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					                                                                                                                    February 24, 2012 | 7 Pages

                            Footwear & Apparel                                                                   Company Report

                                                                                       Deckers Outdoor Corp.
                                                                                                                           (NNM: DECK)
CLEAR THE DECKS: DECENT 4Q RESULTS BUT 100%                                                            RATING: UNDERPERFORM
INVENTORY INCREASE, DISMAL 1H12 GUIDANCE, AND SUSPECT
BRAND MANAGEMENT LEAD US TO LOWER ESTIMATES                                     Sam Poser
                                                                                (212) 763-8226
   The Call: We reiterate our Underperform rating. Back-half-loaded             sposer@sterneagee.com
   guidance which only gets to flat YOY earnings, excess inventory,
   questionable price increases, and increasing distribution will make                             Fiscal Year Ends Dec
   achieving the anemic guidance difficult.
   4Q11 results reflect good sell-in but questionable sell-through. DECK        Rating:                                           Underperform
   posted EPS of $3.26 which was adjusted for $0.08 in one-time charges         Price: Close                                               $90.21
   related to the Sanuk acquisition. Revenue was $604M (+40%) versus            Price Target:                                              $72.00
   our estimate of $562M. International sales were $148M (+178%), due to        52-wk Range:                                    $72.78-$118.90
   increased retail stores and the conversion of the UK, Benelux, and           Market Capitalization (M):                             $3,554.0
   France to a direct model. Domestic sales were up 21%. Ecommerce
                                                                                Shares Outstanding (M):                                     39.40
   sales were up 15%, and Retail was up 37%, despite there being 45
                                                                                Assets (M):                                                $753.9
   stores, a 66% increase over 4Q10. SSS were up only 1%. GM was down
                                                                                Avg. Daily Vol. (000):                                     1,391.3
   328bps due to increased product costs and higher closeout sales,
                                                                                Enterprise Value:                                      $3,126.0
   partially offset by increases in international margins driven by the new
   subsidiaries. SG&A increased primarily due to an increase in marketing       Consensus EPS Current Year:                                 $5.82
   and the additional stores. Inventory was up 103% to $253M and equals         Consensus EPS Next Year:                                    $6.80
   over 26 weeks of supply based on our revised estimates. DECK has net         Insider Holdings:                                            3.9%
   cash of $4.87 per share compared to $11.11 LY. The decrease in cash is       Institutional Holdings:                                    111.4%
   due to the Sanuk purchase (more details on page 2).                          Short Interest:                                             14.4%
   Guidance may look conservative but we are not sure: DECK is                  Price/Book Value:                                           5.26x
   planning FY12 sales to be up 15%, with EPS flat YOY. GM is expected
   to be down 200bps due to the 40% increase in sheepskin, and partially
   offset by price increases, increased DTC sales, and the higher margin                               Earnings Summary
   Sanuk brand. For FY12, UGG sales are expected to be +11%, Teva              FYE Dec        2011A              2012E           2013E
                                                                                EBITDA
   +10%, and $90M in Sanuk sales, up from $69M in ’11. Retail and                (M):         $288.4             $288.7          $333.0
   ecommerce sales are expected to increase 49% and 21%. 1Q12 sales are
   expected to be up 19% with EPS 50% below 1Q11. The guidance                                      EPS & P/E Summary
   includes a 200bp dip in GM, and increased expenses for marketing, new                                2011              2012              2013
   stores and international infrastructure. 25 new UGG stores are to be        EPS:       2011A         Prior    2012E Prior 2013E          Prior
   opened in ’12. DECK is targeting $2.4B in revenue by 2015, but we           Q1          $0.56          --      $0.28 $0.58 $0.45         $0.65
   believe that 2012 must be a transition year in order to achieve the goal.   Q2         ($0.11)         --     ($0.22) ($0.07) ($0.23)    $0.03
                                                                               Q3          $1.64          --      $1.70 $1.59 $1.73         $1.73
   Growth though “powering forward” in short term is likely to create
                                                                               Q4          $3.26        $3.16     $3.58 $3.51 $3.94         $3.75
   ubiquity in the not-so-distant future. We are lowering our FY12 and
                                                                               Full Year   $5.35        $5.26     $5.34 $5.61 $5.89         $6.15
   FY13 EPS estimates from $5.61 and $6.15 to $5.34 and $5.89. We are
                                                                               P/E Ratio: 16.86x          --     16.89x     --   15.30x       --
   very aware of the history of conservative guidance, but that may not be
   the case this time. Management commented that many retailers were
   adjusting their orders due to the recent warm winter. Also, the 15%
   increase in backlog appears to be driven only by Sanuk and Teva. We
   also believe that additional distribution in the U.S. is causing the UGG
   brand to lose some of its panache. The retail new store productivity was
   50% of comp stores in 4Q, down from~80% in prior years. We also
   believe that the pricing has already caused UGG to become inaccessible
   to many people. We also do not buy the commentary that retailers have
   taken price increases prematurely when the UGG stores have the Classic
   Tall at $200. UGGs are important to retailers in 4Q, but we expect that
   importance to wane unless distribution is cut back. In the mean time,
   many retailers with whom we have spoken are planning UGGs down
   double digits this fall.                                                    Source: Factset

      Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification,
   Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.
               800 Shades Creek Parkway             Suite 700         Birmingham, AL 35209                      205-949-3500
                                      Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC
DECKERS OUTDOOR CORP. (NNM: DECK)                                                                  February 24, 2012


Q411 Results


Figure 1: 4Q Results

                           4Q11                 Est      Variance        4Q10A         Variance
  Revenue                 603.9M              561.9M        7.47%        430.1M           40.4%
  Gross Margin            50.96%              53.50%     (254) bps       54.25%        (328) bps
  SG&A % of Sales         21.69%              21.94%      (25) bps       21.94%         (25) bps
  Operating Margin        29.28%              31.56%     (228) bps       32.31%        (303) bps
  EBITDA                  177.7M              178.2M       (0.31%)       139.9M          27.0%
  Adj EPS                  $3.26               $3.16        2.99%         $2.30           41.9%

  Segment Revenue
  UGG                     568.5M              529.2M       7.43%         379.8M         49.69%
  Teva                    19.4M                16.2M       19.56%         13.3M         45.86%
  Other                    5.0M                3.5M        44.51%         4.1M          21.54%
  Sanuk                   11.0M                13.0M      (15.38%)        0.0M

Source: Company Reports and Sterne Agee estimates

Inventory Breakdown:

UGG inventory was up $107M to $202M
Teva inventory was up $6.6M to $29.3M
Sanuk inventory was $16.1M

The majority of the UGG carryover inventory was classic. We do not agree with the
company that there is no risk of obsolescence. In the past 8 years or so, we have never
seen an ample supply of Classic boots following the holiday season. Given the increased
distribution and increasing prices, we believe that supply has met demand. Even a
perennial favorite such as an UGG Classic boot is susceptible to overexposure.

Outlook


Figure 2: Changes in Estimates

                                 2011                      2012                       2013
                       Actual           Estimate   Estimates     Prior    Estimates       Prior
  Revenue              1377M             1335M      1,585M      1,546M     1,743M        1,752M
  Gross Margin         49.30%            50.31%     47.36%      49.23%     48.14%        49.89%
  SG&A % of Sales      28.62%            28.94%     29.37%      28.94%     29.25%        28.57%
  Operating Margin     20.68%            21.37%     17.99%      20.29%     18.89%        21.32%
  EBITDA                288M              289M       289M        317M       333M          377M
  Adj EPS               $5.35             $5.26      $5.34       $5.61      $5.89         $6.15

