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					Company Report
Global Industrial Infrastructure
June 4, 2009 | 12 Pages

AGCO CORP. (NYSE: AG)
AGCO HEADQUARTERS TRIP UPDATE: LONG-TERM OPPORTUNITIES, MEDIUM TERM CHALLENGES REMAIN; MAINTAIN NEUTRAL
• Yesterday, We Visited AGCO’s Corporate HQ’s in Duluth, GA. We led a group of investors to meet with CEO Martin Richenhagen, CFO Andy Beck and IR Greg Peterson and we primarily discussed the longterm growth strategies for the company. Significant opportunities to expand exist in the developing world over the long-term, and AGCO is keen to exploit them, but the timing of the recovery is far from certain. The company is looking at several key areas to invest in for the next cycle. Current market conditions are varied with Emerging Market showing particular weakness and Developed Markets somewhat more resilient but poised to weaken 2H09. • Longer-Term Opportunities Exist For Sales Growth, But NearMedium-Term Challenges Remain. We believe that AGCO is focusing on three long-term strategic opportunities to drive growth in the future: 1) China market (likely through Greenfield build out); 2) Russia expansion (likely through JV); and 3) market share gains and operational improvements in the US. Near- to medium-term, however, Emerging Market opportunities are challenged while Developed Markets may have just started a 2-3 year contraction in 2009. This puts the onus on a rebound in EM’s and market share gains in the US to drive future growth. • Maintain Neutral Rating and EPS Estimates; Raising Price Target to $27 from $23. Our 6-12 month price target is based on our 2009E EPS of $2.00 and assumes shares trade at a 15% relative P/E discount to the overall market. . Currently, the SP500 is trading at 15.8x based on Bloomberg’s forecast of $57.13 is 2009 earnings. We are maintaining our EPS estimates, though modest upside is possible due to favorable FX conditions. At this stage, we still believe that 2010E will represent trough EPS. Further, while bullish Soy Bean conditions exist currently and have helped the stock, which we have highlighted, South American crops are likely to materially increase supply next year after this year’s droughts which suggests prices may eventually moderate.

RATING: NEUTRAL
Fiscal Year Ends Dec
Rating: Price: Price Target: 52-wk Range: Market Capitalization (M): Shares Outstanding (M): Avg. Daily Vol. (000): Dividend: Dividend Yield: Consensus EPS Current Year: Consensus EPS Next Year: Est. 3-yr. EPS Growth: Neutral $30.30 $27 $14.62-$63.14 $2,799 93,433 ---$2.10 $2.34 --

Lawrence T. De Maria, CFA (212) 338-4704
ldemaria@sterneagee.com

Nicholas P. Heymann (212) 338-4703
nheymann@sterneagee.com

Ben Elias, CFA (212) 338-4706
belias@sterneagee.com

Samuel H. Eisner (212) 338-4705
seisner@sterneagee.com

FYE Dec

2008A

Earnings Summary 2009E EPS & P/E Summary 2009E 2009 Previous 2008 Previous --$0.36 --$0.51 --$0.46 --$0.66 --$2.00 ----

2010E

EPS:

Q1 Q2 Q3 Q4 Full Year

P/E Ratio:

2008A $0.63 $1.34 $1.04 $1.08 $4.09 --

2010E ----$1.75 --

2010 Previous -------

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.

AGCO CORP. (NYSE: AG)

