INDUSTRY RANK 33) Retail Building Supply (INDUSTRY RANK 24) 2535 AerCap Hldgs. NV 45.03 1 3 3 1.30 7.9 NIL 35- 90% 1140 Home Depot 154.83 2 1 4 0.95 21.7 2.3 5- 25% 2538 AllianceBernstein Hldg. 21.10 1 3 3 1.20 10.6 9.6 40- 90% 1141 Lowe’s Cos. 82.34 1 2 3 1.05 17.7 1.9 20- 65% 2542 Aon plc 128.56 2 1 4 0.90 23.2 1.1 10- 35% 1143 Sherwin-Williams 331.91 2 2 3 1.00 23.7 1.0 N- 20% 2543 Assurant Inc. 99.49 2 2 3 0.90 15.8 2.1 N- N% 2553 Federated Investors 25.63 2 3 4 1.20 12.5 3.9 15- 95% 2554 Fidelity Nat’l Fin’l 41.63 1 2 3 0.85 15.7 2.4 20- 55% Entertainment (INDUSTRY RANK 25) 2558 FleetCor Technologies 135.97 2 3 4 1.20 16.4 NIL 90-185% 2329 AMC Networks 52.72 1 3 3 0.90 8.5 NIL 120-230% 2559 Franklin Resources 41.40 2 2 3 1.35 13.4 2.0 35- 80% 2330 CBS Corp. ‘B’ 61.47 2 3 1 1.10 14.0 1.2 N- 45% 2560 Gallagher (Arthur J.) 56.69 2 1 2 0.95 19.5 2.8 25- 60% 2331 Discovery Communic. 25.63 2 3 1 1.15 11.9 NIL 115-210% 2563 Invesco Ltd. 31.25 2 3 3 1.40 13.3 3.7 30- 90% 2333 Entravision Communic. 5.60 2 5 4 1.40 22.4 2.1 60-185% 2566 Lazard Ltd. 43.91 2 3 2 1.50 13.1 3.7 35-105% 2342 Scripps Networks 67.48 2 2 1 0.95 12.7 1.8 65-120% 2568 Loews Corp. 46.78 2 2 3 0.95 14.2 0.5 5- 50% 2343 Sinclair Broadcast 34.00 2 4 1 1.30 15.5 2.1 30-120% 2569 MGIC Investment 10.78 1 5 3 1.60 8.3 NIL 50-180% 2349 Viacom Inc. ‘B’ 34.32 2 3 2 1.20 8.4 2.3 90-190%
Natural Gas (Div.) (INDUSTRY RANK 26) Electric Util. (Central) (INDUSTRY RANK 34) 525 Antero Resources 21.91 2 3 3 1.30 31.3 NIL 105-195% 905 Amer. Elec. Power 69.59 2 1 3 0.65 19.1 3.5 N- 10% 534 Encana Corp. 11.18 2 5 2 1.65 28.0 0.5 50-170% 908 DTE Energy 107.37 1 2 3 0.65 20.3 3.2 N- 10% 536 Enerplus Corp. 11.39 2 4 2 2.05 17.5 1.1 N- 75% 910 Fortis Inc. 43.76 2 2 3 0.65 18.2 3.8 N- 15% 538 MDU Resources 26.77 2 2 1 1.10 20.6 2.9 10- 70% 539 National Fuel Gas 56.91 2 3 3 1.00 17.7 2.8 40-100% 540 Newfield Exploration 33.78 1 3 4 1.85 15.0 NIL 50-120% Shoe (INDUSTRY RANK 35) 542 QEP Resources 11.10 2 4 4 1.70 NMF NIL 70-170% 2155 Caleres Inc. 24.90 2 3 3 1.10 11.6 1.1 40-100% 543 Rice Energy 21.20 2 4 2 1.55 32.6 NIL 40-135% 2160 NIKE, Inc. ‘B’ 52.20 2 1 3 0.90 20.1 1.4 45- 70%
© 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. MSFR 2041 170 IAC 1-5-13(b)(2) Page 36 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 27
Timely Stocks
Stocks Ranked 1 (Highest) for Relative Price Performance (Next 12 Months)
Ranks Current % Ranks Current % PageRecent Price Technical P/E Est’d Industry PageRecent Price Technical P/E Est’d Industry No. Stock Name Ticker Safety Ratio Yield Industry Group Rank No. Stock Name Ticker Safety Ratio Yield Industry Group Rank
▼▼▼ ▼▼▼ 2609 ACI Worldwide ACIW 22.97 3 3 23.0 NIL IT Services 56 2107 Hanesbrands, Inc. HBI 20.54 3 4 10.3 2.9 Apparel 30 740 AK Steel Holding AKS 6.03 5 2 11.2 NIL Steel 46 310 Hawaiian Hldgs. HA 50.10 4 3 12.2 NIL Air Transport 67 2329 AMC Networks AMCX 52.72 3 3 8.5 NIL Entertainment 25 210 Hill-Rom Hldgs. ■ HRC 75.25 3 3 19.1 1.0 Med Supp Non-Invasive 76 1641 AMN Healthcare AMN 36.50 3 3 15.5 NIL Human Resources 48 1126 Horton D.R. DHI 33.37 3 2 12.0 1.2 Homebuilding 3 2535 AerCap Hldgs. NV AER 45.03 3 3 7.9 NIL Financial Svcs. (Div.) 33 1358 Intel Corp. ■ INTC 35.86 1 3 12.6 3.0 Semiconductor 37 794 Aetna Inc. AET 141.89 2 4 16.1 1.4 Medical Services 14 2394 Interpublic Group IPG 24.31 3 3 16.2 3.0 Advertising 19 2538 AllianceBernstein Hldg. AB 21.10 3 3 10.6 9.6 Financial Svcs. (Div.) 33 991 LCI Industries ■ LCII 90.10 3 3 14.7 2.2 Auto Parts 5 2634 Amazon.com AMZN 971.54 3 4 NMF NIL Internet 62 992 LKQ Corp. LKQ 31.27 3 5 16.1 NIL Auto Parts 5 1103 Amer. Woodmark AMWD 87.30 3 3 19.1 NIL Building Materials 4 993 Lear Corp. LEA 143.54 3 3 9.0 1.4 Auto Parts 5 2658 Apollo Global Mgmt APO 27.59 3 3 12.8 7.1 Public/Private Equity 49 1715 Lennox Int’l LII 175.38 3 3 21.7 1.2 Machinery 58 741 ArcelorMittal MT 22.89 4 3 12.7 NIL Steel 46 1022 Liberty Global plc LBTYA 30.90 3 3 NMF NIL Cable TV 1 2120 Asbury Automotive ABG 56.15 3 3 8.8 NIL Retail Automotive 8 994 Linamar Corp. LNR.TO 63.80 3 4 7.5 0.8 Auto Parts 5 2026 Assured Guaranty AGO 38.70 3 3 14.1 1.5 Reinsurance 90 2127 Lithia Motors LAD 90.33 3 3 10.5 1.2 Retail Automotive 8 1177 Berry Global Group BERY 56.39 3 4 19.8 NIL Packaging & Container 23 1141 Lowe’s Cos. ■ LOW 82.34 2 3 17.7 1.9 Retail Building Supply 24 2168 Big 5 Sporting Goods BGFV 13.20 4 1 12.0 4.5 Retail (Hardlines) 29 2569 MGIC Investment MTG 10.78 5 3 8.3 NIL Financial Svcs. (Div.) 33 353 Bloomin’ Brands BLMN 19.97 3 2 13.8 1.6 Restaurant 21 1536 Mack-Cali R’lty CLI 27.19 3 2 77.7 2.2 R.E.I.T. 36 618 Boardwalk Pipeline BWP 18.53 4 3 13.7 2.2 Pipeline MLPs 78 397 Macquarie Infra. MIC 78.48 3 3 41.3 7.1 Industrial Services 41 2353 Boyd Gaming BYD 25.04 4 4 20.9 0.8 Hotel/Gaming 6 2363 Marcus Corp. MCS 32.65 3 3 21.8 1.5 Hotel/Gaming 6 2304 Brunswick Corp. BC 54.31 3 2 13.6 1.2 Recreation 15 1238 MasTec MTZ 43.10 4 2 19.2 NIL Engineering & Const 85 382 CBRE Group CBG 34.15 3 2 13.9 NIL Industrial Services 41 1822 Mercadolibre Inc. MELI 281.80 3 4 57.5 0.2 E-Commerce 28 1125 CalAtlantic Group CAA 36.92 3 4 9.3 0.4 Homebuilding 3 2185 Michaels Cos. (The) MIK 19.59 3 3 9.1 NIL Retail (Hardlines) 29 834 Cambrex Corp. CBM 52.60 3 2 16.8 NIL Biotechnology 84 1362 Microchip Technology MCHP 81.35 2 3 18.4 1.8 Semiconductor 37 2510 Can. Imperial Bank CM.TO 106.95 1 1 9.9 4.8 Bank 63 1364 Microsemi Corp. ■ MSCC 48.52 3 4 12.3 NIL Semiconductor 37 2136 Canadian Tire ‘A’ CTCA.TO 152.43 1 3 15.1 1.7 Retail Store 20 1159 Mohawk Inds. MHK 232.87 3 3 17.4 NIL Furn/Home Furnishings 10 1108 CEMEX ADS CX 8.58 4 3 17.2 NIL Building Materials 4 956 Motorola Solutions MSI 82.11 2 3 15.8 2.3 Telecom. Equipment 64 798 Centene Corp. CNC 73.99 3 3 15.6 NIL Medical Services 14 1627 Mylan N.V. MYL 39.59 3 4 18.9 NIL Drug 70 1017 Charter Communic. ■ CHTR 318.79 3 2 50.6 NIL Cable TV 1 1337 NCR Corp. NCR 40.22 3 1 12.0 NIL Electronics 40 2207 Children’s Place PLCE 110.35 3 3 16.6 1.4 Retail (Softlines) 50 736 NN Inc. NNBR 28.10 4 3 16.5 1.0 Metal Fabricating 43 2355 Churchill Downs ■ CHDN 168.55 3 3 24.8 0.9 Hotel/Gaming 6 540 Newfield Exploration NFX 33.78 3 4 15.0 NIL Natural Gas (Div.) 26 2308 Cinemark Hldgs. CNK 40.77 3 2 19.4 2.8 Recreation 15 1415 Office Depot ODP 5.01 5 4 10.0 2.0 Office Equip/Supplies 44 1354 Cirrus Logic CRUS 64.99 3 3 14.4 NIL Semiconductor 37 1115 Owens Corning OC 61.73 3 2 15.2 1.3 Building Materials 4 1018 Cogeco Communic. CCA.TO 78.51 3 3 13.3 2.2 Cable TV 1 2233 PNM Resources PNM 37.40 3 2 20.2 2.6 Electric Utility (West) 2 1019 Comcast Corp. CMCSA 39.78 2 3 20.9 1.6 Cable TV 1 1182 Packaging Corp. ■ PKG 100.00 3 3 19.1 2.5 Packaging & Container 23 981 Cooper-Standard CPS 107.97 3 3 12.7 NIL Auto Parts 5 1227 Pattern Energy Group PEGI 22.30 3 5 89.2 7.5 Power 69 358 Cracker Barrel CBRL 161.42 2 3 18.9 3.0 Restaurant 21 1808 Piper Jaffray Cos. PJC 60.65 3 3 9.8 2.1 Investment Banking 13 908 DTE Energy DTE 107.37 2 3 20.3 3.2 Electric Util. (Central) 34 1769 Realogy Holdings RLGY 30.47 3 4 19.0 1.2 Diversified Co. 52 982 Dana Inc. DAN 19.97 3 3 10.1 1.2 Auto Parts 5 2321 Royal Caribbean RCL 107.14 3 3 15.3 1.8 Recreation 15 2140 Dollar Tree, Inc. DLTR 78.85 3 4 17.9 NIL Retail Store 20 1575 Royal Gold RGLD 79.17 3 3 41.7 1.2 Precious Metals 7 1619 Endo Int’l plc ENDP 12.88 4 5 3.6 NIL Drug 70 772 Selective Ins. Group SIGI 50.45 3 2 17.4 1.3 Insurance (Prop/Cas.) 82 967 Express Scripts ESRX 60.15 3 3 12.2 NIL Pharmacy Services 18 405 SYNNEX Corp. SNX 109.89 3 3 13.5 0.9 Industrial Services 41 1395 Extreme Networks ■ EXTR 9.31 4 4 21.2 NIL Computers/Peripherals 55 1343 TE Connectivity TEL 75.97 3 3 16.0 2.1 Electronics 40 568 Ferro Corp. FOE 17.44 4 3 14.0 NIL Chemical (Specialty) 65 1578 Tahoe Resources TAHO 9.28 4 4 14.3 2.6 Precious Metals 7 2554 Fidelity Nat’l Fin’l FNF 41.63 2 3 15.7 2.4 Financial Svcs. (Div.) 33 1375 Taiwan Semic. ADR TSM 35.40 2 4 16.1 2.7 Semiconductor 37 2593 FireEye Inc. FEYE 15.25 5 5 NMF NIL Computer Software 51 1001 Tenneco Inc. TEN 55.10 3 2 8.3 1.8 Auto Parts 5 2141 Five Below, Inc. FIVE 51.31 3 4 32.1 NIL Retail Store 20 2326 Thor Inds. ■ THO 92.51 3 3 13.4 1.4 Recreation 15 1151 Fortune Brands Home FBHS 62.61 3 3 20.2 1.1 Furn/Home Furnishings 10 1732 United Rentals URI 111.30 3 2 11.8 NIL Machinery 58 106 Gen’l Motors ■ GM 33.22 3 2 5.3 4.7 Automotive 12 845 United Therapeutics UTHR 121.46 3 2 8.5 NIL Biotechnology 84 987 Gentherm Inc. THRM 36.95 3 4 14.2 NIL Auto Parts 5 1171 West Fraser Timber WFT.TO 59.23 3 2 16.9 0.5 Paper/Forest Products 16 2105 Gildan Activewear GIL 28.01 3 4 16.5 1.4 Apparel 30 2327 Winnebago WGO 26.15 3 3 11.7 1.5 Recreation 15 1110 HD Supply Holdings ■ HDS 41.54 3 3 13.4 NIL Building Materials 4 605 Zebra Techn. ‘A’ ZBRA 102.28 3 4 15.9 NIL Wireless Networking 11
■ Newly added this week.
Rank 1 Deletions: Antero Resources; BlackBerry; Chico’s FAS; *DSW Inc.; Dycom Inds.; Enerplus Corp.; Extended Stay America; *Genesco Inc.; Group 1 Automotive; Honda Motor ADR; Philips Electronics NV; Tyson Foods ’A’. *Drops to Rank 3 Rank removed−see supplement or report: None.
© 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. MSFR 2042 170 IAC 1-5-13(b)(2) Page 37 of 190 Page 28 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 Continued from preceding page TIMELY STOCKS Stocks Ranked 2 (Above Average) for Relative Price Performance in the Next 12 Months Ranks Current % Ranks Current % PageRecent Price Technical P/E Est’d Industry PageRecent Price Technical P/E Est’d Industry No. Stock Name Ticker Safety Ratio Yield Industry Group Rank No. Stock Name Ticker Safety Ratio Yield Industry Group Rank ▼▼▼ ▼▼▼ 1410 ACCO Brands ACCO 11.25 4 1 10.2 NIL Office Equip/Supplies 44 2228 El Paso Electric EE 53.05 2 3 21.7 2.5 Electric Utility (West) 2 2133 Aaron’s Inc. AAN 34.37 3 2 13.5 0.3 Retail Store 20 1568 Eldorado Gold EGO 3.40 4 2 34.0 NIL Precious Metals 7 1348 Advanced Energy ▲ AEIS 77.12 3 4 21.4 NIL Semiconductor 37 2013 Electronic Arts EA 109.01 3 4 27.1 NIL Entertainment Tech 91 1102 Aegion Corp. AEGN 20.87 3 2 14.9 NIL Building Materials 4 386 EMCOR Group EME 64.08 3 3 18.3 0.5 Industrial Services 41 1739 Aerojet Rocketdyne AJRD 21.35 3 2 25.4 NIL Diversified Co. 52 623 Enbridge Energy Part. EEP 17.62 3 4 32.0 7.9 Pipeline MLPs 78 302 Alaska Air Group ALK 85.78 3 3 10.9 1.4 Air Transport 67 534 Encana Corp. ECA 11.18 5 2 28.0 0.5 Natural Gas (Div.) 26 1319 Allegion plc ▲ ALLE 78.90 3 3 20.9 0.8 Electronics 40 536 Enerplus Corp. ▼ ERF.TO 11.39 4 2 17.5 1.1 Natural Gas (Div.) 26 435 Alliance Data Sys. ADS 236.21 3 3 12.7 0.9 Information Services 39 2333 Entravision Communic. EVC 5.60 5 4 22.4 2.1 Entertainment 25 1583 Alliance Resource ARLP 21.95 3 2 7.8 8.0 Metals & Mining (Div.) 54 440 Equifax, Inc. EFX 136.76 2 3 22.6 1.1 Information Services 39 795 Amedisys, Inc. AMED 58.65 4 4 31.7 NIL Medical Services 14 835 Exelixis, Inc. EXEL 19.80 4 3 NMF NIL Biotechnology 84 975 Amer. Axle AXL 15.64 4 2 4.6 NIL Auto Parts 5 2356 Extended Stay America ▼ STAY 17.77 3 3 20.9 4.7 Hotel/Gaming 6 905 Amer. Elec. Power AEP 69.59 1 3 19.1 3.5 Electric Util. (Central) 34 1523 Extra Space Storage ▲ EXR 77.88 3 3 28.7 4.2 R.E.I.T. 36 757 Amer. Financial Group AFG 98.45 2 3 15.6 1.3 Insurance (Prop/Cas.) 82 507 Exxon Mobil Corp. XOM 82.58 1 5 20.4 3.7 Petroleum (Integrated) 22 2303 Amer. Outdoor Brands AOBC 22.62 3 5 12.6 NIL Recreation 15 2639 Facebook Inc. FB 148.07 3 3 31.2 NIL Internet 62 831 Amgen AMGN 154.07 1 1 12.2 3.1 Biotechnology 84 2553 Federated Investors FII 25.63 3 4 12.5 3.9 Financial Svcs. (Div.) 33 1380 Amkor Technology AMKR 11.19 5 2 19.3 NIL Semiconductor Equip 17 596 Finisar Corp. FNSR 25.41 4 3 15.1 NIL Wireless Networking 11 171 AngioDynamics ANGO 15.82 3 3 52.7 NIL Med Supp Invasive 68 2622 Fiserv Inc. ▲ FISV 122.34 2 4 25.2 NIL IT Services 56 1566 AngloGold Ashanti ADS AU 11.84 4 3 14.8 0.8 Precious Metals 7 2558 FleetCor Technologies FLT 135.97 3 4 16.4 NIL Financial Svcs. (Div.) 33 525 Antero Resources ▼ AR 21.91 3 3 31.3 NIL Natural Gas (Div.) 26 2212 Foot Locker FL 59.87 3 1 11.4 2.1 Retail (Softlines) 50 796 Anthem, Inc. ANTM 177.71 2 3 15.5 1.5 Medical Services 14 910 Fortis Inc. FTS.TO 43.76 2 3 18.2 3.8 Electric Util. (Central) 34 2542 Aon plc AON 128.56 1 4 23.2 1.1 Financial Svcs. (Div.) 33 2559 Franklin Resources BEN 41.40 2 3 13.4 2.0 Financial Svcs. (Div.) 33 1104 Apogee Enterprises APOG 51.65 3 2 15.2 1.1 Building Materials 4 803 Fresenius Medical ADR FMS 45.81 2 4 20.8 1.2 Medical Services 14 1741 ARAMARK Holdings ARMK 36.72 3 3 26.0 1.1 Diversified Co. 52 1914 Fresh Del Monte Prod. FDP 52.45 3 2 13.8 1.1 Food Processing 71 1813 Arista Networks ANET 143.20 3 4 50.2 NIL E-Commerce 28 1987 FUJIFILM Hldgs. ADR FUJIY 36.53 3 3 15.8 1.9 Foreign Electronics 9 1105 Armstrong World Inds. AWI 43.10 3 2 16.6 NIL Building Materials 4 1528 GGP Inc. GGP 22.81 3 4 35.1 4.1 R.E.I.T. 36 942 Arris Int’l plc ARRS 27.39 3 4 9.8 NIL Telecom. Equipment 64 2560 Gallagher (Arthur J.) ▲ AJG 56.69 1 2 19.5 2.8 Financial Svcs. (Div.) 33 2543 Assurant Inc. ▲ AIZ 99.49 2 3 15.8 2.1 Financial Svcs. (Div.) 33 1308 Garmin Ltd. GRMN 51.68 3 3 17.8 3.9 Electrical Equipment 53 1615 AstraZeneca PLC (ADS) AZN 34.08 3 5 28.4 4.1 Drug 70 208 Genomic Health GHDX 29.37 3 3 NMF NIL Med Supp Non-Invasive 76 2121 AutoNation, Inc. AN 38.99 3 3 9.5 NIL Retail Automotive 8 389 Genpact Limited G 26.82 3 5 17.3 0.9 Industrial Services 41 562 Avery Dennison ▲ AVY 82.80 2 3 17.8 2.2 Chemical (Specialty) 65 1620 Gilead Sciences GILD 64.69 3 4 7.8 3.2 Drug 70 2225 Avista Corp. AVA 42.04 2 3 21.6 3.4 Electric Utility (West) 2 989 Goodyear Tire GT 32.08 3 1 8.1 1.3 Auto Parts 5 1792 BGC Partners BGCP 11.53 3 3 10.5 6.2 Brokers & Exchanges 38 1713 Graco Inc. GGG 110.19 3 4 27.5 1.3 Machinery 58 352 BJ’s Restaurants BJRI 45.50 3 4 25.3 NIL Restaurant 21 2125 Group 1 Automotive ▼ GPI 62.69 3 2 8.3 1.5 Retail Automotive 8 502 BP PLC ADR BP 36.93 3 4 14.8 6.5 Petroleum (Integrated) 22 804 HCA Holdings HCA 81.93 3 1 11.0 NIL Medical Services 14 2635 Baidu, Inc. BIDU 191.80 3 4 34.9 NIL Internet 62 2311 Hasbro, Inc. HAS 100.98 3 4 20.8 2.3 Recreation 15 1742 Barnes Group ▲ B 55.45 3 3 20.5 1.0 Diversified Co. 52 2178 Haverty Furniture HVT 23.15 3 2 16.5 2.3 Retail (Hardlines) 29 1567 Barrick Gold ABX 16.42 3 1 20.8 0.7 Precious Metals 7 805 HealthSouth Corp. HLS 46.66 3 2 17.6 2.1 Medical Services 14 174 Becton, Dickinson BDX 186.62 1 2 19.4 1.6 Med Supp Invasive 68 1009 Helen of Troy Ltd. HELE 90.05 3 3 12.7 NIL Toiletries/Cosmetics 47 2167 Best Buy Co. BBY 51.55 3 3 13.9 2.6 Retail (Hardlines) 29 1918 Hershey Co. HSY 113.14 2 3 23.6 2.2 Food Processing 71 2134 Big Lots Inc. ▲ BIG 46.95 3 3 11.7 2.2 Retail Store 20 508 Hess Corp. HES 49.57 3 4 NMF 2.0 Petroleum (Integrated) 22 2226 Black Hills ▲ BKH 68.50 2 3 19.6 2.6 Electric Utility (West) 2 1140 Home Depot ▲ HD 154.83 1 4 21.7 2.3 Retail Building Supply 24 592 BlackBerry ▼ BBRY 11.30 4 4 NMF NIL Wireless Networking 11 107 Honda Motor ADR ▼ HMC 27.74 3 2 10.4 3.1 Automotive 12 706 Boeing ▲ BA 183.49 1 3 17.8 3.2 Aerospace/Defense 59 1532 Host Hotels & Resorts HST 18.16 3 3 24.2 4.4 R.E.I.T. 36 1107 Boise Cascade BCC 27.00 3 2 18.0 NIL Building Materials 4 1820 HubSpot, Inc. HUBS 70.10 4 4 NMF NIL E-Commerce 28 1706 Briggs & Stratton BGG 23.69 3 3 16.3 2.4 Machinery 58 715 Huntington Ingalls HII 196.03 3 3 17.6 1.2 Aerospace/Defense 59 354 Brinker Int’l EAT 40.07 3 3 12.5 3.5 Restaurant 21 510 Husky Energy HSE.TO 16.53 3 5 36.7 NIL Petroleum (Integrated) 22 1744 Brookfield Infrastruc. BIP 40.06 2 3 32.0 4.3 Diversified Co. 52 2358 Hyatt Hotels H 57.98 3 3 44.6 NIL Hotel/Gaming 6 2135 Burlington Stores BURL 95.90 4 3 24.3 NIL Retail Store 20 2312 ILG, Inc. ILG 26.96 3 4 23.4 2.2 Recreation 15 2613 CACI Int’l ▲ CACI 124.35 3 3 19.3 NIL IT Services 56 1383 IPG Photonics ▲ IPGP 138.44 3 4 25.4 NIL Semiconductor Equip 17 708 CAE Inc. CAE.TO 21.31 3 4 19.4 1.5 Aerospace/Defense 59 1714 IDEX Corp. IEX 108.65 2 3 27.2 1.4 Machinery 58 2330 CBS Corp. ‘B’ CBS 61.47 3 1 14.0 1.2 Entertainment 25 1921 Ingredion Inc. INGR 117.11 3 2 15.8 1.8 Food Processing 71 1326 CTS Corp. CTS 20.90 3 3 17.4 0.8 Electronics 40 2181 Insight Enterprises NSIT 41.73 3 3 14.9 NIL Retail (Hardlines) 29 965 CVS Health CVS 77.27 1 4 13.2 2.6 Pharmacy Services 18 597 InterDigital Inc. IDCC 82.05 3 2 29.3 1.5 Wireless Networking 11 565 Cabot Microelectr’s CCMP 76.25 3 3 22.0 1.1 Chemical (Specialty) 65 1153 Interface Inc. ‘A’ TILE 20.20 3 3 17.6 1.2 Furn/Home Furnishings 10 2155 Caleres Inc. ▲ CAL 24.90 3 3 11.6 1.1 Shoe 35 2314 Int’l Speedway ‘A’ ISCA 35.55 3 2 22.2 1.2 Recreation 15 2403 Can. Natural Res. CNQ.TO 41.28 3 2 33.0 2.7 Petroleum (Producing) 27 2563 Invesco Ltd. IVZ 31.25 3 3 13.3 3.7 Financial Svcs. (Div.) 33 2102 Carter’s Inc. CRI 80.35 3 3 14.2 1.8 Apparel 30 927 Iridium Communic. IRDM 10.10 4 3 13.5 NIL Telecom. Services 31 505 Cenovus Energy CVE.TO 13.01 3 3 65.1 1.5 Petroleum (Integrated) 22 1334 iRobot Corp. IRBT 97.00 3 4 42.2 NIL Electronics 40 823 Cerner Corp. CERN 64.67 2 4 25.8 NIL Healthcare Information 61 364 Jack in the Box JACK 100.80 3 3 20.9 1.6 Restaurant 21 204 Charles River CRL 90.62 3 3 21.3 NIL Med Supp Non-Invasive 76 2126 KAR Auction Svcs. KAR 43.72 3 3 24.3 3.1 Retail Automotive 8 356 Cheesecake Factory CAKE 58.35 2 2 19.5 1.8 Restaurant 21 123 KLA-Tencor ▲ KLAC 102.49 3 3 17.2 2.1 Precision Instrument 72 2206 Chico’s FAS ▼ CHS 11.09 3 1 13.0 3.0 Retail (Softlines) 50 347 Kansas City South’n KSU 90.54 3 4 17.6 1.5 Railroad 45 1028 Cincinnati Bell CBB 17.25 4 4 NMF NIL Telecom. Utility 32 734 Kennametal Inc. KMT 39.00 3 2 20.0 2.1 Metal Fabricating 43 2208 Citi Trends CTRN 18.45 4 4 15.4 1.7 Retail (Softlines) 50 1571 Kinross Gold KGC 4.17 5 3 NMF NIL Precious Metals 7 2512 Citizens Fin’l Group CFG 35.09 3 3 14.3 1.7 Bank 63 1989 Kyocera Corp. ADR KYO 58.61 2 3 25.0 1.3 Foreign Electronics 9 117 Cognex Corp. CGNX 92.93 3 4 46.5 0.4 Precision Instrument 72 2215 L Brands LB 50.15 3 5 15.7 4.8 Retail (Softlines) 50 118 Coherent, Inc. COHR 247.62 3 4 36.7 NIL Precision Instrument 72 1155 La-Z-Boy Inc. LZB 27.05 3 3 13.9 1.6 Furn/Home Furnishings 10 2171 Conn’s, Inc. CONN 15.55 4 4 34.6 NIL Retail (Hardlines) 29 1385 Lam Research ▲ LRCX 153.43 3 4 17.1 1.2 Semiconductor Equip 17 1588 CONSOL Energy CNX 16.43 4 4 65.7 NIL Metals & Mining (Div.) 54 2361 Las Vegas Sands LVS 57.53 3 3 23.5 5.1 Hotel/Gaming 6 2405 Continental Resources CLR 42.01 3 2 NMF NIL Petroleum (Producing) 27 2566 Lazard Ltd. LAZ 43.91 3 2 13.1 3.7 Financial Svcs. (Div.) 33 980 Cooper Tire & Rubber CTB 35.95 3 1 11.7 1.2 Auto Parts 5 1555 Lincoln Nat’l Corp. LNC 65.50 3 3 9.7 1.8 Insurance (Life) 89 437 CoreLogic CLGX 42.47 3 2 18.9 NIL Information Services 39 1312 Littelfuse Inc. LFUS 161.22 3 2 23.2 0.9 Electrical Equipment 53 595 DSP Group DSPG 12.20 3 3 NMF NIL Wireless Networking 11 2568 Loews Corp. L 46.78 2 3 14.2 0.5 Financial Svcs. (Div.) 33 102 Daimler AG DDAIF 74.80 3 3 7.4 4.9 Automotive 12 1167 Louisiana-Pacific LPX 22.81 4 1 13.3 NIL Paper/Forest Products 16 411 Darling Ingredients DAR 16.56 3 3 36.8 NIL Environmental 81 1130 M.D.C. Holdings MDC 33.94 3 3 13.9 2.9 Homebuilding 3 801 DaVita Inc. DVA 64.88 2 4 16.4 NIL Medical Services 14 538 MDU Resources MDU 26.77 2 1 20.6 2.9 Natural Gas (Div.) 26 2138 Dillard’s, Inc. DDS 49.25 3 4 10.7 0.6 Retail Store 20 2362 MGM Resorts Int’l MGM 31.30 3 3 26.1 1.4 Hotel/Gaming 6 2331 Discovery Communic. DISCA 25.63 3 1 11.9 NIL Entertainment 25 995 Magna Int’l ‘A’ MGA 45.09 3 4 7.8 2.5 Auto Parts 5 2139 Dollar General DG 70.71 3 5 15.9 1.6 Retail Store 20 1624 Mallinckrodt plc MNK 39.86 3 3 7.2 NIL Drug 70 922 Dycom Inds. ▼ DY 108.05 3 3 18.3 NIL Telecom. Services 31 2410 Marathon Oil Corp. MRO 14.56 3 3 NMF 1.4 Petroleum (Producing) 27 1795 E*Trade Fin’l ETFC 34.73 3 3 17.4 NIL Brokers & Exchanges 38 2365 Marriott Vacations VAC 116.03 3 4 22.3 1.2 Hotel/Gaming 6 621 EQT Midstream Part. EQM 74.18 3 2 13.5 5.3 Pipeline MLPs 78 1113 Masco Corp. MAS 36.83 3 4 18.9 1.1 Building Materials 4 2514 East West Bancorp EWBC 55.70 3 3 17.5 1.4 Bank 63 216 Masimo Corp. MASI 85.83 3 3 32.4 NIL Med Supp Non-Invasive 76 2227 Edison Int’l ▲ EIX 78.82 2 2 18.5 2.9 Electric Utility (West) 2 1157 Masonite Int’l DOOR 75.15 3 2 18.8 NIL Furn/Home Furnishings 10 179 Edwards Lifesciences EW 113.54 3 4 32.4 NIL Med Supp Invasive 68 398 MAXIMUS Inc. MMS 63.24 3 3 20.1 0.3 Industrial Services 41 ▲ Arrow indicates the direction of a change in Timeliness. ■ Newly added this week.
© 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. MSFR 2043 170 IAC 1-5-13(b)(2) Page 38 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 29 Continued from preceding page TIMELY STOCKS Stocks Ranked 2 (Above Average) for Relative Price Performance in the Next 12 Months Ranks Current % Ranks Current % PageRecent Price Technical P/E Est’d Industry PageRecent Price Technical P/E Est’d Industry No. Stock Name Ticker Safety Ratio Yield Industry Group Rank No. Stock Name Ticker Safety Ratio Yield Industry Group Rank ▼▼▼ ▼▼▼ 217 McKesson Corp. MCK 159.00 1 4 12.0 0.7 Med Supp Non-Invasive 76 1341 Sanmina Corp. SANM 36.75 3 2 12.0 NIL Electronics 40 1131 Meritage Homes MTH 40.25 3 3 10.3 NIL Homebuilding 3 224 Schein (Henry) ▲ HSIC 182.10 3 3 25.1 NIL Med Supp Non-Invasive 76 2110 Michael Kors Hldgs. KORS 36.97 3 4 8.7 NIL Apparel 30 2342 Scripps Networks SNI 67.48 2 1 12.7 1.8 Entertainment 25 1363 Micron Technology ▲ MU 28.29 3 3 7.6 NIL Semiconductor 37 1837 Service Corp. Int’l SCI 31.86 3 3 22.3 1.9 Funeral Services 77 1720 Middleby Corp. (The) MIDD 127.97 3 2 23.3 NIL Machinery 58 404 ServiceMaster Global SERV 37.38 3 1 18.2 NIL Industrial Services 41 446 Moody’s Corp. MCO 114.89 3 3 21.7 1.3 Information Services 39 1143 Sherwin-Williams SHW 331.91 2 3 23.7 1.0 Retail Building Supply 24 1807 Morgan Stanley MS 42.42 3 3 11.8 1.9 Investment Banking 13 2192 Signet Jewelers Ltd. SIG 58.38 3 3 8.2 2.1 Retail (Hardlines) 29 513 Murphy Oil Corp. MUR 26.46 3 4 52.9 3.8 Petroleum (Integrated) 22 1543 Simon Property Group SPG 157.25 2 3 23.9 4.5 R.E.I.T. 36 1114 NCI Bldg. Sys. NCS 16.90 4 3 17.8 NIL Building Materials 4 2343 Sinclair Broadcast SBGI 34.00 4 1 15.5 2.1 Entertainment 25 1132 NVR, Inc. NVR 2296.00 2 4 17.0 NIL Homebuilding 3 372 Sonic Corp. SONC 28.03 3 5 20.0 2.0 Restaurant 21 1800 Nasdaq, Inc. NDAQ 67.93 3 2 16.2 2.2 Brokers & Exchanges 38 1992 Sony Corp. ADR SNE 35.55 3 4 39.1 0.6 Foreign Electronics 9 1981 National Beverage FIZZ 90.51 3 3 34.4 NIL Beverage 75 1828 Splunk Inc. SPLK 66.43 3 4 NMF NIL E-Commerce 28 539 National Fuel Gas NFG 56.91 3 3 17.7 2.8 Natural Gas (Div.) 26 931 Sprint Corp. S 8.18 4 3 NMF NIL Telecom. Services 31 1764 National Presto Ind. NPK 105.75 3 4 16.5 5.2 Diversified Co. 52 999 Standard Motor Prod. ▲ SMP 48.56 3 3 15.4 1.6 Auto Parts 5 1168 Neenah Paper NP 75.85 3 3 17.0 2.0 Paper/Forest Products 16 751 Steel Dynamics STLD 35.28 3 3 14.7 1.8 Steel 46 2643 Netflix, Inc. ▲ NFLX 157.95 3 3 NMF NIL Internet 62 189 STERIS plc STE 76.28 2 4 19.3 1.5 Med Supp Invasive 68 146 NextEra Energy NEE 138.96 2 4 20.4 2.9 Electric Utility (East) 42 2325 Sturm, Ruger & Co. RGR 63.75 3 5 14.7 2.1 Recreation 15 2160 NIKE, Inc. ‘B’ NKE 52.20 1 3 20.1 1.4 Shoe 35 519 Suncor Energy SU.TO 43.01 3 3 26.9 3.0 Petroleum (Integrated) 22 108 Nissan Motor ADR NSANY 19.48 3 4 6.3 4.3 Automotive 12 1000 Superior Inds. Int’l SUP 18.80 3 3 10.4 3.8 Auto Parts 5 2411 Noble Energy NBL 30.81 3 3 NMF 1.3 Petroleum (Producing) 27 961 Synaptics SYNA 55.77 3 5 11.8 NIL Telecom. Equipment 64 2145 Nordstrom, Inc. JWN 41.55 3 4 14.1 3.6 Retail Store 20 2605 Synopsys, Inc. SNPS 72.60 1 3 22.6 NIL Computer Software 51 720 Northrop Grumman NOC 250.65 1 3 19.6 1.6 Aerospace/Defense 59 932 T-Mobile US TMUS 67.62 3 3 35.0 NIL Telecom. Services 31 2231 NorthWestern Corp. NWE 60.92 3 2 17.9 3.5 Electric Utility (West) 2 1032 Telefonica SA ADR TEF 11.24 4 3 15.0 3.7 Telecom. Utility 32 1630 Novo Nordisk ADR NVO 41.48 2 5 19.3 2.7 Drug 70 1162 Tempur Sealy Int’l TPX 47.43 4 5 47.4 NIL Furn/Home Furnishings 10 1012 Nu Skin Enterprises NUS 55.19 4 3 17.0 2.7 Toiletries/Cosmetics 47 1389 Teradyne Inc. TER 34.91 3 4 19.7 0.8 Semiconductor Equip 17 1368 ON Semiconductor ON 15.29 3 3 12.2 NIL Semiconductor 37 1376 Texas Instruments TXN 79.69 1 3 20.1 2.5 Semiconductor 37 2598 Oracle Corp. ORCL 44.56 1 3 16.3 1.7 Computer Software 51 815 Tivity Health TVTY 32.55 4 2 23.3 NIL Medical Services 14 129 Orbotech Ltd. ORBK 34.35 3 4 17.2 NIL Precision Instrument 72 1137 Toll Brothers TOL 37.78 3 3 12.2 0.8 Homebuilding 3 1226 Ormat Technologies ORA 57.92 3 3 25.2 0.8 Power 69 1731 Toro Co. TTC 67.42 2 4 28.9 1.0 Machinery 58 1181 Owens-Illinois OI 22.07 3 3 8.9 NIL Packaging & Container 23 2530 Toronto-Dominion TD.TO 63.57 2 2 12.3 3.9 Bank 63 515 PBF Energy PBF 21.54 3 4 8.3 5.6 Petroleum (Integrated) 22 521 Total ADR TOT 53.86 2 3 13.5 5.1 Petroleum (Integrated) 22 2232 PG&E Corp. PCG 66.16 3 2 18.1 3.2 Electric Utility (West) 2 1229 TransAlta Corp. TA.TO 7.51 3 2 15.0 2.1 Power 69 2112 PVH Corp. PVH 102.38 3 3 13.8 0.1 Apparel 30 613 TransCanada Corp. TRP 47.01 3 2 37.6 5.3 Oil/Gas Distribution 74 1573 Pan Amer. Silver PAAS 17.11 4 2 31.1 0.6 Precious Metals 7 727 TransDigm Group TDG 263.28 3 5 21.6 NIL Aerospace/Defense 59 1824 Paylocity Holding PCTY 43.64 4 4 NMF NIL E-Commerce 28 2453 Trinseo S.A. TSE 65.20 3 3 9.1 1.8 Chemical (Diversified) 60 2367 Penn Nat’l Gaming PENN 19.57 3 3 20.6 NIL Hotel/Gaming 6 1200 Tupperware Brands TUP 69.71 3 3 15.5 3.9 Household Products 66 2147 Penney (J.C.) JCP 4.62 5 3 9.2 NIL Retail Store 20 1942 Tyson Foods ‘A’ ▼ TSN 58.42 3 1 12.3 1.6 Food Processing 71 2130 Penske Auto PAG 43.12 3 2 10.0 3.0 Retail Automotive 8 557 UGI Corp. UGI 49.47 2 1 20.4 2.0 Natural Gas Utility 80 970 PharMerica Corp. PMC 25.40 4 5 14.9 NIL Pharmacy Services 18 602 Ubiquiti Networks UBNT 48.00 3 3 15.4 NIL Wireless Networking 11 1991 Philips Electronics NV ▼ PHG 35.33 3 3 27.2 2.6 Foreign Electronics 9 1407 Unisys Corp. UIS 11.80 5 3 NMF NIL Computers/Peripherals 55 1932 Pinnacle Foods PF 61.05 3 3 23.7 1.9 Food Processing 71 1962 United Natural Foods UNFI 40.03 3 4 15.2 NIL Retail/Wholesale Food 57 2234 Pinnacle West Capital ▲ PNW 85.78 1 3 19.9 3.2 Electric Utility (West) 2 935 U.S. Cellular USM 38.76 3 4 NMF NIL Telecom. Services 31 2319 Pool Corp. POOL 119.47 3 3 29.9 1.2 Recreation 15 816 UnitedHealth Group UNH 175.22 1 3 17.8 1.4 Medical Services 14 2235 Portland General ▲ POR 46.06 2 3 20.9 3.0 Electric Utility (West) 2 1315 Universal Display OLED 113.85 3 4 81.3 0.1 Electrical Equipment 53 1933 Post Holdings POST 82.12 3 2 29.8 NIL Food Processing 71 1778 Valmont Inds. VMI 148.05 3 2 20.9 1.0 Diversified Co. 52 1133 PulteGroup, Inc. PHM 22.92 3 2 10.0 1.6 Homebuilding 3 936 Verizon Communic. VZ 45.48 1 3 11.8 5.1 Telecom. Services 31 542 QEP Resources QEP 11.10 4 4 NMF NIL Natural Gas (Div.) 26 846 Vertex Pharmac. VRTX 116.59 3 3 97.2 NIL Biotechnology 84 2378 Quad/Graphics Inc. QUAD 22.50 4 3 14.5 5.3 Publishing 95 2349 Viacom Inc. ‘B’ VIAB 34.32 3 2 8.4 2.3 Entertainment 25 812 Quintiles IMS Hldgs. Q 83.80 3 3 18.4 NIL Medical Services 14 1346 Vishay Intertechnology VSH 16.10 3 3 15.3 1.6 Electronics 40 1160 RH RH 58.49 4 5 39.3 NIL Furn/Home Furnishings 10 937 Vodafone Group ADR VOD 29.50 3 5 32.8 5.4 Telecom. Services 31 1370 Rambus Inc. RMBS 12.13 4 2 22.9 NIL Semiconductor 37 1122 Vulcan Materials VMC 126.65 3 3 32.6 0.8 Building Materials 4 2416 Range Resources RRC 25.09 3 3 27.9 0.3 Petroleum (Producing) 27 2398 WPP PLC ADR ▲ WPPGY 108.60 2 5 13.8 2.9 Advertising 19 1809 Raymond James Fin’l RJF 73.31 3 3 18.5 1.2 Investment Banking 13 1548 Washington R.E.I.T. WRE 32.58 3 3 88.1 3.7 R.E.I.T. 36 1170 Rayonier Inc. RYN 27.90 3 2 73.4 3.6 Paper/Forest Products 16 416 Waste Connections WCN 92.41 2 3 42.0 0.8 Environmental 81 369 Red Robin Gourmet RRGB 71.35 3 4 24.6 NIL Restaurant 21 2197 Weight Watchers WTW 26.05 5 4 20.0 NIL Retail (Hardlines) 29 2320 Regal Entertainment RGC 20.51 3 1 16.4 4.3 Recreation 15 1549 Weingarten Realty WRI 30.41 3 3 30.7 5.1 R.E.I.T. 36 543 Rice Energy RICE 21.20 4 2 32.6 NIL Natural Gas (Div.) 26 2198 West Marine WMAR 9.78 3 2 30.6 2.0 Retail (Hardlines) 29 1340 Rogers Corp. ROG 106.78 3 4 25.1 NIL Electronics 40 1576 Wheaton Precious Met. WPM 20.49 3 3 33.6 1.4 Precious Metals 7 2007 Rosetta Stone RST 11.47 4 3 NMF NIL Educational Services 79 2417 Whiting Petroleum WLL 8.69 5 4 NMF NIL Petroleum (Producing) 27 1541 Ryman Hospitality RHP 64.13 3 2 21.0 5.0 R.E.I.T. 36 635 Williams Partners L.P. WPZ 40.63 4 3 23.9 5.9 Pipeline MLPs 78 448 S&P Global SPGI 138.20 2 4 22.3 1.2 Information Services 39 2199 Williams-Sonoma WSM 49.07 2 3 13.8 3.2 Retail (Hardlines) 29 600 SBA Communications SBAC 134.31 3 3 NMF NIL Wireless Networking 11 1831 Workday, Inc. WDAY 98.44 3 4 NMF NIL E-Commerce 28 2603 SS&C Techn. Hldgs Inc SSNC 37.10 3 3 19.6 0.7 Computer Software 51 2372 Wyndham Worldwide WYN 96.88 3 3 16.4 2.4 Hotel/Gaming 6 1134 St. Joe Corp. JOE 17.50 3 5 NMF NIL Homebuilding 3 2223 Zumiez Inc. ZUMZ 14.85 3 4 14.1 NIL Retail (Softlines) 50 1015 Sally Beauty SBH 17.56 3 4 9.7 NIL Toiletries/Cosmetics 47 2022 Zynga Inc. ZNGA 3.50 5 5 NMF NIL Entertainment Tech 91 ▲ Arrow indicates the direction of a change in Timeliness. ■ Newly added this week. Rank 2 Deletions: Avigilon Corp.; Brady Corp.; Calpine Corp.; Crescent Point Energy; DineEquity Inc.; Frontline Ltd.; Groupon, Inc.; Healthcare R’lty Trust; Herbalife, Ltd.; Howard Hughes Corp.; Liberty Property; Newmont Mining; Perrigo Co. plc; Pilgrim’s Pride Corp.; Potbelly Corp.; Price (T. Rowe) Group; Target Corp.; tronc, Inc.; Twitter Inc.; Under Armour ’A’; W.P. Carey Inc.; Yamana Gold. Rank removed−see supplement or report: Energy Transfer Part. Rank 3 Deletions: AGCO Corp.; athenahealth; Buckeye Partners L.P.; Cray Inc.; Cross Country Health.; Equity Residential; Essendant Inc.; Federal Signal; Forrester Research; Greenlight Capital Re; HollyFrontier Corp.; Huron Consulting; IMAX Corp.; Logitech Int’l; Macerich Comp. (The); Movado Group; Northwest Nat. Gas; Oceaneering Int’l; Suburban Propane; TCF Financial; Universal Corp.; Urban Outfitters; Werner Enterprises; Western Union. Rank removed−see supplement or report: Global Eagle Entertain.
© 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. MSFR 2044 170 IAC 1-5-13(b)(2) Page 39 of 190 Page 30 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 Stocks Ranked 1 (Highest) for Relative Safety Rank Current Rank Current Page Recent Price Time- Tech- P/E % Est’d Industry Page Recent Price Time- Tech- P/E % Est’d Industry No. Stock Name liness nical Ratio Yield Industry Group Rank No. Stock Name liness nical Ratio Yield Industry Group Rank ▼ ▼ 1968 AB InBev ADR 118.59 – – 26.4 3.6 Beverage 75 767 Markel Corp. 966.62 4 3 34.5 NIL Insurance (Prop/Cas.) 82 919 AT&T Inc. 38.31 3 1 13.0 5.1 Telecom. Services 31 2570 Marsh & McLennan 74.74 3 3 19.5 2.0 Financial Svcs. (Div.) 33 197 Abbott Labs. 43.68 3 2 17.8 2.4 Med Supp Non-Invasive 76 2571 MasterCard Inc. 119.60 3 4 28.1 0.7 Financial Svcs. (Div.) 33 2610 Accenture Plc 122.15 3 4 20.6 2.1 IT Services 56 1926 McCormick & Co. 102.53 4 3 25.3 1.8 Food Processing 71 2444 Air Products & Chem. 142.83 3 5 21.1 2.7 Chemical (Diversified) 60 365 McDonald’s Corp. 147.82 3 5 23.5 2.6 Restaurant 21 755 Alleghany Corp. 577.00 4 2 21.6 NIL Insurance (Prop/Cas.) 82 217 McKesson Corp. 159.00 2 4 12.0 0.7 Med Supp Non-Invasive 76 756 Allstate Corp. 85.40 3 3 13.8 1.7 Insurance (Prop/Cas.) 82 185 Medtronic plc 84.61 3 3 15.4 2.1 Med Supp Invasive 68 2633 Alphabet Inc. (NDQ) 948.82 3 5 27.1 NIL Internet 62 1626 Merck & Co. 64.55 4 3 17.0 2.9 Drug 70 2611 Amdocs Ltd. (NDQ) 64.09 3 4 22.0 1.4 IT Services 56 2596 Microsoft Corp. (NDQ) 68.68 3 4 21.9 2.3 Computer Software 51 905 Amer. Elec. Power 69.59 2 3 19.1 3.5 Electric Util. (Central) 34 1929 Nestle SA ADS (PNK) 84.75 5 4 27.8 2.7 Food Processing 71 2539 Amer. Express 77.20 4 2 13.5 1.8 Financial Svcs. (Div.) 33 550 New Jersey Resources 41.20 4 3 23.1 2.5 Natural Gas Utility 80 831 Amgen (NDQ) 154.07 2 1 12.2 3.1 Biotechnology 84 2160 NIKE, Inc. ‘B’ 52.20 2 3 20.1 1.4 Shoe 35 2542 Aon plc 128.56 2 4 23.2 1.1 Financial Svcs. (Div.) 33 720 Northrop Grumman 250.65 2 3 19.6 1.6 Aerospace/Defense 59 759 Arch Capital Group (NDQ) 94.79 3 3 17.7 NIL Insurance (Prop/Cas.) 82 552 Northwest Nat. Gas 60.10 4 3 27.3 3.1 Natural Gas Utility 80 548 Atmos Energy 82.09 3 3 22.2 2.3 Natural Gas Utility 80 1629 Novartis AG ADR 81.06 5 5 28.4 3.4 Drug 70 2612 Automatic Data Proc. (NDQ) 99.53 4 3 28.0 2.5 IT Services 56 1210 Nuveen Muni Value Fund 10.01 – 3 NMF 4.0 Investment Co. – 2509 Bank of Nova Scotia (TSE) 76.17 3 2 11.8 4.1 Bank 63 2598 Oracle Corp. 44.56 2 3 16.3 1.7 Computer Software 51 172 Bard (C.R.) 308.34 – – 26.8 0.4 Med Supp Invasive 68 2452 PPG Inds. 106.70 4 2 17.1 1.5 Chemical (Diversified) 60 174 Becton, Dickinson 186.62 2 2 19.4 1.6 Med Supp Invasive 68 2627 Paychex, Inc. (NDQ) 58.05 4 3 24.1 3.4 IT Services 56 1176 Bemis Co. 44.18 4 3 15.9 2.7 Packaging & Container 23 1982 PepsiCo, Inc. 115.05 3 3 22.6 2.8 Beverage 75 760 Berkley (W.R.) 68.01 5 2 20.9 0.8 Insurance (Prop/Cas.) 82 1635 Pfizer, Inc. 32.14 4 1 23.8 4.0 Drug 70 761 Berkshire Hathaway ‘B’ 165.48 4 2 17.9 NIL Insurance (Prop/Cas.) 82 2234 Pinnacle West Capital 85.78 2 3 19.9 3.2 Electric Utility (West) 2 832 Bio-Techne Corp. (NDQ) 110.84 5 4 38.2 1.2 Biotechnology 84 582 Praxair Inc. 129.97 – – 22.6 2.5 Chemical (Specialty) 65 706 Boeing 183.49 2 3 17.8 3.2 Aerospace/Defense 59 2574 Price (T. Rowe) Group (NDQ) 71.06 3 4 13.2 3.3 Financial Svcs. (Div.) 33 1970 Brown-Forman ‘B’ 53.38 3 5 26.6 1.4 Beverage 75 1197 Procter & Gamble 86.08 3 1 21.8 3.2 Household Products 66 965 CVS Health 77.27 2 4 13.2 2.6 Pharmacy Services 18 148 Public Serv. Enterprise 44.07 3 1 15.5 3.9 Electric Utility (East) 42 2510 Can. Imperial Bank (TSE) 106.95 1 1 9.9 4.8 Bank 63 1539 Public Storage 217.20 3 3 29.1 3.8 R.E.I.T. 36 2136 Canadian Tire ‘A’ (TSE) 152.43 1 3 15.1 1.7 Retail Store 20 960 Qualcomm Inc. (NDQ) 59.22 3 5 13.8 3.9 Telecom. Equipment 64 203 Cardinal Health 72.96 3 4 16.3 2.6 Med Supp Non-Invasive 76 722 Raytheon Co. 161.48 3 4 21.1 2.0 Aerospace/Defense 59 506 Chevron Corp. 106.27 4 3 23.4 4.1 Petroleum (Integrated) 22 723 Rockwell Collins 103.68 3 3 18.7 1.3 Aerospace/Defense 59 763 Chubb Ltd. 140.61 3 3 13.5 2.0 Insurance (Prop/Cas.) 82 1726 Roper Tech. 224.81 3 4 30.0 0.6 Machinery 58 1189 Church & Dwight 50.31 4 1 26.2 1.5 Household Products 66 2525 Royal Bank of Canada (TSE) 93.53 3 2 12.9 3.9 Bank 63 945 Cisco Systems (NDQ) 31.76 3 3 13.1 3.7 Telecom. Equipment 64 1636 Sanofi ADR 49.07 4 3 26.5 3.3 Drug 70 1971 Coca-Cola 44.39 5 5 24.3 3.4 Beverage 75 1935 Saputo Inc. (TSE) 43.31 3 1 20.9 1.4 Food Processing 71 1191 Colgate-Palmolive 73.84 3 2 25.9 2.2 Household Products 66 1937 Smucker (J.M.) 127.54 3 3 19.0 2.4 Food Processing 71 780 Commerce Bancshs. (NDQ) 54.91 4 3 19.4 1.6 Bank (Midwest) 88 373 Starbucks Corp. (NDQ) 61.15 3 4 28.1 1.9 Restaurant 21 1911 Conagra Brands 38.38 – – 21.3 2.1 Food Processing 71 190 Stryker Corp. 139.90 3 3 27.4 1.2 Med Supp Invasive 68 140 Consol. Edison 81.31 3 3 20.1 3.4 Electric Utility (East) 42 2605 Synopsys, Inc. (NDQ) 72.60 2 3 22.6 NIL Computer Software 51 2137 Costco Wholesale (NDQ) 172.47 5 3 29.8 1.2 Retail Store 20 1960 Sysco Corp. 54.23 3 3 21.1 2.5 Retail/Wholesale Food 57 157 Deere & Co. 122.13 3 4 20.1 2.0 Heavy Truck & Equip 93 2218 TJX Companies 74.40 3 3 19.6 1.7 Retail (Softlines) 50 1977 Diageo plc 121.74 4 4 22.7 3.0 Beverage 75 192 Teleflex Inc. 199.66 3 3 35.7 0.7 Med Supp Invasive 68 2332 Disney (Walt) 107.02 3 1 17.5 1.5 Entertainment 25 1376 Texas Instruments (NDQ) 79.69 2 3 20.1 2.5 Semiconductor 37 1603 Du Pont 77.34 – – 19.8 2.1 Chemical (Basic) 97 1775 3M Company 197.73 3 3 22.2 2.4 Diversified Co. 52 567 Ecolab Inc. 128.05 3 3 26.7 1.2 Chemical (Specialty) 65 1940 Tootsie Roll 35.75 4 3 32.5 1.0 Food Processing 71 1305 Emerson Electric 59.24 4 3 22.6 3.3 Electrical Equipment 53 1561 Torchmark Corp. 75.06 4 2 16.0 0.8 Insurance (Life) 89 2028 Everest Re Group Ltd. 246.27 3 3 12.2 2.1 Reinsurance 90 773 Travelers Cos. 121.66 3 3 13.2 2.4 Insurance (Prop/Cas.) 82 143 Eversource Energy 61.14 3 3 19.7 3.2 Electric Utility (East) 42 1943 Unilever PLC ADR 54.20 3 4 26.4 2.8 Food Processing 71 507 Exxon Mobil Corp. 82.58 2 5 20.4 3.7 Petroleum (Integrated) 22 350 Union Pacific 108.00 3 2 18.9 2.2 Railroad 45 309 FedEx Corp. 193.06 4 3 15.3 0.9 Air Transport 67 316 United Parcel Serv. 104.20 3 3 17.7 3.2 Air Transport 67 2560 Gallagher (Arthur J.) 56.69 2 2 19.5 2.8 Financial Svcs. (Div.) 33 1777 United Technologies 122.07 4 4 18.4 2.2 Diversified Co. 52 713 Gen’l Dynamics 199.32 4 3 20.0 1.7 Aerospace/Defense 59 816 UnitedHealth Group 175.22 2 3 17.8 1.4 Medical Services 14 1915 Gen’l Mills 56.69 3 4 17.4 3.4 Food Processing 71 193 Varian Medical Sys. 95.95 – – 26.4 NIL Med Supp Invasive 68 988 Genuine Parts 90.65 4 4 18.8 3.0 Auto Parts 5 936 Verizon Communic. 45.48 2 3 11.8 5.1 Telecom. Services 31 1621 GlaxoSmithKline ADR 42.96 4 4 24.7 5.4 Drug 70 2581 Visa Inc. 93.86 3 4 27.8 0.8 Financial Svcs. (Div.) 33 1310 Grainger (W.W.) 176.62 4 1 16.1 2.9 Electrical Equipment 53 916 WEC Energy Group 61.63 3 3 19.9 3.4 Electric Util. (Central) 34 1140 Home Depot 154.83 2 4 21.7 2.3 Retail Building Supply 24 558 WGL Holdings Inc. 82.78 – – 23.7 2.5 Natural Gas Utility 80 1755 Honeywell Int’l 131.85 4 4 18.5 2.0 Diversified Co. 52 2153 Wal-Mart Stores 78.49 4 3 18.3 2.6 Retail Store 20 1919 Hormel Foods 35.21 3 4 20.4 2.0 Food Processing 71 417 Waste Management 71.02 3 3 22.5 2.4 Environmental 81 733 Illinois Tool Works 138.78 3 3 21.9 1.9 Metal Fabricating 43 2237 Xcel Energy Inc. 46.51 3 3 20.2 3.1 Electric Utility (West) 2 1358 Intel Corp. (NDQ) 35.86 1 3 12.6 3.0 Semiconductor 37 1398 Int’l Business Mach. 152.03 4 1 12.7 3.9 Computers/Peripherals 55 573 Int’l Flavors & Frag. 136.52 3 3 23.5 2.1 Chemical (Specialty) 65 215 Johnson & Johnson 127.52 3 4 19.8 2.7 Med Supp Non-Invasive 76 1923 Kellogg 71.61 3 4 18.1 2.9 Food Processing 71 1195 Kimberly-Clark 126.80 3 1 20.1 3.1 Household Products 66 807 Laboratory Corp. 139.70 3 2 14.5 NIL Medical Services 14 1925 Lancaster Colony (NDQ) 121.58 5 2 25.0 1.8 Food Processing 71 1623 Lilly (Eli) 77.99 3 1 18.9 2.7 Drug 70 717 Lockheed Martin 278.36 4 3 22.4 2.7 Aerospace/Defense 59 912 MGE Energy (NDQ) 64.10 4 1 26.9 2.0 Electric Util. (Central) 34 Stocks Ranked 2 (Above Average) for Relative Safety Rank Current Rank Current Page Recent Price Time- Tech- P/E % Est’d Industry Page Recent Price Time- Tech- P/E % Est’d Industry No. Stock Name liness nical Ratio Yield Industry Group Rank No. Stock Name liness nical Ratio Yield Industry Group Rank ▼ ▼ 1738 ABB Ltd. ADR 24.85 4 3 22.6 3.0 Diversified Co. 52 1514 AvalonBay Communities 191.75 3 3 28.1 3.1 R.E.I.T. 36 378 ABM Industries Inc. 42.07 3 3 22.5 1.6 Industrial Services 41 139 AVANGRID, Inc. 44.63 – – 21.3 3.9 Electric Utility (East) 42 1204 Adams Divers. Equity Fd 14.12 – 3 NMF 1.4 Investment Co. – 562 Avery Dennison 82.80 2 3 17.8 2.2 Chemical (Specialty) 65 794 Aetna Inc. 141.89 1 4 16.1 1.4 Medical Services 14 2225 Avista Corp. 42.04 2 3 21.6 3.4 Electric Utility (West) 2 1553 Aflac Inc. 74.13 3 3 11.3 2.4 Insurance (Life) 89 2027 AXIS Capital Hldgs. 63.75 5 2 16.2 2.4 Reinsurance 90 902 ALLETE 70.90 3 2 21.5 3.0 Electric Util. (Central) 34 2503 BB&T Corp. 43.03 3 3 15.4 3.0 Bank 63 903 Alliant Energy 40.91 3 3 20.5 3.1 Electric Util. (Central) 34 1175 Ball Corp. 40.13 3 4 19.1 0.5 Packaging & Container 23 1994 Altria Group 72.13 4 3 22.5 3.4 Tobacco 94 2506 Bank of Hawaii 79.67 4 3 18.5 2.5 Bank 63 904 Ameren Corp. 56.46 3 2 20.2 3.2 Electric Util. (Central) 34 2507 Bank of Montreal (TSE) 95.13 3 2 12.2 3.8 Bank 63 757 Amer. Financial Group 98.45 2 3 15.6 1.3 Insurance (Prop/Cas.) 82 2508 Bank of New York Mellon 47.03 3 2 13.6 1.6 Bank 63 1782 Amer. States Water 45.17 3 2 26.6 2.1 Water Utility 87 173 Baxter Int’l Inc. 57.92 – – 25.7 1.1 Med Supp Invasive 68 591 Amer. Tower ‘A’ 128.73 3 3 48.6 2.1 Wireless Networking 11 2166 Bed Bath & Beyond (NDQ) 34.70 3 3 8.0 1.7 Retail (Hardlines) 29 200 AmerisourceBergen 89.19 3 4 14.9 1.6 Med Supp Non-Invasive 76 201 Bio-Rad Labs. ‘A’ 219.36 5 4 56.2 NIL Med Supp Non-Invasive 76 1740 Ametek, Inc. 60.56 3 4 24.7 0.6 Diversified Co. 52 2226 Black Hills 68.50 2 3 19.6 2.6 Electric Utility (West) 2 1320 Amphenol Corp. 73.37 3 3 24.5 0.9 Electronics 40 2544 BlackRock, Inc. 395.97 3 3 18.0 2.5 Financial Svcs. (Div.) 33 1350 Analog Devices (NDQ) 81.96 3 3 20.2 2.2 Semiconductor 37 1617 Bristol-Myers Squibb 54.21 3 4 19.4 2.9 Drug 70 2588 ANSYS, Inc. (NDQ) 124.66 3 5 33.2 NIL Computer Software 51 1995 Brit. Amer Tobac. ADR (ASE) 70.65 3 3 21.4 3.1 Tobacco 94 796 Anthem, Inc. 177.71 2 3 15.5 1.5 Medical Services 14 436 Broadridge Fin’l 74.11 3 4 22.3 1.9 Information Services 39 1392 Apple Inc. (NDQ) 153.80 3 4 16.2 1.6 Computers/Peripherals 55 1744 Brookfield Infrastruc. 40.06 2 3 32.0 4.3 Diversified Co. 52 1174 AptarGroup 83.19 3 4 24.5 1.5 Packaging & Container 23 2546 Brown & Brown 42.47 4 2 21.2 1.3 Financial Svcs. (Div.) 33 1784 Aqua America 32.17 3 2 23.0 2.5 Water Utility 87 2590 CA, Inc. (NDQ) 31.50 3 3 16.8 3.2 Computer Software 51 1903 Archer Daniels Midl’d 43.04 3 2 15.1 3.0 Food Processing 71 1793 CBOE Holdings (NDQ) 85.73 3 4 42.9 1.2 Brokers & Exchanges 38 2024 Argo Group Int’l (NDQ) 62.10 3 3 14.8 1.7 Reinsurance 90 383 C.H. Robinson (NDQ) 68.34 3 1 18.5 2.6 Industrial Services 41 2025 Aspen Insurance Hldgs. 50.40 5 1 12.3 1.9 Reinsurance 90 1794 CME Group (NDQ) 118.20 3 3 24.4 2.2 Brokers & Exchanges 38 2543 Assurant Inc. 99.49 2 3 15.8 2.1 Financial Svcs. (Div.) 33 906 CMS Energy Corp. 46.67 3 3 21.7 2.9 Electric Util. (Central) 34 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2045 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 40 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 31 Continued from preceding page Stocks Ranked 2 (Above Average) for Relative Safety Rank Current Rank Current Page Recent Price Time- Tech- P/E % Est’d Industry Page Recent Price Time- Tech- P/E % Est’d Industry No. Stock Name liness nical Ratio Yield Industry Group Rank No. Stock Name liness nical Ratio Yield Industry Group Rank ▼ ▼ 762 CNA Fin’l 45.55 3 3 13.4 2.2 Insurance (Prop/Cas.) 82 447 Nielsen Hldgs. plc 39.11 3 4 27.0 3.5 Information Services 39 1910 Campbell Soup 58.12 3 3 18.5 2.4 Food Processing 71 1507 Northwest Bancshares (NDQ) 15.43 3 1 17.7 4.1 Thrift 92 342 Can. National Railway 75.55 3 3 20.1 1.6 Railroad 45 1630 Novo Nordisk ADR 41.48 2 5 19.3 2.7 Drug 70 1986 Canon Inc. ADR 33.92 3 4 24.2 3.5 Foreign Electronics 9 913 OGE Energy 34.78 3 1 17.0 3.7 Electric Util. (Central) 34 1503 Capitol Fed. Fin’l (NDQ) 14.03 4 2 21.9 2.4 Thrift 92 2397 Omnicom Group 82.92 3 3 15.8 2.8 Advertising 19 1745 Carlisle Cos. 100.05 3 3 16.4 1.4 Diversified Co. 52 553 ONE Gas, Inc. 69.50 3 3 23.6 2.5 Natural Gas Utility 80 155 Caterpillar Inc. 103.63 3 3 25.6 3.0 Heavy Truck & Equip 93 2129 O’Reilly Automotive (NDQ) 240.18 3 3 19.6 NIL Retail Automotive 8 823 Cerner Corp. (NDQ) 64.67 2 4 25.8 NIL Healthcare Information 61 914 Otter Tail Corp. (NDQ) 38.90 3 2 22.2 3.3 Electric Util. (Central) 34 1815 Check Point Software (NDQ) 109.62 3 3 22.2 NIL E-Commerce 28 221 Owens & Minor 32.24 4 3 15.7 3.2 Med Supp Non-Invasive 76 356 Cheesecake Factory (NDQ) 58.35 2 2 19.5 1.8 Restaurant 21 2522 PNC Financial Serv. 121.15 3 3 15.4 1.8 Bank 63 549 Chesapeake Utilities 73.35 3 3 27.7 1.8 Natural Gas Utility 80 147 PPL Corp. 39.29 – – 18.3 4.1 Electric Utility (East) 42 799 Cigna Corp. 160.52 – – 17.4 NIL Medical Services 14 166 PACCAR Inc. (NDQ) 62.81 3 2 17.0 2.6 Heavy Truck & Equip 93 764 Cincinnati Financial (NDQ) 69.57 3 2 22.4 2.9 Insurance (Prop/Cas.) 82 366 Panera Bread Co. (NDQ) 313.34 – – 40.4 NIL Restaurant 21 384 Cintas Corp. (NDQ) 122.39 4 3 26.3 1.1 Industrial Services 41 788 Park National (ASE) 103.84 4 3 18.2 3.6 Bank (Midwest) 88 1190 Clorox Co. 131.68 3 1 23.9 2.5 Household Products 66 1766 Parker-Hannifin 158.05 3 2 19.3 1.7 Diversified Co. 52 2617 Cognizant Technology (NDQ) 66.01 3 4 18.0 0.9 IT Services 56 222 Patterson Cos. (NDQ) 43.56 5 4 21.1 2.5 Med Supp Non-Invasive 76 1019 Comcast Corp. (NDQ) 39.78 1 3 20.9 1.6 Cable TV 1 1508 People’s United Fin’l (NDQ) 16.94 3 2 18.2 4.1 Thrift 92 205 Cooper Cos. 217.08 4 4 26.1 NIL Med Supp Non-Invasive 76 1996 Philip Morris Int’l 116.46 5 3 24.2 3.6 Tobacco 94 2124 Copart, Inc. (NDQ) 30.02 3 2 22.9 NIL Retail Automotive 8 2235 Portland General 46.06 2 3 20.9 3.0 Electric Utility (West) 2 358 Cracker Barrel (NDQ) 161.42 1 3 18.9 3.0 Restaurant 21 770 Progressive (Ohio) 41.55 3 3 18.9 1.6 Insurance (Prop/Cas.) 82 2513 Cullen/Frost Bankers 93.64 4 3 18.5 2.4 Bank 63 811 Quest Diagnostics 106.51 3 3 18.5 1.7 Medical Services 14 156 Cummins Inc. 155.30 3 3 17.9 2.6 Heavy Truck & Equip 93 771 RLI Corp. 55.62 5 4 27.1 1.5 Insurance (Prop/Cas.) 82 1205 DNP Select Inc. Fund 11.11 – 3 NMF 3.1 Investment Co. – 1540 Realty Income Corp. 54.14 3 1 43.7 4.7 R.E.I.T. 36 2618 DST Systems 118.49 – – 19.1 1.2 IT Services 56 1560 Reinsurance Group 124.87 4 3 13.0 1.4 Insurance (Life) 89 908 DTE Energy 107.37 1 3 20.3 3.2 Electric Util. (Central) 34 2031 RenaissanceRe Hldgs. 139.27 4 3 16.0 0.9 Reinsurance 90 1749 Danaher Corp. 83.95 – – 24.1 0.7 Diversified Co. 52 412 Republic Services 62.36 3 3 26.0 2.1 Environmental 81 801 DaVita Inc. 64.88 2 4 16.4 NIL Medical Services 14 1997 Reynolds American 66.13 – – 26.5 3.1 Tobacco 94 178 Dentsply Sirona (NDQ) 63.15 – – 23.0 0.6 Med Supp Invasive 68 1650 Robert Half Int’l 46.23 3 3 17.4 2.1 Human Resources 48 1030 Deutsche Telekom ADR(PNK) 20.09 3 4 23.6 3.2 Telecom. Utility 32 402 Rollins, Inc. 42.51 3 4 47.2 1.1 Industrial Services 41 2550 Discover Fin’l Svcs. 59.74 3 1 9.8 2.0 Financial Svcs. (Div.) 33 2217 Ross Stores (NDQ) 62.02 3 3 20.0 1.0 Retail (Softlines) 50 141 Dominion Energy 79.71 3 3 23.4 3.9 Electric Utility (East) 42 518 Royal Dutch Shell ‘B’ 56.91 3 3 14.2 6.6 Petroleum (Integrated) 22 1710 Donaldson Co. 46.91 3 3 27.1 1.5 Machinery 58 448 S&P Global 138.20 2 4 22.3 1.2 Information Services 39 1711 Dover Corp. 83.50 4 3 24.2 2.1 Machinery 58 2602 SAP SE 106.28 3 4 31.3 1.3 Computer Software 51 1978 Dr Pepper Snapple 91.90 3 2 19.3 2.5 Beverage 75 2628 SEI Investments (NDQ) 49.93 3 2 22.2 1.2 IT Services 56 142 Duke Energy 84.30 3 2 18.1 4.2 Electric Utility (East) 42 149 SCANA Corp. 66.08 3 4 16.3 3.8 Electric Utility (East) 42 985 Eaton Corp. plc 77.65 3 3 17.4 3.1 Auto Parts 5 2437 Schlumberger Ltd. 72.09 5 2 46.5 2.8 Oilfield Svcs/Equip. 96 2227 Edison Int’l 78.82 2 2 18.5 2.9 Electric Utility (West) 2 2342 Scripps Networks 67.48 2 1 12.7 1.8 Entertainment 25 2228 El Paso Electric 53.05 2 3 21.7 2.5 Electric Utility (West) 2 2236 Sempra Energy 113.27 3 2 22.7 3.0 Electric Utility (West) 2 1218 Emera Inc. (TSE) 47.51 4 2 17.9 4.4 Power 69 1936 Sensient Techn. 80.22 3 2 23.5 1.5 Food Processing 71 440 Equifax, Inc. 136.76 2 3 22.6 1.1 Information Services 39 1023 Shaw Commun. ‘B’ (TSE) 28.60 3 3 22.0 4.5 Cable TV 1 1521 Equity Residential 64.93 4 4 33.5 3.1 R.E.I.T. 36 1143 Sherwin-Williams 331.91 2 3 23.7 1.0 Retail Building Supply 24 765 Erie Indemnity (NDQ) 117.21 4 2 28.6 2.7 Insurance (Prop/Cas.) 82 1772 Siemens AG (ADS) (PNK) 70.94 3 3 16.2 2.7 Diversified Co. 52 387 Expeditors Int’l (NDQ) 53.58 4 1 22.8 1.6 Industrial Services 41 1543 Simon Property Group 157.25 2 3 23.9 4.5 R.E.I.T. 36 441 FactSet Research 160.88 3 3 23.0 1.4 Information Services 39 1728 Snap-on Inc. 163.21 3 2 16.4 1.7 Machinery 58 1139 Fastenal Co. (NDQ) 44.24 3 2 24.6 2.9 Retail Building Supply 24 1185 Sonoco Products 50.40 4 1 18.3 3.1 Packaging & Container 23 1524 Federal Rlty. Inv. Trust 125.71 3 4 39.3 3.2 R.E.I.T. 36 554 South Jersey Inds. 35.34 5 1 28.3 3.1 Natural Gas Utility 80 2554 Fidelity Nat’l Fin’l 41.63 1 3 15.7 2.4 Financial Svcs. (Div.) 33 150 Southern Co. 50.08 4 2 16.7 4.7 Electric Utility (East) 42 2555 Fidelity Nat’l Info. 83.66 4 3 21.1 1.4 Financial Svcs. (Div.) 33 556 Spire Inc. 70.05 3 2 20.2 3.0 Natural Gas Utility 80 2622 Fiserv Inc. (NDQ) 122.34 2 4 25.2 NIL IT Services 56 1729 Stanley Black & Decker 135.38 3 3 19.6 1.7 Machinery 58 910 Fortis Inc. (TSE) 43.76 2 3 18.2 3.8 Electric Util. (Central) 34 189 STERIS plc 76.28 2 4 19.3 1.5 Med Supp Invasive 68 2559 Franklin Resources 41.40 2 3 13.4 2.0 Financial Svcs. (Div.) 33 1375 Taiwan Semic. ADR 35.40 1 4 16.1 2.7 Semiconductor 37 803 Fresenius Medical ADR 45.81 2 4 20.8 1.2 Medical Services 14 2152 Target Corp. 54.49 3 5 13.1 4.4 Retail Store 20 443 Gartner Inc. 113.63 3 4 32.9 NIL Information Services 39 934 TELUS Corporation (TSE) 45.80 3 3 18.0 4.4 Telecom. Services 31 1752 Gen’l Electric 28.28 3 3 17.1 3.4 Diversified Co. 52 1637 Teva Pharmac. ADR 28.76 3 4 5.8 4.7 Drug 70 1804 Goldman Sachs 219.64 3 2 11.0 1.4 Investment Banking 13 132 Thermo Fisher Sci. 171.83 3 4 29.9 0.3 Precision Instrument 72 766 Hanover Insurance 82.33 5 1 11.8 2.4 Insurance (Prop/Cas.) 82 449 Thomson Reuters (TSE) 58.22 4 3 24.8 2.4 Information Services 39 1332 Harris Corp. 108.94 5 2 18.7 2.0 Electronics 40 2194 Tiffany & Co. 93.14 4 3 23.3 2.1 Retail (Hardlines) 29 2229 Hawaiian Elec. 32.64 3 1 20.4 3.8 Electric Utility (West) 2 1731 Toro Co. 67.42 2 4 28.9 1.0 Machinery 58 391 Healthcare Svcs. (NDQ) 47.41 3 4 38.9 1.7 Industrial Services 41 2530 Toronto-Dominion (TSE) 63.57 2 2 12.3 3.9 Bank 63 322 Heartland Express (NDQ) 19.37 4 2 27.7 0.4 Trucking 86 521 Total ADR 53.86 2 3 13.5 5.1 Petroleum (Integrated) 22 2623 Henry (Jack) & Assoc. (NDQ) 103.18 3 4 30.3 1.2 IT Services 56 2579 Total System Svcs. 58.77 3 4 26.7 0.7 Financial Svcs. (Div.) 33 1918 Hershey Co. 113.14 2 3 23.6 2.2 Food Processing 71 111 Toyota Motor ADR 108.08 3 5 10.4 3.7 Automotive 12 1311 Hubbell Inc. 115.08 3 2 19.7 2.4 Electrical Equipment 53 1212 Tri-Continental 23.93 – 3 NMF 4.2 Investment Co. – 324 Hunt (J.B.) (NDQ) 85.07 4 2 21.3 1.1 Trucking 86 557 UGI Corp. 49.47 2 1 20.4 2.0 Natural Gas Utility 80 2230 IDACORP, Inc. 85.25 3 2 21.0 2.7 Electric Utility (West) 2 407 UniFirst Corp. 138.85 3 3 26.9 0.1 Industrial Services 41 1714 IDEX Corp. 108.65 2 3 27.2 1.4 Machinery 58 791 U.S. Bancorp 51.96 4 3 15.5 2.2 Bank (Midwest) 88 2624 Infosys Ltd. ADR 15.06 4 5 13.4 2.3 IT Services 56 2117 V.F. Corp. 52.99 3 3 17.4 3.2 Apparel 30 1796 Intercontinental Exch. 59.87 4 3 19.6 1.3 Brokers & Exchanges 38 2033 Validus Holdings 52.87 4 2 12.4 2.9 Reinsurance 90 2595 Intuit Inc. (NDQ) 129.15 3 4 28.8 1.1 Computer Software 51 915 Vectren Corp. 60.25 4 3 22.1 2.9 Electric Util. (Central) 34 1922 J&J Snack Foods (NDQ) 133.07 4 2 30.5 1.3 Food Processing 71 451 Verisk Analytics (NDQ) 79.52 3 3 27.4 NIL Information Services 39 968 Jean Coutu Group (TSE) 21.58 3 3 19.4 2.4 Pharmacy Services 18 1201 WD-40 Co. (NDQ) 103.25 3 3 29.1 1.9 Household Products 66 1759 Kaman Corp. 47.91 5 3 22.8 1.7 Diversified Co. 52 2398 WPP PLC ADR (NDQ) 108.60 2 5 13.8 2.9 Advertising 19 1533 Kimco Realty 18.03 3 3 28.6 6.2 R.E.I.T. 36 972 Walgreens Boots (NDQ) 81.24 3 1 16.1 1.8 Pharmacy Services 18 1924 Kraft Heinz Co. (NDQ) 91.87 – – 24.2 2.7 Food Processing 71 416 Waste Connections 92.41 2 3 42.0 0.8 Environmental 81 1952 Kroger Co. 29.12 3 3 13.2 1.8 Retail/Wholesale Food 57 135 Waters Corp. 176.10 3 4 24.5 NIL Precision Instrument 72 1989 Kyocera Corp. ADR 58.61 2 3 25.0 1.3 Foreign Electronics 9 1146 Watsco, Inc. 141.41 4 3 25.0 3.0 Retail Building Supply 24 716 L3 Technologies 164.18 4 2 19.1 1.8 Aerospace/Defense 59 1964 Weis Markets 57.82 4 1 21.4 2.1 Retail/Wholesale Food 57 1011 Lauder (Estee) 91.99 3 4 26.6 1.5 Toiletries/Cosmetics 47 2532 Wells Fargo 53.39 3 3 12.9 3.0 Bank 63 1156 Leggett & Platt 51.19 3 3 19.3 2.8 Furn/Home Furnishings 10 226 West Pharmac. Svcs. 95.30 4 4 35.3 0.6 Med Supp Non-Invasive 76 1208 Liberty All-Star 5.55 – 3 NMF 8.8 Investment Co. – 917 Westar Energy 51.83 – – 20.3 3.1 Electric Util. (Central) 34 1953 Loblaw Cos. Ltd. (TSE) 76.28 3 4 26.3 1.4 Retail/Wholesale Food 57 1965 Weston (George) (TSE) 122.10 3 4 17.2 1.5 Retail/Wholesale Food 57 2568 Loews Corp. 46.78 2 3 14.2 0.5 Financial Svcs. (Div.) 33 2199 Williams-Sonoma 49.07 2 3 13.8 3.2 Retail (Hardlines) 29 1141 Lowe’s Cos. 82.34 1 3 17.7 1.9 Retail Building Supply 24 194 Zimmer Biomet Hldgs. 