  Segment Revenue
  UGG                  1201.9M          1162.6M    1332.4M     1292.1M    1447.7M        1460.6M
  Teva                 124.8M            121.6M    137.8M      141.9M      158.4M        163.2M
  Other                 24.1M            22.6M      24.1M       22.6M       24.1M         26.0M
  Sanuk                 26.6M            28.6M      90.5M       89.3M      113.1M        102.7M


Source: Company Reports and Sterne Agee estimates




                                                                                                            Page 2
DECKERS OUTDOOR CORP. (NNM: DECK)                                                                                             February 24, 2012


Valuation and Risks

Figure 3: Relative Valuation

                                                          FY1 Rel      FY1                       FY2 Rel      FY2      FY2
Ticker     Price Market Cap      EV      Short   FY1 PE     PE      EV/EBITD FY1 EV/S   FY2 PE     PE      EV/EBITD   EV/S
DECK      $90.21  $3,483       $3,560     14%     16.9x    1.20x      12.3x    2.25x     15.3x    1.19x      10.7x    2.04x
   RL    $173.24 $10,656       $15,504    5%      24.6x    1.74x      12.3x    2.27x     20.7x    1.61x      10.8x    2.05x
 COH      $73.98  $21,289      $20,800    2%      21.1x    1.50x      12.4x    4.34x     18.1x    1.40x      10.8x    3.85x
 FOSL    $118.78 $7,435        $7,385     10%     21.6x    1.53x      12.6x    2.49x     18.0x    1.40x      10.7x    2.18x
WWW       $38.33  $1,851       $1,728     5%      15.1x    1.07x       9.0x    1.21x     12.9x    1.00x       7.7x    1.11x
 WRC      $58.78  $2,379       $2,596     8%      15.3x    1.09x       7.8x    1.02x     13.8x    1.07x       7.1x    0.94x
COLM      $49.52  $1,665       $1,450     11%     15.9x    1.13x       8.5x    0.82x     14.9x    1.16x       7.8x    0.79x
 VFC     $143.86 $15,877       $17,784    2%      17.5x    1.24x      11.8x    1.87x     14.9x    1.16x      10.4x    1.54x
  JNY     $9.67    $782        $1,598     9%       9.3x    0.66x       5.4x    0.41x      8.4x    0.65x       5.2x    0.40x
  HBI     $27.86  $2,718       $4,768     7%      10.1x    0.71x       8.1x    1.02x      9.3x    0.72x       7.7x    0.98x

                              Group Mean #REF!   16.73x    1.19x     5.48x     1.72x    13.58x    1.13x     8.70x     1.54x
                              DECK Prem (Disc)    1%        1%       125%      31%       13%       5%       23%       33%



Source: Company Reports and Sterne Agee estimates




Over the preceding five years, DECK has traded at an average of 17.4x (range: 5.4 to 36)
and 15x (range: 5 to 29.6) FY1 and FY2 estimated earnings. On a relative basis, the
shares traded at a 5/15% premium to the vendor index and S&P500. Both the relative and
absolute valuation levels came in greatly during the recession due to: 1) re-pricing of risk
across the marketplace and 2) investor sentiment that the UGG brand was unsustainable
and hence brand equity would not survive the downturn intact.

We believe there is the possibility that negative earnings revisions will result in multiple
compression after ~8 straight quarters of upwards revisions. Specifically, the multiple has
proven susceptible to perception of discounting, waning brand momentum or indications
of maturation in the core U.S. wholesale channel.

Our $72 price target implies the shares trade at 13.5x our 2012 EPS estimates. On an
enterprise basis, our PT assumes the company garners an 8.9x ’12 EBITDA.

Risks:
Upward idiosyncratic risks include: a significant alteration in current weather patterns
stimulating demand, accelerating international business compensating for domestic
weakness, significant pricing offsetting unit weakness in ’12, or another highly accretive
acquisition.




