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					                                                                                                          Company Report
                                                                                         Global Industrial Infrastructure
 April 26, 2010 | 16 Pages



 ROPER INDUSTRIES, INC. (NYSE: ROP)                                                                       RATING: NEUTRAL
 WITH   10%   ORGANIC     ORDER GROWTH, 1Q10                                                   Fiscal Year Ends Dec
 DEMONSTRATES THERE'S NO CASE FOR DEFICIENT
 REVENUE GROWTH BUT VALUATION NOT CHEAP;                                     Rating:                                         Neutral
 UPGRADED TO NEUTRAL, PT $62                                                 Price: Close                                     $63.91
                                                                             Price Target:                                       $62
       With 1Q10 Organic Orders Up 10%, The Case For Continued               52-wk Range:                              $41.32-$63.95
       Negative Organic Growth Is Extinguished; Rating Upgraded To           Market Capitalization (M):                    $5,987.34
       Neutral From Sell – We have long been concerned about ROP’s           Shares Outstanding (M):                           93.68
       in ability to generate positive organic revenue growth negatively     Avg. Daily Vol. (000):                           519.67
       impacting the company’s fundamental operating metrics. While          Dividend:                                         $0.34
       1Q10 adjusted EPS of $0.65 (GAAP EPS were $0.62) were only            Dividend Yield:                                  0.54%
       in line with consensus, the 10% increase in organic orders (20%       Consensus EPS Current Year:                       $3.00
       including acquisitions and positive FX) clearly should now enable     Consensus EPS Next Year:                          $3.45
       ROP’s organic revenue growth, which was (3%) in 1Q10, to              Est. 3-yr. EPS Growth:                         10 - 12%
       return to positive growth beginning in 2Q10.
       Ability To Lift Organic Share Of Growth Will Require                  Nicholas P. Heymann            Lawrence T. De Maria,
       Expanded Emerging Market Exposure – ROP has been working                                                              CFA
       to expand its international business significantly over the past      (212) 338-4703                        (212) 338-4704
       decade; in 2009, sales outside the US totaled 29% but Emerging        nheymann@sterneagee.com          ldemaria@sterneagee.com
       Market sales only an estimated 13%, well below the 26% average
                                                                             Ben Elias, CFA                         Samuel H. Eisner
       for multi-industry global industrials. In order to reduce ROP’s
                                                                             (212) 338-4706                           (212) 338-4705
       historic reliance on acquisitions, Emerging Market sales must rise.   belias@sterneagee.com             seisner@sterneagee.com
       Raising Rating to NEUTRAL from SELL and 6-12 month price
       target to $62 from $49. Our current price target is based on our
       revised 2010E EPS estimate of $3.05 (up from $2.95 previously)
       and assumes the stock trades at a 35% P/E premium (up from a
       20% premium previously) to the S&P 500. FactSet is forecasting
       2010E S&P 500 earnings of $81.05, resulting in a forward-year
       market P/E estimate of 15.1X. During the past 24 months, ROP
       has averaged a 32% P/E premium in a range of a 6% relative P/E
       premium and a 63% relative P/E premium to the S&P 500 based
       on forward-year earnings. Over the past 10 years, the company's
       relative P/E valuation has averaged a 39% P/E premium in a
       range of a 39% P/E discount to a 120% P/E premium. Currently,
       ROP is trading at a 39% relative P/E premium to the market based
       on our 2010E EPS estimate of $3.05.

                                                      Earnings Summary
FYE Dec                            2009A                          2010E                                   2011E

                                                   EPS & P/E Summary
                                  2009A     2009 Previous       2010E 2010 Previous                       2011E      2011 Previous
EPS:         Q1                    $0.59                --       $0.65            --                           --                --
             Q2                    $0.67                --       $0.74        $0.70                            --                --
             Q3                    $0.63                --       $0.80        $0.72                            --                --
             Q4                    $0.81                --       $0.86        $0.86                            --                --
             Full Year             $2.70                --       $3.05        $2.95                        $3.50             $3.40
P/E Ratio:                          23.7                --        21.0            --                        18.3                 --

   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
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                      April 26, 2010




                           Sterne Investment Insights
 1. Investment Case: Recent emergence of positive double-digit organic orders
    growth clearly signals the worst of the downturn in the company’s
    fundamentals is now behind the company. Going forward, we expect a
    gradual rate of recovery in the company’s fundamentals will likely be
    accompanied by expanded M&A activity to further enhance the company’s
    growth reacceleration in an attempt to return ROP’s historical above-average
    growth as the company’s served end markets mature. Because the vast
    majority of ROP’s current sales are in Europe and N.A., we anticipate the
    company is likely to continue to attempt to expand overseas to attempt to
    return to its prior 15%-20% growth rates. We anticipate the pace of ROP’s
    fundamental recovery, as well as the greater emphasis on international sales
    and an accelerated pace of M&A, is likely to increase future risk
    proportionate to the company’s recent past performance earlier this decade.
 2. Biggest Misperceptions: Roper is a provider of productivity enhancement
    rather than significant tangible products. In order to reduce the company’s
    historically capital intensive reliance on acquisitions to supplement its core
    organic growth, ROP clearly needs to expand its Emerging Market sales,
    which we estimate in 2009 totaled about 13% of sales and are likely to rise to
    about 15% in 2010. ROP still needs to find new customers globally to expand,
    and is likely to have to utilize acquisitions for a larger proportionate share of
    its growth in what is no longer likely to be a negative real interest rate
    environment similar to that which prevailed throughout the middle of this
    decade.
 3. Areas of Greatest Internal Operating Surprise: Ability to complete
    potential $1B+ in acquisitions at favorable valuation over the next couple
    years.
 4. Potential Biggest External Positive: Passage of “green” legislation spurring
    demand for energy-saving solutions.
 5. Potential Biggest External Negative: Greater than expected challenges in
    expanding overseas global footprint and potentially higher than historical
    prices paid for new acquisitions.




                                                                                             Page 2
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                                         April 26, 2010


                              Sterne Agee Flash Analytics (SAFA)

                                                 ROP 1Q10

                                             Current
   Drivers                                                                       Comment
                                             Period
   Revenue Drivers

       Org Rev {Tot Revs – (Acq + FX)}         (3%)        6% Total Rev – (7% Acq + 2% FX)

                                                           Limited exposure to Emerging Markets. Approx 15% of
       Emerging Markets                        Weak        revenues expected to come from emerging markets in
                                                           2010, below industry expected average of 28%.
                                                           Limited discussion of pricing in the quarter, however cost
       Pricing > Cost                         Neutral      cutting programs aided gross margin which increased to
                                                           52.3% in 1Q10.
                                                           Orders increased 20% in the quarter and order growth has
                                                           continued to accelerate sequentially. Margins benefitted
       Cyclical vs. Secular                   Cyclical
                                                           from prior restructuring charges. Modest end market
                                                           growth and additional acquisitions expected in 2010.

   Operating Drivers

                                                           Margins increased 170bps in 1Q10 to 19.6% from 17.9%
       Margin Performance                     Stronger     in 1Q09 primarily due to a 76% increase in operating
                                                           profit in Scientific & Industrial Imaging.

                                                           48% incremental margin due to a15.4% improvement in
       Incremental Margins                    Positive
                                                           operating profit on a 6% sales increase.