117.81 3 2 13.8 0.9 Med Supp Invasive 68 2520 M&T Bank Corp. 161.30 4 3 17.5 1.9 Bank 63 538 MDU Resources 26.77 2 1 20.6 2.9 Natural Gas (Div.) 26 1719 MSC Industrial Direct 85.72 4 2 21.2 2.1 Machinery 58 718 MacDonald Dettwiler (TSE) 62.70 4 4 12.5 2.4 Aerospace/Defense 59 1927 Mead Johnson Nutrition 89.04 – – 29.7 1.9 Food Processing 71 810 MEDNAX, Inc. 54.47 3 3 13.8 NIL Medical Services 14 768 Mercury General 55.77 4 2 19.6 4.5 Insurance (Prop/Cas.) 82 1954 Metro Inc. (TSE) 45.27 3 3 17.7 1.4 Retail/Wholesale Food 57 1362 Microchip Technology (NDQ) 81.35 1 3 18.4 1.8 Semiconductor 37 1788 Middlesex Water (NDQ) 34.99 3 2 23.3 2.4 Water Utility 87 1979 Molson Coors Brewing 94.85 – – 19.0 1.8 Beverage 75 1928 Mondelez Int’l (NDQ) 46.05 4 3 21.9 1.8 Food Processing 71 2451 Monsanto Co. 116.04 – – 25.9 1.9 Chemical (Diversified) 60 956 Motorola Solutions 82.11 1 3 15.8 2.3 Telecom. Equipment 64 1132 NVR, Inc. 2296.00 2 4 17.0 NIL Homebuilding 3 2521 Nat’l Bank of Canada (TSE) 53.87 3 2 11.0 4.4 Bank 63 146 NextEra Energy 138.96 2 4 20.4 2.9 Electric Utility (East) 42 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2046 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 41 of 190 Page 32 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 HIGHEST DIVIDEND YIELDING STOCKS (Based upon estimated year-ahead dividends per share) Current % Current % Page Recent Time- Safety P/E Est’d Industry Page Recent Time- Safety P/E Est’d Industry No. Stock Name Price liness Rank Ratio Yield Industry Group Rank No. Stock Name Price liness Rank Ratio Yield Industry Group Rank 633 Suburban Propane 23.27 4 3 26.1 15.3 Pipeline MLPs 78 624 Energy Transfer Equity 18.51 4 4 16.1 6.4 Pipeline MLPs 78 337 Ship Finance Int’l 13.75 3 3 10.6 13.1 Maritime 73 1527 GEO Group (The) 30.01 3 3 23.1 6.3 R.E.I.T. 36 1033 Windstream Hldgs. 4.59 – 4 NMF 13.1 Telecom. Utility 32 394 Iron Mountain 34.72 4 3 28.9 6.3 Industrial Services 41 2396 National CineMedia 7.54 3 3 16.8 11.7 Advertising 19 632 Spectra Energy Part. 44.50 3 3 14.4 6.3 Pipeline MLPs 78 1031 Frontier Communic. 1.40 4 5 NMF 11.4 Telecom. Utility 32 1792 BGC Partners 11.53 2 3 10.5 6.2 Brokers & Exchanges 38 2660 Blackstone Group LP 32.47 3 3 11.5 10.7 Public/Private Equity 49 627 Enterprise Products 27.50 4 3 19.0 6.2 Pipeline MLPs 78 1512 Annaly Capital Mgmt. 11.68 4 3 10.2 10.3 R.E.I.T. 36 1533 Kimco Realty 18.03 3 2 28.6 6.2 R.E.I.T. 36 2538 AllianceBernstein Hldg. 21.10 1 3 10.6 9.6 Financial Svcs. (Div.) 33 630 ONEOK Partners L.P. 51.24 – 3 20.5 6.2 Pipeline MLPs 78 2659 Apollo Investment 6.38 5 3 9.0 9.4 Public/Private Equity 49 1547 W.P. Carey Inc. 64.01 3 3 28.4 6.2 R.E.I.T. 36 503 CVR Energy 21.23 3 4 30.3 9.4 Petroleum (Integrated) 22 628 MPLX LP 35.52 3 4 27.3 6.1 Pipeline MLPs 78 1518 DDR Corp. 9.05 3 3 NMF 9.3 R.E.I.T. 36 2204 Buckle (The), Inc. 16.70 4 3 9.8 6.0 Retail (Softlines) 50 625 Energy Transfer Part. 23.66 – 3 23.7 9.0 Pipeline MLPs 78 2517 HSBC Holdings PLC 43.44 5 3 10.2 5.9 Bank 63 2106 Guess Inc. 10.06 4 3 23.4 8.9 Apparel 30 749 Russel Metals 25.80 4 3 18.2 5.9 Steel 46 2165 Barnes & Noble 6.85 – 4 24.5 8.8 Retail (Hardlines) 29 1405 Seagate Technology 42.63 3 3 9.2 5.9 Computers/Peripherals 55 626 EnLink Midstream Part. 17.72 5 4 88.6 8.8 Pipeline MLPs 78 635 Williams Partners L.P. 40.63 2 4 23.9 5.9 Pipeline MLPs 78 1208 Liberty All-Star 5.55 – 2 NMF 8.8 Investment Co. – 1552 AEGON 5.00 5 3 7.1 5.8 Insurance (Life) 89 617 AmeriGas Partners 44.16 5 3 40.9 8.7 Pipeline MLPs 78 2143 Kohl’s Corp. 37.79 3 3 10.5 5.8 Retail Store 20 1027 CenturyLink Inc. 25.19 – 3 11.7 8.6 Telecom. Utility 32 2030 Maiden Hldgs. Ltd. 10.50 4 3 5.5 5.8 Reinsurance 90 1805 Greenhill & Co. 21.25 4 3 15.4 8.5 Investment Banking 13 2383 A.H. Belo 5.60 – 4 14.0 5.7 Newspaper 83 1203 Aberdeen Asia-Pac. Fd. 5.02 – 4 NMF 8.4 Investment Co. – 943 Black Box 8.35 4 3 NMF 5.7 Telecom. Equipment 64 620 DCP Midstream LP 37.19 3 3 22.5 8.4 Pipeline MLPs 78 1517 CoreCivic, Inc. 29.34 3 3 19.6 5.7 R.E.I.T. 36 2384 Gannett Co. 7.72 – 3 14.0 8.3 Newspaper 83 758 AmTrust Financial Svcs. 12.18 4 3 4.7 5.6 Insurance (Prop/Cas.) 82 2662 Gladstone Capital 10.08 3 3 10.1 8.3 Public/Private Equity 49 515 PBF Energy 21.54 2 3 8.3 5.6 Petroleum (Integrated) 22 1537 Penn. R.E.I.T. 11.18 3 3 NMF 8.2 R.E.I.T. 36 1417 Staples, Inc. 8.68 4 3 9.6 5.5 Office Equip/Supplies 44 1583 Alliance Resource 21.95 2 3 7.8 8.0 Metals & Mining (Div.) 54 105 Ford Motor 11.05 3 3 7.1 5.4 Automotive 12 360 DineEquity Inc. 48.61 3 3 10.9 8.0 Restaurant 21 1621 GlaxoSmithKline ADR 42.96 4 1 24.7 5.4 Drug 70 1029 Consol. Communic. 19.53 3 3 48.8 7.9 Telecom. Utility 32 937 Vodafone Group ADR 29.50 2 3 32.8 5.4 Telecom. Services 31 623 Enbridge Energy Part. 17.62 2 3 32.0 7.9 Pipeline MLPs 78 621 EQT Midstream Part. 74.18 2 3 13.5 5.3 Pipeline MLPs 78 631 Plains All Amer. Pipe. 27.95 5 3 16.0 7.9 Pipeline MLPs 78 2191 Pier 1 Imports 5.25 3 4 10.5 5.3 Retail (Hardlines) 29 622 Enable Midstream Part. 16.40 4 4 19.3 7.8 Pipeline MLPs 78 2378 Quad/Graphics Inc. 22.50 2 4 14.5 5.3 Publishing 95 1209 MFS Multimarket 6.19 – 4 NMF 7.8 Investment Co. – 613 TransCanada Corp. 47.01 2 3 37.6 5.3 Oil/Gas Distribution 74 619 Buckeye Partners L.P. 67.15 4 3 16.6 7.6 Pipeline MLPs 78 509 HollyFrontier Corp. 26.33 4 3 17.6 5.2 Petroleum (Integrated) 22 1227 Pattern Energy Group 22.30 1 3 89.2 7.5 Power 69 1764 National Presto Ind. 105.75 2 3 16.5 5.2 Diversified Co. 52 1531 Hospitality Properties 28.89 3 3 20.6 7.2 R.E.I.T. 36 1506 New York Community 13.14 5 3 13.1 5.2 Thrift 92 545 Targa Resources 50.26 5 4 NMF 7.2 Natural Gas (Div.) 26 919 AT&T Inc. 38.31 3 1 13.0 5.1 Telecom. Services 31 2658 Apollo Global Mgmt 27.59 1 3 12.8 7.1 Public/Private Equity 49 145 FirstEnergy Corp. 28.50 3 3 12.7 5.1 Electric Utility (East) 42 397 Macquarie Infra. 78.48 1 3 41.3 7.1 Industrial Services 41 2361 Las Vegas Sands 57.53 2 3 23.5 5.1 Hotel/Gaming 6 2219 Tailored Brands 10.10 3 4 5.8 7.1 Retail (Softlines) 50 1558 Power Financial 32.33 4 3 10.8 5.1 Insurance (Life) 89 1608 Terra Nitrogen 82.90 4 3 10.0 7.1 Chemical (Basic) 97 521 Total ADR 53.86 2 2 13.5 5.1 Petroleum (Integrated) 22 2315 Mattel, Inc. 21.75 5 3 18.9 7.0 Recreation 15 936 Verizon Communic. 45.48 2 1 11.8 5.1 Telecom. Services 31 2402 Black Stone Minerals 16.85 – 3 33.7 6.9 Petroleum (Producing) 27 1549 Weingarten Realty 30.41 2 3 30.7 5.1 R.E.I.T. 36 1217 Covanta Holding Corp. 14.50 4 3 NMF 6.9 Power 69 1535 Macerich Comp. (The) 58.20 4 3 26.1 5.0 R.E.I.T. 36 2205 Cato Corp. 21.35 4 3 14.2 6.7 Retail (Softlines) 50 514 Occidental Petroleum 61.56 3 3 64.8 5.0 Petroleum (Integrated) 22 2176 GameStop Corp. 22.66 4 3 7.0 6.7 Retail (Hardlines) 29 1541 Ryman Hospitality 64.13 2 3 21.0 5.0 R.E.I.T. 36 2201 Abercrombie & Fitch 12.20 – 3 NMF 6.6 Retail (Softlines) 50 2209 DSW Inc. 16.21 3 3 10.8 4.9 Retail (Softlines) 50 2144 Macy’s Inc. 23.05 3 3 6.7 6.6 Retail Store 20 102 Daimler AG 74.80 2 3 7.4 4.9 Automotive 12 518 Royal Dutch Shell ‘B’ 56.91 3 2 14.2 6.6 Petroleum (Integrated) 22 2427 Helmerich & Payne 57.49 5 3 NMF 4.9 Oilfield Svcs/Equip. 96 502 BP PLC ADR 36.93 2 3 14.8 6.5 Petroleum (Integrated) 22 629 Magellan Midstream 74.66 3 3 19.1 4.9 Pipeline MLPs 78 634 Western Gas Part. 56.54 4 3 22.2 6.5 Pipeline MLPs 78 1416 Pitney Bowes 15.24 3 3 8.5 4.9 Office Equip/Supplies 44 1025 BCE Inc. 44.73 3 3 18.6 6.4 Telecom. Utility 32 2510 Can. Imperial Bank 106.95 1 1 9.9 4.8 Bank 63 STOCKS WITH HIGH 3- TO 5-YEAR PRICE APPRECIATION POTENTIAL Some of the stocks tabulated below are very risky and appreciation potentialities tentative. Please read the full-page reports in Ratings & Reports to gain an understanding of the risks entailed. Some of these stocks may not be timely investment commitments. (See the Performance Ranks below.) 3- to 3- to Page Recent 5-year Time- Safety Industry Page Recent 5-year Time- Safety Industry No. Stock Name Price Potential liness Rank Industry Group Rank No. Stock Name Price Potential liness Rank Industry Group Rank 1031 Frontier Communic. 1.40 470% 4 5 Telecom. Utility 32 352 BJ’s Restaurants 45.50 160% 2 3 Restaurant 21 2219 Tailored Brands 10.10 370% 3 4 Retail (Softlines) 50 1588 CONSOL Energy 16.43 160% 2 4 Metals & Mining (Div.) 54 940 Acacia Communications 48.18 355% – 3 Telecom. Equipment 64 2210 Express, Inc. 7.88 160% 4 3 Retail (Softlines) 50 2440 TETRA Technologies 3.45 320% 3 5 Oilfield Svcs/Equip. 96 1570 Goldcorp Inc. 13.55 160% 3 3 Precious Metals 7 608 Clean Energy Fuels 2.42 315% – 5 Oil/Gas Distribution 74 1578 Tahoe Resources 9.28 160% 1 4 Precious Metals 7 2174 Fossil Group 12.20 310% 4 3 Retail (Hardlines) 29 1221 First Solar, Inc. 36.47 155% 5 3 Power 69 544 Southwestern Energy 6.99 295% 3 4 Natural Gas (Div.) 26 2313 IMAX Corp. 26.50 155% 4 3 Recreation 15 2334 Global Eagle Entertain. 3.22 275% – 4 Entertainment 25 513 Murphy Oil Corp. 26.46 155% 2 3 Petroleum (Integrated) 22 2196 Vitamin Shoppe 11.55 270% 3 3 Retail (Hardlines) 29 1403 Pure Storage 10.84 155% – 4 Computers/Peripherals 55 2420 CARBO Ceramics 8.26 265% 4 5 Oilfield Svcs/Equip. 96 2192 Signet Jewelers Ltd. 58.38 155% 2 3 Retail (Hardlines) 29 2396 National CineMedia 7.54 265% 3 3 Advertising 19 525 Antero Resources 21.91 150% 2 3 Natural Gas (Div.) 26 2442 Weatherford Int’l plc 5.33 265% 5 4 Oilfield Svcs/Equip. 96 353 Bloomin’ Brands 19.97 150% 1 3 Restaurant 21 2384 Gannett Co. 7.72 255% – 3 Newspaper 83 800 Community Health 9.61 150% – 4 Medical Services 14 2179 Hertz Global Hldgs. 9.81 255% – 4 Retail (Hardlines) 29 2104 G-III Apparel Group 19.83 150% 5 3 Apparel 30 338 Teekay Corp. 6.49 255% 3 5 Maritime 73 2416 Range Resources 25.09 150% 2 3 Petroleum (Producing) 27 1228 SunPower Corp. 7.95 245% 5 4 Power 69 845 United Therapeutics 121.46 150% 1 3 Biotechnology 84 1233 Chicago Bridge & Iron 20.15 235% 3 3 Engineering & Const 85 2164 Avis Budget Group 22.38 145% 3 4 Retail (Hardlines) 29 1518 DDR Corp. 9.05 230% 3 3 R.E.I.T. 36 2108 Iconix Brand Group 6.10 145% 4 4 Apparel 30 2407 Denbury Resources 1.83 230% 3 5 Petroleum (Producing) 27 1760 LSB Inds. 9.15 145% – 5 Diversified Co. 52 814 Tenet Healthcare 17.51 230% 3 4 Medical Services 14 2567 Legg Mason 37.93 145% 3 3 Financial Svcs. (Div.) 33 1127 Hovnanian Enterpr. ‘A’ 2.47 225% – 5 Homebuilding 3 1323 Avigilon Corp. 14.71 140% 3 3 Electronics 40 2344 Sirius XM Holdings 4.97 220% 3 4 Entertainment 25 2422 Diamond Offshore 13.42 140% 3 3 Oilfield Svcs/Equip. 96 1638 Valeant Pharm. Int’l 13.31 220% 3 5 Drug 70 966 Diplomat Pharmacy 17.61 140% 3 4 Pharmacy Services 18 758 AmTrust Financial Svcs. 12.18 210% 4 3 Insurance (Prop/Cas.) 82 2558 FleetCor Technologies 135.97 140% 2 3 Financial Svcs. (Div.) 33 2018 Synchronoss Techn. 12.92 210% 3 3 Entertainment Tech 91 2393 Harte-Hanks 1.25 140% – 5 Advertising 19 1624 Mallinckrodt plc 39.86 195% 2 3 Drug 70 971 Rite Aid Corp. 3.54 140% – 5 Pharmacy Services 18 1825 Sabre Corp. 22.92 195% 3 3 E-Commerce 28 2349 Viacom Inc. ‘B’ 34.32 140% 2 3 Entertainment 25 2150 Sears Holdings 7.78 195% 4 5 Retail Store 20 2327 Winnebago 26.15 140% 1 3 Recreation 15 1619 Endo Int’l plc 12.88 190% 1 4 Drug 70 1797 Investment Techn. 20.31 135% 3 3 Brokers & Exchanges 38 2221 Urban Outfitters 18.81 190% 4 3 Retail (Softlines) 50 2338 MSG Networks 21.45 135% – 3 Entertainment 25 121 Geospace Technologies 15.84 185% 5 4 Precision Instrument 72 218 Meridian Bioscience 13.85 135% 4 3 Med Supp Non-Invasive 76 1015 Sally Beauty 17.56 185% 2 3 Toiletries/Cosmetics 47 740 AK Steel Holding 6.03 130% 1 5 Steel 46 1568 Eldorado Gold 3.40 180% 2 4 Precious Metals 7 1566 AngloGold Ashanti ADS 11.84 130% 2 4 Precious Metals 7 2329 AMC Networks 52.72 175% 1 3 Entertainment 25 1600 CVR Partners, LP 4.74 130% 5 3 Chemical (Basic) 97 1232 Babcock & Wilcox Enter. 10.83 175% – 3 Engineering & Const 85 978 China Auto. Sys. 5.02 130% – 5 Auto Parts 5 1589 Freep’t-McMoRan Inc. 11.88 175% 3 4 Metals & Mining (Div.) 54 2172 Container Store Group 4.15 130% – 5 Retail (Hardlines) 29 2175 GNC Holdings 7.23 175% 3 3 Retail (Hardlines) 29 2156 Crocs, Inc. 6.52 130% 4 4 Shoe 35 2426 Helix Energy Solutions 5.83 175% 3 4 Oilfield Svcs/Equip. 96 2624 Infosys Ltd. ADR 15.06 130% 4 2 IT Services 56 2429 Nabors Inds. 10.08 175% 4 4 Oilfield Svcs/Equip. 96 610 Kinder Morgan Inc. 19.52 130% – 3 Oil/Gas Distribution 74 504 CVR Refining LP 10.10 170% 3 3 Petroleum (Integrated) 22 2144 Macy’s Inc. 23.05 130% 3 3 Retail Store 20 2556 First Data Corporation 16.61 170% – 3 Financial Svcs. (Div.) 33 2185 Michaels Cos. (The) 19.59 130% 1 3 Retail (Hardlines) 29 2147 Penney (J.C.) 4.62 170% 2 5 Retail Store 20 2387 News Corp. ‘A’ 13.15 130% 4 3 Newspaper 83 2439 Superior Energy Svcs. 12.13 170% 3 4 Oilfield Svcs/Equip. 96 1631 Opko Health 6.54 130% 4 3 Drug 70 2417 Whiting Petroleum 8.69 170% 2 5 Petroleum (Producing) 27 368 Potbelly Corp. 10.65 130% 3 4 Restaurant 21 1812 Akamai Technologies 47.41 165% 3 3 E-Commerce 28 2302 AMC Entertainment Hldgs. 24.65 125% 3 3 Recreation 15 707 Bombardier Inc. ‘B’ 2.09 165% 5 5 Aerospace/Defense 59 2206 Chico’s FAS 11.09 125% 2 3 Retail (Softlines) 50 2331 Discovery Communic. 25.63 165% 2 3 Entertainment 25 1219 EnerNOC, Inc. 5.60 125% 3 5 Power 69 515 PBF Energy 21.54 165% 2 3 Petroleum (Integrated) 22 2333 Entravision Communic. 5.60 125% 2 5 Entertainment 25 516 Petroleo Brasileiro ADR 8.83 165% 3 5 Petroleum (Integrated) 22 2213 Francesca’s Hldgs. 13.33 125% 3 3 Retail (Softlines) 50 1574 Pretium Resources 8.67 165% 4 5 Precious Metals 7 2663 KKR & Co. L.P. 18.70 125% 3 3 Public/Private Equity 49 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2047 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 42 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 33 BIGGEST ‘‘FREE FLOW’’ CASH GENERATORS Stocks of companies that have earned more ‘‘cash flow’’ in the last 5 years than was required to build plant and pay dividends Ratio Ratio ‘‘Cash Flow’’ ‘‘Cash Flow’’ Page Recent To Time- Safety Industry Page Recent To Time- Safety Industry No. Stock Name Price Cash Out liness Rank Industry Group Rank No. Stock Name Price Cash Out liness Rank Industry Group Rank 2108 Iconix Brand Group 6.10 72.76 4 4 Apparel 30 2181 Insight Enterprises 41.73 7.00 2 3 Retail (Hardlines) 29 1815 Check Point Software 109.62 58.25 3 2 E-Commerce 28 184 Intuitive Surgical 897.04 6.87 3 3 Med Supp Invasive 68 1125 CalAtlantic Group 36.92 54.57 1 3 Homebuilding 3 725 Axon Enterprise 24.88 6.82 3 4 Aerospace/Defense 59 2643 Netflix, Inc. 157.95 28.71 2 3 Internet 62 170 ABIOMED Inc. 134.74 6.75 3 3 Med Supp Invasive 68 839 Jazz Pharmac. plc 150.61 25.69 3 3 Biotechnology 84 1726 Roper Tech. 224.81 6.55 3 1 Machinery 58 2647 Priceline Group (The) 1827.94 20.10 3 3 Internet 62 1404 ScanSource 37.60 6.49 4 3 Computers/Peripherals 55 1614 Allergan plc 220.66 18.08 3 3 Drug 70 942 Arris Int’l plc 27.39 6.41 2 3 Telecom. Equipment 64 1137 Toll Brothers 37.78 16.05 2 3 Homebuilding 3 1352 CEVA, Inc. 42.25 6.40 3 4 Semiconductor 37 602 Ubiquiti Networks 48.00 16.03 2 3 Wireless Networking 11 2617 Cognizant Technology 66.01 6.32 3 2 IT Services 56 810 MEDNAX, Inc. 54.47 15.86 3 2 Medical Services 14 957 NETGEAR 42.85 6.32 3 3 Telecom. Equipment 64 1132 NVR, Inc. 2296.00 15.62 2 2 Homebuilding 3 2607 VMware, Inc. 94.87 6.32 3 3 Computer Software 51 2558 FleetCor Technologies 135.97 15.39 2 3 Financial Svcs. (Div.) 33 1321 Anixter Int’l 76.95 6.26 3 3 Electronics 40 2588 ANSYS, Inc. 124.66 15.29 3 2 Computer Software 51 2605 Synopsys, Inc. 72.60 6.25 2 1 Computer Software 51 1720 Middleby Corp. (The) 127.97 14.49 2 3 Machinery 58 438 CoStar Group 256.00 6.20 4 3 Information Services 39 2331 Discovery Communic. 25.63 13.35 2 3 Entertainment 25 1364 Microsemi Corp. 48.52 6.19 1 3 Semiconductor 37 1316 WESCO Int’l 62.10 12.86 4 3 Electrical Equipment 53 168 Wabash National 21.61 6.16 4 4 Heavy Truck & Equip 93 727 TransDigm Group 263.28 12.50 2 3 Aerospace/Defense 59 2603 SS&C Techn. Hldgs Inc 37.10 6.11 2 3 Computer Software 51 967 Express Scripts 60.15 12.45 1 3 Pharmacy Services 18 605 Zebra Techn. ‘A’ 102.28 6.11 1 3 Wireless Networking 11 2164 Avis Budget Group 22.38 11.87 3 4 Retail (Hardlines) 29 153 Actuant Corp. 25.65 6.05 5 3 Heavy Truck & Equip 93 2613 CACI Int’l 124.35 11.80 2 3 IT Services 56 2559 Franklin Resources 41.40 6.03 2 2 Financial Svcs. (Div.) 33 1638 Valeant Pharm. Int’l 13.31 11.49 3 5 Drug 70 1367 NXP Semiconductors NV 108.09 6.03 – 3 Semiconductor 37 2625 Manhattan Assoc. 46.56 11.48 3 3 IT Services 56 2599 PTC Inc. 55.90 6.02 4 3 Computer Software 51 840 Myriad Genetics 20.62 11.33 4 3 Biotechnology 84 193 Varian Medical Sys. 95.95 5.97 – 1 Med Supp Invasive 68 1980 Monster Beverage 49.43 10.77 3 3 Beverage 75 2609 ACI Worldwide 22.97 5.94 1 3 IT Services 56 1384 Kulicke & Soffa 21.54 10.49 3 3 Semiconductor Equip 17 1733 Wabtec Corp. 82.01 5.87 5 3 Machinery 58 1618 Celgene Corp. 117.31 9.99 3 3 Drug 70 714 HEICO Corp. 74.77 5.86 3 3 Aerospace/Defense 59 2653 XO Group 17.39 9.96 3 3 Internet 62 1134 St. Joe Corp. 17.50 5.85 2 3 Homebuilding 3 2652 VeriSign Inc. 89.05 9.54 3 3 Internet 62 130 PerkinElmer Inc. 62.06 5.81 3 3 Precision Instrument 72 1315 Universal Display 113.85 9.42 2 3 Electrical Equipment 53 2571 MasterCard Inc. 119.60 5.76 3 1 Financial Svcs. (Div.) 33 219 Natus Medical 33.75 9.31 4 3 Med Supp Non-Invasive 76 2002 Bridgepoint Education 14.21 5.72 4 4 Educational Services 79 2020 TiVo Corp. 16.55 9.20 – 3 Entertainment Tech 91 961 Synaptics 55.77 5.63 2 3 Telecom. Equipment 64 2329 AMC Networks 52.72 9.19 1 3 Entertainment 25 1322 Arrow Electronics 74.01 5.58 4 3 Electronics 40 949 F5 Networks 125.99 8.99 3 3 Telecom. Equipment 64 1222 Generac Holdings 35.18 5.58 3 3 Power 69 224 Schein (Henry) 182.10 8.96 2 3 Med Supp Non-Invasive 76 958 NeuStar Inc. 33.20 5.56 – 3 Telecom. Equipment 64 1009 Helen of Troy Ltd. 90.05 8.88 2 3 Toiletries/Cosmetics 47 175 Boston Scientific 26.67 5.52 4 3 Med Supp Invasive 68 1131 Meritage Homes 40.25 8.86 2 3 Homebuilding 3 437 CoreLogic 42.47 5.52 2 3 Information Services 39 1129 Lennar Corp. 51.63 8.83 3 3 Homebuilding 3 2584 WEX Inc. 102.53 5.52 3 3 Financial Svcs. (Div.) 33 1406 Tech Data 92.67 8.60 3 3 Computers/Peripherals 55 1233 Chicago Bridge & Iron 20.15 5.43 3 3 Engineering & Const 85 2606 Teradata Corp. 28.77 8.58 5 3 Computer Software 51 443 Gartner Inc. 113.63 5.40 3 2 Information Services 39 845 United Therapeutics 121.46 7.99 1 3 Biotechnology 84 132 Thermo Fisher Sci. 171.83 5.40 3 2 Precision Instrument 72 1616 Biogen 248.10 7.96 3 3 Drug 70 1649 On Assignment 52.38 5.38 4 3 Human Resources 48 2591 Cadence Design Sys. 34.02 7.89 3 3 Computer Software 51 1354 Cirrus Logic 64.99 5.36 1 3 Semiconductor 37 597 InterDigital Inc. 82.05 7.66 2 3 Wireless Networking 11 2188 Nautilus Inc. 18.25 5.35 3 4 Retail (Hardlines) 29 1620 Gilead Sciences 64.69 7.65 2 3 Drug 70 1981 National Beverage 90.51 5.34 2 3 Beverage 75 1314 Trimble Inc. 35.86 7.62 3 3 Electrical Equipment 53 799 Cigna Corp. 160.52 5.33 – 2 Medical Services 14 1348 Advanced Energy 77.12 7.51 2 3 Semiconductor 37 1357 Integrated Device 24.25 5.29 4 3 Semiconductor 37 1619 Endo Int’l plc 12.88 7.48 1 4 Drug 70 1231 AECOM 32.55 5.24 3 3 Engineering & Const 85 938 Vonage Holdings 6.86 7.32 4 4 Telecom. Services 31 1576 Wheaton Precious Met. 20.49 5.20 2 3 Precious Metals 7 2159 Madden (Steven) Ltd. 37.50 7.19 3 3 Shoe 35 572 Innospec Inc. 63.70 5.14 4 3 Chemical (Specialty) 65 2013 Electronic Arts 109.01 7.16 2 3 Entertainment Tech 91 382 CBRE Group 34.15 5.11 1 3 Industrial Services 41 BEST PERFORMING STOCKS WORST PERFORMING STOCKS (Measured by Price Change in the Last 13 Weeks) (Measured by Price Change in the Last 13 Weeks) Percent Percent Page Recent Change Time- Safety Page Recent Change Time- Safety No. Stock Name Ticker Price In Price liness Rank No. Stock Name Ticker Price In Price liness Rank 1160 RH RH 58.49 121.6% 2 4 2203 Ascena Retail Group ASNA 1.92 –62.6% 3 5 2197 Weight Watchers WTW 26.05 105.9% 2 5 2018 Synchronoss Techn. SNCR 12.92 –59.3% 3 3 923 Gen’l Communic. ‘A’ GNCMA 35.75 74.6% – 3 1031 Frontier Communic. FTR 1.40 –57.8% 4 5 1334 iRobot Corp. IRBT 97.00 70.0% 2 3 758 AmTrust Financial Svcs. AFSI 12.18 –55.9% 4 3 1142 Lumber Liquidators LL 29.98 66.7% 4 5 2219 Tailored Brands TLRD 10.10 –55.8% 3 4 969 PetMed Express PETS 34.27 60.5% 3 3 2179 Hertz Global Hldgs. HTZ 9.81 –51.0% – 4 830 Alnylam Pharmac. ALNY 74.87 59.8% 5 4 752 U.S. Steel Corp. X 20.38 –51.0% 3 4 1315 Universal Display OLED 113.85 59.1% 2 3 2196 Vitamin Shoppe VSI 11.55 –49.5% 3 3 592 BlackBerry BBRY 11.30 54.4% 2 4 1014 Revlon Inc. REV 19.45 –45.1% 4 3 1981 National Beverage FIZZ 90.51 53.9% 2 3 2420 CARBO Ceramics CRR 8.26 –44.9% 4 5 2171 Conn’s, Inc. CONN 15.55 52.5% 2 4 2407 Denbury Resources DNR 1.83 –43.2% 3 5 1611 Akorn, Inc. AKRX 33.18 51.4% – 3 1233 Chicago Bridge & Iron CBI 20.15 –42.7% 3 3 369 Red Robin Gourmet RRGB 71.35 50.2% 2 3 743 Cliffs Natural Res. CLF 6.75 –42.2% 5 5 2007 Rosetta Stone RST 11.47 49.3% 2 4 338 Teekay Corp. TK 6.49 –41.4% 3 5 2006 New Orient. Ed. ADS EDU 73.21 48.9% 3 3 971 Rite Aid Corp. RAD 3.54 –40.5% – 5 1628 Nektar Therapeutics NKTR 19.75 47.3% 4 5 2396 National CineMedia NCMI 7.54 –40.3% 3 3 2002 Bridgepoint Education BPI 14.21 44.7% 4 4 2174 Fossil Group FOSL 12.20 –38.6% 4 3 1395 Extreme Networks EXTR 9.31 44.1% 1 4 320 ArcBest Corp. ARCB 18.90 –38.5% 3 3 1827 Shopify Inc. SHOP 90.02 42.7% – 4 2380 Time Inc. TIME 12.00 –38.1% – 3 1902 AdvancePierre Foods APFH 40.22 42.1% – 3 1518 DDR Corp. DDR 9.05 –37.9% 3 3 1822 Mercadolibre Inc. MELI 281.80 42.0% 1 3 2030 Maiden Hldgs. Ltd. MHLD 10.50 –37.2% 4 3 2312 ILG, Inc. ILG 26.96 40.6% 2 3 1232 Babcock & Wilcox Enter. BW 10.83 –36.3% – 3 736 NN Inc. NNBR 28.10 38.8% 1 4 1033 Windstream Hldgs. WIN 4.59 –36.3% – 4 2367 Penn Nat’l Gaming PENN 19.57 38.1% 2 3 2431 Noble Corp. plc NE 4.58 –35.9% 3 5 826 Veeva Systems VEEV 60.49 37.4% 3 3 1537 Penn. R.E.I.T. PEI 11.18 –35.8% 3 3 2641 IAC/InterActiveCorp IAC 103.23 36.5% 3 3 542 QEP Resources QEP 11.10 –35.8% 2 4 199 Align Techn. ALGN 138.22 35.7% 3 3 2165 Barnes & Noble BKS 6.85 –35.4% – 4 366 Panera Bread Co. PNRA 313.34 35.0% – 2 2164 Avis Budget Group CAR 22.38 –35.2% 3 4 846 Vertex Pharmac. VRTX 116.59 34.7% 2 3 2429 Nabors Inds. NBR 10.08 –34.7% 4 4 997 Mobileye NV MBLY 61.81 34.0% – 3 2147 Penney (J.C.) JCP 4.62 –34.6% 2 5 1342 Stratasys Ltd. SSYS 28.24 33.6% 3 3 2392 Donnelley (R.R) & Sons RRD 12.05 –34.1% – 3 406 TeleTech Holdings TTEC 40.65 33.1% 3 3 2108 Iconix Brand Group ICON 6.10 –33.8% 4 4 1930 NutriSystem Inc. NTRI 50.10 32.9% 3 3 740 AK Steel Holding AKS 6.03 –33.4% 1 5 924 Gogo Inc. GOGO 12.44 32.8% 4 4 1595 U.S. Silica Holdings SLCA 39.03 –32.8% 3 4 922 Dycom Inds. DY 108.05 31.9% 2 3 735 Mueller Inds. MLI 28.88 –32.5% – 3 2149 Rent-A-Center RCII 10.84 31.7% 3 4 323 Hub Group HUBG 34.40 –32.0% 4 3 979 Commercial Vehicle CVGI 8.30 31.1% – 5 2221 Urban Outfitters URBN 18.81 –32.0% 4 3 2366 Melco Resorts & Entert. MLCO 21.94 30.8% 3 3 2210 Express, Inc. EXPR 7.88 –31.9% 4 3 1385 Lam Research LRCX 153.43 30.2% 2 3 1310 Grainger (W.W.) GWW 176.62 –31.6% 4 1 2014 Glu Mobile GLUU 2.68 30.1% – 5 2426 Helix Energy Solutions HLX 5.83 –31.4% 3 4 2141 Five Below, Inc. FIVE 51.31 29.8% 1 3 2640 Groupon, Inc. GRPN 3.28 –30.8% 3 5
© 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2048 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 43 of 190 Page 34 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 WIDEST DISCOUNTS FROM BOOK VALUE Stocks whose ratios of recent price to book value are lowest Percent Book Price-to- % Page Recent Value Book Time- Safety P/E Est’d Industry No. Stock Name Ticker Price Per sh.* Value liness Rank Beta Ratio Yield Industry Group Rank 1554 Genworth Fin’l GNW 3.67 29.30 13% – 5 1.95 4.3 NIL Insurance (Life) 89 338 Teekay Corp. TK 6.49 45.65 14% 3 5 1.95 NMF 3.4 Maritime 73 2203 Ascena Retail Group ASNA 1.92 9.70 20% 3 5 1.35 12.0 NIL Retail (Softlines) 50 2431 Noble Corp. plc NE 4.58 22.05 21% 3 5 1.75 NMF NIL Oilfield Svcs/Equip. 96 2441 Transocean Ltd. RIG 10.61 40.05 26% 3 5 1.60 NMF NIL Oilfield Svcs/Equip. 96 2424 Ensco plc ESV 7.62 26.95 28% 3 4 1.60 NMF 0.5 Oilfield Svcs/Equip. 96 1552 AEGON AEG 5.00 14.25 35% 5 3 1.40 7.1 5.8 Insurance (Life) 89 306 Bristow Group BRS 14.62 41.45 35% 5 4 1.55 NMF 1.9 Air Transport 67 2436 Rowan Cos. plc RDC 13.90 39.90 35% 3 3 1.40 NMF NIL Oilfield Svcs/Equip. 96 1031 Frontier Communic. FTR 1.40 3.70 38% 4 5 1.10 NMF 11.4 Telecom. Utility 32 1760 LSB Inds. LXU 9.15 24.14 38% – 5 1.90 NMF NIL Diversified Co. 52 331 Diana Shipping DSX 4.00 9.95 40% – 4 1.55 NMF NIL Maritime 73 2582 Voya Financial VOYA 35.02 86.40 41% 3 3 1.25 9.2 0.1 Financial Svcs. (Div.) 33 2420 CARBO Ceramics CRR 8.26 19.45 42% 4 5 1.50 NMF NIL Oilfield Svcs/Equip. 96 1632 PDL BioPharma PDLI 2.35 5.05 47% 5 4 1.05 11.8 NIL Drug 70 2422 Diamond Offshore DO 13.42 28.05 48% 3 3 1.20 17.9 NIL Oilfield Svcs/Equip. 96 978 China Auto. Sys. CAAS 5.02 10.15 49% – 5 1.45 6.7 NIL Auto Parts 5 741 ArcelorMittal MT 22.89 40.91 56% 1 4 1.70 12.7 NIL Steel 46 2426 Helix Energy Solutions HLX 5.83 10.35 56% 3 4 2.00 NMF NIL Oilfield Svcs/Equip. 96 2196 Vitamin Shoppe VSI 11.55 20.70 56% 3 3 0.95 5.6 NIL Retail (Hardlines) 29 1579 Yamana Gold AUY 2.73 4.80 57% 3 5 1.05 45.5 0.7 Precious Metals 7 2174 Fossil Group FOSL 12.20 20.65 59% 4 3 1.30 NMF NIL Retail (Hardlines) 29 2502 Ally Financial ALLY 18.97 30.10 63% 3 3 1.20 8.4 1.7 Bank 63 947 Comtech Telecom. CMTL 14.28 22.75 63% 3 4 1.25 33.2 2.8 Telecom. Equipment 64 2334 Global Eagle Entertain. ENT 3.22 4.95 65% – 4 1.30 NMF NIL Entertainment 25 2410 Marathon Oil Corp. MRO 14.56 22.40 65% 2 3 1.80 NMF 1.4 Petroleum (Producing) 27 1642 CDI Corp. CDI 6.25 9.45 66% – 4 1.35 NMF NIL Human Resources 48 1568 Eldorado Gold EGO 3.40 5.15 66% 2 4 1.15 34.0 NIL Precious Metals 7 2387 News Corp. ‘A’ NWSA 13.15 19.40 68% 4 3 1.30 57.2 1.5 Newspaper 83 516 Petroleo Brasileiro ADR PBR 8.83 12.75 69% 3 5 1.90 10.4 NIL Petroleum (Integrated) 22 2201 Abercrombie & Fitch ANF 12.20 17.35 70% – 3 1.30 NMF 6.6 Retail (Softlines) 50 2029 Greenlight Capital Re GLRE 20.45 29.35 70% 4 3 1.00 8.2 NIL Reinsurance 90 108 Nissan Motor ADR NSANY 19.48 27.65 70% 2 3 1.05 6.3 4.3 Automotive 12 332 Frontline Ltd. FRO 6.22 8.80 71% 3 5 1.40 20.7 9.6 Maritime 73 933 Telephone & Data TDS 27.61 39.00 71% 3 3 1.25 92.0 2.2 Telecom. Services 31 2026 Assured Guaranty AGO 38.70 53.65 72% 1 3 1.40 14.1 1.5 Reinsurance 90 1413 Essendant Inc. ESND 16.11 22.35 72% 4 3 1.15 11.9 3.5 Office Equip/Supplies 44 927 Iridium Communic. IRDM 10.10 14.05 72% 2 4 0.95 13.5 NIL Telecom. Services 31 758 AmTrust Financial Svcs. AFSI 12.18 16.70 73% 4 3 0.90 4.7 5.6 Insurance (Prop/Cas.) 82 1124 Beazer Homes USA BZH 14.28 19.60 73% 3 5 1.85 17.4 NIL Homebuilding 3 107 Honda Motor ADR HMC 27.74 38.05 73% 2 3 1.05 10.4 3.1 Automotive 12 2523 Popular Inc. BPOP 38.42 52.45 73% 3 3 1.35 10.8 2.6 Bank 63 2540 Amer. Int’l Group AIG 62.17 84.50 74% 4 3 1.10 10.7 2.1 Financial Svcs. (Div.) 33 1221 First Solar, Inc. FSLR 36.47 49.50 74% 5 3 1.60 NMF NIL Power 69 750 Schnitzer Steel SCHN 20.20 27.00 75% 3 3 1.50 25.3 3.7 Steel 46 320 ArcBest Corp. ARCB 18.90 24.80 76% 3 3 1.65 15.8 1.7 Trucking 86 2552 EZCORP, Inc. EZPW 8.65 11.40 76% – 4 1.45 14.9 NIL Financial Svcs. (Div.) 33 2417 Whiting Petroleum WLL 8.69 11.45 76% 2 5 2.30 NMF NIL Petroleum (Producing) 27 333 GasLog Ltd. GLOG 14.15 18.30 77% 3 4 1.70 31.4 4.0 Maritime 73 2030 Maiden Hldgs. Ltd. MHLD 10.50 13.70 77% 4 3 0.95 5.5 5.8 Reinsurance 90 1624 Mallinckrodt plc MNK 39.86 51.45 77% 2 3 1.30 7.2 NIL Drug 70 2406 Crescent Point Energy CPG.TO 13.18 16.95 78% 3 3 1.50 NMF 2.7 Petroleum (Producing) 27 937 Vodafone Group ADR VOD 29.50 37.95 78% 2 3 1.10 32.8 5.4 Telecom. Services 31 305 Atlas Air Worldwide AAWW 48.75 62.00 79% 3 3 1.35 13.5 NIL Air Transport 67 608 Clean Energy Fuels CLNE 2.42 3.05 79% – 5 1.90 12.1 NIL Oil/Gas Distribution 74 2324 Speedway Motorsports TRK 17.27 21.95 79% 4 3 0.90 15.7 3.5 Recreation 15 1557 MetLife Inc. MET 50.51 62.95 80% 3 3 1.35 9.4 3.4 Insurance (Life) 89 542 QEP Resources QEP 11.10 13.85 80% 2 4 1.70 NMF NIL Natural Gas (Div.) 26 2511 Citigroup Inc. C 61.71 76.65 81% 3 3 1.35 11.8 1.1 Bank 63 1605 Mosaic Company MOS 23.32 28.80 81% 3 3 1.30 24.8 2.6 Chemical (Basic) 97 2380 Time Inc. TIME 12.00 14.75 81% – 3 1.25 10.9 1.3 Publishing 95 2568 Loews Corp. L 46.78 56.85 82% 2 2 0.95 14.2 0.5 Financial Svcs. (Div.) 33 2113 Perry Ellis Int’l PERY 18.19 22.25 82% 3 3 1.00 8.3 NIL Apparel 30 2198 West Marine WMAR 9.78 12.00 82% 2 3 1.00 30.6 2.0 Retail (Hardlines) 29 2535 AerCap Hldgs. NV AER 45.03 54.55 83% 1 3 1.30 7.9 NIL Financial Svcs. (Div.) 33 1619 Endo Int’l plc ENDP 12.88 15.55 83% 1 4 1.05 3.6 NIL Drug 70 2108 Iconix Brand Group ICON 6.10 7.35 83% 4 4 1.35 7.6 NIL Apparel 30 2565 Kemper Corp. KMPR 39.15 47.00 83% 4 3 1.05 15.4 2.5 Financial Svcs. (Div.) 33 1013 Regis Corp. RGS 9.43 11.30 83% 4 3 1.05 49.6 NIL Toiletries/Cosmetics 47 1594 Teck Resources ‘B’ TECKB.TO 25.33 30.70 83% 3 5 1.60 7.1 0.8 Metals & Mining (Div.) 54 2032 Third Point Reinsurance TPRE 12.40 15.00 83% 3 3 0.90 5.9 NIL Reinsurance 90 774 XL Group Ltd. XL 42.36 51.30 83% 4 3 0.90 12.5 2.1 Insurance (Prop/Cas.) 82 1164 Domtar Corp. UFS 36.73 43.95 84% 3 3 1.10 14.3 4.5 Paper/Forest Products 16 625 Energy Transfer Part. ETP 23.66 27.80 85% – 3 1.50 23.7 9.0 Pipeline MLPs 78 1570 Goldcorp Inc. GG 13.55 16.00 85% 3 3 0.75 30.1 0.6 Precious Metals 7 2106 Guess Inc. GES 10.06 11.80 85% 4 3 1.10 23.4 8.9 Apparel 30 943 Black Box BBOX 8.35 9.75 86% 4 3 1.35 NMF 5.7 Telecom. Equipment 64 2138 Dillard’s, Inc. DDS 49.25 57.50 86% 2 3 1.00 10.7 0.6 Retail Store 20 1646 Kelly Services ‘A’ KELYA 23.65 27.65 86% 3 3 1.10 13.5 1.3 Human Resources 48 1761 Leucadia National LUK 24.79 28.90 86% 3 3 1.25 17.7 1.0 Diversified Co. 52 711 Embraer SA ERJ 19.52 22.35 87% 3 3 1.05 11.8 0.8 Aerospace/Defense 59 1637 Teva Pharmac. ADR TEVA 28.76 32.90 87% 3 2 0.85 5.8 4.7 Drug 70 2547 CIT Group CIT 47.45 54.20 88% 5 4 1.15 18.3 1.3 Financial Svcs. (Div.) 33 2512 Citizens Fin’l Group CFG 35.09 40.00 88% 2 3 1.15 14.3 1.7 Bank 63 2385 New Media Investment NEWM 12.73 14.45 88% 3 3 1.15 18.2 11.0 Newspaper 83 2018 Synchronoss Techn. SNCR 12.92 14.75 88% 3 3 1.45 5.3 NIL Entertainment Tech 91 1229 TransAlta Corp. TA.TO 7.51 8.50 88% 2 3 0.85 15.0 2.1 Power 69 2659 Apollo Investment AINV 6.38 7.15 89% 5 3 0.90 9.0 9.4 Public/Private Equity 49 1987 FUJIFILM Hldgs. ADR FUJIY 36.53 40.90 89% 2 3 0.95 15.8 1.9 Foreign Electronics 9 935 U.S. Cellular USM 38.76 43.45 89% 2 3 1.10 NMF NIL Telecom. Services 31 1125 CalAtlantic Group CAA 36.92 40.95 90% 1 3 1.35 9.3 0.4 Homebuilding 3 2172 Container Store Group TCS 4.15 4.60 90% – 5 1.40 16.6 NIL Retail (Hardlines) 29 509 HollyFrontier Corp. HFC 26.33 29.40 90% 4 3 1.15 17.6 5.2 Petroleum (Integrated) 22 513 Murphy Oil Corp. MUR 26.46 29.55 90% 2 3 1.55 52.9 3.8 Petroleum (Integrated) 22 2505 Bank of America BAC 23.39 25.70 91% 3 3 1.30 13.0 1.4 Bank 63 2171 Conn’s, Inc. CONN 15.55 17.00 91% 2 4 1.50 34.6 NIL Retail (Hardlines) 29 2104 G-III Apparel Group GIII 19.83 21.75 91% 5 3 1.15 23.3 NIL Apparel 30 2158 Genesco Inc. GCO 45.75 50.50 91% 3 3 1.05 10.2 NIL Shoe 35 1600 CVR Partners, LP UAN 4.74 5.15 92% 5 3 1.20 NMF 9.5 Chemical (Basic) 97 505 Cenovus Energy CVE.TO 13.01 14.20 92% 2 3 1.10 65.1 1.5 Petroleum (Integrated) 22 *If fiscal 2017 Book Value not available, estimate used. © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2049 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 44 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 35 LOWEST P/Es Stocks with the lowest estimated current P/E ratios Current Current Page Recent P/E Time- Safety Industry Page Recent P/E Time- Safety Industry No. Stock Name Price Ratio liness Rank Industry Group Rank No. Stock Name Price Ratio liness Rank Industry Group Rank 1638 Valeant Pharm. Int’l 13.31 3.0 3 5 Drug 70 1959 SUPERVALU INC. 3.97 8.4 – 5 Retail/Wholesale Food 57 1619 Endo Int’l plc 12.88 3.6 1 4 Drug 70 2349 Viacom Inc. ‘B’ 34.32 8.4 2 3 Entertainment 25 1554 Genworth Fin’l 3.67 4.3 – 5 Insurance (Life) 89 2329 AMC Networks 52.72 8.5 1 3 Entertainment 25 975 Amer. Axle 15.64 4.6 2 4 Auto Parts 5 575 LyondellBasell Inds. 80.57 8.5 3 3 Chemical (Specialty) 65 758 AmTrust Financial Svcs. 12.18 4.7 4 3 Insurance (Prop/Cas.) 82 1416 Pitney Bowes 15.24 8.5 3 3 Office Equip/Supplies 44 1591 Natural Resource 28.30 4.8 – 5 Metals & Mining (Div.) 54 845 United Therapeutics 121.46 8.5 1 3 Biotechnology 84 1233 Chicago Bridge & Iron 20.15 4.9 3 3 Engineering & Const 85 2180 Hibbett Sports 23.80 8.7 3 3 Retail (Hardlines) 29 104 Fiat Chrysler 10.32 5.0 – 3 Automotive 12 2110 Michael Kors Hldgs. 36.97 8.7 2 3 Apparel 30 106 Gen’l Motors 33.22 5.3 1 3 Automotive 12 2120 Asbury Automotive 56.15 8.8 1 3 Retail Automotive 8 2018 Synchronoss Techn. 12.92 5.3 3 3 Entertainment Tech 91 1181 Owens-Illinois 22.07 8.9 2 3 Packaging & Container 23 2175 GNC Holdings 7.23 5.4 3 3 Retail (Hardlines) 29 2131 Sonic Automotive 18.20 8.9 3 3 Retail Automotive 8 728 Triumph Group 24.25 5.4 3 3 Aerospace/Defense 59 2659 Apollo Investment 6.38 9.0 5 3 Public/Private Equity 49 2030 Maiden Hldgs. Ltd. 10.50 5.5 4 3 Reinsurance 90 993 Lear Corp. 143.54 9.0 1 3 Auto Parts 5 2196 Vitamin Shoppe 11.55 5.6 3 3 Retail (Hardlines) 29 2338 MSG Networks 21.45 9.1 – 3 Entertainment 25 2219 Tailored Brands 10.10 5.8 3 4 Retail (Softlines) 50 2185 Michaels Cos. (The) 19.59 9.1 1 3 Retail (Hardlines) 29 1637 Teva Pharmac. ADR 28.76 5.8 3 2 Drug 70 2453 Trinseo S.A. 65.20 9.1 2 3 Chemical (Diversified) 60 2032 Third Point Reinsurance 12.40 5.9 3 3 Reinsurance 90 2147 Penney (J.C.) 4.62 9.2 2 5 Retail Store 20 108 Nissan Motor ADR 19.48 6.3 2 3 Automotive 12 1405 Seagate Technology 42.63 9.2 3 3 Computers/Peripherals 55 978 China Auto. Sys. 5.02 6.7 – 5 Auto Parts 5 2582 Voya Financial 35.02 9.2 3 3 Financial Svcs. (Div.) 33 2144 Macy’s Inc. 23.05 6.7 3 3 Retail Store 20 1125 CalAtlantic Group 36.92 9.3 1 3 Homebuilding 3 2164 Avis Budget Group 22.38 6.8 3 4 Retail (Hardlines) 29 2578 Synchrony Financial 26.84 9.3 – 3 Financial Svcs. (Div.) 33 2176 GameStop Corp. 22.66 7.0 4 3 Retail (Hardlines) 29 308 Delta Air Lines 48.59 9.4 4 3 Air Transport 67 1552 AEGON 5.00 7.1 5 3 Insurance (Life) 89 1557 MetLife Inc. 50.51 9.4 3 3 Insurance (Life) 89 105 Ford Motor 11.05 7.1 3 3 Automotive 12 2121 AutoNation, Inc. 38.99 9.5 2 3 Retail Automotive 8 1594 Teck Resources ‘B’ 25.33 7.1 3 5 Metals & Mining (Div.) 54 958 NeuStar Inc. 33.20 9.5 – 3 Telecom. Equipment 64 1624 Mallinckrodt plc 39.86 7.2 2 3 Drug 70 1417 Staples, Inc. 8.68 9.6 4 3 Office Equip/Supplies 44 1596 Vale S.A. ADR 8.63 7.2 3 4 Metals & Mining (Div.) 54 1555 Lincoln Nat’l Corp. 65.50 9.7 2 3 Insurance (Life) 89 102 Daimler AG 74.80 7.4 2 3 Automotive 12 1015 Sally Beauty 17.56 9.7 2 3 Toiletries/Cosmetics 47 994 Linamar Corp. 63.80 7.5 1 3 Auto Parts 5 1408 Western Digital 88.03 9.7 3 3 Computers/Peripherals 55 2108 Iconix Brand Group 6.10 7.6 4 4 Apparel 30 942 Arris Int’l plc 27.39 9.8 2 3 Telecom. Equipment 64 1363 Micron Technology 28.29 7.6 2 3 Semiconductor 37 2204 Buckle (The), Inc. 16.70 9.8 4 3 Retail (Softlines) 50 1583 Alliance Resource 21.95 7.8 2 3 Metals & Mining (Div.) 54 2550 Discover Fin’l Svcs. 59.74 9.8 3 2 Financial Svcs. (Div.) 33 1620 Gilead Sciences 64.69 7.8 2 3 Drug 70 1808 Piper Jaffray Cos. 60.65 9.8 1 3 Investment Banking 13 995 Magna Int’l ‘A’ 45.09 7.8 2 3 Auto Parts 5 1324 Avnet, Inc. 36.51 9.9 4 3 Electronics 40 2535 AerCap Hldgs. NV 45.03 7.9 1 3 Financial Svcs. (Div.) 33 2510 Can. Imperial Bank 106.95 9.9 1 1 Bank 63 2572 Navient Corp. 14.24 7.9 3 3 Financial Svcs. (Div.) 33 1999 Turning Point Brands 16.77 9.9 – 3 Tobacco 94 2166 Bed Bath & Beyond 34.70 8.0 3 2 Retail (Hardlines) 29 1415 Office Depot 5.01 10.0 1 5 Office Equip/Supplies 44 2661 Fortress Investment 7.95 8.0 – 3 Public/Private Equity 49 2130 Penske Auto 43.12 10.0 2 3 Retail Automotive 8 989 Goodyear Tire 32.08 8.1 2 3 Auto Parts 5 1133 PulteGroup, Inc. 22.92 10.0 2 3 Homebuilding 3 2029 Greenlight Capital Re 20.45 8.2 4 3 Reinsurance 90 544 Southwestern Energy 6.99 10.0 3 4 Natural Gas (Div.) 26 1127 Hovnanian Enterpr. ‘A’ 2.47 8.2 – 5 Homebuilding 3 1608 Terra Nitrogen 82.90 10.0 4 3 Chemical (Basic) 97 2192 Signet Jewelers Ltd. 58.38 8.2 2 3 Retail (Hardlines) 29 2202 Amer. Eagle Outfitters 11.07 10.1 4 3 Retail (Softlines) 50 2125 Group 1 Automotive 62.69 8.3 2 3 Retail Automotive 8 982 Dana Inc. 19.97 10.1 1 3 Auto Parts 5 2663 KKR & Co. L.P. 18.70 8.3 3 3 Public/Private Equity 49 2662 Gladstone Capital 10.08 10.1 3 3 Public/Private Equity 49 2569 MGIC Investment 10.78 8.3 1 5 Financial Svcs. (Div.) 33 1559 Prudential Fin’l 105.15 10.1 4 3 Insurance (Life) 89 515 PBF Energy 21.54 8.3 2 3 Petroleum (Integrated) 22 1410 ACCO Brands 11.25 10.2 2 4 Office Equip/Supplies 44 2113 Perry Ellis Int’l 18.19 8.3 3 3 Apparel 30 1512 Annaly Capital Mgmt. 11.68 10.2 4 3 R.E.I.T. 36 1001 Tenneco Inc. 55.10 8.3 1 3 Auto Parts 5 2158 Genesco Inc. 45.75 10.2 3 3 Shoe 35 2502 Ally Financial 18.97 8.4 3 3 Bank 63 2517 HSBC Holdings PLC 43.44 10.2 5 3 Bank 63 504 CVR Refining LP 10.10 8.4 3 3 Petroleum (Integrated) 22 2107 Hanesbrands, Inc. 20.54 10.3 1 3 Apparel 30 HIGHEST P/Es Stocks with the highest estimated current P/E ratios Current Current Page Recent P/E Time- Safety Industry Page Recent P/E Time- Safety Industry No. Stock Name Price Ratio liness Rank Industry Group Rank No. Stock Name Price Ratio liness Rank Industry Group Rank 846 Vertex Pharmac. 116.59 97.2 2 3 Biotechnology 84 171 AngioDynamics 15.82 52.7 2 3 Med Supp Invasive 68 1513 Apartment Investment 43.28 96.2 3 3 R.E.I.T. 36 2305 Callaway Golf 12.74 51.0 3 4 Recreation 15 532 EOG Resources 92.53 92.5 3 3 Natural Gas (Div.) 26 2421 Core Laboratories 107.10 51.0 4 3 Oilfield Svcs/Equip. 96 933 Telephone & Data 27.61 92.0 3 3 Telecom. Services 31 2638 Expedia Inc. 142.57 50.9 5 3 Internet 62 2654 Yahoo! Inc. 50.31 91.5 – 3 Internet 62 1017 Charter Communic. 318.79 50.6 1 3 Cable TV 1 170 ABIOMED Inc. 134.74 91.0 3 3 Med Supp Invasive 68 1516 Camden Property Trust 82.94 50.3 3 3 R.E.I.T. 36 601 Sierra Wireless 26.85 89.5 3 4 Wireless Networking 11 1813 Arista Networks 143.20 50.2 2 3 E-Commerce 28 1227 Pattern Energy Group 22.30 89.2 1 3 Power 69 2010 Activision Blizzard 57.80 49.8 3 3 Entertainment Tech 91 626 EnLink Midstream Part. 17.72 88.6 5 4 Pipeline MLPs 78 1352 CEVA, Inc. 42.25 49.7 3 4 Semiconductor 37 963 Zayo Group Holdings 31.80 88.3 – 3 Telecom. Equipment 64 206 Cutera, Inc. 22.30 49.6 3 3 Med Supp Non-Invasive 76 1548 Washington R.E.I.T. 32.58 88.1 2 3 R.E.I.T. 36 1013 Regis Corp. 9.43 49.6 4 3 Toiletries/Cosmetics 47 530 Concho Resources 131.46 87.6 3 3 Natural Gas (Div.) 26 607 Cheniere Energy 48.82 48.8 3 4 Oil/Gas Distribution 74 594 Crown Castle Int’l 100.78 87.6 3 3 Wireless Networking 11 1029 Consol. Communic. 19.53 48.8 3 3 Telecom. Utility 32 1315 Universal Display 113.85 81.3 2 3 Electrical Equipment 53 2115 Under Armour ‘A’ 19.49 48.7 3 3 Apparel 30 1328 Cubic Corp. 46.10 80.9 5 3 Electronics 40 591 Amer. Tower ‘A’ 128.73 48.6 3 2 Wireless Networking 11 1536 Mack-Cali R’lty 27.19 77.7 1 3 R.E.I.T. 36 1947 CST Brands 48.39 48.4 – 3 Retail/Wholesale Food 57 1542 SL Green Realty 102.91 76.2 3 3 R.E.I.T. 36 1908 Cal-Maine Foods 40.35 48.0 5 3 Food Processing 71 826 Veeva Systems 60.49 75.6 3 3 Healthcare Information 61 2561 Global Payments 91.21 48.0 4 3 Financial Svcs. (Div.) 33 164 Navistar Int’l 26.73 74.3 5 5 Heavy Truck & Equip 93 1314 Trimble Inc. 35.86 47.8 3 3 Electrical Equipment 53 1170 Rayonier Inc. 27.90 73.4 2 3 Paper/Forest Products 16 1546 Vornado R’lty Trust 93.18 47.8 – 3 R.E.I.T. 36 1525 FelCor Lodging Tr. 7.25 72.5 – 4 R.E.I.T. 36 392 Howard Hughes Corp. 126.20 47.6 3 3 Industrial Services 41 1520 Duke Realty Corp. 28.83 72.1 3 3 R.E.I.T. 36 1771 SPX Corp. 26.17 47.6 – 3 Diversified Co. 52 709 DigitalGlobe, Inc. 31.45 69.9 – 3 Aerospace/Defense 59 1372 Silicon Labs. 73.80 47.6 4 3 Semiconductor 37 1569 Franco-Nevada Corp. 72.07 68.6 3 3 Precious Metals 7 2002 Bridgepoint Education 14.21 47.4 4 4 Educational Services 79 1530 Healthcare R’lty Trust 33.74 67.5 3 3 R.E.I.T. 36 1162 Tempur Sealy Int’l 47.43 47.4 2 4 Furn/Home Furnishings 10 1975 Cott Corp. 13.29 66.5 3 3 Beverage 75 1371 Semtech Corp. 36.40 47.3 4 3 Semiconductor 37 1519 Digital Realty Trust 116.19 66.0 4 3 R.E.I.T. 36 402 Rollins, Inc. 42.51 47.2 3 2 Industrial Services 41 1588 CONSOL Energy 16.43 65.7 2 4 Metals & Mining (Div.) 54 1021 EchoStar Corp. 58.68 46.9 3 3 Cable TV 1 505 Cenovus Energy 13.01 65.1 2 3 Petroleum (Integrated) 22 841 QIAGEN N.V. 32.75 46.8 3 3 Biotechnology 84 514 Occidental Petroleum 61.56 64.8 3 3 Petroleum (Integrated) 22 357 Chipotle Mex. Grill 475.00 46.6 4 3 Restaurant 21 2425 Halliburton Co. 47.60 63.5 5 3 Oilfield Svcs/Equip. 96 2587 Adobe Systems 139.52 46.5 3 3 Computer Software 51 187 NuVasive, Inc. 72.21 62.8 3 3 Med Supp Invasive 68 117 Cognex Corp. 92.93 46.5 2 3 Precision Instrument 72 371 Shake Shack 37.03 61.7 – 4 Restaurant 21 2437 Schlumberger Ltd. 72.09 46.5 5 2 Oilfield Svcs/Equip. 96 1365 Monolithic Power Sys. 95.04 61.3 3 3 Semiconductor 37 842 Regeneron Pharmac. 461.37 46.1 3 3 Biotechnology 84 133 Ultratech, Inc. 30.18 60.4 – 3 Precision Instrument 72 2641 IAC/InterActiveCorp 103.23 45.9 3 3 Internet 62 1565 Agnico Eagle Mines 47.60 60.3 3 3 Precious Metals 7 1515 Boston Properties 121.84 45.5 3 3 R.E.I.T. 36 997 Mobileye NV 61.81 58.9 – 3 Auto Parts 5 1643 Cross Country Health. 11.38 45.5 4 4 Human Resources 48 2650 TripAdvisor, Inc. 40.87 58.4 5 3 Internet 62 1579 Yamana Gold 2.73 45.5 3 5 Precious Metals 7 438 CoStar Group 256.00 58.2 4 3 Information Services 39 1224 NRG Energy 15.88 45.4 4 3 Power 69 703 AeroVironment 31.34 58.0 4 3 Aerospace/Defense 59 134 Veeco Instruments 31.65 45.2 3 4 Precision Instrument 72 1822 Mercadolibre Inc. 281.80 57.5 1 3 E-Commerce 28 1799 MarketAxess Holdings 188.00 44.7 3 3 Brokers & Exchanges 38 2387 News Corp. ‘A’ 13.15 57.2 4 3 Newspaper 83 199 Align Techn. 138.22 44.6 3 3 Med Supp Non-Invasive 76 201 Bio-Rad Labs. ‘A’ 219.36 56.2 5 2 Med Supp Non-Invasive 76 2358 Hyatt Hotels 57.98 44.6 2 3 Hotel/Gaming 6 2601 Red Hat, Inc. 87.63 56.2 3 3 Computer Software 51 1586 Cameco Corp. 13.31 44.4 5 3 Metals & Mining (Div.) 54 2415 RSP Permian 39.23 56.0 4 4 Petroleum (Producing) 27 2401 Apache Corp. 50.00 44.2 3 3 Petroleum (Producing) 27 725 Axon Enterprise 24.88 55.3 3 4 Aerospace/Defense 59 2366 Melco Resorts & Entert. 21.94 43.9 3 3 Hotel/Gaming 6 1830 Ultimate Software Group 215.96 55.1 3 3 E-Commerce 28 1400 Mercury Systems 39.05 43.9 3 3 Computers/Peripherals 55 212 IDEXX Labs. 164.20 53.8 3 3 Med Supp Non-Invasive 76 1540 Realty Income Corp. 54.14 43.7 3 2 R.E.I.T. 36 1595 U.S. Silica Holdings 39.03 53.5 3 4 Metals & Mining (Div.) 54 2156 Crocs, Inc. 6.52 43.5 4 4 Shoe 35 513 Murphy Oil Corp. 26.46 52.9 2 3 Petroleum (Integrated) 22 2146 Ollie’s Bargain Outlet 41.10 43.3 – 3 Retail Store 20 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2050 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 45 of 190 Page 36 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 STOCKS WITH HIGHEST ANNUAL TOTAL RETURNS (NEXT 3 TO 5 YEARS) (Estimated compound annual stock price appreciation plus estimated annual dividend income.) Est’d Est’d Page Recent Total Time- Safety Industry Page Recent Total Time- Safety Industry No. Stock Name Price Return liness Rank Industry Group Rank No. Stock Name Price Return liness Rank Industry Group Rank 2203 Ascena Retail Group 1.92 72% 3 5 Retail (Softlines) 50 2192 Signet Jewelers Ltd. 58.38 28% 2 3 Retail (Hardlines) 29 1031 Frontier Communic. 1.40 60% 4 5 Telecom. Utility 32 2439 Superior Energy Svcs. 12.13 28% 3 4 Oilfield Svcs/Equip. 96 2219 Tailored Brands 10.10 50% 3 4 Retail (Softlines) 50 2417 Whiting Petroleum 8.69 28% 2 5 Petroleum (Producing) 27 940 Acacia Communications 48.18 46% – 3 Telecom. Equipment 64 1812 Akamai Technologies 47.41 27% 3 3 E-Commerce 28 608 Clean Energy Fuels 2.42 43% – 5 Oil/Gas Distribution 74 352 BJ’s Restaurants 45.50 27% 2 3 Restaurant 21 2396 National CineMedia 7.54 43% 3 3 Advertising 19 353 Bloomin’ Brands 19.97 27% 1 3 Restaurant 21 2440 TETRA Technologies 3.45 43% 3 5 Oilfield Svcs/Equip. 96 707 Bombardier Inc. ‘B’ 2.09 27% 5 5 Aerospace/Defense 59 2174 Fossil Group 12.20 42% 4 3 Retail (Hardlines) 29 1588 CONSOL Energy 16.43 27% 2 4 Metals & Mining (Div.) 54 338 Teekay Corp. 6.49 42% 3 5 Maritime 73 2331 Discovery Communic. 25.63 27% 2 3 Entertainment 25 2384 Gannett Co. 7.72 41% – 3 Newspaper 83 2210 Express, Inc. 7.88 27% 4 3 Retail (Softlines) 50 544 Southwestern Energy 6.99 41% 3 4 Natural Gas (Div.) 26 1570 Goldcorp Inc. 13.55 27% 3 3 Precious Metals 7 1518 DDR Corp. 9.05 39% 3 3 R.E.I.T. 36 2567 Legg Mason 37.93 27% 3 3 Financial Svcs. (Div.) 33 2334 Global Eagle Entertain. 3.22 39% – 4 Entertainment 25 2144 Macy’s Inc. 23.05 27% 3 3 Retail Store 20 2196 Vitamin Shoppe 11.55 39% 3 3 Retail (Hardlines) 29 218 Meridian Bioscience 13.85 27% 4 3 Med Supp Non-Invasive 76 2420 CARBO Ceramics 8.26 38% 4 5 Oilfield Svcs/Equip. 96 1537 Penn. R.E.I.T. 11.18 27% 3 3 R.E.I.T. 36 2442 Weatherford Int’l plc 5.33 38% 5 4 Oilfield Svcs/Equip. 96 1583 Alliance Resource 21.95 26% 2 3 Metals & Mining (Div.) 54 2179 Hertz Global Hldgs. 9.81 37% – 4 Retail (Hardlines) 29 525 Antero Resources 21.91 26% 2 3 Natural Gas (Div.) 26 1233 Chicago Bridge & Iron 20.15 36% 3 3 Engineering & Const 85 2165 Barnes & Noble 6.85 26% – 4 Retail (Hardlines) 29 1228 SunPower Corp. 7.95 36% 5 4 Power 69 800 Community Health 9.61 26% – 4 Medical Services 14 758 AmTrust Financial Svcs. 12.18 35% 4 3 Insurance (Prop/Cas.) 82 1221 First Solar, Inc. 36.47 26% 5 3 Power 69 2407 Denbury Resources 1.83 35% 3 5 Petroleum (Producing) 27 2104 G-III Apparel Group 19.83 26% 5 3 Apparel 30 814 Tenet Healthcare 17.51 35% 3 4 Medical Services 14 2313 IMAX Corp. 26.50 26% 4 3 Recreation 15 1127 Hovnanian Enterpr. ‘A’ 2.47 34% – 5 Homebuilding 3 1403 Pure Storage 10.84 26% – 4 Computers/Peripherals 55 2344 Sirius XM Holdings 4.97 34% 3 4 Entertainment 25 2416 Range Resources 25.09 26% 2 3 Petroleum (Producing) 27 1638 Valeant Pharm. Int’l 13.31 34% 3 5 Drug 70 845 United Therapeutics 121.46 26% 1 3 Biotechnology 84 2018 Synchronoss Techn. 12.92 33% 3 3 Entertainment Tech 91 2349 Viacom Inc. ‘B’ 34.32 26% 2 3 Entertainment 25 1825 Sabre Corp. 22.92 32% 3 3 E-Commerce 28 2164 Avis Budget Group 22.38 25% 3 4 Retail (Hardlines) 29 1619 Endo Int’l plc 12.88 31% 1 4 Drug 70 2422 Diamond Offshore 13.42 25% 3 3 Oilfield Svcs/Equip. 96 1624 Mallinckrodt plc 39.86 31% 2 3 Drug 70 966 Diplomat Pharmacy 17.61 25% 3 4 Pharmacy Services 18 515 PBF Energy 21.54 31% 2 3 Petroleum (Integrated) 22 2108 Iconix Brand Group 6.10 25% 4 4 Apparel 30 2150 Sears Holdings 7.78 31% 4 5 Retail Store 20 2624 Infosys Ltd. ADR 15.06 25% 4 2 IT Services 56 2221 Urban Outfitters 18.81 31% 4 3 Retail (Softlines) 50 1797 Investment Techn. 20.31 25% 3 3 Brokers & Exchanges 38 1600 CVR Partners, LP 4.74 30% 5 3 Chemical (Basic) 97 2663 KKR & Co. L.P. 18.70 25% 3 3 Public/Private Equity 49 121 Geospace Technologies 15.84 30% 5 4 Precision Instrument 72 610 Kinder Morgan Inc. 19.52 25% – 3 Oil/Gas Distribution 74 2429 Nabors Inds. 10.08 30% 4 4 Oilfield Svcs/Equip. 96 1760 LSB Inds. 9.15 25% – 5 Diversified Co. 52 1015 Sally Beauty 17.56 30% 2 3 Toiletries/Cosmetics 47 633 Suburban Propane 23.27 25% 4 3 Pipeline MLPs 78 2329 AMC Networks 52.72 29% 1 3 Entertainment 25 2327 Winnebago 26.15 25% 1 3 Recreation 15 1232 Babcock & Wilcox Enter. 10.83 29% – 3 Engineering & Const 85 2302 AMC Entertainment Hldgs. 24.65 24% 3 3 Recreation 15 1568 Eldorado Gold 3.40 29% 2 4 Precious Metals 7 1566 AngloGold Ashanti ADS 11.84 24% 2 4 Precious Metals 7 1589 Freep’t-McMoRan Inc. 11.88 29% 3 4 Metals & Mining (Div.) 54 1323 Avigilon Corp. 14.71 24% 3 3 Electronics 40 2175 GNC Holdings 7.23 29% 3 3 Retail (Hardlines) 29 2204 Buckle (The), Inc. 16.70 24% 4 3 Retail (Softlines) 50 2426 Helix Energy Solutions 5.83 29% 3 4 Oilfield Svcs/Equip. 96 2206 Chico’s FAS 11.09 24% 2 3 Retail (Softlines) 50 513 Murphy Oil Corp. 26.46 29% 2 3 Petroleum (Integrated) 22 2011 Daktronics Inc. 9.15 24% 5 3 Entertainment Tech 91 1578 Tahoe Resources 9.28 29% 1 4 Precious Metals 7 360 DineEquity Inc. 48.61 24% 3 3 Restaurant 21 504 CVR Refining LP 10.10 28% 3 3 Petroleum (Integrated) 22 2333 Entravision Communic. 5.60 24% 2 5 Entertainment 25 2556 First Data Corporation 16.61 28% – 3 Financial Svcs. (Div.) 33 2558 FleetCor Technologies 135.97 24% 2 3 Financial Svcs. (Div.) 33 332 Frontline Ltd. 6.22 28% 3 5 Maritime 73 2393 Harte-Hanks 1.25 24% – 5 Advertising 19 2147 Penney (J.C.) 4.62 28% 2 5 Retail Store 20 2338 MSG Networks 21.45 24% – 3 Entertainment 25 516 Petroleo Brasileiro ADR 8.83 28% 3 5 Petroleum (Integrated) 22 995 Magna Int’l ‘A’ 45.09 24% 2 3 Auto Parts 5 1574 Pretium Resources 8.67 28% 4 5 Precious Metals 7 2385 New Media Investment 12.73 24% 3 3 Newspaper 83 STOCKS WITH HIGHEST PROJECTED 3- TO 5-YEAR DIVIDEND YIELD Based upon the projected dividend per share 3 to 5 years hence divided by the recent price Est’d Est’d Page Recent Future Time- Safety Industry Page Recent Future Time- Safety Industry No. Stock Name Price Yield liness Rank Industry Group Rank No. Stock Name Price Yield liness Rank Industry Group Rank 1031 Frontier Communic. 1.40 30% 4 5 Telecom. Utility 32 1592 Rio Tinto plc 41.86 8% 3 3 Metals & Mining (Div.) 54 338 Teekay Corp. 6.49 22% 3 5 Maritime 73 632 Spectra Energy Part. 44.50 8% 3 3 Pipeline MLPs 78 633 Suburban Propane 23.27 16% 4 3 Pipeline MLPs 78 2380 Time Inc. 12.00 8% – 3 Publishing 95 1512 Annaly Capital Mgmt. 11.68 15% 4 3 R.E.I.T. 36 1547 W.P. Carey Inc. 64.01 8% 3 3 R.E.I.T. 36 2396 National CineMedia 7.54 13% 3 3 Advertising 19 634 Western Gas Part. 56.54 8% 4 3 Pipeline MLPs 78 337 Ship Finance Int’l 13.75 13% 3 3 Maritime 73 2201 Abercrombie & Fitch 12.20 7% – 3 Retail (Softlines) 50 1033 Windstream Hldgs. 4.59 13% – 4 Telecom. Utility 32 502 BP PLC ADR 36.93 7% 2 3 Petroleum (Integrated) 22 2660 Blackstone Group LP 32.47 12% 3 3 Public/Private Equity 49 503 CVR Energy 21.23 7% 3 4 Petroleum (Integrated) 22 1518 DDR Corp. 9.05 12% 3 3 R.E.I.T. 36 2205 Cato Corp. 21.35 7% 4 3 Retail (Softlines) 50 1583 Alliance Resource 21.95 11% 2 3 Metals & Mining (Div.) 54 1217 Covanta Holding Corp. 14.50 7% 4 3 Power 69 2538 AllianceBernstein Hldg. 21.10 11% 1 3 Financial Svcs. (Div.) 33 105 Ford Motor 11.05 7% 3 3 Automotive 12 2658 Apollo Global Mgmt 27.59 11% 1 3 Public/Private Equity 49 1527 GEO Group (The) 30.01 7% 3 3 R.E.I.T. 36 2384 Gannett Co. 7.72 11% – 3 Newspaper 83 2176 GameStop Corp. 22.66 7% 4 3 Retail (Hardlines) 29 2165 Barnes & Noble 6.85 10% – 4 Retail (Hardlines) 29 2517 HSBC Holdings PLC 43.44 7% 5 3 Bank 63 943 Black Box 8.35 10% 4 3 Telecom. Equipment 64 2177 HSN, Inc. 34.40 7% 4 3 Retail (Hardlines) 29 622 Enable Midstream Part. 16.40 10% 4 4 Pipeline MLPs 78 509 HollyFrontier Corp. 26.33 7% 4 3 Petroleum (Integrated) 22 625 Energy Transfer Part. 23.66 10% – 3 Pipeline MLPs 78 394 Iron Mountain 34.72 7% 4 3 Industrial Services 41 626 EnLink Midstream Part. 17.72 10% 5 4 Pipeline MLPs 78 1533 Kimco Realty 18.03 7% 3 2 R.E.I.T. 36 627 Enterprise Products 27.50 10% 4 3 Pipeline MLPs 78 2143 Kohl’s Corp. 37.79 7% 3 3 Retail Store 20 2219 Tailored Brands 10.10 10% 3 4 Retail (Softlines) 50 2361 Las Vegas Sands 57.53 7% 2 3 Hotel/Gaming 6 1608 Terra Nitrogen 82.90 10% 4 3 Chemical (Basic) 97 628 MPLX LP 35.52 7% 3 4 Pipeline MLPs 78 617 AmeriGas Partners 44.16 9% 5 3 Pipeline MLPs 78 629 Magellan Midstream 74.66 7% 3 3 Pipeline MLPs 78 2659 Apollo Investment 6.38 9% 5 3 Public/Private Equity 49 2030 Maiden Hldgs. Ltd. 10.50 7% 4 3 Reinsurance 90 1792 BGC Partners 11.53 9% 2 3 Brokers & Exchanges 38 630 ONEOK Partners L.P. 51.24 7% – 3 Pipeline MLPs 78 2402 Black Stone Minerals 16.85 9% – 3 Petroleum (Producing) 27 518 Royal Dutch Shell ‘B’ 56.91 7% 3 2 Petroleum (Integrated) 22 619 Buckeye Partners L.P. 67.15 9% 4 3 Pipeline MLPs 78 1545 Ventas, Inc. 67.50 7% 3 3 R.E.I.T. 36 1027 CenturyLink Inc. 25.19 9% – 3 Telecom. Utility 32 635 Williams Partners L.P. 40.63 7% 2 4 Pipeline MLPs 78 620 DCP Midstream LP 37.19 9% 3 3 Pipeline MLPs 78 2383 A.H. Belo 5.60 6% – 4 Newspaper 83 360 DineEquity Inc. 48.61 9% 3 3 Restaurant 21 919 AT&T Inc. 38.31 6% 3 1 Telecom. Services 31 624 Energy Transfer Equity 18.51 9% 4 4 Pipeline MLPs 78 2537 Aircastle Ltd. 22.71 6% 3 3 Financial Svcs. (Div.) 33 1805 Greenhill & Co. 21.25 9% 4 3 Investment Banking 13 1025 BCE Inc. 44.73 6% 3 3 Telecom. Utility 32 2106 Guess Inc. 10.06 9% 4 3 Apparel 30 1026 BT Group ADR 20.71 6% 3 3 Telecom. Utility 32 218 Meridian Bioscience 13.85 9% 4 3 Med Supp Non-Invasive 76 2168 Big 5 Sporting Goods 13.20 6% 1 4 Retail (Hardlines) 29 1537 Penn. R.E.I.T. 11.18 9% 3 3 R.E.I.T. 36 2204 Buckle (The), Inc. 16.70 6% 4 3 Retail (Softlines) 50 631 Plains All Amer. Pipe. 27.95 9% 5 3 Pipeline MLPs 78 1599 CF Industries 28.95 6% 5 3 Chemical (Basic) 97 545 Targa Resources 50.26 9% 5 4 Natural Gas (Div.) 26 2307 Cedar Fair L.P. 70.64 6% 3 3 Recreation 15 1214 AES Corp. 11.37 8% 3 3 Power 69 947 Comtech Telecom. 14.28 6% 3 4 Telecom. Equipment 64 1552 AEGON 5.00 8% 5 3 Insurance (Life) 89 1517 CoreCivic, Inc. 29.34 6% 3 3 R.E.I.T. 36 758 AmTrust Financial Svcs. 12.18 8% 4 3 Insurance (Prop/Cas.) 82 2209 DSW Inc. 16.21 6% 3 3 Retail (Softlines) 50 1029 Consol. Communic. 19.53 8% 3 3 Telecom. Utility 32 102 Daimler AG 74.80 6% 2 3 Automotive 12 621 EQT Midstream Part. 74.18 8% 2 3 Pipeline MLPs 78 1218 Emera Inc. 47.51 6% 4 2 Power 69 623 Enbridge Energy Part. 17.62 8% 2 3 Pipeline MLPs 78 145 FirstEnergy Corp. 28.50 6% 3 3 Electric Utility (East) 42 1525 FelCor Lodging Tr. 7.25 8% – 4 R.E.I.T. 36 1752 Gen’l Electric 28.28 6% 3 2 Diversified Co. 52 2662 Gladstone Capital 10.08 8% 3 3 Public/Private Equity 49 1529 HCP Inc. 31.73 6% 4 3 R.E.I.T. 36 1531 Hospitality Properties 28.89 8% 3 3 R.E.I.T. 36 1532 Host Hotels & Resorts 18.16 6% 2 3 R.E.I.T. 36 397 Macquarie Infra. 78.48 8% 1 3 Industrial Services 41 2563 Invesco Ltd. 31.25 6% 2 3 Financial Svcs. (Div.) 33 2144 Macy’s Inc. 23.05 8% 3 3 Retail Store 20 2395 Lamar Advertising 70.24 6% 4 3 Advertising 19 2315 Mattel, Inc. 21.75 8% 5 3 Recreation 15 1535 Macerich Comp. (The) 58.20 6% 4 3 R.E.I.T. 36 1227 Pattern Energy Group 22.30 8% 1 3 Power 69 513 Murphy Oil Corp. 26.46 6% 2 3 Petroleum (Integrated) 22 2191 Pier 1 Imports 5.25 8% 3 4 Retail (Hardlines) 29 2521 Nat’l Bank of Canada 53.87 6% 3 2 Bank 63 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2051 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 46 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 37 HIGH RETURNS EARNED ON TOTAL CAPITAL Stocks with high average returns on capital in last 5 years ranked by earnings retained to common equity Avg. Retained Avg. Current % Page Recent to Return Time- Safety P/E Est’d Industry No. Stock Name Ticker Price Com. Eq. On Cap. liness Rank Beta Ratio Yield Industry Group Rank 717 Lockheed Martin LMT 278.36 764% 33% 4 1 0.80 22.4 2.7 Aerospace/Defense 59 1927 Mead Johnson Nutrition MJN 89.04 724% 37% – 2 0.95 29.7 1.9 Food Processing 71 1715 Lennox Int’l LII 175.38 540% 33% 1 3 1.05 21.7 1.2 Machinery 58 316 United Parcel Serv. UPS 104.20 176% 34% 3 1 0.85 17.7 3.2 Air Transport 67 443 Gartner Inc. IT 113.63 160% 37% 3 2 0.90 32.9 NIL Information Services 39 446 Moody’s Corp. MCO 114.89 158% 40% 2 3 1.15 21.7 1.3 Information Services 39 1190 Clorox Co. CLX 131.68 140% 34% 3 2 0.65 23.9 2.5 Household Products 66 706 Boeing BA 183.49 132% 37% 2 1 1.05 17.8 3.2 Aerospace/Defense 59 1917 Herbalife, Ltd. HLF 69.03 125% 41% 3 3 1.40 17.3 NIL Food Processing 71 2421 Core Laboratories CLB 107.10 93% 44% 4 3 1.15 51.0 2.1 Oilfield Svcs/Equip. 96 212 IDEXX Labs. IDXX 164.20 73% 37% 3 3 0.90 53.8 NIL Med Supp Non-Invasive 76 1398 Int’l Business Mach. IBM 152.03 63% 31% 4 1 0.90 12.7 3.9 Computers/Peripherals 55 1632 PDL BioPharma PDLI 2.35 61% 49% 5 4 1.05 11.8 NIL Drug 70 1620 Gilead Sciences GILD 64.69 55% 32% 2 3 0.95 7.8 3.2 Drug 70 602 Ubiquiti Networks UBNT 48.00 54% 43% 2 3 0.95 15.4 NIL Wireless Networking 11 126 Mettler-Toledo Int’l MTD 570.75 53% 29% 3 3 1.10 33.6 NIL Precision Instrument 72 2008 Strayer Education STRA 88.30 53% 29% 5 4 1.15 24.5 1.1 Educational Services 79 1191 Colgate-Palmolive CL 73.84 52% 33% 3 1 0.80 25.9 2.2 Household Products 66 1143 Sherwin-Williams SHW 331.91 52% 33% 2 2 1.00 23.7 1.0 Retail Building Supply 24 1981 National Beverage FIZZ 90.51 51% 34% 2 3 0.85 34.4 NIL Beverage 75 2663 KKR & Co. L.P. KKR 18.70 48% 29% 3 3 1.30 8.3 3.6 Public/Private Equity 49 2625 Manhattan Assoc. MANH 46.56 48% 48% 3 3 1.15 25.9 NIL IT Services 56 2571 MasterCard Inc. MA 119.60 46% 41% 3 1 1.05 28.1 0.7 Financial Svcs. (Div.) 33 2661 Fortress Investment FIG 7.95 45% 51% – 3 1.20 8.0 4.5 Public/Private Equity 49 1793 CBOE Holdings CBOE 85.73 44% 68% 3 2 0.70 42.9 1.2 Brokers & Exchanges 38 2213 Francesca’s Hldgs. FRAN 13.33 44% 41% 3 3 0.85 11.6 NIL Retail (Softlines) 50 578 NewMarket Corp. NEU 468.02 41% 29% 3 3 1.00 21.5 1.5 Chemical (Specialty) 65 2218 TJX Companies TJX 74.40 41% 39% 3 1 0.85 19.6 1.7 Retail (Softlines) 50 1918 Hershey Co. HSY 113.14 40% 31% 2 2 0.70 23.6 2.2 Food Processing 71 1119 Trex Co. TREX 63.96 40% 40% 3 3 1.45 24.6 NIL Building Materials 4 1608 Terra Nitrogen TNH 82.90 39% 117% 4 3 0.75 10.0 7.1 Chemical (Basic) 97 2110 Michael Kors Hldgs. KORS 36.97 38% 38% 2 3 0.95 8.7 NIL Apparel 30 1630 Novo Nordisk ADR NVO 41.48 37% 60% 2 2 0.90 19.3 2.7 Drug 70 1405 Seagate Technology STX 42.63 37% 29% 3 3 1.35 9.2 5.9 Computers/Peripherals 55 2217 Ross Stores ROST 62.02 35% 38% 3 2 0.85 20.0 1.0 Retail (Softlines) 50 2610 Accenture Plc ACN 122.15 33% 55% 3 1 1.05 20.6 2.1 IT Services 56 2318 Polaris Inds. PII 86.56 32% 34% 3 3 1.20 19.7 2.7 Recreation 15 2595 Intuit Inc. INTU 129.15 31% 34% 3 2 1.10 28.8 1.1 Computer Software 51 1980 Monster Beverage MNST 49.43 31% 31% 3 3 0.80 33.0 NIL Beverage 75 2204 Buckle (The), Inc. BKE 16.70 30% 41% 4 3 0.90 9.8 6.0 Retail (Softlines) 50 441 FactSet Research FDS 160.88 30% 38% 3 2 0.95 23.0 1.4 Information Services 39 2325 Sturm, Ruger & Co. RGR 63.75 29% 46% 2 3 0.85 14.7 2.1 Recreation 15 1392 Apple Inc. AAPL 153.80 28% 29% 3 2 0.90 16.2 1.6 Computers/Peripherals 55 1994 Altria Group MO 72.13 27% 30% 4 2 0.65 22.5 3.4 Tobacco 94 383 C.H. Robinson CHRW 68.34 22% 32% 3 2 0.85 18.5 2.6 Industrial Services 41 2170 Coach Inc. COH 46.01 21% 33% 3 3 1.05 20.7 2.9 Retail (Hardlines) 29 1650 Robert Half Int’l RHI 46.23 20% 30% 3 2 1.20 17.4 2.1 Human Resources 48 402 Rollins, Inc. ROL 42.51 16% 30% 3 2 0.90 47.2 1.1 Industrial Services 41 1144 Tile Shop Hldgs. TTS 19.95 16% 36% 3 4 1.15 35.6 1.0 Retail Building Supply 24 2364 Marriott Int’l MAR 105.49 8% 119% 3 3 1.15 25.8 1.3 Hotel/Gaming 6 BARGAIN BASEMENT STOCKS Stocks with current price-earnings multiples and price-to-‘‘net’’ working capital ratios that are in the bottom quartile of the Value Line universe (‘‘Net’’ working capital equals current assets less all liabilities including long-term debt and preferred)