                                                                                                                                       Page 3
DECKERS OUTDOOR CORP. (NNM: DECK)                                                                                                                                                                     February 24, 2012

 Deckers Outdoor Corp. Quarterly Income Statement
           FYE : Dec
             ($M)                 FY10           Q111        Q211        Q311       Q411        FY11       Q112E       Q212E       Q312E      Q412E      FY12E       Q113E       Q213E        Q313E      Q413E      FY13E

  Teva                              101.37         50.41       40.29       14.69      19.40       124.79      57.96       42.31      16.16      21.34       137.76      66.65       48.65       18.59      24.54       158.43
  UGG                               873.15        148.43      108.27      376.70     568.50     1,201.89     156.66      101.83     409.27     664.69     1,332.45     174.57      111.40      432.74     728.95     1,447.66
  Other                              26.50          6.02        5.71        7.41      16.00        35.14      31.02       37.71      27.66      18.20       114.59      37.27       45.71       32.73      21.50       137.20
                                       -             -           -           -          -            -          -           -          -          -            -          -           -           -          -            -
Net Sales                        1,000.99        204.85      154.22      414.36     603.85     1,377.28     245.63      181.85     453.10     704.23     1,584.80     278.48      205.76      484.05     774.99     1,743.29
        Y/Y sales growth          23.10%         31.38%      12.52%      49.11%     40.39%      37.59%      19.91%      17.91%      9.35%     16.62%      15.07%      13.38%      13.15%       6.83%     10.05%      10.00%
COGS                                501.15        102.37       88.31      211.51     296.10      698.29      127.73      107.29     240.14     359.15      834.31      142.03      120.37      254.13     387.50      904.02
 Gross Profit                       499.84        102.48       65.91      202.85     307.75      679.00      117.90       74.56     212.95     345.07      750.49      136.46       85.39      229.92     387.50      839.27
   Y/Y gross profit growth         34.69%        31.54%      14.35%      54.91%     31.89%      35.84%      15.05%      13.12%      4.98%     12.13%      10.53%      15.74%      14.53%       7.97%     12.29%      11.83%
SG&A                                254.62         74.28         76.71    112.19     130.97      394.16       105.62       90.93    120.98     147.89      465.41      111.39        98.77     133.11     166.62      509.90
    Y/Y Core SG&A growth           34.83%        51.33%       64.87%     73.57%     38.79%      54.80%       42.19%     18.53%      7.83%     12.92%      18.08%       5.47%        8.62%     10.03%     12.67%       9.56%
  Operating Income                 245.22         28.20        (10.80)    90.66     176.78      284.84        12.28      (16.37)    91.98     197.18      285.08       25.06       (13.37)     96.81     220.87      329.37
 Y/Y operating income growth       34.55%        -2.17%     -197.14%     36.71%     27.21%      16.16%      -56.44%     51.57%      1.45%     11.54%       0.08%     104.08%     -18.28%       5.25%     12.01%      15.54%