                                                           $89M in 1Q10 FCF vs. $46M for 1Q09, an increase of
       Free Cash Flow                         Stronger
                                                           95%. FCF was 148% of NI.
                                                           Orders increased 20% y/y and 10% organically. Book-
       Backlog                                Stronger
                                                           to-Bill ratio was 1.06 in 1Q10, up from 1.02 in 4Q09.

       Restructuring                            N/A

   Below the Line/Non-Operating
                                                           30.0% in 1Q10 vs. expected rate of 30.0%. No EPS
       Tax Rate                                 NM
                                                           impact.
       Corporate                             Tailwind      ($8.0M) in 1Q10 vs. ($13.0M) in 1Q09.

                                                           96.0M shares in 1Q10, same as expected share count. No
       Share Count                              NM
                                                           EPS impact.

       One Time Losses                        ($0.03)      $2.9M in acquisition-related charges in 1Q10.
   Summary Conclusion: Solid in line quarter reflecting continued upward organic growth prospects. Raising rating
   to NEUTRAL from SELL and 6-12 month price target to $62 from $49. Our current price target is based on our
   revised 2010E EPS estimate of $3.05 (up from $2.95 previously) and assumes the stock trades at a 35% P/E
   premium (up from a 20% premium previously) to the S&P 500. FactSet is forecasting 2010E S&P 500 earnings of
   $81.05, resulting in a forward-year market P/E estimate of 15.1X.

                                                                                                                Page 3
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                                                                                                                 April 26, 2010

Figure 1: ROP 2 Year FY1 P/E & P/E Relative to S&P 500
       Roper Industries Inc. (ROP)
       ROP 776696106 2749602 NYSE              Com mon stock
       23-Apr-2008 to 26-Apr-2010 (Daily)                                                                           Average: 17.7 High: 21.4 Low: 11.2 Latest: 21.3
                                                                                                                                                                         22
             Price to Earnings - FY1



                                                                                                                                                                         20




                                                                                                                                                                         18




                                                                                                                                                                         16




                                                                                                                                                                         14




                                                                                                                                                                         12



                                                                                                                                                                         10
                                                                                                                    Average: 1.32 High: 1.63 Low: 1.06 Latest: 1.47
                                                                                                                                                                         1.7
             Price to Earnings - Relative to S&P 500


                                                                                                                                                                         1.6



                                                                                                                                                                         1.5



                                                                                                                                                                         1.4



                                                                                                                                                                         1.3



                                                                                                                                                                         1.2



                                                                                                                                                                         1.1



                                                                                                                                                                         1
                            7/08              10/08                  1/09         4/09         7/09         10/09                     1/10                  4/10
Data So u rce: Fa ctS et Estim a tes,                                                                                                              ©Fa ctS et Resea rch S ystems




Source: FactSet estimates



Figure 2: ROP 10 Year FY1 P/E & P/E Relative to S&P 500
       Roper Industries Inc. (ROP)
       ROP 776696106 2749602 NYSE Com mon stock
       28-Apr-2000 to 26-Apr-2010 (Monthly)                                                                         Average: 20.0 High: 26.6 Low: 12.9 Latest: 21.3
                                                                                                                                                                         28
             Price to Earnings - FY1


                                                                                                                                                                         26


                                                                                                                                                                         24


                                                                                                                                                                         22


                                                                                                                                                                         20


                                                                                                                                                                         18


                                                                                                                                                                         16


                                                                                                                                                                         14


                                                                                                                                                                         12
                                                                                                                    Average: 1.39 High: 2.20 Low: 0.61 Latest: 1.47
             Price to Earnings - Relative to S&P 500




                                                                                                                                                                         2




                                                                                                                                                                         1.5




                                                                                                                                                                         1




                                                                                                                                                                         0.5

          '00                           '01     '02            '03          '04          '05          '06    '07                '08               '09
Data So u rce: Fa ctS et Estim a tes,                                                                                                              ©Fa ctS et Resea rch S ystems




Source: FactSet estimates




                                                                                                                                                                                        Page 4
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                                                                         April 26, 2010

Boomerang Through 2010 ?


          Recent Focus – Blue Sky Cyclical                                                                     New Focus – Tempered Growth
              Recovery Extrapolation
                                                                                                           •Financial Strength and Flexibility
                                                                                                           •Ability to Create Valuation in Nominal Revenue
       •2012 Potential Cyclical Recovery                                                                   Growth Environment
       •Ability to Leverage Improved Cost Base
       •Developed & Emerging Market Potential
                                                          2010 Expectations                                •Industry Consolidation Opportunities
                                                                                                           •Emerging Market Growth




               What Investors                    Long Range Extrapolation       Adjustment/Reassessment             What Investors
               Have Discounted                                                                                      May See in 2010
                   in 2009                                                                    Temporary Cost Cuts Return
                                                                        BTB Sensitive
                          Anticipated FX Tailwind                        Diversified
                                                                                                           Higher Taxes
                                                                         Industrials

                                                              BTB                           GDP
                Radical Restructuring                     Commodity                       Sensitive                Stubborn Unemployment
                                                            Sensitive                    Industries
                                                           Industries
                                                                                                                          Rising Interest Rates
                                                                                                       Cyclical
                                              Cyclical
                                                                                                      Industries
     Corporate Resizing                      Industries
                                                                                                                                  FX Headwind?
                                   GDP
                                                                                                           Non-Res Con/
                                 Sensitive
                                                                                                            Comm’l Fin
                                Industries


                    2009
                                                                                                                                        2011


Source: Sterne, Agee & Leach, Inc. Estimates

Key Considerations That Appear Likely To Influence Possible Rotation Within
Industrial Stocks Over Next 3-6 Months

Change Is In The Air – Switching From Cyclical Recovery Analytics To Ongoing
Operational Assessment Can Result In Re-Thinking Stock Selection - So far this year,
Industrials have been one of the best performing segments of the market, driven by
several quarters of positive operating profitability improvement and more recently the
extrapolated leverage from revenue growth reacceleration. Now, however, several issues
have emerged on the horizons that are beginning to shift investor analytics from “how
high” to perhaps closer to “how long”. In addition to some operational headwind factors
now coming into view, valuation metrics are also causing us to believe modifications in
stock selection may also emerge.

Operationally, three issues with varying degrees of tangibility have emerged over the past
few months: (a) higher input (especially steel) costs – the decision to by iron ore
producers to move to quarterly rather than annual contracts has suddenly made the
prospect of a potential 30% increase in steel costs in the near future perhaps unavoidable;
(b) rising FX headwinds – the extent of the challenges associated with minimizing the
risks for the sovereign debt problems in Europe have increased the probability that the
EURO is likely to remain under pressure. This could prove particularly relevant if US
short-term interest rates begin to rise in the near-intermediate term. The resulting could
be an operational headwind for most of our US global industrials and a tailwind for many
of our European global industrials; (c) rising US interest rates – while still unclear
exactly when and how much, US interest rates will invariably rise, though operationally
                                                                                                                                                    Page 5
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                             April 26, 2010

this should pose the least risk to global industrials given their very strong financial
condition, nominal leverage and strong cash flows.

