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CHAIN BRIDGE INVESTING
FEBRUARY 16, 2010
COMPANIES ANNOUNCING REPURCHASES FROM FEBRUARY 8 - 12, 2010
Chain Bridge Investing (“CB”), on a weekly basis, will shift through publicly held companies that have announced share repur-
chase plans during the past week. Share repurchase programs represent a strategic capital allocation decision by the company’s
management. In a world where all other variables are held constant, repurchases will increase the value of the shares held by the
current investors. Theoretically, a company should only repurchase its shares when it believes the shares are cheaply priced in the
market and does not have other more profitable uses of its cash. On the other hand, a company tends to issue shares when it needs
additional financing or believes the current market pricing is expensive. A company that has decided to repurchase its shares usu-
ally merits the attention of investors. In general, few companies make these repurchases, which tend to be implemented by man-
agements considerate of the shareholders’ interest. Instead, many companies, especially those straddled with debt, will frequently
issue additional shares to obtain necessary financing. Yet, share repurchases can indicate a company has limited growth potential
or management is missing other investment opportunities. Nevertheless, share repurchases should not be ignored.
This week, CB found 27 companies announcing repurchases ranging from 2.16% to 23.84% of the current shares outstanding.
Some of the larger announced repurchases are: (1) Cincinnati Bell (“CBB”); (2) Aspen Insurance Holdings (“AHL”); and (3) Wol-
verine World Wide (“WWW”). The fundamentals of these companies are show in the exhibits below. If CB discovers any future
investment potential in these companies, it will be posted on www.chainbridgeinvesting.com.
As a final note, these listings are in no way to be construed as financial advice or investment recommendations. These listings are
meant to provide ideas to readers for their own research and show parts of the investment research process of CB. All data is
pulled from Stock Pro Investor and Yahoo! Finance. CB is not an investment advisor, please read the disclaimer at
www.chainbridgeinvesting.com/disclaimer/.
COMPANY REPURCHASES
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REPURCHASES
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FEBRUARY 16, 2010 PAGE 2
EXHIBITS
Exhibit A: Companies Announcing Share Repurchases from February 8 - 12, 2010
Announced Est. Shares to be Percentage of Shares
Repurchase Amount Repurchased at Announced Shares Shares Currently that Could be
Date Company Ticker Price in Dollars Current Price To Be Repurchased Outstanding Repurchased
2/12/2010 ATA Inc. ATAI 3.50 5,000,000 1,428,571 n/a 22,399,000 6.38%
2/12/2010 ePlus PLUS 16.17 n/a n/a 500,000 8,248,000 6.06%