June 4, 2009 AGCO has identifies three major long-term growth opportunities which it will invest in over time: 1. China – After a frustrating effort to acquire an Asian Ag OEM, AGCO will likely now embark on a Greenfield effort to build a Chinese manufacturing operation to serve China predominantly, but also to export from. The primary focus would be for small-medium HP tractors for the domestic market, and investments would likely occur over the next 2-3 years. Russia - AGCO is optimistic about Russia longer-term. While the market is dead today, Mr. Richenhagen believes Russian has the potential to become a very strong Ag market with big demand for Ag machinery; only two domestic suppliers of Ag equipment that have survived and one Western company has a manufacturing presence. The average age of Russian farm equipment is 15 years – quite high. In 2006, AGCO bought a distributor of farm equipment and recently in 2008 formed a diesel engine JV with CTP. For Russia and Eastern Europe to work, the market needs better credit, dealer inventory reductions, better farmer balance sheets, tariffs lifted (RU) and Western Farmer to acquire and develop land there (they bring Western machinery with them). AGCO will look to develop a manufacturing JV in Russia over next 2-3 years. US Market – AGCO currently has less than 10% market share for Tractors and Combines and would like to increase that to 25% over time, though a clear plan to do so seems elusive currently. To ever get to 10% op. profit margin will require significant additional share and operational improvements. AGCO has no interest in the construction equipment business, but it would be interested in picking up pieces of US Ag equipment businesses should they become available. This is the most likely means that AGCO will be able to significantly improve its NA operations in the near-term (vs. additional restructuring or nominal additional share gains via enhanced technology). Currently, Ag distribution in the US is challenged. A New NA tractor assembly facility for AGCO is possible – could cost $50-$100M. This would help reduce the amount (and value) of Ag equipment that AGCO imports into the US now – which totals about 30% of its sales in NA. A weaker USD hurts profitability of imports. Overall, AGCO still benefits more from a strong Euro than it is hurt as higher overseas profits are translated at higher rate into USD. AGCO’s long-term goal is to be “independent of exchange rates.” The US and Western EU markets may experience declines over the next several years, which puts the growth pressure squarely on an Emerging Market recovery, new EM penetrations (China) and market share gains in the US going forward.

2.

3.

Other takeaways: • • Ag equipment fleets in US gradually declining – higher HP tractors do more and thus installed base of active equipment is slowing declining. South American use of fleet much higher – due largely to 2 and sometime 3 growing seasons each year; the result is much more wear and tear, higher maintenance and quicker fleet turnover. This also increases the cyclicality of the markets in SA versus other regions of the world. Pricing – guidance +4% - company closely watching competitor’s actions; could come under pressure 2H09. AGCO believes there is growing support to derive energy from biomass crops other than sugar cane– this could be a good demand driver for ag equipment over time since crops still need to be grown and harvested to generate electricity. Convertible Notes – $200M callable at the end of 2010 – should have cash to retire or may decide to refinance; AGCO’s current goal is to have net cash position on balance sheet by YE09. AGCO has maintained a conservative capital structure. Further cost reductions in 2010 – could help to partially offset lower sales in 2010. AGCO will generate next season sales plan beginning in August and have final factory production plan ready by September. AGCO hopeful 2010 will be better year than 2009 – believes South America will improve but a major rebound seems unlikely.

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Page 2

Global Industrial Infrastructure •

June 4, 2009 No critical parts shortages – downturn in auto industry globally has opened up capacity from almost all suppliers; AGCO does not see problems with suppliers going out of business. CAPEX: IT SAP upgrade is being rolled out gradually over about 5 years and is included in current estimate of cap ex of $275M/year as well as Tier IV emissions standards. Over time, CAPEX should be more in the $200M range but not likely to get there over next 2 years. AGCO believes South American volatility will decline – growth rates will be modest (3%-5%/year). AGCO remains very optimistic about China long-term and Russia on intermediate-term basis; AGCO is thinking about expanding in Russia with local assembly for tractors first and then combines second. China, India and Russia represent about 15% of AGCO’s sales. AGCO believes Russia market potential could be 85,00090,000 tractors and 15,000 combines. New sugar cane harvester will not be ready until late-2010 and will not provide much in terms of incremental sales right away. Raw material prices – likely to be a tailwind in 2009 but hope that raw material prices are flat in 2010. Steel will be down in 2009 due to weak auto sales around world. About 75% of COGS is materials, 15% overhead and 10% direct labor. Some of the company’s overhead is variable. A key way to improve profitability is to increase interchangeability of key subassemblies and parts.