We believe we may be rapidly closing in on further stock selection changes for Industrial
stocks, with a possible bias emerging that favors lower P/E names, particularly in the
Multi-Industry and Building, Power, Water & Smart Grid sub-sectors. The challenge for
investors in more economically sensitive industrial cyclical stocks will be to know when
to anticipate the arrival of likely tempered enthusiasm as several critical events begin to
emerge that will almost certainly impact global GDP growth beginning perhaps about
mid 2H10, including:

2010 Second Half Headwinds:

1.   Higher manufacturing input costs – The rapid increase in commodities that began
     in late 4Q08 and which accelerated throughout 2009 is likely to begin to squeeze
     sharply improved operating margins which are expected to benefit from
     exceptionally pervasive cost restructuring (1H10) and initial distribution channel
     replenishment (1H10). The biggest challenge could be rising steel costs as the
     industry prepares to shift to 90-day contracts which will be reset four times each
     year. With recent iron prices now rising 80%-90%, the potential exists for steel
     prices to rise as much as 30% over the next few quarters. Steel presents unusual
     challenges since as a manufactured product it is not able to be hedge like other
     commodity costs. The key will be the degree to which companies can offset higher
     steel costs with incremental price increases, particularly as industrial aggregate
     demand is now just barely beginning to recover in many markets to adequately
     enable higher prices to cover higher input costs. Previously, favorable FX was a key
     offset, but beginning in 2Q10 and likely accelerating during 2H10, FX is likely to
     swing to a moderate headwind for most US-based global industrials (it will likely be
     swing to a modest positive for European-based global industrials), assuming the
     USD’s recent strength (particularly versus the Euro) is sustained.

2.   Negative impact of a strong USD post 1Q10 – More Volatile FX (Euro) Pending
     Resolution Of EU Sovereign Debt Issues – Greece’s fiscal problems may prove to
     be more complicated than realized. The proposed EU and IMF “backstops” may not
     be viable as the IMF normally prescribes currency devaluation as one of its
     prescriptions for debt detoxification. Of course, Greece currently can’t devalue as its
     currency since it uses the EURO as part of the EU. Additionally, further likely IMF
     austerity measures could aggravate social unrest. Depending on what’s ultimately
     devised with IMF & EU, it is possible Greece could be kicked out of the EU if a
     viable solution can’t be quickly developed and implemented that avoids continued
     escalating borrowing costs for Greece. If Greece reverts back to its own currency, it
     could cause $38B of Greek debt to potentially default (likely impacting German
     banks most severely). Were this to occur, Greece’s (presumably temporary) removal
     from the EU could be followed by others (Spain, Italy, Portugal, Ireland) until they
     rectify their finances. We sense this could put further pressure on the EURO lower
     vs. the USD though eventually the EURO should recover – and the USD could come
     under pressure for doing the same thing. With US interest rates poised to rise well
     before the EU’s, this could also put further pressure on the EURO. The average US
     Industrial derives about 20%-25% of their sales from Europe, so while FX may start
     2010 as a tailwind, it’s likely to become a headwind quite rapidly as the value of
     their overseas earnings, which are now a larger percentage of total earnings than in
     the past, declines. Near-term a weak EURO would help our foreign global multi-
     industry names. Bottom-line: look for increased FX volatility to impact earnings.

3.   Rising state and local tax rates in N.A. – In 2009, state and local municipal
     governments received approximately $350-$375 billion from the U.S. 2009 Stimulus
     Program to sustain local services. This transfer should enable local governments to
                                                                                                    Page 6
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                                April 26, 2010

     sustain services rather than increase local government spending for vital community
     services. In 2010, these funds will have to be replaced by higher taxes, as local and
     state governments are not allowed to deficit finance their operating budgets, in our
     opinion. This is likely to lead to slower economic growth in N.A. as consumers
     experience a higher tax burden and if anything, local services face potential partial
     curtailment. Federal tax reform (both corporate and individual) could also emerge in
     Congress during 2010 and potentially could be implemented as early as 2011.

4.   Higher interest rates in N.A. – At some point, the Federal Reserve will begin to
     raise interest rates. While the catalysts behind such a move and its timing have been
     extensively debated, once interest rates begin to climb, Federal Reserve officials
     have repeatedly warned that the rate of increase is likely to be steeper than the last
     interest rate cycle earlier this decade. Such an increase is likely to make assumptions
     about rebounding construction (both Residential in 2010 and Non-Residential in
     2011) be viewed in a more conditional manner. While US long-term interest rates
     have been rising since early December, there is growing realization that at some
     point short-term interest rates are likely to also rise. Over the past few quarters
     commodity-based economies (Australia, Canada, Brazil, etc.) have been raising their
     short-term borrowing rates. While the exact timing and pace of any US interest rate
     increases is less clear, quantitative easing measures have now been ended. For most
     global industrials, their financial condition has rarely been stronger (particularly after
     emerging from one of the most several global economic downturns on record). As
     such, operationally higher interest rates are likely to be less of a concern for global
     industrials than their impact on discounting the value of future improved earnings in
     share prices.

5.   Prospective June 2010 end to U.S. government’s extension of first-time homebuyer
     credit – Weakness could re-emerge in N.A. home sales following the expected
     conclusion of the government’s first-time homebuyer incentive program. It has been
     estimated that approximately 35% of the homes bought in the U.S. since the
     program’s inception were purchased through the incentive program. Similar to the
     end of the government’s cash-for-clunkers program, the end of this incentive could
     negatively impact companies with significant residential new home sales exposure.

6.   Capital Redeployment Rewarded Most For Acquisitions That Increase Exposure to
     Emerging Markets – Companies that opt to use their overall stronger balance sheets
     to make acquisitions in Developed (and much likely slower growing markets) can
     expect a less ebullient investor response than those that figure out how to form JVs
     or make acquisitions that increase their exposure in “the next” Emerging Markets
     (India, South America). Similarly, those that opt to return cash via share repurchase
     (rather than dividends) could find investors questioning if a real plan exists to shift a
     company’s global “center of sales gravity” to higher growth Emerging Markets.

7.   Key Industrial Growth Drivers Next Five Years – rather than a historical extensive
     use of share repurchase, the primary sources of growth and strategic value creation
     for global industrials (beyond cyclical market recovery and operational and portfolio
     restructuring) are likely to be increasingly influenced by:

         a) Shift revenue “center of gravity” to faster growing Emerging Markets
            (higher organic revenue growth)
         b) Expand intellectual/data/information content – aftermarket monitoring,
            predictive maintenance, software upgrades, energy savings (higher organic
            revenue growth and enhanced ROTC)
         c) Expand aftermarket physical content – parts, overhaul, general maintenance
            and repair (higher organic revenue growth, potentially improved ROTC)
         d) Exit marginal product lines and businesses (enhanced ROTC, potentially
            improved organic revenue growth)
                                                                                                       Page 7
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                                                                                                                                                                                                                                                                   April 26, 2010



2010 Conceptual Changes Potentially Affecting Industrial Valuations:

Conceptually, there are several other tell-tails that could also distract attention from the
recent sole focus on extrapolating how high fundamentals will improve and how quickly
this can be accomplished:

The Institute For Supply Management (ISM) Index is near all-time highs – as noted in
the chart below, readings above 60 (currently 59.6) have tended to correlate with peaks in
the expansion of forward one-year P/Es for the market. Essentially, the future discounting
of mechanism used by investors begins to switch from discounting expected future
fundamental improvement to reflect near-term macro-economic changes that can impact
near-term operating performance as well as adjust the discount rate used to determine the
present value of future extrapolated fundamental operating expectations;