2/12/2010 Newport Bancorp NFSB 11.57 n/a n/a 191,508 3,427,000 5.59%
2/12/2010 Wolverine World Wide WWW 26.31 200,000,000 7,601,672 n/a 49,900,000 15.23%
2/11/2010 Administaff ASF 17.00 n/a n/a 1,000,000 25,615,000 3.90%
2/11/2010 Beckman Coulter BEC 65.85 n/a n/a 1,500,000 69,329,000 2.16%
2/11/2010 Cincinnati Bell CBB 3.10 150,000,000 48,387,097 n/a 202,977,000 23.84%
2/11/2010 Edwards Lifesciences Corp. EW 88.11 500,000,000 5,674,725 n/a 56,599,000 10.03%
2/11/2010 Hercules Technology Growth HTGC 9.34 35,000,000 3,747,323 n/a 35,633,000 10.52%
2/11/2010 IDEXX Laboratories IDXX 53.58 n/a n/a 4,000,000 58,506,000 6.84%
2/11/2010 LabCorp. LH 72.43 250,000,000 3,451,608 n/a 106,199,000 3.25%
2/11/2010 McAfee MFE 40.41 500,000,000 12,373,175 n/a 157,727,000 7.84%
2/11/2010 Philip Morris International PM 49.42 12,000,000,000 242,816,673 n/a 1,904,684,000 12.75%
2/11/2010 VF Corp VFC 75.48 n/a n/a 10,000,000 110,989,000 9.01%
2/10/2010 Activision Blizzard ATVI 11.01 1,000,000,000 90,826,521 n/a 1,265,000,000 7.18%
2/10/2010 Intercontinental Exchange ICE 104.16 300,000,000 2,880,184 n/a 73,256,000 3.93%
2/10/2010 Ryder System R 34.70 100,000,000 2,881,844 n/a 54,200,000 5.32%
2/10/2010 UnitedHealth Group UNH 31.63 n/a n/a 120,000,000 1,161,000,000 10.34%
2/9/2010 Aspen Insurance Holdings AHL 27.86 400,000,000 14,357,502 n/a 83,153,000 17.27%
2/9/2010 Corrections Corp. of America CXW 20.00 250,000,000 12,500,000 n/a 115,493,000 10.82%
2/9/2010 Encore Capital Group ECPG 18.08 50,000,000 2,765,487 n/a 23,359,000 11.84%
2/9/2010 Kensey Nash KNSY 21.04 30,000,000 1,425,856 n/a 10,975,000 12.99%
2/9/2010 Max Capital Group MXGL 23.44 100,000,000 4,266,212 n/a 55,867,000 7.64%
2/9/2010 StanCorp Financial Group SFG 41.19 n/a n/a 3,000,000 47,744,000 6.28%
2/9/2010 Westell Technologies WSTL 1.46 10,000,000 6,849,315 n/a 67,912,000 10.09%
2/9/2010 W.R. Berkly Corp WRB 25.22 n/a n/a 11,000,000 156,552,000 7.03%
2/8/2010 Alpha Pro Tech APT 3.71 2,000,000 539,084 n/a 22,370,000 2.41%
COMPANY REPURCHASES
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REPURCHASES
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FEBRUARY 16, 2009 PAGE 3
EXHIBITS (CONTINUED)
Exhibit B: Companies Announcing Share Repurchases from February 8 - 12, 2010
# Company Name Ticker Industry Exchange Website Country
1 ATA Inc.(ADR) ATAI Schools Nasdaq http://www.ata.net.cn/english/ China
2 ePlus Inc. PLUS Software & Programming Nasdaq http://www.eplus.com/ United States
3 Newport Bancorp, Inc. NFSB Regional Banks Nasdaq http://www.newportfederal.com/ United States
4 Wolverine World Wide, Inc. WWW Footwear New York http://www.wolverineworldwide.com United States
5 Administaff, Inc. ASF Business Services New York http://www.administaff.com/ United States
6 Beckman Coulter, Inc. BEC Scientific & Technical Instruments New York http://www.beckmancoulter.com/ United States
7 Cincinnati Bell Inc. CBB Communications Services New York http://www.cincinnatibell.com/ United States