•

•

•

Sterne Agee Investment Insights 1. Investment Case: Pure play Ag equipment co. well positioned in Emerging Market Ag Build out. 2. Biggest Misperceptions: Emerging Markets will materially rebound once financing improves. The entire Farm Economy needs to improve in areas such as Brazil in order for land expansion and incremental demand for machinery to resume (2011E?) 3. Areas of Greatest Internal Operating Surprise: Structural shift in NA for more efficient operations in order to remain sustainably profitable regardless of FX fluctuations. FX still plays a large role in the profitability of NA operations. 4. Potential Biggest External Positive: AGCO strikes deal in China that allows meaningful penetration in tractor market without having to enter through Greenfield build out; successful SC Harvester launch in 2011. 5. Potential Biggest External Negative: Increased competition in BZ market drives down share and margin.

Page 3

Global Industrial Infrastructure

June 4, 2009

AGCO Product Mix
4% 4% 6% 7% 12% 67% Tractors Parts Implements Combines Application Equipment Hay & Forage

1Q09 Sales Mix
EAME NA 3% 11% SA Asia/Pac

1Q09 EBIT Mix
EAME NA 3% 16% SA Asia/Pac

25% 61% 26%

55%

2008 Sales Mix
EAME NA 3% SA Asia/Pac

2008 EBIT Mix
EAME NA 4% 1% SA Asia/Pac

18%

20%

21%

58% 75%

Source: Co. Reports

Page 4

Global Industrial Infrastructure AG Machinery Charts

June 4, 2009

Brazilian Combine Market Share
8.3%

Brazilian Tractor Market Share
4.7% 2.8% Agrale
CNH

47.8% 43.9%

30.2% 45.2% 17.2%

CNH DE AGCO Other

DE AGCO

70000

Brazilian Tractor & Combine Annual Sales

7000

35000

Total Brazilian Ag Equip Exports

60000

6000

30000

50000

5000

25000

40000

Tractors Combines

4000

20000
Ag Exports

30000

3000

15000

20000

2000

10000

10000

1000

5000

0 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005

0

0 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005

45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 1984 1986 1988

Total US Farm Equipment Unit Sales
(1984-2008)
Combines 2WD 100HP+ 4WD

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

Source: AEM, AVANVEA

Page 5

AGCO CORP. (NYSE: AG)