                                                                                          Correllation of ISM & S&P500 FY1 P/E Multiple
                            70.00                                                                                                                                                                                                                                                                                   30.0



                            60.00
                                                                                                                                                                                                                                                                                                                    25.0


                            50.00
ISM Index (+50=Expansion)




                                                                                                                                                                                                                                                                                                                    20.0

                            40.00




                                                                                                                                                                                                                                                                                                                           FY1 P/E
                                                                                                                                                                                                                                                                                                                    15.0

                            30.00

                                                                                                                                                                                                                                                                                                                    10.0
                            20.00


                                                                                                                                                                                                                                                                                                                    5.0
                            10.00



                             0.00                                                                                                                                                                                                                                                                                   0.0
                                                      Dec-00




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                                    Apr-00




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                                                                                                                                                                                                                                                                                         Apr-09




                                                                                                                                                          ISM                 S&500 FY1 P/E

Source: ISM and FactSet historical data and estimates

FCF/Net Income begins to normalize – during cyclical downturns, working capital and
capital expenditures contract, resulting in sharply higher FCF/NI ratios. For our Multi-
Industry Global Industrial Infrastructure Sub-Sector universe (excluding GE), the FCF/NI
ratio rose to 1.65 in 2009 from 1.15 in 2008 but is projected to moderate to 1.07 in 2010E
and 0.96 by 2011E, reflecting increased working capital and increased capital spending as
the global economy recovers. These changes can be even more extreme for smaller
capitalization industrials. For our Building, Power, Water & Smart Grid Sub-Sector,
FCF/NI ratio rose to 3.06 in 2009 from 1.61 in 2008 but is projected to decline to 1.22 in
2010E and 0.99 in 2011E. When this normalization of the FCF/NI ratio occurs, industrial
stocks no longer appear as inexpensive based on cash flow multiples;

What could overcome the emergence of these new operational and conceptual factors that
could change stock selection and temper valuation metrics? We believe there are two
principal factors currently: (1) sharply stronger than expected organic revenue growth
which would (at least near-term) result is significantly greater operating earnings that
could “reset” fundamental expectations higher than previously anticipated or discounted;
(2) significant M&A activity which could unlock undiscounted value or alter current P/E
valuations presently assigned to a company’s existing business portfolio.




                                                                                                                                                                                                                                                                                                                                          Page 8
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                                                                                                                                                       April 26, 2010
Roper Industries-Summary Financial Statements 2004—2010E
(Dollars and shares in millions, except per-share data)

INCOME STATEMENT                                           2004                        2005                        2006                        2007                        2008                        2009                        2010E
                                                                    Oper.                       Oper.                       Oper.                       Oper.                       Oper.                       Oper.                       Oper.
Segment Breakdown:                              Sales              Profits   Sales             Profits   Sales             Profits   Sales             Profits   Sales             Profits   Sales             Profits    Sales             Profits
Industrial Technology                           $458                 $88      $496              $105      $550              $129      $644              $165      $688              $178      $536              $128       $569              $137
Energy System s & Controls                      $279                 $63      $311               $81      $344               $90      $516              $126      $548              $127      $441               $98       $456              $103
Scientific & Indust Imaging                     $218                 $40      $250               $48      $339               $72      $376               $73      $376               $75      $355               $78       $552              $131
RF Technology                                    $15                 $0       $397               $59      $468               $81      $565              $117      $695              $160      $718              $155       $726              $159
Total                                           $970                $171     $1,454             $265     $1,701             $373     $2,102             $481     $2,306             $539     $2,050             $460      $2,303             $531

Corporate Expense                               ($20)                        ($27)                       ($35)                       ($43)                       ($53)                       ($48)                        ($46)
Pretax Income                                   $134                         $221                        $293                        $384                        $432                        $356                         $418
Less Taxes                                       $40                          $67                        $100                        $134                        $149                        $105                         $125

Net Income Cont. Ops                             $94                         $153                        $193                        $250                        $284                        $251                         $293
After-tax Restr. / Discontinued Ops.             ($8)                        ($4)                         $0                          $0                          $4                         ($12)                         $0

Net Income                                       $86                         $153                        $193                        $250                        $288                        $239                         $293

Shares Outstanding (M)                           76                           88                          91                          93                          94                          93                           96

EPS Continuing Op's                             $1.14                        $1.70                       $2.14                       $2.68                       $3.07                       $2.70                        $3.05
EPS GAAP                                        $1.24                        $1.74                       $2.13                       $2.68                       $3.03                       $2.57                        $3.05

Quarterly EPS
                      Q1                        $0.26                        $0.32                       $0.42                       $0.56                       $0.67                       $0.59                        $0.65
                      Q2                        $0.32                        $0.41                       $0.53                       $0.66                       $0.78                       $0.67                        $0.74       E
                      Q3                        $0.37                        $0.45                       $0.56                       $0.70                       $0.82                       $0.63                        $0.80       E
                      Q4                        $0.40                        $0.52                       $0.62                       $0.77                       $0.80                       $0.81                        $0.86       E


CASH FLOW                                                  2004                        2005                        2006                        2007                        2008                        2009                        2010E

Sources
   Net Income                                              $94                        $153                         $193                       $250                        $284                        $239                         $293
   Depr. & Amort.                                          $41                         $71                          $82                        $93                        $103                        $103                         $105
   Change in W.C.                                         ($10)                        $11                         ($16)                       $0                          $0                          $3                           ($5)
   All Other                                               $40                         $46                          $3                         $1                          $45                         $21                          $20
From Operations                                           $165                        $281                         $262                       $344                        $432                        $368                         $413

  Net Debt                                                $223                          $8                         $126                        $28                        $196                        ($118)                        ($4)
  Effect of Exch. Rate                                     $4                          ($7)                         $2                          $8                        ($14)                         $10                         $5
  Other                                                    $11                         $30                          $64                        ($5)                        ($4)                         $9                          $0
Total Sources                                             $404                        $312                         $454                       $374                        $609                         $269                        $414

Uses
  Capital Spend-Net                                         $12                        $25                          $32                        $30                         $30                          $26                         $30
  Dividends                                                 $14                        $18                          $20                        $23                         $26                          $30                         $30
  Acquisitions                                             $641                       $330                         $352                       $107                        $705                         $355                        $150
  Net Equity                                              ($307)                       ($6)                        ($33)                       $0                          $0                         ($132)                        $0
  Other                                                    ($16)                       $21                          $66                       ($25)                       ($18)                         $1                          $0
Total Uses                                                 $345                       $388                         $438                       $135                        $743                         $279                        $210

Change in Cash                                             $59                        ($76)                        $16                        $239                        ($134)                      ($10)                        $204

CAPITALIZATION                                             2004                        2005                        2006                        2007                        2008                        2009                        2010E

Short-Term Debt                                             $37                        $273                        $300                        $331                        $234                        $113                         $150
Long-Term Debt                                             $855                        $621                        $727                        $727                       $1,034                      $1,041                       $1,000
Shareholders' Equity                                      $1,114                      $1,251                      $1,487                      $1,790                      $2,004                      $2,421                       $2,684
Total Capitalization                                      $2,006                      $2,145                      $2,514                      $2,848                      $3,271                      $3,575                       $3,834