Percent Percent Price-to Current Price-to % Page Recent ‘‘Net’’ Wkg. P/E Book Time- Safety Est’d Industry No. Stock Name Ticker Price Capital Ratio Value liness Rank Beta Yield Industry Group Rank
978 China Auto. Sys. CAAS 5.02 103% 6.7 49% – 5 1.45 NIL Auto Parts 5 1131 Meritage Homes MTH 40.25 124% 10.3 105% 2 3 1.40 NIL Homebuilding 3 2186 Movado Group MOV 22.25 138% 14.8 104% 4 3 1.20 2.3 Retail (Hardlines) 29 1135 TRI Pointe Group TPH 12.75 144% 10.6 100% 3 3 1.40 NIL Homebuilding 3 2383 A.H. Belo AHC 5.60 163% 14.0 108% – 4 0.90 5.7 Newspaper 83 1804 Goldman Sachs GS 219.64 174% 11.0 90% 3 2 1.25 1.4 Investment Banking 13 1130 M.D.C. Holdings MDC 33.94 177% 13.9 123% 2 3 1.30 2.9 Homebuilding 3 1404 ScanSource SCSC 37.60 188% 15.9 118% 4 3 1.25 NIL Computers/Peripherals 55 1324 Avnet, Inc. AVT 36.51 189% 9.9 99% 4 3 1.15 2.0 Electronics 40 1125 CalAtlantic Group CAA 36.92 190% 9.3 90% 1 3 1.35 0.4 Homebuilding 3 1137 Toll Brothers TOL 37.78 207% 12.2 130% 2 3 1.30 0.8 Homebuilding 3 1128 KB Home KBH 21.18 217% 15.1 97% 3 4 1.55 0.5 Homebuilding 3 2208 Citi Trends CTRN 18.45 220% 15.4 119% 2 4 0.70 1.7 Retail (Softlines) 50 1406 Tech Data TECD 92.67 221% 10.3 127% 3 3 1.05 NIL Computers/Peripherals 55 2189 PC Connection CNXN 25.94 225% 13.5 146% 4 3 1.10 NIL Retail (Hardlines) 29 1413 Essendant Inc. ESND 16.11 227% 11.9 72% 4 3 1.15 3.5 Office Equip/Supplies 44 2180 Hibbett Sports HIBB 23.80 242% 8.7 149% 3 3 0.90 NIL Retail (Hardlines) 29 1126 Horton D.R. DHI 33.37 248% 12.0 162% 1 3 1.30 1.2 Homebuilding 3 1327 Celestica Inc. CLS 13.71 253% 12.9 141% 3 3 1.00 NIL Electronics 40 2205 Cato Corp. CATO 21.35 257% 14.2 150% 4 3 1.05 6.7 Retail (Softlines) 50 2211 Finish Line (The) FINL 14.02 257% 14.3 117% 4 3 0.95 3.1 Retail (Softlines) 50 2559 Franklin Resources BEN 41.40 261% 13.4 185% 2 2 1.35 2.0 Financial Svcs. (Div.) 33 2184 MarineMax HZO 18.05 279% 13.7 126% 3 4 1.30 NIL Retail (Hardlines) 29 1339 Plexus Corp. PLXS 50.76 291% 15.5 168% 3 3 1.10 NIL Electronics 40 1133 PulteGroup, Inc. PHM 22.92 294% 10.0 144% 2 3 1.40 1.6 Homebuilding 3 2168 Big 5 Sporting Goods BGFV 13.20 303% 12.0 138% 1 4 0.90 4.5 Retail (Hardlines) 29 2181 Insight Enterprises NSIT 41.73 310% 14.9 189% 2 3 1.35 NIL Retail (Hardlines) 29 2204 Buckle (The), Inc. BKE 16.70 342% 9.8 175% 4 3 0.90 6.0 Retail (Softlines) 50 1808 Piper Jaffray Cos. PJC 60.65 346% 9.8 114% 1 3 1.35 2.1 Investment Banking 13 2161 Skechers U.S.A. SKX 23.65 353% 13.1 194% 3 3 1.30 NIL Shoe 35 1346 Vishay Intertechnology VSH 16.10 385% 15.3 139% 2 3 1.35 1.6 Electronics 40 1987 FUJIFILM Hldgs. ADR FUJIY 36.53 387% 15.8 89% 2 3 0.95 1.9 Foreign Electronics 9 2157 Deckers Outdoor DECK 58.26 393% 16.0 169% 4 3 1.20 NIL Shoe 35 2223 Zumiez Inc. ZUMZ 14.85 404% 14.1 113% 2 3 0.95 NIL Retail (Softlines) 50 1129 Lennar Corp. LEN 51.63 405% 12.3 152% 3 3 1.25 0.3 Homebuilding 3
© 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2052 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 47 of 190 Page 38 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017 UNTIMELY STOCKS Stocks ranked 5 (Lowest) for Relative Price Performance in the next 12 months Current % Current % Page RecentRank P/E Est’d Industry Page RecentRank P/E Est’d Industry No. Stock Name Price Safety Technical Ratio Yield Industry Group Rank No. Stock Name Price Safety Technical Ratio Yield Industry Group Rank 920 ATN International 63.00 3 3 27.5 2.2 Telecom. Services 31 1332 Harris Corp. 108.94 2 2 18.7 2.0 Electronics 40 153 Actuant Corp. 25.65 3 2 22.3 0.2 Heavy Truck & Equip 93 732 Haynes International 37.62 3 3 40.9 2.3 Metal Fabricating 43 1552 AEGON 5.00 3 3 7.1 5.8 Insurance (Life) 89 2427 Helmerich & Payne 57.49 3 1 NMF 4.9 Oilfield Svcs/Equip. 96 829 Alkermes plc 57.71 3 2 NMF NIL Biotechnology 84 2015 Immersion Corp. 8.13 4 3 NMF NIL Entertainment Tech 91 830 Alnylam Pharmac. 74.87 4 5 NMF NIL Biotechnology 84 836 Incyte Corp. 136.16 4 2 NMF NIL Biotechnology 84 617 AmeriGas Partners ■ 44.16 3 1 40.9 8.7 Pipeline MLPs 78 951 Infinera Corp. 9.83 4 4 NMF NIL Telecom. Equipment 64 2659 Apollo Investment 6.38 3 2 9.0 9.4 Public/Private Equity 49 837 Intercept Pharmac. ■ 112.99 4 4 NMF NIL Biotechnology 84 2025 Aspen Insurance Hldgs. 50.40 2 1 12.3 1.9 Reinsurance 90 214 Invacare Corp. 14.80 4 5 NMF 0.3 Med Supp Non-Invasive 76 2589 Autodesk, Inc. 112.97 3 5 NMF NIL Computer Software 51 1236 Jacobs Engineering 53.18 3 3 16.8 1.2 Engineering & Const 85 2027 AXIS Capital Hldgs. 63.75 2 2 16.2 2.4 Reinsurance 90 1237 KBR, Inc. 14.91 3 5 11.8 2.1 Engineering & Const 85 760 Berkley (W.R.) 68.01 1 2 20.9 0.8 Insurance (Prop/Cas.) 82 1759 Kaman Corp. 47.91 2 3 22.8 1.7 Diversified Co. 52 201 Bio-Rad Labs. ‘A’ 219.36 2 4 56.2 NIL Med Supp Non-Invasive 76 1925 Lancaster Colony 121.58 1 2 25.0 1.8 Food Processing 71 832 Bio-Techne Corp. 110.84 1 4 38.2 1.2 Biotechnology 84 2336 Lions Gate ‘A’ 25.57 3 2 26.9 NIL Entertainment 25 707 Bombardier Inc. ‘B’ 2.09 5 3 NMF NIL Aerospace/Defense 59 2315 Mattel, Inc. 21.75 3 4 18.9 7.0 Recreation 15 306 Bristow Group 14.62 4 4 NMF 1.9 Air Transport 67 1625 Medicines Company 40.95 3 1 NMF NIL Drug 70 1599 CF Industries 28.95 3 4 NMF 4.2 Chemical (Basic) 97 1361 Mellanox Technologies 48.15 4 2 21.9 NIL Semiconductor 37 2547 CIT Group ■ 47.45 4 3 18.3 1.3 Financial Svcs. (Div.) 33 2430 National Oilwell Varco 35.00 3 2 NMF 0.6 Oilfield Svcs/Equip. 96 1600 CVR Partners, LP 4.74 3 3 NMF 9.5 Chemical (Basic) 97 164 Navistar Int’l 26.73 5 3 74.3 NIL Heavy Truck & Equip 93 1908 Cal-Maine Foods 40.35 3 4 48.0 NIL Food Processing 71 1929 Nestle SA ADS 84.75 1 4 27.8 2.7 Food Processing 71 409 Calgon Carbon 14.25 3 5 23.8 1.4 Environmental 81 1506 New York Community 13.14 3 3 13.1 5.2 Thrift 92 1586 Cameco Corp. 13.31 3 4 44.4 3.0 Metals & Mining (Div.) 54 1629 Novartis AG ADR 81.06 1 5 28.4 3.4 Drug 70 2548 Capital One Fin’l 80.34 3 3 10.9 2.0 Financial Svcs. (Div.) 33 2433 Oil States Int’l 30.50 3 3 NMF NIL Oilfield Svcs/Equip. 96 2375 Cimpress N.V. 89.78 3 5 NMF NIL Publishing 95 220 Omnicell, Inc. 41.10 3 3 NMF NIL Med Supp Non-Invasive 76 743 Cliffs Natural Res. 6.75 5 2 11.3 NIL Steel 46 1632 PDL BioPharma 2.35 4 4 11.8 NIL Drug 70 1971 Coca-Cola 44.39 1 5 24.3 3.4 Beverage 75 2646 Pandora Media 9.14 5 3 NMF NIL Internet 62 1787 Consolidated Water 11.65 3 4 17.9 2.6 Water Utility 87 579 Park Electrochemical 16.34 3 3 26.4 2.4 Chemical (Specialty) 65 2137 Costco Wholesale 172.47 1 3 29.8 1.2 Retail Store 20 222 Patterson Cos. 43.56 2 4 21.1 2.5 Med Supp Non-Invasive 76 1355 Cree, Inc. 24.23 3 5 NMF NIL Semiconductor 37 1996 Philip Morris Int’l 116.46 2 3 24.2 3.6 Tobacco 94 177 CryoLife Inc. 18.30 3 4 40.7 NIL Med Supp Invasive 68 631 Plains All Amer. Pipe. 27.95 3 2 16.0 7.9 Pipeline MLPs 78 1328 Cubic Corp. 46.10 3 3 80.9 0.6 Electronics 40 771 RLI Corp. 55.62 2 4 27.1 1.5 Insurance (Prop/Cas.) 82 2011 Daktronics Inc. 9.15 3 3 25.4 3.3 Entertainment Tech 91 401 Resources Connection 13.05 3 4 20.4 3.4 Industrial Services 41 207 DexCom Inc. 67.58 4 2 NMF NIL Med Supp Non-Invasive 76 2437 Schlumberger Ltd. 72.09 2 2 46.5 2.8 Oilfield Svcs/Equip. 96 2423 Dril-Quip, Inc. 52.90 3 4 NMF NIL Oilfield Svcs/Equip. 96 2379 Scholastic Corp. 42.56 3 3 27.3 1.4 Publishing 95 626 EnLink Midstream Part. 17.72 4 2 88.6 8.8 Pipeline MLPs 78 843 Seattle Genetics 66.67 4 2 NMF NIL Biotechnology 84 948 Ericsson ADR ■ 6.99 3 5 NMF 1.6 Telecom. Equipment 64 2017 Sigma Designs 6.20 4 5 NMF NIL Entertainment Tech 91 2638 Expedia Inc. 142.57 3 4 50.9 0.8 Internet 62 2649 Sohu.com Inc. ■ 48.54 3 4 NMF NIL Internet 62 119 FARO Technologies 35.30 3 3 29.4 NIL Precision Instrument 72 554 South Jersey Inds. 35.34 2 1 28.3 3.1 Natural Gas Utility 80 1604 FMC Corp. ■ 74.52 3 3 23.8 0.9 Chemical (Basic) 97 1838 StoneMor Partners L.P. ■ 9.03 5 5 NMF 14.6 Funeral Services 77 1194 FTD Companies ■ 19.02 3 4 22.4 NIL Household Products 66 2008 Strayer Education 88.30 4 3 24.5 1.1 Educational Services 79 1221 First Solar, Inc. ■ 36.47 3 5 NMF NIL Power 69 1228 SunPower Corp. 7.95 4 5 NMF NIL Power 69 1712 Flowserve Corp. ■ 49.47 3 3 30.0 1.5 Machinery 58 545 Targa Resources 50.26 4 1 NMF 7.2 Natural Gas (Div.) 26 2142 Fred’s Inc. 13.62 4 2 NMF 1.8 Retail Store 20 2606 Teradata Corp. 28.77 3 2 24.4 NIL Computer Software 51 2104 G-III Apparel Group 19.83 3 4 23.3 NIL Apparel 30 844 TESARO, Inc. 155.17 4 2 NMF NIL Biotechnology 84 121 Geospace Technologies 15.84 4 5 NMF NIL Precision Instrument 72 1002 Titan Int’l 10.63 4 2 NMF 0.2 Auto Parts 5 745 Gibraltar Inds. 32.35 4 2 20.2 NIL Steel 46 2650 TripAdvisor, Inc. 40.87 3 5 58.4 NIL Internet 62 161 Gorman-Rupp Co. ■ 24.57 3 1 24.6 1.9 Heavy Truck & Equip 93 415 US Ecology 50.50 3 4 28.9 1.4 Environmental 81 1235 Granite Construction 46.80 3 2 19.5 1.1 Engineering & Const 85 1733 Wabtec Corp. 82.01 3 3 20.9 0.6 Machinery 58 2517 HSBC Holdings PLC 43.44 3 4 10.2 5.9 Bank 63 2442 Weatherford Int’l plc ■ 5.33 4 3 NMF NIL Oilfield Svcs/Equip. 96 2425 Halliburton Co. 47.60 3 2 63.5 1.5 Oilfield Svcs/Equip. 96 615 World Fuel Services 36.95 3 5 16.4 0.6 Oil/Gas Distribution 74 766 Hanover Insurance 82.33 2 1 11.8 2.4 Insurance (Prop/Cas.) 82 1378 Xperi Corp. 31.80 3 3 15.2 2.5 Semiconductor 37 ■ Newly added this week. HIGHEST DIVIDEND YIELDING NON-UTILITY STOCKS Based upon estimated year-ahead dividends per share Current % Current % Page Recent Time- Safety P/E Est’d Industry Page Recent Time- Safety P/E Est’d Industry No. Stock Name Price liness Rank Ratio Yield Industry Group Rank No. Stock Name Price liness Rank Ratio Yield Industry Group Rank 633 Suburban Propane 23.27 4 3 26.1 15.3 Pipeline MLPs 78 1591 Natural Resource 28.30 – 5 4.8 6.4† Metals & Mining (Div.) 54 1838 StoneMor Partners L.P. 9.03 5 5 NMF 14.6† Funeral Services 77 1527 GEO Group (The) 30.01 3 3 23.1 6.3 R.E.I.T. 36 337 Ship Finance Int’l 13.75 3 3 10.6 13.1 Maritime 73 394 Iron Mountain 34.72 4 3 28.9 6.3 Industrial Services 41 2396 National CineMedia 7.54 3 3 16.8 11.7 Advertising 19 632 Spectra Energy Part. 44.50 3 3 14.4 6.3 Pipeline MLPs 78 2385 New Media Investment 12.73 3 3 18.2 11.0† Newspaper 83 1792 BGC Partners 11.53 2 3 10.5 6.2 Brokers & Exchanges 38 2660 Blackstone Group LP 32.47 3 3 11.5 10.7 Public/Private Equity 49 627 Enterprise Products 27.50 4 3 19.0 6.2 Pipeline MLPs 78 1512 Annaly Capital Mgmt. 11.68 4 3 10.2 10.3 R.E.I.T. 36 1533 Kimco Realty 18.03 3 2 28.6 6.2 R.E.I.T. 36 2538 AllianceBernstein Hldg. 21.10 1 3 10.6 9.6 Financial Svcs. (Div.) 33 630 ONEOK Partners L.P. 51.24 – 3 20.5 6.2 Pipeline MLPs 78 332 Frontline Ltd. 6.22 3 5 20.7 9.6† Maritime 73 1547 W.P. Carey Inc. 64.01 3 3 28.4 6.2 R.E.I.T. 36 1600 CVR Partners, LP 4.74 5 3 NMF 9.5† Chemical (Basic) 97 628 MPLX LP 35.52 3 4 27.3 6.1 Pipeline MLPs 78 2659 Apollo Investment 6.38 5 3 9.0 9.4 Public/Private Equity 49 2204 Buckle (The), Inc. 16.70 4 3 9.8 6.0 Retail (Softlines) 50 503 CVR Energy 21.23 3 4 30.3 9.4 Petroleum (Integrated) 22 2517 HSBC Holdings PLC 43.44 5 3 10.2 5.9 Bank 63 1518 DDR Corp. 9.05 3 3 NMF 9.3 R.E.I.T. 36 749 Russel Metals 25.80 4 3 18.2 5.9 Steel 46 625 Energy Transfer Part. 23.66 – 3 23.7 9.0 Pipeline MLPs 78 1405 Seagate Technology 42.63 3 3 9.2 5.9 Computers/Peripherals 55 2106 Guess Inc. 10.06 4 3 23.4 8.9 Apparel 30 635 Williams Partners L.P. 40.63 2 4 23.9 5.9 Pipeline MLPs 78 2165 Barnes & Noble 6.85 – 4 24.5 8.8 Retail (Hardlines) 29 1552 AEGON 5.00 5 3 7.1 5.8 Insurance (Life) 89 626 EnLink Midstream Part. 17.72 5 4 88.6 8.8 Pipeline MLPs 78 2143 Kohl’s Corp. 37.79 3 3 10.5 5.8 Retail Store 20 1208 Liberty All-Star 5.55 – 2 NMF 8.8 Investment Co. – 2030 Maiden Hldgs. Ltd. 10.50 4 3 5.5 5.8 Reinsurance 90 617 AmeriGas Partners 44.16 5 3 40.9 8.7 Pipeline MLPs 78 2383 A.H. Belo 5.60 – 4 14.0 5.7 Newspaper 83 1805 Greenhill & Co. 21.25 4 3 15.4 8.5 Investment Banking 13 943 Black Box 8.35 4 3 NMF 5.7 Telecom. Equipment 64 1203 Aberdeen Asia-Pac. Fd. 5.02 – 4 NMF 8.4 Investment Co. – 1517 CoreCivic, Inc. 29.34 3 3 19.6 5.7 R.E.I.T. 36 620 DCP Midstream LP 37.19 3 3 22.5 8.4 Pipeline MLPs 78 758 AmTrust Financial Svcs. 12.18 4 3 4.7 5.6 Insurance (Prop/Cas.) 82 2384 Gannett Co. 7.72 – 3 14.0 8.3 Newspaper 83 515 PBF Energy 21.54 2 3 8.3 5.6 Petroleum (Integrated) 22 2662 Gladstone Capital 10.08 3 3 10.1 8.3 Public/Private Equity 49 1417 Staples, Inc. 8.68 4 3 9.6 5.5 Office Equip/Supplies 44 1537 Penn. R.E.I.T. 11.18 3 3 NMF 8.2 R.E.I.T. 36 105 Ford Motor 11.05 3 3 7.1 5.4 Automotive 12 1583 Alliance Resource 21.95 2 3 7.8 8.0 Metals & Mining (Div.) 54 1621 GlaxoSmithKline ADR 42.96 4 1 24.7 5.4 Drug 70 360 DineEquity Inc. 48.61 3 3 10.9 8.0 Restaurant 21 937 Vodafone Group ADR 29.50 2 3 32.8 5.4 Telecom. Services 31 623 Enbridge Energy Part. 17.62 2 3 32.0 7.9 Pipeline MLPs 78 621 EQT Midstream Part. 74.18 2 3 13.5 5.3 Pipeline MLPs 78 631 Plains All Amer. Pipe. 27.95 5 3 16.0 7.9 Pipeline MLPs 78 2191 Pier 1 Imports 5.25 3 4 10.5 5.3 Retail (Hardlines) 29 622 Enable Midstream Part. 16.40 4 4 19.3 7.8 Pipeline MLPs 78 2378 Quad/Graphics Inc. 22.50 2 4 14.5 5.3 Publishing 95 1209 MFS Multimarket 6.19 – 4 NMF 7.8 Investment Co. – 613 TransCanada Corp. 47.01 2 3 37.6 5.3 Oil/Gas Distribution 74 619 Buckeye Partners L.P. 67.15 4 3 16.6 7.6 Pipeline MLPs 78 509 HollyFrontier Corp. 26.33 4 3 17.6 5.2 Petroleum (Integrated) 22 1227 Pattern Energy Group 22.30 1 3 89.2 7.5 Power 69 1764 National Presto Ind. 105.75 2 3 16.5 5.2 Diversified Co. 52 1531 Hospitality Properties 28.89 3 3 20.6 7.2 R.E.I.T. 36 1506 New York Community 13.14 5 3 13.1 5.2 Thrift 92 545 Targa Resources 50.26 5 4 NMF 7.2 Natural Gas (Div.) 26 919 AT&T Inc. 38.31 3 1 13.0 5.1 Telecom. Services 31 2658 Apollo Global Mgmt 27.59 1 3 12.8 7.1 Public/Private Equity 49 2361 Las Vegas Sands 57.53 2 3 23.5 5.1 Hotel/Gaming 6 397 Macquarie Infra. 78.48 1 3 41.3 7.1 Industrial Services 41 1558 Power Financial 32.33 4 3 10.8 5.1 Insurance (Life) 89 2219 Tailored Brands 10.10 3 4 5.8 7.1 Retail (Softlines) 50 521 Total ADR 53.86 2 2 13.5 5.1 Petroleum (Integrated) 22 1608 Terra Nitrogen 82.90 4 3 10.0 7.1 Chemical (Basic) 97 936 Verizon Communic. 45.48 2 1 11.8 5.1 Telecom. Services 31 2315 Mattel, Inc. 21.75 5 3 18.9 7.0 Recreation 15 1549 Weingarten Realty 30.41 2 3 30.7 5.1 R.E.I.T. 36 2402 Black Stone Minerals 16.85 – 3 33.7 6.9 Petroleum (Producing) 27 1535 Macerich Comp. (The) 58.20 4 3 26.1 5.0 R.E.I.T. 36 1217 Covanta Holding Corp. 14.50 4 3 NMF 6.9 Power 69 514 Occidental Petroleum 61.56 3 3 64.8 5.0 Petroleum (Integrated) 22 2205 Cato Corp. 21.35 4 3 14.2 6.7 Retail (Softlines) 50 1541 Ryman Hospitality 64.13 2 3 21.0 5.0 R.E.I.T. 36 2176 GameStop Corp. 22.66 4 3 7.0 6.7 Retail (Hardlines) 29 2209 DSW Inc. 16.21 3 3 10.8 4.9 Retail (Softlines) 50 2201 Abercrombie & Fitch 12.20 – 3 NMF 6.6 Retail (Softlines) 50 102 Daimler AG 74.80 2 3 7.4 4.9 Automotive 12 2144 Macy’s Inc. 23.05 3 3 6.7 6.6 Retail Store 20 518 Royal Dutch Shell ‘B’ 56.91 3 2 14.2 6.6 Petroleum (Integrated) 22 502 BP PLC ADR 36.93 2 3 14.8 6.5 Petroleum (Integrated) 22 634 Western Gas Part. 56.54 4 3 22.2 6.5 Pipeline MLPs 78 † Dividend cut possible 624 Energy Transfer Equity 18.51 4 4 16.1 6.4 Pipeline MLPs 78 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2053 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 48 of 190 June 2, 2017 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY Page 39 HIGHEST GROWTH STOCKS (To be included, a company’s annual growth of sales, cash flow, earnings, dividends and book value must together have averaged 10% or more over the past 10 years and be expected to average at least 10% in the coming 3-5 years.) Est’d Estimated Growth Growth Current % 3-5 Year Page Recent Past 3-5 Time- Safety P/E Est’d Price Industry No. Stock Name Ticker Price 10 Years Years liness Rank Beta Ratio Yield Appreciation Industry Group Rank 1702 AAON, Inc. AAON 36.65 12% 15% 4 3 1.25 33.3 0.7 N- 50% Machinery 58 1812 Akamai Technologies AKAM 47.41 20% 11% 3 3 1.35 21.1 NIL 110-215% E-Commerce 28 302 Alaska Air Group ALK 85.78 16% 11% 2 3 1.15 10.9 1.4 15- 75% Air Transport 67 1946 Alimentation Couche-Tard ATDB.TO 61.78 21% 16% 3 3 0.70 18.5 0.6 55-135% Retail/Wholesale Food 57 435 Alliance Data Sys. ADS 236.21 18% 13% 2 3 1.10 12.7 0.9 40-105% Information Services 39 2633 Alphabet Inc. GOOG 948.82 26% 14% 3 1 1.05 27.1 NIL 15- 40% Internet 62 2634 Amazon.com AMZN 971.54 29% 23% 1 3 1.10 NMF NIL N- 20% Internet 62 1392 Apple Inc. AAPL 153.80 39% 11% 3 2 0.90 16.2 1.6 N- 35% Computers/Peripherals 55 352 BJ’s Restaurants BJRI 45.50 17% 11% 2 3 0.90 25.3 NIL 110-210% Restaurant 21 2635 Baidu, Inc. BIDU 191.80 58% 13% 2 3 1.25 34.9 NIL N- 10% Internet 62 1106 Beacon Roofing BECN 48.78 10% 13% 3 3 1.20 19.6 NIL 15- 65% Building Materials 4 2134 Big Lots Inc. BIG 46.95 13% 12% 2 3 1.10 11.7 2.2 50-135% Retail Store 20 1393 Brocade Communic. BRCD 12.67 12% 11% – 3 0.95 12.5 1.7 10- 60% Computers/Peripherals 55 965 CVS Health CVS 77.27 14% 10% 2 1 0.85 13.2 2.6 70-100% Pharmacy Services 18 526 Cabot Oil & Gas ‘A’ COG 23.55 10% 17% 3 3 1.05 33.6 0.8 25- 90% Natural Gas (Div.) 26 1909 Calavo Growers CVGW 67.45 12% 11% 3 3 0.70 28.7 1.3 N- 35% Food Processing 71 202 Cantel Medical Corp. CMD 72.72 12% 14% 3 3 1.00 37.9 0.2 N- 50% Med Supp Non-Invasive 76 2123 CarMax, Inc. KMX 64.49 15% 11% 3 3 1.20 18.5 NIL 10- 55% Retail Automotive 8 2102 Carter’s Inc. CRI 80.35 15% 12% 2 3 0.80 14.2 1.8 50-125% Apparel 30 1618 Celgene Corp. CELG 117.31 33% 17% 3 3 1.20 16.3 NIL 35-105% Drug 70 798 Centene Corp. CNC 73.99 22% 14% 1 3 0.85 15.6 NIL 20- 80% Medical Services 14 823 Cerner Corp. CERN 64.67 17% 11% 2 2 0.95 25.8 NIL N- 30% Healthcare Information 61 1746 Chemed Corp. CHE 201.63 12% 13% 3 3 0.85 27.4 0.5 N- 35% Diversified Co. 52 2617 Cognizant Technology CTSH 66.01 27% 12% 3 2 1.10 18.0 0.9 20- 65% IT Services 56 1974 Constellation Brands STZ 180.86 10% 12% 3 3 0.85 23.3 1.2 N- 35% Beverage 75 307 Copa Holdings, S.A. CPA 109.27 12% 12% 3 3 1.30 12.7 1.9 5- 55% Air Transport 67 2124 Copart, Inc. CPRT 30.02 13% 11% 3 2 0.95 22.9 NIL N- 50% Retail Automotive 8 438 CoStar Group CSGP 256.00 16% 15% 4 3 1.15 58.2 NIL 15- 70% Information Services 39 2636 Ctrip.com Int’l ADR CTRP 54.68 24% 26% 3 3 1.15 NMF NIL 10- 75% Internet 62 2173 Dick’s Sporting Goods DKS 41.43 13% 11% 3 3 0.95 11.0 1.6 55-140% Retail (Hardlines) 29 2140 Dollar Tree, Inc. DLTR 78.85 16% 15% 1 3 0.75 17.9 NIL 20- 80% Retail Store 20 361 Domino’s Pizza DPZ 199.25 10% 12% 3 3 0.85 36.9 0.9 N- 15% Restaurant 21 922 Dycom Inds. DY 108.05 11% 16% 2 3 1.30 18.3 NIL 25- 90% Telecom. Services 31 179 Edwards Lifesciences EW 113.54 14% 13% 2 3 0.85 32.4 NIL 15- 75% Med Supp Invasive 68 624 Energy Transfer Equity ETE 18.51 18% 10% 4 4 1.90 16.1 6.4 35-145% Pipeline MLPs 78 441 FactSet Research FDS 160.88 14% 10% 3 2 0.95 23.0 1.4 10- 50% Information Services 39 2557 FirstCash, Inc. FCFS 54.15 13% 14% – 3 0.90 19.0 1.4 N- 55% Financial Svcs. (Div.) 33 443 Gartner Inc. IT 113.63 14% 16% 3 2 0.90 32.9 NIL 40- 90% Information Services 39 2561 Global Payments GPN 91.21 12% 12% 4 3 1.10 48.0 NIL N- 35% Financial Svcs. (Div.) 33 2107 Hanesbrands, Inc. HBI 20.54 21% 11% 1 3 1.00 10.3 2.9 45-120% Apparel 30 391 Healthcare Svcs. HCSG 47.41 11% 11% 3 2 0.90 38.9 1.7 N- 15% Industrial Services 41 714 HEICO Corp. HEI 74.77 17% 11% 3 3 0.95 28.6 0.2 N- 35% Aerospace/Defense 59 1919 Hormel Foods HRL 35.21 10% 10% 3 1 0.75 20.4 2.0 15- 40% Food Processing 71 181 ICU Medical ICUI 160.45 10% 10% 3 3 0.80 39.1 NIL N- 30% Med Supp Invasive 68 122 II-VI Inc. IIVI 31.70 13% 10% 4 3 1.05 22.5 NIL 10- 60% Precision Instrument 72 2624 Infosys Ltd. ADR INFY 15.06 18% 10% 4 2 0.90 13.4 2.3 100-165% IT Services 56 2595 Intuit Inc. INTU 129.15 12% 11% 3 2 1.10 28.8 1.1 5- 40% Computer Software 51 184 Intuitive Surgical ISRG 897.04 25% 11% 3 3 0.85 42.7 NIL N- 25% Med Supp Invasive 68 1505 Investors Bancorp ISBC 13.25 14% 10% 3 3 0.90 18.9 2.4 N- 50% Thrift 92 928 j2 Global JCOM 82.52 17% 11% 3 3 1.05 25.0 1.9 10- 60% Telecom. Services 31 991 LCI Industries LCII 90.10 10% 16% 1 3 1.10 14.7 2.2 70-155% Auto Parts 5 992 LKQ Corp. LKQ 31.27 25% 11% 1 3 1.05 16.1 NIL 60-125% Auto Parts 5 1385 Lam Research LRCX 153.43 14% 16% 2 3 1.10 17.1 1.2 N- N% Semiconductor Equip 17 994 Linamar Corp. LNR.TO 63.80 12% 11% 1 3 1.15 7.5 0.8 55-125% Auto Parts 5 1312 Littelfuse Inc. LFUS 161.22 11% 10% 2 3 1.05 23.2 0.9 N- 35% Electrical Equipment 53 1799 MarketAxess Holdings MKTX 188.00 12% 17% 3 3 0.90 44.7 0.7 N- 35% Brokers & Exchanges 38 2571 MasterCard Inc. MA 119.60 23% 12% 3 1 1.05 28.1 0.7 15- 40% Financial Svcs. (Div.) 33 398 MAXIMUS Inc. MMS 63.24 16% 13% 2 3 1.10 20.1 0.3 25- 80% Industrial Services 41 217 McKesson Corp. MCK 159.00 14% 11% 2 1 1.00 12.0 0.7 85-125% Med Supp Non-Invasive 76 810 MEDNAX, Inc. MD 54.47 13% 11% 3 2 0.90 13.8 NIL 55-110% Medical Services 14 1362 Microchip Technology MCHP 81.35 10% 11% 1 2 1.15 18.4 1.8 N- 30% Semiconductor 37 1364 Microsemi Corp. MSCC 48.52 15% 13% 1 3 1.30 12.3 NIL 25- 75% Semiconductor 37 1720 Middleby Corp. (The) MIDD 127.97 20% 12% 2 3 1.15 23.3 NIL 5- 60% Machinery 58 1980 Monster Beverage MNST 49.43 26% 12% 3 3 0.80 33.0 NIL N- 30% Beverage 75 1627 Mylan N.V. MYL 39.59 12% 10% 1 3 1.10 18.9 NIL 40-115% Drug 70 2643 Netflix, Inc. NFLX 157.95 25% 14% 2 3 0.90 NMF NIL N- 35% Internet 62 2006 New Orient. Ed. ADS EDU 73.21 28% 13% 3 3 0.90 35.5 NIL N- 15% Educational Services 79 2160 NIKE, Inc. ‘B’ NKE 52.20 12% 13% 2 1 0.90 20.1 1.4 45- 70% Shoe 35 1012 Nu Skin Enterprises NUS 55.19 11% 10% 2 4 1.20 17.0 2.7 10- 80% Toiletries/Cosmetics 47 1366 NVIDIA Corp. NVDA 137.03 11% 12% 3 3 1.10 39.2 0.4 N- N% Semiconductor 37 1823 Open Text Corp. OTEX 32.34 17% 11% 4 3 0.95 29.9 1.6 25- 85% E-Commerce 28 366 Panera Bread Co. PNRA 313.34 16% 10% – 2 0.80 40.4 NIL N- N% Restaurant 21 367 Papa John’s Int’l PZZA 78.19 12% 12% 3 3 0.85 27.9 1.2 N- 20% Restaurant 21 1633 PAREXEL Int’l PRXL 79.64 18% 11% 3 3 1.05 28.5 NIL N- 40% Drug 70 2647 Priceline Group (The) PCLN 1827.94 41% 15% 3 3 1.20 23.9 NIL 25- 85% Internet 62 2435 RPC Inc. RES 20.26 14% 13% 4 3 1.45 NMF NIL 50-120% Oilfield Svcs/Equip. 96 2601 Red Hat, Inc. RHT 87.63 14% 14% 3 3 1.15 56.2 NIL 20- 75% Computer Software 51 402 Rollins, Inc. ROL 42.51 12% 10% 3 2 0.90 47.2 1.1 N- 5% Industrial Services 41 1575 Royal Gold RGLD 79.17 16% 12% 1 3 0.90 41.7 1.2 20- 85% Precious Metals 7 930 Shenandoah Telecom. SHEN 31.05 11% 10% 3 3 1.05 34.5 0.8 N- 45% Telecom. Services 31 2526 Signature Bank SBNY 140.80 19% 10% 4 3 1.00 14.5 NIL 10- 65% Bank 63 2161 Skechers U.S.A. SKX 23.65 12% 11% 3 3 1.30 13.1 NIL 50-135% Shoe 35 1727 Smith (A.O.) AOS 54.13 12% 11% 3 3 1.20 26.4 1.0 N- 10% Machinery 58 313 Southwest Airlines LUV 59.64 15% 11% 4 3 1.15 16.1 0.8 10- 60% Air Transport 67 1242 Stantec Inc. STN.TO 30.89 14% 10% 3 3 0.85 15.4 1.6 30- 95% Engineering & Const 85 373 Starbucks Corp. SBUX 61.15 14% 15% 3 1 0.95 28.1 1.9 30- 65% Restaurant 21 190 Stryker Corp. SYK 139.90 10% 10% 3 1 0.90 27.4 1.2 N- 5% Med Supp Invasive 68 2218 TJX Companies TJX 74.40 15% 11% 3 1 0.85 19.6 1.7 35- 70% Retail (Softlines) 50 1375 Taiwan Semic. ADR TSM 35.40 11% 10% 1 2 1.05 16.1 2.7 N- 40% Semiconductor 37 374 Texas Roadhouse TXRH 47.89 15% 11% 4 3 0.85 23.4 1.8 25- 90% Restaurant 21 1145 Tractor Supply TSCO 54.29 16% 10% 3 3 1.00 15.7 2.0 55-140% Retail Building Supply 24 2630 Tyler Technologies TYL 169.79 20% 15% 3 3 0.95 43.0 NIL 20- 75% IT Services 56 1830 Ultimate Software Group ULTI 215.96 30% 18% 3 3 1.10 55.1 NIL 15- 75% E-Commerce 28 845 United Therapeutics UTHR 121.46 31% 10% 1 3 1.10 8.5 NIL 100-200% Biotechnology 84 816 UnitedHealth Group UNH 175.22 13% 12% 2 1 0.85 17.8 1.4 N- 10% Medical Services 14 817 Universal Health Sv. ‘B’ UHS 118.84 13% 10% 3 3 0.95 14.7 0.3 20- 80% Medical Services 14 818 VCA Inc. WOOF 91.90 12% 12% – 3 1.00 29.6 NIL N- 20% Medical Services 14 1733 Wabtec Corp. WAB 82.01 18% 11% 5 3 1.15 20.9 0.6 20- 85% Machinery 58 416 Waste Connections WCN 92.41 11% 13% 2 2 0.85 42.0 0.8 N- 25% Environmental 81 827 WebMD Health WBMD 55.82 20% 10% 3 4 1.05 27.9 NIL N- 50% Healthcare Information 61 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2054 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 49 of 190 Page 40 SUMMARY AND INDEX • THE VALUE LINE INVESTMENT SURVEY June 2, 2017
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Low 100 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
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© 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN OR ANY DAMAGES OR LOSSES ARISING FROM ANY USE OF THE INFORMATION CONTAINED HEREIN. This To subscribe call 1-800-VALUELINE publication is strictly for subscriber's own, non-commercial, internal use. No part of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. MSFR 2055 BKH Analyst Opinion | Analyst Estimates | Black Hills Corporation Common Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 50 of 190 Privacy68.75-0.69About (-0.99%) Our AdsTerms FollowAs of 10:52AM Yahoo Finance EDT. Market open. People also watch VVCWGLIDAATO MGEE Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 2 2 6 6 Avg. Estimate 0.52 0.54 3.55 3.8 Low Estimate 0.49 0.53 3.45 3.65 High Estimate 0.55 0.54 3.59 3.9 Year Ago EPS 0.39 0.48 3.19 3.55 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 1 1 5 5 Avg. Estimate 356.23M 339.27M 1.9B 1.95B Low Estimate 356.23M 339.27M 1.66B 1.72B High Estimate 356.23M 339.27M 2.12B 2.18B Year Ago Sales 325.4M 333.8M 1.57B 1.9B Sales Growth (year/est)9.50% 1.60% 21.00% 2.50% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.53 0.43 0.99 1.4 EPS Actual 0.39 0.48 1.07 1.41 Difference -0.14 0.05 0.08 0.01 Surprise % -26.40% 11.60% 8.10% 0.70% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.52 0.54 3.55 3.8 7 Days Ago 0.52 0.54 3.55 3.8 30 Days Ago 0.58 0.59 3.54 3.79 60 Days Ago 0.58 0.63 3.54 3.8 90 Days Ago 0.36 0.53 3.54 3.81 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A N/A 1 N/A Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates BKH IndustrySectorS&P 500 Current Qtr. 33.30%N/A N/A 0.21 Next Qtr. 12.50%N/A N/A 0.21 Current Year 11.30% N/A N/A 0.09 Next Year 7.00% N/A N/A 0.11 Next 5 Years (per annum) 12.01%N/A N/A 0.10 Past 5 Years (per annum) 7.22% N/A N/A N/A
MSFR 2056 https://finance.yahoo.com/quote/BKH/analysts?p=BKH[5/9/2017 9:54:52 AM] CMS Analyst Opinion | Analyst Estimates | CMS Energy Corporation Common S Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 51 of 190 Follow Yahoo Finance Dow 30 21,021.76 +9.48 (+0.05 %)
Nasdaq 6,123.89 +21.23 (+0.35 %)
CMS Energy Corporation (CMS)
NYSE - Nasdaq Real Time Price. Currency in USD Add to watchlist
45.38-0.10 (-0.22 %) As of 10:56AM EDT. Market open. People also watch DTECNPEIXETRAEE Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 6 6 16 16 Avg. Estimate 0.38 0.65 2.17 2.33 Low Estimate 0.29 0.57 2.16 2.28 High Estimate 0.45 0.77 2.18 2.35 Year Ago EPS 0.45 0.7 2.02 2.17 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 2 2 11 11 Avg. Estimate 1.35B 1.69B 6.7B 6.9B Low Estimate 1.16B 1.65B 6.42B 6.55B High Estimate 1.55B 1.73B 7.26B 7.44B Year Ago Sales 1.37B 1.59B 6.4B 6.7B Sales Growth (year/est)-1.30% 6.70% 4.70% 2.90% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.36 0.62 0.29 0.68 EPS Actual 0.45 0.7 0.29 0.71 Difference 0.09 0.08 N/A 0.03 Surprise % 25.00% 12.90% N/A 4.40% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.38 0.65 2.17 2.33 7 Days Ago 0.39 0.65 2.17 2.33 30 Days Ago 0.38 0.65 2.17 2.33 60 Days Ago 0.38 0.65 2.17 2.33 90 Days Ago 0.38 0.65 2.17 2.33 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days 1 2 N/A N/A Up Last 30 Days N/A 1 1 N/A Down Last 30 Days4 2 N/A N/A MSFR 2057 https://finance.yahoo.com/quote/CMS/analysts?p=CMS[5/9/2017 9:57:39 AM] CMS Analyst Opinion | Analyst Estimates | CMS Energy Corporation Common S Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 52 of 190 Down Last 90 DaysN/A N/A N/A N/A Growth Estimates CMS IndustrySectorS&P 500 Current Qtr. -15.60%N/A N/A 0.21 Next Qtr. -7.10% N/A N/A 0.21 Current Year 7.40% N/A N/A 0.09 Next Year 7.40% N/A N/A 0.11 Next 5 Years (per annum) 7.52% N/A N/A 0.10 Past 5 Years (per annum) 8.38% N/A N/A N/A
MSFR 2058 https://finance.yahoo.com/quote/CMS/analysts?p=CMS[5/9/2017 9:57:39 AM] ED Analyst Opinion | Analyst Estimates | Consolidated Edison, Inc. Commo Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 53 of 190 6,123.98 +21.32 (+0.35 %)
Consolidated Edison, Inc. (ED)
NYSE - Nasdaq Real Time Price. Currency in USD Add to watchlist
79.31-0.08 (-0.10%) As of 10:59AM EDT. Market open. People also watch SOAEPDUKDEXC Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 8 8 18 17 Avg. Estimate 0.61 1.49 4.08 4.26 Low Estimate 0.55 1.31 4.02 4.2 High Estimate 0.71 1.56 4.15 4.33 Year Ago EPS 0.59 1.51 3.96 4.08 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 3 3 10 10 Avg. Estimate 2.79B 3.48B 12.27B 12.73B Low Estimate 2.58B 3.19B 11.39B 11.7B High Estimate 3.01B 3.8B 13.95B 14.97B Year Ago Sales 2.79B 3.42B 12.07B 12.27B Sales Growth (year/est)-0.10% 1.80% 1.60% 3.80% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.69 1.47 0.66 1.19 EPS Actual 0.59 1.51 0.68 1.27 Difference -0.1 0.04 0.02 0.08 Surprise % -14.50% 2.70% 3.00% 6.70% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.61 1.49 4.08 4.26 7 Days Ago 0.63 1.5 4.07 4.25 30 Days Ago 0.7 1.57 4.09 4.27 60 Days Ago 0.64 1.55 4.08 4.27 90 Days Ago 0.72 1.58 4.14 4.31 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A 1 1 2 Up Last 30 Days 2 1 4 2 Down Last 30 Days2 1 N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates ED IndustrySectorS&P 500 Current Qtr. 3.40% N/A N/A 0.21 Next Qtr. -1.30%N/A N/A 0.21 Current Year 3.00% N/A N/A 0.09 Next Year 4.40% N/A N/A 0.11 Next 5 Years (per annum) 3.97% N/A N/A 0.10
MSFR 2059 https://finance.yahoo.com/quote/ED/analysts?p=ED[5/9/2017 10:01:01 AM] ES Analyst Opinion | Analyst Estimates | Eversource Energy (D/B/A) Commo Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 54 of 190
Eversource Energy (ES)
NYSE - Nasdaq Real Time Price. Currency in USD Add to watchlist
59.58-0.18 (-0.30 %) As of 11:04AM EDT. Market open. People also watch WECNEESCGEIXCMS Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 11 11 19 19 Avg. Estimate 0.67 0.86 3.14 3.31 Low Estimate 0.58 0.78 3.06 3.23 High Estimate 0.71 0.91 3.2 3.38 Year Ago EPS 0.64 0.83 2.96 3.14 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 5 5 12 12 Avg. Estimate 1.79B 2.11B 8.06B 8.24B Low Estimate 1.59B 2.05B 7.68B 7.75B High Estimate 1.94B 2.17B 8.66B 8.66B Year Ago Sales 1.77B 2.04B 7.64B 8.06B Sales Growth (year/est)1.10% 3.50% 5.50% 2.20% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.65 0.8 0.74 0.82 EPS Actual 0.64 0.83 0.72 0.82 Difference -0.01 0.03 -0.02 N/A Surprise % -1.50% 3.70% -2.70% N/A EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.67 0.86 3.14 3.31 7 Days Ago 0.67 0.86 3.14 3.31 30 Days Ago 0.67 0.86 3.16 3.31 60 Days Ago 0.68 0.87 3.15 3.31 90 Days Ago 0.67 0.86 3.16 3.31 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A 1 N/A Up Last 30 Days 4 5 2 1 Down Last 30 Days1 N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates ES IndustrySectorS&P 500 Current Qtr. 4.70%N/A N/A 0.21 MSFR 2060 https://finance.yahoo.com/quote/ES/analysts?p=ES[5/9/2017 10:04:28 AM] ES Analyst Opinion | Analyst Estimates | Eversource Energy (D/B/A) Commo Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 55 of 190 Next Qtr. 3.60%N/A N/A 0.21 Current Year 6.10%N/A N/A 0.09 Next Year 5.40%N/A N/A 0.11 Next 5 Years (per annum) 5.99%N/A N/A 0.10 Past 5 Years (per annum) 4.83%N/A N/A N/A
Recommendation Trends FebMarAprMay04812161811 191219121811 Strong Buy Buy Hold Underperform Sell Recommendation2.3 Rating
1 Strong Buy 2 Buy 3 Hold 4 Under- perform 5 Sell Analyst Price Targets (15)
Low 56.00 High 67.00 Upgrades & Downgrades Initiated Credit Suisse: to Neutral 1/25/2017 Upgrade Deutsche Bank: Hold to Buy 12/20/2016 DowngradeBarclays: Overweight to Equal Weight 2/8/2016 DowngradeMacquarie: Outperform to Neutral 2/8/2016 Initiated Mizuho: to Neutral 8/7/2015 Upgrade Wells Fargo: Market Perform to Outperform7/7/2015
MSFR 2061 https://finance.yahoo.com/quote/ES/analysts?p=ES[5/9/2017 10:04:28 AM] LNT Analyst Opinion | Analyst Estimates | Alliant Energy Corporation Comm Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 56 of 190 Add to watchlist
39.80+0.01 (+0.03 %) As of 9:49AM . Market open. People also watch WECWROGESCGPNW Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 4 4 10 10 Avg. Estimate 0.36 0.93 2.01 2.14 Low Estimate 0.31 0.85 1.99 2.1 High Estimate 0.41 1.02 2.04 2.19 Year Ago EPS 0.37 0.8 1.88 2.01 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 3 3 7 7 Avg. Estimate 742.06M 1.17B 3.49B 3.61B Low Estimate 659.57M 952.62M 3.43B 3.52B High Estimate 784M 1.55B 3.59B 3.73B Year Ago Sales 754.6M 924.6M 3.32B 3.49B Sales Growth (year/est)-1.70% 26.30% 5.30% 3.40% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.38 0.91 0.28 0.43 EPS Actual 0.37 0.8 0.28 0.44 Difference -0.01 -0.11 N/A 0.01 Surprise % -2.60% -12.10% N/A 2.30% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.36 0.93 2.01 2.14 7 Days Ago 0.36 0.93 2 2.14 30 Days Ago 0.36 0.93 2 2.14 60 Days Ago 0.36 0.95 2 2.14 90 Days Ago 0.33 1 2 2.13 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days 1 N/A 1 N/A Up Last 30 Days 1 N/A 1 N/A Down Last 30 DaysN/A N/A N/A 1 Down Last 90 DaysN/A N/A N/A N/A Growth Estimates LNT IndustrySectorS&P 500 Current Qtr. -2.70% N/A N/A 0.21 Next Qtr. 16.20%N/A N/A 0.21 Current Year 6.90% N/A N/A 0.09 Next Year 6.50% N/A N/A 0.11 Next 5 Years (per annum) 6.35% N/A N/A 0.10 Past 5 Years (per annum) 4.62% N/A N/A N/A
MSFR 2062 https://finance.yahoo.com/quote/LNT/analysts?p=LNT[5/9/2017 9:50:17 AM] MGEE Analyst Opinion | Analyst Estimates | MGE Energy Inc. Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 57 of 190 Year Ago Sales N/A N/A N/A N/A Sales Growth (year/est)N/A N/A N/A N/A Earnings HistoryInvalid DateInvalid DateInvalid DateInvalid Date EPS Est. N/A N/A N/A N/A EPS Actual N/A N/A N/A N/A Difference N/A N/A N/A N/A Surprise % N/A N/A N/A N/A EPS Trend Current Qtr.Next Qtr.Current YearNext Year Current EstimateN/A N/A N/A N/A 7 Days Ago N/A N/A N/A N/A 30 Days Ago N/A N/A N/A N/A 60 Days Ago N/A N/A N/A N/A 90 Days Ago N/A N/A N/A N/A EPS Revisions Current Qtr.Next Qtr.Current YearNext Year Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A N/A N/A N/A Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates MGEEIndustrySectorS&P 500 Current Qtr. N/A N/A N/A 0.21 Next Qtr. N/A N/A N/A 0.21 Current Year N/A N/A N/A 0.09 Next Year N/A N/A N/A 0.11 Next 5 Years (per annum) 4.00% N/A N/A 0.10 Past 5 Years (per annum) 5.50% N/A N/A N/A
Recommendation Trends FebMarAprMay0.00.40.81111 Strong Buy Buy Hold Underperform Sell Recommendation3 Rating
1 Strong Buy 2 Buy MSFR 2063 https://finance.yahoo.com/quote/MGEE/analysts?p=MGEE[5/9/2017 10:04:54 AM] NWE Analyst Opinion | Analyst Estimates | NorthWestern Corporation Common Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 58 of 190 -0.17 (-0.37%)
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Northwestern Corporation (NWE)
NYSE - Nasdaq Real Time Price. Currency in USD Add to watchlist
60.44-0.19 (-0.31%) As of 11:03AM EDT. Market open. People also watch PORPNMUTLBKHNJR Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 3 3 4 4 Avg. Estimate 0.65 0.66 3.42 3.52 Low Estimate 0.64 0.63 3.4 3.47 High Estimate 0.65 0.69 3.47 3.55 Year Ago EPS 0.58 0.66 3.11 3.42 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 1 1 3 3 Avg. Estimate 293.24M 302.42M 1.31B 1.34B Low Estimate 293.24M 302.42M 1.3B 1.32B High Estimate 293.24M 302.42M 1.33B 1.37B MSFR 2064 https://finance.yahoo.com/quote/NWE/analysts?p=NWE[5/9/2017 10:07:12 AM] NWE Analyst Opinion | Analyst Estimates | NorthWestern Corporation Common Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 59 of 190 Year Ago Sales 293.12M 301M 1.26B 1.31B Sales Growth (year/est)N/A 0.50% 4.30% 2.40% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.53 0.59 0.95 1.03 EPS Actual 0.58 0.66 0.95 1.17 Difference 0.05 0.07 N/A 0.14 Surprise % 9.40% 11.90% N/A 13.60% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.65 0.66 3.42 3.52 7 Days Ago 0.67 0.68 3.4 3.5 30 Days Ago 0.71 0.72 3.4 3.5 60 Days Ago 0.71 0.72 3.4 3.5 90 Days Ago 0.73 0.67 3.4 3.48 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A 1 1 Up Last 30 Days N/A N/A 1 1 Down Last 30 Days1 1 N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates NWE IndustrySectorS&P 500 Current Qtr. 12.10%N/A N/A 0.21 Next Qtr. N/A N/A N/A 0.21 Current Year 10.00%N/A N/A 0.09 Next Year 2.90% N/A N/A 0.11 Next 5 Years (per annum) 3.73% N/A N/A 0.10 Past 5 Years (per annum) 11.13% N/A N/A N/A
Recommendation Trends FebMarAprMay02466676 Strong Buy Buy Hold Underperform Sell Recommendation3 Rating
1 Strong Buy 2 Buy 3 MSFR 2065 https://finance.yahoo.com/quote/NWE/analysts?p=NWE[5/9/2017 10:07:12 AM] VVC Analyst Opinion | Analyst Estimates | Vectren Corporation Common Stoc Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 60 of 190 Vectren Corporation (VVC)
NYSE - Nasdaq Real Time Price. Currency in USD Add to watchlist
59.48+0.01 (+0.02 %) As of 11:06AM EDT. Market open. People also watch WGLNWNBKHPNYUGI Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr.Next Qtr.Current YearNext Year No. of Analysts N/A N/A N/A N/A Avg. Estimate N/A N/A N/A N/A Low Estimate N/A N/A N/A N/A High Estimate N/A N/A N/A N/A Year Ago EPS N/A N/A N/A N/A Revenue Estimate Current Qtr.Next Qtr.Current YearNext Year No. of Analysts N/A N/A N/A N/A Avg. Estimate N/A N/A N/A N/A Low Estimate N/A N/A N/A N/A High Estimate N/A N/A N/A N/A Year Ago Sales N/A N/A N/A N/A Sales Growth (year/est)N/A N/A N/A N/A Earnings HistoryInvalid DateInvalid DateInvalid DateInvalid Date EPS Est. N/A N/A N/A N/A EPS Actual N/A N/A N/A N/A Difference N/A N/A N/A N/A Surprise % N/A N/A N/A N/A EPS Trend Current Qtr.Next Qtr.Current YearNext Year Current EstimateN/A N/A N/A N/A 7 Days Ago N/A N/A N/A N/A 30 Days Ago N/A N/A N/A N/A 60 Days Ago N/A N/A N/A N/A 90 Days Ago N/A N/A N/A N/A EPS Revisions Current Qtr.Next Qtr.Current YearNext Year Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A N/A N/A N/A Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates VVCIndustrySectorS&P 500 Current Qtr. N/A N/A N/A 0.21 Next Qtr. N/A N/A N/A 0.21 Current Year N/A N/A N/A 0.09 Next Year N/A N/A N/A 0.11 Next 5 Years (per annum) N/A N/A N/A 0.10 Past 5 Years (per annum) N/A N/A N/A N/A
MSFR 2066 https://finance.yahoo.com/quote/VVC/analysts?p=VVC[5/9/2017 10:08:48 AM] WEC Analyst Opinion | Analyst Estimates | WEC Energy Group, Inc. Common S Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 61 of 190
WEC Energy Group, Inc. (WEC)
NYSE - Nasdaq Real Time Price. Currency in USD Add to watchlist
61.51-0.06 (-0.09 %) As of 11:09AM EDT. Market open. People also watch SCGXELLNTPNWWR Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 6 5 15 14 Avg. Estimate 0.58 0.72 3.1 3.28 Low Estimate 0.55 0.68 3.07 3.22 High Estimate 0.62 0.75 3.13 3.35 Year Ago EPS 0.57 0.69 2.97 3.1 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 3 3 9 10 Avg. Estimate 1.71B 1.88B 7.82B 8.02B Low Estimate 1.56B 1.66B 7.51B 7.52B High Estimate 1.79B 2.1B 8.52B 8.73B Year Ago Sales 1.6B 1.71B 7.47B 7.82B Sales Growth (year/est)6.90% 9.80% 4.70% 2.50% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.56 0.61 0.61 1.06 EPS Actual 0.57 0.69 0.61 1.12 Difference 0.01 0.08 N/A 0.06 Surprise % 1.80% 13.10% N/A 5.70% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.58 0.72 3.1 3.28 7 Days Ago 0.59 0.75 3.1 3.28 30 Days Ago 0.6 0.75 3.1 3.28 60 Days Ago 0.6 0.75 3.1 3.28 90 Days Ago 0.6 0.75 3.1 3.29 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days 2 2 2 2 Up Last 30 Days 2 2 2 2 Down Last 30 Days2 2 1 1 Down Last 90 DaysN/A N/A N/A N/A Growth Estimates WEC IndustrySectorS&P 500 Current Qtr. 1.80%N/A N/A 0.21 MSFR 2067 https://finance.yahoo.com/quote/WEC/analysts?p=WEC[5/9/2017 10:09:36 AM] WEC Analyst Opinion | Analyst Estimates | WEC Energy Group, Inc. Common S Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 62 of 190 Next Qtr. 4.30%N/A N/A 0.21 Current Year 4.40%N/A N/A 0.09 Next Year 5.80%N/A N/A 0.11 Next 5 Years (per annum) 5.61%N/A N/A 0.10 Past 5 Years (per annum) 4.14%N/A N/A N/A
MSFR 2068 https://finance.yahoo.com/quote/WEC/analysts?p=WEC[5/9/2017 10:09:36 AM] Alliant Energy Corporation - LNT - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 63 of 190
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Alliant Energy Corporation (LNT) (Real Time Quote From BATS)
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Trades from $3
$41.46 USD
-0.01 (-0.02%) Updated Jun 1, 2017 11:18 AM ET
Volume: 404,401
Open: $41.46
Prior Close: $41.47
Zacks Rank 3-Hold 3
Style Scores Value: D | Growth: C | Momentum: D | VGM: D
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Quote Overview
Stock Activity
Open 41.46
Day Low 41.30
Day High 41.57
52 Wk Low 34.88
52 Wk High 41.71
Avg. Volume 1,725,936
Market Cap 9.45 B
Dividend 1.26 ( 3.04%)
Beta 0.42
Key Earnings Data
Forward PE 20.74
MSFR 2069 https://www.zacks.com/stock/quote/LNT?q=lnt[6/1/2017 10:20:58 AM] Alliant Energy Corporation - LNT - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 64 of 190 PEG Ratio 3.77
Current Qtr Est 0.40
Current Yr Est 2.00
Most Accurate Est 0.40
Qtr Earnings ESP 0.00%
Exp Earnings Date 8/7/17
Prior Year EPS 1.88
Exp EPS Growth (3-5yr) 5.50%
Utilities » Utility - Electric Power
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Consolidated Edison Q1 Results & Investment Plans Impress 05/19/17-7:33AM EST Zacks
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DTE Energy Targets Over 80% Cut in Carbon Emissions by 2050 05/17/17-6:14AM EST Zacks
COPEL (ELP) Q1 Earnings Up Y/Y on Sales Growth, Lower Costs 05/16/17-7:47AM EST Zacks
DTE Energy's Cap-Ex Plans Impress Amid Regulatory Hurdles 05/16/17-7:02AM EST Zacks
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Zacks Rank Hold 3
Zacks Industry Rank Bottom 36%(169 out of 265)
Zacks Sector Rank Bottom 25% (12 out of 16)
Style Scores Value: D | Growth: C | Momentum: D | VGM: D
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Learn to Proft from the Zacks Rank MSFR 2070 https://www.zacks.com/stock/quote/LNT?q=lnt[6/1/2017 10:20:58 AM] Alliant Energy Corporation - LNT - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 65 of 190 More Premium Research »
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Alliant Energy Corporation LNT
Pampa Energia S.A. PAM
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MSFR 2071 https://www.zacks.com/stock/quote/LNT?q=lnt[6/1/2017 10:20:58 AM] Black Hills Corporation - BKH - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 66 of 190
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Black Hills Corporation (BKH) (Real Time Quote From BATS)
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$69.50 USD
-0.04 (-0.06%) Updated Jun 1, 2017 11:22 AM ET
Volume: 49,766
Open: $69.35
Prior Close: $69.54
Zacks Rank 4-Sell 4
Style Scores Value: C | Growth: A | Momentum: A | VGM: B
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Quote Overview
Stock Activity
Open 69.35
Day Low 69.22
Day High 69.79
52 Wk Low 54.76
52 Wk High 69.83
Avg. Volume 290,537
Market Cap 3.72 B
Dividend 1.78 ( 2.56%)
Beta 0.78
Key Earnings Data
Forward PE 19.70
MSFR 2072 https://www.zacks.com/stock/quote/bkh[6/1/2017 10:24:37 AM] Black Hills Corporation - BKH - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 67 of 190 PEG Ratio 3.94
Current Qtr Est 0.50
Current Yr Est 3.53
Most Accurate Est 0.52
Qtr Earnings ESP 4.00%
Exp Earnings Date 8/2/17
Prior Year EPS 3.19
Exp EPS Growth (3-5yr) 5.00%
Utilities » Utility - Electric Power
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Options Traders Expect Huge Moves in Black Hills (BKH) Stock 02/09/17-7:40AM EST Zacks
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PPL Corp (PPL) Q4 Earnings: Will the Stock Pull a Surprise? 01/30/17-6:19AM EST Zacks
WEC Energy (WEC) Earnings: What Awaits the Stock in Q4? 01/30/17-5:16AM EST Zacks
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Zacks Rank Sell 4
Zacks Industry Rank Bottom 36%(169 out of 265)
Zacks Sector Rank Bottom 25% (12 out of 16)
Style Scores Value: C | Growth: A | Momentum: A | VGM: B
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Learn to Proft from the Zacks Rank MSFR 2073 https://www.zacks.com/stock/quote/bkh[6/1/2017 10:24:37 AM] Black Hills Corporation - BKH - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 68 of 190
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Black Hills Corporation BKH
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MSFR 2074 https://www.zacks.com/stock/quote/bkh[6/1/2017 10:24:37 AM] Cms Energy Corporation - CMS - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 69 of 190
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CMS Energy Corporation (CMS) (Real Time Quote From BATS)
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$47.33 USD
-0.08 (-0.17%) Updated Jun 1, 2017 11:22 AM ET