Interest Income                      (0.76)        (0.14)         -         0.00      (0.29)      (0.43)      (0.30)      (0.30)     (0.30)     (0.30)      (1.20)      (0.30)       (0.30)     (0.30)     (0.30)      (1.20)
Interest Expense & Other             (0.20)        (0.06)       (0.04)      0.05        -         (0.05)        -           -          -          -           -          0.02         0.02       0.02       0.02        0.07
Minority Interest                    (0.24)        (0.03)       (0.19)     (0.14)      2.48        2.12         -           -          -          -           -         (0.06)       (0.10)     (0.10)      0.41        0.15
  Pre-Tax Income                    246.41         28.33       (10.57)     90.75     174.59      283.20       12.58      (16.07)     92.28     197.48      286.27       25.41       (12.99)     97.19     220.74      330.35
Taxes                                88.34          8.50        (3.23)     28.27      49.87       83.40         3.90      (4.98)     28.61      61.22        88.74       7.88       (4.03)     30.13       68.43      102.41
           Tax Rate                 35.85%        30.00%       30.54%     31.15%     28.56%      29.45%       31.00%     31.00%     31.00%     31.00%       31.00%     31.00%      31.00%     31.00%      31.00%      31.00%
  Net Income                        157.82         19.18        (7.34)     62.48     124.73      199.05         8.68     (11.09)     63.67     136.26       197.53      17.53       (8.96)     67.06      152.31      227.94
    Y/Y net income growth          34.36%         7.17%     -196.87%     48.26%     38.27%      26.12%      -54.73%     51.05%      1.90%      9.25%       -0.76%    101.96%     -19.13%      5.33%      11.78%      15.40%
One Time Charges                         (0.3)       3.0          3.1        1.9        2.9        10.9          2.1        2.5        2.2         2.2         9.0
Applicable Shares                    39.17         39.40        38.67      39.19      39.19        39.11       38.67       38.67     38.67       38.67       38.67      38.67        38.67      38.67      38.67        38.67
GAAP EPS                            $4.03         $0.49       ($0.19)     $1.59      $3.18        $5.07       $0.22      ($0.29)    $1.65       $3.52       $5.11      $0.45       ($0.23)     $1.73      $3.94        $5.89
Recurring Earnings                  $4.03         $0.56       ($0.11)     $1.64      $3.26        $5.35       $0.28      ($0.22)    $1.70       $3.58       $5.34      $0.45       ($0.23)     $1.73      $3.94        $5.89

Depreciation & Amortization           3.61          0.90         0.91       0.90       0.90        3.61        0.90        0.91       0.90       0.90        3.61        0.90         0.91       0.90       0.90        3.61
EBITDA                              248.83         29.10        (9.89)     91.56     177.68      288.45       13.18      (15.46)     92.88     198.08      288.69       25.96       (12.46)     97.71     221.77      332.98

Profitability Ratios
Gross Margin                      49.93%         50.03%      42.74%      48.96%     50.96%     49.30%       48.00%      41.00%     47.00%     49.00%     47.36%      49.00%      41.50%       47.50%     50.00%     48.14%
SG&A%                             25.44%         36.26%      49.74%      27.08%     21.69%     28.62%       43.00%      50.00%     26.70%     21.00%     29.37%      40.00%      48.00%       27.50%     21.50%     29.25%
EBITDA                            24.86%         14.20%      (6.41%)     22.10%     29.42%     20.94%        5.37%      (8.50%)    20.50%     28.13%     18.22%       9.32%      (6.06%)      20.19%     28.62%     19.10%
Inc/(Dec) EBITDA%                 33.53%         (1.28%)    (127.7%)     17.84%     21.77%     10.53%      (39.03%)    (20.16%)     3.40%     20.33%      0.11%      38.91%      12.51%       15.61%     33.48%     27.95%
EBIT%                             24.50%         13.76%      (7.00%)     21.88%     29.28%     20.68%        5.00%      (9.00%)    20.30%     28.00%     17.99%       9.00%      (6.50%)      20.00%     28.50%     18.89%
Inc/(Dec) EBIT %                  33.53%         (1.28%)    (127.7%)     17.84%     21.77%     10.53%      (39.03%)    (20.16%)     3.40%     20.33%     0.11%       38.91%      12.51%       15.61%     33.48%     27.95%
Pre-tax                           24.62%         13.83%      (6.85%)     21.90%     28.91%     20.56%        5.12%      (8.84%)    20.37%     28.04%     18.06%       9.12%      (6.31%)      20.08%     28.48%     18.95%
Net Margin                        15.77%          9.36%      (4.76%)     15.08%     20.66%     14.45%        3.53%      (6.10%)    14.05%     19.35%     12.46%       6.30%      (4.36%)      13.85%     19.65%     13.08%