Cash & Equivalents                                       $129                          $53                          $70                       $309                        $175                         $165                        $369
3-Year Avg. Cash Return to Shareholders                    --                            --                       -103.4%                     3.6%                        3.9%                         -8.1%                       -7.8%
Average Cash Return to Shareholders                     -311.8%                        8.1%                        -6.5%                      9.2%                        9.1%                        -42.6%                       10.3%

Debt/Total Capital                                        44.5%                       41.7%                       40.8%                       37.2%                       38.7%                       32.3%                        30.0%
Net Total Capital                                         $1,877                      $2,092                      $2,444                      $2,540                      $3,096                      $3,410                       $3,465
Net Debt/Total Capital                                    38.0%                       39.2%                       38.1%                       26.3%                       33.4%                       27.7%                        20.4%

Average ROE                                               10.6%                       13.0%                       14.1%                       15.3%                       15.0%                       10.8%                        11.5%
Average ROTC                                               5.7%                        7.4%                        8.3%                        9.3%                        9.3%                        7.0%                         7.9%
Average Net Capital                                        $938                       $1,984                      $2,268                      $2,492                      $2,818                      $3,253                       $3,438
Average Net ROTC                                           9.2%                        7.7%                        8.5%                       10.0%                       10.2%                        7.3%                         8.5%




Source: Roper Industries Annual Reports and Sterne, Agee & Leach, Inc. estimates.




                                                                                                                                                                                                                                     Page 9
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                                                                                                                               April 26, 2010

Roper Industries—Sales And Earnings Model 2003—2011E
(Dollars and shares in millions, except per-share data)


Revenues                                  2003        % Chge       2004     % Chge   2005     % Chge   2006     % Chge   2007     % Chge   2008     % Chge   2009     % Chge   2010E    % Chge     2011E     % Chge


Industrial Technology                      181            3.3%      458       NA      496      8.3%     550     10.9%     644     17.2%     688      6.7%     536     -22.0%    569      6.2%       626      10.0%
Energy Systems & Controls                  170            3.8%      279       NA      311     11.6%     344     10.4%     516     50.3%     548      6.2%     441     -19.6%    456      3.5%       497       9.0%
Scientific & Indust Imaging                139            9.7%      218       NA      250     14.8%     339     35.6%     376     11.0%     376     -0.2%     355     -5.5%     552     55.5%       607      10.0%
RF Technology                              167            10.3%     15        NA      397      NA       468     18.0%     565     20.7%     695     23.0%     718      3.3%     726      1.1%       820      13.0%
Total Revenue                             $657            6.5%     $970       NA     $1,454   50.1%    $1,701   17.0%    $2,102   23.6%    $2,306    9.7%    $2,050   -11.1%   $2,303   12.4%      $2,551    10.7%

Operating Margins
Industrial Technology                     17.5%                    19.1%             21.2%             23.4%             24.5%             25.9%             23.9%             23.8%               25.0%
Energy Systems & Controls                 21.2%                    22.7%             25.9%             26.3%             28.0%             23.1%             22.3%             23.2%               26.0%
Scientific & Indust Imaging               19.0%                    18.6%             19.2%             21.4%             25.5%             19.9%             22.0%             22.5%               23.0%
RF Technology                             16.8%                    -0.1%             14.8%             17.3%             19.0%             23.0%             21.6%             22.0%               22.0%
Total Margin                              16.4%                    17.7%             18.2%             19.9%             20.8%             21.1%             20.1%             21.1%               21.4%

Operating Profits
Industrial Technology                      32             -3.2%     88        NA      105     20.5%     129     22.6%     165     28.0%     178      8.2%     128     -28.0%    137      7.1%       157      14.0%
Energy Systems & Controls                  36             -3.5%     63        NA      81      19.5%     90      12.1%     126     39.8%     127      0.2%     98      -22.4%    103      5.2%       129      25.1%
Scientific & Indust Imaging                26             -19.9%    40        NA      48      42.0%     72      51.4%     73       1.0%     75       2.1%     78       4.4%     131     68.2%       140       6.4%
RF Technology                              28             8.4%       0        NA      59       5.0%     81      38.5%     117     44.4%     160     36.5%     155     -2.8%     159      2.3%       180      13.6%
   Corporate Expense                       (14)                     (20)              (27)              (35)              (43)              (53)              (48)              (46)                (60)
Total Operating Profit                    $108            -6.4%    $171       NA     $265     52.0%    $338     27.5%    $438     29.8%    $486     10.9%    $412     -15.3%   $485     17.9%      $546      12.5%

Other Income/(Exp)                         (25)                     (9)               (1)                0                (3)                3                 3                 3                   4
Interest Expense                           (16)                     (29)              (43)              (45)              (52)              (57)              (59)              (70)                (70)

Pretax Income                              66             -6.4%    134      95.3%     221     44.0%     293     24.1%     384     31.0%     432     12.7%     356     -17.7%    418     17.4%       480      14.8%
Pretax Margin (%)                         10.1%                    13.8%             15.2%             17.2%             18.2%             18.8%             17.4%             18.1%               18.8%


Income tax                                 18                       40                67                100               134               149               105               125                 144
Tax Rate                                  27.5%                    29.8%             30.6%             34.0%             34.8%             35.0%             29.6%             30.0%               30.0%


Net Inc ome Continuing Ops.                $48            -27.7%    $94     95.3%    $153.2   55.7%    $193     24.1%    $250     29.3%    $284     13.5%    $251     -11.6%   $293     16.7%      $336      14.8%

After-Tax Restr / Special Items            (3)                      (8)               (4)                0                 0                 4                (12)               0                   0

Net Inc ome                                $45            12.9%     $86     124.3%   $149.2   44.0%    $193     24.1%    $250     29.3%    $288     15.1%    $239     -16.9%   $293     22.5%      $336      14.8%


EPS Continuing Op's                      $0.71            12.3%    $1.14    89.7%    $1.70    26.7%    $2.13    20.8%    $2.68    26.1%    $3.07    14.5%    $2.70    -12.1%   $3.05    12.9%      $3.50     14.8%
EPS GA AP                                $0.75            -28.1%   $1.24    65.2%    $1.74    37.0%    $2.13    20.8%    $2.68    26.1%    $3.03    12.9%    $2.57    -15.1%   $3.05    18.5%      $3.50     14.8%


Avg. Shares Out. (Mil) #                  64.0                     75.7               87.9              90.9              93.2              93.6              92.8              96.0                96.0


Source: Roper Industries Annual Reports and Sterne, Agee & Leach, Inc. estimates.