8 Edwards Lifesciences Corp EW Medical Equipment & Supplies New York http://www.edwards.com/ United States
9 Hercules Technology Growth Cap HTGC Consumer Financial Services Nasdaq http://www.herculestech.com/ United States
10 IDEXX Laboratories, Inc. IDXX Medical Equipment & Supplies Nasdaq http://www.idexx.com United States
11 Laboratory Corp. of America Ho LH Healthcare Facilities New York https://www.labcorp.com/ United States
12 McAfee, Inc. MFE Software & Programming New York http://www.mcafee.com United States
13 Philip Morris International In PM Tobacco New York United States
http://www.philipmorrisinternational.com/
14 V.F. Corporation VFC Apparel/Accessories New York http://www.vfc.com/ United States
15 Activision Blizzard, Inc. ATVI Software & Programming Nasdaq http://www.activisionblizzard.com/ United States
16 IntercontinentalExchange, Inc. ICE Investment Services New York https://www.theice.com/ United States
17 Ryder System, Inc. R Rental & Leasing New York http://www.ryder.com United States
18 UnitedHealth Group Inc. UNH Insurance (Accident & Health) New York http://www.unitedhealthgroup.com/ United States
19 Aspen Insurance Holdings Limit AHL Insurance (Property & Casualty) New York http://www.aspen.bm/ Bermuda
20 Corrections Corporation of Ame CXW Business Services New York http://www.correctionscorp.com/ United States
21 Encore Capital Group, Inc. ECPG Misc. Financial Services Nasdaq http://www.encorecapitalgroup.com United States
22 Kensey Nash Corporation KNSY Medical Equipment & Supplies Nasdaq http://www.kenseynash.com/ United States
23 Max Capital Group Ltd. MXGL Insurance (Property & Casualty) Nasdaq http://www.maxcapgroup.com/ Bermuda
24 StanCorp Financial Group, Inc. SFG Insurance (Life) New York http://www3.standard.com United States
25 Westell Technologies Inc. WSTL Communications Equipment Nasdaq http://www.westell.com/ United States
26 W.R. Berkley Corporation WRB Insurance (Property & Casualty) New York http://www.wrberkley.com/ United States
27 Alpha Pro Tech, Ltd. APT Apparel/Accessories American http://www.alphaprotech.com/ Canada
COMPANY REPURCHASES
© 2010 Chain Bridge Investing
REPURCHASES
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FEBRUARY 16, 2010 PAGE 4
EXHIBITS
Exhibit C: Companies Announcing Share Repurchases from February 8 - 12, 2010
% of 52- Mkt. Cap. Short Gross Oper. RoA RoE
# Company Name Price Wk. High (m) Debt (m) Cash (m) EV (m) Ratio Margin Margin (LTM) (LTM)
1 ATA Inc.(ADR) $ 3.50 28.7% $ 79 $ - $ 34 $ 45 .6x 50.9% -0.6% -0.3% -0.4%
2 ePlus Inc. 16.17 95.3% 135 59 82 111 10.9x 19.4% 2.8% 2.7% 5.6%
3 Newport Bancorp, Inc. 11.57 89.1% 44 142 8 178 12.6x nm 55.5% 0.2% 1.3%
4 Wolverine World Wide, Inc. 26.31 92.9% 1,284 2 160 1,125 4.7x 39.2% -57.1% 13.0% 19.8%
5 Administaff, Inc. 17.00 55.5% 427 - 195 232 10.4x 18.7% -937.2% 4.9% 13.4%
6 Beckman Coulter, Inc. 65.85 92.0% 4,519 1,360 262 5,616 3.5x 46.0% 12.7% 4.0% 9.8%