Effeciency Analysis
Gross Margin                       430              6          68          183       (328)       (63)       (203)       (174)      (196)      (196)       (194)       100          50           50        100        79
SG&A/Net Sales                     221             478        1579         381        (25)       318         674         26         (38)       (69)        75         (300)       (200)         80        50         (12)
EBITDA                             200            (486)      (1519)       (209)      (309)      (391)       (884)       (209)      (160)      (130)       (273)       396         244          (31)       49         88
Operating Margin                   209            (472)      (1511)       (198)      (303)      (382)       (876)       (200)      (158)      (128)       (269)       400         250          (30)       50         91
Pre-tax                            197            (469)      (1532)       (210)      (345)      (405)       (871)       (198)      (154)       (87)       (250)       400          252         (29)        44        89
Net Margin                         132            (211)      (1029)         (9)       (32)      (131)       (583)       (134)      (103)      (131)       (199)       276         174          (20)       30         61
Source: Company reports and Sterne Agee estimates




                                                                                                                                                                                                                    Page 4
DECKERS OUTDOOR CORP. (NNM: DECK)                                                                                     February 24, 2012

                                                       APPENDIX SECTION
Company Description: Deckers Outdoor Corporation is a designer, producer, and brand manager of footwear for outdoor
activities and casual lifestyles. It sells its products directly to consumers through retailers in the United States, and through
distributors in a number of international countries. It markets its products under the brand names Teva, UGG, Simple, Ahnu and
TSUBO.

IMPORTANT DISCLOSURES:
Price Target Risks & Related Risk Factors:
Risks to our investment thesis and the achievement of our price target include, but are not limited to, a company's failure to achieve
Sterne, Agee & Leach, Inc., earnings and revenue estimates; unforeseen macroeconomic and/or industry events that adversely affect
demand for a company's products or services; product obsolescence; changes in investor sentiment regarding the specific company or
industry; intense and rapidly changing competitive pressures; the continuing development of industry standards; the company's ability
to recruit and retain competent personnel; and adverse market conditions. For a complete discussion of the risk factors that could
affect the market price of a company's shares, refer to the most recent Form 10-Q or 10-K that a company has filed with the Securities
Exchange Commission, or contact Mr. Robert Hoehn, Director of Research at Sterne, Agee & Leach, Inc., at 1-212-338-4731.

Valuation Methodology:
Methodology for assigning ratings and target prices includes qualitative and quantitative factors including an assessment of industry
size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition; and
expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry
or company-specific occurrences. Sterne, Agee & Leach, Inc., analysts base valuations on a combination of forward looking earnings
multiples, price-to-revenue multiples, and enterprise-value-to-revenue ratios. Sterne, Agee & Leach, Inc., believes this accurately
reflects the absolute value of earnings, the earnings growth rate, the inherent profitability, and adjusted balance sheet factors.
Additional company-specific valuation methodology is available through Sterne, Agee & Leach, Inc., by contacting Mr. Robert
Hoehn, Director of Research, at Sterne, Agee & Leach, Inc., at 1-212-338-4731.

Regulation Analyst Certification:
I, Sam Poser, (212) 763-8226, hereby certify the views expressed in this research report accurately reflect my personal views about the
subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be, directly or indirectly, related to
the specific recommendations or views expressed by me in this report.

Sterne, Agee & Leach, Inc. Disclosure Legend as of February 24, 2012:

            Company                                                                           Disclosure(s) – See Below
            Deckers Outdoor Corp. (DECK - NNM):                                               1

Disclosure Legend
   1. Sterne, Agee & Leach, Inc. makes a market in the shares of the subject company.
   2. Sterne, Agee & Leach, Inc. has, over the past 12 months, managed or co-managed a public securities offering or
          provided other investment banking services for the subject company.
    3.    Sterne, Agee & Leach, Inc. received compensation for products or services other than investment banking services
          from the subject company in the past 12 months.
    4.    The Sterne Agee analyst who has active coverage on this company owns a position in the subject company.
    5.    Sterne, Agee & Leach, Inc. or its affiliates beneficially own 1% or more of any class of common equity securities of the
          subject company.

Sterne Agee & Leach, Inc. expects to receive or intends to seek compensation for investment banking services from the subject
company in the next three months. Sterne, Agee & Leach, Inc.’s research analysts receive compensation that is based upon various
factors, including Sterne, Agee & Leach, Inc.’s total revenues, a portion of which is generated by investment banking activities.