Volume: 537,661
Open: $47.40
Prior Close: $47.41
Zacks Rank 3-Hold 3
Style Scores Value: C | Growth: B | Momentum: B | VGM: B
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Quote Overview
Stock Activity
Open 47.40
Day Low 47.14
Day High 47.44
52 Wk Low 38.78
52 Wk High 47.70
Avg. Volume 1,768,120
Market Cap 13.30 B
Dividend 1.33 ( 2.81%)
Beta 0.15
Key Earnings Data
Forward PE 21.86
MSFR 2075 https://www.zacks.com/stock/quote/cms[6/1/2017 10:26:06 AM] Cms Energy Corporation - CMS - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 70 of 190 PEG Ratio 3.64
Current Qtr Est 0.43
Current Yr Est 2.17
Most Accurate Est 0.45
Qtr Earnings ESP 4.65%
Exp Earnings Date 7/27/17
Prior Year EPS 2.02
Exp EPS Growth (3-5yr) 6.00%
Utilities » Utility - Electric Power
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Why Is CMS Energy (CMS) Up 4.8% Since the Last Earnings... 06/01/17-10:12AM EST Zacks
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Atlantica Yield (ABY) Posts Narrower-than-Expected Q1 Loss 05/16/17-7:56AM EST Zacks
Brookfeld Infrastructure (BIP) Incurs Loss, Lags Q1 Revenue 05/08/17-8:25AM EST Zacks
PPL Corp (PPL) Earnings In Line with Estimates, Revenues Lag 05/04/17-10:46AM EST Zacks
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Zacks Rank Hold 3
Zacks Industry Rank Bottom 36%(169 out of 265)
Zacks Sector Rank Bottom 25% (12 out of 16)
Style Scores Value: C | Growth: B | Momentum: B | VGM: B
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Learn to Proft from the Zacks Rank MSFR 2076 https://www.zacks.com/stock/quote/cms[6/1/2017 10:26:06 AM] Cms Energy Corporation - CMS - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 71 of 190 More Premium Research »
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CMS Energy Corporation CMS
Pampa Energia S.A. PAM
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CenterPoint Energy, Inc. CNP
Consolidated Edison Inc ED
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MSFR 2077 https://www.zacks.com/stock/quote/cms[6/1/2017 10:26:06 AM] Consolidated Edison Inc - ED - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 72 of 190
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Consolidated Edison Inc (ED) (Real Time Quote From BATS)
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$82.83 USD
+0.04 (0.05%) Updated Jun 1, 2017 11:22 AM ET
Volume: 378,947
Open: $82.77
Prior Close: $82.79
Zacks Rank 2-Buy 2
Style Scores Value: C | Growth: D | Momentum: F | VGM: D
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Quote Overview
Stock Activity
Open 82.77
Day Low 82.49
Day High 82.92
52 Wk Low 68.76
52 Wk High 83.25
Avg. Volume 1,392,380
Market Cap 25.28 B
Dividend 2.76 ( 3.33%)
Beta 0.08
Key Earnings Data
Forward PE 20.31
MSFR 2078 https://www.zacks.com/stock/quote/ed[6/1/2017 10:26:54 AM] Consolidated Edison Inc - ED - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 73 of 190 PEG Ratio 5.64
Current Qtr Est 0.60
Current Yr Est 4.08
Most Accurate Est 0.55
Qtr Earnings ESP -8.33%
Exp Earnings Date 8/3/17
Prior Year EPS 3.96
Exp EPS Growth (3-5yr) 3.60%
Utilities » Utility - Electric Power
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Consolidated Edison Q1 Results & Investment Plans Impress 05/19/17-7:33AM EST Zacks
New Stock Research Reports for Boeing, AbbVie and UnitedHealth 05/18/17-12:00AM EST Zacks
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DTE Energy Targets Over 80% Cut in Carbon Emissions by 2050 05/17/17-6:14AM EST Zacks
DTE Energy's Cap-Ex Plans Impress Amid Regulatory Hurdles 05/16/17-7:02AM EST Zacks
Maxwell (MXWL) Posts In-Line Q1 Loss, Revenues Top Estimates 05/10/17-7:09AM EST Zacks
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Zacks Rank Buy 2
Zacks Industry Rank Bottom 36%(169 out of 265)
Zacks Sector Rank Bottom 25% (12 out of 16)
Style Scores Value: C | Growth: D | Momentum: F | VGM: D
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Learn to Proft from the Zacks Rank MSFR 2079 https://www.zacks.com/stock/quote/ed[6/1/2017 10:26:54 AM] Consolidated Edison Inc - ED - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 74 of 190 More Premium Research »
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Consolidated Edison Inc ED
Pampa Energia S.A. PAM
RWE AG RWEOY
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Avangrid, Inc. AGR
CenterPoint Energy, Inc. CNP
Huaneng Power International, Inc. HNP
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MSFR 2080 https://www.zacks.com/stock/quote/ed[6/1/2017 10:26:54 AM] Eversource Energy - ES - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 75 of 190
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Eversource Energy (ES) (Real Time Quote From BATS)
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$61.98 USD
-0.09 (-0.15%) Updated Jun 1, 2017 11:28 AM ET
Volume: 324,035
Open: $62.10
Prior Close: $62.07
Zacks Rank 4-Sell 4
Style Scores Value: C | Growth: A | Momentum: A | VGM: A
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Quote Overview
Stock Activity
Open 62.10
Day Low 61.86
Day High 62.24
52 Wk Low 50.56
52 Wk High 62.24
Avg. Volume 1,125,649
Market Cap 19.67 B
Dividend 1.90 ( 3.06%)
Beta 0.32
Key Earnings Data
Forward PE 19.67
MSFR 2081 https://www.zacks.com/stock/quote/es[6/1/2017 10:31:45 AM] Eversource Energy - ES - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 76 of 190 PEG Ratio 3.11
Current Qtr Est 0.68
Current Yr Est 3.15
Most Accurate Est 0.67
Qtr Earnings ESP -1.47%
Exp Earnings Date 7/27/17
Prior Year EPS 2.96
Exp EPS Growth (3-5yr) 6.33%
Utilities » Utility - Electric Power
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Eversource Energy (ES) Hit by Regulatory and Weather Woes 05/17/17-11:19AM EST Zacks
Eversource (ES) Q1 Earnings Miss, Revenues Beat Estimates 05/04/17-8:30AM EST Zacks
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Utility Stocks Q1 Earnings Reports on May 3: NI, LNT, ES 05/02/17-6:37AM EST Zacks
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Eversource Energy (ES) Up 3.7% Since Earnings Report: Can It... 03/29/17-6:08AM EST Zacks
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Zacks Rank Sell 4
Zacks Industry Rank Bottom 36%(169 out of 265)
Zacks Sector Rank Bottom 25% (12 out of 16)
Style Scores Value: C | Growth: A | Momentum: A | VGM: A
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Learn to Proft from the Zacks Rank MSFR 2082 https://www.zacks.com/stock/quote/es[6/1/2017 10:31:45 AM] Eversource Energy - ES - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 77 of 190 More Premium Research »
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Eversource Energy ES
Pampa Energia S.A. PAM
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CenterPoint Energy, Inc. CNP
Consolidated Edison Inc ED
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MSFR 2083 https://www.zacks.com/stock/quote/es[6/1/2017 10:31:45 AM] Mge Energy Inc. - MGEE - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 78 of 190
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MGE Energy Inc. (MGEE) (Real Time Quote From BATS)
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$65.10 USD
0.00 (0.00%) Updated Jun 1, 2017 11:32 AM ET
Volume: 7,497
Open: $65.00
Prior Close: $65.10
Zacks Rank 3-Hold 3
Style Scores Value: D | Growth: B | Momentum: F | VGM: D
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Quote Overview
Stock Activity
Open 65.00
Day Low 65.00
Day High 65.50
52 Wk Low 50.05
52 Wk High 67.20
Avg. Volume 58,902
Market Cap 2.26 B
Dividend 1.23 ( 1.89%)
Beta 0.36
Key Earnings Data
Forward PE 28.30
MSFR 2084 https://www.zacks.com/stock/quote/mgee[6/1/2017 10:37:06 AM] Mge Energy Inc. - MGEE - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 79 of 190 PEG Ratio NA
Current Qtr Est NA
Current Yr Est 2.30
Most Accurate Est NA
Qtr Earnings ESP 0.00%
Exp Earnings Date 8/3/17
Prior Year EPS 2.18
Exp EPS Growth (3-5yr) NA
Utilities » Utility - Electric Power
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MGE Energy (MGEE) Gifts Investors with 4.2% Dividend Hike 08/22/16-6:50AM EST Zacks
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Zacks Rank Hold 3
Zacks Industry Rank Bottom 36%(169 out of 265)
Zacks Sector Rank Bottom 25% (12 out of 16)
Style Scores Value: D | Growth: B | Momentum: F | VGM: D
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MGE Energy Inc. MGEE
Pampa Energia S.A. PAM MSFR 2085 https://www.zacks.com/stock/quote/mgee[6/1/2017 10:37:06 AM] Mge Energy Inc. - MGEE - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 80 of 190
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Interactive Chart | Fundamental Charts MSFR 2086 https://www.zacks.com/stock/quote/mgee[6/1/2017 10:37:06 AM] Northwestern Corporation - NWE - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 81 of 190
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NorthWestern Corporation (NWE) (Real Time Quote From BATS)
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$61.74 USD
-0.22 (-0.36%) Updated Jun 1, 2017 11:36 AM ET
Volume: 38,742
Open: $61.79
Prior Close: $61.96
Zacks Rank 2-Buy 2
Style Scores Value: C | Growth: B | Momentum: F | VGM: C
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Quote Overview
Stock Activity
Open 61.79
Day Low 61.63
Day High 61.98
52 Wk Low 53.85
52 Wk High 63.75
Avg. Volume 254,592
Market Cap 3.00 B
Dividend 2.10 ( 3.39%)
Beta 0.39
Key Earnings Data
Forward PE 18.22
MSFR 2087 https://www.zacks.com/stock/quote/nwe[6/1/2017 10:38:27 AM] Northwestern Corporation - NWE - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 82 of 190 PEG Ratio 5.61
Current Qtr Est 0.64
Current Yr Est 3.40
Most Accurate Est 0.64
Qtr Earnings ESP 0.00%
Exp Earnings Date 7/28/17
Prior Year EPS 3.30
Exp EPS Growth (3-5yr) 3.25%
Utilities » Utility - Electric Power
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Dominion Gains from investments, Drop in Tax Credits a Woe 05/18/17-9:04AM EST Zacks
Is PPL Corp. (PPL) the Right Choice for Your Portfolio? 05/11/17-8:27AM EST Zacks
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Utilities to Post Earnings on Apr 26: DTE, ETR, NWE, SJW 04/25/17-6:43AM EST Zacks
Will Duke Energy's PURPA Proposal Impact Solar Power Space? 03/31/17-10:29AM EST Zacks
Should You Buy Northwestern (NWE) Ahead of Earnings? 02/15/17-7:48AM EST Zacks
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Zacks Rank Buy 2
Zacks Industry Rank Bottom 36%(169 out of 265)
Zacks Sector Rank Bottom 25% (12 out of 16)
Style Scores Value: C | Growth: B | Momentum: F | VGM: C
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Learn to Proft from the Zacks Rank MSFR 2088 https://www.zacks.com/stock/quote/nwe[6/1/2017 10:38:27 AM] Northwestern Corporation - NWE - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 83 of 190
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NorthWestern Corporation NWE
Pampa Energia S.A. PAM
RWE AG RWEOY
Algonquin Power & Utilities Corp. AQN
Avangrid, Inc. AGR
CenterPoint Energy, Inc. CNP
Consolidated Edison Inc ED
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MSFR 2089 https://www.zacks.com/stock/quote/nwe[6/1/2017 10:38:27 AM] Vectren Corporation - VVC - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 84 of 190
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Vectren Corporation (VVC) (Real Time Quote From BATS)
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$61.44 USD
+0.10 (0.16%) Updated Jun 1, 2017 11:42 AM ET
Volume: 73,893
Open: $61.35
Prior Close: $61.34
Zacks Rank 4-Sell 4
Style Scores Value: C | Growth: A | Momentum: D | VGM: A
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Quote Overview
Stock Activity
Open 61.35
Day Low 61.04
Day High 61.65
52 Wk Low 46.52
52 Wk High 61.87
Avg. Volume 320,471
Market Cap 5.09 B
Dividend 1.68 ( 2.74%)
Beta 0.78
Key Earnings Data
Forward PE 23.40
MSFR 2090 https://www.zacks.com/stock/quote/vvc[6/1/2017 10:44:41 AM] Vectren Corporation - VVC - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 85 of 190 PEG Ratio 4.13
Current Qtr Est 0.44
Current Yr Est 2.62
Most Accurate Est 0.44
Qtr Earnings ESP 0.00%
Exp Earnings Date 8/2/17
Prior Year EPS 2.55
Exp EPS Growth (3-5yr) 5.67%
Utilities » Utility - Gas Distribution
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Delta Natural Gas (DGAS) to Be Acquired by Peoples for $270M 02/22/17-3:49PM EST Zacks
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Top Ranked Income Stocks to Buy for February 2nd 02/02/17-12:00AM EST Zacks
Utility Industry Stock Outlook - Jan.-Feb. 2017 01/31/17-1:56PM EST Zacks
ONE Gas (OGS) Issues 2017 Guidance, Updates 5-Year Plan 01/18/17-7:41AM EST Zacks
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Zacks Rank Sell 4
Zacks Industry Rank Bottom 29%(187 out of 265)
Zacks Sector Rank Bottom 25% (12 out of 16)
Style Scores Value: C | Growth: A | Momentum: D | VGM: A
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Learn to Proft from the Zacks Rank MSFR 2091 https://www.zacks.com/stock/quote/vvc[6/1/2017 10:44:41 AM] Vectren Corporation - VVC - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 86 of 190
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Top Peers Symbol Zacks Rank
Vectren Corporation VVC
Centrica PLC CPYYY
ONE Gas, Inc. OGS
Atmos Energy Corporation ATO
Clean Energy Fuels Corp. CLNE
Delta Natural Gas Company, Inc. DGAS
Enagas SA Unsponsored ADR ENGGY
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MSFR 2092 https://www.zacks.com/stock/quote/vvc[6/1/2017 10:44:41 AM] Wec Energy Group, Inc. - WEC - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 87 of 190
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WEC Energy Group, Inc. (WEC) (Real Time Quote From BATS)
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$62.92 USD
+0.16 (0.26%) Updated Jun 1, 2017 02:38 PM ET
Volume: 794,301
Open: $62.60
Prior Close: $62.76
Zacks Rank 4-Sell 4
Style Scores Value: C | Growth: A | Momentum: B | VGM: B
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Quote Overview
Stock Activity
Open 62.60
Day Low 62.33
Day High 62.92
52 Wk Low 53.66
52 Wk High 66.10
Avg. Volume 1,505,125
Market Cap 19.81 B
Dividend 2.08 ( 3.31%)
Beta 0.12
Key Earnings Data
Forward PE 20.26
MSFR 2093 https://www.zacks.com/stock/quote/WEC?q=wec[6/1/2017 1:41:01 PM] Wec Energy Group, Inc. - WEC - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 88 of 190 PEG Ratio 3.38
Current Qtr Est 0.58
Current Yr Est 3.10
Most Accurate Est 0.58
Qtr Earnings ESP 0.00%
Exp Earnings Date 7/26/17
Prior Year EPS 2.97
Exp EPS Growth (3-5yr) 6.00%
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Zacks Rank Sell 4
Zacks Industry Rank Bottom 36%(169 out of 265)
Zacks Sector Rank Bottom 25% (12 out of 16)
Style Scores Value: C | Growth: A | Momentum: B | VGM: B
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Learn to Proft from the Zacks Rank MSFR 2094 https://www.zacks.com/stock/quote/WEC?q=wec[6/1/2017 1:41:01 PM] Wec Energy Group, Inc. - WEC - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 89 of 190 More Premium Research »
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MSFR 2095 https://www.zacks.com/stock/quote/WEC?q=wec[6/1/2017 1:41:01 PM] 170 IAC 1-5-13(b)(2) Page 90 of 190
RECENT P/E Trailing: 14.7 RELATIVE DIV’D VALUE AT&T INC. NYSE-T PRICE 41.88RATIO 14.2()Median: 14.0 P/E RATIO 0.73YLD 4.7% LINE TIMELINESS 3 Lowered 3/17/17 High: 36.2 43.0 41.9 29.5 29.6 31.9 38.6 39.0 37.5 36.4 43.9 43.0 Target Price Range Low: 24.2 32.7 20.9 21.4 23.8 27.2 29.0 32.8 31.7 31.0 33.4 40.2 2020 2021 2022 SAFETY 1 Raised 3/28/08 LEGENDS 6.0 x ″Cash Flow″ psh 120 TECHNICAL 3 Lowered 3/3/17 .... Relative Price Strength 100 Options: Yes 80 BETA .75 (1.00 = Market) Shaded area indicates recession 64 2020-22 PROJECTIONS 48 Ann’l Total Price Gain Return High 55 (+30%) 11% 32 Low 45 (+5%) 7% 24 Insider Decisions 20 MJJASONDJ 16 to Buy 000000000 12 Options 2072002010 to Sell 001000000 % TOT. RETURN 2/17 8 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 12 to Buy 968 882 996 1 yr. 18.6 30.5 shares 8 3 yr. 53.0 22.1 to Sell 806 874 832 traded 4 Hld’s(000)332392532559583369879 5 yr. 74.7 81.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 16.19 15.60 12.36 12.36 11.31 16.24 19.83 21.05 20.84 21.05 21.38 22.83 24.64 25.53 23.89 26.68 27.05 27.50 Revenues per sh E 29.25 5.32 5.14 3.91 3.77 3.42 4.63 5.36 5.56 5.46 5.60 5.31 5.70 6.10 6.04 6.05 7.07 7.15 7.35 ‘‘Cash Flow’’ per sh 8.25 2.35 2.16 1.52 1.47 1.72 2.34 2.76 2.16 2.12 2.29 2.20 2.33 2.50 2.50 2.69 2.84 2.95 3.10 Earnings per sh A 3.70 1.02 1.07 1.37 1.25 1.29 1.33 1.42 1.60 1.64 1.68 1.72 1.76 1.80 1.84 1.88 1.92 1.96 2.00 Div’ds Decl’d per sh B ■ 2.40 3.34 2.05 1.58 1.54 1.44 2.14 2.93 3.34 2.81 3.30 3.39 3.49 4.01 4.09 3.26 3.50 3.60 3.70 Cap’l Spending per sh 4.00 9.69 10.01 11.57 12.29 14.11 29.76 19.09 16.35 17.34 18.94 17.85 16.61 17.50 16.76 19.96 20.06 21.00 22.15 Book Value per sh C 27.50 3354.2 3317.6 3305.2 3300.9 3876.9 3882.0 6043.5 5893.0 5901.9 5911.1 5926.5 5581.4 5226.3 5186.9 6144.9 6139.0 6140.0 6140.0 Common Shs Outst’g D 6150.0 18.3 14.2 15.6 17.2 13.9 12.6 14.2 15.4 12.1 11.7 13.4 14.5 14.2 13.8 12.6 13.8 Bold figures are Avg Ann’l P/E Ratio 14.0 .94 .78 .89 .91 .74 .68 .75 .93 .81 .74 .84 .92 .80 .73 .63 .72 Value Line Relative P/E Ratio .90 2.4% 3.5% 5.8% 5.0% 5.4% 4.5% 3.6% 4.8% 6.4% 6.3% 5.8% 5.2% 5.1% 5.3% 5.6% 4.9% estimates Avg Ann’l Div’d Yield 4.6% CAPITAL STRUCTURE as of 12/31/16 119839 124028 123018 124399 126723 127434 128752 132447 146801 163786 166050 169000 Revenues ($mill) E 180000 Total Debt $123513 mill. Due in 5 Yrs $44500 mill. 17040 12867 12535 13612 13103 13698 13463 13056 15188 17577 18100 19000 Net Profit ($mill) 22800 LT Debt $113681 mill. LT Interest $5500 mill. 34.2% 35.4% 32.4% 39.3% 33.6% 32.6% 33.2% 34.6% 32.4% 32.7% 35.0% 35.0% Income Tax Rate 35.0% 14.2% 10.4% 10.2% 10.9% 10.3% 10.7% 10.5% 9.9% 10.3% 10.7% 10.9% 11.2% Net Profit Margin 12.7% Pension Assets-12/16 $42610 mill. Oblig. $56183 33.2% 38.7% 38.7% 34.5% 36.7% 41.7% 43.1% 46.7% 48.9% 47.8% 46.5% 45.0% Long-Term Debt Ratio 39.5% mill. 66.8% 61.3% 61.3% 65.5% 63.3% 58.3% 56.9% 53.3% 50.7% 51.8% 53.5% 55.0% Common Equity Ratio 60.5% 172622 157219 167045 170921 167097 159053 160772 162935 242155 237791 242000 248000 Total Capital ($mill) 279000 Pfd Stock None 95890 99088 100093 103196 107087 109767 110968 112898 124450 124899 125500 126000 Net Plant ($mill) 130000 Common Stock 6,142 mill. shares 10.9% 9.3% 8.5% 8.8% 8.9% 9.7% 9.6% 9.1% 7.2% 8.5% 8.5% 9.0% Return on Total Cap’l 9.0% as of 2/10/17 14.8% 13.4% 12.3% 12.2% 12.4% 14.8% 14.7% 15.0% 12.4% 14.3% 14.0% 14.0% Return on Shr. Equity 13.5% 14.8% 13.4% 12.3% 12.2% 12.4% 14.8% 14.7% 15.0% 12.4% 14.3% 14.0% 14.0% Return on Com Equity 13.5% MARKET CAP: $257 billion (Large Cap) 7.2% 3.5% 2.8% 3.3% 2.8% 3.7% 4.1% 4.0% 4.1% 4.7% 4.5% 5.0% Retained to Com Eq 5.0% CURRENT POSITION 2014 2015 12/31/16 51% 74% 77% 73% 78% 75% 72% 73% 67% 67% 66% 65% All Div’ds to Net Prof 65% ($MILL.) Cash Assets 8603 5121 5788 BUSINESS: AT&T Inc., formerly SBC Communications, is one of less). Acquired PacTel, 4/97; SNET, 10/98; Ameritech, 10/99; Other 23425 30871 32581 the world’s largest telecom holding companies and is the largest in AT&T Corp., 11/05; BellSouth, 12/06; DirecTV, 7/15. ’16 sales mix: Current Assets 32028 35992 38369 the U.S. Its traditional (SBC only) wireline subsidiaries provide serv- Service, 91%; Equipment, 9%. Has 268,000 empl. BlackRock, Accts Payable 23592 30372 31138 ices in 13 states, including California, Texas, Illinois, Michigan, 5.5% of common; Off./Dir., less than 1% (3/16 Proxy). Chrmn. & Debt Due 6056 7636 9832 Other 7634 9808 9606 Ohio, Missouri, Connecticut, Indiana, Wisconsin, Oklahoma, Kan- CEO: Randall Stephenson. Inc.: DE. Addr.: 208 S. Akard St., Current Liab. 37282 47816 50576 sas, Arkansas, and Nevada. Also owns Cingular (now AT&T Wire- Dallas, Texas, 75202. Tel.: 210-821-4105. Internet: www.att.com. Fix. Chg. Cov. 325% 602% 496% AT&T’s proposed merger with Time ing the fourth quarter. Margins are widen- ANNUAL RATES Past Past Est’d ’14-’16 Warner seems likely to close by year’s ing, however, thanks to efforts to transi- of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 end. The $85.4 billion blockbuster, which tion customers to unsubsidized plans. Revenues 6.5% 4.0% 2.5% ‘‘Cash Flow’’ 5.0% 3.0% 4.5% would combine AT&T’s vast broadband ca- Moreover, results are being buoyed by in- Earnings 4.0% 4.0% 5.5% pabilities with a formidable lineup of roads in Mexico (an important market for Dividends 4.0% 2.5% 4.0% media content from networks like CNN, AT&T), and by the company’s new video Book Value - - 1.0% 6.5% TNT, and HBO, has not always appeared streaming service, DirecTV Now. That Cal- QUARTERLY REVENUES ($ mill.) Full on solid footing, with President Trump platform, which will go head-to-head with endar Mar.31 Jun.30 Sep.30 Dec.31 Year voicing concern that the tie-up would con- Hulu and Sling TV, has already added 2014 32476 32575 32957 34439 132447 centrate too much power in one service over 200,000 subscribers since debuting in 2015 32576 33015 39091 42119 146801 provider. But the two companies do not November. And we expect this momentum 2016 40535 40520 40890 41841 163786 compete directly with each other — this to persist in the coming periods, despite 2017 40900 41050 41400 42700 166050 would be a vertical transaction — a point some outage issues that have come up dur- 2018 41600 41800 42150 43450 169000 that has repeatedly been made by CEOs ing the product’s rollout. Consequently, we Cal- EARNINGS PER SHARE A Full Randall Stephenson and Jeff Bewkes. And remain confident that share earnings can endar Mar.31 Jun.30 Sep.30 Dec.31 Year we expect the merger, which was just ap- grow at a mid-single-digit pace in 2017 2014 .71 .62 .62 .55 2.50 proved by Time Warner shareholders, to and 2018. Cash flow will probably contin- 2015 .63 .69 .74 .63 2.69 eventually be green-lighted by federal reg- ue to be robust, too, which should support 2016 .72 .72 .74 .66 2.84 ulators, including the Justice Department. AT&T’s generous dividend payout. (The 2017 .75 .76 .77 .67 2.95 Under terms of the acquisition agreement, stock is still yielding over 4.5%.) 2018 .79 .80 .81 .70 3.10 Time Warner shareholders would receive This top-quality issue may appeal to Cal- QUARTERLY DIVIDENDS PAID B ■ Full $107.50 for each TWX share held, com- conservative investors with a longer- endar Mar.31 Jun.30 Sep.30 Dec.31 Year prised of $53.75 a share in cash and term view. Our projections do not factor 2013 .45 .45 .45 .45 1.80 $53.75 a share in AT&T stock. in the Time Warner deal, which would cer- 2014 .46 .46 .46 .46 1.84 The carrier is faring pretty well on its tainly be transformational, establishing 2015 .47 .47 .47 .47 1.88 own. The key wireless business continues the company as a communications giant in 2016 .48 .48 .48 .48 1.92 to face intense competitive pressures, with terms of both distribution and content. 2017 .49 promotional activity particularly high dur- Justin Hellman March 17, 2017 (A) Diluted earnings. Excl. nonrecurring and Nov. Incl. one-time div’ds: In ’03, $0.25. ■ no longer incl. in top line. Company’s Financial Strength A++ gains/(losses): ’03, $1.04; ’04, $0.32; ’05, Div’d reinvestment plan avail. (C) Incl. goodwill: Stock’s Price Stability 100 ($0.30); ’06, ($0.45). Next earnings report due ’16: $105207 mill., $17.14/sh. (D) In mill. (E) Price Growth Persistence 25 late Apr. (B) Div’ds paid in Feb., May, Aug., Starting in ’03, proportionate rev. from Cingular Earnings Predictability 100 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2096 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2)
Page 91 of 190
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d share, a hefty 25% premium over Bard’s September 30th) topped expectations.
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* ) 0.5077 shares of BDX stock for each share Sciences was buoyed by strong demand in
held. When all is said and done, Bard diagnostic systems. From a geographical
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shareholder and regulatory approvals. These shares are ranked to out-
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deal. At present, annual revenues for the in the year ahead. Although 3- to 5-year
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) about $16 billion. Looking further out, op- below average, long-term investors may be
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) portunities for BD to expand its footprint more interested when the Bard merger is
* ¤ ) overseas should lead to increased top-line factored in.
gains. Also, management projects about Kevin P. O’Sullivan May 19, 2017
% 2 3 ' ¢ ³ £ Ï ð â Ð ï â î ð ï ì ! " ï ã ä ï Î # ï î Ì Ë ä ü Ñ Ý Ê Ê - å . , Ë Ú û Ù - . , Ê Ë û Ø Ø - . , Ê Ü û Ü Ì - . , Ê Ì û Í Û - . , Ê Ù û 0 â î ü û Ð â ä ï 1 í ì ï û â ì ! Ð â ä ï " ï ã ä ï Î # ï î Ñ ¾ ú è ¼ Ô 5 ½ ¨ ÓÔ ¼ Ô ç Ó ¼ Å ¸ Ä × Ç Ô ö Ä ë
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© 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. MSFR 2097 170 IAC 1-5-13(b)(2) Page 92 of 190
RECENT P/E Trailing: 19.8 RELATIVE DIV’D VALUE BEMIS CO. NYSE-BMS PRICE 49.07RATIO 17.5()Median: 17.0 P/E RATIO 0.89YLD 2.4% LINE TIMELINESS 3 Lowered 1/20/17 High: 35.0 36.5 29.7 31.4 34.3 34.4 33.9 42.3 47.2 49.4 54.2 52.0 Target Price Range Low: 27.8 25.5 20.6 16.8 25.5 27.2 29.5 33.7 34.3 38.9 42.4 47.8 2020 2021 2022 SAFETY 1 Raised 3/27/15 LEGENDS 10.5 x ″Cash Flow″ psh 120 TECHNICAL 3 Raised 2/10/17 .... Relative Price Strength 100 2-for-1 split 3/04 80 BETA .85 (1.00 = Market) Options: Yes Shaded area indicates recession 64 2020-22 PROJECTIONS 48 Ann’l Total Price Gain Return High 70 (+45%) 11% 32 Low 60 (+20%) 8% 24 Insider Decisions 20 MJJASONDJ 16 to Buy 000000000 12 Options 1001001008 to Sell 000000000 % TOT. RETURN 2/17 8 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 30 to Buy 159 130 153 1 yr. 3.4 30.5 shares 20 3 yr. 35.9 22.1 to Sell 167 174 170 traded 10 Hld’s(000) 74318 73768 70335 5 yr. 80.2 81.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 21.69 22.37 24.80 26.48 33.14 34.71 36.30 37.90 32.24 44.90 50.87 49.80 49.36 44.23 42.81 43.20 45.55 47.20 Sales per sh 57.45 2.50 2.69 2.69 2.90 2.99 3.32 3.38 3.29 2.81 3.84 4.14 4.16 4.19 4.21 4.21 4.30 4.85 5.20 ‘‘Cash Flow’’ per sh 6.05 1.32 1.54 1.46 1.67 1.51 1.83 1.74 1.65 1.38 1.83 1.99 2.15 2.28 2.30 2.47 2.48 2.90 3.20 Earnings per sh A 3.65 .50 .52 .56 .64 .72 .76 .84 .88 .90 .92 .96 1.00 1.04 1.08 1.12 1.16 1.20 1.24 Div’ds Decl’d per sh B■ 1.36 1.11 .86 1.00 1.26 1.78 1.52 1.78 1.21 .82 1.05 1.29 1.32 1.37 1.89 2.31 2.25 2.20 2.30 Cap’l Spending per sh 2.55 8.38 9.06 10.72 12.22 12.87 14.04 15.54 13.50 16.55 17.46 15.12 15.90 16.53 14.59 12.70 13.59 14.20 15.85 Book Value per sh C 21.40 105.74 105.89 106.24 107.05 104.82 104.84 100.52 99.71 109.01 107.67 104.63 103.20 101.90 98.20 95.10 92.70 90.00 89.00 Common Shs Outst’g D 87.00 15.1 16.6 15.5 15.9 18.2 17.3 18.0 15.5 18.1 16.4 15.8 14.7 17.2 17.4 18.3 20.1 Bold figures are Avg Ann’l P/E Ratio 18.0 .77 .91 .88 .84 .97 .93 .96 .93 1.21 1.04 .99 .94 .97 .92 .92 1.05 Value Line Relative P/E Ratio 1.15 2.5% 2.0% 2.5% 2.4% 2.6% 2.4% 2.7% 3.4% 3.6% 3.1% 3.1% 3.2% 2.7% 2.7% 2.5% 2.3% estimates Avg Ann’l Div’d Yield 2.1% CAPITAL STRUCTURE as of 12/31/16 3649.3 3779.4 3514.6 4835.0 5322.7 5139.2 5029.8 4343.5 4071.4 4004.4 4100 4200 Sales ($mill) 5000 Total Debt $1545.1 mill. Due in 5 Yrs $462.2 mill. 12.8% 11.7% 13.2% 12.6% 12.0% 11.7% 12.1% 13.3% 14.0% 14.3% 15.5% 16.0% Operating Margin 15.0% LT Debt $1527.8 mill. LT Interest $65.0 mill. 158.5 162.0 159.3 209.7 220.3 204.3 190.3 180.6 158.1 162.1 165 167 Depreciation ($mill) 200 (LT int. earned: 6.8x) (55% of Cap’l) 181.6 166.2 147.2 203.3 212.4 225.3 237.0 233.1 241.9 236.2 270 295 Net Profit ($mill) 325 36.5% 36.7% 36.5% 35.9% 32.7% 36.0% 33.8% 34.3% 33.5% 32.7% 33.0% 33.0% Income Tax Rate 34.0% Leases, Uncapitalized Annual Rentals $9.9 mill. 5.0% 4.4% 4.2% 4.2% 4.0% 4.4% 4.7% 5.4% 5.9% 5.9% 6.6% 7.0% Net Profit Margin 6.5% 602.3 560.9 1480.5 791.6 867.0 882.0 902.6 806.4 529.9 589.4 570 615 Working Cap’l ($mill) 685 Pension Assets-12/16 $691.6 mill. 775.5 660.0 1227.5 1283.5 1554.8 1417.6 1421.4 1315.9 1353.9 1527.8 1500 1450 Long-Term Debt ($mill) 1400 Oblig. $750.5 mill. Common Stock 92,450,468 shs. 1562.3 1346.5 1803.7 1879.6 1582.1 1640.9 1684.8 1433.0 1207.4 1259.7 1275 1410 Shr. Equity ($mill) 1860 as of 2/15/17 8.6% 9.3% 5.5% 7.6% 8.0% 8.5% 8.7% 9.6% 10.5% 9.6% 9.5% 10.5% Return on Total Cap’l 10.0% 11.6% 12.3% 8.2% 10.8% 13.4% 13.7% 14.1% 16.3% 20.0% 18.8% 21.0% 21.0% Return on Shr. Equity 17.5% MARKET CAP: $4.5 billion (Mid Cap) 5.9% 5.6% 2.8% 5.4% 7.0% 7.4% 7.7% 8.7% 10.9% 9.7% 12.5% 13.0% Retained to Com Eq 11.0% CURRENT POSITION 2014 2015 12/31/16 49% 55% 66% 50% 48% 46% 45% 47% 45% 48% 40% 37% All Div’ds to Net Prof 36% ($MILL.) Cash Assets 47.1 59.2 74.2 BUSINESS: Bemis Company, Inc. is a major manufacturer of flexi- 6.2%. Has approximately 17,500 employees. Officers & directors Receivables 566.1 451.3 461.9 ble packaging products. It produces multilayer polymer, blown and own 1.1% of common stock; The Vanguard Group, 9.0%; State Inventory (FIFO) 575.8 525.9 549.4 Other 98.8 82.6 80.0 cast film structures to make packaging for a variety of applications. Street, 6.7% (3/16 Proxy). Chairman: Timothy M. Manganello. Current Assets 1287.8 1119.0 1165.5 Primarily serves the food industry. Operates through two segments: President and CEO: William F. Austen. Inc.: MO. Address: One Accts Payable 272.4 334.8 378.0 U.S. Packaging (65% of ’16 sales), and Global Packaging (35%). Neenah Center, 4th Floor, Neenah, Wisconsin 54957-0669. Tele- Debt Due 31.3 35.4 17.3 Sold Pressure Sensitive business, 11/14. 2016 depreciation rate: phone: 920-727-4100. Internet: www.bemis.com. Other 177.7 218.9 180.8 Current Liab. 481.4 589.1 576.1 Bemis will likely start 2017 under resses. Moreover, management’s strategic pressure. Negative pricing ought to hurt efforts are starting to take hold. Lastly, ANNUAL RATES Past Past Est’d ’14-’16 results. Most notably, recent price cuts in synergies from the purchases of Steripack of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Sales 3.5% 0.5% 5.0% the food business are hindering perform- and Emplal should provide a boost to ‘‘Cash Flow’’ 3.5% 3.5% 6.0% ance. Volume gains may not come easy, ei- share net. However, pricing and cost infla- Earnings 4.0% 7.0% 7.0% ther. Therefore, the top line should come tion should continue to weigh on Bemis in Dividends 4.5% 4.0% 3.5% Book Value 0.5% -3.5% 8.0% in around $1 billion, and earnings will the coming months. probably be about $0.67 a share in the Both the top and bottom lines should Cal- QUARTERLY SALES ($ mill.) Full March quarter. push higher in 2018. The Global Packing endar Mar.31 Jun.30 Sep.30 Dec.31 Year The board is committed to returning unit ought to improve. U.S. Packaging 2014 1095.0 1097.6 1098.2 1052.7 4343.5 cash to stockholders. Bemis increased may benefit from more-favorable trends 2015 1040.1 1030.3 1018.3 982.7 4071.4 its stock-repurchase authorization. Fur- abroad. Thus, we are introducing our sales 2016 967.9 1021.3 1027.2 988.0 4004.4 ther, it raised the quarterly dividend 3.4%, and earnings estimates at $4.2 billion and 2017 1000 1050 1045 1005 4100 2018 1025 1075 1070 1030 4200 to $0.30 a share. All told, we expect BMS $3.20 a share for next year. to continue to practice these shareholder- The company may well make some Cal- EARNINGS PER SHARE A Full friendly actions for the foreseeable future. bolt-on acquisitions over the coming endar Mar.31 Jun.30 Sep.30 Dec.31 Year The company is reworking its busi- years. Bemis has shown a knack for 2014 .52 .60 .61 .57 2.30 ness. Bemis is aiming to improve opera- bringing complementary assets into the 2015 .58 .67 .64 .58 2.47 tional efficiency. Cost cutting has been a fold. Thus, management will likely contin- 2016 .59 .53 .72 .64 2.48 2017 .67 .72 .78 .73 2.90 part of this strategy. In fact, the company ue to utilize this strategy as it shifts its 2018 .73 .79 .87 .81 3.20 recently closed four plants in Latin Amer- focus toward high-growth markets. ica. It has also been investing in its busi- This stock is ranked to mirror the B■ Cal- QUARTERLY DIVIDENDS PAID Full ness so it can capture more-attractive op- broader market in the year ahead. To- endar Mar.31 Jun.30 Sep.30 Dec.31 Year portunities. All told, we think the new tal return potential over the 2020-2022 2013 .26 .26 .26 .26 1.04 leadership team is on the right track. time frame does not stand out, either. 2014 .27 .27 .27 .27 1.08 We estimate earnings of $2.90 a share Therefore, we recommend investors look 2015 .28 .28 .28 .28 1.12 for the full year. The aforementioned elsewhere, for now. 2016 .29 .29 .29 .29 1.16 2017 .30 pressures should ease as the year prog- Richard J. Gallagher March 24, 2017 (A) Diluted earnings. Excludes nonrecurring ginning in ’11. Next earnings report due late vestment plan available. Company’s Financial Strength A gains/(losses): ’03, ($0.10); ’06, ($0.12); ’12, April. (C) Includes intangibles. In 2016: $1184.0 mill., Stock’s Price Stability 95 $0.51; ’13, ($0.24); ’14, $0.06; ’15, ($0.03). Ad- (B) Dividends historically paid in March, June, $12.77/share. (D) In millions, adjusted for stock Price Growth Persistence 55 justed earnings from continuing operations be- September, and December. ■ Dividend rein- split. Earnings Predictability 90 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2098 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 93 of 190
RECENT P/E Trailing: 28.2 RELATIVE DIV’D VALUE CHURCH & DWIGHT NYSE-CHD PRICE 49.75RATIO 26.7()Median: 20.0 P/E RATIO 1.36YLD 1.5% LINE TIMELINESS 4 Lowered 3/3/17 High: 10.9 14.3 16.4 15.6 17.8 23.2 29.6 33.5 40.5 45.4 53.7 50.4 Target Price Range Low: 8.2 10.6 11.9 11.4 14.8 16.9 22.1 26.9 30.5 38.7 38.4 43.3 2020 2021 2022 SAFETY 1 Raised 7/6/07 LEGENDS 16.0 x ″Cash Flow″ psh 128 TECHNICAL 4 Raised 3/10/17 .... Relative Price Strength 3-for-2 split 9/04 96 BETA .70 (1.00 = Market) 2-for-1 split 6/11 80 2-for-1 split 9/16 2020-22 PROJECTIONS Options: Yes 64 Ann’l Total Shaded area indicates recession 48 Price Gain Return 40 High 55 (+10%) 4% Low 45 (-10%) -1% 2-for-1 32 Insider Decisions 24 MJJASONDJ to Buy 000000300 16 Options 437520002 12 to Sell 430520000 % TOT. RETURN 2/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 18 to Buy 284 629 280 1 yr. 11.5 30.5 shares 12 3 yr. 53.9 22.1 to Sell 287 60 331 traded 6 Hld’s(000) 207532 203880 206078 5 yr. 127.4 81.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 4.60 4.37 4.32 5.78 6.87 7.44 8.38 8.64 8.93 9.09 9.66 10.53 11.49 12.36 13.06 13.75 14.05 14.40 Sales per sh E 16.00 .35 .40 .44 .51 .66 .74 .85 .97 1.18 1.16 1.31 1.46 1.63 1.77 1.89 2.06 2.15 2.30 ‘‘Cash Flow’’ per sh 2.75 .22 .27 .31 .34 .46 .52 .62 .72 .87 .99 1.11 1.23 1.40 1.51 1.63 1.77 1.90 2.05 Earnings per sh A 2.45 .05 .05 .05 .06 .06 .07 .07 .09 .12 .16 .34 .48 .56 .62 .67 .71 .76 .80 Div’ds Decl’d per sh B■ .88 .15 .16 .13 .14 .15 .18 .18 .35 .48 .22 .27 .27 .24 .26 .24 .20 .25 .30 Cap’l Spending per sh .50 1.20 1.45 1.79 2.22 2.76 3.30 4.08 4.75 5.68 6.57 7.17 7.43 8.28 7.88 7.78 7.79 8.75 9.90 Book Value per sh C 13.20 234.86 239.38 244.72 252.75 252.75 261.44 264.98 280.29 282.20 284.82 284.57 277.56 277.93 266.70 259.91 253.96 254.00 253.00 Common Shs Outst’g D 250.00 18.8 19.2 17.9 21.4 19.4 18.1 19.9 19.8 15.8 16.6 18.4 21.2 22.3 23.1 26.0 26.5 Bold figures are Avg Ann’l P/E Ratio 20.0 .96 1.05 1.02 1.13 1.03 .98 1.06 1.19 1.05 1.06 1.15 1.35 1.25 1.22 1.31 1.39 Value Line Relative P/E Ratio 1.25 1.2% 1.0% .9% .8% .7% .7% .5% .6% .8% .9% 1.7% 1.9% 1.8% 1.8% 1.6% 1.5% estimates Avg Ann’l Div’d Yield 1.8% CAPITAL STRUCTURE as of 12/31/16 2220.9 2422.4 2520.9 2589.2 2749.3 2921.9 3194.3 3297.6 3394.8 3493.1 3575 3645 Sales ($mill) E 4000 Total Debt $1119.9 mill. Due in 5 Yrs $726.8 mill. 16.3% 17.2% 20.0% 18.9% 20.3% 20.6% 21.3% 21.2% 22.2% 22.4% 23.5% 24.5% Operating Margin 26.0% LT Debt $693.1 mill. LT Interest $20.0 mill. 56.7 71.4 85.4 44.1 49.8 56.0 59.7 57.1 58.3 59.7 60.0 61.5 Depreciation ($mill) E 65.0 (Total interest coverage: 26.7x) (25% of Cap’l) 169.0 200.9 248.7 285.9 324.2 349.8 394.4 413.9 432.3 463.9 485 525 Net Profit ($mill) 625 Leases, Uncapitalized Annual rentals $18.8 mill. 36.2% 36.0% 37.4% 34.1% 36.3% 35.5% 34.0% 33.8% 34.2% 34.9% 35.0% 35.0% Income Tax Rate 35.0% No Defined Benefit Plan 7.6% 8.3% 9.9% 11.0% 11.8% 12.0% 12.3% 12.6% 12.7% 13.3% 13.6% 14.4% Net Profit Margin 14.9% Pfd Stock None 277.6 278.0 361.3 202.4 371.6 208.2 464.6 127.2 33.3 d245.1 5.0 150 Working Cap’l ($mill) 750 Common Stock 254,632,798 shares 707.3 781.4 597.3 249.7 249.7 649.4 649.5 698.6 692.8 693.4 695 600 Long-Term Debt ($mill) 300 as of 2/21/17 1080.3 1331.5 1601.8 1870.9 2040.8 2060.9 2299.9 2101.9 2023.2 1977.9 2225 2500 Shr. Equity ($mill) 3300 11.1% 10.6% 11.9% 14.1% 14.3% 13.2% 13.8% 15.3% 16.5% 17.7% 17.0% 17.5% Return on Total Cap’l 17.5% MARKET CAP: $12.7 billion (Large Cap) 15.6% 15.1% 15.5% 15.3% 15.9% 17.0% 17.1% 19.7% 21.4% 23.5% 22.0% 21.0% Return on Shr. Equity 19.0% CURRENT POSITION 2014 2015 12/31/16 13.8% 13.4% 13.5% 12.9% 11.1% 10.4% 10.4% 11.7% 12.7% 14.2% 13.0% 13.0% Retained to Com Eq 12.5% ($MILL.) 12% 12% 13% 15% 30% 38% 39% 40% 41% 39% 39% 40% All Div’ds to Net Prof 35% Cash Assets 423.0 330.0 187.8 Receivables 322.9 276.2 287.0 BUSINESS: Church & Dwight Co., Inc. is the world’s largest pro- bonate & potassium carbonate for industrial cleaners, animal feed, Inventory (LIFO) 245.9 274.0 258.2 ducer of sodium bicarbonate. Consumer products include ARM & pharmaceutical applications, & glass production. ’16 depreciation Other 40.7 25.8 23.8 HAMMER baking soda, laundry detergent, carpet and room rate: 5.1%. Has 4,500 empl. Officers & directors own 1.8% of Current Assets 1032.5 906.0 756.8 deodorizer, cat litter, toothpaste, deodorant, and Brillo. Personal comm.; BlackRock, 7.7% (4/16 proxy). Pres. & CEO: James Accts Payable 507.7 293.9 545.1 Debt Due 396.6 357.2 426.8 care products include Trojan condoms and First Response preg- Cragie. Inc.: DE. Address: 500 Charles Ewing Blvd. Ewing, NJ Other 1.0 221.6 6.2 nancy kits, among others. Specialty products include sodium bicar- 08628. Tel.: 609-683-5900. Internet: www.churchdwight.com. Current Liab. 905.3 872.7 1001.9 Following a tough second half of 2016, need a more significant catalyst to propel ANNUAL RATES Past Past Est’d ’14-’16 Church & Dwight shares have the stock ahead of the pack. Hence, CHD of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 bounced back nicely. The stock hit a is ranked 4 (Below Average) for Timeli- Sales 8.0% 6.5% 4.5% ‘‘Cash Flow’’ 12.5% 10.0% 6.5% record high of $53.70 last summer, only to ness. Earnings 15.0% 12.0% 7.5% lose more than 20% of its market value by Nonetheless, the company is poised Dividends 27.0% 39.0% 4.0% yearend. Floundering consumer confidence for solid revenue and profit gains in Book Value 13.5% 7.0% 7.5% and broader demand trends during that 2017 and beyond. As CHD’s strategy be- Cal- QUARTERLY SALES ($ mill.) E Full period likely prompted shareholders to comes increasingly levered to higher- endar Mar.Per.Jun.Per.Sep.Per. Dec.Per. Year take profits, as the top-line growth was growth channels online and globally, the 2014 782.0 808.3 841.8 865.5 3297.6 somewhat tempered. Still, operational per- operational outlook improves. Indeed, the 2015 812.3 847.1 861.8 873.6 3394.8 formance remained healthy, and before company remains focused on launching 2016 849.0 877.4 870.7 896.0 3493.1 long investor sentiment shifted and CHD new brands and providing the necessary 2017 860 890 905 920 3575 shares began to rally sharply in January marketing support to drive sales. More- 2018 875 905 925 940 3645 of this year. The stock price is now flirting over, its healthy appetite for acquisitions Cal- EARNINGS PER SHARE A Full with last-year’s peak, and the equity may has proven fruitful over the years. Recent endar Mar.31 Jun.30 Sep.30 Dec.31 Year well reach new heights in 2017. purchases include, the ANUSOL and REC- 2014 .37 .33 .43 .39 1.51 The recent stock-price rally suggests TINOL brands from Johnson & Johnson, 2015 .40 .37 .45 .41 1.69 that the market expects a solid opera- Inc. (for $130 million). In addition, the 2016 .43 .43 .47 .44 1.77 tional performance this year, and company acquired the VIVISCAL business 2017 .46 .45 .51 .48 1.90 therein lies the caveat. Indeed, while from Lifes2Good Holdings Limited for 2018 .48 .47 .57 .53 2.05 CHD effectively regained most of the $160 million. These acquisitions add scale Cal- QUARTERLY DIVIDENDS PAIDB■ Full ground relinquished last year, and the to CHD’s growing international segment endar Mar.31 Jun.30 Sep.30 Dec.31 Year equity price will probably enter new terri- and are expected to be accretive to earn- 2013 .14 .14 .14 .14 .56 tory over the coming months, it is unclear ings by 2018. 2014 .155 .155 .155 .155 .62 how the shares will fare versus the year- However, the stock is already trading 2015 .168 .168 .168 .168 .67 ahead broader market averages. In fact, within our Target Price Range out to 2016 .178 .178 .178 .178 .71 the solid showing we expect in 2017 has 2020–2022. 2017 .19 already been discounted, and it may well Simon R. Shoucair March 24, 2017 (A) Diluted earnings. Excl. nonrecur. gns.: ’02, charges: ’04, 15¢. Next egs. rpt. due early $11.32 p/sh. (D) In millions, adjusted for stock Company’s Financial Strength A+ 2¢; ’03, 6¢; losses: ’01, 8¢; ’08, 4¢; ’09, 3¢; ’10, May. (B) Div’d. are hist. paid in Mar., June, splits. (E) Sales from 2002 onward reflect ac- Stock’s Price Stability 100 (10¢); ’11, (5¢); ’16, (2¢). Egs. may not sum Sep., and Dec. ■ Dividend reinvestment plan counting policies EITF 00-14 and EITF 00-25. Price Growth Persistence 85 due to rounding. Incl. acquisition related available. (C) Incl. intang. In ’16: $2875.9 mill., Excl. amort. after 2009. Earnings Predictability 100 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2099 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 94 of 190
RECENT P/E Trailing: 22.3 RELATIVE DIV’D VALUE COCA-COLA NYSE-KO PRICE 42.66RATIO 22.9()Median: 19.0 P/E RATIO 1.16YLD 3.5% LINE TIMELINESS 3 Lowered 4/14/17 High: 24.7 32.2 32.8 29.7 32.9 35.9 40.7 43.4 45.0 43.9 47.1 42.8 Target Price Range Low: 19.7 22.8 20.1 18.7 24.7 30.6 33.3 36.5 36.9 36.6 39.9 40.2 2020 2021 2022 SAFETY 1 New 7/27/90 LEGENDS 16.0 x ″Cash Flow″ psh 128 TECHNICAL 5 Lowered 3/31/17 .... Relative Price Strength 2-for-1 split 8/12 96 BETA .75 (1.00 = Market) Options: Yes 80 Shaded area indicates recession 2020-22 PROJECTIONS 2-for-1 64 Ann’l Total 48 Price Gain Return 40 High 55 (+30%) 10% Low 45 (+5%) 5% 32 Insider Decisions 24 J JASOND JF to Buy 000000000 16 Options 1010020016 12 to Sell 100002002 % TOT. RETURN 3/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 15 to Buy 729 698 737 1 yr. -5.4 20.2 shares 10 3 yr. 20.7 22.0 to Sell 783 796 819 traded 5 Hld’s(000)278512727145702771070 5 yr. 33.5 78.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 3.53 3.96 4.31 4.56 4.88 5.20 6.22 6.91 6.73 7.66 10.29 10.74 10.64 10.54 10.24 9.76 8.15 7.20 Sales per sh 8.70 .96 .99 1.16 1.23 1.29 1.40 1.54 1.79 1.75 2.09 2.41 2.46 2.58 2.53 2.49 2.37 2.20 2.25 ‘‘Cash Flow’’ per sh 2.95 .80 .83 .98 1.03 1.09 1.19 1.29 1.51 1.47 1.75 1.92 1.97 2.08 2.04 2.00 1.91 1.85 1.90 Earnings per sh A 2.55 .36 .40 .44 .50 .56 .62 .68 .76 .82 .88 .94 1.02 1.12 1.22 1.32 1.40 1.48 1.56 Div’ds Decl’d per sh B■ 1.85 .15 .17 .17 .16 .19 .30 .36 .43 .43 .48 .65 .62 .58 .55 .59 .53 .55 .45 Cap’l Spending per sh .50 2.29 2.39 2.89 3.31 3.45 3.65 4.69 4.43 5.38 6.76 6.99 7.34 7.54 6.94 5.91 5.38 5.25 5.00 Book Value per sh C 4.95 4972.5 4942.0 4883.1 4818.7 4738.0 4636.0 4636.0 4624.0 4606.0 4584.0 4526.0 4469.0 4402.0 4366.0 4324.0 4288.0 4235.0 4175.0 Common Shs Outst’g D 4025.0 30.5 30.2 22.6 22.6 19.7 18.5 21.0 17.8 16.6 16.2 17.4 18.8 19.1 20.0 20.6 22.8 Bold figures are Avg Ann’l P/E Ratio 19.0 1.56 1.65 1.29 1.19 1.05 1.00 1.11 1.07 1.11 1.03 1.09 1.20 1.07 1.05 1.04 1.20 Value Line Relative P/E Ratio 1.20 1.5% 1.6% 2.0% 2.2% 2.6% 2.8% 2.5% 2.8% 3.4% 3.1% 2.8% 2.8% 2.8% 3.0% 3.2% 3.2% estimates Avg Ann’l Div’d Yield 3.7% CAPITAL STRUCTURE as of 12/31/16 28857 31944 30990 35123 46554 48017 46854 45998 44294 41863 34500 30000 Sales ($mill) 35000 Total Debt $45.709 bill. Due in 5 Yrs. $29.2 bill. 30.0% 30.3% 30.5% 31.4% 27.9% 26.6% 28.3% 28.1% 27.9% 28.1% 31.5% 37.0% Operating Margin 38.0% LT Debt $29.684 bill. Total Int. $725.0 mill. 1163.0 1228.0 1236.0 1443.0 1954.0 1982.0 1977.0 1976.0 1970.0 1787.0 1400 1175 Depreciation ($mill) 1325 (Total interest coverage: 15.7x) (56% of Cap’l) 5981.0 7050.0 6824.0 8144.0 8932.0 9019.0 9374.0 9091.0 8797.0 8354.0 8010 8195 Net Profit ($mill) 10485 24.0% 22.2% 22.8% 22.7% 23.9% 23.1% 23.0% 22.5% 22.5% 22.5% 24.0% 26.0% Income Tax Rate 24.0% Pension Assets-12/16 $8.4 bill. Oblig. $9.4 bill. 20.7% 22.1% 22.0% 23.2% 19.2% 18.8% 20.0% 19.8% 19.9% 20.0% 23.2% 27.3% Net Profit Margin 30.0% d1120 d812.0 3830.0 3071.0 1214.0 2507.0 3493.0 612.0 6465.0 7478.0 7500 7250 Working Cap’l ($mill) 3250 3277.0 2781.0 5059.0 14041 13656 14736 19154 19063 28407 29684 29500 29500 Long-Term Debt ($mill) 29500 Pfd Stock None 21744 20472 24799 31003 31635 32790 33173 30320 25554 23062 22275 20790 Shr. Equity ($mill) 19840 Common Stock 4,288,000,000 shs. 24.2% 30.6% 23.4% 18.5% 20.2% 19.4% 18.3% 18.7% 16.5% 16.3% 16.0% 17.0% Return on Total Cap’l 22.0% 27.5% 34.4% 27.5% 26.3% 28.2% 27.5% 28.3% 30.0% 34.4% 36.2% 36.0% 39.5% Return on Shr. Equity 53.0% MARKET CAP: $183 billion (Large Cap) 13.0% 17.2% 12.2% 13.1% 14.6% 13.5% 13.3% 12.3% 12.0% 10.0% 7.5% 8.5% Retained to Com Eq 14.5% CURRENT POSITION 2014 2015 12/31/16 53% 50% 56% 50% 48% 51% 53% 59% 65% 72% 80% 81% All Div’ds to Net Prof 73% ($MILL.) Cash Assets 18010 19900 22201 BUSINESS: The Coca-Cola Company is the world’s largest Int’l markets accounted for 52% of 2016 net sales; Advertising ex- Receivables 4466 3941 3856 beverage company. Markets over 500 nonalcoholic beverage penses, 9.5% of 2016 revenues. Has about 100,000 employees. Inventory (Avg Cst) 3100 2902 2675 Other 7410 6652 5278 brands through a network of company-owned and independent Directors and Officers own 1.5% of stock; Berkshire Hathaway, Current Assets 32986 33395 34010 bottlers/distributors, wholesalers, and retailers. Leading compa- 9.3%; Vanguard, 6.7%; BlackRock, 5.7% (3/17 Proxy). Chairman Accts Payable 2089 2795 2682 ny/licensed brands include Coca-Cola, Diet Coke, Sprite, Fanta, and CEO: Muhtar Kent. Inc.: DE. Address: One Coca-Cola Plaza, Debt Due 22682 15806 16025 Fresca, Dasani, glaceau vitaminwater, Powerade, and Minute Maid. Atlanta, GA 30313. Tel.: 404-676-2121. Web: www.coca-cola.com. Other 7603 8329 7825 Current Liab. 32374 26930 26532 The Coca-Cola Company has another modest earnings growth ought to resume eventful year ahead of it. For instance, in 2018, by which time the drag on profits ANNUAL RATES Past Past Est’d ’14-’16 before 2017 is through, the beverage giant from refranchising should be fairly mini- of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Sales 7.5% 4.5% -2.5% aims to complete the refranchising of its mal (1%-2%, pretax). ‘‘Cash Flow’’ 6.5% 3.5% 3.0% North American bottling operations and The dividend has been increased for Earnings 6.0% 3.0% 4.5% finalize the sale of its bottling assets in the 55th consecutive year. The 6% hike Dividends 9.0% 8.5% 6.0% Book Value 6.0% -1.0% -3.5% China. Coke should emerge from this in the April payout is a bit modest by past transition as a more-focused, higher- standards, and a high payout ratio (likely Cal- QUARTERLY SALES ($ mill.) Full margin business. In the near term, how- about 80% of 2017’s profits), means an ac- endar Mar.Per Jun.Per Sep.Per Dec.Per Year ever, these transactions will take a big celeration in the growth rate will probably 2014 10576 12574 11976 10872 45998 bite out of revenues (nearly 20%) and pre- have to wait until next decade. On the pos- 2015 10711 12156 11427 10000 44294 tax profits (6%-8%) in 2017. itive side, capital spending should decline 2016 10282 11539 10633 9409 41863 The performance of the core business in 2018 in response to refranchising ef- 2017 8750 9500 8600 7650 34500 2018 7100 8100 7700 7100 30000 has been a mixed bag. Overall, earnings forts, which ought to free up additional declined 5% last year, to $1.91 a share, cash to return to shareholders (including Cal- EARNINGS PER SHARE A Full and a fourth-consecutive annual decline, to ongoing stock buybacks). Meanwhile, man- endar Mar.Per Jun.Per Sep.Per Dec.Per Year $1.85, seems likely for 2017. Absent the agement remains on the lookout for small, 2014 .44 .64 .53 .43 2.04 bottling transactions and the probable hit bolt-on acquisitions that will bolster 2015 .48 .63 .51 .38 2.00 from foreign currency translation (3%-4% Coke’s portfolio of still beverage brands 2016 .45 .60 .49 .37 1.91 2017 .44 .58 .47 .36 1.85 of pretax profits), results should look more (e.g., water, tea, and milk products). 2013 .44 .60 .48 .38 1.90 encouraging. Helped along by improve- These shares will likely have some ap- ments in pricing and mix, the company peal with conservative investors. The B ■ Cal- QUARTERLY DIVIDENDS PAID Full has been making solid progress in mature stock is just an Average selection (3) for endar Mar.31 Jun.30 Sep.30 Dec.31 Year markets, such as North America. Emerg- year-ahead price performance, but carries 2013 - - .28 .28 .56 1.12 ing markets, though, have been more of a our Highest rank (1) for Safety, while also 2014 - - .305 .305 .61 1.22 challenge due partly to challenging macro- offering a solid current income component 2015 - - .33 .33 .66 1.32 economic conditions, especially in some (yield: 3.5%). 2016 - - .35 .35 .70 1.40 2017 - - .37 Latin American nations. Looking ahead, Robert M. Greene April 21, 2017 (A) Based on diluted shares. Next earnings 79¢; ’11, (8¢); ’13, (18¢); ’14, (44¢); ’15, (C) Includes intangibles. In ’16: $21.1 bill., Company’s Financial Strength A++ report due April 25th. Excludes nonrecurring ($0.33); ’16, (42¢). (B) Div’ds historically paid $4.93/sh. Stock’s Price Stability 100 gain/(losses): ’01, (1¢); ’02, (22¢); ’03, (9¢); about the first April, July, Oct., Dec. ■ Div’d (D) In millions, adjusted for stock split. Price Growth Persistence 45 ’04, (3¢); ’05, (7¢); ’06, (11¢); ’08, (27¢); ’10, reinvestment plan available. Earnings Predictability 100 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2100 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 95 of 190