June 4, 2009

AGCO Corp. Annual Income Statement
AGCO—2003-2010E Annual Sales and Earnings Model
Dollars In Millions Revenues North America South America Europe/Africa/Middle East Asia/Pacific Total Revenues Operating Margin North America South America Europe/Africa/Middle East Asia/Pacific Total Operating Margin Operating Profit: North America South America Europe/Africa/Middle East Asia/Pacific Corporate Expenses Total Operating Profit Net Interest Expense Other - Net Earnings From Continuing Ops Tax Tax Rate Equity In Profit (Loss) Of Affiliates Net Inc ome - Continuing Ops Extraordinary Items Net Adjusted Earnings Diluted EPS, Adjusted (Non-GAAP) Diluted W ght Shares Outstanding 39.6 61.2 113.6 23.2 (53) $184.3 60.0 26.0 98.3 41.3 42.0% 17.4 74.4 20 94.2 $0.99 95.0 NA 27.0% NA 28.1% 281.0% -58.6% 29.0% 100.0% -14.7% 19.6% -51.7% 78.1% 32.2 127 186.8 32.9 (55) $323.5 77.0 22.1 224.4 86.2 38.4% 20.6 158.8 8.5 167.3 $1.75 95.6 77.6% 76.6% 18.4% 113.4% -15.0% 128.3% 108.7% -18.7% 107.5% 64.4% 41.8% 3.9% 75.5% 17.1 37.8 242.5 35 (58) $274.7 80.0 34.6 160.1 151.1 94.4% 22.6 31.6 106.8 138.4 $1.46 95 -17.3% -16.9% 9.7% -80.1% 56.6% -28.7% -15.1% -46.9% -70.2% 29.8% 6.4% (37.8) 45.2 279.4 20.3 (238) $68.9 55.2 32.9 (19.2) 73.5 -382.8% 27.8 (64.9) 167.6 102.7 $1.12 91.4 -25.8% -22.7% 23.0% -305.4% -4.9% -112.0% -74.9% -321.1% 19.6% 15.2% -42.0% (36) 101.3 398.0 19.9 (89) $394.8 24.1 43.4 327.3 111.4 34.0% 30.4 246.3 (3) 243.6 $2.52 96.6 137.2% 124.4% 9.4% 479.5% 31.9% 1804.7% 473.0% 5.6% 124.1% 42.4% -2.0% 9 134.2 517.1 28.3 (123) $565.0 19.1 20.1 525.8 164.6 31.3% 38.8 400.0 0 400.0 $4.09 97.7 64.2% 62.3% 27.6% 62.4% -53.7% 60.6% 43.1% 124.1% 32.5% 29.9% 42.2% 37 23 333 12 (122) $283.1 39.7 24.0 219.4 73.5 33.5% 38.5 184.4 0 184.4 $2.00 92.4 -53.9% -51.2% -0.9% -53.9% 19.4% -58.3% -49.9% -328.4% -82.9% -35.5% -57.4% 46 26.1 283.0 18.0 (125) $248.1 40.0 25.0 183.1 60.4 33.0% 39.0 161.6 0 161.6 $1.75 92.4 -12.3% -12.3% 1.4% -12.3% 4.2% -16.6% -12.4% -24.9% 13.7% -15.1% 49.0% 3.4% 14.7% 6.5% 16.1% 5.3% 2.3% 15.9% 6.5% 17.2% 6.1% 1.1% 5.8% 8.1% 17.1% 5.0% -2.9% 6.9% 8.4% 12.7% 1.3% -2.4% 9.3% 9.8% 10.9% 5.8% 0.5% 9.0% 10.5% 12.4% 6.7% 2.4% 3.0% 8.0% 6.0% 4.2% 3.5% 3.5% 8.0% 8.5% 4.3%

2003
1,176.2 416.3 1,758.8 144.0 $3,495.3

% Chg
13.2% 53.7% 16.8% 34.5% 19.6%

2004
1,412.5 796.8 2,873.0 191.0 $5,273.3

% Change
20.1% 91.4% 63.4% 32.6% 50.9%

2005
1,607.8 648.5 2,988.7 204.7 $5,449.7

% Change
13.8% -18.6% 4.0% 7.2% 3.3%

2006
1,283.8 657.2 3,334.4 159.6 $5,435.0

% Change
-20.2% 1.3% 11.6% -22.0% -0.3%

2007
1,488.1 1,090.6 4,067.1 182.3 $6,828.1

% Change
15.9% 65.9% 22.0% 14.2% 25.6%

2008A
1,794.3 1,496.5 4,905.4 228.4 $8,424.6

% Change
20.6% 37.2% 20.6% 25.3% 23.4%

2009E
1,547.1 764.1 4,161.7 201.2 $6,674.1

% Chg -13.8% -48.9% -15.2% -11.9% -20.8%

2010E
1,315.0 745.0 3,537.4 211.3 $5,808.7

% Chg -15.0% -2.5% -15.0% 5.0% -13.0%

Source: Company reports and Sterne, Agee & Leach, I nc. estimates.

Page 6

AGCO CORP. (NYSE: AG)