Definition of Investment Ratings:
BUY:                        We expect this stock to outperform the industry over the next 12 months.
NEUTRAL:                    We expect this stock to perform in line with the industry over the next 12 months.
UNDERPERFORM:               We expect this stock to underperform the industry over the next 12 months.
RESTRICTED:                 Restricted list requirements preclude comment.


                                                                                                            Appendix Section, Page I
DECKERS OUTDOOR CORP. (NNM: DECK)                                                                                  February 24, 2012

Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of December 31, 2011, 49.7% had a BUY rating, 43.6% had a NEUTRAL
rating, 6.7% had a UNDERPERFORM rating, and 0% was RESTRICTED. Within those ratings categories, 3.8% of the securities
rated BUY, 1.1% rated NEUTRAL, 0% rated UNDERPERFORM, and 0% rated RESTRICTED received investment banking services
from Sterne, Agee & Leach, Inc., within the 12 months preceding December 31, 2011.

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731.
Other Disclosures:
Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not
represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or
more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein
and may act as principal or agent to buy or sell such securities.

Copyright © 2012 Sterne, Agee & Leach, Inc. All Rights Reserved.

Sterne, Agee & Leach, Inc. disclosure price charts are updated within the first fifteen days of each new calendar quarter per FINRA
regulations. Price charts for companies initiated upon in the current quarter, and rating and target price changes occurring in the
current quarter, will not be displayed until the following quarter.

Price Chart(s):




To receive price charts or other disclosures on the companies mentioned in this report, please contact
Sterne, Agee & Leach, Inc. toll-free at (800) 240-1438 or (205) 949-3689.




                                                                                                         Appendix Section, Page II
                       Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for over a century. During the
                       early years, our founders prominently established themselves in the financial securities industry in the southeastern United States. Today, we
                       have expanded to serve all regions of the country. Sterne, Agee is headquartered in Birmingham, Alabama with offices in 22 states. Sterne
                       Agee is one of the largest independent firms in the country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also
                       includes The Trust Company of Sterne, Agee & Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee
                       Financial Services, Inc.—www.sterneagee.com

                                                              EQUITY CAPITAL MARKETS
Ryan Medo          Managing Dir., Eq. Cap. Mkts.              (205) 949-3623        William McIlroy          Director, Equity Products              (212) 338-4781

                     INSTITUTIONAL SALES                                                                      INSTITUTIONAL TRADING
Steve Pokorny      Head of Institutional Sales                (214) 702-4020           JT Cacciabaudo        Head of Trading                          (212) 763-8288

                                                                    EQUITY RESEARCH
                                         Robert Hoehn           Director of Research                      (212) 338-4731
CONSUMER                                                                                  FINANCIAL SERVICES (CONT.)
 Apparel Retailing & Toys                                                                 Property/Casualty Insurance
  Margaret Whitfield                   SVP, Sr. Analyst       (973) 519-1019              Dan Farrell                          Mng. Dir.               (212) 338-4782
  Tom Nikic, CFA                       Analyst                (212) 338-4784              Nitin Chhabra, FCAS                  Analyst                 (212) 338-4779