                                                                                                                                                                                                           Page 10
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                                                                                             April 26, 2010

 Roper Industries— 2010E Quarterly Sales And Earnings Model
 (Dollars and shares in millions, except per-share data)


 Revenues:                         1Q10     1Q09       % Chge      2Q10E     2Q09    % Chge   3Q10E   3Q09    % Chge   4Q10E   4Q09    % Chge   2010E    2009        % Chge


   Industrial Technology            135      131           3.6%     145      137      6.0%     149     131    14.0%     141     138     1.5%     569      536         6.2%
   Energy Systems & Controls        106      107           -0.9%    110      105      4.0%     113     103    10.0%     128     126     1.5%     456      441         3.5%
   Scientific & Indust Imaging      130       84       54.8%        133       76     75.0%     138     79     75.0%     151     116    30.0%     552      355        55.5%
   RF Technology                    163      184       -11.3%       178      187     -5.0%     187     173     8.0%     198     173    14.0%     726      718         1.1%
 Total                             $534     $505           5.7%    $565      $505    11.9%    $587    $486    20.9%    $617    $554    11.4%    $2,303   $2,050      12.4%


 Operating Margins
   Industrial Technology           23.5%    23.3%                  24.0%    24.9%             24.5%   24.1%            24.5%   23.4%            24.1%    23.9%
   Energy Systems & Controls       17.9%    17.7%                  22.5%    23.1%             24.0%   19.9%            25.5%   27.4%            22.6%    22.3%
   Scientific & Indust Imaging     22.5%    19.8%                  24.0%    17.1%             24.0%   19.3%            24.5%   28.7%            23.8%    22.0%
   RF Technology                   19.7%    20.4%                  22.0%    21.4%             22.5%   22.5%            23.0%   22.4%            21.9%    21.6%
 Total Margin                      19.6%    17.9%                  21.0%    19.8%             21.6%   19.5%            22.0%   22.9%            21.1%    20.1%


 Operating Profits:
   Industrial Technology            32        30           4.6%     35        34      2.0%     36      31     15.8%     34      32      6.3%     137      128         7.1%
   Energy Systems & Controls        19        19           0.1%     25        24      1.4%     27      21     32.6%     33      35     -5.7%     103      98          5.2%
   Scientific & Indust Imaging      29        17       76.3%        32        13     145.7%    33      15     118.2%    37      33     11.0%     131      78         68.2%
   RF Technology                    32        37       -14.1%       39        40     -2.4%     42      39      8.0%     45      39     17.2%     159      155         2.3%
   Corporate Expense                (8)      (13)      -40.4%       (12)     (12)     4.0%     (12)    (12)    3.2%     (14)    (12)   12.6%     (46)     (48)        -5.7%
 Total                             $105      $91       15.4%       $118      $100    18.5%    $127     $95    34.2%    $135    $127     7.0%    $485     $412        17.9%


   Other Income/(Exp)                0       (0)                     1        3                 1      0                 1      (0)               3        3
   Interest Expense                 (16)     (14)                   (18)     (14)              (18)    (14)             (18)    (17)             (70)     (59)


 Pretax Inc ome                     $89      $77       15.8%       $101      $89     13.5%    $109     $80    36.4%    $118    $110     7.9%    $418     $356        17.4%
   Pretax Margin (%)               16.6%    15.2%                  17.9%    17.7%             18.6%   16.5%            19.2%   19.8%            18.1%    17.4%


   Income tax                       27        23                    30        27               33      21               36      34               125      105
   Tax Rate                        30.0%    29.6%                  30.0%    30.2%             30.0%   26.3%            30.0%   31.4%            30.0%    29.6%


 Net Inc ome Continuing Ops.       $62.3     $54       15.2%       $71.0     $62     13.8%    $76.6    $59    29.6%    $82.9    $75    10.1%    $293     $251        16.7%


 After-Tax Restr / Special Items   (3.0)    (2.7)                   0.0      (2.7)             0.0    (2.7)             0.0    (3.7)            (3.0)    (11.9)


 Net Inc ome                        $59      $51       15.3%        $71      $60     19.0%     $77     $56    35.8%     $83     $72    15.9%    $290     $239        21.2%


 EPS Continuing Op's               $0.65    $0.59      10.8%       $0.74    $0.67     9.9%    $0.80   $0.63   25.6%    $0.86   $0.81    7.1%    $3.05    $2.70       12.9%
 EPS GAAP                          $0.62    $0.56      10.9%       $0.74    $0.64    14.9%    $0.80   $0.61   31.4%    $0.86   $0.77   12.7%    $3.02    $2.57       17.2%


 Avg. Shares Out. (M)              96.0     92.3                   96.0      92.7             96.0    92.9             96.0    93.4              96.0    92.8
                                                                                                                                                                     Page 11
 Source: Roper Industries Annual Reports and Sterne, Agee & Leach, Inc. estimates.
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                                                          April 26, 2010

                                                       APPENDIX SECTION
Company Description: Roper Industries (ROP) is an industrial company that designs, produces and distributes products,
services, software and productivity solutions for the energy systems and controls, scientific and industrial imaging, industrial
technology, and instrumentation sectors. The company markets these products and services to numerous global industrial
infrastructure markets, including water and wastewater, oil and gas, research, power generation, medical, semiconductor,
refrigeration, automotive and general industry.

IMPORTANT DISCLOSURES:
Price Target Risks & Related Risk Factors:
Risks to our investment thesis for Roper Industries are three: (1) ability to ensure recent improving positive organic order trends can
be sustained and converted into positive double-digit sales growth; (2) ability to sustain continued additional acquisitions to
supplement lower double-digit organic revenue growth; Europe and NA currently account for over 80% of ROP's sales, and as such
are less likely to be an incremental source of growth over the longer term; (3) the ability to significantly expand international
operations as N.A. and European industrial markets will likely experience only moderate recoveries over the next few years. ROP is
currently beginning to significantly expand its sales outside N.A., particularly throughout Europe and the Middle East. This transition
brings increased risk from maintaining current very high levels of profitability and cash generation to securing initial major overseas
contracts without jeopardizing historical levels of profitability in well-established N.A. markets where the company is typically the
leading supplier. Many of ROP's products increasingly sell to local and state governments which have encountered delays in funding
and approvals and thus are often less predictable than typical commercial product and service sales, particularly at a time of
diminishing local and state tax receipts. ROP's transition to a more global enterprise is likely to be accompanied by a significantly
expanded pace of acquisitions, which its strong debt coverage levels and balance sheet should be able to finance. Historically, the
company has averaged about $400-$500 million in acquisitions annually this decade, though near-term the company could potentially
make as much as $700 million annually in estimated acquisitions without undertaking additional borrowing or issuing additional new
common stock. We currently view ROP as a company that is beginning to see signs of fundamental recovery but which we believe is
over-valued based on differing expectations in the pace of its anticipated future rebound in its growth rate to its historical annual
growth rate of 20% annually.

Valuation Methodology:
We initiated coverage of Roper Industries with a Neutral rating on November 12, 2007. We are raising our rating on ROP to
NEUTRAL from SELL and our 6-12 month price target to $62 from $49 previously. Our current price target is based on our revised
2010E EPS estimate of $3.05 (up from $2.95 previously) and assumes the stock trades at a 35% P/E premium (up from a 20%
premium previously) to the S&P 500. Bloomberg Markets currently is forecasting 2010E S&P 500 earnings of $81.05, resulting in a
forward-year market P/E estimate of 15.1X. During the past 24 months, ROP has averaged a 32% P/E premium and traded between a
6% relative P/E premium and a 63% relative P/E premium to the S&P 500 based on forward-year earnings. Over the past 10 years, the
company's relative P/E valuation has averaged a 39% P/E premium and ranged from a 39% P/E discount to a 120% P/E premium.
Currently, ROP is trading at a 39% relative P/E premium to the market based on our 2010E EPS estimate of $3.05 and a 41% P/E
premium based on consensus 2010E EPS forecasts of $3.00.