7 Cincinnati Bell Inc. 3.10 84.7% 621 1,944 38 2,528 20.7x 55.7% 24.6% 5.4% -14.2%
8 Edwards Lifesciences Corp 88.11 93.2% 4,940 90 334 4,696 5.5x 69.8% 23.0% 15.2% 21.8%
9 Hercules Technology Growth Cap 9.34 82.6% 329 131 125 334 8.2x 84.8% 58.0% 2.6% 3.7%
10 IDEXX Laboratories, Inc. 53.58 89.4% 3,124 124 107 3,141 18.9x 51.0% 17.1% 15.3% 25.3%
11 Laboratory Corp. of America Ho 72.43 94.0% 7,621 1,394 149 8,866 4.5x 42.0% 19.9% 11.3% 27.3%
12 McAfee, Inc. 40.41 88.5% 6,282 100 639 5,743 2.4x 74.8% 14.5% 4.5% 8.7%
13 Philip Morris International In 49.42 94.4% 93,018 15,416 1,540 106,894 3.5x 24.5% -206.0% 19.1% 103.8%
14 V.F. Corporation 75.48 94.6% 8,207 1,187 732 8,662 5.5x 44.3% 10.2% 6.9% 12.4%
15 Activision Blizzard, Inc. 11.01 83.8% 14,091 - 2,768 11,323 1.3x 46.1% -0.6% 0.8% 1.0%
16 IntercontinentalExchange, Inc. 104.16 85.4% 7,398 308 553 7,153 2.0x nm 51.5% 1.6% 14.1%
17 Ryder System, Inc. 34.70 74.5% 1,914 2,498 99 4,313 4.4x 76.8% -21.2% 1.1% 4.8%
18 UnitedHealth Group Inc. 31.63 87.7% 37,249 11,173 9,800 38,622 .9x 76.8% 7.3% 6.7% 17.1%
19 Aspen Insurance Holdings Limit 27.86 98.0% 2,329 250 748 1,830 7.6x nm 25.4% 6.0% 15.6%
20 Corrections Corporation of Ame 21.04 70.8% 231 32 22 241 9.0x 70.0% 35.8% 10.5% 14.5%
21 Encore Capital Group, Inc. 23.44 98.9% 1,267 91 702 655 6.7x nm 23.6% 3.4% 17.2%
22 Kensey Nash Corporation 21.04 70.8% 231 32 22 241 9.0x 70.0% 35.8% 10.5% 14.5%
23 Max Capital Group Ltd. 23.44 98.9% 1,267 91 702 655 6.7x nm 23.6% 3.4% 17.2%
24 StanCorp Financial Group, Inc. 41.19 94.4% 1,961 556 108 2,409 4.7x nm 11.4% 1.3% 12.8%
25 Westell Technologies Inc. 1.46 77.7% 97 - 58 39 .3x 30.4% 2.5% 4.5% 7.0%
26 W.R. Berkley Corporation 25.22 96.0% 3,928 1,590 736 4,782 6.6x nm 8.6% 1.9% 9.5%
27 Alpha Pro Tech, Ltd. 3.71 48.8% 83 - 9 73 3.9x 46.1% 17.6% 18.3% 20.9%
COMPANY REPURCHASES
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REPURCHASES
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FEBRUARY 16, 2009 PAGE 5
EXHIBITS (CONTINUED)
Exhibit D: Companies Announcing Share Repurchases from February 8 - 12, 2010
PE PE - 3 Yr. % S 1 Yr. S 3 Yr. EV/ LT Debt/ Net Debt/
# Company Name P/E PE Yr+0 Yr+1 Avg. EPS PEG P/S P/B P/ FCFPS CapEx/S Gwth CAGR EBITDA Total Cap. EBITDA
1 ATA Inc.(ADR) nm nm nm 173.5x nm .0x .0x 23.3x 14.4% 26.6% 46.7% nm 0.0% nm
2 ePlus Inc. 13.8x nm nm 8.9x nm .21x .7x nm 1.4% -17.8% 2.5% 3.26x 24.1% -.69x
3 Newport Bancorp, Inc. 62.9x 25.2x 24.6x 231.4x nm 2.64x .8x nm nm 6.5% 12.6% nm 73.3% nm
4 Wolverine World Wide, Inc. 20.9x 13.6x 12.3x 16.1x 0.9 1.17x 2.7x 13.7x nm -9.8% -1.2% 8.12x 0.2% -1.15x
5 Administaff, Inc. 14.3x 15.9x 12.4x 9.7x 1.0 .25x 1.9x 21.5x 0.6% 9.8% 13.8% 3.73x 0.0% -3.13x
6 Beckman Coulter, Inc. 25.7x 14.6x 13.2x 22.3x 1.3 1.47x 2.4x 16.1x 9.8% 12.2% 8.2% 8.44x 40.8% 1.65x
7 Cincinnati Bell Inc. 6.2x 7.3x 7.3x 10.0x 3.6 .46x .0x 4.0x 15.9% 4.0% 5.1% 5.38x 146.6% 4.06x