RECENT P/E Trailing: 27.1 RELATIVE DIV’D VALUE COLGATE-PALMOLIVE NYSE-CL PRICE 73.65RATIO 26.9()Median: 21.0 P/E RATIO 1.37YLD 2.2% LINE TIMELINESS 3 Lowered 1/6/17 High: 33.5 40.6 41.0 43.7 43.1 47.4 55.5 66.5 71.3 71.6 75.4 75.1 Target Price Range Low: 26.7 31.9 27.2 27.3 36.6 37.4 43.6 52.6 59.8 50.8 61.4 63.4 2020 2021 2022 SAFETY 1 Raised 10/11/02 LEGENDS 17.5 x ″Cash Flow″ psh TECHNICAL 5 Lowered 3/3/17 .... Relative Price Strength 200 2-for-1 split 5/13 160 BETA .75 (1.00 = Market) Options: Yes Shaded area indicates recession 2020-22 PROJECTIONS 100 Ann’l Total 2-for-1 Price Gain Return 80 High 95 (+30%) 8% 60 Low 80 (+10%) 4% 50 Insider Decisions 40 MJJASONDJ 30 to Buy 000000000 Options 1523813114 20 to Sell 811711122 % TOT. RETURN 2/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 18 to Buy 506 483 558 1 yr. 13.7 30.5 shares 12 3 yr. 24.1 22.1 to Sell 545 575 594 traded 6 Hld’s(000) 650876 641120 651984 5 yr. 74.2 81.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 8.56 8.67 9.30 10.05 11.04 11.94 13.55 15.29 15.51 15.73 17.43 18.26 18.94 19.05 17.96 16.76 17.25 18.20 Sales per sh 21.80 1.35 1.46 1.60 1.59 1.71 1.85 2.10 2.27 2.64 2.57 2.97 3.10 2.91 2.89 2.05 3.18 3.35 3.60 ‘‘Cash Flow’’ per sh 4.95 .96 1.10 1.23 1.21 1.32 1.46 1.69 1.83 2.19 2.16 2.47 2.58 2.38 2.36 1.52 2.72 2.85 3.10 Earnings per sh A 4.35 .34 .36 .45 .48 .56 .63 .70 .78 .86 1.02 1.14 1.22 1.33 1.42 1.50 1.55 1.59 1.63 Div’ds Decl’d per sh B■ 1.75 .31 .32 .28 .33 .38 .46 .57 .68 .58 .56 .56 .60 .73 .83 .77 .65 .70 .70 Cap’l Spending per sh .85 .27 d.19 .32 .92 1.06 1.16 2.05 1.74 2.98 2.70 2.47 2.34 2.51 1.26 d.34 d.27 .10 .55 Book Value per sh C 4.35 1101.4 1072.0 1065.2 1053.3 1032.3 1025.3 1018.1 1002.8 988.33 989.70 960.04 935.73 919.95 906.71 892.74 906.71 895.00 883.00 Common Shs Outst’g D 849.00 29.8 24.8 22.3 21.8 19.7 20.6 20.5 19.8 16.1 18.6 17.3 19.6 25.1 28.0 44.1 25.8 Bold figures are Avg Ann’l P/E Ratio 20.0 1.53 1.35 1.27 1.15 1.05 1.11 1.09 1.19 1.07 1.18 1.09 1.25 1.41 1.47 2.22 1.35 Value Line Relative P/E Ratio 1.25 1.2% 1.3% 1.6% 1.8% 2.1% 2.1% 2.0% 2.2% 2.5% 2.5% 2.7% 2.4% 2.2% 2.2% 2.2% 2.2% estimates Avg Ann’l Div’d Yield 2.0% CAPITAL STRUCTURE as of 12/31/16 13792 15330 15327 15564 16734 17085 17420 17277 16034 15195 15450 16050 Sales ($mill) 18500 TotalDebt $6263 mill. Due in 5 Yrs $2281 mill. 24.0% 23.2% 26.6% 26.8% 25.4% 25.9% 25.4% 26.4% 27.3% 28.4% 27.5% 28.0% Operating Margin 32.0% LT Debt $6250 mill. LT Interest $370 mill. 333.9 347.6 351.0 376.0 421.0 425.0 439.0 442.0 449.0 443.0 465 480 Depreciation ($mill) 555 (More than 100% of Cap’l) Leases, Uncapitalized Annual rentals $178 mill. 1835.7 1957.2 2291.0 2203.0 2431.0 2472.0 2241.0 2180.0 1384.0 2441.0 2525 2715 Net Profit ($mill) 3655 32.9% 33.1% 32.2% 32.6% 32.6% 32.1% 32.4% 33.8% 44.0% 30.8% 31.5% 31.5% Income Tax Rate 32.0% 13.3% 12.8% 14.9% 14.2% 14.5% 14.5% 12.9% 12.6% 8.6% 16.1% 16.4% 16.9% Net Profit Margin 19.8% Pension Assets-12/16 $3.1 bill. Oblig. $2.2 bill. 455.8 756.7 211.0 2.0 686.0 820.0 352.0 917.0 850.0 1033.0 385 720 Working Cap’l ($mill) 1775 3221.9 3585.3 2821.0 2815.0 4430.0 4926.0 4749.0 5644.0 6269.0 6250.0 5600 5200 Long-Term Debt ($mill) 3500 Pfd Stock None Common Stock 882,856,721 shs. 2286.2 1922.1 3116.0 2675.0 2375.0 2189.0 2305.0 1145.0 d299.0 d243.0 88.0 475 Shr. Equity ($mill) 3670 as of 1/31/17 34.6% 36.5% 39.4% 41.0% 36.1% 34.8% 32.6% 33.1% 24.3% 41.9% 44.5% 48.0% Return on Total Cap’l 51.0% NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF Return on Shr. Equity NMF MARKET CAP: $65.0 billion (Large Cap) NMF NMF 47.4% 43.8% NMF NMF 37.3% NMF NMF NMF NMF NMF Retained to Com Eq 59.0% CURRENT POSITION 2014 2015 12/31/16 41% 42% 39% 47% 49% 52% 62% 66% 108% 62% 56% 53% All Div’ds to Net Prof 41% ($MILL.) Cash Assets 1089 970 1315 BUSINESS: Colgate-Palmolive Company is the second-largest depreciation rate: 5.6%. Company has about 36,700 employees. Receivables 1552 1427 1411 domestic maker of toiletries, and other household products. Major ESOP controls 7.6% of common equivalent shares. State Street Inventory (FIFO) 1382 1180 1171 Other 840 807 441 brands: Ajax, Fab, Murphy, Javex, Palmolive cleansers; Colgate owns 6.9% of common; Vanguard, 6.4%; BlackRock, 5.6%. Officers Current Assets 4863 4384 4338 toothpaste; Irish Spring, Palmolive, Sanex, Softsoap soaps; Men- & Directors 1.0%. (3/16 proxy). Chrmn, Pres., and CEO: Ian Cook. Accts Payable 1231 1110 1124 nen shave cream; Hill’s pet food brands — Science Diet and Pre- Inc: Delaware. Address: 300 Park Avenue, New York, New York Debt Due 504 302 13 scription Diet. Foreign operations: About 75% of 2016 sales. 2016 10022. Telephone: 212-310-2000. Internet: www.colgate.com. Other 2211 2122 2168 Current Liab. 3946 3534 3305 Colgate-Palmolive is facing a tough find ways to enhance productivity. operating environment. Currency head- Both the top and bottom lines should ANNUAL RATES Past Past Est’d ’14-’16 winds have pressured results due to the post solid advances this year and of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Sales 5.0% 2.0% 3.5% company’s global business. Additionally, next. Global volumes will likely pick up ‘‘Cash Flow’’ 4.5% - - 10.5% slower growth in some core markets from their soft showing in the fourth Earnings 5.0% -.5% 12.0% should continue to weigh on results. quarter thanks to increased marketing ef- Dividends 10.5% 8.0% 2.5% Book Value ---- NMF What’s more, rising competition in North forts and advertising support. The Hill’s America ought to be a challenge in the Pet Nutrition unit should continue to grow Cal- QUARTERLY SALES ($ mill.) Full year ahead. These factors were on display thanks to advances in emerging markets. endar Mar.31 Jun.30 Sep.30 Dec.31 Year in the December period, which led reve- Additionally, the company has a strong 2014 4325 4352 4379 4221 17277 nues to fall short of the popular consensus. position in the oral care market. Lastly, 2015 4070 4066 3999 3899 16034 The Securities and Exchange Commis- Colgate has a nice innovation pipeline, 2016 3762 3845 3867 3721 15195 sion sent a comment letter to Colgate. which ought to help the company grow 2017 3800 3850 3925 3875 15450 2018 3950 4000 4075 4025 16050 Note: The letter was recently made public. market share. Consequently, we estimate In the correspondence, the SEC questions sales of $15.45 billion and earnings of Cal- EARNINGS PER SHARE A Full management’s use of non-standard ac- $2.85 a share. What’s more, we expect this endar Mar.31 Jun.30 Sep.30 Dec.31 Year counting metrics when it reported results momentum will likely continue next year. 2014 .42 .67 .59 .68 2.36 in 2015 and the first quarter of 2016. The Thus, we are introducing our 2018 top- 2015 .59 .63 .80 d.50 1.52 regulator is pushing for simpler and more and bottom-line estimates at $16.05 billion 2016 .59 .67 .78 .68 2.72 2017 .64 .70 .72 .79 2.85 clear reporting from various companies. and $3.10 a share, respectively. 2018 .70 .76 .78 .86 3.10 The company is working to improve This stock may interest near-term in- operational efficiency. Indeed, Colgate vestors. This issue is ranked to outpace B ■ Cal- QUARTERLY DIVIDENDS PAID Full implemented a couple of strategic initia- the broader market over the coming six to endar Mar.31 Jun.30 Sep.30 Dec.31 Year tives to strengthen its operations. Specifi- 12 months. These shares have registered a 2013 .31 .34 .34 .34 1.33 cally, the funding-the-growth initiative sizable advance since our December 2014 .34 .36 .36 .36 1.42 and a restructuring plan that was started review, though. As a result, total return 2015 .36 .38 .38 .38 1.50 in 2012 have bolstered cost savings. More- potential out to 2020-2022 is subpar. 2016 .38 .39 .39 .39 1.55 2017 over, management has been working to Richard J. Gallagher March 24, 2017 (A) Diluted earnings. Excludes nonrec. April. (C) Inc. intang. In ’16: $3,420 mill., $3.83/sh. Company’s Financial Strength A+ gains/(losses): ’01, ($0.02); ’09, (0.27); ’10, (B) Dividends historically paid in mid-February, (D) In mill., adjusted for stock split. Stock’s Price Stability 100 (0.26). Includes non-rec gain/(loss): ’08, mid-May, mid-August, and mid-November. ■ Price Growth Persistence 70 ($0.11); ’15 $0.08. Next egs. report due mid Div’d reinvest. plan available. Earnings Predictability 60 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2101 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 96 of 190
MSFR 2102 170 IAC 1-5-13(b)(2) Page 97 of 190
RECENT P/E Trailing: 13.8 RELATIVE DIV’D VALUE CVS HEALTH NYSE-CVS PRICE 80.81RATIO 14.0()Median: 15.0 P/E RATIO 0.72YLD 2.5% LINE TIMELINESS 3 Raised 12/23/16 High: 36.1 42.6 44.3 38.3 37.8 41.3 49.8 72.0 98.6 113.6 106.7 84.7 Target Price Range Low: 26.1 30.5 23.2 23.7 26.8 31.3 41.0 49.0 64.9 81.4 69.3 74.1 2020 2021 2022 SAFETY 1 Raised 6/26/09 LEGENDS 11.5 x ″Cash Flow″ psh TECHNICAL 5 Lowered 3/10/17 .... Relative Price Strength 200 2-for-1 split 6/05 160 BETA .85 (1.00 = Market) Options: Yes Shaded area indicates recession 2020-22 PROJECTIONS 100 Ann’l Total Price Gain Return 80 High 155 (+90%) 20% D 60 Low 130 (+60%) 15% 50 Insider Decisions 40 MJJASONDJ 30 to Buy 000000000 Options 900000700 20 to Sell 300000000 % TOT. RETURN 2/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 30 to Buy 754 729 681 1 yr. -15.4 30.5 shares 20 3 yr. 15.6 22.1 to Sell 715 756 882 traded 10 Hld’s(000) 870453 853890 862408 5 yr. 92.6 81.5 ‘‘Consumer Value Stores’’ began as a 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 health and beauty aids chain in ’63. It grew 53.14 60.80 70.98 70.74 82.51 100.03 107.42 122.25 139.23 167.32 180.00 194.85 Sales per sh 236.85 to 17 stores in ’64. The first pharmacy 2.59 3.37 3.73 3.79 4.11 4.99 5.74 6.33 7.20 8.27 8.50 9.15 ‘‘Cash Flow’’per sh 11.95 opened in ’67. In ’69, the chain was sold to 1.92 2.44 2.63 2.69 2.80 3.43 4.00 4.51 5.16 5.84 5.85 6.35 Earnings per sh A 8.60 Melville, which aggressively expanded the .23 .26 .31 .35 .50 .65 .90 1.10 1.40 1.70 2.00 2.30 Div’ds Decl’d per sh B■ 3.16 operation, and coupled that with an aggres- 21.66 23.90 25.71 27.66 29.32 30.63 32.15 33.30 33.78 34.72 37.15 39.50 Book Value per sh E 50.00 sive acquisition strategy that included Revco 1436.5 1438.8 1391.0 1363.0 1298.0 1231.0 1180.0 1140.0 1101.0 1061.0 1025.0 1000.0 Common Shs Outst’g C 950.00 and Arbor Drug. Melville restructured in ’95, 19.1 15.0 12.0 12.1 12.9 13.2 14.7 17.4 19.7 15.9 Bold figures are Avg Ann’l P/E Ratio 16.5 and changed its name to CVS on 11/19/96. 1.01 .90 .80 .77 .81 .84 .83 .92 .99 .82 Value Line Relative P/E Ratio 1.05 estimates CAPITAL STRUCTURE as of 12/31/16 .6% .7% 1.0% 1.1% 1.4% 1.4% 1.5% 1.4% 1.4% 1.8% Avg Ann’l Div’d Yield 2.2% Total Debt $27531 mill. Due in 5 Yrs $11409 mill. 76330 87472 98729 96413 107100 123133 126761 139367 153290 177526 184500 194850 Sales ($mill) 225000 LT Debt $25615 mill. LT Interest $1058 mill. 22.5% 22.8% 22.5% 22.5% 20.7% 19.7% 20.2% 19.6% 18.7% 18.0% 18.0% 18.5% Gross Margin 19.0% (Total interest coverage; 10.7x) (41% of Cap’l) 7.7% 8.8% 8.4% 8.4% 7.8% 7.7% 8.2% 8.5% 8.2% 7.8% 7.3% 7.5% Operating Margin 8.0% Leases, Uncapitalized Annual rentals $2458 mill. 6245 6923 7025 7182 7300 7458 7600 7800 9600 9700 9800 9900 Number of Stores 10150 2637.0 3588.8 3803.0 3700.0 3766.0 4393.6 4902.0 5287.0 5837.0 6300 6150 6425 Net Profit ($mill) 8250 Pension Assets-12/16 $624 mill. Oblig. $844 mill. 39.5% 39.6% 40.0% 38.9% 39.3% 38.6% 38.9% 39.8% 39.1% 38.6% 38.8% 39.5% Income Tax Rate 40.0% 3.5% 4.1% 3.9% 3.8% 3.5% 3.6% 3.9% 3.8% 3.8% 3.5% 3.3% 3.3% Net Profit Margin 3.7% Pfd Stock None 3383.1 3036.3 5237.0 6636.0 6638.0 6062.0 9900.0 6956.0 7209.0 4792 6750 7000 Working Cap’l ($mill) 8500 Common Stock 1,025,699,605shs. 8349.7 8057.2 8756.0 8652.0 9208.0 9133.0 12841 11695 26267 25615 24000 22500 Long-Term Debt ($mill) 15000 as of 2/3/17 31322 34574 35768 37700 38051 37704 37938 37958 37196 36834 38100 39500 Shr. Equity ($mill) 47500 7.0% 8.8% 9.0% 8.4% 8.4% 9.8% 10.0% 11.1% 9.7% 10.0% 10.5% 11.5% Return on Total Cap’l 14.0% MARKET CAP: $82.9 billion (Large Cap) 8.4% 10.4% 10.6% 9.8% 9.9% 11.7% 12.9% 13.9% 15.7% 17.1% 16.0% 16.5% Return on Shr. Equity 17.5% CURRENT POSITION 2014 2015 12/31/16 7.4% 9.3% 9.4% 8.5% 8.1% 9.5% 10.0% 10.5% 11.5% 12.1% 10.5% 10.5% Retained to Com Eq 11.0% ($MILL.) Cash Assets 2515 2547 3458 12% 11% 12% 13% 18% 19% 22% 24% 27% 29% 34% 36% All Div’ds to Net Prof 36% Receivables 9687 11888 12164 Inventory (FIFO) 11930 14001 14760 BUSINESS: CVS Health Corp. is the nation’s foremost integrated in Brazil in 2/13. New stores average about 1,100 square feet. Other 1851 1942 660 health-care services provider, combining one of the nation’s leading Pharmacy (Rx) contributes 72.9% of sales; 3rd-party pay, 98.8% of Current Assets 25983 30378 31042 pharmaceutical services companies with the country’s largest Rx sales. It has roughly 243,000 employees. Officers & directors Accts Payable 6547 7490 7946 pharmacy chain. It fills more than one billion prescriptions per year own less than 1% of common stock. (3/16 proxy). CEO & Presi- Debt Due 1260 1197 1916 and has about 9,700 locations in 41 states, Puerto Rico, and the dent: Larry J. Merlo. Inc.: DE. Address: One CVS Drive, Woonsock- Other 11220 14482 16388 District of Columbia. Acquired Drogaria Onofre, giving it a presence et, RI 02895. Telephone: 401-765-1500. Internet: www.cvs.com. Current Liab. 19027 23169 26250 This is likely to be a tough year for future contracts, despite the above- ANNUAL RATES Past Past Est’d ’14-’16 of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 CVS Health from an operating per- mentioned hurdles. Margin improvement Sales 12.0% 12.5% 8.0% spective. Although the company closed plays a role, too, as does ongoing share ‘‘Cash Flow’’ 13.5% 12.0% 7.5% out 2016 in solid fashion, management buybacks. Earnings 14.5% 12.0% 8.0% Dividends 24.0% 30.0% 13.5% reaffirmed its soft guidance for 2017, call- This issue has moved up a notch for Book Value 14.5% 5.0% 6.0% ing for share earnings of $5.77 to $5.83. Timeliness, but still does not stand The high end of this range would mark a out for relative price performance Cal- QUARTERLY SALES ($ mill.) Full endar Mar.Per Jun.Per Sep.Per Dec.Per Year decline, despite the likelihood of aggres- aspirations over the coming six to 12 sive share repurchases. The pharmacy months. That said, we still think that the 2014 32689 34602 35021 37055 139367 2015 36332 37169 38644 41145 153290 services provider is pinning its gloomy out- stock holds considerable investment merit 2016 43215 43725 44615 45971 177526 look on success from rival Walgreens Boots for those looking further out, especially 2017 44250 45250 46500 48500 184500 Alliance in regard to signing deals that after the recent price weakness. Indeed, 2018 47000 47850 49000 51000 194850 make its pharmacies part of a deferred although CVS recently traded roughly network. Specifically, CVS believes that where it was to start the year, it was down Cal- EARNINGS PER SHARE A Full endar Mar.Per Jun.Per Sep.Per Dec.Per Year Walgreens’ affluence in this area will cost considerably over the past year. Thus, it it 40 million in prescriptions this year. offers above-average 3- to 5-year recovery 2014 1.02 1.13 1.15 1.21 4.51 2015 1.14 1.22 1.28 1.53 5.16 With this in mind, we are maintaining our potential. It also looks like a bargain from 2016 1.18 1.32 1.64 1.71 5.84 $5.85 earnings-per-share forecast and a valuation perspective, trading at 14 2017 1.12 1.30 1.65 1.78 5.85 trimming $3 billion from our top-line es- times this year’s earnings, a steep dis- 2018 1.25 1.45 1.75 1.90 6.35 timate, to call for just a 4% advance. By count to our late-decade projection. The contrast, CVS had averaged 10% annual picture gets even better on a risk-adjusted Cal- QUARTERLY DIVIDENDS PAID B■ Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year sales growth over the prior five years. basis. CVS is ranked 1 (Highest) for Safety Growth is likely to pick up in 2018. and sports a favorable Beta coefficient and 2013 .225 .225 .225 .225 .90 Our inaugural share-net forecast looks for Price Stability score. The well-covered div- 2014 .275 .275 .275 .275 1.10 2015 .35 .35 .35 .35 1.40 a high single-digit advance, on a mid- idend helps to sweeten the pot as does the 2016 .425 .425 .425 .425 .425 single-digit sales gain. We think that CVS company’s healthy cash flow generation 2017 .50 will be able to use its size and scale to and strong balance sheet. regain its footing and better compete for Andre J. Costanza March 17, 2017 (A) From cont. oper.; based on diluted shares. tion as of 2008. May not add due to rounding. due to rounding. (C) In mill., adj. for stk. splt. Company’s Financial Strength A++ Excl. net nonrecurring items: ’08 (17¢); ’09, 8¢; Next egs. report due early May. (B) Dividends (D) Merged with Caremark, 3/07. (E) Includes Stock’s Price Stability 95 ’10 (18¢); ’11 (23¢); ’12; (42¢); ’13, (26¢); ’14, are historically paid in early Jan., May, Aug., intangibles of $52.0 billion, or $47.22 a share, Price Growth Persistence 80 (46¢); ’15 (50¢); ’16, (93¢). Excludes amortiza- Nov. ■ Div’d reinvest. plan avail. May not add as of 12/31/15. Earnings Predictability 100 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2103 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 98 of 190
RECENT P/E Trailing: 19.0 RELATIVE DIV’D VALUE GENERAL MILLS NYSE-GIS PRICE 57.42RATIO 18.3()Median: 16.0 P/E RATIO 0.92YLD 3.4% LINE TIMELINESS 3 Lowered 1/6/17 High: 29.6 30.8 36.0 36.0 39.0 40.8 41.9 53.1 55.6 59.9 72.9 63.7 Target Price Range Low: 23.5 27.1 25.5 23.2 33.1 34.5 36.8 40.4 46.7 47.4 53.5 57.1 2020 2021 2022 SAFETY 1 Raised 11/5/04 LEGENDS 14.0 x ″Cash Flow″ psh 128 TECHNICAL 3 Raised 4/21/17 .... Relative Price Strength 2-for-1 split 6/10 96 BETA .75 (1.00 = Market) Options: Yes 80 Shaded area indicates recession 64 2020-22 PROJECTIONS 2-for-1 Ann’l Total 48 Price Gain Return 40 High 70 (+20%) 8% Low 60 (+5%) 5% 32 Insider Decisions 24 J JASOND JF to Buy 000000000 16 Options 15751302123 12 to Sell 053000010 % TOT. RETURN 3/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 24 to Buy 490 438 485 1 yr. -4.1 20.2 shares 16 3 yr. 24.9 22.0 to Sell 502 577 545 traded 8 Hld’s(000) 414049 402315 403164 5 yr. 73.3 78.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 12.41 10.83 14.20 14.60 15.24 16.35 18.30 20.23 22.40 22.54 23.08 25.69 27.74 29.25 29.45 27.75 27.15 26.95 Sales per sh A 29.70 1.52 1.19 1.85 1.97 2.09 2.13 2.30 2.50 2.78 3.09 3.30 3.47 3.71 3.94 3.93 4.01 4.25 4.45 ‘‘Cash Flow’’ per sh 5.15 1.10 .85 1.33 1.43 1.37 1.45 1.59 1.76 1.99 2.30 2.48 2.56 2.69 2.83 2.86 2.92 3.05 3.25 Earnings per sh AB 3.85 .55 .55 .55 .55 .62 .67 .72 .79 .86 .96 1.12 1.22 1.32 1.55 1.67 1.78 1.92 2.00 Div’ds Decl’d per sh C■ 2.16 .54 .69 .96 .83 .56 .51 .68 .77 .86 .99 1.01 1.04 .96 1.08 1.19 1.22 1.25 1.20 Cap’l Spending per sh 1.30 .09 4.87 5.64 6.92 7.69 8.11 7.82 9.21 7.89 8.23 9.87 9.90 10.41 10.67 8.35 8.26 8.20 8.95 Book Value per sh D 11.75 570.40 734.00 740.00 758.00 738.00 712.00 680.00 675.00 656.00 656.50 644.80 648.50 640.80 612.30 598.70 596.80 575.00 570.00 Common Shs Outst’g F 550.00 17.9 27.2 16.6 16.2 17.5 16.8 17.6 16.5 15.2 14.3 14.7 15.1 15.7 17.8 18.6 20.0 Bold figures are Avg Ann’l P/E Ratio 17.0 .92 1.49 .95 .86 .93 .91 .93 .99 1.01 .91 .92 .96 .88 .94 .94 1.05 Value Line Relative P/E Ratio 1.05 2.8% 2.4% 2.5% 2.4% 2.6% 2.8% 2.6% 2.7% 2.9% 2.9% 3.1% 3.2% 3.1% 3.1% 3.1% 3.1% estimates Avg Ann’l Div’d Yield 3.3% CAPITAL STRUCTURE as of 2/26/17 12442 13652 14691 14797 14880 16658 17774 17910 17630 16563 15600 15350 Sales ($mill) A 16325 Total Debt $9723.1 mill. Due in 5 Yrs $5.8 bill. 19.9% 19.3% 18.9% 21.0% 20.8% 19.5% 19.5% 19.4% 18.2% 20.6% 22.0% 23.5% Operating Margin 24.0% LT Debt $7176.4 mill. LT Interest $315.0 mil. 418.0 459.2 453.6 457.1 472.6 541.5 588.0 585.4 588.3 608.1 615 620 Depreciation ($mill) 645 (Total interest coverage: 9.0X) (64% of Cap’l) 1144.0 1228.7 1366.9 1571.5 1652.0 1707.3 1788.7 1824.4 1765.2 1787.4 1825 1925 Net Profit ($mill) 2185 Leases, Uncapitalized Annual rentals $107.9 mill. 34.3% 36.1% 33.8% 34.3% 31.6% 30.2% 31.9% 33.3% 25.4% 30.3% 29.0% 29.5% Income Tax Rate 30.0% Plan Assets-5/16 $5.5 bill. Oblig. $6.4 bill. 9.2% 9.0% 9.3% 10.6% 11.1% 10.2% 10.1% 10.2% 10.0% 10.8% 11.7% 12.5% Net Profit Margin 13.4% d2791 d1236 d71.1 d289.1 242.8 d151.8 d995.0 d1030 d1104 d1078 d1500 d1200 Working Cap’l ($mill) 850 Pfd Stock None 3218.0 4348.7 5754.8 5268.5 5542.5 6161.9 5926.1 6423.5 7607.7 7057.7 6900 6750 Long-Term Debt ($mill) 6750 Common Stock 576,135,402 shs. 5319.0 6215.8 5174.7 5402.9 6365.5 6421.7 6672.2 6534.8 4996.7 4930.2 4725 5095 Shr. Equity ($mill) 6450 as of 3/14/17 14.7% 13.3% 13.8% 16.2% 15.3% 14.9% 15.5% 15.3% 15.2% 16.1% 17.0% 17.5% Return on Total Cap’l 17.5% (Options exercisable: 3.9%) 21.5% 19.8% 26.4% 29.1% 26.0% 26.6% 26.8% 27.9% 35.3% 36.3% 38.5% 38.0% Return on Shr. Equity 34.0% MARKET CAP: $33.1 billion (Large Cap) 12.0% 11.2% 15.2% 17.2% 14.5% 14.1% 13.8% 12.9% 15.0% 14.5% 14.5% 14.5% Retained to Com Eq 15.0% CURRENT POSITION 2015 2016 2/26/17 44% 43% 42% 41% 44% 47% 49% 54% 58% 60% 63% 61% All Div’ds to Net Prof 56% ($MILL.) Cash Assets 334.2 763.7 899.1 BUSINESS: General Mills, Inc. is a manufacturer of branded con- est in Yoplait, 7/11. Sold North American Green Giant, 9/15. Owns Receivables 1386.7 1360.8 1427.5 sumer foods that are sold through retail stores. Sales breakdown 50% of Cereal Partners Worldwide with Nestle. Has 39,000 emplys. Inventory 1540.9 1413.7 1461.0 Other 523.9 399.0 340.4 (excl. joint ventures): U.S. Retail (60% of fiscal 2016 sales); Int’l Officers/directors own 1.3% of common stock; BlackRock, Inc. Current Assets 3785.7 3937.2 4128.0 (28%); and Convenience Stors & Foodservice (12%). Well known 6.7% (8/16 Proxy). Chairman & CEO: Kendall J. Powell. Inc.: DE. Accts Payable 1684.0 2046.5 1855.3 brands: Cheerios, Wheaties, Total, Chex, Betty Crocker, Bisquick, Addr.: Number One General Mills Blvd., Minneapolis, MN 55426. Debt Due 1616.2 1373.2 2546.7 Hamburger Helper, Yoplait, and Progresso. Acq’d. controlling inter- Telephone: 763-764-7600. Internet: www.generalmills.com. Other 1589.9 1595.0 1341.5 Current Liab. 4890.1 5014.7 5743.5 Fiscal 2017 (ends May 28, 2017) has company and some of its peers are having been a challenging year for General a difficult time adapting to changing pref- ANNUAL RATES Past Past Est’d ’14-’16 Mills. The main problem continues to be erences of consumer, particularly with of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Sales 6.5% 5.0% .5% the company’s inability to deliver con- regard to high-carb cereals. The growing ‘‘Cash Flow’’ 6.5% 5.5% 4.5% sistent top-line growth. In fact, it wit- appeal for Greek yogurts has also made it Earnings 7.5% 5.0% 5.0% nessed sales erosion across each segment difficult for GIS to revive its struggling Dividends 10.5% 11.0% 4.5% Book Value 2.0% 1.0% 4.5% in the fiscal third quarter, with the biggest traditional yogurt products. Given these retreat in the North American Retail busi- factors, we have lowered our bottom-line Fiscal QUARTERLY SALES ($ mill.) A Full Year Fiscal ness. That division posted double-digit estimate for fiscal 2017, and are taking a Ends Aug.Per Nov.Per Feb.Per May Per Year declines in the U.S. meals and baking and more cautious view of fiscal 2018 than 2014 4373 4876 4377 4284 17910 the yogurt categories. The Yoplait yogurt most on Wall Street. 2015 4268 4712 4351 4299 17630 line is a trouble spot, with competition We like some of the company’s innova- 2016 4208 4425 4002 3928 16563 from the category leaders, including tive ideas to drive long-term sales 2017 3908 4112 3793 3787 15600 2018 3860 3985 3755 3750 15350 Danone, Chobani, and Fage, making it dif- growth. These include the elimination of ficult to gain market share. The business artificial flavors across its product port- Fiscal EARNINGS PER SHARE ABE Full Year Fiscal has been a detractor to General Mills’ per- folio by the end of 2017 and the introduc- Ends Aug.Per Nov.Per Feb.Per May Per Year formance for several years. tion of gluten-free varieties of its iconic 2014 .70 .84 .64 .65 2.83 Top-line weakness has been a prob- products. The company also has made the 2015 .61 .80 .70 .75 2.86 lem for an extended stretch. In addi- nation’s fast-growing Hispanic population 2016 .79 .82 .65 .66 2.92 2017 .78 .85 .72 .70 3.05 tion to the aforementioned yogurt chal- a priority of its marketing plan. 2018 .86 .97 .74 .68 3.25 lenges, sales of Progresso soup and These shares don’t stand out for Pillsbury baking products have been weak. Timeliness. Given the recent top-line C■ Cal- QUARTERLY DIVIDENDS PAID Full The company decreased advertising spend- weakness, we don’t see many near-term endar Mar.31 Jun.30 Sep.30 Dec.31 Year ing behind those lines in recent years, but catalysts to push this stock higher. That 2013 .33 .33 .38 .38 1.42 now decided to increase marketing support said, these shares should continue to ap- 2014 .38 .41 .41 .41 1.61 in an effort to revive sales. In general, we peal to conservative, income-oriented in- 2015 .41 .44 .44 .44 1.73 think it will take time for General Mills to vestors given the well-funded dividend. 2016 .44 .46 .48 .48 1.86 2017 .48 rejuvenate its struggling brands, as the William G. Ferguson April 21, 2017 (A) Fiscal year ends last Sun. in May. ’13, 10¢; ’15, (89¢); ’16, (15¢); ’17 Q1-Q3, At 2/26/17: $13.2 bill. or $22.92/sh. (E) Qrtrly. Company’s Financial Strength A+ (B) Diluted egs. Excl. nonrecurring: ’01, 4¢; (27¢). Next egs. due late June. (C) Div’ds. his- egs. may not sum to total due to change in Stock’s Price Stability 100 ’02, (18¢); ’03, (11¢); ’04, (5¢); ’05, (17¢); ’08, torically paid in Feb, May, Aug., and Nov. ■ shares outstanding. (F) In mill., adj. for split. Price Growth Persistence 65 10¢; ’09, (9¢); ’10, (6¢); ’11, 22¢; ’12, (21¢); Div’d reinvest. plan available. (D) Incl. intang. Earnings Predictability 100 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2104 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 99 of 190
RECENT P/E Trailing: 20.8 RELATIVE DIV’D VALUE HORMEL FOODS NYSE-HRL PRICE 34.30RATIO 20.2()Median: 18.0 P/E RATIO 1.02YLD 2.0% LINE TIMELINESS 3 Lowered 7/1/16 High: 9.8 10.5 10.7 10.1 13.1 15.3 15.8 23.1 27.7 40.4 45.7 38.0 Target Price Range Low: 8.0 7.5 6.2 7.3 9.4 12.3 13.6 15.7 21.4 25.1 33.2 34.0 2020 2021 2022 SAFETY 1 Raised 5/12/00 LEGENDS 16.0 x ″Cash Flow″ psh 120 TECHNICAL 4 Raised 3/10/17 .... Relative Price Strength 100 2-for-1 split 2/11 80 BETA .75 (1.00 = Market) 2-for-1 split 2/16 Options: Yes 64 2020-22 PROJECTIONS Shaded area indicates recession 48 Ann’l Total Price Gain Return High 50 (+45%) 12% 32 Low 40 (+15%) 6% 2-for-1 24 Insider Decisions 20 J JASOND JF 16 to Buy 000000000 12 Options 12145131013 to Sell 111300220 % TOT. RETURN 3/17 8 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 9 to Buy 271 245 260 1 yr. -18.6 20.2 shares 6 3 yr. 47.0 22.0 to Sell 227 231 262 traded 3 Hld’s(000) 175224 176064 185503 5 yr. 153.6 78.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 7.44 7.06 7.58 8.67 9.82 10.46 11.41 12.55 12.23 13.57 14.96 15.65 16.60 17.67 17.53 18.02 17.10 17.75 Sales per sh A 20.75 .49 .49 .49 .57 .67 .74 .78 .77 .88 1.01 1.13 1.18 1.23 1.39 1.60 1.93 1.95 2.05 ‘‘Cash Flow’’ per sh 2.80 .33 .34 .33 .39 .46 .51 .54 .52 .63 .76 .87 .93 .98 1.12 1.32 1.64 1.70 1.80 Earnings per sh AB 2.50 .09 .10 .11 .11 .13 .14 .15 .19 .19 .21 .26 .30 .34 .40 .50 .58 .68 .72 Div’ds Decl’d per sh C ■ .84 .14 .12 .12 .15 .19 .26 .23 .23 .18 .17 .18 .25 .20 .30 .27 .48 .55 .60 Cap’l Spending per sh .75 1.80 2.01 2.26 2.54 2.86 3.28 3.47 3.73 3.97 4.52 5.04 5.37 6.29 6.85 7.57 8.42 8.95 9.50 Book Value per sh D 13.50 554.65 553.65 554.38 551.50 551.37 549.36 542.71 538.08 534.37 531.93 527.93 526.09 527.32 527.23 528.41 528.48 529.00 529.50 Common Shs Outst’g E 530.00 16.5 18.3 17.0 18.1 16.9 17.0 17.3 18.2 13.0 13.7 15.7 15.6 19.8 21.3 21.6 23.4 Bold figures are Avg Ann’l P/E Ratio 18.0 .85 1.00 .97 .96 .90 .92 .92 1.10 .87 .87 .98 .99 1.11 1.12 1.09 1.23 Value Line Relative P/E Ratio 1.15 1.7% 1.6% 1.9% 1.6% 1.7% 1.6% 1.6% 2.0% 2.3% 2.0% 1.9% 2.1% 1.8% 1.7% 1.8% 1.5% estimates Avg Ann’l Div’d Yield 1.9% CAPITAL STRUCTURE as of 1/29/17 6193.0 6754.9 6533.7 7220.7 7895.1 8230.7 8751.7 9316.3 9263.9 9523.2 9055 9400 Sales ($mill) A 11000 Total Debt $250.0 mill. Due in 5 Yrs $250.0 mill. 9.7% 9.4% 10.1% 10.6% 10.6% 10.3% 10.4% 11.2% 13.0% 14.9% 15.5% 16.0% Operating Margin 17.5% LT Debt $250.0 mill. LT Interest $12.5 mill. 126.7 126.2 127.1 125.6 124.2 119.5 124.9 130.0 133.4 132.0 135 140 Depreciation ($mill) 150 (5% of Cap’l) Leases, Uncapitalized Annual rentals $11.1 mill. 297.5 285.5 342.8 409.0 474.2 500.1 526.2 602.7 713.8 890.1 900 955 Net Profit ($mill) 1325 35.8% 37.6% 34.7% 34.9% 33.3% 33.4% 33.6% 34.3% 34.3% 32.4% 33.5% 33.5% Income Tax Rate 33.5% Pension Assets-10/16 $1232.6 mill. Oblig. 4.8% 4.2% 5.2% 5.7% 6.0% 6.1% 6.0% 6.5% 7.7% 9.3% 9.9% 10.2% Net Profit Margin 12.0% $1394.9 mill. 566.9 657.0 889.7 757.0 1220.0 1534.4 1263.4 1178.1 849.0 976.7 1200 1300 Working Cap’l ($mill) 1500 350.0 350.0 350.0 - - 250.0 250.0 250.0 250.0 250.0 250.0 250 250 Long-Term Debt ($mill) 250 Pfd Stock None D Common Stock 528,913,262 shs. 1884.8 2007.6 2123.5 2406.6 2659.8 2824.9 3316.6 3612.1 3998.2 4448.0 4735 5025 Shr. Equity ($mill) 7150 as of 3/5/17 13.9% 12.7% 14.4% 17.0% 16.7% 16.5% 14.9% 15.8% 16.9% 19.1% 18.0% 18.0% Return on Total Cap’l 18.0% 15.8% 14.2% 16.1% 17.0% 17.8% 17.7% 15.9% 16.7% 17.9% 20.0% 19.0% 19.0% Return on Shr. Equity 18.5% MARKET CAP: $18.1 billion (Large Cap) 11.5% 9.5% 11.4% 12.4% 12.9% 12.3% 10.6% 11.1% 11.6% 13.3% 11.5% 11.5% Retained to Com Eq 12.5% CURRENT POSITION 2015 2016 1/29/17 27% 33% 30% 27% 27% 30% 33% 34% 35% 33% 40% 40% All Div’ds to Net Prof 34% ($MILL.) Cash Assets 347.2 415.1 609.8 BUSINESS: Hormel Foods Corporation is an international manu- to supermarkets and independent food stores in all 50 states as Receivables 605.7 591.3 530.9 facturer and marketer of consumer-branded meat and food prod- well as overseas. Has approximately 21,100 employees. The Inventory (FIFO) 993.3 985.7 958.1 Other 116.8 37.8 20.8 ucts, which are sold fresh, frozen, cured, smoked, cooked, and Hormel Foundation owns 48.5% of common stock; all officers/- Current Assets 2063.0 2029.9 2119.6 canned. Well-known brand names include: Hormel, Always Tender, directors as a group, 3.5% (12/16 Proxy). President and CEO: Accts Payable 495.3 481.8 387.7 Cure 81, SPAM, Dinty Moore, Jennie-O, Mary Kitchen, Little James P. Snee. Inc.: DE. Address: 1 Hormel Place, Austin, MN Debt Due 185.0 - - - - Sizzlers, Chi-Chi’s, Kid’s Kitchen, and Skippy. Distributes products 55912-3680. Telephone: 507-437-5611. Internet: www.hormel.com. Other 533.7 571.4 532.1 Current Liab. 1214.0 1053.2 919.8 Earnings growth at Hormel Foods will invests more in its consumer brands. probably be pretty modest in the near Hormel, notably, has been selling off ANNUAL RATES Past Past Est’d ’14-’16 term. That’s mainly because of pricing noncore assets, including the of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Sales 6.5% 5.5% 2.5% pressure on the Jennie-O Turkey Store Diamond Crystal Brands and Farmer ‘‘Cash Flow’’ 9.5% 10.5% 9.5% business. In fact, operating profit at the John businesses. This is a big reason Earnings 11.5% 12.5% 10.5% unit declined 25% during the first quarter why sales are apt to drop in the mid-single Dividends 14.5% 17.5% 9.5% Book Value 10.0% 11.0% 10.0% of fiscal 2017 (year ends October 28th), as digits in fiscal 2017. But high-profile con- turkey prices hit seven-year lows and com- sumer labels, like Skippy and Spam, are Fiscal QUARTERLY SALES ($ mill.) A Full Year Fiscal petition from other meat proteins ap- being extended, both at home and abroad. Ends Jan.Per Apr.Per Jul.Per Oct.Per Year peared to intensify. This weakness offset This should counteract the divestiture 2014 2242.7 2244.9 2284.9 2543.8 9316.3 solid showings from the Refrigerated headwinds and bolster the bottom line as 2015 2395.1 2279.3 2188.6 2400.9 9263.9 Foods and Specialty Foods divisions. And we move into the next decade. All in all, 2016 2292.7 2300.2 2302.4 2627.9 9523.2 the commodity crunch seems likely to per- we look for share net to climb to $1.70 this 2017 2280.2 2184.8 2210 2380 9055 2018 2365 2270 2295 2470 9400 sist in the coming periods, particularly year and $1.80 in fiscal 2018. Thereafter, given Tyson Foods’ plans to enter the growth ought to accelerate as the com- Fiscal EARNINGS PER SHARE AB Full Year Fiscal ground chicken market. Meanwhile... modity situation improves, with earnings Ends Jan.Per Apr.Per Jul.Per Oct.Per Year Pork processing margins, which had likely to reach $2.50 a share by 2020-2022. 2014 .29 .26 .26 .31 1.12 been tracking around peak levels, will This projection is on the conservative side, 2015 .35 .34 .27 .36 1.32 probably fall back to earth a bit. We too, as it does not factor in future acquisi- 2016 .43 .40 .36 .45 1.64 2017 .44 .40 .38 .48 1.70 see this happening as new capacity comes tions. Hormel, equipped with an excellent 2018 .47 .42 .40 .51 1.80 on line across the broader pork space be- balance sheet, has a long history of inking ginning in the second half of 2017. The accretive deals, and we would expect fur- C ■ Cal- QUARTERLY DIVIDENDS PAID Full added production should drive up hog ther M&A activity in the years to come. endar Mar.31 Jun.30 Sep.30 Dec.31 Year demand, as well as input costs for Hormel The stock is not inexpensive, but it 2013 .085 .085 .085 .085 .34 and its fellow sector participants. Still, we still appears well suited for defensive 2014 .10 .10 .10 .10 .40 believe that the operating margin will buy-and-hold investors. Annual divi- 2015 .125 .125 .125 .125 .50 gradually widen in time, as the company dend hikes should sweeten returns here. 2016 .145 .145 .145 .145 .58 2017 .17 divests underperforming properties and Justin Hellman April 21, 2017 (A) Fiscal year ends on last Saturday in Oct. historically been paid in the middle of Feb., justed for splits. Company’s Financial Strength A (B) Based on diluted shares outstanding. Ex- May, Aug., and Nov. ■ Div’d reinvestment plan Stock’s Price Stability 90 cludes nonrecurring gain: ’04, 3¢. Next earn- available. (D) Includes intangibles. In ’16: Price Growth Persistence 100 ings report due mid-May. (C) Dividends have $2737.8 mill., $5.18/sh. (E) In millions, ad- Earnings Predictability 100 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2105 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 100 of 190
RECENT P/E Trailing: 19.3 RELATIVE DIV’D VALUE KELLOGG CO. NYSE-K PRICE 72.15RATIO 19.0()Median: 16.0 P/E RATIO 0.96YLD 2.9% LINE TIMELINESS 3 Lowered 3/17/17 High: 50.9 56.9 58.5 54.1 56.0 57.7 57.2 68.0 69.5 73.7 87.2 76.7 Target Price Range Low: 42.4 48.7 40.3 35.6 47.3 48.1 46.3 56.0 55.7 61.1 68.7 71.1 2020 2021 2022 SAFETY 1 Raised 1/30/09 LEGENDS 14.0 x ″Cash Flow″ psh TECHNICAL Lowered 2/24/17 .... Relative Price Strength 160 4 Options: Yes BETA .70 (1.00 = Market) Shaded area indicates recession 120 100 2020-22 PROJECTIONS 80 Ann’l Total Price Gain Return 60 High 105 (+45%) 12% 50 Low 85 (+20%) 7% 40 Insider Decisions 30 J JASOND JF to Buy 000000000 20 Options 005003008 15 to Sell 117003002 % TOT. RETURN 3/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 18 to Buy 332 278 297 1 yr. -2.5 20.2 shares 12 3 yr. 26.1 22.0 to Sell 274 314 315 traded 6 Hld’s(000) 287695 284264 289120 5 yr. 56.9 78.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 21.77 20.36 21.51 23.28 25.11 27.42 30.19 33.58 32.97 33.91 36.94 39.30 40.77 40.95 38.64 37.07 36.55 37.15 Sales per sh 42.35 2.39 2.60 2.83 3.15 3.39 3.41 3.78 3.99 4.18 4.48 4.48 4.83 5.27 5.34 5.12 5.22 5.40 5.85 ‘‘Cash Flow’’ per sh 7.05 1.31 1.73 1.93 2.16 2.36 2.51 2.76 2.99 3.16 3.30 3.38 3.37 3.77 3.87 3.53 3.72 3.95 4.40 Earnings per sh A 5.45 1.01 1.01 1.01 1.01 1.06 1.14 1.20 1.30 1.43 1.56 1.67 1.74 1.80 1.90 1.98 2.04 2.08 2.16 Div’ds Decl’d per sh B ■ 2.60 .68 .62 .60 .67 .92 1.14 1.21 1.21 .99 1.30 1.66 1.48 1.76 1.63 1.58 1.44 1.65 1.65 Cap’l Spending per sh 1.80 2.14 2.19 3.52 5.47 5.63 5.20 6.48 3.79 5.96 5.90 4.93 6.70 9.77 7.83 6.08 5.44 7.05 8.85 Book Value per sh C 14.95 406.61 407.85 409.70 413.02 405.33 397.70 390.05 381.86 381.38 365.60 357.30 361.27 362.80 356.00 350.02 351.07 350.00 348.00 Common Shs Outst’g D 340.00 21.8 19.5 17.3 19.2 18.9 18.9 19.0 17.0 14.5 15.7 15.8 15.3 16.5 16.5 18.7 20.5 Bold figures are Avg Ann’l P/E Ratio 17.5 1.12 1.07 .99 1.01 1.01 1.02 1.01 1.02 .97 1.00 .99 .97 .93 .87 .94 1.08 Value Line Relative P/E Ratio 1.10 3.5% 3.0% 3.0% 2.4% 2.4% 2.4% 2.3% 2.6% 3.1% 3.0% 3.1% 3.4% 2.9% 3.0% 3.0% 2.7% estimates Avg Ann’l Div’d Yield 2.7% CAPITAL STRUCTURE as of 12/31/16 11776 12822 12575 12397 13198 14197 14792 14580 13525 13014 12800 12925 Sales ($mill) 14400 Total Debt $7767 mill. Due in 5 Yrs $3358 mill. 19.0% 18.2% 19.0% 19.2% 17.8% 16.7% 18.2% 18.2% 16.3% 19.5% 20.5% 21.5% Operating Margin 23.0% LT Debt $6698 mill. LT Interest $406 mill. 372.0 375.0 384.0 392.0 369.0 448.0 532.0 503.0 534.0 517.0 510 505 Depreciation ($mill) 545 (Total interest coverage: 4.8X) (78% of Cap’l) 1103.0 1148.0 1212.0 1247.0 1231.0 1297.2 1379.7 1397.3 1258.0 1317.0 1385 1525 Net Profit ($mill) 1855 Pension Assets-1/17 $4.54 bill. Oblig. $5.51 bill. 28.7% 29.7% 28.3% 28.8% 29.0% 22.7% 28.4% 28.2% 11.2% 15.0% 26.0% 26.0% Income Tax Rate 26.0% 9.4% 9.0% 9.6% 10.1% 9.3% 9.1% 9.3% 9.6% 9.3% 10.1% 10.8% 11.8% Net Profit Margin 12.9% d1327 d1031 270.0 d269.0 d286.0 d1143 d568.0 d1024 d2503 d1534 d1145 d900 Working Cap’l ($mill) 830 Pfd Stock None 3270.0 4068.0 4835.0 4908.0 5037.0 6082.0 6330.0 5935.0 5289.0 6698.0 6600 6400 Long-Term Debt ($mill) 7250 Common Stock 351,139,083 shs. as of 1/28/17 2526.0 1448.0 2272.0 2158.0 1760.0 2419.0 3545.0 2789.0 2128.0 1910.0 2465 3080 Shr. Equity ($mill) 5080 21.3% 23.1% 19.1% 19.9% 20.1% 16.8% 15.1% 17.3% 18.6% 17.5% 17.5% 18.0% Return on Total Cap’l 16.5% MARKET CAP: $25.3 billion (Large Cap) 43.7% 79.3% 53.3% 57.8% 69.9% 53.6% 38.9% 50.1% 59.1% 69.0% 56.0% 49.5% Return on Shr. Equity 36.5% CURRENT POSITION 2014 2015 12/31/16 24.9% 45.1% 29.3% 30.7% 35.6% 27.9% 20.5% 25.7% 26.2% 31.5% 26.5% 25.0% Retained to Com Eq 19.0% ($MILL.) 43% 43% 45% 47% 49% 48% 47% 49% 56% 54% 53% 49% All Div’ds to Net Prof 48% Cash Assets 443 251 280 Receivables 1276 1344 1231 BUSINESS: Kellogg Company and its subsidiaries manufacture of sales in 2016. Adv. costs: 5.6% of sales. Acquired Keebler, 3/01; Inventory (Avg Cst) 1279 1250 1238 and market ready-to-eat cereals and convenience foods, such as Pringles, 5/12. Has about 37,370 employees. W.K. Kellogg Foun- Other 342 391 191 cookies, savory snacks, toaster pastries, cereal bars, fruit-flavored dation controls 21.3% of common; KeyCorp, 7.5%; off./dir., 1.3% Current Assets 3340 3236 2940 snacks, frozen waffles, and veggie foods. Brand names include: (3/17 proxy). Chairman & Chief Executive Officer: John Bryant. Inc.: Accts Payable 1528 1907 2014 Debt Due 1435 2470 1069 Kellogg’s, Keebler, Pringles, Cheez-It, Murray, Austin, Famous DE. Address: One Kellogg Square, Battle Creek, MI 49016-3599. Other 1401 1362 1391 Amos, Pop-Tarts, Eggo, and Nutri-Grain. Foreign operations: 44% Telephone: 269-961-2000. Internet: www.kelloggs.com. Current Liab. 4364 5739 4474 Kellogg Company continues to wit- a warehouse distribution. This should gen- ANNUAL RATES Past Past Est’d ’14-’16 ness top-line erosion. This was evident erate significant cost savings, with the of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 throughout 2016, and it seems to be the ongoing Project K restructuring program Sales 4.5% 2.5% 1.5% ‘‘Cash Flow’’ 4.5% 3.5% 5.0% case once again this year. We think there now expected to produce savings of $600 Earnings 4.5% 2.5% 6.5% are a few reasons for the sales weakness, million to $700 million through 2019. The Dividends 6.5% 5.0% 4.5% not the least of which is the changing pref- previous target range was $425 million to Book Value 1.5% 3.0% 14.5% erences of consumers. In recent years, con- $475 million. The savings will be used for Cal- QUARTERLY SALES ($ mill.) Full sumers have sought more health-conscious product innovation, ingredients reformula- endar Mar.Per Jun.Per Sep.Per Dec.Per Year breakfast alternatives to high-carb cereals, tions, and a packaging refresh. All of these 2014 3742 3685 3639 3514 14580 much to the dismay of the ready-to-eat initiatives are designed to boost top-line 2015 3556 3498 3329 3142 13525 cereal makers. This trend was further ex- growth over the next three to five years. It 2016 3395 3268 3254 3097 13014 acerbated by K’s failure a few years back should be noted that Kellogg has already 2017 3300 3200 3225 3075 12800 to reposition the main Special K and Kashi seen some stabilization in the core prod- 2018 3335 3225 3255 3110 12925 cereals to appeal to such buyers. And ucts lines, but some heavy lifting will still Cal- EARNINGS PER SHARE A Full ironically the initiatives now under way to need to be done to deliver consistent top- endar Mar.Per Jun.Per Sep.Per Dec.Per Year remedy the situation, including revamping line growth in the coming years. 2014 1.01 1.02 .94 .90 3.87 the product lines, along with a change in The price of neutrally ranked Kellogg 2015 .98 .92 .85 .79 3.53 the company’s snacks distribution network stock has been range bound since our 2016 .96 .91 .96 .90 3.72 (discussed further below), is causing a late-January report. The company, 2017 .99 .94 .97 1.05 3.95 temporary volume decline. This has added which continues to report disappointing 2018 1.17 1.06 1.03 1.14 4.40 to the recent top-line woes. Based on these top-line results, has not given investors Cal- QUARTERLY DIVIDENDS PAID B■ Full factors, we are paring our bottom-line out- much to cheer about recently, and we ex- endar Mar.31 Jun.30 Sep.30 Dec.31 Year look for 2017 by a nickel, to $3.95 a share. pect K’s sales performance to remain a 2013 .44 .44 .46 .46 1.80 The company announced a major near-term headwind. That said, conserva- 2014 .46 .46 .49 .49 1.90 change to its distribution network in tive investors seeking a high-quality stock 2015 .49 .49 .50 .50 1.98 February. Kellogg’s snacks products will with a healthy income component should 2016 .50 .50 .52 .52 2.04 no longer be distributed via direct store give these shares a look. 2017 .52 delivery, with the company now opting for William G. Ferguson April 21, 2017 (A) Based on diluted shares. Excludes non- not sum to total due to a change in the share available. (C) Includes intangibles. In ’16: Company’s Financial Strength A recurring gains (losses): ’01, ($0.14), ’02, count. Next earnings report due early May. (B) $7.535 billion, $21.46/sh. (D) In millions. Stock’s Price Stability 100 $0.02; ’12, ($0.09); ’13, $1.17; ’14, ($2.12); ’15, Dividends historically paid mid-Mar, June, Price Growth Persistence 35 ($1.81); ’16, ($1.76). Quarterly earnings may Sept., and Dec. ■ Div’d reinvestment plan Earnings Predictability 100 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2106 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 101 of 190
RECENT P/E Trailing: 22.3 RELATIVE DIV’D VALUE KIMBERLY-CLARK NYSE-KMB PRICE 133.54RATIO 21.7()Median: 17.0 P/E RATIO 1.11YLD 2.9% LINE TIMELINESS 3 Lowered 11/4/16 High: 68.6 72.8 69.7 67.0 67.2 74.1 88.3 111.7 118.8 129.9 138.9 136.2 Target Price Range Low: 56.6 63.8 50.3 43.1 58.3 61.0 70.5 83.9 102.8 103.0 111.3 113.7 2020 2021 2022 SAFETY 1 New 7/27/90 LEGENDS 13.0 x ″Cash Flow″ psh TECHNICAL 5 Lowered 2/10/17 .... Relative Price Strength 200 Options: Yes 160 BETA .70 (1.00 = Market) Shaded area indicates recession 2020-22 PROJECTIONS 100 Ann’l Total Price Gain Return 80 High 165 (+25%) 8% 60 Low 135 (Nil) 3% 50 Insider Decisions 40 MJJASONDJ 30 to Buy 000001000 Options 202200100 20 to Sell 202300100 % TOT. RETURN 2/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 24 to Buy 526 487 543 1 yr. 4.7 30.5 shares 16 3 yr. 31.6 22.1 to Sell 579 584 607 traded 8 Hld’s(000) 247281 244043 248213 5 yr. 113.8 81.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 27.96 26.56 28.60 31.23 34.46 36.76 43.40 46.94 45.84 48.53 52.68 54.10 55.55 53.99 51.51 51.04 52.35 55.65 Sales per sh 65.55 4.78 4.81 4.91 5.39 5.74 6.10 6.34 5.98 6.40 6.53 6.78 6.70 7.89 6.40 4.87 8.05 8.45 8.90 ‘‘Cash Flow’’ per sh 10.60 3.27 3.36 3.38 3.61 3.78 3.90 4.25 4.06 4.52 4.45 3.99 4.42 5.53 3.91 2.77 5.99 6.30 6.60 Earnings per sh A 7.50 1.12 1.20 1.36 1.60 1.80 1.96 2.08 2.27 2.38 2.58 2.76 2.96 3.24 3.36 3.52 3.68 3.88 3.97 Div’ds Decl’d per sh B■ 4.30 2.12 1.70 1.75 1.11 1.54 2.13 2.35 2.19 2.03 2.37 2.45 2.81 2.50 2.84 2.93 2.16 3.00 3.00 Cap’l Spending per sh 3.50 10.87 11.06 13.49 13.73 12.04 13.38 12.41 9.38 12.96 14.54 13.27 12.81 12.75 2.00 d.48 d.29 .30 1.05 Book Value per sh C 6.85 519.50 510.80 501.60 482.90 461.50 455.60 420.90 413.60 417.00 406.90 395.70 389.30 380.80 365.30 360.90 356.60 350.00 340.00 Common Shs Outst’g D 325.00 18.8 17.5 14.9 17.6 16.5 15.9 16.3 15.2 12.2 14.1 16.9 18.2 17.8 28.1 40.6 21.2 Bold figures are Avg Ann’l P/E Ratio 20.0 .96 .96 .85 .93 .88 .86 .87 .91 .81 .90 1.06 1.16 1.00 1.48 2.04 1.11 Value Line Relative P/E Ratio 1.25 1.8% 2.0% 2.7% 2.5% 2.9% 3.2% 3.0% 3.7% 4.3% 4.1% 4.1% 3.7% 3.3% 3.1% 3.1% 2.9% estimates Avg Ann’l Div’d Yield 2.9% CAPITAL STRUCTURE as of 12/31/16 18266 19415 19115 19746 20846 21063 21152 19724 18591 18202 18330 18925 Sales ($mill) 21300 Total Debt $7572 mill. Due 5 Yrs $4625 mill. 18.5% 17.2% 19.4% 18.7% 16.7% 16.8% 19.3% 17.2% 12.7% 22.1% 18.5% 19.0% Operating Margin 22.0% LT Debt $6439 mill. LT Interest $350 mill. 806.5 775.0 783.0 813.0 1091.0 857.0 863.0 862.0 746.0 705.0 750 775 Depreciation ($mill) 1000 (LT interest earned: 10.9x) (102% of Cap’l) 1861.6 1698.0 1884.0 1843.0 1591.0 1750.0 2142.0 1476.0 1013.0 2166.0 2215 2250 Net Profit ($mill) 2440 21.5% 27.0% 29.0% 30.9% 30.2% 31.7% 31.5% 38.0% 31.3% 30.6% 31.5% 31.5% Income Tax Rate 31.5% Leases, Uncapitalized Annual rentals $187.0 mill. 10.2% 8.7% 9.9% 9.3% 7.6% 8.3% 10.1% 7.5% 5.4% 11.9% 12.1% 11.9% Net Profit Margin 11.5% Pension Assets-12/16 $3.53 bill. Oblig. $4.13 bill. 1168.0 1061.0 932.0 990.0 886.0 498.0 702.0 d667.0 d923.0 d731.0 d650 d475 Working Cap’l ($mill) d150 4393.9 4882.0 4792.0 5120.0 5426.0 5070.0 5386.0 5630.0 6106.0 6439.0 6400 6250 Long-Term Debt ($mill) 6000 Pfd Stock None C Common Stock 356,274,872 shs. 5223.7 3878.0 5406.0 5917.0 5249.0 4985.0 4856.0 729.0 d174.0 d102.0 100 350 Shr. Equity ($mill) 2225 as of 2/1/17 20.7% 20.9% 19.7% 17.7% 16.1% 18.8% 22.3% 25.4% 19.6% 36.7% 34.0% 34.0% Return on Total Cap’l 29.5% 35.6% 43.8% 34.9% 31.1% 30.3% 35.1% 44.1% 202.5% 202.5% NMF NMF NMF Return on Shr. Equity NMF MARKET CAP: $47.6 billion (Large Cap) 17.8% 19.3% 16.6% 13.1% 9.4% 12.0% 18.9% 30.2% 30.2% 30.2% NMF NMF Retained to Com Eq 47.0% CURRENT POSITION 2014 2015 12/31/16 50% 56% 52% 58% 69% 66% 57% 85% NMF 61% 61% 60% All Div’ds to Net Prof 57% ($MILL.) Cash Assets 789 619 923 BUSINESS: Kimberly-Clark develops, manufactures, and markets and Health Care provides medical supplies, infection prevention & Receivables 2223 2281 2176 personal care products (incl. Huggies, Pull-Ups, Little Swimmers, health education. Wal-Mart accounted for 14% of ’16 sales. Inventory (LIFO)E 1892 1909 1679 Other 655 617 337 GoodNights, Kotex, Lightdays, Depend and Poise) and consumer Employs 42,000. Off./dir. own less than 1% of common; BlackRock, Current Assets 5559 5426 5115 tissue products (incl. Kleenex, Scott, Cottonelle, and Viva). KC 7.4%; Vanguard, 7.4% (3/17 Proxy). Chairman/CEO: Thomas J. Accts Payable 2616 2612 2609 Professional focuses on workplace health/safety (supporting prod- Falk. Inc.: DE. Address: P.O. Box 619100, Dallas, TX 75261. Tele- Debt Due 1326 1669 1133 ucts incl. apparel, wipers, soaps, sanitizers, tissues and towels), phone: 972-281-1200. Internet: www.kimberly-clark.com. Other 2284 2068 2104 Current Liab. 6226 6349 5846 Kimberly-Clark has rebounded nicely tion should also boost operating margins over the past few quarters. The con- moving forward. ANNUAL RATES Past Past Est’d ’14-’16 sumer goods conglomerate faced a difficult The company has been widening its of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Sales 4.5% 1.5% 4.0% operating environment, which hindered footprint. Kimberly will probably invest ‘‘Cash Flow’’ 1.0% -.5% 8.5% the top line. However, an improved prod- in its product pipeline, and ramp up in- Earnings 1.0% -.5% 12.0% uct mix and sales volume helped offset novation in the coming months. It may Dividends 7.0% 6.5% 8.0% Book Value ---- 5.5% lower selling prices. Altogether, the bottom also increase marketing efforts to bolster line more than doubled in 2016. its brand equity. Moreover, as part of its Cal- QUARTERLY SALES ($ mill.) Full The company is well poised for the Global Business Plan, management will endar Mar.31 Jun.30 Sep.30 Dec.31 Year near term. We look for management’s fi- likely turn its attention overseas, specifi- 2014 4887 4953 5056 4828 19724 nancial discipline and strategic growth in- cally targeting undersaturated emerging 2015 4691 4643 4718 4539 18591 itiatives to continue to bear fruit in the and developing markets. 2016 4476 4588 4594 4544 18202 2017 4530 4575 4625 4600 18330 coming months. Still, currency headwinds Kimberly-Clark is rewarding its 2018 4650 4700 4725 4850 18925 may persist. As such, revenues will likely shareholders. The board is increasing A come in flat in 2017, while share earnings the quarterly payout 5%, to $0.97 a share Cal- EARNINGS PER SHARE Full climb 5%. Next year, the top and bottom (payable April 4th). And the company endar Mar.31 Jun.30 Sep.30 Dec.31 Year lines are liable to advance 3% and 5%, should continue to buy back stock. 2014 1.26 1.32 1.49 d.18 3.91 respectively. These shares are fairly valued at this 2015 1.27 d.83 1.41 .91 2.77 Restructuring efforts should augur juncture. This issue is trading near the 2016 1.50 1.56 1.52 1.40 5.99 2017 1.55 1.60 1.60 1.55 6.30 well for profits. The company recently low end of our 2020-2022 Target Price 2018 1.60 1.70 1.70 1.60 6.60 completed a major reorganization Range, so much of the good news we envi- sion is already factored into the recent B ■ campaign (that it began in 2014). And Cal- QUARTERLY DIVIDENDS PAID Full this, combined with its ongoing expense- quotation. Nevertheless, KMB holds good endar Mar.31 Jun.30 Sep.30 Dec.31 Year reduction program Project FORCE, should conservative appeal. Plus, thanks to the 2013 .74 .81 .81 .81 3.17 well position the company for the near recent dividend hike, it offers an above- 2014 .84 .84 .84 .84 3.36 term. To wit, this year Kimberly plans to average yield, indicating decent, risk- 2015 .88 .88 .88 .88 3.52 achieve more than $400 million in savings adjusted total return potential. 2016 .88 .92 .92 .92 3.64 2017 .92 .97 from these measures. And input cost defla- Orly Seidman March 24, 2017 (A) Dil. earnings. Excl. non-recurring due to change in shares out. Next earnings (C) Incl. intang. In ’16: $1,480.0 mill., $4.16/sh. Company’s Financial Strength A++ gains/(losses): ’01, ($0.25); ’02, ($0.12); ’03, report due late April. (D) In millions. Stock’s Price Stability 100 ($0.05); ’04, ($0.01); ’05, ($0.50); ’06, ($0.65); (B) Div’s hist. paid in early Jan., Apr., Jul., and (E) Foreign: FIFO. Price Growth Persistence 80 ’07, ($0.16); ’08, ($0.04). EPS may not sum Oct. ■ Div’d reinvestment plan available. Earnings Predictability 40 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2107 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 102 of 190