  Educational Services / Interactive Entertainment                                     INDUSTRIALS
  Arvind Bhatia, CFA                   Mng. Dir.              (214) 702-4001             Aerospace & Defense
  Brett Strauser                       Analyst                (214) 702-4009              Peter Arment                         Mng. Dir.               (646) 376-5336
  Footwear & Apparel                                                                      Josh W. Sullivan                     Analyst                 (646) 376-5337
  Sam Poser                            Mng. Dir.              (212) 763-8226
  Ben Shamsian                         Associate              (212) 338-4721              Auto, Auto Parts and Auto Retailers
                                                                                          Michael P. Ward, CFA                 Mng. Dir.               (646) 376-5375
  Leisure & Entertainment                                                                 Ali-Ahmad Faghri                     Associate               (646) 376-5304
  David Bain                           Mng. Dir.              (949) 721-6651
  Sherry Yin                           Associate              (949) 721-6651              Coal, Metals & Mining, Engineering & Construction
                                                                                          Michael S. Dudas, CFA                Mng. Dir.               (646) 376-5329
  Restaurants                                                                             Satyadeep Jain                       Analyst                 (646) 376-5357
  Lynne Collier                        Mng. Dir.              (214) 702-4045              Patrick Uotila, CPA                  Analyst                 (646) 376-5358
  Philip May                           Analyst                (214) 702-4004
                                                                                          Construction Materials & Diversified Industrials
ENERGY                                                                                    Todd Vencil, CFA                     SVP, Sr. Analyst       (804) 282-7385
  Exploration & Production                                                                Kevin Bennett, CFA                   Analyst                (804) 282-4506
  Tim Rezvan, CFA                      Sr. Analyst            (212) 338-4736
  Ryan Mueller                         Analyst                (212) 338-4732           HEALTHCARE
                                                                                         Pharmaceutical Services
  Oilfield Services & Equipment                                                           Greg T. Bolan                        Mng. Dir.              (615) 760-1469
  Stephen D. Gengaro                   Mng. Dir.              (646) 376-5331              Himanshu Rastogi, PhD, CFA           Analyst                (615) 509-2652
  Grant Fox                            Associate              (212) 338-4723
  Tripp Schoff                         Associate              (646) 376-5325           TECHNOLOGY
FINANCIAL SERVICES                                                                       Data Networking and Storage
  Asset Management                                                                        Alex Kurtz                           Mng. Dir                (415) 402-6015
  Jason Weyeneth, CFA                  SVP, Sr. Analyst       (212) 763-8293              Amelia Harris                        Analyst                 (415) 402-6018
  Charles Warren                       Analyst                (646) 376-5309
                                                                                          Financial Technology
                                                                                          Greg Smith                           Mng. Dir                (818) 615-2029
  Banks & Thrifts
                                                                                          Jennifer Dugan                       Analyst                 (415) 402-6051
  Matthew Kelley                       Mng. Dir.              (207) 699-5800
  Mike I. Shafir                       SVP, Sr. Analyst       (212) 763-8239              Hardware, Mobile Devices, IT Supply Chain
  Matthew Breese                       Analyst                (207) 699-5800              Shaw Wu                              SVP, Sr. Analyst        (415) 362-7431
  Brett Rabatin, CFA                   SVP, Sr. Analyst       (877) 457-8625
  Kenneth James                        Analyst                (615) 760-1474              LED Supply Chain
  Nathan Race                          Associate              (615) 760-1477              Andrew Huang                         Mng. Dir.               (415) 362-6143
  Peyton Green                         Mng. Dir.              (877) 492-2663              John Shen                            Associate               (415) 402-6052
  Zachary Wollam                       Analyst                (615) 760-1468
  Todd L. Hagerman                     Mng. Dir.              (212) 338-4744              Semiconductors
  Robert Greene                        Analyst                (212) 763-8296              Vijay Rakesh                         Mng. Dir.               (312) 525-8431
                                                                                          Mark Kelley                          Analyst                 (312) 525-8430
  Life Insurance
  John M. Nadel                        Mng. Dir.              (212) 338-4717           TRANSPORTATION, SERVICES & EQUIPMENT
  Alex Levine                          Associate              (212) 338-4748              Jeffrey A. Kauffman                  Mng. Dir.               (212) 338-4765
                                                                                          Sal Vitale                           VP, Analyst             (212) 338-4766
  Mortgage Finance & Specialty Finance
  Henry J. Coffey, Jr., CFA            Mng. Dir.              (615) 760-1472
  Jason Weaver                         Analyst                (615) 760-1475
  Calvin Hotrum                        Analyst                (615) 760-1476


Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)

				
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