8 Edwards Lifesciences Corp 22.4x 24.8x 21.0x 32.9x 1.3 3.74x 4.3x 55.1x nm 6.8% 8.4% 15.80x 7.2% -.82x
9 Hercules Technology Growth Cap nm 7.6x 6.7x 11.0x 0.6 4.14x .9x 1.7x nm -2.0% 36.1% 5.62x 26.3% .10x
10 IDEXX Laboratories, Inc. 26.5x 24.2x 21.3x 29.9x 1.3 3.02x 6.1x 26.1x 4.8% 0.7% 11.8% 13.92x 0.8% .08x
11 Laboratory Corp. of America Ho 15.0x 13.3x 12.1x 16.5x 1.1 1.64x 3.8x 9.1x 0.0% 4.2% 9.3% 8.02x 39.8% 1.13x
12 McAfee, Inc. 38.2x 15.0x 13.6x 40.6x 1.1 3.44x 3.1x 17.6x 3.0% 22.3% 17.7% 15.22x 0.0% -1.43x
13 Philip Morris International In 15.6x 12.9x 11.7x 15.7x 1.3 3.84x 14.9x 33.8x 4.2% -2.5% 8.7% 10.04x 70.5% 1.30x
14 V.F. Corporation 16.1x 13.3x 11.9x 14.8x 1.4 1.14x 2.1x 13.7x 1.3% -5.5% 5.1% 9.13x 19.7% .48x
15 Activision Blizzard, Inc. 129.2x 15.2x 13.4x 92.6x 1.1 3.28x 1.3x 26.2x nm 41.4% 41.4% 17.11x 0.0% -4.18x
16 IntercontinentalExchange, Inc. 26.5x 19.5x 17.0x 25.5x 1.1 7.79x 3.2x 17.5x 4.5% 22.3% 46.9% 11.81x 8.0% -.40x
17 Ryder System, Inc. 30.4x 18.6x 14.6x 9.8x 1.5 .38x 1.3x 8.9x nm -18.5% -8.1% 3.57x 61.4% 1.98x
18 UnitedHealth Group Inc. 9.9x 10.3x 9.5x 10.7x 1.2 .43x 1.6x 7.6x 0.8% 7.3% 6.8% 5.25x 27.6% .19x
19 Aspen Insurance Holdings Limit 6.3x 7.5x 7.1x 7.2x 0.8 1.14x .7x 4.6x nm 16.7% 3.9% 3.88x 7.0% -1.06x
20 Corrections Corporation of Ame 15.3x 16.3x 15.3x 16.4x 1.3 1.35x 1.6x 20.2x nm 5.4% 8.6% 8.02x 44.3% 2.62x
21 Encore Capital Group, Inc. 13.1x 11.0x 9.3x 21.8x 0.8 1.33x 1.7x 6.1x 1.5% 23.6% 7.4% 6.34x 55.5% 2.61x
22 Kensey Nash Corporation 13.5x 12.4x 11.4x 26.9x 0.8 2.90x 1.8x 9.5x 4.1% 2.9% 10.8% 6.83x 19.2% .27x
23 Max Capital Group Ltd. 5.3x 7.2x 6.8x 11.5x 0.6 1.17x .8x 8.x 0.0% 45.4% 6.7% nm 5.5% nm
24 StanCorp Financial Group, Inc. 9.7x 8.2x 7.4x 10.3x 1.2 .71x 1.1x 6.5x nm 3.9% 3.6% 5.03x 24.2% .94x
25 Westell Technologies Inc. 17.8x 10.4x 10.4x nm nm .56x 1.2x 6.3x 0.4% -21.6% -17.1% 4.06x 0.0% -6.05x
26 W.R. Berkley Corporation 19.5x 9.2x 8.7x 10.2x 1.7 .91x 1.1x 4.9x nm -5.9% -6.3% 12.24x 30.6% 2.18x
27 Alpha Pro Tech, Ltd. 15.0x 10.5x 8.0x 36.9x nm 1.65x 2.7x 12.4x 2.8% 0.8% 4.8% 7.57x 0.0% -.94x
* Abbreviations: EV = Enterprise Value; M = Millions; LTM = Latest-12 Months; RoA = Return on Assets; RoE = Return on Equity; P/E = Price/Earnings; PEG = Price/Estimated Earnings Growth; P/S =
Price/Sales; P/B = Price/Book; P/FCFPS = Price/Free Cash Flow per Share; CapEx = Capital Expenditures; S = Sales; CAGR = Compounded Annual Growth Rate; EBITDA = Earnings Before Interest,
Taxes, Depreciation and Amortization; NM = Not Material.
* All company financial data is downloaded from Yahoo and Stock Investor Pro, Chain Bridge Investing does not guarantee the accuracy of these figures and encourages readers to do their own research. This
presentation is meant to provide the reader with some research ideas.
* Due to formatting some company names may be abbreviated.
COMPANY REPURCHASES
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