RECENT P/E Trailing: 26.2 RELATIVE DIV’D VALUE McCORMICK NYSE-MKC PRICE 99.67RATIO 25.8()Median: 19.0 P/E RATIO 1.30YLD 1.9% LINE TIMELINESS 3 Lowered 12/23/16 High: 39.8 39.7 42.1 36.8 47.8 51.3 66.4 75.3 77.1 87.5 107.8 102.4 Target Price Range Low: 30.1 33.9 28.2 28.1 35.4 43.4 49.9 60.8 62.8 70.7 78.4 89.6 2020 2021 2022 SAFETY 1 Raised 5/1/09 LEGENDS 16.5 x ″Cash Flow″ psh TECHNICAL Raised 4/14/17 .... Relative Price Strength 160 3 Options: Yes BETA .75 (1.00 = Market) Shaded area indicates recession 120 100 2020-22 PROJECTIONS 80 Ann’l Total Price Gain Return 60 High 115 (+15%) 6% 50 Low 95 (-5%) 1% 40 Insider Decisions 30 J JASOND JF to Buy 000000000 20 Options 120000061 15 to Sell 020010001 % TOT. RETURN 3/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 30 to Buy 242 263 284 1 yr. -0.2 20.2 shares 20 3 yr. 44.2 22.0 to Sell 292 253 287 traded 10 Hld’s(000) 92213 90846 93409 5 yr. 97.2 78.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 17.11 16.56 16.53 18.60 19.55 20.88 22.82 24.42 24.22 25.07 27.79 30.26 31.44 33.08 33.75 34.85 37.05 38.35 Sales per sh A 45.40 1.64 1.76 1.93 2.10 2.24 2.45 2.64 2.83 3.06 3.39 3.55 3.85 4.00 4.24 4.36 4.64 4.95 5.35 ‘‘Cash Flow’’ per sh 6.10 1.10 1.26 1.40 1.51 1.61 1.72 1.92 2.14 2.34 2.65 2.79 3.04 3.13 3.37 3.48 3.78 4.05 4.45 Earnings per sh AB 5.15 .40 .42 .46 .56 .64 .72 .80 .88 .96 1.04 1.12 1.24 1.36 1.48 1.60 1.72 1.88 1.95 Div’ds Decl’d per sh ■ C 2.50 .81 .79 .67 .51 .56 .65 .61 .66 .63 .67 .73 .83 .76 1.03 1.01 1.21 1.15 1.20 Cap’l Spending per sh 1.20 3.34 4.23 5.50 6.55 6.03 7.17 8.49 8.11 10.13 10.99 12.16 12.81 14.85 14.11 13.12 12.94 14.55 16.40 Book Value per sh D 22.30 138.67 140.09 137.34 135.79 132.60 130.10 127.80 130.10 131.80 133.10 133.05 132.68 131.16 128.27 127.30 126.60 124.00 123.00 Common Shs Outst’g E 120.00 18.6 18.7 18.3 22.0 21.3 20.0 19.4 17.2 13.7 14.8 17.1 18.7 22.0 20.6 22.5 25.0 Bold figures are Avg Ann’l P/E Ratio 20.0 .95 1.02 1.04 1.16 1.13 1.08 1.03 1.04 .91 .94 1.07 1.19 1.24 1.08 1.13 1.32 Value Line Relative P/E Ratio 1.25 2.0% 1.8% 1.8% 1.7% 1.9% 2.1% 2.2% 2.4% 3.0% 2.6% 2.3% 2.2% 2.0% 2.1% 2.0% 1.8% estimates Avg Ann’l Div’d Yield 2.4% CAPITAL STRUCTURE as of 2/28/17 2916.2 3176.6 3192.1 3336.8 3697.6 4014.2 4123.4 4243.2 4296.3 4411.5 4595 4715 Sales ($mill) A 5445 Total Debt $1054.2 mill. Due in 5 Yrs $501.4 mill. 16.0% 15.8% 18.0% 18.1% 17.3% 17.0% 16.9% 16.8% 16.8% 17.5% 18.0% 19.0% Operating Margin 21.0% LT Debt $803.5 mill. LT Interest $53.3 mill. 82.6 85.6 94.3 95.1 98.3 102.8 106.0 102.7 105.9 108.7 109 109 Depreciation ($mill) 115 (LT interest earned: 11.5x; total int. cov.: 11.5x) (32% of Cap’l) 255.3 282.2 309.5 356.3 374.2 407.8 418.2 441.6 449.5 478.5 500 545 Net Profit ($mill) 620 Leases, Uncapitalized Annual rentals $27.8 mill. 23.4% 25.5% 30.4% 28.5% 29.0% 26.6% 26.8% 26.3% 26.2% 26.0% 28.0% 28.0% Income Tax Rate 28.0% Pension Assets-11/16 $558.9 mill. Oblig. $757.0 8.8% 8.9% 9.7% 10.7% 10.1% 10.2% 10.1% 10.4% 10.5% 10.8% 10.9% 11.6% Net Profit Margin 11.4% mill. 121.8 d65.8 152.3 181.1 229.6 97.8 307.1 294.2 166.3 d.90 85.0 310 Working Cap’l ($mill) 900 573.5 885.2 875.0 779.9 1029.7 779.2 1019.0 1014.1 1052.7 1054.0 1005 955 Long-Term Debt ($mill) 800 Pfd Stock None Common Stock 124,678,471 shs. 1085.1 1055.3 1334.6 1462.7 1618.5 1700.2 1947.7 1809.4 1670.2 1638.1 1805 2015 Shr. Equity ($mill) 2680 (Includes 113,226,723 non-voting shs.) 16.6% 15.4% 15.2% 17.0% 15.1% 17.5% 15.0% 16.5% 17.5% 18.6% 18.5% 19.0% Return on Total Cap’l 18.5% 23.5% 26.7% 23.2% 24.4% 23.1% 24.0% 21.5% 24.4% 26.9% 29.2% 28.0% 27.0% Return on Shr. Equity 23.0% MARKET CAP: $12.4 billion (Large Cap) 14.0% 16.0% 13.8% 14.9% 13.9% 14.3% 12.2% 13.8% 14.6% 15.9% 15.0% 15.5% Retained to Com Eq 12.0% CURRENT POSITION 2015 2016 2/28/17 41% 40% 41% 39% 40% 40% 43% 44% 46% 46% 46% 44% All Div’ds to Net Prof 49% ($MILL.) Cash Assets 112.6 118.4 125.7 BUSINESS: McCormick & Company, Inc. is a leading manufac- 10,500 employees. Company profit-sharing plan owns 17.7% of Receivables 455.2 465.2 404.4 turer, marketer, and distributor of spices, seasonings, flavorings, common stock; Harry K. Wells, 8.8%. Officers and directors own Inventory (FIFO) 710.8 756.3 767.2 Other 127.9 81.9 87.8 and other specialty food products for the consumer, industrial, and 17.9% of common stock. (2/17 Proxy). Chairman: Alan Wilson, Current Assets 1406.5 1421.8 1385.1 foodservice markets. Acquired WAPC, 6/13; Lawry’s, ’08; President and CEO: Lawrence E. Kurzius. Incorporated: MD. Ad- Accts Payable 411.9 450.8 448.4 Zatarain’s, ’03. Sold plastic packaging products business, 8/03. dress: 18 Loveton Circle, P.O. Box 6000, Sparks, Maryland 21152- Debt Due 375.0 393.2 250.7 Foreign operations comprise 44% of sales. Has approximately 6000. Telephone: 410-771-7301. Internet: www.mccormick.com. Other 453.3 578.7 1039.3 Current Liab. 1240.2 1422.7 1738.4 McCormick is on track for respectable with stockholders. While MKC’s first top- and bottom-line gains in fiscal priority of funds is capital spending, its ANNUAL RATES Past Past Est’d ’13-’15 2017. (Year began December 1st.) Condi- second objective is to continue raising the of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Sales 6.0% 6.0% 4.5% tions remain much the same here. The dividend in line with earnings per share. ‘‘Cash Flow’’ 7.0% 6.5% 6.5% spice maker continues to excel in both the Consequently, the board recently in- Earnings 8.0% 7.0% 7.5% Consumer and Industrial segments. We creased 2017’s first-quarter distribution Dividends 10.5% 9.0% 7.0% Book Value 9.0% 7.5% 8.0% anticipate product innovation, brand payment by 9%, to $0.47. Further in- marketing, expanded distribution, and creases are probable, given its strong fi- Fiscal QUARTERLY SALES ($ mill.)A Full Year Fiscal recent acquisitions ought to support sales nancial position. Ends Feb.28 May 31 Aug.31 Nov.30 Year and earnings performance throughout the These high-quality shares are trading 2014 993.4 1033.4 1042.8 1173.6 4243.2 remainder of the year. The company is off their 52-week high. The company 2015 1010.4 1024.1 1059.9 1201.9 4296.3 aligning itself to shifts in consumer trends holds low risk attributes, signaled by its 2016 1030.2 1063.3 1091.0 1227.0 4411.5 by reshaping its portfolio with new organic Highest Safety rank (1). Too, MKC will 2017 1043.7 1125 1145 1281.3 4595 2018 1090 1140 1165 1320 4715 and gluten-free varieties, as well as the likely capture greater market share conversion to non-GMO labeling. All told, through a strong portfolio and probable in- Fiscal EARNINGS PER SHARE AB Full Year Fiscal management anticipates earnings will creases in retail consumption to the 2020- Ends Feb.28 May 31 Aug.31 Nov.30 Year grow at a faster pace than sales, fueled by 2022 period. At the recent quotation, 3- to 2014 .62 .64 .95 1.16 3.37 plans to achieve $100 million of cost sav- 5-year capital appreciation potential is 2015 .70 .75 .85 1.18 3.48 ings this year through its CCI (Compre- lackluster, since we envision annual sales 2016 .74 .75 1.03 1.27 3.78 2017 .76 .75 1.09 1.45 4.05 hensive Continuous Improvement) pro- and earnings will probably grow at a 2018 .85 .90 1.15 1.55 4.45 gram. This initiative is designed to en- slower rate than historical trends. How- hance productivity and reduce costs. ever, our top- and bottom-line projections C ■ Cal- QUARTERLY DIVIDENDS PAID Full Savings are intended to be diverted may well prove conservative as endar Mar.31 Jun.30 Sep.30 Dec.31 Year toward driving online and e-commerce McCormick continues to engage in an 2013 .34 .34 .34 .34 1.36 sales through brand marketing and in- M&A growth strategy. Meanwhile, short- 2014 .37 .37 .37 .37 1.48 creased advertisement and promotional term investors ought to take a pass on 2015 .40 .40 .40 .40 1.60 strategies. these neutrally ranked shares. 2016 .43 .43 .43 .43 1.72 2017 .47 .47 The company is sharing the wealth Oriatal J. Haiby April 21, 2017 (A) Fisc. yr. ends Nov. 30. Earnings may not add due to rounding. (C) Divs. historically paid in mid-Jan., Apr., July Company’s Financial Strength A+ (B) Diluted earnings. Excl. nonrec. losses: ’01, & Oct. ■ Div’d reinvest. plan avail. (D) Incl. in- Stock’s Price Stability 100 11¢; ’04, 1¢; ’05, 5¢; ’06, 12¢, ’07, 19¢; ’13, tang. In ’16: $2,196 mill., $17.34/sh. (E) In mill., Price Growth Persistence 85 22¢; ’14, 3¢. Next egs. report due late June. adj. for split. Earnings Predictability 100 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2108 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 103 of 190
RECENT P/E Trailing: 24.7 RELATIVE DIV’D VALUE MCDONALD’S CORP. NYSE-MCD PRICE 147.29RATIO 23.4()Median: 17.0 P/E RATIO 1.20YLD 2.6% LINE TIMELINESS 3 Lowered 11/18/16 High: 44.7 63.7 67.0 64.8 80.9 101.0 102.2 103.7 103.8 120.2 132.0 147.7 Target Price Range Low: 31.7 42.3 45.8 50.4 61.1 72.1 83.3 89.3 87.6 87.5 110.3 118.2 2020 2021 2022 SAFETY 1 New 7/27/90 LEGENDS 13.5 x ″Cash Flow″ psh TECHNICAL 5 Lowered 5/19/17 .... Relative Price Strength 200 Options: Yes 160 BETA .80 (1.00 = Market) Shaded area indicates recession 2020-22 PROJECTIONS 100 Ann’l Total Price Gain Return 80 High 170 (+15%) 7% 60 Low 140 (-5%) 2% 50 Insider Decisions 40 JASOND JFM 30 to Buy 000000001 Options 0310200101 20 to Sell 010110001 % TOT. RETURN 4/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 24 to Buy 617 626 689 1 yr. 14.0 19.0 shares 16 3 yr. 52.1 25.3 to Sell 808 750 717 traded 8 Hld’s(000) 593597 555813 559965 5 yr. 68.9 82.4 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 11.61 12.15 13.58 15.01 16.20 17.93 19.55 21.09 21.12 22.85 26.44 27.49 28.38 28.50 28.03 30.05 29.15 26.85 Revenues per sh 31.10 2.23 2.16 2.36 2.88 2.98 3.43 4.06 4.85 5.22 5.92 6.77 6.93 7.24 6.65 6.89 7.86 8.35 8.80 ‘‘Cash Flow’’ per sh 10.45 1.36 1.32 1.43 1.93 1.97 2.30 2.91 3.67 3.98 4.60 5.27 5.36 5.55 4.82 4.97 5.71 6.30 6.80 Earnings per sh A 8.55 .23 .24 .40 .55 .67 1.00 1.50 1.63 2.05 2.26 2.53 2.87 3.12 3.28 3.44 3.61 3.80 4.00 Div’ds Decl’d per sh B■ 5.00 1.49 1.58 1.04 1.12 1.27 1.45 1.67 1.92 1.81 2.03 2.67 3.04 2.85 2.68 2.00 2.22 2.20 2.25 Cap’l Spending per sh 2.50 7.41 8.11 9.50 11.18 11.99 12.84 13.11 12.00 13.03 13.89 14.09 15.25 16.16 13.35 7.82 d2.69 d2.60 d2.70 Book Value per sh C 1.50 1280.7 1268.2 1261.9 1269.9 1263.2 1203.7 1165.3 1115.3 1076.7 1053.6 1021.4 1002.7 990.40 962.90 906.80 819.30 775.0 745.0 Common Shs Outst’g D 675.0 20.9 18.3 14.1 14.4 16.2 16.0 17.6 15.8 14.4 15.4 15.9 17.3 17.5 20.0 20.2 21.1 Bold figures are Avg Ann’l P/E Ratio 18.0 1.07 1.00 .80 .76 .86 .86 .93 .95 .96 .98 1.00 1.10 .98 1.05 1.02 1.11 Value Line Relative P/E Ratio 1.15 .8% 1.0% 2.0% 2.0% 2.1% 2.7% 2.9% 2.8% 3.6% 3.2% 3.0% 3.1% 3.2% 3.4% 3.4% 3.0% estimates Avg Ann’l Div’d Yield 3.2% CAPITAL STRUCTURE as of 3/31/17 22787 23522 22745 24075 27006 27567 28106 27441 25413 24622 22600 20000 Revenues ($mill) 21000 Total Debt $27207.1 mill. Due in 5 Yrs $9717 mill. 22.3% 32.5% 34.2% 35.6% 35.9% 35.7% 35.9% 35.0% 35.1% 39.0% 42.0% 47.0% Operating Margin 49.0% LT Debt $26984.2 mill. LT Interest $1155 mill. 1214.1 1207.8 1216.2 1276.2 1415.0 1488.5 1585.1 1644.5 1555.7 1516.5 1350 1225 Depreciation ($mill) 1300 (LT interest earned: 9.1x; total interest coverage: 9.1x) (108% of Cap’l) 3522.6 4201.1 4405.5 4961.9 5503.1 5464.8 5585.9 4757.8 4693.3 4920.2 5135 5340 Net Profit ($mill) 5770 Leases, Uncapitalized Annual rentals $1303 mill. 1.4% 31.8% 30.4% 29.3% 31.3% 32.4% 31.9% 35.5% 30.5% 31.7% 32.0% 32.0% Income Tax Rate 32.0% 15.5% 17.9% 19.4% 20.6% 20.4% 19.8% 19.9% 17.3% 18.5% 20.0% 22.7% 26.7% Net Profit Margin 27.5% No Defined Benefit Pension Plan d916.6 979.7 427.6 1443.8 893.8 1519.0 1880.1 1437.6 6692.6 1380.3 1000 1000 Working Cap’l ($mill) 1000 Pfd Stock None 7310.0 10186 10560 11497 12134 13633 14130 14990 24122 25879 26000 26000 Long-Term Debt ($mill) 26000 Common Stock 815,070,168 shs. 15280 13383 14034 14634 14390 15294 16010 12853 7087.9 d2204 d2000 d2000 Shr. Equity ($mill) 1000 16.4% 18.8% 18.8% 19.8% 21.6% 19.8% 19.4% 18.1% 16.1% 22.7% 23.5% 24.0% Return on Total Cap’l 23.0% 23.1% 31.4% 31.4% 33.9% 38.2% 35.7% 34.9% 37.0% 66.2% NMF NMF NMF Return on Shr. Equity NMF MARKET CAP: $120 billion (Large Cap) 11.5% 17.8% 15.5% 17.5% 20.1% 16.8% 15.4% 12.0% 20.6% NMF NMF NMF Retained to Com Eq NMF CURRENT POSITION 2015 2016 3/31/17 50% 43% 51% 49% 47% 53% 56% 68% 69% 62% 60% 59% All Div’ds to Net Prof 58% ($MILL.) Cash Assets 7685.5 1223.4 2412.2 BUSINESS: McDonald’s Corporation operated, franchised, or li- come in 2016. The company sold a stake in Pret A Manger in 2008. Receivables 1298.7 1474.1 1336.7 censed 36,905 fast-food restaurants in the United States, Canada, Spun off Chipotle Mexican Grill in 2006 and Boston Market in 2007. Inventory (FIFO) 100.1 58.9 56.8 Other 558.7 2092.2 2101.5 and overseas under the McDonald’s banner (as of 3/31/17). About Has about 375,000 employees. Officers/directors own less than 1% Current Assets 9643.0 4848.6 5907.2 85% are operated by franchisees or affiliates, with the remainder of common stock (4/17 Proxy). CEO: Steve Easterbrook. Inc.: DE. Accts Payable 874.7 756.0 678.4 under the control of the company. Foreign operations contributed Address: One McDonald’s Plaza, Oak Brook, Illinois 60523. Tele- Debt Due - - 77.2 222.9 66% of systemwide sales and 51% of consolidated operating in- phone: 630-623-3000. Internet: www.mcdonalds.com. Other 2075.7 2635.1 2319.4 Current Liab. 2950.4 3468.3 3220.7 Shares of McDonald’s rose to an all- to earnings per share, which jumped near- time high after the company reported ly 20%, to $1.47, well ahead of our $1.33 ANNUAL RATES Past Past Est’d ’13-’15 better-than-anticipated first-quarter forecast. Looking ahead, of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Revenues 6.5% 5.5% 1.5% results, and the momentum has con- We think that the company will con- ‘‘Cash Flow’’ 9.5% 5.5% 6.5% tinued. We expected stiff competition and tinue to grow earnings at a brisk Earnings 11.0% 4.5% 9.0% tough comparisons to keep things in check, pace. The first quarter showed that Dividends 20.0% 10.5% 6.5% Book Value 1.5% -1.0% -21.0% especially in the United States, but man- leadership’s strategy is gaining traction. agement was able to pull the right levers Its focus is on retaining existing custom- Cal- QUARTERLY REVENUES ($ mill.) E Full to keep comparable-store sales positive in ers, bringing back lost customers, and con- endar Mar.31 Jun.30 Sep.30 Dec.31 Year all regions. On our shores, All Day Break- verting sporadic visitors into regulars. In- 2014 6700 7181 6987 6572 27441 fast was expanded to include more items, vestments in technology (kiosk and mobile 2015 5958 6497 6615 6341 25413 and beverage and Big Mac value promo- ordering/payment) are geared toward 2016 5904 6265 6424 6029 24622 tions were launched, helping to drive a speeding service, increasing convenience, 2017 5676 5900 5724 5300 22600 2018 4750 5100 5225 4925 20000 1.7% comp gain. Global same-store sales and elevating the consumer experience. rose 4.0%. The top line fell 4% from a year Restaurant remodels and delivery options Cal- EARNINGS PER SHARE AE Full earlier, to $5.676 billion, but the decline serve the same purpose. Meantime, cost- endar Mar.31 Jun.30 Sep.30 Dec.31 Year was mainly due to refranchisings, and the cutting initiatives and refranchisings 2014 1.21 1.40 1.09 1.12 4.82 figure topped our $5.575 billion forecast. ought to increase profitability. 2015 1.01 1.26 1.40 1.30 4.97 In terms of profitability, refranchisings These neutrally ranked shares are not 2016 1.23 1.45 1.62 1.43 5.71 2017 1.47 1.55 1.70 1.58 6.30 helped margins to expand, as did efforts to cheap, but they are high quality and 2018 1.53 1.72 1.83 1.72 6.80 trim SG&A expenses (which fell 61 basis offer an attractive dividend yield. points as a function of the top line). Lower Value investors will probably be inclined B ■ Cal- QUARTERLY DIVIDENDS PAID Full depreciation expenses (primarily in China to wait for a pullback before building posi- endar Mar.31 Jun.30 Sep.30 Dec.31 Year and Hong Kong) also helped. All told, total tions, but those with a conservative bent 2013 .77 .77 .77 .81 3.12 2014 .81 .81 .81 .85 3.28 operating costs and expenses as a percent- looking for a blue-chip equity with a nice 2015 .85 .85 .85 .89 3.44 age of revenues were down more than 5.5 level of current income may find MCD 2016 .89 .89 .89 .94 3.61 percentage points on a year-over-year stock attractive. 2017 .94 basis. Stock repurchases also gave a boost Matthew E. Spencer, CFA May 26, 2017 (A) Based on diluted shares. Excl. nonrecur. accting change: ’02, (7¢); ’03, (3¢); ’04, (8¢). ■ Div’d. reinvestment plan available. (C) Incl. Company’s Financial Strength A++ gain/(loss): ’02, (55¢); ’03, (25¢); ’04, (6¢); ’05, Incl. tax benefit: ’04, 7¢. Excl. tax benefit ’05, intang. At 12/31/16: $2,336.5 mill., Stock’s Price Stability 100 3¢; ’06, 53¢; ’07, (93¢); ’08, 9¢; ’09, 13¢; ’10, 4¢. Next egs. report due 7/25/17. (B) As of $2.85/share. (D) In mill., adj. for splits. (E) May Price Growth Persistence 50 (2¢); ’15, (17¢); ’16, (27¢). Excl. cum. effect of 3/08 div’ds paid mid-Mar., Jun., Sep., Dec. not sum due to rounding. Earnings Predictability 85 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2109 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 104 of 190
RECENT P/E Trailing: 23.1 RELATIVE DIV’D VALUE PEPSICO, INC. NYSE-PEP PRICE 111.73RATIO 22.1()Median: 19.0 P/E RATIO 1.12YLD 2.8% LINE TIMELINESS 3 Lowered 11/4/16 High: 66.0 79.0 79.8 64.5 68.1 71.9 73.7 87.1 100.7 103.4 110.9 112.8 Target Price Range Low: 56.0 61.9 49.7 43.8 58.8 58.5 62.2 68.6 77.0 76.5 93.2 101.1 2020 2021 2022 SAFETY 1 Raised 5/11/01 LEGENDS 15.0 x ″Cash Flow″ psh TECHNICAL 3 Raised 4/21/17 .... Relative Price Strength 200 Options: Yes 160 BETA .75 (1.00 = Market) Shaded area indicates recession 2020-22 PROJECTIONS 100 Ann’l Total Price Gain Return 80 High 150 (+35%) 10% 60 Low 120 (+5%) 5% 50 Insider Decisions 40 J JASOND JF 30 to Buy 000000000 Options 3402140303 20 to Sell 050000004 % TOT. RETURN 3/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 18 to Buy 785 725 864 1 yr. 12.3 20.2 shares 12 3 yr. 46.0 22.0 to Sell 881 939 874 traded 6 Hld’s(000)1011434 9974721000046 5 yr. 94.6 78.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 13.79 14.58 15.82 17.43 19.66 21.45 24.59 27.85 27.62 36.58 42.52 42.42 43.44 44.81 43.55 43.98 45.55 47.25 Sales per sh A 53.25 2.32 2.68 2.81 3.14 3.65 3.95 4.38 4.30 4.84 5.47 5.83 5.74 6.20 6.14 6.45 6.59 6.90 7.25 ‘‘Cash Flow’’ per sh 8.85 1.66 1.96 2.05 2.32 2.69 3.00 3.34 3.21 3.77 3.91 3.98 3.92 4.37 4.27 4.66 4.85 5.10 5.35 Earnings per sh AB 6.80 .58 .60 .63 .85 1.01 1.16 1.43 1.60 1.75 1.89 2.03 2.13 2.24 2.53 2.79 2.96 3.01 3.08 Div’ds Decl’d per sh C■ 3.28 .75 .83 .79 .83 1.05 1.26 1.51 1.58 1.36 2.06 2.14 1.76 1.83 1.92 1.90 2.13 2.20 2.25 Cap’l Spending per sh 2.50 4.91 5.37 6.94 8.03 8.58 9.36 10.71 7.77 11.12 13.56 13.34 14.41 15.85 11.69 8.28 7.81 8.65 8.85 Book Value per sh D 13.10 1756.0 1722.0 1705.0 1679.0 1656.0 1638.0 1605.0 1553.0 1565.0 1581.0 1564.0 1544.0 1529.0 1488.0 1448.0 1428.0 1420.0 1410.0 Common Shs Outst’g E 1375.0 27.8 23.6 21.5 22.1 20.6 20.4 20.5 20.5 14.7 16.5 16.4 17.4 18.4 20.8 20.7 21.4 Bold figures are Avg Ann’l P/E Ratio 20.0 1.42 1.29 1.23 1.17 1.10 1.10 1.09 1.23 .98 1.05 1.03 1.11 1.03 1.09 1.04 1.13 Value Line Relative P/E Ratio 1.25 1.3% 1.3% 1.4% 1.7% 1.8% 1.9% 2.1% 2.4% 3.2% 2.9% 3.1% 3.1% 2.8% 2.8% 2.9% 2.9% estimates Avg Ann’l Div’d Yield 2.4% CAPITAL STRUCTURE as of 12/31/16 39474 43251 43232 57838 66504 65492 66415 66683 63056 62799 64685 66625 Sales ($mill) 73250 Total Debt $36945 mill. Due in 5 Yrs $17682 mill. 21.9% 19.6% 22.4% 18.4% 18.5% 18.0% 19.3% 18.4% 20.3% 21.0% 21.5% 22.0% Operating Margin 23.5% LT Debt $30053 mill. LT Interest $875 mill. 1484.0 1543.0 1635.0 2327.0 2737.0 2689.0 2663.0 2625.0 2416.0 2368.0 2400 2500 Depreciation ($mill) 2700 (Total interest coverage: 11.1x) (73% of Cap’l) Leases, Uncapitalized $1,393 mill. 5543.0 5142.0 5946.0 6320.0 6379.1 6178.0 6823.0 6513.0 6922.0 7040.5 7370 7700 Net Profit ($mill) 9450 27.4% 26.8% 26.0% 23.0% 26.9% 25.2% 25.7% 25.1% 26.1% 25.4% 25.0% 25.0% Income Tax Rate 25.0% Pension Assets-12/16 $14.6 bill. Oblig. $17.5 bill. 14.0% 11.9% 13.8% 10.9% 9.6% 9.4% 10.3% 9.8% 11.0% 11.2% 11.3% 11.5% Net Profit Margin 12.9% 2398.0 2019.0 3815.0 1677.0 d713.0 1631.0 4364.0 2571.0 5453.0 5954.0 6000 6150 Working Cap’l ($mill) 8500 Pfd Stock $41.0 mill. Pfd Div’d $1.8 mill. 4203.0 7858.0 7400.0 19999 20568 23544 24333 23821 29213 30053 30000 29000 Long-Term Debt ($mill) 25000 2067,65. shs., each conv. into 4.96 common shs. Common Stock 1,427,214,232 shs. 17234 12106 17442 21476 20899 22294 24279 17438 12030 11199 12250 12500 Shr. Equity ($mill) 18000 as of 2/7/17 26.2% 26.4% 24.6% 16.3% 16.4% 14.5% 15.0% 16.9% 18.0% 18.7% 18.5% 19.5% Return on Total Cap’l 23.0% MARKET CAP: $159.5 billion (Large Cap) 32.2% 42.5% 34.1% 29.4% 30.5% 27.7% 28.1% 37.3% 57.5% 62.9% 60.0% 61.5% Return on Shr. Equity 52.5% CURRENT POSITION 2014 2015 12/31/16 19.4% 21.6% 18.5% 15.6% 15.4% 12.9% 14.0% 16.0% 24.0% 25.2% 25.0% 27.0% Retained to Com Eq 27.5% ($MILL.) 40% 49% 46% 47% 49% 53% 50% 57% 58% 60% 58% 56% All Div’ds to Net Prof 48% Cash Assets 8726 12009 16125 Receivables 6651 6437 6694 BUSINESS: PepsiCo, Inc. operates four major businesses: Frito- Tropicana. Snack foods: Frito-Lay (brand names include Doritos, Inventory (FIFO) 3143 2720 2723 Lay North America, 25% of sales and 47% of operating profits in Ruffles, and Lay’s), Walker’s, Smith’s, Sabritas. Has about 263,000 Other 2143 1865 1547 ’16; PepsiCo Beverages NA, 34% and 30%; Quaker Foods NA, 4% employees, Insiders own less than 1% of stock, The Vanguard Current Assets 20663 23031 27089 and 7%; and PepsiCo Int’l. (snacks and beverages), 37% and 16%. Group; 7.4%, BlackRock Inc.; 5.9% (3/17 Proxy). Chairman & CEO: Accts Payable 13016 5546 6158 Debt Due 5076 4071 6892 Quaker Oats acq., 8/01; Pepsi Bottling Group and PepsiAmericas Indra Nooyi. Inc.: NC. Add.: 700 Anderson Hill Road, Purchase, NY Other - - 7961 8085 acq. 2/10. Major beverage products: Pepsi-Cola, Gatorade, and 10577. Telephone: 914-253-2000. Internet: www.pepsico.com. Current Liab. 18092 17578 21135 We estimate roughly 3% sales growth fine-tune the portfolio. It is implement- ANNUAL RATES Past Past Est’d ’14-’16 for PepsiCo in 2017 and 2018. A favor- ing other measures to enhance top- and of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 able product mix, hedging policies (which bottom-line growth. Still, the company is Sales 8.5% 4.5% 3.0% ‘‘Cash Flow’’ 6.0% 3.5% 5.5% make the company less vulnerable to infla- not neglecting its legacy Pepsi cola brands Earnings 5.5% 3.5% 7.0% tion), and a growing snack and beverage and will likely continue to cater to these Dividends 10.5% 8.0% 3.0% portfolio are some reasons for our op- loyal consumers. Repackaging initiatives Book Value .5% -6.0% 6.0% timism. The beverage industry’s most include smaller, less-caloried versions of Cal- QUARTERLY SALES ($ mill.) A Full noted challenge has been a decline in soda these products. It also continues to add endar Mar.Per Jun.Per Sep.Per Dec.Per Year consumption, particularly in the core new offerings in the carbonated segment 2014 12623 16894 17218 19948 66683 North American market. The company has such as Citrus Cola and Black Currant 2015 12217 15923 16331 18585 63056 shifted its focus to include healthier Cola. These offerings are aimed at keeping 2016 11862 15395 16027 19515 62799 beverage options and selections that are customers interested, and may do well in 2017 12100 16100 16900 19585 64685 more suited to the change in consumer foreign markets where soda consumption 2018 12525 16725 17550 19825 66625 taste. PepsiCo has done so through both has more room to grow. Cal- EARNINGS PER SHARE AB Full product innovation and acquisitions. The snack business is likely to en- endar Mar.Per Jun.Per Sep.Per Dec.Per Year The expected sales recovery ought to hance top- and bottom-line prospects 2014 .79 1.29 1.32 .87 4.27 help fuel an around 5% increase in in both the short and long terms. In 2015 .81 1.33 1.35 1.17 4.66 earnings this year and next. Our share- addition to the beverage lineup, Pepsi’s 2016 .89 1.35 1.40 1.20 4.85 net forecasts of $5.10 a share and $5.35 a North American portfolio is around 30% 2017 .95 1.40 1.50 1.25 5.10 share in 2017 and 2018, respectively, are composed of salty and sweet snack offer- 2018 1.00 1.45 1.60 1.30 5.35 also based on the likelihood that the com- ings under the Frito Lay and Quaker Cal- QUARTERLY DIVIDENDS PAID C ■ Full pany’s stringent cost savings initiatives Foods brands. This diversified mix of endar Mar.31 Jun.30 Sep.30 Dec.31 Year and focus on higher-margined products well-loved brands should continue to help 2013 1.07 .567 .567 - - 2.21 such as waters and juices will enhance offset weakness in the beverage environ- 2014 1.13 .655 .655 - - 2.44 profitability. An aggressive share- ment. 2015 1.31 .705 .705 - - 2.72 repurchase plan should help buoy the bot- These high-quality shares are well 2016 1.41 .752 .752 - - 2.91 tom line, too. suited for conservative investors. 2017 1.51 PepsiCo will undoubtedly continue to Nira Maharaj April 21, 2017 (A) Qrtrs. are 12, 12, 12 and 16 wks. (B) Dil. egs. ref. costs due to the acquisitions of its two $27.8 bill., $19.51/sh. (E) In mill. Company’s Financial Strength A++ egs. Excl. nonrecur. gains (losses): ’01, (14¢); largest bottlers. Next egs. report due mid-May. Stock’s Price Stability 100 ’02, (11¢); ’04, (12¢); ’05, (27¢); ’06, 34¢; ’07, (C) Div’ds. hist. paid Jan., Mar., Jun., and Sept. Price Growth Persistence 50 7¢; ’11, 4¢; ’13, (5¢); ’15, (99¢); ’16 (49¢). ’10 ■ Reinvest. plan. avail. (D) Incl. intang. In ’16: Earnings Predictability 95 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2110 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 105 of 190
RECENT P/E Trailing: 24.2 RELATIVE DIV’D VALUE PROCTER & GAMBLE NYSE-PG PRICE 91.00RATIO 23.5()Median: 18.0 P/E RATIO 1.20YLD 2.9% LINE TIMELINESS 2 Lowered 1/20/17 High: 64.7 75.2 73.8 63.5 65.4 67.7 71.0 85.8 93.9 91.8 90.3 91.9 Target Price Range Low: 52.8 60.4 54.9 43.9 39.4 57.6 59.1 68.4 75.3 65.0 74.5 83.2 2020 2021 2022 SAFETY 1 Raised 1/11/02 LEGENDS 13.0 x ″Cash Flow″ psh TECHNICAL Lowered 1/13/17 .... Relative Price Strength 160 3 2-for-1 split 6/04 BETA .70 (1.00 = Market) Options: Yes 120 Shaded area indicates recession 100 2020-22 PROJECTIONS 80 Ann’l Total Price Gain Return 60 High 110 (+20%) 8% 50 Low 90 (Nil) 3% 40 Insider Decisions 30 MJJASONDJ to Buy 000000000 20 Options 3601989066 15 to Sell 7101720506 % TOT. RETURN 2/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 12 to Buy 883 830 909 1 yr. 17.1 30.5 shares 8 3 yr. 27.5 22.1 to Sell 900 981 1000 traded 4 Hld’s(000)157563018054901540528 5 yr. 56.8 81.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 15.14 15.47 16.72 20.21 22.95 21.46 24.42 27.53 27.09 27.81 29.85 30.45 30.69 30.64 28.10 24.47 25.70 26.35 Sales per sh A 32.00 2.53 2.55 2.82 3.18 3.51 3.51 4.25 4.97 4.86 4.87 5.21 5.20 5.33 5.57 5.31 4.97 5.20 5.45 ‘‘Cash Flow’’ per sh 7.60 1.56 1.80 2.04 2.32 2.53 2.64 3.04 3.64 3.58 3.53 3.93 3.85 4.05 4.22 4.02 3.67 3.85 4.15 Earnings per sh AB 6.20 .70 .76 .82 .93 1.03 1.15 1.28 1.45 1.64 1.80 1.97 2.14 2.29 2.45 2.59 2.66 2.72 2.85 Div’ds Decl’d per sh C■ 3.70 .96 .65 .57 .80 .88 .84 .94 1.00 1.11 1.08 1.20 1.44 1.46 1.42 1.38 1.24 1.35 1.40 Cap’l Spending per sh 1.45 3.98 4.64 5.63 6.19 6.47 19.33 20.87 22.46 21.18 21.20 24.14 22.87 24.64 25.40 22.83 21.34 21.15 23.00 Book Value per sh D 26.30 2591.5 2601.5 2594.4 2543.8 2472.9 3178.8 3131.9 3032.7 2917.0 2838.5 2765.7 2748.0 2742.3 2710.8 2714.5 2668.1 2535.0 2525.0 Common Shs Outst’g E 2500.0 21.4 22.4 21.6 21.3 21.5 21.5 20.5 18.6 16.4 17.0 16.0 16.7 17.8 19.0 20.9 21.4 Bold figures are Avg Ann’l P/E Ratio 16.0 1.10 1.22 1.23 1.13 1.14 1.16 1.09 1.12 1.09 1.08 1.00 1.06 1.00 1.00 1.05 1.12 Value Line Relative P/E Ratio 1.00 2.1% 1.9% 1.9% 1.9% 1.9% 2.0% 2.1% 2.1% 2.8% 3.0% 3.1% 3.3% 3.2% 3.1% 3.1% 3.4% estimates Avg Ann’l Div’d Yield 3.7% CAPITAL STRUCTURE as of 12/31/16 76476 83503 79029 78938 82559 83680 84167 83062 76279 65299 65150 66500 Sales ($mill) A 80000 Total Debt $29.467 bill. Due in 5 Yrs $20.00 bill. 24.3% 24.2% 24.3% 24.2% 22.6% 22.6% 22.3% 23.7% 23.4% 26.2% 26.5% 26.5% Operating Margin 28.0% LT Debt $16.460 bill. LT Interest $3.950 bill. 3130.0 3166.0 3082.0 3108.0 2838.0 3204.0 2982.0 3141.0 3134.0 3078.0 3185 3225 Depreciation ($mill) 3500 (Tot. Int. Coverage: 24.3x) (23% of Tot. Cap’l) 10340 12075 11293 10946 11797 11344 11869 12220 11535 10441 10000 10520 Net Profit ($mill) 15500 Leases, Uncapitalized Annual Rentals $259 mill. 29.7% 24.9% 26.3% 27.3% 22.3% 24.2% 23.2% 23.5% 20.2% 24.6% 24.0% 24.0% Income Tax Rate 24.0% Pension Assets-6/16 $10.3 bill. 13.5% 14.5% 14.3% 13.9% 14.3% 13.6% 14.1% 14.7% 15.1% 16.0% 15.3% 15.8% Net Profit Margin 19.4% Oblig. $17.3 bill. d6686 d6443 d8996 d5500 d5323 d2997 d6047 d2109 d144.0 3012.0 2050 1800 Working Cap’l ($mill) 1500 Pfd Stock $1.1 bill. Pfd Div’d $63 mill. 23375 23581 20652 21360 22033 21080 19111 19811 18329 18945 16000 16000 Long-Term Debt ($mill) 16000 (ESOP owns 49,3 mill Class A shares and 57.2 mill Class B shares; convertible into common stock.) 66760 69494 63099 61439 68001 64035 68709 69976 63050 57983 53580 54650 Shr. Equity ($mill) 65875 Common Stock 2,556,477,220 shares 12.1% 13.8% 14.3% 13.8% 13.5% 13.8% 13.9% 14.0% 14.6% 13.9% 14.5% 15.0% Return on Total Cap’l 19.0% 15.5% 17.4% 17.9% 17.8% 17.3% 17.7% 17.3% 17.5% 18.3% 18.0% 18.5% 19.0% Return on Shr. Equity 23.0% MARKET CAP: $233 billion (Large Cap) 9.4% 10.9% 10.1% 9.1% 9.0% 8.3% 7.9% 7.7% 6.9% 5.3% 5.5% 6.0% Retained to Com Eq 9.5% CURRENT POSITION 2015 2016 12/31/16 41% 39% 45% 50% 49% 54% 55% 57% 63% 71% 70% 69% All Div’ds to Net Prof 60% ($MILL.) Cash Assets 11612 13348 13454 BUSINESS: The Procter & Gamble Company makes branded con- 59% of fiscal 2016 sales and Wal-Mart Stores accounted for 15%. Receivables 4861 4373 4729 sumer packaged goods, which are marketed and sold in more than Div. battery business in 2/16. Has 105,000 employees. Off. & dir. Inventory (FIFO) 5454 4716 4787 Other 7719 11345 2602 180 countries around the world. Has five reportable segments: own less than 1% of stock; BlackRock, 5.8%; Vanguard, 6.3% Current Assets 29646 33782 25572 Beauty/Hair/Personal care (18% of fiscal 2016 sales); Grooming (8/16 proxy). Chairman: A. G. Lafley. President/CEO: David S. Accts Payable 8257 9325 8300 (11%); Health Care (11%); Fabric Care & Home Care (32%); Baby, Taylor. Inc.: Ohio. Address: 1 Procter & Gamble Plaza, Cincinnati, Debt Due 12021 11653 13007 Feminine & Family Care (28%). International sales accounted for Ohio 45202. Tel.: 513-983-1100. Internet: www.pg.com. Other 9512 9792 7584 Current Liab. 29790 30770 28891 Procter & Gamble’s earnings ought to cost controls have also helped bolster prof- begin to rebound in fiscal 2017. (Fiscal itability. ANNUAL RATES Past Past Est’d ’14-’16 year ends June 30th.) The company got off P&G ought to expand its market of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Sales 2.5% -.5% 2.5% to a strong start this year, and share net reach. The company has also been ‘‘Cash Flow’’ 4.5% 1.0% 6.0% increased roughly 4% during the first six strengthening its distribution network, to Earnings 4.5% 1.5% 7.5% months of fiscal 2017. Much of its recent offset sagging sales. Too, it may ramp up Dividends 9.5% 7.5% 6.5% Book Value 8.0% 1.0% 2.0% progress was spurred by management’s ef- its advertising campaign as part of brand- forts (discussed below). Revenues, on the building efforts. Likewise, P&G will likely Fiscal QUARTERLY SALES ($ mill.) A Full Year Fiscal other hand, limped along during the first turn to product development and tech- Ends Sep.30 Dec.31 Mar.31 Jun.30 Year half. P&G continued to face headwinds nological innovation to enhance its roster. 2014 20830 21897 20178 20157 83062 from unfavorable currency exchange rates All told, we look for organic sales to make 2015 20186 20161 18142 17790 76279 and tough operating environment. We im- decent progress in the near term, even 2016 16527 16915 15755 16102 65299 agine a similar story will unfold for the though much of this will be negated by the 2017 16518 16856 15725 16051 65150 2018 16600 16875 16000 17025 66500 full year. As a result, we look for the bot- currency drag. tom line to rebound 5%, while the top line These shares are fairly valued at this Fiscal EARNINGS PER SHARE AB Full Year Fiscal remains virtually flat. And share earnings juncture. This issue has trended upward Ends Sep.30 Dec.31 Mar.31 Jun.30 Year will likely climb another 5%-10%, on a 2% nicely over the past few months and is fa- 2014 1.05 1.20 1.02 .95 4.22 revenue advance next year. vorably ranked for year-ahead price per- 2015 1.04 1.06 .92 1.00 4.02 Margin improvements have been a formance. But it is already trading within 2016 .98 1.04 .86 .79 3.67 2017 1.03 1.08 .94 .80 3.85 key priority of late. The company has our 2020-2022 Target Price Range, there- 2018 1.05 1.10 1.00 1.00 4.15 made several divestitures over the last by limiting its long-term appreciation couple of years, and most recently sold its potential. That said, this blue chip offers C■ Cal- QUARTERLY DIVIDENDS PAID Full beauty brands to Coty. We think these as- good conservative appeal. And its tendency endar Mar.31 Jun.30 Sep.30 Dec.31 Year set sales will enable P&G to focus on its to trade within a narrow band, perfect 2013 .562 .602 .602 .602 2.37 core operating segments. Meanwhile, man- score for Price Stability, and worthwhile 2014 .602 .644 .644 .644 2.53 agement has been implementing supply- dividend yield add to its risk-adjusted to- 2015 .644 .663 .663 .663 2.63 chain improvements to increase the prod- tal return prospects. 2016 .663 .67 .67 .67 2.67 2017 .67 uctivity of its operations. Likewise, careful Orly Seidman March 24, 2017 (A) Fiscal years end June 30th. (B) Diluted d19¢; ’14, d21¢. EPS may not sum. Next earn- intangibles. In ’16: $68.9 bill., $25.82 a share. Company’s Financial Strength A++ core earnings. Excludes nonrecurring: ’01, ings report due late April. (E) In millions, adjusted for split. Stock’s Price Stability 100 (53¢); ’02, (25¢); ’03, (19¢); ’08, (12¢); ’09, (C) Dividends historically paid in Feb., May, Price Growth Persistence 25 (64¢); ’10, 58¢; ’11, (61¢); ’12, (73¢); ’13, Aug., and Nov. ■ DRIP available. (D) Includes Earnings Predictability 100 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2111 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 106 of 190
RECENT P/E Trailing: 19.6 RELATIVE DIV’D VALUE SMUCKER (J.M.) CO. NYSE-SJM PRICE 127.77RATIO 19.4()Median: 16.0 P/E RATIO 0.98YLD 2.3% LINE TIMELINESS 3 Lowered 11/4/16 High: 50.0 64.3 56.7 62.7 66.3 80.3 89.4 114.7 107.7 125.3 157.3 143.7 Target Price Range Low: 37.2 46.6 37.2 34.1 53.3 61.2 70.5 86.5 87.1 97.3 117.4 126.8 2020 2021 2022 SAFETY 1 Raised 5/1/09 LEGENDS 12.5 x ″Cash Flow″ psh F 320 TECHNICAL Raised 4/14/17 .... Relative Price Strength 1 Options: Yes BETA .70 (1.00 = Market) Shaded area indicates recession 200 2020-22 PROJECTIONS 160 Ann’l Total 120 Price Gain Return 100 High 180 (+40%) 11% Low 145 (+15%) 6% 80 Insider Decisions 60 J JASOND JF to Buy 000000000 40 Options 1000200000 to Sell 700000001 % TOT. RETURN 3/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 18 2Q2016 3Q2016 4Q2016 Percent 30 to Buy 376 321 351 1 yr. 3.1 20.2 shares 20 3 yr. 44.3 22.0 to Sell 289 351 318 traded 10 Hld’s(000) 89131 88056 88160 5 yr. 80.6 78.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 27.63 26.36 28.24 34.91 37.84 37.83 46.22 31.73 38.66 42.27 50.10 55.38 55.17 47.61 67.16 63.55 64.65 67.40 Sales per sh A 80.35 2.52 2.86 3.20 3.52 3.97 3.94 4.42 3.73 5.90 7.06 6.75 7.85 8.30 6.87 9.75 10.10 10.70 11.25 ‘‘Cash Flow’’ per sh 13.75 1.37 2.19 2.40 2.60 2.65 2.89 3.15 3.77 4.37 4.79 4.73 5.37 5.64 5.35 5.89 6.45 6.85 7.20 Earnings per sh AB 9.00 .64 .83 .92 1.02 1.08 1.14 1.22 1.31 1.45 1.68 1.92 2.08 2.32 2.56 2.68 2.92 3.00 3.10 Div’ds Decl’d per sh C ■ 3.60 .94 1.00 2.00 1.50 1.11 1.00 1.40 .92 1.15 1.58 2.49 1.94 2.75 2.07 1.73 2.05 1.95 2.10 Cap’l Spending per sh 2.55 11.26 22.59 24.13 28.88 30.34 31.62 32.95 41.71 44.71 46.35 46.82 48.35 49.46 59.27 60.26 63.45 67.15 70.75 Book Value per sh D 83.55 24.87 49.77 50.17 58.54 56.95 56.78 54.62 118.42 119.12 114.17 110.28 106.49 101.70 119.58 116.31 116.40 116.00 115.00 Common Shs Outst’g E 112.00 22.4 16.5 18.4 18.1 17.1 16.5 16.9 12.0 12.5 13.2 16.2 16.0 18.3 19.6 20.1 Bold figures are Avg Ann’l P/E Ratio 18.0 1.15 .90 1.05 .96 .91 .89 .90 .72 .83 .84 1.02 1.02 1.03 1.03 1.01 Value Line Relative P/E Ratio 1.15 2.1% 2.3% 2.1% 2.2% 2.4% 2.4% 2.3% 2.9% 2.7% 2.7% 2.5% 2.4% 2.2% 2.4% 2.3% estimates Avg Ann’l Div’d Yield 2.2% CAPITAL STRUCTURE as of 1/31/17 2524.8 3757.9 4605.3 4825.7 5525.8 5897.7 5610.6 5692.7 7811.2 7400 7500 7750 Sales ($mill) A 9000 Total Debt $5087.0 mill. Due in 5 Yrs $1780 mill. 14.1% 17.5% 22.1% 23.0% 20.1% 20.5% 21.4% 19.2% 20.0% 20.7% 21.5% 22.0% Operating Margin 22.5% LT Debt $4945.0 mill. LT Interest $167.0 mill. 62.6 119.8 181.9 239.6 208.4 250.9 256.4 268.4 430.1 425 445 465 Depreciation ($mill) 530 (Total interest coverage: 7.7x) (41% of Cap’l) 178.9 321.4 520.3 566.5 535.6 584.5 588.0 552.9 704.2 750 795 825 Net Profit ($mill) 1010 Leases, Uncapitalized Annual rentals $39.4 mill. 33.1% 32.9% 33.1% 29.6% 35.3% 32.6% 32.8% 26.6% 29.1% 32.5% 32.5% 33.0% Income Tax Rate 33.0% 7.1% 8.6% 11.3% 11.7% 9.7% 9.9% 10.5% 9.7% 9.0% 10.2% 10.6% 10.6% Net Profit Margin 11.2% Pension Assets-4/16 $505.6 mill. 536.8 337.7 744.7 1154.3 1026.5 998.4 648.1 1029.7 360.4 675 900 1000 Working Cap’l ($mill) 1775 Oblig. $745.9 mill. 789.7 910.0 900.0 1304.0 2020.5 1967.8 1879.8 5944.9 5146.0 4900 4750 4650 Long-Term Debt ($mill) 5000 Pfd Stock None 1799.9 4939.9 5326.3 5292.4 5163.4 5148.8 5029.6 7086.9 7008.5 7385 7790 8135 Shr. Equity ($mill) 9355 Common Stock 116,441,146 shs. 7.7% 6.0% 8.9% 9.1% 8.0% 8.9% 9.1% 4.5% 6.5% 7.0% 7.0% 7.0% Return on Total Cap’l 7.5% as of 2/20/17 9.9% 6.5% 9.8% 10.7% 10.4% 11.4% 11.7% 7.8% 10.0% 10.0% 10.0% 10.0% Return on Shr. Equity 11.0% MARKET CAP: $14.9 billion (Large Cap) 6.2% 4.3% 6.6% 7.0% 6.2% 7.0% 7.0% 4.2% 5.5% 5.5% 5.5% 6.0% Retained to Com Eq 6.5% CURRENT POSITION 2014 2015 1/31/17 38% 34% 32% 34% 40% 38% 40% 46% 45% 45% 44% 43% All Div’ds to Net Prof 40% ($MILL.) Cash Assets 125.6 109.8 139.6 BUSINESS: The J.M. Smucker Co. is a leading manufacturer of Bick’s, Uncrustables, R.W. Knudsen, Hungry Jack, Martha White, Receivables 430.1 450.1 421.4 jams, jellies, coffee, and peanut butter. Also produces cooking oils, Meow Mix and Milk-Bone. Has about 6,910 employees. Smucker Inventory (FIFO) 1163.6 899.4 995.6 Other 333.0 114.1 134.3 ice-cream toppings, juices, baking ingredients, and pet foods. In ad- family owns 3.8% of stock. Off./dir. own 3.5%; The Vanguard Group Current Assets 2052.3 1573.4 1690.9 dition to the Smucker’s brand, the company markets products un- 9.2% (7/16 Proxy). Chrmn.: Richard Smucker. CEO: Mark Smuck- Accts Payable 402.8 459.4 428.5 der numerous other brands including Jif, Crisco, Folgers, Pillsbury, er. Inc.: Ohio. Address: One Strawberry Lane, Orrville, OH 44667. Debt Due 226.0 284.0 142.0 Dunkin’ Donuts, Dickinson’s, Carnation, Borden, Eagle Brand, Telephone: 330-682-3000. Internet: www.jmsmucker.com. Other 393.8 469.6 426.7 Current Liab. 1022.6 1213.0 997.2 We are once again lowering our fiscal the U.S. Retail Coffee segment to show im- 2016 (ends April 30, 2017) earnings es- provement in the coming fiscal year. The ANNUAL RATES Past Past Est’d ’13-’15 timate for J.M. Smucker Company. recent decision by Kraft Heinz to raise of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Sales 5.5% 8.5% 5.0% Smucker continues to be plagued by top- prices for its Maxwell House coffee line ‘‘Cash Flow’’ 9.0% 8.5% 7.5% line softness. Much of the recent setback should drive more customers back to Fol- Earnings 8.0% 5.5% 7.0% has been the result of weakness in the gers. Nevertheless, we are still lowering Dividends 9.5% 11.0% 5.0% Book Value 7.5% 5.0% 6.0% Retail Coffee and Retail Pet Foods seg- our fiscal 2017 bottom-line estimate by ments. The Coffee segment witnessed $0.15 a share, to $6.85. (Note: Our per- Fiscal A Full Year QUARTERLY SALES ($ mill.) Fiscal sales and operating profit declines of 7% share presentation includes the amortiza- Begins Jul.31 Oct.31 Jan.31 Apr.30 Year and 12%, respectively, in the fiscal third tion of intangible assets.) 2014 1323.8 1481.8 1440.0 1447.1 5692.7 quarter. Reduced Folgers sales offset gains The recent top-line weakness has 2015 1952.0 2077.7 1973.9 1807.6 7811.2 in the Dunkin’ Donuts and Cafe Bustelo forced Smucker to rethink its stra- 2016 1815.8 1913.9 1878.8 1791.5 7400 lines. Likewise, sales of pet foods fell, with tegy. The main difference going forward 2017 1840 1940 1900 1820 7500 2018 1900 2000 1965 1885 7750 the primary culprit being a decline in pet will be to shift focus from product-line ex- snacks volume. In general, the Coffee and tensions to new platforms. New products Fiscal AB Full Year EARNINGS PER SHARE Fiscal Pet Foods units were hurt by price cuts include Folgers Perfect Measures, Dunkin’ Begins Jul.31 Oct.31 Jan.31 Apr.30 Year and aggressive promotional activity by its Donuts Cold Brews, Milk Bone Farmer’s 2014 1.34 1.53 1.54 .98 5.35 main competitors. Medley, and ready-to-drink Numi tea. 2015 1.32 1.62 1.76 1.19 5.89 Our outlook for fiscal 2017 now is a Smucker plans to use majority of its sav- 2016 1.57 1.76 1.70 1.42 6.45 2017 1.62 1.83 1.85 1.55 6.85 bit more pessimistic than it was ear- ings from its aggressive cost-cutting initia- 2018 1.70 1.90 1.97 1.63 7.20 lier this year. As noted above, recent tives on product development. sales trends have been very disappointing, Smucker stock doesn’t stand out for C ■ Cal- QUARTERLY DIVIDENDS PAID Full and we think a recovery may be several Timeliness. We don’t see many near-term endar Mar.31 Jun.30 Sep.30 Dec.31 Year quarters away. The main problem will catalysts to push these shares notably 2013 .52 .52 .58 .58 2.20 likely be the pet foods business, where in- higher. That said, this high-quality stock 2014 .58 .58 .64 .64 2.44 dustry leaders (Nestle and Mars) continue should continue to appeal to conservative, 2015 .64 .64 .67 .67 2.62 to be very aggressive with pricing and income-oriented investors. 2016 .67 .67 .75 .75 2.84 2017 .75 promotions. On the other hand, we expect William G. Ferguson April 21, 2017 (A) FY ends April 30th of the following calendar ’11, 67¢; ’12, 37¢; ’13, 22¢; ’14, $2.02; ’15, ■ Div’d reinvest. plan avail. Paid $5-a-shr. spcl. Company’s Financial Strength A++ year. (B) Dil. egs. Excl. nonrecur./disc. loss: 13¢; ’16 Q1-Q3, 89¢. Egs. may not sum due to div’d., 10/08. (D) Incl. intang. In FY ’15: Stock’s Price Stability 95 ’01, 13¢; ’02, 17¢; ’03, 19¢; ’04, 36¢; ’05, 20¢; share change. Next earnings report due early $108.21/sh. (E) In mill. (F) Merged with Fol- Price Growth Persistence 90 ’06, 13¢; ’07, 15¢; ’08, 65¢; ’09, 22¢; ’10, 74¢; June. (C) Div’d paid in Mar., June, Sept., Dec. gers. Earnings Predictability 95 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2112 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 107 of 190
RECENT P/E Trailing: 22.2 RELATIVE DIV’D VALUE SYSCO CORP. NYSE-SYY PRICE 52.08RATIO 20.7()Median: 18.0 P/E RATIO 1.05YLD 2.6% LINE TIMELINESS 3 Raised 3/10/17 High: 37.0 36.7 35.0 29.5 32.0 32.8 32.4 43.4 41.2 42.0 57.1 55.9 Target Price Range Low: 26.5 29.9 20.7 19.4 27.0 25.1 27.0 30.5 34.1 35.4 38.8 49.9 2020 2021 2022 SAFETY 1 Raised 11/13/98 LEGENDS 12.0 x ″Cash Flow″ psh 120 TECHNICAL 2 Lowered 4/21/17 .... Relative Price Strength 100 Options: Yes 80 BETA .75 (1.00 = Market) Shaded area indicates recession 64 2020-22 PROJECTIONS 48 Ann’l Total Price Gain Return High 65 (+25%) 8% 32 Low 55 (+5%) 4% 24 Insider Decisions 20 J JASOND JF 16 to Buy 100000000 12 Options 4132116192161 to Sell 522125231 % TOT. RETURN 3/17 8 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 30 to Buy 426 391 434 1 yr. 13.2 20.2 shares 20 3 yr. 56.9 22.0 to Sell 430 464 495 traded 10 Hld’s(000) 430127 424527 422174 5 yr. 101.6 78.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 32.75 35.73 40.61 46.09 48.18 52.72 57.27 62.41 62.46 63.30 66.35 72.33 75.77 79.36 81.91 90.01 102.80 109.60 Sales per sh A 138.95 1.27 1.47 1.63 1.87 2.03 1.92 2.23 2.46 2.44 2.67 2.62 2.63 2.57 2.54 2.78 3.22 3.85 4.20 ‘‘Cash Flow’’ per sh 5.40 .90 1.01 1.18 1.37 1.47 1.36 1.60 1.81 1.77 1.99 1.96 1.90 1.67 1.58 1.84 2.10 2.45 2.70 Earnings per sh B 3.55 .28 .36 .40 .48 .56 .66 .74 .85 .94 .99 1.03 1.07 1.11 1.16 1.19 1.23 1.30 1.38 Div’ds Decl’d per sh C■ 1.60 .51 .64 .68 .83 .62 .83 .99 .86 .79 1.01 1.07 1.34 .87 .89 .91 .94 1.10 1.25 Cap’l Spending per sh 1.45 3.23 3.26 3.41 4.03 4.39 4.93 5.36 5.67 5.85 6.51 7.94 8.00 8.86 8.99 8.85 6.22 4.70 4.25 Book Value per sh E 3.35 665.14 653.54 643.66 636.54 628.57 618.90 611.84 601.23 590.03 588.38 592.70 585.95 586.11 586.12 594.32 559.60 535.00 520.00 Common Shs Outst’g D 475.00 28.2 27.1 24.3 25.9 23.6 23.4 20.8 17.2 14.3 13.8 15.0 15.1 19.2 22.2 20.8 20.3 Bold figures are Avg Ann’l P/E Ratio 17.0 1.45 1.48 1.39 1.37 1.26 1.26 1.10 1.04 .95 .88 .94 .96 1.08 1.17 1.05 1.06 Value Line Relative P/E Ratio 1.05 1.1% 1.3% 1.4% 1.4% 1.6% 2.1% 2.2% 2.7% 3.7% 3.6% 3.5% 3.7% 3.5% 3.3% 3.1% 2.9% estimates Avg Ann’l Div’d Yield 2.7% CAPITAL STRUCTURE as of 12/31/16 35042 37522 36853 37243 39323 42381 44411 46517 48681 50367 55000 57000 Sales ($mill) A 66000 Total Debt $8322.6 mill. Due in 5 Yrs $2574.2 mill. 5.9% 6.0% 6.1% 6.4% 5.9% 5.4% 4.9% 4.6% 4.8% 5.2% 5.6% 5.7% Operating Margin 5.7% LT Debt $8313.7 mill. LT Interest $330.0 mill. 362.6 372.5 382.3 390.0 402.6 416.9 512.5 556.1 553.0 589.2 710 745 Depreciation ($mill) 830 (Total interest coverage: 9.1x) (77% of Cap’l) 1001.1 1106.2 1055.9 1181.6 1152.0 1121.6 992.4 931.5 1100.2 1214.1 1340 1425 Net Profit ($mill) 1735 38.3% 38.3% 40.4% 36.2% 37.0% 37.1% 35.9% 36.9% 35.6% 34.8% 35.0% 35.0% Income Tax Rate 35.0% Leases, Uncapitalized Annual rentals $49.9 mill. 2.9% 2.9% 2.9% 3.2% 2.9% 2.6% 2.2% 2.0% 2.3% 2.4% 2.4% 2.5% Net Profit Margin 2.6% Pension assets-6/16 $3115.0 mill. 1260.5 1675.7 2120.5 2067.1 2157.8 2661.2 2458.1 2314.4 2094.7 5619.4 3325 3000 Working Cap’l ($mill) 2250 Oblig. $4284.8 mill. 1758.2 1975.4 2467.5 2472.7 2279.5 2763.7 2640.0 2384.2 2271.8 7336.9 9000 9000 Long-Term Debt ($mill) 8500 Pfd Stock None Common Stock 540,382,552 shs. 3278.4 3409.0 3449.7 3827.5 4705.2 4685.0 5191.8 5266.7 5260.2 3479.6 2520 2210 Shr. Equity ($mill) 1585 20.8% 21.5% 18.8% 19.7% 17.3% 15.8% 13.5% 13.0% 15.4% 11.8% 13.0% 14.0% Return on Total Cap’l 19.0% 30.5% 32.4% 30.6% 30.9% 24.5% 23.9% 19.1% 17.7% 20.9% 34.9% 53.0% 64.5% Return on Shr. Equity NMF MARKET CAP: $28.1 billion (Large Cap) 16.9% 17.9% 14.7% 15.7% 11.8% 10.6% 6.6% 5.0% 7.7% 14.8% 25.0% 31.5% Retained to Com Eq NMF CURRENT POSITION 2015 2016 12/31/16 44% 45% 52% 49% 52% 56% 65% 72% 63% 58% 53% 52% All Div’ds to Net Prof 45% ($MILL.) Cash Assets 5130.0 3919.3 847.3 BUSINESS: Sysco Corporation is the leading distributor of food, hotels. Sysco has 197 distribution facilities and self-service centers Receivables 3353.4 3381.0 3963.5 equipment, supplies, and related products to the North American in the U.S., Canada, and Ireland. Has about 52,000 employees. Inventory (FIFO) 2691.8 2639.2 3031.5 Other 319.1 114.4 168.9 foodservice industry. It has approx. 425,000 customers in the U.S. Nelson Pelz (Trian Fund) owns 8.0% of common stock outstanding; Current Assets 11494.3 10053.9 8011.2 and Canada. Brakes Group (acq’d 7/16) has leading market posi- other offs. and dirs., .8% (10/16 proxy). CEO: William J. DeLaney. Accts Payable 2882.0 2936.0 3549.6 tions in the U.K., France, and Sweden. The company serves Incorp.: DE. Address: 1390 Enclave Parkway, Houston, TX 77077- Debt Due 4979.3 8.9 8.9 restaurants, educational institutions, hospitals, nursing homes, and 2099. Telephone: 281-584-1390. Internet: www.sysco.com. Other 1538.3 1489.6 1493.8 Current Liab. 9399.6 4434.5 5052.3 A recent acquisition has made a have been lackluster, with volume declines strong impression at Sysco. Last July’s at multiunit customers contributing to a ANNUAL RATES Past Past Est’d ’14-’16 $3.1 billion purchase of Brakes Group slight decline in division revenues in the of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 Sales 5.5% 5.5% 9.0% made the company a significant player in December period. ‘‘Cash Flow’’ 4.0% 2.0% 11.5% the U.K., France, and Sweden. These oper- We look for earnings to climb 10% in Earnings 3.0% -.5% 11.5% ations contributed $0.11 a share to earn- fiscal 2018. Profit accretion from the Dividends 7.5% 4.0% 5.0% Book Value 6.0% 3.5% -13.5% ings in the first half of fiscal 2017, includ- Brakes deal should expand next fiscal ing $0.07 in the December quarter. (Year year, and Sysco also sees ample room for Fiscal QUARTERLY SALES ($ mill.) A Full Year Fiscal ends July 1st.) Management has noted, improvement in the rest of its operations. Ends Sep.Per Dec.Per Mar.Per Jun.Per Year though, that the Brakes business is more Indeed, management anticipates that ef- 2014 11714 11238 11278 12287 46517 seasonal than domestic operations and forts begun in 2015 to boost local volumes, 2015 12445 12087 11747 12402 48681 would likely be a slight drag on profits in improve gross margins, and control operat- 2016 12563 12154 12003 13648 50367 the March quarter and contribute little to ing expenses will provide sizable in- 2017 13969 13457 13250 14324 55000 2018 14500 14000 13750 14750 57000 the bottom line in the June period. cremental benefits to operating income be- The U.S. Foodservice division has fore the end of next fiscal year. Fiscal EARNINGS PER SHARE AB Full Year Fiscal been making good progress. Adjusted This stock will likely have some ap- Ends Sep.Per Dec.Per Mar.Per Jun.Per Year operating income in this segment, which peal with conservative accounts. Aside 2014 .48 .36 .31 .43 1.58 accounts for about two-thirds of total reve- from carrying our Highest rank (1) for 2015 .51 .41 .40 .52 1.84 nues, rose 9% in December quarter. An Safety, this equity offers an above-average 2016 .52 .48 .46 .64 2.10 2017 .67 .58 .50 .70 2.45 improving product mix, better pricing stra- dividend yield and prospect of steady in- 2018 .73 .64 .56 .77 2.70 tegies, cost deflation, and good expense creases in the payout to 2020-2022. That control spearheaded the gains, and contin- said, 3- to 5-year capital appreciation C■ Cal- QUARTERLY DIVIDENDS PAID Full ued progress in most of these areas, along potential for these neutrally ranked shares endar Mar.31 Jun.30 Sep.30 Dec.31 Year with the boost provided by share repur- looks unexciting, suggesting buy-and-hold 2013 .28 .28 .28 .28 1.12 chases, should keep earnings on the rise in investors should await a more attractive 2014 .29 .29 .29 .29 1.16 the second half of fiscal 2017. In all, full- entry point before establishing a position 2015 .30 .30 .30 .30 1.20 year share net ought to climb 17%, to here. 2016 .31 .31 .31 .31 1.24 2017 .33 $2.45. On the downside, top-line trends Robert M. Greene April 21, 2017 (A) Fiscal year ends Saturday closest to June Next earnings report due May 8th. plan available. Company’s Financial Strength A+ 30th. (B) Diluted earnings. Excludes nonrecur- (C) Dividends historically paid late January, (D) In millions. Stock’s Price Stability 100 ring gains/(losses): ’15, ($0.69); ’16, ($0.46). April, July, October. ■ Dividend reinvestment (E) Includes intangibles. In ’16, $4.16/share. Price Growth Persistence 40 Earnings Predictability 90 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2113 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 108 of 190
MSFR 2114 170 IAC 1-5-13(b)(2) Page 109 of 190