Regulation Analyst Certification:
I, Nicholas P. Heymann, 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 April 26, 2010:

            Company                                                                           Disclosure(s) – See Below
            Roper Industries, Inc. (ROP - NYSE):                                              None

    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. has various security accounts open for the subject company.
    4.    Sterne, Agee & Leach, Inc. provides administration for 401(k) plans for the subject company.
    5.    Sterne Agee Financial Services, Inc. has clearing agreements with the subject company.
    6.    The Sterne Agee analyst who has active coverage on this company owns a position in the subject company.
    7.    Sterne, Agee & Leach, Inc. or its affiliates beneficially own 1% or more of any class of common equity securities of the
                                                                                                            Appendix Section, Page I
ROPER INDUSTRIES, INC. (NYSE: ROP)                                                                                        April 26, 2010

          subject company.

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.
SELL:                      We expect this stock to underperform the industry over the next 12 months.
RESTRICTED:                Restricted list requirements preclude comment.

Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of March 31, 2010, 43.9% had a BUY rating, 52.3% had a NEUTRAL rating,
3.7% had a SELL rating, and 0% was RESTRICTED. Within those ratings categories, 2.04% of the securities rated BUY, 1.94%
rated NEUTRAL, 0% rated SELL, and 0% rated RESTRICTED received investment banking services from Sterne, Agee & Leach,
Inc., within the 12 months preceding March 31, 2010.

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 © 2010 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) 966-0814 or (205) 949-3689.




                                                                                                         Appendix Section, Page II
                                                     STERNE, AGEE & LEACH, INC.
                  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 including Alabama, Arkansas, California,
Florida, Georgia, Illinois, Kentucky, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Missouri, New Jersey, New York,
North Carolina, Pennsylvania South Carolina, Tennessee, Texas, Virginia, and Wisconsin. 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 ADMINISTRATION
Ryan Medo           Managing Dir., Eq. Cap. Mkts.     (205) 949-3623     David Lee                  Director, Equity Products          (205) 949-3689
Robert Lake         Vice President                    (205) 949-3624     Yan Chao                   Associate                          (205) 949-3622
                                                                         Chuck Carlisle             Sr. Portfolio Analyst              (205) 949-3571

                                                           EQUITY RESEARCH
                                      Robert Hoehn      Director of Research                    (212) 338-4731

CONSUMER                                                                       FINANCIAL SERVICES (CONT.)
 Apparel Retailing & Toys                                                        Mortgage Finance & Specialty Finance
  Margaret Whitfield            SVP, Sr. Analyst      (973) 519-1019             Henry J. Coffey, Jr., CFA       SVP, Sr. Analyst        (615) 760-1472
  Jennifer Milan                VP, Analyst           (212) 763-8211             Jason Weaver                    Associate               (615) 760-1475

  Educational Services / Interactive Entertainment                               Property/Casualty Insurance
  Arvind Bhatia, CFA            Mng. Dir.             (214) 702-4001             Dan Farrell                     Mng. Dir.               (212) 338-4782
  Luke Shagets                  Analyst               (214) 702-4030
                                                                               GLOBAL INDUSTRIAL INFRASTRUCTURE (GII)
  Footwear & Apparel
  Sam Poser                     SVP, Sr. Analyst      (212) 763-8226            ACME &Latin America
  Kenneth M. Stumphauzer        Analyst               (212) 763-8287             Lawrence T. De Maria, CFA       Director                (212) 338-4704
                                                                                 Ben Elias, CFA                  VP, Sr. Analyst         (212) 338-4706
  Leisure & Entertainment
  David Bain                    Mng. Dir.             (949) 721-6651             Building, Power & Water Infrastructure
  Sherry Yin                    Associate             (949) 721-6651             Michael J. Coleman, CFA         SVP, Sr. Analyst        (212) 338-4718

  Restaurants                                                                    Engineering and Construction
  Lynne Collier                 Mng. Dir.             (214) 702-4045             Chase Jacobson                  VP, Sr. Analyst         (212) 338-4753
  Philip May                    Analyst               (214) 702-4004
                                                                                 Industrial Components
ENERGY                                                                           Samuel H. Eisner                VP, Analyst             (212) 338-4705
  Oilfield Services & Equipment
  David S. Havens               Mng. Dir.             (212) 763-8238
                                                                                 Multi-Industry
                                                                                 Nicholas P. Heymann             Mng. Dir.               (212) 338-4703
  Karl Sowislo                  Analyst               (212) 338-4732
                                                                                 Paul A. Dircks                  Analyst                 (212) 338-4725
FINANCIAL SERVICES                                                               Jordan Calabrese                Associate               (212) 338-4729
  Asset Management                                                             TECHNOLOGY
  Jason Weyeneth, CFA           Analyst               (212) 763-8293
                                                                                 LEDs
  Banks & Thrifts                                                                Andrew Huang                    Mng. Dir.               (415) 362-6143
  James M. Schutz               Dir. of Fin. Ser.     (864) 241-3384             Naghmeh Rabii                   Associate               (415) 362-6141
  Adam Barkstrom, CFA           Mng. Dir.             (800) 906-0577
                                                                                 Semiconductors
  Blair Brantley, CFA           Analyst               (800) 621-8635
                                                                                 Vijay Rakesh                    Mng. Dir.               (312) 525-8431
  Matthew Kelley                Mng. Dir.             (207) 699-5800
  Mike I. Shafir                VP, Sr. Analyst       (212) 763-8239
  Matthew Breese                Analyst               (207) 699-5800           TRANSPORTATION, SERVICES & EQUIPMENT
  Edward D. Timmons             SVP, Sr. Analyst      (800) 203-5332             Jeffrey A. Kauffman             Mng. Dir.               (212) 338-4765
  Ashby W. Price                Associate             (888) 477-9602             Sal Vitale                      Analyst                 (212) 338-4766
  Brett Rabatin, CFA            SVP, Sr. Analyst      (877) 457-8625             Kanchana Pinnapureddy           Associate               (212) 338-4767
  Kenneth James                 Analyst               (615) 760-1474
  Peyton Green                  Mng. Dir.             (877) 492-2663           ADMINISTRATION
  Joe Maloney                   Associate             (615) 760-1468             Carlo Francisco                 Supervisory Analyst     (914) 434-3451
                                                                                 Marianne Pence                  Mgr., Res. Admin.       (205) 949-3618
Life Insurance                                                                   Nathan Mitchell                 Editor                  (205) 949-3635
  John M. Nadel                 Mng. Dir.             (212) 338-4717             Elizabeth Koch                  Editor                  (615) 289-4122
  Dennis Zavolock               Analyst               (212) 338-4748

Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)
                                                                 SALES & TRADING
                                  Steve Pokorny       Head of Institutional Sales         (214) 702-4020
                                  JT Cacciabaudo      Head of Trading                     (212) 763-8288