RECENT P/E Trailing: 18.0 RELATIVE DIV’D VALUE UNITED PARCEL SVC. NYSE-UPS PRICE 104.50RATIO 17.7()Median: 18.0 P/E RATIO 0.91YLD 3.2% LINE TIMELINESS 3 Lowered 9/2/16 High: 84.0 79.0 75.1 59.8 73.9 77.0 81.8 105.4 113.1 114.4 120.4 118.2 Target Price Range Low: 65.5 68.7 43.3 38.0 55.8 60.7 69.6 75.0 93.2 93.6 87.3 103.0 2020 2021 2022 SAFETY 1 Raised 12/14/01 LEGENDS 14.0 x ″Cash Flow″ psh TECHNICAL 3 Lowered 3/24/17 .... Relative Price Strength 200 Options: Yes 160 BETA .85 (1.00 = Market) Shaded area indicates recession 2020-22 PROJECTIONS 100 Ann’l Total Price Gain Return 80 High 175 (+65%) 16% 60 Low 140 (+35%) 10% 50 Insider Decisions 40 JASOND JFM 30 to Buy 000000000 Options 00000111111 20 to Sell 010000010 % TOT. RETURN 4/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 36 to Buy 587 545 591 1 yr. 5.3 19.0 shares 24 3 yr. 18.9 25.3 to Sell 527 529 557 traded 12 Hld’s(000) 471342 461108 472105 5 yr. 58.7 82.4 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 27.35 27.85 29.66 32.40 38.82 44.44 48.04 51.72 45.62 50.19 55.15 56.80 60.00 64.34 65.87 70.17 74.00 78.50 Revenues per sh 95.30 3.41 3.46 3.86 4.23 5.03 5.56 5.91 5.42 4.09 5.43 6.20 6.56 6.75 6.97 7.91 8.44 8.65 9.20 ‘‘Cash Flow’’ per sh 12.35 2.10 2.14 2.47 2.85 3.47 3.86 4.11 3.50 2.31 3.56 4.23 4.53 4.61 4.75 5.43 5.75 5.90 6.50 Earnings per sh A 9.30 .76 .76 .92 1.12 1.32 1.52 1.64 1.77 1.80 1.88 2.08 2.28 2.48 2.68 2.92 3.12 3.30 3.40 Div’ds Decl’d per sh B■ 4.50 2.12 1.48 1.72 1.88 1.99 2.88 2.73 2.65 1.61 1.41 2.08 2.26 2.23 2.57 2.69 3.42 3.30 3.30 Cap’l Spending per sh 3.05 9.15 11.09 13.16 14.51 15.39 14.47 11.78 6.81 7.69 8.08 7.31 4.88 7.01 2.37 2.79 .47 3.90 4.55 Book Value per sh C 10.15 1120.5 1123.0 1129.0 1129.0 1097.0 1070.0 1034.4 995.44 992.85 987.12 963.00 953.00 924.00 905.00 886.00 868.00 865.00 860.00 Common Shs Outst’g D 850.00 26.7 28.5 25.9 26.1 21.1 19.8 17.8 18.4 22.6 18.1 16.7 16.7 19.3 21.2 18.5 18.4 Bold figures are Avg Ann’l P/E Ratio 17.0 1.37 1.56 1.48 1.38 1.12 1.07 .94 1.11 1.51 1.15 1.05 1.06 1.08 1.12 .93 .98 Value Line Relative P/E Ratio 1.05 1.4% 1.2% 1.4% 1.5% 1.8% 2.0% 2.2% 2.7% 3.5% 2.9% 2.9% 3.0% 2.8% 2.7% 2.9% 2.9% estimates Avg Ann’l Div’d Yield 2.8% CAPITAL STRUCTURE as of 3/31/17 49692 51486 45297 49545 53105 54127 55438 58232 58363 60906 64000 67500 Revenues ($mill) 81000 Total Debt $17240 mill. Due in 5 Yrs $5693 mill. 12.7% 15.8% 12.2% 16.1% 15.9% 16.5% 16.1% 15.5% 16.9% 17.0% 16.5% 17.0% Operating Margin 17.5% LT Debt $12938 mill. LT Interest $325 mill. 1745.0 1814.0 1747.0 1792.0 1782.0 1858.0 1867.0 1923.0 2084.0 2224.0 2320 2400 Depreciation ($mill) 2600 (81% of Cap’l) Leases, Uncapitalized: Annual rentals $324 mill. 4369.0 3581.0 2316.0 3570.0 4193.0 4389.0 4372.0 4389.0 4923.0 5104.0 5160 5530 Net Profit ($mill) 7900 Pension Assets-12/16 $40738 mill. 1.1% 40.1% 31.2% 35.0% 34.3% 34.5% 34.5% 35.5% 34.0% 34.5% 35.0% 35.0% Income Tax Rate 35.0% Oblig. $30031 mill. 8.8% 7.0% 5.1% 7.2% 7.9% 8.1% 7.9% 7.5% 8.4% 8.4% 8.1% 8.2% Net Profit Margin 9.8% 1920.0 1028.0 3036.0 5667.0 5770.0 7201.0 6256.0 3169.0 2512.0 2119.0 3850 4250 Working Cap’l ($mill) 5000 Pfd Stock None 7506.0 7797.0 8668.0 10491 11095 11089 10824 9864.0 11316 12394 10000 9500 Long-Term Debt ($mill) 6000 Common Stock 867,763,120 shs. 178,992,788 class A shares (10 votes each) 12183 6780.0 7630.0 7979.0 7035.0 4653.0 6474.0 2141.0 2470.0 405.0 3395 3895 Shr. Equity ($mill) 8625 688,770,332 class B shares (1 vote each) 22.8% 25.7% 15.6% 20.2% 24.0% 28.9% 26.4% 38.0% 36.9% 41.4% 38.5% 41.5% Return on Total Cap’l 53.5% as of 5/1/17 35.9% 52.8% 30.4% 44.7% 59.6% 67.5% NMF NMF NMF NMF NMF NMF Return on Shr. Equity NMF MARKET CAP: $91 billion (Large Cap) 21.9% 20.1% 7.4% 22.0% 31.2% 48.5% 32.6% 94.5% 97.1% NMF NMF NMF Retained to Com Eq 45.0% CURRENT POSITION 2015 2016 3/31/17 39% 62% 76% 51% 48% 49% 52% 54% 51% 52% 56% 52% All Div’ds to Net Prof 52% ($MILL.) Cash Assets 4726 4567 3718 BUSINESS: United Parcel Service, Inc. is the world’s largest in- leased (at 12/31/16): 650 planes and 110,000 ground vehicles. Has Receivables 7134 7695 6475 tegrated air and ground package delivery carrier. Also provides about 444,000 employees (over 62% unionized). Officers and direc- Other 1348 1587 1301 specialized transportation and logistics services. Service is offered tors own less than 1.0% of common stock; BlackRock Inc., 6.4%; Current Assets 13208 13849 11494 throughout the U.S. and in over 220 other countries and territories. Vanguard, 6.1% (3/17 Proxy). Chairman and CEO: David Abney. Accts Payable 2587 3042 2404 Debt Due 3018 3681 4302 Domestic package operations accounted for 63% of ’16 revenues; Incorporated: Delaware. Address: 55 Glenlake Pkwy., NE, Atlanta Other 5091 5007 4700 international (21%); supply chain & freight (16%). Fleet owned and GA 30328. Telephone: 404-828-6000. Internet: www.ups.com. Current Liab. 10696 11730 11406 United Parcel Service continues to now has 17 major construction projects un- ANNUAL RATES Past Past Est’d ’14-’16 record solid growth. First-quarter reve- der way, totaling five million square feet. of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 nue rose 6.2% year over year (7.5% ad- Too, it has rolled out new Saturday Revenues 5.5% 6.0% 6.0% ‘‘Cash Flow’’ 4.5% 8.0% 8.0% justed for currency). The domestic busi- delivery/pickup services in 15 metro areas, Earnings 4.5% 9.5% 10.0% ness grew 5%, with approximately half of with plans to expand to nearly 4,700 cities Dividends 8.0% 8.5% 7.5% that coming from higher volume, and the and towns by the holidays. This, along Book Value -18.5% -24.5% 32.5% rest from an increase in yield. Business-to- with investment in aircraft, automation, Cal- QUARTERLY REVENUES ($ mill.) Full consumer activity jumped 7%, despite and ‘‘smart’’ logistics, is expected to cost endar Mar.31 Jun. 30 Sep. 30 Dec. 31 Year delayed tax refunds and inclement the company $4 billion this year. 2014 13779 14268 14290 15895 58232 weather. Rising e-commerce activity drove UPS wants its customers to pay up if 2015 13977 14095 14237 16054 58363 that advance. Conversely, we believe in- their holiday capacity requests prove 2016 14418 14629 14928 16931 60906 creased prevalence of buy online, pick-up excessive. The dynamics of e-commerce 2017 15315 15350 15875 17460 64000 in-store at major retailers may dilute spending are rapidly changing, making it 2018 16000 16300 16400 18800 67500 growth somewhat going forward. Although difficult to forecast when workers and Cal- EARNINGS PER SHARE A Full relatively more profitable business-to- truck space will be needed. UPS wants its endar Mar.31 Jun. 30 Sep. 30 Dec. 31 Year business (B2B) revenue improved sequen- top-50 customers to be held accountable 2014 .98 1.21 1.32 1.24 4.75 tially, it was still down on a year-over-year monetarily for resources that ultimately go 2015 1.12 1.35 1.39 1.57 5.43 basis, owing to less industrial production. unused. Deals will be made on a customer- 2016 1.27 1.43 1.44 1.63 5.75 The mix-shift away from B2B contributed by-customer basis. FedEx is reportedly 2017 1.32 1.46 1.48 1.64 5.90 to a 240-basis-point contraction in operat- taking the opposite approach, choosing not 2018 1.40 1.60 1.60 1.90 6.50 ing profit. The international segment’s top to penalize customers. We tend to agree Cal- QUARTERLY DIVIDENDS PAID B■ Full line rose 5% (11%) owing largely to a 14% with UPS’ strategy. endar Mar.31 Jun.30 Sep.30 Dec.31 Year rise in exports, the highest since The Conservative, patient investors may 2013 .62 .62 .62 .62 2.48 Great Recession. Route enhancements are find the shares suitable. UPS needs 2014 .67 .67 .67 .67 2.68 leading to market-share gains abroad. more time for investments to pay off, but 2015 .73 .73 .73 .73 2.92 Infrastructure investment should con- we have confidence that it will ultimately 2016 .78 .78 .78 .78 3.12 tinue to weigh on operating profit for benefit from more e-commerce activity. 2017 .83 .83 the remainder of 2017. The company Kevin Downing May 26, 2017 (A) Diluted earnings. Excludes nonrecurring changes in share count. Next earnings report reinvestment plan available. Company’s Financial Strength A gains (losses): ’02, $0.73; ’03, $0.08; ’04, due late July. (C) Includes intangibles. In 2016: $4968 mill., Stock’s Price Stability 100 $0.08; ’07, ($3.77); ’08, ($0.56); ’09, ($0.17); (B) Dividends historically paid early March, $5.66 per share. Price Growth Persistence 85 ’10, ($0.08); ’12, ($3.70). May not sum due to June, September, and December. ■ Dividend (D) In millions. Earnings Predictability 95 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2115 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 110 of 190
RECENT P/E Trailing: 12.8 RELATIVE DIV’D VALUE VERIZON NYSE-VZ PRICE 49.44RATIO 12.7()Median: 14.0 P/E RATIO 0.65YLD 4.7% LINE TIMELINESS 2 Raised 1/20/17 High: 38.9 46.2 44.3 34.8 36.0 40.3 48.8 54.3 53.7 50.9 56.9 54.8 Target Price Range Low: 30.0 35.6 23.1 26.1 26.0 32.3 36.8 41.5 45.1 38.1 43.8 47.8 2020 2021 2022 SAFETY 1 Raised 9/28/07 LEGENDS 1.35 x Dividends p sh TECHNICAL Lowered 3/10/17 divided by Interest Rate 160 3 .... Relative Price Strength BETA .75 (1.00 = Market) Options: Yes 120 Shaded area indicates recession 100 2020-22 PROJECTIONS 80 Ann’l Total Price Gain Return 60 High 90 (+80%) 19% 50 Low 75 (+50%) 15% 40 Insider Decisions 30 MJJASONDJ to Buy 000000000 20 Options 000010010 15 to Sell 111111100 % TOT. RETURN 2/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 24 to Buy 954 915 988 1 yr. 2.1 30.5 shares 16 3 yr. 19.4 22.1 to Sell 795 836 839 traded 8 Hld’s(000)260434825548242602176 5 yr. 61.5 81.5 2001E 2002 2003 2004 2005 2006 2007F 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 24.73 24.63 24.46 25.73 25.59 30.29 32.56 34.27 38.02 37.68 39.10 40.53 29.11 30.58 32.31 30.90 32.25 31.70 Revenues per sh 33.55 8.11 7.93 7.55 7.64 7.24 7.07 7.40 7.65 8.12 8.01 7.96 7.85 6.79 7.19 7.94 5.80 5.80 5.85 ‘‘Cash Flow’’ per sh 6.15 3.00 3.05 2.62 2.59 2.56 2.54 2.34 2.54 2.40 2.21 2.15 2.32 4.00 3.35 3.99 3.87 3.90 4.00 Earnings per sh (A) 4.65 1.54 1.54 1.54 1.54 1.62 1.62 1.65 1.78 1.87 1.93 1.96 2.02 2.08 2.16 2.23 2.29 2.32 2.36 Div’ds Decl’d per sh (B) ■ 2.48 6.39 4.36 4.29 4.79 5.24 5.88 6.11 6.07 6.01 5.82 5.73 5.66 4.01 4.14 4.36 4.18 4.20 4.25 Cap’l Spending per sh 4.45 11.98 11.88 12.08 13.56 13.56 16.68 17.62 14.68 14.67 13.64 12.69 11.60 9.38 2.96 4.03 4.00 4.00 4.25 Book Value per sh 6.00 2717.2 2745.8 2769.4 2770.0 2926.8 2909.9 2871.0 2840.6 2835.7 2828.1 2835.5 2858.3 4141.1 4155.4 4073.2 4076.7 4050.0 4000.0 Common Shs Outst’g (C) 3950.0 17.3 13.0 13.7 14.8 13.2 13.4 17.6 13.7 12.7 13.8 17.1 18.1 12.2 14.5 11.8 13.3 Bold figures are Avg Ann’l P/E Ratio 17.5 .89 .71 .78 .78 .70 .72 .93 .82 .85 .88 1.07 1.15 .69 .76 .59 .70 Value Line Relative P/E Ratio 1.10 3.0% 3.9% 4.3% 4.0% 4.8% 4.8% 4.0% 5.1% 6.1% 6.3% 5.3% 4.8% 4.3% 4.4% 4.7% 4.5% estimates Avg Ann’l Div’d Yield 3.1% CAPITAL STRUCTURE as of 12/31/16 93469 97354 107808 106565 110875 115846 120550 127079 131620 125980 125500 126800 Revenues ($mill) 132500 Total Debt $108078 mill. Due in 5 Yrs $32097mill. 6854.0 7235.0 6805.0 6256.6 6086.8 5970.4 11497 13337 16324 13608 13750 16000 Net Profit ($mill) 18370 LT Debt $105433 mill. LT Interest $1795 mill. 35.6% 34.4% 33.1% 19.5% 2.7% - - 19.6% 29.9% 34.6% 32.5% 34.0% 34.0% Income Tax Rate 35.0% Incl. $950.0 mill. capitalized leases. (Total interest coverage: 7.1x) 7.3% 7.4% 6.3% 5.9% 5.5% 5.2% 9.5% 10.5% 12.4% 10.8% 11.0% 12.6% Net Profit Margin 13.9% (81% of Total Cap’l.) 25.4% 37.3% 39.5% 34.2% 36.9% 35.8% 48.4% 89.0% 85.3% 81.0% 81.0% 80.0% Long-Term Debt Ratio 80.0% Leases, Uncapitalized Annual rentals $2822 mill. 45.5% 33.1% 29.8% 29.2% 26.4% 24.9% 21.0% 9.9% 13.5% 19.0% 19.0% 20.0% Common Equity Ratio 20.0% Pension Assets-12/16 $14663 mill. 111072 125864 139418 132164 136211 133151 185074 124212 121547 120000 121000 121500 Total Capital ($mill) 125500 Oblig. $21112 mill. 85294 86546 91466 87711 88434 88642 88956 89947 83541 85000 85500 86000 Net Plant ($mill) 91000 Pfd Stock None 8.8% 8.3% 7.2% 7.6% 7.2% 7.5% 9.0% 11.0% 13.7% 11.5% 11.5% 13.0% Return on Total Cap’l 14.0% 13.6% 17.3% 16.4% 16.2% 16.9% 18.0% 29.6% 108.4% NMF NMF NMF NMF Return on Shr. Equity 13.0% Common Stock 4,076,731,752 shs. 13.6% 17.3% 16.4% 16.2% 16.9% 18.0% 29.6% 108.4% NMF NMF NMF NMF Return on Com Equity 13.0% MARKET CAP: $202 billion (Large Cap) 4.1% 5.4% 3.7% 2.2% 1.5% 2.2% 14.3% 45.0% 47.4% 48.0% 48.0% 48.0% Retained to Com Eq 45.0% CURRENT POSITION 2014 2015 12/31/16 70% 69% 77% 87% 91% 88% 52% 59% 52% 69% 68% 59% All Div’ds to Net Prof 53% ($MILL.) Cash Assets 10598 4470 2880 BUSINESS: Verizon Communications was created by the merger states & Washington, D.C.; a wireless presence in 50 states & D.C.; Other 19025 17810 23515 of Bell Atlantic and GTE in June of 2000. It is a diversified telecom operations in 19 countries. 2016 revenue breakdown: wireline (in- Current Assets 29623 22280 26395 company with a network that covers a population of about 298 mil- cludes telecom & business), 29%; domestic wireless, 71%. Has ap- Accts Payable 16680 19362 19593 lion and provides service to nearly 98.2 million. Acquired MCI, 1/06; proximately 160,900 employees. Chairman and CEO: Lowell Debt Due 2735 6489 2645 Other 8649 9201 8102 Alltel, 1/09; Verizon Wireless, 2/14. Also the largest provider of print McAdam. Inc.: Delaware. Addr.: 1095 Avenue of the Americas, NY, Current Liab. 28064 35052 30340 and on-line directory information. Has a wireline presence in 28 NY 10036. Tel.: 212-395-1000. Internet: www.verizon.com. ANNUAL RATES Past Past Est’d ’13-’15 Verizon seems poised for an un- ought to close in the second quarter too. of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 derwhelming performance in 2017. To Verizon’s board of directors is cer- Revenues 2.0% -3.5% 2.0% wit, this Dow-30 component posted fourth- tainly dedicated to boosting share- ‘‘Cash Flow’’ - - -1.5% NMF Earnings 4.0% 9.5% 3.0% quarter earnings of $0.86 a share, well be- holder value. In early March, the board Dividends 3.0% 3.0% 2.0% low our estimate and three cents below the authorized the repurchase of up to 100 Book Value -8.5% -17.5% 5.5% year-ago result, on a 5.6% drop in revenue. million shares of its outstanding common Cal- QUARTERLY REVENUES ($ mill.) Full These uninspiring results come as no great stock. A previous buyback program, which endar Mar.31 Jun.30 Sep.30 Dec.31 Year surprise, as we had warned in our Decem- expired on February 28th, had authorized 2014 30818 31483 31586 33192 127079 ber review that the outlook for the next the repurchase of 100 million shares, yet 2015 31984 32224 33158 34254 131620 couple of years was nothing to write home only 2.8 million shares were bought back. 2016 32171 30532 30937 32340 125980 about, due to the combined effects of the The new program will end when the ag- 2017 31000 30650 31250 32600 125500 April 1st sale of the company’s high- gregate number of shares bought back hits 2018 31300 31000 31575 32925 126800 margined wireline operations in Califor- the 100 million mark, or at the close of Cal- EARNINGS PER SHARE A Full nia, Florida, and Texas to Frontier Com- business on February 28, 2020, whichever endar Mar.31 Jun.30 Sep.30 Dec.31 Year munications, the ongoing shift of wireless occurs first. 2014 .84 .91 .89 .71 3.35 customers to device payment plans, and High-quality Verizon stock has some- 2015 1.02 1.04 1.04 .89 3.99 the ramping up of its new business model. thing for everyone. The issue’s Timeli- 2016 1.06 .94 1.01 .86 3.87 In the meantime, the company has a ness rank has moved up a notch since our 2017 1.01 1.01 1.00 .88 3.90 number of pending transactions in December review, and it is now pegged to 2018 1.03 1.04 1.03 .90 4.00 the hopper. Verizon expects its acquisi- outperform the year-ahead market aver- Cal- QUARTERLY DIVIDENDS PAID B■ Full tion of XO Communications to close during ages. And, at the recent quotation, the endar Mar.31 Jun.30 Sep.30 Dec.31 Year the March period, while the sale of its data equity’s 3- to 5-year appreciation potential 2013 .515 .515 .515 .53 2.08 centers to Equinix is slated to be com- is almost twice that of the average selec- 2014 .53 .53 .53 .55 2.16 pleted in the June interim. Lastly, the tion under our review. Lastly, income- 2015 .55 .55 .565 .565 2.23 terms of the Yahoo acquisition were seeking investors will certainly be pleased 2016 .565 .565 .58 .58 2.29 recently amended, with the purchase price by Verizon’s dividend yield, which is more 2017 .58 pared by $350 million, given recent data than double the Value Line median. breaches at Yahoo. This $4.48 billion deal Kenneth A. Nugent March 17, 2017 (A) Based diluted shares. Excl. n/r gains Aug. & Nov. ■ Div’d reinv. plan avail. (C) In Company’s Financial Strength A++ (losses): ’01, ($2.86); ’02, ($1.56); ’03, ($1.51); mill. (D) Including financial subsidiary. (E) ’00 Stock’s Price Stability 100 ’04, $0.08; ’06, ($0.42). Next earnings report GTE pro forma. (F) ’06 MCI pro forma. Price Growth Persistence 45 April 20th. (B) Div’d paid in early Feb., May, Earnings Predictability 65 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2116 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 111 of 190
RECENT P/E Trailing: 16.8 RELATIVE DIV’D VALUE WAL-MART STORES NYSE-WMT PRICE 73.89RATIO 17.1()Median: 15.0 P/E RATIO 0.87YLD 2.8% LINE TIMELINESS 3 Lowered 4/14/17 High: 52.2 51.4 63.8 57.5 56.3 60.0 77.6 81.4 88.1 91.0 75.2 74.1 Target Price Range Low: 42.3 42.1 43.1 46.3 47.8 48.3 57.2 67.7 72.3 56.3 60.2 65.3 2020 2021 2022 SAFETY 1 Raised 2/15/02 LEGENDS 10.0 x ″Cash Flow″ psh TECHNICAL Lowered 3/24/17 .... Relative Price Strength 160 5 Options: Yes BETA .65 (1.00 = Market) Shaded area indicates recession 120 100 2020-22 PROJECTIONS 80 Ann’l Total Price Gain Return 60 High 105 (+40%) 12% 50 Low 85 (+15%) 7% 40 Insider Decisions 30 J JASOND JF to Buy 000000000 20 Options 12601510140 15 to Sell 011001010 % TOT. RETURN 3/17 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 12 to Buy 655 703 683 1 yr. 8.3 20.2 shares 8 3 yr. 2.3 22.0 to Sell 689 631 732 traded 4 Hld’s(000) 920655 892093 893069 5 yr. 34.1 78.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 49.36 56.09 60.00 68.02 75.79 84.40 95.34 103.34 107.82 119.98 130.76 141.57 147.32 150.45 152.48 159.41 165.00 173.90 Sales per sh A 209.45 2.25 2.61 2.95 3.47 3.78 4.27 4.83 5.16 5.64 6.42 6.92 7.69 7.92 7.93 7.64 7.72 7.70 8.10 ‘‘Cash Flow’’per sh 10.15 1.50 1.81 2.03 2.41 2.63 2.92 3.16 3.42 3.66 4.07 4.45 5.02 5.11 5.07 4.57 4.32 4.30 4.50 Earnings per sh AB 5.90 .28 .30 .36 .52 .60 .67 .88 .95 1.09 1.21 1.46 1.59 1.88 1.92 1.96 2.00 2.04 2.08 Div’ds Decl’d per sh ■C 2.65 7.88 8.95 10.12 11.67 12.77 14.91 16.26 16.63 18.69 19.49 20.86 23.04 23.59 25.22 25.47 25.52 22.00 25.00 Book Value per sh 32.00 4453.0 4395.0 4311.0 4234.0 4165.0 4131.0 3973.0 3925.0 3786.0 3516.0 3418.0 3314.0 3233.0 3228.0 3162.0 3048.0 3000.0 2910.0 Common Shs Outst’g D 2700.0 34.9 30.3 26.9 22.8 18.3 16.0 14.9 16.2 13.9 13.1 12.4 13.5 14.9 15.4 15.5 16.2 Bold figures are Avg Ann’l P/E Ratio 16.0 1.79 1.66 1.53 1.20 .97 .86 .79 .97 .93 .83 .78 .86 .84 .81 .78 .85 Value Line Relative P/E Ratio 1.00 .5% .5% .7% .9% 1.2% 1.4% 1.9% 1.7% 2.1% 2.3% 2.7% 2.3% 2.5% 2.5% 2.8% 2.9% estimates Avg Ann’l Div’d Yield 2.8% CAPITAL STRUCTURE as of 1/31/17 378799 405607 408214 421849 446950 469162 476294 485651 482130 485873 495000 506000 Sales ($mill) A 565500 Total Debt $45938 mill. Due in 5 Yrs $10689 mill. 24.4% 24.5% 25.4% 25.3% 25.0% 24.9% 24.8% 24.8% 25.1% 25.6% 25.0% 25.0% Gross Margin 25.0% LT Debt $42018 mill. LT Interest $2300 mill. 7.5% 7.3% 7.6% 7.9% 7.7% 7.7% 7.7% 7.6% 7.0% 6.7% 6.5% 6.5% Operating Margin 7.0% Incl. $6003 mill. capitalized leases. (Total interest coverage: 10.0x) (35% of Cap’l) 7262 7720 8416 8970 10130 10773 10942 11453 11528 11695 11925 12090 Number of Stores 12950 12884 13512 14204 14921 15523 16999 16728 16426 14694 13452 12950 13150 Net Profit ($mill) 16125 Leases, Uncapitalized Annual rentals $2270 mill. 34.2% 34.2% 34.1% 34.0% 33.4% 31.0% 32.2% 31.9% 30.3% 30.6% 32.0% 32.0% Income Tax Rate 33.0% 3.4% 3.3% 3.5% 3.5% 3.5% 3.6% 3.5% 3.4% 3.0% 2.8% 2.6% 2.6% Net Profit Margin 2.9% No Defined Benefit Pension Plan d10869 d6441 d7230 d6591 d7325 d11878 d8160 d1994 d4380 d9239 d8500 d5800 Working Cap’l ($mill) 5300 Pfd Stock None 33402 34549 36401 43842 47079 41417 44559 43692 44030 42018 42500 45200 Long-Term Debt ($mill) 48000 Common Stock 3,033,009,079 shs. 64608 65285 70749 68542 71315 76343 76255 81394 80546 77798 66000 72750 Shr. Equity ($mill) 86400 as of 3/29/17 14.1% 14.5% 14.1% 14.1% 14.0% 15.3% 14.7% 14.0% 12.6% 12.1% 12.0% 11.0% Return on Total Cap’l 12.0% 19.9% 20.7% 20.1% 21.8% 21.8% 22.3% 21.9% 20.2% 18.2% 17.3% 19.5% 18.0% Return on Shr. Equity 18.5% MARKET CAP: $224 billion (Large Cap) 14.4% 15.0% 14.1% 15.3% 14.7% 15.2% 13.9% 12.6% 10.4% 9.3% 10.0% 9.5% Retained to Com Eq 10.0% CURRENT POSITION 2014 2015 1/31/17 28% 28% 30% 30% 33% 32% 37% 38% 43% 46% 48% 48% All Div’ds to Net Prof 45% ($MILL.) Cash Assets 9135 8705 6867 BUSINESS: Wal-Mart Stores, Inc. owns the world’s largest retail owned, and most stores are within 400 miles of a distribution cen- Receivables 6778 5624 5835 chain, operating 3,522 supercenters (includes grocery depart- ter. Groceries accounted for 56% of U.S. sales; sales per square Inventory (LIFO) 45141 44469 43046 Other 2224 1441 1941 ments), 415 discount stores, 660 Sam’s Clubs, and 735 Neighbor- foot in 2016: about $420. Has 2,300,000 employees. Off./dir. own Current Assets 63278 60239 57689 hood Markets in the U.S., plus 6,363 foreign stores, many in Latin 51.6% of shares (4/17 proxy). Chairman: S. Robson Walton. CEO Accts Payable 38410 38487 41433 America, with the rest in Asia, Canada, and the U.K. as of 1/31/17. and Pres.: Doug McMillon. Inc.: DE. Addr.: 702 S.W. 8th St., Ben- Debt Due 6402 6004 3920 Total store space: 1.164 billion square feet. Retail space is largely tonville, AR 72716. Tel.: 479-273-4000. Internet: www.walmart.com. Other 20460 20128 21575 Current Liab. 65272 64619 66928 Wal-Mart continues to report en- Amazon’s similar offer on orders of $50 or couraging top-line results. Revenue ad- more. Too, Wal-Mart will discount one mil- ANNUAL RATES Past Past Est’d ’14-’16 of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 vanced 1% year over year in the January lion online-only items if customers agree to Sales 7.5% 5.0% 5.0% quarter, and 3% on a constant-currency pick them up in-store. Elsewhere, the com- ‘‘Cash Flow’’ 7.5% 4.0% 4.5% basis. Domestic same-store sales increased pany continues to buy up trendy e- Earnings 6.0% 3.0% 4.0% Dividends 12.5% 9.5% 5.0% 1.8% on a 1.4% rise in traffic, the ninth- commerce shops. In addition to last year’s Book Value 7.0% 5.0% 4.0% consecutive quarter with a higher number purchase of Amazon rival Jet.com for $3 of transactions. It appears customers are billion, WMT recently bought home fur- Fiscal QUARTERLY SALES ($ mill.) A Full Year Fiscal responding well to cleaner stores, friend- nishing e-tailer Hayneedle, ShoeBuy, Begins Apr.30 Jul.31 Oct.31 Jan.31 Year lier service, better inventory availability, Women’s clothing outfit ModCloth, and 2014 114960 120125 119001 131565 485651 and faster check-out times enabled by new outdoor goods seller MooseJaw. Too, the 2015 114826 120229 117408 129667 482130 2016 115904 120854 118179 130936 485873 technology and associate training pro- company is reportedly in talks to purchase 2017 118000 122500 121000 133500 495000 grams. Comps may have slowed in the popular men’s clothing startup Bonobos 2018 120625 125250 123700 136425 506000 April quarter, though, due to a delay in for $300 million. We applaud this strategy Fiscal AB Full tax refunds compared to last year. Wal- and think it will help support an already Year EARNINGS PER SHARE Fiscal Begins Apr.30 Jul.31 Oct.31 Jan.31 Year Mart expects domestic comps to land be- strong e-commerce business. Indeed, e- tween 1.0% and 1.5% in the period. commerce sales were up 15.5% in January, 2014 1.10 1.21 1.15 1.61 5.07 2015 1.03 1.08 1.03 1.43 4.57 Deflation should continue to impact thanks to a 36% rise in domestic activity. 2016 .98 1.07 .98 1.30 4.32 results ahead. The company is passing Conservative investors may find these 2017 .97 1.07 .98 1.28 4.30 off lower food prices onto customers. This neutrally ranked shares appealing. 2018 1.02 1.11 1.06 1.31 4.50 created a 90-basis-point headwind in the The company continues to invest heavily first quarter. Management expects defla- to improve its online and in-store experi- Cal- QUARTERLY DIVIDENDS PAID ■ C Full endar Mar.31 Jun.30 Sep.30 Dec.31 Year tion to moderate some this year, but to ences, which will likely keep a lid on near- remain a headwind. term earnings growth. However, we think 2013 .47 .47 .47 .47 1.88 2014 .48 .48 .48 .48 1.92 Wal-Mart is making moves to better this should eventually pay off and lead to 2015 .49 .49 .49 .49 1.96 compete with Amazon. The company decent risk-adjusted long-term price ap- 2016 .50 .50 .50 .50 2.00 launched a free two-day shipping program preciation. 2017 .51 on orders of $35 or more to counter Kevin Downing April 28, 2017 (A) Fiscal year ends Jan. 31st of following (losses)/gains: ’01, ($0.01); ’05, $0.03; ’08, Mar., May, Aug., and Dec.■ Dividend reinvest- Company’s Financial Strength A++ calendar year. Sales exclude rentals from li- ($0.07); ’09, $0.04; ’10, $0.40; ’11, $0.03; ’13, ment plan available. Stock’s Price Stability 95 censed depts. (B) Based on diluted shares. ($0.23); ’15 ($0.08). Next earnings report due (D) In millions. Price Growth Persistence 30 May not sum due to rounding. Excls. n/r May 18th. (C) Divds. historically paid in early Earnings Predictability 95 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2117 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 170 IAC 1-5-13(b)(2) Page 112 of 190
RECENT P/E Trailing: 23.8 RELATIVE DIV’D VALUE WASTE MANAGEMENT NYSE-WM PRICE 71.25RATIO 22.6()Median: 17.0 P/E RATIO 1.16YLD 2.4% LINE TIMELINESS 3 Raised 3/10/17 High: 38.6 41.2 39.3 34.2 37.3 39.7 36.3 46.4 51.9 55.9 71.8 74.6 Target Price Range Low: 30.1 32.4 24.5 22.1 31.1 27.8 30.8 33.7 40.3 45.9 50.4 69.0 2020 2021 2022 SAFETY 1 Raised 11/28/14 LEGENDS 11.0 x ″Cash Flow″ psh 120 TECHNICAL 3 Raised 4/7/17 .... Relative Price Strength 100 Options: Yes 80 BETA .75 (1.00 = Market) Shaded area indicates recession 64 2020-22 PROJECTIONS 48 Ann’l Total Price Gain Return High 90 (+25%) 8% 32 Low 70 (Nil) 2% 24 Insider Decisions 20 JASOND JFM 16 to Buy 000000000 12 Options 930010867 to Sell 560000546 % TOT. RETURN 4/17 8 Institutional Decisions THIS VL ARITH.* STOCK INDEX 2Q2016 3Q2016 4Q2016 Percent 24 to Buy 411 409 411 1 yr. 26.9 19.0 shares 16 3 yr. 78.4 25.3 to Sell 360 363 405 traded 8 Hld’s(000) 334186 323632 332017 5 yr. 150.5 82.4 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © VALUE LINE PUB. LLC 20-22 18.03 18.74 20.09 21.95 23.67 25.04 26.61 27.28 24.26 26.34 29.05 29.40 30.12 30.52 28.98 30.98 32.85 34.25 Revenues per sh 39.00 3.35 3.42 3.47 3.78 4.05 4.36 4.68 4.74 4.43 4.64 4.86 4.87 5.04 5.34 5.36 5.91 6.25 6.60 ‘‘Cash Flow’’ per sh 7.55 1.16 1.31 1.24 1.41 1.55 1.82 2.07 2.19 2.00 2.10 2.14 2.08 2.15 2.48 2.53 2.91 3.15 3.50 Earnings per sh A 4.00 .01 .01 .01 .75 .85 .88 .96 1.08 1.16 1.26 1.36 1.42 1.46 1.50 1.54 1.64 1.70 1.75 Div’ds Decl’d per sh ■ B 2.00 2.11 2.16 2.08 2.21 2.14 2.49 2.42 2.49 2.43 2.32 2.88 3.25 2.74 2.51 2.76 3.05 2.75 2.80 Cap’l Spending per sh 3.15 8.59 8.93 9.66 10.47 11.08 11.66 11.58 12.03 12.93 13.18 13.18 13.69 12.29 12.79 11.95 12.06 12.25 12.70 Book Value per sh C 14.00 628.02 594.60 576.12 570.21 552.25 533.68 500.12 490.74 486.12 475.05 460.53 464.22 464.32 458.54 447.18 439.32 435.00 432.00 Common Shs Outst’g D 410.00 23.9 19.6 19.8 20.4 18.7 19.4 17.7 15.4 14.6 16.3 16.4 16.2 18.9 18.2 20.4 21.3 Bold figures are Avg Ann’l P/E Ratio 20.0 1.22 1.07 1.13 1.08 1.00 1.05 .94 .93 .97 1.04 1.03 1.03 1.06 .96 1.03 1.13 Value Line Relative P/E Ratio 1.25 .0% .0% .0% 2.6% 2.9% 2.5% 2.6% 3.2% 4.0% 3.7% 3.9% 4.2% 3.6% 3.3% 3.0% 2.6% estimates Avg Ann’l Div’d Yield 2.5% CAPITAL STRUCTURE as of 3/31/17 13310 13388 11791 12515 13378 13649 13983 13996 12961 13609 14300 14800 Revenues ($mill) 16000 Total Debt $9042 mill. Due in 5 Yrs $2918 mill. 26.4% 25.7% 27.1% 25.8% 24.9% 24.7% 24.3% 25.1% 26.1% 27.3% 26.5% 26.5% Operating Margin 27.0% LT Debt $8646 mill. LT Interest $376 mill. 1259.0 1238.0 1166.0 1194.0 1229.0 1297.0 1333.0 1292.0 1245.0 1301.0 1325 1335 Depreciation ($mill) 1410 (LT int. earned: 5.9x) (61% of Cap’l) 1080.0 1087.0 986.0 1011.0 1007.0 966.0 1008.0 1155.0 1153.0 1297.3 1390 1525 Net Profit ($mill) 1680 36.4% 38.1% 34.9% 35.0% 33.6% 34.0% 30.0% 29.8% 32.7% 34.3% 35.0% 35.0% Income Tax Rate 35.0% Leases, Uncapitalized Annual rentals $109 mill. 8.1% 8.1% 8.4% 8.1% 7.5% 7.1% 7.2% 8.3% 8.9% 9.5% 9.7% 10.3% Net Profit Margin 10.5% d118.0 d701.0 109.0 d3.0 d689.0 d613.0 d515.0 156.0 d165.0 d418.0 d350 d280 Working Cap’l ($mill) d135 No Defined Benefit Pension Plan 8008.0 7491.0 8124.0 8674.0 9125.0 9173.0 9500.0 8345.0 8728.0 8893.0 8795 8795 Long-Term Debt ($mill) 8595 Pfd Stock None. 5792.0 5902.0 6285.0 6260.0 6070.0 6354.0 5707.0 5866.0 5345.0 5297.0 5335 5495 Shr. Equity ($mill) 5730 9.7% 9.8% 8.3% 8.4% 8.2% 7.8% 8.2% 9.8% 9.6% 10.5% 11.0% 12.0% Return on Total Cap’l 13.0% Common Stock 439,316,000 shs. 18.6% 18.4% 15.7% 16.2% 16.6% 15.2% 17.7% 19.7% 21.6% 24.5% 26.0% 27.5% Return on Shr. Equity 29.5% MARKET CAP: $31.3 billion (Large Cap) 10.1% 9.4% 6.6% 6.5% 6.1% 4.8% 5.7% 7.9% 8.6% 10.8% 12.0% 14.0% Retained to Com Eq 14.5% CURRENT POSITION 2015 2016 3/31/17 46% 49% 58% 60% 63% 68% 68% 60% 60% 56% 54% 50% All Div’ds to Net Prof 50% ($MILL.) Cash Assets 39 32 30 BUSINESS: Waste Management is North America’s largest pro- mix consisted of collection (65%), landfill fees (15%), and recycling Receivables 2094 1700 1634 vider of comprehensive waste management environmental serv- and transfer (20%); commercial and industrial customers account Other 212 644 559 ices. It serves resid., comm., ind., & muni. customers in N.Amer. for about 43% of revenues. Has 41,200 employees. Off./dir. control Current Assets 2345 2376 2223 Sold waste-to-energy service business in 12/14. It owns/operates less than 1.0% of stock (3/17 proxy). Chairman.: John C. Pope. Accts Payable 721 799 720 Debt Due 253 417 396 about 248 landfills, 95 material recovery facilities (MRFs), 600 col- CEO: James Fish. Inc.: DE. Address.: 1001 Fannin St., Suite 4000, Other 1536 1578 1442 lection operations and 310 transfer stations in N. Amer.; ’16 sales Houston, TX 77002. Tel.: 713-512-6200. Internet: www.wm.com. Current Liab. 2510 2794 2558 Waste Management’s first-quarter re- wary of the volatility in the recycling com- ANNUAL RATES Past Past Est’d ’14-’16 sults were in line with our estimates. modity prices and therefore have left our of change (per sh) 10 Yrs. 5 Yrs. to ’20-’22 The top line clocked in 8% higher on a share-net estimate for 2017 untouched. Al- Revenues 2.5% 2.5% 4.5% ‘‘Cash Flow’’ 3.0% 3.5% 5.5% year-over-year basis, at $3.44 billion. The though we see more acquisitions on WM’s Earnings 5.0% 5.0% 7.0% increase came mainly from better-than- radar going forward, we have not taken Dividends 6.5% 4.5% 4.0% expected collection revenues (where the benefits from such purchases into account Book Value 1.0% -1.5% 2.0% commercial and industrial collections were as per the Value Line norm. Nevertheless, Cal- QUARTERLY REVENUES ($ mill.) Full the primary drivers of revenues). Further- the aforementioned share buybacks, dives- endar Mar.31 Jun.30 Sep.30 Dec.31 Year more, the bottom line advanced nearly ture of unprofitable business lines, and 2014 3396 3561 3602 3437 13996 14% over the prior-year tally on an ad- gains from past acquisitions should bear 2015 3040 3315 3360 3246 12961 justed basis, at $0.66 a share, owing to im- fruit for the bottom line in 2018. 2016 3176 3425 3548 3460 13609 proved income from its Solid Waste seg- This equity is now ranked to perform 2017 3440 3660 3700 3500 14300 ment, along with better recycling com- in line with the broader market aver- 2018 3550 3750 3800 3700 14800 modity market prices. ages. While the stock’s long-term appreci- Cal- EARNINGS PER SHARE A Full We are maintaining our share- ation potential remains well below aver- endar Mar.31 Jun.30 Sep.30 Dec.31 Year earnings estimate for this year at age, we still like Waste Management for 2014 .49 .60 .72 .67 2.48 $3.15 but raising next year’s figure by its strong fundamentals and stability. 2015 .48 .67 .67 .71 2.53 $0.10, to $3.50. The company can still With a perfect score for Price Stability 2016 .58 .74 .84 .75 2.91 benefit from an increase in infrastructure (100) and a below-market Beta of 0.75, 2017 .66 .84 .90 .75 3.15 activities especially over the next two WM is a safe choice for most conservative 2018 .75 .90 1.00 .85 3.50 quarters, since construction activities, and long-term investors. Also, an above- Cal- QUARTERLY DIVIDENDS PAID ■B Full take place mostly during the summer average mark for Financial Strength (A), endar Mar.31 Jun.30 Sep.30 Dec.31 Year months. Such undertakings are likely to adds a cherry on top. Plus, WM has a good 2013 .365 .365 .365 .365 1.46 produce debris, the collection and recycling dividend yield and we expect payments to 2014 .375 .375 .375 .375 1.50 of which should benefit its bottom line. Ad- rise over the next 3 to 5 year, as the com- 2015 .385 .385 .385 .385 1.54 ditionally, a lower share count due to the pany is constantly working toward share- 2016 .41 .41 .41 .41 1.64 ongoing share repurchases should further holder value creation. 2017 .425 .425 boost the bottom line. However, we remain Emma Jalees May 26, 2017 (A) Based on diluted shares. Next earnings traord. gains: ’02, $0.02; ’04, $0.20; ’05, $0.54; Sept., and Dec. ■ Div. reinvestment plan avail. Company’s Financial Strength A report due late July. Excludes extraord. losses: ’06, $0.28; ’07, $0.16; ’09, $0.01; ’14, $0.31; 15 (C) Incl. intangs. At ’16; 6806 mill., $15.43. Stock’s Price Stability 100 ’01, $0.36; ’03, $0.18; ’10, $0.12; ’11, $0.10; Q2, $0.10; ’16, $0.26; ’17 Q1, ($0.01). (D) In millions. Price Growth Persistence 45 ’12, $0.22; ’13, $1.94; ’15, $0.88. Excl. ex- (B) Dividends usually paid in late March, June, Earnings Predictability 100 © 2017 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribeMSFR call 1-800-VALUELINE 2118 of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. BDX Analyst Opinion | Analyst Estimates | Becton, Dickinson and Company C Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 113 of 190
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Becton, Dickinson and Company (BDX)
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192.8300+3.60 (+1.90%) At close: 4:00PM EDT 191.7896 -1.04 (-0.54%) After hours: 4:18PM EDT People also watch BCRBAXAPDADPCB Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 15 15 15 15 Avg. Estimate 2.44 2.38 9.44 10.35 Low Estimate 2.35 2.32 9.4 10.26 High Estimate 2.53 2.44 9.55 10.43 Year Ago EPS 2.35 2.12 8.59 9.44 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 14 14 15 14 Avg. Estimate 3.06B 3.1B 12.04B 12.58B Low Estimate 3.03B 3.07B 11.98B 12.49B High Estimate 3.08B 3.13B 12.08B 12.74B Year Ago Sales 3.2B 3.23B 12.5B 12.04B Sales Growth (year/est)-4.40% -4.10% -3.70% 4.50% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 2.2 2.08 2.12 2.23 EPS Actual 2.35 2.12 2.33 2.3 Difference 0.15 0.04 0.21 0.07 Surprise % 6.80% 1.90% 9.90% 3.10% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate2.44 2.38 9.44 10.35 7 Days Ago 2.44 2.38 9.44 10.35 30 Days Ago 2.47 2.4 9.44 10.39 MSFR 2119 https://finance.yahoo.com/quote/BDX/analysts?p=BDX[6/1/2017 3:22:03 PM] BDX Analyst Opinion | Analyst Estimates | Becton, Dickinson and Company C Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 114 of 190 60 Days Ago 2.47 2.39 9.44 10.4 90 Days Ago 2.47 2.4 9.43 10.4 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A 1 Up Last 30 Days 1 2 5 4 Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates BDX IndustrySectorS&P 500 Current Qtr. 3.80% N/A N/A 0.20 Next Qtr. 12.30%N/A N/A 0.21 Current Year 9.90% N/A N/A 0.09 Next Year 9.60% N/A N/A 0.12 Next 5 Years (per annum) 9.91% N/A N/A 0.10 Past 5 Years (per annum) 12.16%N/A N/A N/A
Recommendation Trends MarAprMayJun048121615161617 Strong Buy Buy Hold Underperform Sell Recommendation2 Rating
1 Strong Buy 2 Buy 3 Hold 4 Under- perform 5 Sell Analyst Price Targets (13)
Low 187.00 High 213.00 Upgrades & Downgrades MSFR 2120 https://finance.yahoo.com/quote/BDX/analysts?p=BDX[6/1/2017 3:22:03 PM] BMS Analyst Opinion | Analyst Estimates | Bemis Company, Inc. Common Stoc Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 115 of 190 21,144.18 +135.53 (+0.65%) Nasdaq 6,246.83 +48.31 (+0.78%) Crude Oil 47.96 -0.36 (-0.75%) Gold 1,269.70 -5.70 (-0.45%) Silver 17.30 -0.11 (-0.61%)
BMS BMS The Final Round S&P 500, Nasdaq hit new closing highs Live at 4 p.m. ET
Bemis Company, Inc. (BMS)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
45.21+0.57 (+1.28%) At close: 4:02PM EDT 44.99 -0.20 (-0.43%) After hours: 4:11PM EDT People also watch BLLCINFBCRAVY APD Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 14 14 15 15 Avg. Estimate 0.58 0.72 2.55 2.84 MSFR 2121 https://finance.yahoo.com/quote/BMS/analysts?p=BMS[6/1/2017 3:26:26 PM] BMS Analyst Opinion | Analyst Estimates | Bemis Company, Inc. Common Stoc Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 116 of 190 Low Estimate 0.53 0.69 2.5 2.68 High Estimate 0.65 0.74 2.6 3.03 Year Ago EPS 0.67 0.75 2.69 2.55 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 12 12 14 14 Avg. Estimate 1.03B 1.03B 4.05B 4.12B Low Estimate 1.01B 1.02B 4.02B 3.98B High Estimate 1.07B 1.04B 4.11B 4.44B Year Ago Sales 1.02B 1.03B 4B 4.05B Sales Growth (year/est)0.80% 0.40% 1.10% 1.70% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.67 0.75 0.66 0.65 EPS Actual 0.67 0.75 0.67 0.58 Difference N/A N/A 0.01 -0.07 Surprise % N/A N/A 1.50% -10.80% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.58 0.72 2.55 2.84 7 Days Ago 0.58 0.72 2.55 2.84 30 Days Ago 0.69 0.78 2.84 3.1 60 Days Ago 0.72 0.79 2.9 3.18 90 Days Ago 0.72 0.79 2.9 3.17 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A N/A N/A N/A Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates BMS IndustrySectorS&P 500 Current Qtr. -13.40%N/A N/A 0.20 Next Qtr. -4.00% N/A N/A 0.21 Current Year -5.20% N/A N/A 0.09 Next Year 11.40% N/A N/A 0.12 Next 5 Years (per annum) 6.49% N/A N/A 0.10 Past 5 Years (per annum) 4.74% N/A N/A N/A
Recommendation Trends MarAprMayJun0481214121411 15121512 Strong Buy Buy Hold Underperform Sell Recommendation3.1 Rating
1 Strong MSFR 2122 https://finance.yahoo.com/quote/BMS/analysts?p=BMS[6/1/2017 3:26:26 PM] CHD Analyst Opinion | Analyst Estimates | Church & Dwight Company, Inc. C Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 117 of 190 Low Estimate 0.37 0.49 1.88 1.95 High Estimate 0.43 0.54 1.95 2.21 Year Ago EPS 0.43 0.47 1.77 1.93 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 16 16 21 21 Avg. Estimate 899.77M 911.61M 3.62B 3.74B Low Estimate 889M 898.7M 3.59B 3.68B High Estimate 907.9M 925.2M 3.65B 3.78B Year Ago Sales 877.4M 870.7M 3.49B 3.62B Sales Growth (year/est)2.50% 4.70% 3.80% 3.10% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.4 0.47 0.42 0.46 EPS Actual 0.43 0.47 0.44 0.52 Difference 0.03 N/A 0.02 0.06 Surprise % 7.50% N/A 4.80% 13.00% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.39 0.52 1.93 2.07 7 Days Ago 0.39 0.52 1.93 2.07 30 Days Ago 0.42 0.53 1.9 2.05 60 Days Ago 0.42 0.53 1.9 2.04 90 Days Ago 0.42 0.53 1.9 2.04 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A 1 21 18 Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates CHD IndustrySectorS&P 500 Current Qtr. -9.30% N/A N/A 0.20 Next Qtr. 10.60%N/A N/A 0.21 Current Year 9.00% N/A N/A 0.09 Next Year 7.30% N/A N/A 0.12 Next 5 Years (per annum) 8.24% N/A N/A 0.10 Past 5 Years (per annum) 9.65% N/A N/A N/A
Recommendation Trends MarAprMayJun010202213211320122012 Strong Buy Buy Hold Underperform Sell Recommendation3 Rating
1 Strong MSFR 2123 https://finance.yahoo.com/quote/CHD/analysts?p=CHD[6/1/2017 3:27:30 PM] CL Analyst Opinion | Analyst Estimates | Colgate-Palmolive Company Commo Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 118 of 190 Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 18 18 22 23 Avg. Estimate 0.72 0.74 2.92 3.17 Low Estimate 0.7 0.72 2.87 3.05 High Estimate 0.74 0.76 2.96 3.3 Year Ago EPS 0.7 0.73 2.81 2.92 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 15 15 19 20 Avg. Estimate 3.89B 3.95B 15.53B 16.18B Low Estimate 3.81B 3.85B 15.32B 15.88B High Estimate 3.96B 4.01B 15.69B 16.45B Year Ago Sales 3.85B 3.87B 15.2B 15.53B Sales Growth (year/est)1.20% 2.20% 2.20% 4.20% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.69 0.73 0.75 0.66 EPS Actual 0.7 0.73 0.75 0.67 Difference 0.01 N/A N/A 0.01 Surprise % 1.40% N/A N/A 1.50% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.72 0.74 2.92 3.17 7 Days Ago 0.72 0.74 2.92 3.17 30 Days Ago 0.73 0.75 2.93 3.19 60 Days Ago 0.72 0.74 2.92 3.17 90 Days Ago 0.72 0.74 2.93 3.17 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days 2 3 5 6 Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates CL IndustrySectorS&P 500 Current Qtr. 2.90%N/A N/A 0.20 Next Qtr. 1.40%N/A N/A 0.21 Current Year 3.90%N/A N/A 0.09 Next Year 8.60%N/A N/A 0.12 Next 5 Years (per annum) 8.58%N/A N/A 0.10 Past 5 Years (per annum) 1.00%N/A N/A N/A
MSFR 2124 https://finance.yahoo.com/quote/CL/analysts?p=CL[6/1/2017 3:29:01 PM] COST Analyst Opinion | Analyst Estimates | Costco Wholesale Corporation Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 119 of 190
COST COST Costco Wholesale Corporation (COST)
NasdaqGS - NasdaqGS Real Time Price. Currency in USD Add to watchlist
180.63+0.20 (+0.11 %) At close: 4:00PM EDT 180.63 0.00 (0.00 %) After hours: 4:32PM EDT People also watch SBUXTGTWMTHDNKE Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Aug 2017)Next Qtr. (Nov 2017)Current Year (2017)Next Year (2018) No. of Analysts 27 18 22 31 Avg. Estimate 1.99 1.3 5.75 6.41 Low Estimate 1.88 1.25 5.64 6.21 High Estimate 2.07 1.35 5.89 6.68 Year Ago EPS 1.77 1.17 5.33 5.75 Revenue Estimate Current Qtr. (Aug 2017)Next Qtr. (Nov 2017)Current Year (2017)Next Year (2018) No. of Analysts 19 13 25 24 Avg. Estimate 41.26B 30.14B 127.8B 134.95B Low Estimate 39.03B 29.4B 125.45B 132.38B High Estimate 42.52B 30.73B 129.24B 138.38B Year Ago Sales 36.56B 28.1B 118.72B 127.8B Sales Growth (year/est)12.90% 7.20% 7.60% 5.60% Earnings History8/30/201611/29/20162/27/20175/30/2017 EPS Est. 1.73 1.19 1.36 1.31 EPS Actual 1.77 1.17 1.17 1.4 Difference 0.04 -0.02 -0.19 0.09 Surprise % 2.30% -1.70% -14.00% 6.90% EPS Trend Current Qtr. (Aug 2017)Next Qtr. (Nov 2017)Current Year (2017)Next Year (2018) Current Estimate1.99 1.3 5.75 6.41 7 Days Ago 1.98 1.3 5.64 6.38 30 Days Ago 1.99 1.3 5.64 6.39 60 Days Ago 1.99 1.31 5.66 6.41 90 Days Ago 2.02 1.33 5.91 6.57 EPS Revisions Current Qtr. (Aug 2017)Next Qtr. (Nov 2017)Current Year (2017)Next Year (2018) Up Last 7 Days 7 7 23 11 Up Last 30 Days 10 8 26 16 Down Last 30 Days10 6 1 5 Down Last 90 DaysN/A N/A N/A N/A Growth Estimates COST IndustrySectorS&P 500 Current Qtr. 12.40%N/A N/A 0.20 Next Qtr. 11.10% N/A N/A 0.21 Current Year 7.90% N/A N/A 0.09 MSFR 2125 https://finance.yahoo.com/quote/COST/analysts?p=COST[6/1/2017 3:32:46 PM] CVS Analyst Opinion | Analyst Estimates | CVS Health Corporation Common S Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 120 of 190 21,144.18 +135.53 (+0.65%) Nasdaq 6,246.83 +48.31 (+0.78%) Crude Oil 48.08 -0.24 (-0.50%) Gold 1,269.00 -6.40 (-0.50%) Silver 17.28 -0.12 (-0.70%)
CVS CVS CVS Health Corporation (CVS)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
78.2900+1.46 (+1.90%) At close: 4:04PM EDT 78.2900 0.00 (0.00%) After hours: 4:29PM EDT People also watch WBACOSTTGTRADUNH Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 21 21 23 23 Avg. Estimate 1.31 1.63 5.87 6.37 Low Estimate 1.29 1.51 5.82 6.25 High Estimate 1.33 1.7 5.93 6.5 Year Ago EPS 1.32 1.64 5.84 5.87 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 19 18 21 22 Avg. Estimate 45.39B 46.42B 184.34B 194.17B Low Estimate 44.98B 45.62B 183.59B 188.74B High Estimate 45.78B 47.36B 186.12B 199.68B Year Ago Sales 43.73B 44.62B 177.53B 184.34B Sales Growth (year/est)3.80% 4.10% 3.80% 5.30% Earnings History6/29/20169/29/201612/30/20163/30/2017 MSFR 2126 https://finance.yahoo.com/quote/CVS/analysts?p=CVS[6/1/2017 3:33:54 PM] CVS Analyst Opinion | Analyst Estimates | CVS Health Corporation Common S Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 121 of 190 EPS Est. 1.3 1.57 1.67 1.1 EPS Actual 1.32 1.64 1.71 1.17 Difference 0.02 0.07 0.04 0.07 Surprise % 1.50% 4.50% 2.40% 6.40% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate1.31 1.63 5.87 6.37 7 Days Ago 1.31 1.63 5.87 6.37 30 Days Ago 1.33 1.64 5.86 6.37 60 Days Ago 1.33 1.64 5.86 6.38 90 Days Ago 1.32 1.64 5.86 6.38 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days 5 5 11 6 Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates CVS IndustrySectorS&P 500 Current Qtr. -0.80% N/A N/A 0.20 Next Qtr. -0.60% N/A N/A 0.21 Current Year 0.50% N/A N/A 0.09 Next Year 8.50% N/A N/A 0.12 Next 5 Years (per annum) 7.89% N/A N/A 0.10 Past 5 Years (per annum) 13.49%N/A N/A N/A NEW RATE
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Recommendation Trends MarAprMayJun0102025711 7247107258107258107 Strong Buy Buy Hold Underperform Sell Recommendation2 Rating
1 Strong Buy 2 Buy 3 Hold 4 Under- perform 5 Sell Analyst Price Targets (22) MSFR 2127 https://finance.yahoo.com/quote/CVS/analysts?p=CVS[6/1/2017 3:33:54 PM] GIS Analyst Opinion | Analyst Estimates | General Mills, Inc. Common Stoc Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 122 of 190
GIS GIS CL 0.43% General Mills, Inc. (GIS)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
57.5500+0.81 (+1.43%) At close: 4:00PM EDT 57.5500 0.00 (0.00%) After hours: 4:24PM EDT People also watch KKMBCLCLXCPB Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (May 2017)Next Qtr. (Aug 2017)Current Year (2017)Next Year (2018) No. of Analysts 17 13 21 21 Avg. Estimate 0.71 0.84 3.05 3.22 Low Estimate 0.64 0.77 2.97 3 High Estimate 0.76 0.87 3.11 3.35 Year Ago EPS 0.66 0.78 2.92 3.05 Revenue Estimate Current Qtr. (May 2017)Next Qtr. (Aug 2017)Current Year (2017)Next Year (2018) No. of Analysts 14 11 19 19 Avg. Estimate 3.76B 3.84B 15.57B 15.46B Low Estimate 3.65B 3.76B 15.46B 15.12B High Estimate 3.79B 3.94B 15.72B 16B Year Ago Sales 3.93B 3.91B 16.56B 15.57B Sales Growth (year/est)-4.30% -1.70% -6.00% -0.70% Earnings History5/30/20168/30/201611/29/20162/27/2017 EPS Est. 0.6 0.75 0.86 0.71 EPS Actual 0.66 0.78 0.85 0.72 Difference 0.06 0.03 -0.01 0.01 Surprise % 10.00% 4.00% -1.20% 1.40% EPS Trend Current Qtr. (May 2017)Next Qtr. (Aug 2017)Current Year (2017)Next Year (2018) Current Estimate0.71 0.84 3.05 3.22 7 Days Ago 0.72 0.84 3.06 3.23 30 Days Ago 0.72 0.84 3.06 3.24 60 Days Ago 0.72 0.84 3.06 3.24 90 Days Ago 0.73 0.86 3.07 3.32 EPS Revisions Current Qtr. (May 2017)Next Qtr. (Aug 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A N/A 1 N/A Down Last 30 Days1 1 1 1 Down Last 90 DaysN/A N/A N/A N/A Growth Estimates GIS IndustrySectorS&P 500 Current Qtr. 7.60%N/A N/A 0.20 Next Qtr. 7.70%N/A N/A 0.21 Current Year 4.50%N/A N/A 0.09 MSFR 2128 https://finance.yahoo.com/quote/GIS/analysts?p=GIS[6/1/2017 3:37:58 PM] HRL Analyst Opinion | Analyst Estimates | Hormel Foods Corporation Common Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 123 of 190 Hormel Foods Corporation (HRL)
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33.91+0.28 (+0.83%) At close: 4:02PM EDT 33.91 0.00 (0.00%) After hours: 4:24PM EDT People also watch MKCGWWGPCTSNSJM Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2017)Next Year (2018) No. of Analysts 9 9 10 10 Avg. Estimate 0.37 0.45 1.65 1.7 Low Estimate 0.35 0.43 1.6 1.51 High Estimate 0.39 0.47 1.66 1.8 Year Ago EPS 0.36 0.45 1.64 1.65 Revenue Estimate Current Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2017)Next Year (2018) No. of Analysts 8 8 10 10 Avg. Estimate 2.23B 2.41B 9.12B 9.44B Low Estimate 2.17B 2.34B 8.98B 9.25B High Estimate 2.29B 2.57B 9.33B 9.69B Year Ago Sales 2.3B 2.63B 9.52B 9.12B Sales Growth (year/est)-3.00% -8.20% -4.20% 3.40% Earnings History7/30/201610/30/20161/30/20174/29/2017 EPS Est. 0.35 0.46 0.45 0.4 EPS Actual 0.36 0.45 0.44 0.39 Difference 0.01 -0.01 -0.01 -0.01 Surprise % 2.90% -2.20% -2.20% -2.50% EPS Trend Current Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2017)Next Year (2018) Current Estimate0.37 0.45 1.65 1.7 7 Days Ago 0.37 0.46 1.67 1.74 30 Days Ago 0.37 0.46 1.67 1.74 60 Days Ago 0.37 0.46 1.67 1.74 90 Days Ago 0.37 0.46 1.67 1.74 EPS Revisions Current Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days 1 1 N/A N/A Down Last 30 Days3 4 5 6 Down Last 90 DaysN/A N/A N/A N/A Growth Estimates HRL IndustrySectorS&P 500 Current Qtr. 2.80% N/A N/A 0.20 Next Qtr. N/A N/A N/A 0.21 Current Year 0.60% N/A N/A 0.09 Next Year 3.00% N/A N/A 0.12 Next 5 Years (per annum) 5.59% N/A N/A 0.10 Past 5 Years (per annum) 15.28%N/A N/A N/A
MSFR 2129 https://finance.yahoo.com/quote/HRL/analysts?p=HRL[6/1/2017 3:39:01 PM] K Analyst Opinion | Analyst Estimates | Kellogg Company Common Stock Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 124 of 190
K
Kellogg Company (K)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
72.94+1.34 (+1.87%) At close: 4:02PM EDT 72.55 -0.39 (-0.54%) After hours: 4:15PM EDT People also watch GISCPBHSYKMBCL Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 18 18 20 21 Avg. Estimate 0.93 0.93 3.92 4.22 Low Estimate 0.86 0.89 3.83 3.62 High Estimate 0.97 0.96 4 4.42 Year Ago EPS 0.91 0.96 3.74 3.92 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 13 13 16 17 Avg. Estimate 3.16B 3.18B 12.64B 12.61B Low Estimate 3.08B 3.12B 12.46B 12.07B High Estimate 3.29B 3.29B 13.01B 13.16B Year Ago Sales 3.27B 3.25B 13.01B 12.64B Sales Growth (year/est)-3.20% -2.20% -2.90% -0.20% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.91 0.87 0.85 0.99 EPS Actual 0.91 0.96 0.92 1.06 Difference N/A 0.09 0.07 0.07 Surprise % N/A 10.30% 8.20% 7.10% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.93 0.93 3.92 4.22 7 Days Ago 0.93 0.93 3.92 4.22 30 Days Ago 0.98 0.96 3.93 4.28 60 Days Ago 0.97 0.95 3.94 4.32 90 Days Ago 0.97 0.96 3.94 4.34 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A 2 4 1 Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates K IndustrySectorS&P 500 Current Qtr. 2.20% N/A N/A 0.20 Next Qtr. -3.10%N/A N/A 0.21 Current Year 4.80% N/A N/A 0.09 MSFR 2130 https://finance.yahoo.com/quote/K/analysts?p=K[6/1/2017 3:39:39 PM] KMB Analyst Opinion | Analyst Estimates | Kimberly-Clark Corporation Comm Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 125 of 190
KMB Kimberly-Clark Corporation (KMB)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
129.99+0.26 (+0.20%) At close: 4:02PM EDT 129.99 0.00 (0.00%) After hours: 4:32PM EDT People also watch CLXCLGISPGPEP Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 12 12 13 13 Avg. Estimate 1.5 1.58 6.27 6.72 Low Estimate 1.43 1.55 6.21 6.59 High Estimate 1.54 1.6 6.36 6.86 Year Ago EPS 1.53 1.52 6.03 6.27 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 10 10 12 12 Avg. Estimate 4.57B 4.72B 18.44B 19B Low Estimate 4.51B 4.62B 18.23B 18.63B High Estimate 4.62B 4.79B 18.52B 19.33B Year Ago Sales 4.59B 4.59B 18.2B 18.44B Sales Growth (year/est)-0.40% 2.70% 1.30% 3.10% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 1.48 1.54 1.42 1.55 EPS Actual 1.53 1.52 1.45 1.57 Difference 0.05 -0.02 0.03 0.02 Surprise % 3.40% -1.30% 2.10% 1.30% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate1.5 1.58 6.27 6.72 7 Days Ago 1.5 1.58 6.27 6.72 30 Days Ago 1.5 1.58 6.31 6.75 60 Days Ago 1.52 1.59 6.31 6.77 90 Days Ago 1.52 1.59 6.29 6.75 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A N/A N/A N/A Down Last 30 Days1 1 1 1 Down Last 90 DaysN/A N/A N/A N/A Growth Estimates KMB IndustrySectorS&P 500 Current Qtr. -2.00%N/A N/A 0.20 Next Qtr. 3.90% N/A N/A 0.21 Current Year 4.00% N/A N/A 0.09 MSFR 2131 https://finance.yahoo.com/quote/KMB/analysts?p=KMB[6/1/2017 3:40:33 PM] KO Analyst Opinion | Analyst Estimates | Coca-Cola Company (The) Common Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 126 of 190 21,144.18 +135.53 (+0.65%) Nasdaq 6,246.83 +48.31 (+0.78%) Crude Oil 48.07 -0.25 (-0.52%) Gold 1,269.30 -6.10 (-0.48%) Silver 17.29 -0.12 (-0.67%)
KO The Final Round S&P 500, Nasdaq hit new closing highs Live at 4 p.m. ET
The Coca-Cola Company (KO)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
45.79+0.32 (+0.70%) At close: 4:03PM EDT 45.79 0.00 (0.00%) After hours: 4:25PM EDT People also watch PGJNJPEPWMTXOM Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 21 21 24 25 Avg. Estimate 0.58 0.49 1.89 1.98 MSFR 2132 https://finance.yahoo.com/quote/KO/analysts?p=KO[6/1/2017 3:28:20 PM] KO Analyst Opinion | Analyst Estimates | Coca-Cola Company (The) Common Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 127 of 190 Low Estimate 0.56 0.46 1.85 1.88 High Estimate 0.6 0.51 2.07 2.25 Year Ago EPS 0.6 0.49 1.91 1.89 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 17 17 22 22 Avg. Estimate 9.66B 8.5B 35.21B 30.98B Low Estimate 8.87B 8.21B 34.17B 29.02B High Estimate 9.97B 8.8B 43.93B 44.76B Year Ago Sales 11.52B 10.63B 41.85B 35.21B Sales Growth (year/est)-16.20% -20.00% -15.90% -12.00% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.58 0.48 0.37 0.44 EPS Actual 0.6 0.49 0.37 0.43 Difference 0.02 0.01 N/A -0.01 Surprise % 3.40% 2.10% N/A -2.30% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.58 0.49 1.89 1.98 7 Days Ago 0.58 0.49 1.89 1.98 30 Days Ago 0.58 0.49 1.89 1.98 60 Days Ago 0.57 0.48 1.87 1.95 90 Days Ago 0.57 0.48 1.87 1.94 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A N/A 1 1 Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates KO IndustrySectorS&P 500 Current Qtr. -3.30%N/A N/A 0.20 Next Qtr. N/A N/A N/A 0.21 Current Year -1.00%N/A N/A 0.09 Next Year 4.80% N/A N/A 0.12 Next 5 Years (per annum) 4.83% N/A N/A 0.10 Past 5 Years (per annum) -2.68%N/A N/A N/A Jordan Scott Contracting
Jordan Scott Contracting LOCAL ROOFING EXPERTS. 10-year workmanship warranty.
LOCAL ROOFING EXPERTS. 10-year workmanship warranty.