ATLANTA                                       DALLAS                                         NEW YORK (cont.)
Adam Aspes               (404) 812-3068       Jennifer Elkins            (214) 702-4050      Jeff Hood             (212) 490-1453
Adam Kramer              (404) 814-3902       Mary Foster                (214) 702-4009      Ed Iannone            (212) 763-8240
Jamie Pennington         (404) 814-3948       Dan Griffith               (214) 702-4044      Alex Jones            (212) 338-4701
John T. Riley            (404) 814-3966       Candace Martin             (214) 702-4033      Carey Kaufman         (212) 763-8274
                                              Bob Nasi                   (214) 702-4017      Konrad Krill          (212) 763-8218
BIRMINGHAM                                    John Schwalenberg          (214) 702-4010      Robert McGuire        (212) 763-8236
Gary Hagstrom            (205) 380-1782                                                      Brian McCloskey       (212) 763-8272
Sam Haskell              (205) 380-1781       MINNEAPOLIS                                    Van Martin            (212) 763-8214
Scott Hughen             (205) 380-1764       Randy Mason                (952) 820-4461      Adam Merlo            (212) 763-8232
Claude Preston           (205) 380-1762       John Regan III             (952) 841-6408      John Molster          (212) 763-8210
Amber Spitzer            (205) 380-1761                                                      Jake Morton           (212) 763-8261
                                              NEW ORLEANS                                    Michael Newman        (212) 763-8258
BOSTON                                                                                       Ryan Oelkers          (212) 763-8254
                                              Patrick Donnelly           (504) 636-4902
                                                                                             Kevin O'Keefe         (212) 763-8208
Frank Casey              (617) 478-5007       Cheryl Grabert             (504) 636-4911
                                                                                             Matt O’Kelly          (212) 763-8227
Richard Gill             (617) 478-5006       John Regan, Jr.            (850) 650-5676
                                                                                             David O’Shea          (212) 763-8260
Tom Goode                (617) 478-5008
                                                                                             Jon Palan             (212) 763-8225
Ian Moran                (617) 478-5003       NEW YORK
                                                                                             Bruce Rae             (212) 763-8271
Mike Roncone             (617) 478-5001       Jason Barber               (212) 763-8219      Kevin Reilly          (212) 763-8209
Nicholas White           (617) 478-5002       Brian Batista              (212) 763-8247      Jon Schenk            (212) 763-8221
                                              Andrew Benenson            (212) 763-8246      Chuck Schroeder       (212) 763-8264
CHICAGO                                       Adam Cavise                (212) 763-8292      Jason Scott           (212) 763-8215
Mark Burrier             (312) 525-8425       Mike Cline                 (212) 763-8268      Bob Sheahan           (212) 338-4757
Scott Hallermann         (312) 525-8421       Tom Criscoula              (212) 338-4719      Miko Tam              (212) 763-8252
Scott Hootman            (312) 525-8426       Noel Cueto                 (212) 763-8251      Scott Tashman         (212) 763-8256
Robert Hurley            (312) 525-8440       Enrico DeMatt              (212) 338-4724
Vesna Radovic            (312) 525-8429       Geri DeVito                (212) 763-8242
Dan Roesner              (312) 525-8433       Eric Dusansky              (212) 763-8231
                                                                                             SAN FRANCISCO
Lacey Spang              (312) 525-8423       Mike Flanagan              (212) 763-8282
                                                                                             Justin Brennan        (415) 362-6140
Curt Thompson            (312) 525-8427       Rich Gallagher             (212) 763-8260
                                                                                             Tom Cervantez         (415) 362-7430
                                              Brian Haise                (212) 763-8206
                                                                                             Chris Larson          (415) 362-6142
                                                                                             Rob Salomon           (415) 362-7432



                                                     INVESTMENT BANKING
Mark Behrman, Mng. Dir.                         (212) 763-8286         Kimberlee Taylor, Admin. Asst.             (212) 338-4715

FINANCIAL INSTITUTIONS GROUP                                          NON-FINANCIALS
Michael J. O’Boyle, Mng. Dir.                   (205) 949-3592        John Bolebruch, Mng. Dir. – Industrials     (212) 338-4716
Michael Perry, Mng. Dir.                        (212) 338-4736        Ted Cook, Mng. Dir. – Industrials           (212) 338-4779
Robert P. Hutchinson, Mng. Dir.                 (617) 478-5011        Richard Mandery, Mng. Dir.                  (212) 338-4776
Jeffrey W. Prochnow, CFA, SVP                   (402) 778-5054        Richard Cunniffe, SVP – Industrials         (212) 338-4713
D. Timothy Speegle, SVP                         (205) 380-1720        Will Brooke, Analyst - Industrials          (212) 763-8278
John McCrory, SVP                               (205) 949-3664
Robert Toma, VP                                 (617) 478-5005
Horacio Barakat, VP                             (212) 338-4768        EQUITY SYNDICATE
Andrew Stager, Associate                        (617) 478-5009        Craig B. Jampol, Mng. Dir.                  (212) 338-4708
Nathan Strall, Associate                        (617) 478-5010
Jung Lee, Associate                             (212) 338-4769
Michael Stern, Analyst                          (212) 338-4756


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


      Corporate Headquarters                               13727 Noel Road                             12020 Shamrock Plaza
                                                                 th
     800 Shades Creek Parkway                                  7 Floor                                        Suite 200
             Suite 700                                    Dallas, TX 75240                             Omaha, NE 68154-3537
       Birmingham, AL 35209                                 (972) 239-4806                                 (402) 778-5054
                                                            (800) 404-2226                               (402) 778-5135 fax
 (205) 949-3500     (800) 239-2408
         (205) 802-1414 fax                               (972) 980-7125 fax
                                                                                                       620 Newport Center Dr.
                                                                                                             Suite 1100
       OTHER LOCATIONS                                706 E. Washington Street
                                                       Greenville, SC 29601                          Newport Beach, CA 92660
                                                           (864) 233-6630                                  (949) 721-6651
          3475 Lenox Road                                (864) 233-6630 fax                              (949) 721-6652 fax
              Suite 800
         Atlanta, GA 30326
           (404) 365-9630                              3100 West End Avenue                                  2 Union Street
         (404) 812-3097 fax                                  Suite 930                                         Suite 403
                                                        Nashville, TN 37203                              Portland, ME 04101
                                                          (615) 269-7323                                    (207) 699-5800
  8400 Normandale Lake Boulevard                          (615) 269-9223                                  (207) 699-5888 fax
             Suite 920
     Bloomington, MN 55437
          (952) 841-6410                                                                                5609 Patterson Avenue
                                                           639 Loyola Ave
          (800) 949-4102                                                                                        Suite B
                                                              Suite 200
                                                       New Orleans, LA 70113                            Richmond, VA 23226
                                                           (504) 299-1021                                   (804) 521-3224
         265 Franklin Street                                                                              (804) 521-3199 fax
                                                           (888) 978-3763
              Suite 310
                                                         (504) 299-0956 fax
         Boston, MA 02110
           (617) 478-5000                                                                                One Maritime Plaza
           (800) 836-4616                                                                                    Suite 1940
                                                        2 Grand Central Tower
         (617) 443-0310 fax                                                                           San Francisco, CA 94111
                                                         140 East 45th Street
                                                                                                           (415) 362-7430
                                                              18th Floor
                                                                                                         (415) 362-7436 fax
                                                        New York, NY 10017
         123 N. Wacker Drive
                                                            (212) 763-8224
              Suite 1250
                                                            (800) 966-0814
         Chicago, IL 60606
                                                          (212) 763-8201 fax
            (312) 525-8440
            (800) 966-0815
          (312) 525-8438 fax




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

				
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