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Recommendation Trends MarAprMayJun0102026157251524152414 Strong Buy Buy Hold Underperform Sell Recommendation2.5 Rating
1 Strong MSFR 2133 https://finance.yahoo.com/quote/KO/analysts?p=KO[6/1/2017 3:28:20 PM] MCD Analyst Opinion | Analyst Estimates | McDonald's Corporation Common S Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 128 of 190
MCD MCD McDonald's Corporation (MCD)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
152.39+2.44 (+1.63 %) At close: 4:04PM EDT 152.39 0.00 (0.00 %) After hours: 4:36PM EDT People also watch TGEKOWMTJNJ Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 28 28 32 31 Avg. Estimate 1.61 1.73 6.38 6.83 Low Estimate 1.51 1.65 5.88 6.5 High Estimate 1.7 2.03 6.73 7.07 Year Ago EPS 1.45 1.62 5.71 6.38 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 25 25 30 28 Avg. Estimate 5.94B 5.69B 22.44B 19.78B Low Estimate 5.62B 5.07B 21.58B 18.32B High Estimate 6.21B 6.34B 24.05B 23.24B Year Ago Sales 6.26B 6.42B 24.62B 22.44B Sales Growth (year/est)-5.20% -11.40% -8.90% -11.80% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 1.38 1.48 1.41 1.33 EPS Actual 1.45 1.62 1.43 1.47 Difference 0.07 0.14 0.02 0.14 Surprise % 5.10% 9.50% 1.40% 10.50% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate1.61 1.73 6.38 6.83 7 Days Ago 1.61 1.73 6.38 6.82 30 Days Ago 1.6 1.72 6.35 6.78 60 Days Ago 1.56 1.69 6.15 6.62 90 Days Ago 1.57 1.69 6.16 6.62 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A 1 1 Up Last 30 Days N/A N/A 2 2 Down Last 30 Days1 N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates MCD IndustrySectorS&P 500 Current Qtr. 11.00% N/A N/A 0.20 Next Qtr. 6.80% N/A N/A 0.21 Current Year 11.70% N/A N/A 0.09 MSFR 2134 https://finance.yahoo.com/quote/MCD/analysts?p=MCD[6/1/2017 3:44:46 PM] MKC Analyst Opinion | Analyst Estimates | McCormick & Company, Incorporat Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 129 of 190 At close: 4:05PM EDT 105.04 -0.40 (-0.38 %) After hours: 4:15PM EDT People also watch HRLGWWGPCLEGSJM Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (May 2017)Next Qtr. (Aug 2017)Current Year (2017)Next Year (2018) No. of Analysts 12 12 14 13 Avg. Estimate 0.76 1.09 4.08 4.47 Low Estimate 0.75 1.05 4 4.35 High Estimate 0.79 1.14 4.11 4.62 Year Ago EPS 0.75 1.03 3.78 4.08 Revenue Estimate Current Qtr. (May 2017)Next Qtr. (Aug 2017)Current Year (2017)Next Year (2018) No. of Analysts 9 9 12 12 Avg. Estimate 1.1B 1.13B 4.56B 4.73B Low Estimate 1.08B 1.12B 4.53B 4.66B High Estimate 1.12B 1.16B 4.62B 4.79B Year Ago Sales 1.06B 1.09B 4.41B 4.56B Sales Growth (year/est)3.30% 3.90% 3.50% 3.60% Earnings History5/30/20168/30/201611/29/20162/27/2017 EPS Est. 0.74 0.94 1.27 0.74 EPS Actual 0.75 1.03 1.27 0.76 Difference 0.01 0.09 N/A 0.02 Surprise % 1.40% 9.60% N/A 2.70% EPS Trend Current Qtr. (May 2017)Next Qtr. (Aug 2017)Current Year (2017)Next Year (2018) Current Estimate0.76 1.09 4.08 4.47 7 Days Ago 0.76 1.09 4.08 4.47 30 Days Ago 0.76 1.09 4.08 4.47 60 Days Ago 0.77 1.08 4.07 4.45 90 Days Ago 0.82 1.08 4.09 4.46 EPS Revisions Current Qtr. (May 2017)Next Qtr. (Aug 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A N/A N/A N/A Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates MKC IndustrySectorS&P 500 Current Qtr. 1.30%N/A N/A 0.20 Next Qtr. 5.80%N/A N/A 0.21 Current Year 7.90%N/A N/A 0.09 Next Year 9.60%N/A N/A 0.12 Next 5 Years (per annum) 8.50%N/A N/A 0.10 Past 5 Years (per annum) 7.60%N/A N/A N/A
MSFR 2135 https://finance.yahoo.com/quote/MKC/analysts?p=MKC[6/1/2017 3:43:46 PM] PEP Analyst Opinion | Analyst Estimates | Pepsico, Inc. Common Stock Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 130 of 190
MCD MCD Pepsico, Inc. (PEP)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist Yahoo Small Business Data DisclaimerHelpSuggestions 117.23Privacy+0.36About (+0.31%) Our AdsTerms (Updated) AtFollow close: Yahoo 4:02PM Finance EDT 117.23 0.00 (0.00%) After hours: 4:36PM EDT People also watch KOPGJNJCLWMT Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 19 19 22 24 Avg. Estimate 1.4 1.49 5.14 5.54 Low Estimate 1.34 1.45 5.09 5.39 High Estimate 1.47 1.54 5.3 5.74 Year Ago EPS 1.35 1.4 4.85 5.14 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 16 16 19 21 Avg. Estimate 15.63B 16.4B 63.73B 66.03B Low Estimate 15.39B 15.97B 62.77B 64.44B High Estimate 15.97B 16.63B 65.12B 67.38B Year Ago Sales 15.39B 16.03B 62.8B 63.73B Sales Growth (year/est)1.50% 2.30% 1.50% 3.60% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 1.3 1.32 1.16 0.92 EPS Actual 1.35 1.4 1.2 0.94 Difference 0.05 0.08 0.04 0.02 Surprise % 3.80% 6.10% 3.40% 2.20% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate1.4 1.49 5.14 5.54 7 Days Ago 1.4 1.49 5.14 5.54 30 Days Ago 1.41 1.49 5.14 5.55 60 Days Ago 1.46 1.48 5.13 5.54 90 Days Ago 1.45 1.48 5.12 5.55 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A 1 N/A N/A Down Last 30 DaysN/A N/A N/A 1 Down Last 90 DaysN/A N/A N/A N/A Growth Estimates PEP IndustrySectorS&P 500 Current Qtr. 3.70%N/A N/A 0.20 Next Qtr. 6.40%N/A N/A 0.21 Current Year 6.00%N/A N/A 0.09 MSFR 2136 https://finance.yahoo.com/quote/PEP/analysts?p=PEP[6/1/2017 3:45:18 PM] PEP Analyst Opinion | Analyst Estimates | Pepsico, Inc. Common Stock Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 131 of 190 Next Year 7.80%N/A N/A 0.12 Next 5 Years (per annum) 6.41%N/A N/A 0.10 Past 5 Years (per annum) 3.77%N/A N/A N/A
MSFR 2137 https://finance.yahoo.com/quote/PEP/analysts?p=PEP[6/1/2017 3:45:18 PM] PG Analyst Opinion | Analyst Estimates | Procter & Gamble Company (The) Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 132 of 190
PG
The Procter & Gamble Company (PG)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
88.13+0.04 (+0.05%) At close: 4:00PM EDT 88.09 -0.04 (-0.05%) After hours: 4:45PM EDT People also watch JNJKOXOMPEPMMM Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 19 13 21 22 Avg. Estimate 0.78 1.09 3.85 4.11 Low Estimate 0.74 1.04 3.77 4.01 High Estimate 0.81 1.12 3.88 4.27 Year Ago EPS 0.79 1.03 3.67 3.85 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 16 10 19 20 Avg. Estimate 16.04B 16.59B 65.02B 66.6B Low Estimate 15.84B 16.2B 64.81B 65.78B High Estimate 16.54B 16.94B 65.52B 67.79B Year Ago Sales 16.1B 16.52B 65.3B 65.02B Sales Growth (year/est)-0.40% 0.40% -0.40% 2.40% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.74 0.98 1.06 0.94 EPS Actual 0.79 1.03 1.08 0.96 Difference 0.05 0.05 0.02 0.02 Surprise % 6.80% 5.10% 1.90% 2.10% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.78 1.09 3.85 4.11 7 Days Ago 0.78 1.09 3.85 4.11 30 Days Ago 0.79 1.09 3.84 4.11 60 Days Ago 0.8 1.09 3.84 4.13 90 Days Ago 0.8 1.09 3.84 4.13 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A N/A N/A N/A Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates PG IndustrySectorS&P 500 Current Qtr. -1.30%N/A N/A 0.20 Next Qtr. 5.80% N/A N/A 0.21 Current Year 4.90% N/A N/A 0.09 MSFR 2138 https://finance.yahoo.com/quote/PG/analysts?p=PG[6/1/2017 3:46:04 PM] PG Analyst Opinion | Analyst Estimates | Procter & Gamble Company (The) Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 133 of 190 Next Year 6.80% N/A N/A 0.12 Next 5 Years (per annum) 5.97% N/A N/A 0.10 Past 5 Years (per annum) -0.54%N/A N/A N/A
MSFR 2139 https://finance.yahoo.com/quote/PG/analysts?p=PG[6/1/2017 3:46:04 PM] SJM Analyst Opinion | Analyst Estimates | J.M. Smucker Company (The) New Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 134 of 190
SJM SJM The J. M. Smucker Company (SJM)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
130.23+2.38 (+1.86%) At close: 4:00PM EDT 127.85 -2.38 (-1.83%) After hours: 4:45PM EDT People also watch MKCHRLGISCPBK Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Apr 2017)Next Qtr. (Jul 2017)Current Year (2017)Next Year (2018) No. of Analysts 16 10 18 18 Avg. Estimate 1.71 1.91 7.62 7.91 Low Estimate 1.54 1.82 7.45 7.15 High Estimate 1.76 2 7.67 8.1 Year Ago EPS 1.44 1.86 6 7.62 Revenue Estimate Current Qtr. (Apr 2017)Next Qtr. (Jul 2017)Current Year (2017)Next Year (2018) No. of Analysts 13 7 19 19 Avg. Estimate 1.78B 1.83B 7.38B 7.45B Low Estimate 1.72B 1.79B 7.33B 7.2B High Estimate 1.82B 1.85B 7.43B 7.61B Year Ago Sales 1.81B 1.82B 7.81B 7.38B Sales Growth (year/est)-1.80% 0.80% -5.50% 0.90% Earnings History4/29/20167/30/201610/30/20161/30/2017 EPS Est. 1.2 1.74 1.93 2 EPS Actual 1.44 1.86 2.05 2 Difference 0.24 0.12 0.12 N/A Surprise % 20.00% 6.90% 6.20% N/A EPS Trend Current Qtr. (Apr 2017)Next Qtr. (Jul 2017)Current Year (2017)Next Year (2018) Current Estimate1.71 1.91 7.62 7.91 7 Days Ago 1.71 1.91 7.62 7.91 30 Days Ago 1.72 1.92 7.63 7.95 60 Days Ago 1.74 1.92 7.65 7.99 90 Days Ago 1.74 1.92 7.65 7.98 EPS Revisions Current Qtr. (Apr 2017)Next Qtr. (Jul 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days N/A N/A N/A N/A Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates SJM IndustrySectorS&P 500 Current Qtr. 18.80%N/A N/A 0.20 Next Qtr. 2.70% N/A N/A 0.21 Current Year 27.00%N/A N/A 0.09 MSFR 2140 https://finance.yahoo.com/quote/SJM/analysts?p=SJM[6/1/2017 3:47:11 PM] SYY Analyst Opinion | Analyst Estimates | Sysco Corporation Common Stock Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 135 of 190
SYY Sysco Corporation (SYY)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
55.40Yahoo+0.84 Small (+1.54%) Business AtData close: Disclaimer 4:01PMHelpSuggestions EDT 54.56Privacy -0.84About (-1.52%) Our AdsTerms (Updated) AfterFollow hours: Yahoo 4:45PM Finance EDT People also watch KMBCLADPCLXITW Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 16 10 19 18 Avg. Estimate 0.72 0.73 2.47 2.75 Low Estimate 0.68 0.71 2.43 2.56 High Estimate 0.76 0.75 2.52 2.9 Year Ago EPS 0.64 0.67 2.1 2.47 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 13 8 16 16 Avg. Estimate 14.33B 14.4B 55.31B 57.05B Low Estimate 14.08B 14.32B 55.03B 56.54B High Estimate 15.04B 14.56B 55.99B 57.63B Year Ago Sales 13.65B 13.97B 50.37B 55.31B Sales Growth (year/est)5.00% 3.10% 9.80% 3.10% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.61 0.58 0.54 0.52 EPS Actual 0.64 0.67 0.58 0.51 Difference 0.03 0.09 0.04 -0.01 Surprise % 4.90% 15.50% 7.40% -1.90% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.72 0.73 2.47 2.75 7 Days Ago 0.72 0.73 2.47 2.75 30 Days Ago 0.72 0.73 2.48 2.75 60 Days Ago 0.72 0.73 2.48 2.75 90 Days Ago 0.72 0.73 2.48 2.75 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days 3 3 3 8 Down Last 30 DaysN/A N/A N/A N/A MSFR 2141 https://finance.yahoo.com/quote/SYY/analysts?p=SYY[6/1/2017 3:48:19 PM] SYY Analyst Opinion | Analyst Estimates | Sysco Corporation Common Stock Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 136 of 190 Down Last 90 DaysN/A N/A N/A N/A Growth Estimates SYY IndustrySectorS&P 500 Current Qtr. 12.50%N/A N/A 0.20 Next Qtr. 9.00% N/A N/A 0.21 Current Year 17.60%N/A N/A 0.09 Next Year 11.30% N/A N/A 0.12 Next 5 Years (per annum) 12.16%N/A N/A 0.10 Past 5 Years (per annum) 4.39% N/A N/A N/A
MSFR 2142 https://finance.yahoo.com/quote/SYY/analysts?p=SYY[6/1/2017 3:48:19 PM] T Analyst Opinion | Analyst Estimates | AT&T Inc. Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 137 of 190
T The Final Round S&P 500, Nasdaq hit new closing highs Live at 4 p.m. ET
AT&T Inc. (T)
NYSE - Nasdaq Real Time Price. Currency in USD Add to watchlist
38.87+0.34 (+0.88 %) At close: 4:00PM EDT 38.73 -0.14 (-0.36 %) After hours: 4:15PM EDT People also watch MCDGEVZPFEXOM Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 22 22 28 27 Avg. Estimate 0.74 0.76 2.9 2.96 Low Estimate 0.71 0.71 2.74 2.48 High Estimate 0.78 0.81 3.03 3.15 Year Ago EPS 0.72 0.74 2.84 2.9 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 19 19 26 26 Avg. Estimate 39.85B 40.42B 161.4B 162.64B Low Estimate 39.13B 39.57B 159.08B 156.93B High Estimate 40.75B 41.14B 164.62B 169.04B Year Ago Sales 40.52B 40.89B 163.79B 161.4B Sales Growth (year/est)-1.60% -1.20% -1.50% 0.80% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.72 0.74 0.66 0.74 EPS Actual 0.72 0.74 0.66 0.74 Difference N/A N/A N/A N/A Surprise % N/A N/A N/A N/A EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.74 0.76 2.9 2.96 7 Days Ago 0.74 0.76 2.91 2.96 30 Days Ago 0.74 0.76 2.92 3 MSFR 2143 https://finance.yahoo.com/quote/T/analysts?p=T[6/1/2017 3:17:54 PM] T Analyst Opinion | Analyst Estimates | AT&T Inc. Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 138 of 190 60 Days Ago 0.76 0.77 2.94 3.03 90 Days Ago 0.76 0.77 2.95 3.03 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A 1 Up Last 30 Days N/A N/A N/A 1 Down Last 30 Days1 1 1 1 Down Last 90 DaysN/A N/A N/A N/A Growth Estimates T IndustrySectorS&P 500 Current Qtr. 2.80%N/A N/A 0.20 Next Qtr. 2.70%N/A N/A 0.21 Current Year 2.10%N/A N/A 0.09 Next Year 2.10%N/A N/A 0.12 Next 5 Years (per annum) 7.90%N/A N/A 0.10 Past 5 Years (per annum) 4.31%N/A N/A N/A
Recommendation Trends MarAprMayJun01020303018291629173017 Strong Buy Buy Hold Underperform Sell Recommendation2.6 Rating
1 Strong Buy 2 Buy 3 Hold 4 Under- perform 5 Sell Analyst Price Targets (21)
Low 23.00 High 48.00 Upgrades & Downgrades MSFR 2144 https://finance.yahoo.com/quote/T/analysts?p=T[6/1/2017 3:17:54 PM] TJX Analyst Opinion | Analyst Estimates | TJX Companies, Inc. (The) Commo Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 139 of 190
75.90+0.69 (+0.92%) At close: 4:04PM EDT 75.21 -0.69 (-0.91%) After hours: 4:45PM EDT People also watch ROSTKSSJWNTIFVFC Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2018)Next Year (2019) No. of Analysts 25 25 26 26 Avg. Estimate 0.84 1 3.89 4.22 Low Estimate 0.81 0.96 3.81 4.1 High Estimate 0.9 1.04 4 4.71 Year Ago EPS 0.84 0.91 3.53 3.89 Revenue Estimate Current Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2018)Next Year (2019) No. of Analysts 22 22 25 25 Avg. Estimate 8.3B 8.79B 35.54B 37.5B Low Estimate 8.21B 8.19B 35.31B 36.52B High Estimate 8.44B 8.98B 36.35B 39.3B Year Ago Sales 7.88B 8.29B 33.18B 35.54B Sales Growth (year/est)5.30% 6.00% 7.10% 5.50% Earnings History7/30/201610/30/20161/30/20174/29/2017 EPS Est. 0.81 0.87 1 0.79 EPS Actual 0.84 0.91 1.03 0.82 Difference 0.03 0.04 0.03 0.03 Surprise % 3.70% 4.60% 3.00% 3.80% EPS Trend Current Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2018)Next Year (2019) Current Estimate0.84 1 3.89 4.22 7 Days Ago 0.84 1 3.89 4.22 30 Days Ago 0.92 1 3.91 4.21 60 Days Ago 0.92 1 3.91 4.21 90 Days Ago 0.92 1 3.91 4.21 EPS Revisions Current Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2018)Next Year (2019) Up Last 7 Days N/A N/A N/A 1 Up Last 30 Days N/A 13 3 4 Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates TJX IndustrySectorS&P 500 Current Qtr. N/A N/A N/A 0.20 Next Qtr. 9.90% N/A N/A 0.21 Current Year 10.20%N/A N/A 0.09 Next Year 8.50% N/A N/A 0.12 Next 5 Years (per annum) 10.76%N/A N/A 0.10 Past 5 Years (per annum) 8.86% N/A N/A N/A
MSFR 2145 https://finance.yahoo.com/quote/TJX/analysts?p=TJX[6/1/2017 3:50:51 PM] UPS Analyst Opinion | Analyst Estimates | United Parcel Service, Inc. Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 140 of 190
UPS UPS United Parcel Service, Inc. (UPS)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
107.66+1.69 (+1.59%) At close: 4:03PM EDT 105.97 -1.69 (-1.57 %) After hours: 4:51PM EDT People also watch FDXPGPEPMMMUNP Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 20 20 23 26 Avg. Estimate 1.46 1.48 5.95 6.44 Low Estimate 1.41 1.42 5.86 6.16 High Estimate 1.5 1.52 6.04 7.1 Year Ago EPS 1.43 1.44 5.75 5.95 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 14 14 20 22 Avg. Estimate 15.46B 15.59B 64.19B 67.31B Low Estimate 15.34B 15.37B 63.49B 65.48B High Estimate 15.67B 15.91B 64.74B 68.12B Year Ago Sales 14.63B 14.93B 60.91B 64.19B Sales Growth (year/est)5.70% 4.40% 5.40% 4.90% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 1.43 1.44 1.69 1.29 EPS Actual 1.43 1.44 1.63 1.32 Difference N/A N/A -0.06 0.03 Surprise % N/A N/A -3.60% 2.30% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate1.46 1.48 5.95 6.44 7 Days Ago 1.46 1.48 5.95 6.44 30 Days Ago 1.47 1.49 5.95 6.45 60 Days Ago 1.48 1.5 5.95 6.45 90 Days Ago 1.48 1.5 5.95 6.45 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days 3 N/A 5 4 Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates UPS IndustrySectorS&P 500 Current Qtr. 2.10%N/A N/A 0.20 Next Qtr. 2.80%N/A N/A 0.21 Current Year 3.50%N/A N/A 0.09 MSFR 2146 https://finance.yahoo.com/quote/UPS/analysts?p=UPS[6/1/2017 3:52:35 PM] VZ Analyst Opinion | Analyst Estimates | Verizon Communications Inc. Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 141 of 190
VZ Verizon Communications Inc. (VZ)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
46.51-0.13 (-0.28%) At close: 4:02PM EDT 46.51 0.00 (0.00%) After hours: 4:52PM EDT People also watch TJNJXOMPGPFE Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 25 25 30 30 Avg. Estimate 0.96 0.97 3.76 3.83 Low Estimate 0.91 0.81 3.56 3.4 High Estimate 1.01 1.01 3.82 4.07 Year Ago EPS 0.94 1.01 3.87 3.76 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 21 21 29 28 Avg. Estimate 29.96B 30.63B 122.77B 123.56B Low Estimate 29.2B 29.74B 120.04B 118.31B High Estimate 31.18B 31.37B 125.5B 128.95B Year Ago Sales 30.53B 30.94B 125.98B 122.77B Sales Growth (year/est)-1.90% -1.00% -2.60% 0.60% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.92 0.99 0.89 0.96 EPS Actual 0.94 1.01 0.86 0.95 Difference 0.02 0.02 -0.03 -0.01 Surprise % 2.20% 2.00% -3.40% -1.00% EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.96 0.97 3.76 3.83 7 Days Ago 0.96 0.97 3.77 3.85 30 Days Ago 0.96 0.97 3.77 3.85 60 Days Ago 1.01 0.99 3.85 3.95 90 Days Ago 1.01 0.99 3.85 3.96 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days 1 N/A N/A N/A Up Last 30 Days 1 N/A N/A N/A Down Last 30 Days1 2 2 3 Down Last 90 DaysN/A N/A N/A N/A Growth Estimates VZ IndustrySectorS&P 500 Current Qtr. 2.10% N/A N/A 0.20 Next Qtr. -4.00% N/A N/A 0.21 Current Year -2.80% N/A N/A 0.09 MSFR 2147 https://finance.yahoo.com/quote/VZ/analysts?p=VZ[6/1/2017 3:53:55 PM] VZ Analyst Opinion | Analyst Estimates | Verizon Communications Inc. Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 142 of 190 Next Year 1.90% N/A N/A 0.12 Next 5 Years (per annum) 2.46% N/A N/A 0.10 Past 5 Years (per annum) 12.36%N/A N/A N/A
Recommendation Trends MarAprMayJun010203033243322733233323 Strong Buy Buy Hold Underperform Sell Recommendation2.7 Rating
1 Strong Buy 2 Buy 3 Hold 4 Under- perform 5 Sell Analyst Price Targets (22)
Low 38.00 High 59.00 Upgrades & Downgrades DowngradeArgus: Buy to Hold 4/21/2017 Upgrade MoffettNathanson: Neutral to Buy 2/21/2017 DowngradeRaymond James: Outperform to Mkt Perform 1/25/2017 DowngradeRBC Capital Mkts: Outperform to Sector Perform1/25/2017 DowngradeFBR & Co.: Outperform to Mkt Perform 1/25/2017 DowngradeWells Fargo: Outperform to Market Perform 1/23/2017
MSFR 2148 https://finance.yahoo.com/quote/VZ/analysts?p=VZ[6/1/2017 3:53:55 PM] WM Analyst Opinion | Analyst Estimates | Waste Management, Inc. Common S Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 143 of 190
WM Waste Management, Inc. (WM)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
73.46+0.55 (+0.75%) At close: 4:02PM EDT 73.46 0.00 (0.00%) After hours: 4:52PM EDT People also watch WBWFCUSBKMBSYY Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 9 9 12 11 Avg. Estimate 0.81 0.88 3.18 3.47 Low Estimate 0.79 0.86 3.15 3.35 High Estimate 0.83 0.91 3.21 3.6 Year Ago EPS 0.74 0.84 2.91 3.18 Revenue Estimate Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) No. of Analysts 8 8 12 11 Avg. Estimate 3.61B 3.69B 14.31B 14.84B Low Estimate 3.55B 3.67B 14.05B 14.55B High Estimate 3.68B 3.74B 14.48B 15.01B Year Ago Sales 3.42B 3.55B 13.61B 14.31B Sales Growth (year/est)5.40% 4.10% 5.20% 3.70% Earnings History6/29/20169/29/201612/30/20163/30/2017 EPS Est. 0.71 0.8 0.77 0.66 EPS Actual 0.74 0.84 0.76 0.66 Difference 0.03 0.04 -0.01 N/A Surprise % 4.20% 5.00% -1.30% N/A EPS Trend Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Current Estimate0.81 0.88 3.18 3.47 7 Days Ago 0.81 0.88 3.18 3.47 30 Days Ago 0.81 0.89 3.17 3.47 60 Days Ago 0.81 0.89 3.17 3.46 90 Days Ago 0.81 0.88 3.17 3.46 EPS Revisions Current Qtr. (Jun 2017)Next Qtr. (Sep 2017)Current Year (2017)Next Year (2018) Up Last 7 Days N/A N/A N/A N/A Up Last 30 Days 1 N/A 4 2 Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates WM IndustrySectorS&P 500 Current Qtr. 9.50% N/A N/A 0.20 Next Qtr. 4.80% N/A N/A 0.21 Current Year 9.30% N/A N/A 0.09 MSFR 2149 https://finance.yahoo.com/quote/WM/analysts?p=WM[6/1/2017 3:55:50 PM] WM Analyst Opinion | Analyst Estimates | Waste Management, Inc. Common S Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 144 of 190 Next Year 9.10% N/A N/A 0.12 Next 5 Years (per annum) 10.41%N/A N/A 0.10 Past 5 Years (per annum) 9.88% N/A N/A N/A
Recommendation Trends MarAprMayJun0481212131313 Strong Buy Buy Hold Underperform Sell Recommendation2.3 Rating
1 Strong Buy 2 Buy 3 Hold 4 Under- perform 5 Sell Analyst Price Targets (9)
Low 70.00 High 81.00 Upgrades & Downgrades DowngradeBarclays: Overweight to Equal Weight3/1/2017 Upgrade Barclays: Equal Weight to Overweight11 /7/2016 Initiated Goldman: to Sell 11 /1/2016 Upgrade BofA/Merrill: Neutral to Buy 10/31/2016 DowngradeWedbush: Outperform to Neutral 10/13/2016 Initiated Macquarie: to Neutral 8/26/2016
MSFR 2150 https://finance.yahoo.com/quote/WM/analysts?p=WM[6/1/2017 3:55:50 PM] WMT Analyst Opinion | Analyst Estimates | Wal-Mart Stores, Inc. Common St Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 145 of 190
WMT 1.54% WMT $79.81 Wal-Mart Stores, Inc. (WMT)
NYSE - NYSE Delayed Price. Currency in USD Add to watchlist
79.81+1.21 (+1.54%) At close: 4:04PM EDT 79.81 0.00 (0.00%) After hours: 4:52PM EDT People also watch HDKOPGJNJXOM Summary Conversations Statistics Profle Financials Options Holders Historical Data Analysts Currency in USD Earnings EstimateCurrent Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2018)Next Year (2019) No. of Analysts 30 30 33 33 Avg. Estimate 1.07 0.98 4.36 4.6 Low Estimate 1.02 0.9 4.2 4.12 High Estimate 1.12 1.02 4.48 4.88 Year Ago EPS 1.07 0.98 4.32 4.36 Revenue Estimate Current Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2018)Next Year (2019) No. of Analysts 20 20 26 27 Avg. Estimate 122.8B 120.66B 495.08B 506.85B Low Estimate 121.53B 119.42B 490.8B 495.59B High Estimate 124.43B 122.03B 498.8B 513.92B Year Ago Sales 120.85B 118.18B 485.87B 495.08B Sales Growth (year/est)1.60% 2.10% 1.90% 2.40% Earnings History7/30/201610/30/20161/30/20174/29/2017 EPS Est. 1.02 0.96 1.29 0.96 EPS Actual 1.07 0.98 1.3 1 Difference 0.05 0.02 0.01 0.04 Surprise % 4.90% 2.10% 0.80% 4.20% EPS Trend Current Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2018)Next Year (2019) Current Estimate1.07 0.98 4.36 4.6 7 Days Ago 1.07 0.97 4.36 4.6 30 Days Ago 1.07 0.97 4.32 4.54 60 Days Ago 1.07 0.97 4.32 4.54 90 Days Ago 1.07 0.97 4.32 4.54 EPS Revisions Current Qtr. (Jul 2017)Next Qtr. (Oct 2017)Current Year (2018)Next Year (2019) Up Last 7 Days 1 1 2 1 Up Last 30 Days 12 14 25 23 Down Last 30 DaysN/A N/A N/A N/A Down Last 90 DaysN/A N/A N/A N/A Growth Estimates WMT IndustrySectorS&P 500 Current Qtr. N/A N/A N/A 0.20 Next Qtr. N/A N/A N/A 0.21 Current Year 0.90% N/A N/A 0.09 MSFR 2151 https://finance.yahoo.com/quote/WMT/analysts?p=WMT[6/1/2017 3:54:19 PM] WMT Analyst Opinion | Analyst Estimates | Wal-Mart Stores, Inc. Common St Stock - Yahoo Finance 170 IAC 1-5-13(b)(2) Page 146 of 190 Next Year 5.50% N/A N/A 0.12 Next 5 Years (per annum) 5.50% N/A N/A 0.10 Past 5 Years (per annum) -2.82%N/A N/A N/A
8% Annual Annuity Return Get Guaranteed Lifetime Income And Reduced Risks To Retirees All CompareHere. All Annuities
Recommendation Trends MarAprMayJun010203035193620735203521 Strong Buy Buy Hold Underperform Sell Recommendation2.6 Rating
1 Strong Buy 2 Buy 3 Hold 4 Under- perform 5 Sell Analyst Price Targets (30)
Low 58.00 High 92.00 Upgrades & Downgrades Initiated Gordon Haskett: to Buy 5/9/2017 UpgradeTelsey Advisory Group : Market Perform to Outperform4/7/2017 UpgradeBofA/Merrill: Neutral to Buy 2/22/2017 Initiated Susquehanna: to Positive 2/10/2017 Initiated Bernstein: to Mkt Perform 2/6/2017 Initiated Wells Fargo: to Market Perform 1/25/2017
MSFR 2152 https://finance.yahoo.com/quote/WMT/analysts?p=WMT[6/1/2017 3:54:19 PM] At&t Inc. - T - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 147 of 190
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AT&T Inc. (T) (Delayed Data From NYSE)
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$38.87 USD
+0.34 (0.88%) Updated Jun 1, 2017 04:02 PM ET
Volume: 17,660,302
Open: $38.68
Prior Close: $38.53
Zacks Rank 3-Hold 3
Style Scores Value: A | Growth: B | Momentum: C | VGM: A
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Quote Overview
Stock Activity
Open 38.68
Day Low 38.52
Day High 38.89
52 Wk Low 36.10
52 Wk High 43.89
Avg. Volume 19,193,958
Market Cap 236.88 B
Dividend 1.96 ( 5.09%)
Beta 0.48
Key Earnings Data
Forward PE 13.19
MSFR 2153 https://www.zacks.com/stock/quote/t[6/1/2017 4:33:07 PM] At&t Inc. - T - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 148 of 190 PEG Ratio 2.98
Current Qtr Est 0.74
Current Yr Est 2.92
Most Accurate Est 0.74
Qtr Earnings ESP 0.00%
Exp Earnings Date 7/20/17
Prior Year EPS 2.84
Exp EPS Growth (3-5yr) 4.43%
Computer and Technology » Wireless National
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Zacks News For T
Telecom Stock Roundup: T-Mobile US Unveils New Offer, United... 06/01/17-2:10PM EST Zacks
Stock Market News for June 01, 2017 06/01/17-9:57AM EST Zacks
T: What are Zacks experts saying now? Zacks Private Portfolio Services
AT&T (T) Set to Entertain its Unlimited Wireless Customers 06/01/17-6:57AM EST Zacks
United States Cellular to Test 3.5 GHz Wireless Broadband 05/31/17-3:02PM EST Zacks
Is America Movil Considering Divesting Telesites Stake? 05/30/17-3:11PM EST Zacks
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Zacks Rank Hold 3
Zacks Industry Rank Bottom 27%(194 out of 265)
Zacks Sector Rank Top 38% (6 out of 16)
Style Scores Value: A | Growth: B | Momentum: C | VGM: A
Research Reports for T Analyst | Snapshot
( = Change in last 30 days) View All Zacks Rank #1 Strong Buys
Learn to Proft from the Zacks Rank MSFR 2154 https://www.zacks.com/stock/quote/t[6/1/2017 4:33:07 PM] Becton, Dickinson And Company - BDX - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 149 of 190
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Becton, Dickinson And Company (BDX) (Delayed Data From NYSE)
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$192.83 USD
+3.60 (1.90%) Updated Jun 1, 2017 04:00 PM ET
Volume: 2,003,148
Open: $188.37
Prior Close: $189.23
Zacks Rank 3-Hold 3
Style Scores Value: B | Growth: C | Momentum: F | VGM: C
View All Zacks Rank #1 Strong Buys
Quote Overview
Stock Activity
Open 188.37
Day Low 188.30
Day High 193.35
52 Wk Low 161.29
52 Wk High 193.35
Avg. Volume 2,538,862
Market Cap 43.02 B
Dividend 2.92 ( 1.54%)
Beta 1.04
Key Earnings Data
Forward PE 20.07
MSFR 2155 https://www.zacks.com/stock/quote/bdx[6/1/2017 4:34:15 PM] Becton, Dickinson And Company - BDX - Stock Price Today - Zacks 170 IAC 1-5-13(b)(2) Page 150 of 190 PEG Ratio 1.78
Current Qtr Est 2.43
Current Yr Est 9.43
Most Accurate Est 2.42
Qtr Earnings ESP -0.41%
Exp Earnings Date 8/3/17
Prior Year EPS 8.59
Exp EPS Growth (3-5yr) 11.29%
Medical » Medical - Dental Supplies
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Zacks News For BDX
Becton, Dickinson at 52-Week High: What's Driving the Stock? 05/31/17-8:58AM EST Zacks
Becton (BDX) Announces $4.5B Follow-On Share Offerings 05/11/17-7:59AM EST Zacks
BDX: What are Zacks experts saying now? Zacks Private Portfolio Services
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Becton, Dickinson (BDX) Q2 Earnings Beat, Increase Y/Y 05/02/17-9:09AM EST Zacks
Becton, Dickinson (BDX) Beats On Earnings & Revenues In Q2 05/02/17-6:41AM EST Zacks
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Zacks Rank Hold 3
Zacks Industry Rank Bottom 41%(156 out of 265)
Zacks Sector Rank Bottom 13% (14 out of 16)
Style Scores Value: B | Growth: C | Momentum: F | VGM: C
Research Reports for BDX Analyst | Snapshot
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Learn to Proft from the Zacks Rank MSFR 2156 https://www.zacks.com/stock/quote/bdx[6/1/2017 4:34:15 PM] Bemis Company, Inc. - BMS - Stock Price Today - Zacks https://www.zacks.com/stock/quote/BMS?q=BMS170 IAC 1-5-13(b)(2) Page 151 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ 4-Sell Real Time Quotes 45.11 USD Volume: 62,604 Zacks Rank Zacks News -0.10 (-0.22%) Open: $45.16 Style Scores Value: B | Growth: B | Momentum: C | VGM Partner News Updated Jun 2, 2017 10:36 AM ET Prior Close: $45.21 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot
MSFR 2157
1 of 5 6/2/17, 9:39 AM Bemis Company, Inc. - BMS - Stock Price Today - Zacks https://www.zacks.com/stock/quote/BMS?q=BMS170 IAC 1-5-13(b)(2) Page 152 of 190
Analyst Report
Style Scores Open 45.16 Forward PE 17.61 Detailed Estimates Day Low 45.05 PEG Ratio 2.30 Comparison to Industry Day High 45.37 Current Qtr Est 0.59 Zacks Experts View MORE RESEARCH 52 Wk Low 43.13 Current Yr Est 2.57
Broker Recommendations 52 Wk High 53.32 Most Accurate Est 0.57 Full Company Report Full Company Report Avg. Volume 552,391 Qtr Earnings ESP -3.39% Broker Digest Report Interactive Chart | Fundamental Charts Market Cap 4.16 B Exp Earnings Date 7/27/17 Earnings Announcements Broker Reports Dividend 1.20 ( 2.65%) Prior Year EPS 2.69
Insiders Beta 0.92 Exp EPS Growth (3-5yr) 7.67% Earnings Transcripts CHARTS Industrial Products » Containers - Paper and Packaging 05/25/17-2:35AM EST Alliance News Price, Consensus and EPS Surprise EPS Surprise 05/22/17-10:15AM EST Stock Options Channel Fundamental Charts
Comparative 05/18/17-4:00AM EST GuruFocus All Zacks’ Analyst Reports » Interactive Charts
Price and Consensus 05/10/17-2:25AM EST Alliance News Price & EPS Surprise 12 Month EPS 05/10/17-2:24AM EST Alliance News Broker Recommendations 06/01/17-7:26AM EST Zacks FINANCIALS 05/23/17-9:05AM EST Zacks Financial Overview Income Statements Balance Sheet Zacks Private Portfolio Services Cash flow Statements
OPTIONS 05/18/17-8:51AM EST Zacks Option Chain Options Greek Montage 05/17/17-9:03AM EST Zacks
MSFR 2158
2 of 5 6/2/17, 9:39 AM Church & Dwight Company, Inc. - CHD - Stock Price Today - Zacks https://www.zacks.com/stock/quote/chd170 IAC 1-5-13(b)(2) Page 153 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 121,493 Zacks Rank 2-Buy Real Time Quotes 52.22 USD Zacks News -0.03 (-0.06%) Open: $52.27 Style Scores Value: D | Growth: A | Momentum: C | VGM Partner News Updated Jun 2, 2017 10:40 AM ET Prior Close: $52.25 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2159
1 of 5 6/2/17, 9:42 AM Church & Dwight Company, Inc. - CHD - Stock Price Today - Zacks https://www.zacks.com/stock/quote/chd170 IAC 1-5-13(b)(2) Page 154 of 190
Detailed Estimates Open 52.27 Forward PE 27.12 Comparison to Industry Day Low 51.95 PEG Ratio 2.96 Zacks Experts View Day High 52.44 Current Qtr Est 0.38 MORE RESEARCH 52 Wk Low 42.56 Current Yr Est 1.93 Broker Recommendations Full Company Report 52 Wk High 52.44 Most Accurate Est 0.38 Broker Digest Report Avg. Volume 1,481,310 Qtr Earnings ESP 0.00% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 13.02 B Exp Earnings Date 8/3/17 Broker Reports Dividend 0.76 ( 1.45%) Prior Year EPS 1.77 Insiders Earnings Transcripts Beta 0.57 Exp EPS Growth (3-5yr) 9.17% CHARTS Consumer Staples » Soap and Cleaning Materials 05/31/17-8:30AM EST ETF Channel Price, Consensus and EPS Surprise 05/30/17-12:16PM EST Seeking Alpha Fundamental Charts Comparative All Zacks’ Analyst Reports » 05/30/17-1:15AM EST Seeking Alpha Interactive Charts Price and Consensus 05/20/17-7:30AM EST 247WallSt Price & EPS Surprise
12 Month EPS 05/18/17-9:46AM EST Market Realist 05/18/17-1:43PM EST Zacks Broker Recommendations FINANCIALS 05/18/17-9:53AM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 05/16/17-8:32AM EST Zacks Option Chain 05/16/17-8:02AM EST Zacks Options Greek Montage
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MSFR 2160
2 of 5 6/2/17, 9:42 AM Coca-cola Company (the) - KO - Stock Price Today - Zacks https://www.zacks.com/stock/quote/ko170 IAC 1-5-13(b)(2) Page 155 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 1,456,214 Zacks Rank 3-Hold Real Time Quotes 45.69 USD Zacks News -0.10 (-0.22%) Open: $45.83 Style Scores Value: F | Growth: F | Momentum: A | VGM Partner News Updated Jun 2, 2017 10:46 AM ET Prior Close: $45.79 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2161
1 of 5 6/2/17, 9:47 AM Coca-cola Company (the) - KO - Stock Price Today - Zacks https://www.zacks.com/stock/quote/ko170 IAC 1-5-13(b)(2) Page 156 of 190
Detailed Estimates Open 45.83 Forward PE 24.32 Comparison to Industry Day Low 45.61 PEG Ratio 3.92 Zacks Experts View Day High 45.88 Current Qtr Est 0.57 MORE RESEARCH 52 Wk Low 39.88 Current Yr Est 1.88 Broker Recommendations Full Company Report 52 Wk High 46.01 Most Accurate Est 0.59 Broker Digest Report Avg. Volume 10,801,138 Qtr Earnings ESP 3.51% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 195.64 B Exp Earnings Date 7/26/17 Broker Reports Dividend 1.48 ( 3.23%) Prior Year EPS 1.91 Insiders Earnings Transcripts Beta 0.70 Exp EPS Growth (3-5yr) 6.21% CHARTS Consumer Staples » Beverages - Soft drinks 06/02/17-8:15AM EST Seeking Alpha Price, Consensus and EPS Surprise 06/02/17-5:15AM EST The Online Investor Fundamental Charts Comparative All Zacks’ Analyst Reports » 06/01/17-11:15AM EST Seeking Alpha Interactive Charts Price and Consensus 06/01/17-6:19AM EST Seeking Alpha Price & EPS Surprise
12 Month EPS 06/01/17-5:01AM EST Seeking Alpha 05/31/17-7:05AM EST Zacks Broker Recommendations FINANCIALS 05/29/17-7:08AM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 05/26/17-4:15AM EST Zacks Option Chain 05/19/17-8:20AM EST Zacks Options Greek Montage
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MSFR 2162
2 of 5 6/2/17, 9:47 AM Colgate-palmolive Company - CL - Stock Price Today - Zacks https://www.zacks.com/stock/quote/cl170 IAC 1-5-13(b)(2) Page 157 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 294,555 Zacks Rank 3-Hold Real Time Quotes 76.89 USD Zacks News +0.20 (0.26%) Open: $77.00 Style Scores Value: D | Growth: A | Momentum: C | VGM Partner News Updated Jun 2, 2017 10:46 AM ET Prior Close: $76.69 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2163
1 of 5 6/2/17, 9:48 AM Colgate-palmolive Company - CL - Stock Price Today - Zacks https://www.zacks.com/stock/quote/cl170 IAC 1-5-13(b)(2) Page 158 of 190
Detailed Estimates Open 77.00 Forward PE 26.29 Comparison to Industry Day Low 76.50 PEG Ratio 2.85 Zacks Experts View Day High 77.09 Current Qtr Est 0.72 MORE RESEARCH 52 Wk Low 63.43 Current Yr Est 2.92 Broker Recommendations Full Company Report 52 Wk High 77.09 Most Accurate Est 0.72 Broker Digest Report Avg. Volume 4,113,335 Qtr Earnings ESP 0.00% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 67.74 B Exp Earnings Date 7/27/17 Broker Reports Dividend 1.60 ( 2.09%) Prior Year EPS 2.81 Insiders Earnings Transcripts Beta 0.82 Exp EPS Growth (3-5yr) 9.22% CHARTS Consumer Staples » Soap and Cleaning Materials 06/02/17-6:30AM EST Investing.com Price, Consensus and EPS Surprise 06/02/17-5:31AM EST Investing.com Fundamental Charts Comparative All Zacks’ Analyst Reports » 06/02/17-5:16AM EST Investing.com Interactive Charts Price and Consensus 06/02/17-4:30AM EST Investing.com Price & EPS Surprise
12 Month EPS 06/01/17-12:30PM EST Investing.com 05/30/17-2:44AM EST Zacks Broker Recommendations FINANCIALS 05/18/17-7:25AM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 05/17/17-2:28PM EST Zacks Option Chain 05/03/17-12:00AM EST Zacks Options Greek Montage
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MSFR 2164
2 of 5 6/2/17, 9:48 AM Costco Wholesale Corporation - COST - Stock Price Today - Zacks https://www.zacks.com/stock/quote/cost170 IAC 1-5-13(b)(2) Page 159 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 310,695 Zacks Rank 3-Hold Real Time Quotes 180.40 USD Zacks News -0.23 (-0.13%) Open: $180.58 Style Scores Value: C | Growth: C | Momentum: A | VGM Partner News Updated Jun 2, 2017 10:48 AM ET Prior Close: $180.63 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2165
1 of 5 6/2/17, 9:49 AM Costco Wholesale Corporation - COST - Stock Price Today - Zacks https://www.zacks.com/stock/quote/cost170 IAC 1-5-13(b)(2) Page 160 of 190
Detailed Estimates Open 180.58 Forward PE 31.57 Comparison to Industry Day Low 179.87 PEG Ratio 3.25 Zacks Experts View Day High 180.66 Current Qtr Est 1.98 MORE RESEARCH 52 Wk Low 142.11 Current Yr Est 5.72 Broker Recommendations Full Company Report 52 Wk High 183.18 Most Accurate Est 1.97 Broker Digest Report Avg. Volume 2,163,325 Qtr Earnings ESP -0.51% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 79.22 B Exp Earnings Date 10/5/17 Broker Reports Dividend 2.00 ( 1.11%) Prior Year EPS 5.33 Insiders Earnings Transcripts Beta 0.96 Exp EPS Growth (3-5yr) 9.71% CHARTS Retail-Wholesale » Retail - Discount Stores 06/02/17-8:15AM EST Market Realist Price, Consensus and EPS Surprise 06/01/17-12:30PM EST Seeking Alpha Fundamental Charts Comparative All Zacks’ Analyst Reports » 06/01/17-12:15PM EST TheStreet.com Interactive Charts Price and Consensus 06/01/17-12:02PM EST Associated Press, The Price & EPS Surprise
12 Month EPS 06/01/17-11:00AM EST Investors Business Daily 06/01/17-8:45AM EST Zacks Broker Recommendations FINANCIALS 05/30/17-9:11AM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 05/26/17-9:26AM EST Zacks Option Chain 05/26/17-8:27AM EST Zacks Options Greek Montage
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MSFR 2166
2 of 5 6/2/17, 9:49 AM Cvs Health Corporation - CVS - Stock Price Today - Zacks https://www.zacks.com/stock/quote/cvs170 IAC 1-5-13(b)(2) Page 161 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 834,251 Zacks Rank 3-Hold Real Time Quotes 78.53 USD Zacks News +0.24 (0.31%) Open: $78.51 Style Scores Value: A | Growth: A | Momentum: D | VGM Partner News Updated Jun 2, 2017 10:50 AM ET Prior Close: $78.29 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2167
1 of 5 6/2/17, 9:51 AM Cvs Health Corporation - CVS - Stock Price Today - Zacks https://www.zacks.com/stock/quote/cvs170 IAC 1-5-13(b)(2) Page 162 of 190
Detailed Estimates Open 78.51 Forward PE 13.35 Comparison to Industry Day Low 78.35 PEG Ratio 1.30 Zacks Experts View Day High 78.65 Current Qtr Est 1.31 MORE RESEARCH 52 Wk Low 69.30 Current Yr Est 5.87 Broker Recommendations Full Company Report 52 Wk High 98.67 Most Accurate Est 1.31 Broker Digest Report Avg. Volume 5,726,098 Qtr Earnings ESP 0.00% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 79.76 B Exp Earnings Date 8/1/17 Broker Reports Dividend 2.00 ( 2.55%) Prior Year EPS 5.84 Insiders Earnings Transcripts Beta 0.92 Exp EPS Growth (3-5yr) 10.31% CHARTS Retail-Wholesale » Retail - Pharmacies and Drug Stores 06/01/17-9:31AM EST Seeking Alpha Price, Consensus and EPS Surprise 06/01/17-2:46AM EST TalkMarkets Fundamental Charts Comparative All Zacks’ Analyst Reports » 06/01/17-2:31AM EST Seeking Alpha Interactive Charts Price and Consensus 05/31/17-11:30AM EST TheStreet.com Price & EPS Surprise
12 Month EPS 05/31/17-10:45AM EST TheStreet.com 05/22/17-3:38PM EST Zacks Broker Recommendations FINANCIALS 05/17/17-1:12PM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 05/08/17-8:32AM EST Zacks Option Chain 05/03/17-9:14AM EST Zacks Options Greek Montage
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MSFR 2168
2 of 5 6/2/17, 9:51 AM General Mills, Inc. - GIS - Stock Price Today - Zacks https://www.zacks.com/stock/quote/GIS170 IAC 1-5-13(b)(2) Page 163 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 513,295 Zacks Rank 3-Hold Real Time Quotes 57.46 USD Zacks News -0.09 (-0.16%) Open: $57.69 Style Scores Value: B | Growth: D | Momentum: F | VGM Partner News Updated Jun 2, 2017 11:00 AM ET Prior Close: $57.55 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2169
1 of 5 6/2/17, 10:04 AM General Mills, Inc. - GIS - Stock Price Today - Zacks https://www.zacks.com/stock/quote/GIS170 IAC 1-5-13(b)(2) Page 164 of 190
Detailed Estimates Open 57.69 Forward PE 17.76 Comparison to Industry Day Low 57.24 PEG Ratio 2.39 Zacks Experts View Day High 57.72 Current Qtr Est 0.71 MORE RESEARCH 52 Wk Low 55.57 Current Yr Est 3.24 Broker Recommendations Full Company Report 52 Wk High 72.95 Most Accurate Est 0.66 Broker Digest Report Avg. Volume 3,224,950 Qtr Earnings ESP -7.04% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 33.16 B Exp Earnings Date*BMO 6/28/17 Broker Reports Dividend 1.92 ( 3.34%) Prior Year EPS 2.92 Insiders Earnings Transcripts Beta 0.60 Exp EPS Growth (3-5yr) 7.44% CHARTS Consumer Staples » Food - Miscellaneous 06/01/17-7:30AM EST CNN Price, Consensus and *BMO = Before Market Open *AMC = After Market Close EPS Surprise 06/01/17-6:30AM EST Seeking Alpha Fundamental Charts Comparative 06/01/17-4:46AM EST Seeking Alpha Interactive Charts All Zacks’ Analyst Reports » Price and Consensus 06/01/17-4:15AM EST TheStreet.com Price & EPS Surprise
12 Month EPS 06/01/17-2:46AM EST TalkMarkets Broker Recommendations 06/02/17-8:49AM EST Zacks FINANCIALS Financial Overview 06/01/17-8:36AM EST Zacks Income Statements
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MSFR 2170
2 of 5 6/2/17, 10:04 AM Hormel Foods Corporation - HRL - Stock Price Today - Zacks https://www.zacks.com/stock/quote/hrl170 IAC 1-5-13(b)(2) Page 165 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ 4-Sell Real Time Quotes 34.00 USD Volume: 398,963 Zacks Rank Zacks News +0.09 (0.27%) Open: $34.01 Style Scores Value: C | Growth: D | Momentum: D | VGM Partner News Updated Jun 2, 2017 11:02 AM ET Prior Close: $33.91 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot
MSFR 2171
1 of 5 6/2/17, 10:05 AM Hormel Foods Corporation - HRL - Stock Price Today - Zacks https://www.zacks.com/stock/quote/hrl170 IAC 1-5-13(b)(2) Page 166 of 190
Analyst Report
Style Scores Open 34.01 Forward PE 20.55 Detailed Estimates Day Low 33.95 PEG Ratio 2.20 Comparison to Industry Day High 34.15 Current Qtr Est 0.37 Zacks Experts View MORE RESEARCH 52 Wk Low 32.90 Current Yr Est 1.65
Broker Recommendations 52 Wk High 40.00 Most Accurate Est 0.36 Full Company Report Full Company Report Avg. Volume 2,451,306 Qtr Earnings ESP -2.70% Broker Digest Report Interactive Chart | Fundamental Charts Market Cap 17.94 B Exp Earnings Date 8/17/17 Earnings Announcements Broker Reports Dividend 0.68 ( 2.01%) Prior Year EPS 1.64
Insiders Beta 0.55 Exp EPS Growth (3-5yr) 9.33% Earnings Transcripts CHARTS Consumer Staples » Food - Meat Products 06/02/17-6:46AM EST ETF Channel Price, Consensus and EPS Surprise EPS Surprise 06/01/17-4:15AM EST Seeking Alpha Fundamental Charts
Comparative 05/31/17-12:02PM EST Thefly.com All Zacks’ Analyst Reports » Interactive Charts
Price and Consensus 05/31/17-11:15AM EST GuruFocus Price & EPS Surprise 12 Month EPS 05/31/17-3:46AM EST The Online Investor Broker Recommendations 05/29/17-7:23AM EST Zacks FINANCIALS 05/26/17-9:31AM EST Zacks Financial Overview Income Statements Balance Sheet Zacks Private Portfolio Services Cash flow Statements
OPTIONS 05/25/17-10:01AM EST Zacks Option Chain Options Greek Montage 05/25/17-9:19AM EST Zacks
MSFR 2172
2 of 5 6/2/17, 10:05 AM J.m. Smucker Company (the) - SJM - Stock Price Today - Zacks https://www.zacks.com/stock/quote/sjm170 IAC 1-5-13(b)(2) Page 167 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ 3-Hold Real Time Quotes 130.52 USD Volume: 201,358 Zacks Rank Zacks News +0.29 (0.22%) Open: $130.76 Style Scores Value: B | Growth: B | Momentum: F | VGM Partner News Updated Jun 2, 2017 11:12 AM ET Prior Close: $130.23 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot
MSFR 2173
1 of 5 6/2/17, 10:14 AM J.m. Smucker Company (the) - SJM - Stock Price Today - Zacks https://www.zacks.com/stock/quote/sjm170 IAC 1-5-13(b)(2) Page 168 of 190
Analyst Report
Style Scores Open 130.76 Forward PE 16.65 Detailed Estimates Day Low 129.73 PEG Ratio 2.52 Comparison to Industry Day High 131.30 Current Qtr Est 1.73 Zacks Experts View MORE RESEARCH 52 Wk Low 122.05 Current Yr Est 7.82
Broker Recommendations 52 Wk High 157.31 Most Accurate Est 1.70 Full Company Report Full Company Report Avg. Volume 675,728 Qtr Earnings ESP -1.73% Broker Digest Report Interactive Chart | Fundamental Charts Market Cap 15.16 B Exp Earnings Date*BMO 6/8/17 Earnings Announcements Broker Reports Dividend 3.00 ( 2.30%) Prior Year EPS 6.57
Insiders Beta 0.58 Exp EPS Growth (3-5yr) 6.60% Earnings Transcripts CHARTS Consumer Staples » Food - Miscellaneous 05/31/17-9:16AM EST Seeking Alpha Price, Consensus and EPS Surprise *BMO = Before Market Open *AMC = After Market Close EPS Surprise 05/31/17-8:16AM EST Thefly.com Fundamental Charts
Comparative 05/30/17-11:51AM EST Associated Press, The Interactive Charts All Zacks’ Analyst Reports » Price and Consensus 05/30/17-9:45AM EST TalkMarkets Price & EPS Surprise 12 Month EPS 05/30/17-8:30AM EST Seeking Alpha Broker Recommendations 06/02/17-7:02AM EST Zacks FINANCIALS Financial Overview Financial Overview 06/01/17-8:10AM EST Zacks Income Statements Balance Sheet Zacks Private Portfolio Services Cash flow Statements OPTIONS 05/31/17-9:02AM EST Zacks Option Chain Options Greek Montage 05/31/17-8:36AM EST Zacks MSFR 2174
2 of 5 6/2/17, 10:14 AM Kellogg Company - K - Stock Price Today - Zacks https://www.zacks.com/stock/quote/k170 IAC 1-5-13(b)(2) Page 169 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 496,236 Zacks Rank 4-Sell Real Time Quotes 73.26 USD Zacks News +0.32 (0.44%) Open: $73.50 Style Scores Value: C | Growth: C | Momentum: F | VGM Partner News Updated Jun 2, 2017 11:04 AM ET Prior Close: $72.94 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2175
1 of 5 6/2/17, 10:06 AM Kellogg Company - K - Stock Price Today - Zacks https://www.zacks.com/stock/quote/k170 IAC 1-5-13(b)(2) Page 170 of 190
Detailed Estimates Open 73.50 Forward PE 18.58 Comparison to Industry Day Low 72.73 PEG Ratio 3.12 Zacks Experts View Day High 73.50 Current Qtr Est 0.93 MORE RESEARCH 52 Wk Low 68.67 Current Yr Est 3.92 Broker Recommendations Full Company Report 52 Wk High 87.16 Most Accurate Est 0.93 Broker Digest Report Avg. Volume 2,386,952 Qtr Earnings ESP 0.00% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 25.55 B Exp Earnings Date 8/3/17 Broker Reports Dividend 2.08 ( 2.85%) Prior Year EPS 3.74 Insiders Earnings Transcripts Beta 0.49 Exp EPS Growth (3-5yr) 5.96% CHARTS Consumer Staples » Food - Miscellaneous 06/01/17-8:00AM EST Seeking Alpha Price, Consensus and EPS Surprise 06/01/17-7:30AM EST CNN Fundamental Charts Comparative All Zacks’ Analyst Reports » 05/31/17-1:10PM EST Associated Press, The Interactive Charts Price and Consensus 05/31/17-6:45AM EST Seeking Alpha Price & EPS Surprise
12 Month EPS 05/31/17-4:32AM EST 247WallSt 06/02/17-8:49AM EST Zacks Broker Recommendations FINANCIALS 06/01/17-8:36AM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 05/16/17-12:00AM EST Zacks Option Chain 05/15/17-12:00AM EST Zacks Options Greek Montage
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MSFR 2176
2 of 5 6/2/17, 10:06 AM Mccormick & Company, Incorporated - MKC - Stock Price Today - Zacks https://www.zacks.com/stock/quote/MKC170 IAC 1-5-13(b)(2) Page 171 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 68,611 Zacks Rank 2-Buy Real Time Quotes 104.96 USD Zacks News -0.51 (-0.48%) Open: $105.57 Style Scores Value: D | Growth: C | Momentum: F | VGM Partner News Updated Jun 2, 2017 11:06 AM ET Prior Close: $105.47 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2177
1 of 5 6/2/17, 10:08 AM Mccormick & Company, Incorporated - MKC - Stock Price Today - Zacks https://www.zacks.com/stock/quote/MKC170 IAC 1-5-13(b)(2) Page 172 of 190
Detailed Estimates Open 105.57 Forward PE 25.86 Comparison to Industry Day Low 104.55 PEG Ratio 2.93 Zacks Experts View Day High 105.85 Current Qtr Est 0.77 MORE RESEARCH 52 Wk Low 88.64 Current Yr Est 4.08 Broker Recommendations Full Company Report 52 Wk High 107.84 Most Accurate Est 0.77 Broker Digest Report Avg. Volume 416,721 Qtr Earnings ESP 0.00% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 13.15 B Exp Earnings Date 6/29/17 Broker Reports Dividend 1.88 ( 1.78%) Prior Year EPS 3.78 Insiders Earnings Transcripts Beta 0.54 Exp EPS Growth (3-5yr) 8.83% CHARTS Consumer Staples » Food - Miscellaneous 06/01/17-4:15AM EST Seeking Alpha Price, Consensus and EPS Surprise 06/01/17-2:01AM EST TheMotleyFool Fundamental Charts Comparative All Zacks’ Analyst Reports » 05/31/17-12:02PM EST Thefly.com Interactive Charts Price and Consensus 05/31/17-1:45AM EST TheMotleyFool Price & EPS Surprise
12 Month EPS 05/26/17-6:15AM EST TheMotleyFool 06/02/17-8:49AM EST Zacks Broker Recommendations FINANCIALS 06/01/17-8:43AM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 05/15/17-12:00AM EST Zacks Option Chain 05/12/17-12:00AM EST Zacks Options Greek Montage
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MSFR 2178
2 of 5 6/2/17, 10:08 AM Mcdonald's Corporation - MCD - Stock Price Today - Zacks https://www.zacks.com/stock/quote/MCD170 IAC 1-5-13(b)(2) Page 173 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 1,060,232 Zacks Rank 3-Hold Real Time Quotes 153.50 USD Zacks News +1.11 (0.73%) Open: $152.52 Style Scores Value: D | Growth: A | Momentum: B | VGM Partner News Updated Jun 2, 2017 11:08 AM ET Prior Close: $152.39 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2179
1 of 5 6/2/17, 10:11 AM Mcdonald's Corporation - MCD - Stock Price Today - Zacks https://www.zacks.com/stock/quote/MCD170 IAC 1-5-13(b)(2) Page 174 of 190
Detailed Estimates Open 152.52 Forward PE 23.93 Comparison to Industry Day Low 152.15 PEG Ratio 2.59 Zacks Experts View Day High 153.35 Current Qtr Est 1.62 MORE RESEARCH 52 Wk Low 110.33 Current Yr Est 6.37 Broker Recommendations Full Company Report 52 Wk High 153.35 Most Accurate Est 1.66 Broker Digest Report Avg. Volume 3,166,387 Qtr Earnings ESP 2.47% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 124.21 B Exp Earnings Date 7/25/17 Broker Reports Dividend 3.76 ( 2.47%) Prior Year EPS 5.70 Insiders Earnings Transcripts Beta 0.68 Exp EPS Growth (3-5yr) 9.25% CHARTS Retail-Wholesale » Retail - Restaurants 06/02/17-7:01AM EST Benzinga Price, Consensus and EPS Surprise 06/01/17-12:30PM EST Seeking Alpha Fundamental Charts Comparative All Zacks’ Analyst Reports » 06/01/17-12:15PM EST Seeking Alpha Interactive Charts Price and Consensus 06/01/17-11:45AM EST TheStreet.com Price & EPS Surprise
12 Month EPS 06/01/17-11:30AM EST Seeking Alpha 05/29/17-6:22AM EST Zacks Broker Recommendations FINANCIALS 05/26/17-6:30AM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 05/18/17-8:21AM EST Zacks Option Chain 05/18/17-7:58AM EST Zacks Options Greek Montage
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MSFR 2180
2 of 5 6/2/17, 10:11 AM Pepsico, Inc. - PEP - Stock Price Today - Zacks https://www.zacks.com/stock/quote/pep170 IAC 1-5-13(b)(2) Page 175 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 598,819 Zacks Rank 3-Hold Real Time Quotes 117.35 USD Zacks News +0.12 (0.10%) Open: $117.46 Style Scores Value: D | Growth: C | Momentum: B | VGM Partner News Updated Jun 2, 2017 11:08 AM ET Prior Close: $117.23 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2181
1 of 5 6/2/17, 10:12 AM Pepsico, Inc. - PEP - Stock Price Today - Zacks https://www.zacks.com/stock/quote/pep170 IAC 1-5-13(b)(2) Page 176 of 190
Detailed Estimates Open 117.46 Forward PE 22.86 Comparison to Industry Day Low 117.04 PEG Ratio 3.11 Zacks Experts View Day High 117.70 Current Qtr Est 1.40 MORE RESEARCH 52 Wk Low 98.50 Current Yr Est 5.13 Broker Recommendations Full Company Report 52 Wk High 118.12 Most Accurate Est 1.40 Broker Digest Report Avg. Volume 3,141,223 Qtr Earnings ESP 0.00% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 167.46 B Exp Earnings Date 7/6/17 Broker Reports Dividend 3.22 ( 2.75%) Prior Year EPS 4.85 Insiders Earnings Transcripts Beta 0.68 Exp EPS Growth (3-5yr) 7.36% CHARTS Consumer Staples » Beverages - Soft drinks 06/01/17-7:45AM EST TheStreet.com Price, Consensus and EPS Surprise 06/01/17-7:30AM EST TheStreet.com Fundamental Charts Comparative All Zacks’ Analyst Reports » 06/01/17-6:45AM EST TheStreet.com Interactive Charts Price and Consensus 06/01/17-6:19AM EST Seeking Alpha Price & EPS Surprise
12 Month EPS 06/01/17-5:46AM EST Seeking Alpha 05/31/17-7:05AM EST Zacks Broker Recommendations FINANCIALS 05/30/17-6:00AM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 05/29/17-7:08AM EST Zacks Option Chain 05/19/17-8:20AM EST Zacks Options Greek Montage
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MSFR 2182
2 of 5 6/2/17, 10:12 AM Procter & Gamble Company (the) - PG - Stock Price Today - Zacks https://www.zacks.com/stock/quote/pg170 IAC 1-5-13(b)(2) Page 177 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 1,015,932 Zacks Rank 3-Hold Real Time Quotes 88.04 USD Zacks News -0.09 (-0.10%) Open: $88.40 Style Scores Value: D | Growth: F | Momentum: C | VGM Partner News Updated Jun 2, 2017 11:08 AM ET Prior Close: $88.13 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2183
1 of 5 6/2/17, 10:12 AM Procter & Gamble Company (the) - PG - Stock Price Today - Zacks https://www.zacks.com/stock/quote/pg170 IAC 1-5-13(b)(2) Page 178 of 190
Detailed Estimates Open 88.40 Forward PE 22.84 Comparison to Industry Day Low 88.02 PEG Ratio 2.90 Zacks Experts View Day High 88.56 Current Qtr Est 0.78 MORE RESEARCH 52 Wk Low 80.95 Current Yr Est 3.86 Broker Recommendations Full Company Report 52 Wk High 92.00 Most Accurate Est 0.78 Broker Digest Report Avg. Volume 5,729,774 Qtr Earnings ESP 0.00% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 225.40 B Exp Earnings Date*BMO 8/2/17 Broker Reports Dividend 2.76 ( 3.13%) Prior Year EPS 3.67 Insiders Earnings Transcripts Beta 0.65 Exp EPS Growth (3-5yr) 7.86% CHARTS Consumer Staples » Soap and Cleaning Materials 06/02/17-9:30AM EST GuruFocus Price, Consensus and *BMO = Before Market Open *AMC = After Market Close EPS Surprise 06/02/17-8:15AM EST Seeking Alpha Fundamental Charts Comparative 06/01/17-11:15AM EST Seeking Alpha Interactive Charts All Zacks’ Analyst Reports » Price and Consensus 06/01/17-8:17AM EST Seeking Alpha Price & EPS Surprise
12 Month EPS 06/01/17-7:45AM EST TheMotleyFool Broker Recommendations 05/30/17-9:11AM EST Zacks FINANCIALS Financial Overview 05/23/17-9:09AM EST Zacks Income Statements
Balance Sheet Zacks Private Portfolio Services Cash flow Statements OPTIONS 05/17/17-2:28PM EST Zacks Option Chain
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MSFR 2184
2 of 5 6/2/17, 10:12 AM Sysco Corporation - SYY - Stock Price Today - Zacks https://www.zacks.com/stock/quote/syy170 IAC 1-5-13(b)(2) Page 179 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 452,397 Zacks Rank 3-Hold Real Time Quotes 55.63 USD Zacks News +0.23 (0.42%) Open: $55.48 Style Scores Value: B | Growth: C | Momentum: C | VGM Partner News Updated Jun 2, 2017 11:16 AM ET Prior Close: $55.40 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2185
1 of 5 6/2/17, 10:18 AM Sysco Corporation - SYY - Stock Price Today - Zacks https://www.zacks.com/stock/quote/syy170 IAC 1-5-13(b)(2) Page 180 of 190
Detailed Estimates Open 55.48 Forward PE 22.39 Comparison to Industry Day Low 55.36 PEG Ratio 2.74 Zacks Experts View Day High 55.69 Current Qtr Est 0.71 MORE RESEARCH 52 Wk Low 47.15 Current Yr Est 2.47 Broker Recommendations Full Company Report 52 Wk High 57.07 Most Accurate Est 0.72 Broker Digest Report Avg. Volume 2,833,718 Qtr Earnings ESP 1.41% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 29.65 B Exp Earnings Date*BMO 8/14/17 Broker Reports Dividend 1.32 ( 2.38%) Prior Year EPS 2.10 Insiders Earnings Transcripts Beta 0.53 Exp EPS Growth (3-5yr) 8.16% CHARTS Consumer Staples » Food - Miscellaneous 06/01/17-7:15AM EST TheMotleyFool Price, Consensus and *BMO = Before Market Open *AMC = After Market Close EPS Surprise 05/31/17-10:16AM EST Seeking Alpha Fundamental Charts Comparative 05/31/17-8:45AM EST Thefly.com Interactive Charts All Zacks’ Analyst Reports » Price and Consensus 05/30/17-7:45AM EST GuruFocus Price & EPS Surprise
12 Month EPS 05/26/17-7:15AM EST ETF Channel Broker Recommendations 05/30/17-3:03PM EST Zacks FINANCIALS Financial Overview 05/15/17-12:00AM EST Zacks Income Statements
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MSFR 2186
2 of 5 6/2/17, 10:18 AM Tjx Companies, Inc. (the) - TJX - Stock Price Today - Zacks https://www.zacks.com/stock/quote/tjx170 IAC 1-5-13(b)(2) Page 181 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 726,809 Zacks Rank 3-Hold Real Time Quotes 75.29 USD Zacks News -0.61 (-0.80%) Open: $75.40 Style Scores Value: B | Growth: A | Momentum: C | VGM Partner News Updated Jun 2, 2017 11:18 AM ET Prior Close: $75.90 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2187
1 of 5 6/2/17, 10:19 AM Tjx Companies, Inc. (the) - TJX - Stock Price Today - Zacks https://www.zacks.com/stock/quote/tjx170 IAC 1-5-13(b)(2) Page 182 of 190
Detailed Estimates Open 75.40 Forward PE 19.57 Comparison to Industry Day Low 74.98 PEG Ratio 1.83 Zacks Experts View Day High 75.79 Current Qtr Est 0.84 MORE RESEARCH 52 Wk Low 71.50 Current Yr Est 3.88 Broker Recommendations Full Company Report 52 Wk High 83.64 Most Accurate Est 0.84 Broker Digest Report Avg. Volume 5,189,173 Qtr Earnings ESP 0.00% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 48.82 B Exp Earnings Date 8/15/17 Broker Reports Dividend 1.25 ( 1.65%) Prior Year EPS 3.53 Insiders Earnings Transcripts Beta 0.76 Exp EPS Growth (3-5yr) 10.70% CHARTS Retail-Wholesale » Retail - Discount Stores 06/01/17-8:00AM EST Investors Business Daily Price, Consensus and EPS Surprise 06/01/17-6:30AM EST Investors Business Daily Fundamental Charts Comparative All Zacks’ Analyst Reports » 06/01/17-3:30AM EST Investors Business Daily Interactive Charts Price and Consensus 06/01/17-3:16AM EST Investors Business Daily Price & EPS Surprise
12 Month EPS 05/30/17-11:01AM EST Seeking Alpha 05/31/17-3:32PM EST Zacks Broker Recommendations FINANCIALS 05/17/17-9:14AM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 05/16/17-12:45PM EST Zacks Option Chain 05/16/17-9:39AM EST Zacks Options Greek Montage
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MSFR 2188
2 of 5 6/2/17, 10:19 AM United Parcel Service, Inc. - UPS - Stock Price Today - Zacks https://www.zacks.com/stock/quote/ups170 IAC 1-5-13(b)(2) Page 183 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 889,489 Zacks Rank 3-Hold Real Time Quotes 108.20 USD Zacks News +0.54 (0.50%) Open: $107.74 Style Scores Value: C | Growth: B | Momentum: C | VGM Partner News Updated Jun 2, 2017 11:20 AM ET Prior Close: $107.66 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2189
1 of 5 6/2/17, 10:23 AM United Parcel Service, Inc. - UPS - Stock Price Today - Zacks https://www.zacks.com/stock/quote/ups170 IAC 1-5-13(b)(2) Page 184 of 190
Detailed Estimates Open 107.74 Forward PE 18.08 Comparison to Industry Day Low 106.97 PEG Ratio 1.95 Zacks Experts View Day High 108.34 Current Qtr Est 1.47 MORE RESEARCH 52 Wk Low 101.95 Current Yr Est 5.95 Broker Recommendations Full Company Report 52 Wk High 120.44 Most Accurate Est 1.48 Broker Digest Report Avg. Volume 2,582,784 Qtr Earnings ESP 0.68% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 93.42 B Exp Earnings Date*BMO 7/27/17 Broker Reports Dividend 3.32 ( 3.08%) Prior Year EPS 5.75 Insiders Earnings Transcripts Beta 0.89 Exp EPS Growth (3-5yr) 9.25% CHARTS Transportation » Transportation - Air Freight and Cargo 06/01/17-12:45PM EST Stock Options Channel Price, Consensus and *BMO = Before Market Open *AMC = After Market Close EPS Surprise 06/01/17-12:45PM EST GuruFocus Fundamental Charts Comparative 06/01/17-11:46AM EST Thefly.com Interactive Charts All Zacks’ Analyst Reports » Price and Consensus 06/01/17-10:15AM EST Thefly.com Price & EPS Surprise
12 Month EPS 06/01/17-9:31AM EST Seeking Alpha Broker Recommendations 05/30/17-8:44AM EST Zacks FINANCIALS Financial Overview 05/30/17-5:48AM EST Zacks Income Statements
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MSFR 2190
2 of 5 6/2/17, 10:23 AM Verizon Communications Inc. - VZ - Stock Price Today - Zacks https://www.zacks.com/stock/quote/vz170 IAC 1-5-13(b)(2) Page 185 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 8,942,348 Zacks Rank 3-Hold Real Time Quotes 46.52 USD Zacks News +0.01 (0.02%) Open: $46.63 Style Scores Value: A | Growth: D | Momentum: F | VGM Partner News Updated Jun 2, 2017 11:22 AM ET Prior Close: $46.51 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2191
1 of 5 6/2/17, 10:24 AM Verizon Communications Inc. - VZ - Stock Price Today - Zacks https://www.zacks.com/stock/quote/vz170 IAC 1-5-13(b)(2) Page 186 of 190
Detailed Estimates Open 46.63 Forward PE 12.35 Comparison to Industry Day Low 46.58 PEG Ratio 1.38 Zacks Experts View Day High 47.19 Current Qtr Est 0.96 MORE RESEARCH 52 Wk Low 44.46 Current Yr Est 3.77 Broker Recommendations Full Company Report 52 Wk High 56.95 Most Accurate Est 0.96 Broker Digest Report Avg. Volume 13,778,890 Qtr Earnings ESP 0.00% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 189.73 B Exp Earnings Date 7/25/17 Broker Reports Dividend 2.31 ( 4.97%) Prior Year EPS 3.86 Insiders Earnings Transcripts Beta 0.56 Exp EPS Growth (3-5yr) 8.97% CHARTS Computer and Technology » Wireless National 06/02/17-9:46AM EST Market Realist Price, Consensus and EPS Surprise 06/02/17-9:46AM EST Market Realist Fundamental Charts Comparative All Zacks’ Analyst Reports » 06/02/17-9:31AM EST Seeking Alpha Interactive Charts Price and Consensus 06/02/17-9:16AM EST Thefly.com Price & EPS Surprise
12 Month EPS 06/02/17-9:16AM EST Thefly.com 06/02/17-8:19AM EST Zacks Broker Recommendations FINANCIALS 06/01/17-2:10PM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 06/01/17-6:57AM EST Zacks Option Chain 05/31/17-3:02PM EST Zacks Options Greek Montage
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MSFR 2192
2 of 5 6/2/17, 10:24 AM Wal-mart Stores, Inc. - WMT - Stock Price Today - Zacks https://www.zacks.com/stock/quote/wmt170 IAC 1-5-13(b)(2) Page 187 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 2,191,068 Zacks Rank 3-Hold Real Time Quotes 79.48 USD Zacks News -0.33 (-0.41%) Open: $79.80 Style Scores Value: A | Growth: A | Momentum: D | VGM Partner News Updated Jun 2, 2017 11:24 AM ET Prior Close: $79.81 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2193
1 of 5 6/2/17, 10:27 AM Wal-mart Stores, Inc. - WMT - Stock Price Today - Zacks https://www.zacks.com/stock/quote/wmt170 IAC 1-5-13(b)(2) Page 188 of 190
Detailed Estimates Open 79.80 Forward PE 18.33 Comparison to Industry Day Low 79.42 PEG Ratio 2.99 Zacks Experts View Day High 79.93 Current Qtr Est 1.06 MORE RESEARCH 52 Wk Low 65.28 Current Yr Est 4.35 Broker Recommendations Full Company Report 52 Wk High 79.93 Most Accurate Est 1.06 Broker Digest Report Avg. Volume 8,303,351 Qtr Earnings ESP 0.00% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 242.06 B Exp Earnings Date*BMO 8/17/17 Broker Reports Dividend 2.04 ( 2.56%) Prior Year EPS 4.32 Insiders Earnings Transcripts Beta 0.30 Exp EPS Growth (3-5yr) 6.13% CHARTS Retail-Wholesale » Retail - Supermarkets 06/02/17-10:00AM EST TheStreet.com Price, Consensus and *BMO = Before Market Open *AMC = After Market Close EPS Surprise 06/02/17-9:15AM EST Seeking Alpha Fundamental Charts Comparative 06/02/17-9:00AM EST TheMotleyFool Interactive Charts All Zacks’ Analyst Reports » Price and Consensus 06/02/17-9:00AM EST TheStreet.com Price & EPS Surprise
12 Month EPS 06/02/17-8:15AM EST Benzinga Broker Recommendations 06/01/17-5:55PM EST Zacks FINANCIALS Financial Overview 06/01/17-8:45AM EST Zacks Income Statements
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MSFR 2194
2 of 5 6/2/17, 10:27 AM Waste Management, Inc. - WM - Stock Price Today - Zacks https://www.zacks.com/stock/quote/wm170 IAC 1-5-13(b)(2) Page 189 of 190
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QUOTES & NEWS Add to portfolio Trades from (Real Time Quote From BATS) $ Volume: 357,540 Zacks Rank 2-Buy Real Time Quotes 74.12 USD Zacks News +0.66 (0.90%) Open: $73.71 Style Scores Value: B | Growth: A | Momentum: F | VGM Partner News Updated Jun 2, 2017 11:24 AM ET Prior Close: $73.46 View All Zacks Rank #1 Strong B ZACKS RESEARCH Snapshot Analyst Report Style Scores MSFR 2195
1 of 5 6/2/17, 10:28 AM Waste Management, Inc. - WM - Stock Price Today - Zacks https://www.zacks.com/stock/quote/wm170 IAC 1-5-13(b)(2) Page 190 of 190
Detailed Estimates Open 73.71 Forward PE 23.12 Comparison to Industry Day Low 73.59 PEG Ratio 2.44 Zacks Experts View Day High 74.19 Current Qtr Est 0.81 MORE RESEARCH 52 Wk Low 61.05 Current Yr Est 3.18 Broker Recommendations Full Company Report 52 Wk High 74.58 Most Accurate Est 0.81 Broker Digest Report Avg. Volume 1,556,310 Qtr Earnings ESP 0.00% Interactive Chart | Fundamental Charts Earnings Announcements Market Cap 32.45 B Exp Earnings Date 7/26/17 Broker Reports Dividend 1.70 ( 2.31%) Prior Year EPS 2.91 Insiders Earnings Transcripts Beta 0.71 Exp EPS Growth (3-5yr) 9.49% CHARTS Business Services » Waste Removal Services 06/01/17-12:45PM EST GuruFocus Price, Consensus and EPS Surprise 06/01/17-11:30AM EST TalkMarkets Fundamental Charts Comparative All Zacks’ Analyst Reports » 05/31/17-10:16AM EST Seeking Alpha Interactive Charts Price and Consensus 05/23/17-9:46AM EST Market Realist Price & EPS Surprise
12 Month EPS 05/23/17-9:30AM EST Seeking Alpha 05/30/17-7:54AM EST Zacks Broker Recommendations FINANCIALS 05/24/17-6:26AM EST Zacks Financial Overview Income Statements Zacks Private Portfolio Services Balance Sheet Cash flow Statements OPTIONS 05/24/17-12:00AM EST Zacks Option Chain 05/16/17-3:00PM EST Zacks Options Greek Montage
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MSFR 2196
2 of 5 6/2/17, 10:28 AM NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(b)(3) With respect to the electing utility's proposed cost of equity and proposed fair rate of return, an electing utility shall provide the following: (3) If an electing utility used a comp earnings model and the proxy group has more than 20 comps, an electronic copy of the analysis used by the utility in a format or program that was used to derive the electing utility's estimated cost of equity or fair rate of return
MSFR 2197 170 IAC 1-5-13(b)(3)
Comparable Earnings Approach (CEA) Non-Regulated Group Historical and Projected Returns on Book Common Equity
Realized Historical Returns on Book Equity Projected Returns on Book Equity 10-Year 2020 - Average Non-Regulated Group 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Average 2017 2018 2022 Projected
AT&T Inc. 14.8% 13.4% 12.3% 12.2% 12.4% 14.8% 14.7% 15.0% 12.4% 14.3% 13.6% 14.0% 14.0% 13.5% 13.7% Becton, Dickinson & Company 22.4% 22.9% 23.7% 21.8% 26.3% 27.1% 23.0% 24.5% 20.7% 24.5% 23.7% 26.0% 27.5% 30.5% 29.0% Bemis Company, Inc. 11.6% 12.3% 8.2% 10.8% 13.4% 13.7% 14.1% 16.3% 20.0% 18.8% 13.9% 21.0% 21.0% 17.5% 18.9% Church & Dwight Co. 15.6% 15.1% 15.5% 15.3% 15.9% 17.0% 17.1% 19.7% 21.4% 23.5% 17.6% 22.0% 21.0% 19.0% 20.0% Coca-Cola Co. 27.5% 34.4% 27.5% 26.3% 28.2% 27.5% 28.3% 30.0% 34.4% 36.2% 30.0% 36.0% 39.5% 53.0% 46.9% Colgate-Palmolive Co. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Costco Wholesale Corp. 13.9% 14.0% 11.2% 12.1% 12.2% 14.1% 18.2% 16.7% 22.0% 19.5% 15.4% 18.5% 18.0% 20.5% 19.6% CVS Health Corp. 8.4% 10.4% 10.6% 9.8% 9.9% 11.7% 12.9% 13.9% 15.7% 17.1% 12.0% 16.0% 16.5% 17.5% 17.0% General Mills 21.5% 19.8% 26.4% 29.1% 26.0% 26.6% 26.8% 27.9% 35.3% 36.3% 27.6% 38.5% 38.0% 34.0% 35.7% Hormel Foods 15.8% 14.2% 16.1% 17.0% 17.8% 17.7% 15.9% 16.7% 17.9% 20.0% 16.9% 19.0% 19.0% 18.5% 18.7% Kellogg Company 43.7% 79.3% 53.3% 57.8% 69.9% 53.6% 38.9% 50.1% 59.1% 69.0% 57.5% 56.0% 49.5% 36.5% 43.0% Kimberly-Clark 35.6% 43.8% 34.9% 31.1% 30.3% 35.1% 44.1% 202.5% 202.5% n/a 73.3% n/a n/a n/a n/a McCormick & Company 23.5% 26.7% 23.2% 24.4% 23.1% 24.0% 21.5% 24.4% 26.9% 29.2% 24.7% 28.0% 27.0% 23.0% 24.8% McDonald's Corp. 23.1% 31.4% 31.4% 33.9% 38.2% 35.7% 34.9% 37.0% 66.2% n/a 36.9% n/a n/a n/a n/a PepsiCo, Inc. 32.2% 42.5% 34.1% 29.4% 30.5% 27.7% 28.1% 37.3% 57.5% 62.9% 38.2% 60.0% 61.5% 52.5% 55.8% Procter & Gamble Co. 15.5% 17.4% 17.9% 17.8% 17.3% 17.7% 17.3% 17.5% 18.3% 18.0% 17.5% 18.5% 19.0% 23.0% 21.3% Smucker (J.M.) Co. 9.9% 6.5% 9.8% 10.7% 10.4% 11.4% 11.7% 7.8% 10.0% 10.0% 9.8% 10.0% 10.0% 11.0% 10.6% Sysco Corp. 30.5% 32.4% 30.6% 30.9% 24.5% 23.9% 19.1% 17.7% 20.9% 34.9% 26.5% 53.0% 64.5% n/a 58.8% TJX Companies 41.9% 41.4% 42.0% 43.2% 48.0% 52.0% 48.6% 51.9% 52.9% 52.3% 47.4% 49.5% 46.0% 41.0% 43.7% United Parcel Service 35.9% 52.8% 30.4% 44.7% 59.6% 67.5% n/a n/a n/a n/a 48.5% n/a n/a n/a n/a Verizon Communications 13.6% 17.3% 16.4% 16.2% 16.9% 18.0% 29.6% 108.4% n/a n/a 29.6% n/a n/a 13.0% 13.0% Wal-Mart Stores 19.9% 20.7% 20.1% 21.8% 21.8% 22.3% 21.9% 20.2% 18.2% 17.3% 20.4% 19.5% 18.0% 18.5% 18.6% Waste Management 18.6% 18.4% 15.7% 16.2% 16.6% 15.2% 17.7% 19.7% 21.6% 24.5% 18.4% 26.0% 27.5% 29.5% 28.4%
Averages Excluding Results >17.0% 13.6% 12.4%
Selection Criteria: Non-Regulated Group companies having a 10-year historical average return on book equity and/or 5-year average projected return on book equity that does not exceed 17.0%, consistent with FERC precedent. Source: Value Line Investment Survey - Ratings & Reports; various report dates between March 17, 2017 and May 26, 2017. n/a - Data not meaningful.
MSFR 2198 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(c)(1) To the extent the electing utility is prohibited from producing copies of the doc listed in subs (b)(1) through (b)(3) due to the documentation being licensed or proprietary material by agreement or by copyright law, the electing utility shall provide: (1) A list of which documents may not be copied and the reasons therefore
All documents provided in response to 170 IAC 1-5-13(b)(1) through (b)(3) are available to be copied.
MSFR 2199 NORTHERN INDIANA PUBLIC SERVICE COMPANY GAS RATE CASE Forward Looking Test Year: Twelve months ending December 31, 2018 Base Year: Twelve months ending December 31, 2016
170 IAC Description
1-5-13(c)(2) To the extent the electing utility is prohibited from producing copies of the doc listed in subs (b)(1) through (b)(3) due to the documentation being licensed or proprietary material by agreement or by copyright law, the electing utility shall provide: (2) Access to the documents listed in subdivision (1) to all parties to the proceeding under this rule at a mutually convenient time and place
All documents provided in response to 170 IAC 1-5-13(b)(1) through (b)(3) are available to be copied.
MSFR 2200