June 4, 2009

AGCO Corp. Quarterly Income Statement
AGCO 2007-2008E Quarterly Sales and Earnings Model Dollars In Millions
Revenues North America South America Europe/Africa/Middle East Asia/Pacific Total Revenues Operating Margin North America South America Europe/Africa/Middle East Asia/Pacific Total Operating Margin Operating Profit: North America South America Europe/Africa/Middle East Asia/Pacific Corporate Expenses Total Operating Profit Net Interest Expense Other Expense - Net Pretax income Tax Tax Rate Equity In Profit (Loss) Of Affiliates Net Reported Earnings Extraordinary Items, net of tax Net Adjusted Earnings Diluted Rep EPS Diluted EPS, Adjusted (Non-GAAP) Diluted Wght Shares Outstanding (13.0) 34.4 97.4 5.8 (30.4) 94.2 5.1 6.0 83.1 29.8 35.9% 9.0 62.3 0.1 62.4 $0.63 $0.63 99.3 (7.3) 19.7 47.1 3.1 (17.0) 45.6 6.7 8.6 30.3 12.8 42.2% 7.0 24.5 0.0 24.5 $0.26 $0.26 94.8 143.2% 154.7% 154.3% 174.3% 78.1% 74.6% 106.8% 87.1% 78.8% 106.6% (1.3) 36.5 175.4 7.9 (29.4) 189.1 5.5 9.6 174.0 55.5 31.9% 14.6 133.1 0.0 133.1 $1.34 $1.34 99.1 (14.8) 30.4 112.2 1.8 (19.0) 110.6 7.5 9.5 93.6 36.1 38.6% 6.3 63.8 0.0 63.8 $0.67 $0.67 95.9 101.9% 108.6% 108.6% 85.9% -91.2% 20.1% 56.3% 338.9% 54.7% 71.0% 4.7 41.0 110.8 12.1 (26.9) 141.7 2.1 2.9 136.7 42.7 31.2% 8.6 102.6 0.0 102.6 $1.04 $1.04 98.3 (10.7) 30.8 103.5 7.5 (20.7) 110.4 3.4 10.5 96.5 26.7 27.7% 7.1 76.9 (2.7) 74.2 $0.80 $0.77 96.4 35.6% 38.3% 33.4% 0.4 -143.9% 33.1% 7.1% 61.3% 30.0% 28.4% 18.2 22.3 133.5 2.5 (36.5) 140.0 6.4 1.6 132.0 36.6 27.7% 6.6 102.0 0.0 102.0 $1.08 $1.08 94.2 (2.9) 20.4 135.2 7.5 (32.0) 128.2 6.5 14.8 106.9 35.8 33.5% 10.0 81.1 0.0 81.1 $0.82 $0.82 99.2 32.4% 25.8% 25.8% 0.2 527.6% 9.3% -1.3% -66.7% 14.1% 9.2% 8.6 134.2 517.1 28.3 (123.2) 565.0 19.1 20.1 525.8 164.6 31.3% 38.8 400.0 0.1 400.1 $4.09 $4.09 97.7 (35.7) 101.3 398.0 19.9 (88.7) 394.8 24.1 43.4 327.3 111.4 34.0% 30.4 246.3 (2.7) 243.6 $2.55 $2.52 96.6 62.3% 64.2% 62.4% 60.6% 124.1% 32.5% 29.9% 42.2% 38.9% 43.1% -3.5% 10.7% 9.3% 11.2% 5.3% -2.2% 10.4% 6.0% 8.5% 3.4% -0.3% 9.6% 11.8% 12.4% 7.9% -4.3% 11.8% 10.5% 4.7% 6.5% 1.1% 8.8% 10.0% 17.4% 6.8% -3.1% 10.3% 11.3% 14.8% 6.8% 3.5% 6.8% 10.5% 5.8% 6.5% -0.6% 5.9% 10.4% 13.2% 5.9% 0.5% 9.0% 10.5% 12.4% 6.7% -2.4% 9.3% 9.8% 10.9% 5.8%

1Q08A
367.7 321.4 1045.5 52.0 1786.6

1Q07A
326.8 189.3 780.1 36.4 1332.6

% Change
12.5% 69.8% 34.0% 42.9% 34.1%

2Q08A
465.7 381.1 1484.8 63.8 2395.4

2Q07A
342.1 257.8 1073.1 38.4 1711.4

% Change
36.1% 47.8% 38.4% 66.1% 40.0%

3Q08A
440.4 466.6 1108.8 69.6 2085.4

3Q07A
349.0 300.1 913.3 50.6 1613.0

% Change
26.2% 55.5% 21.4% 37.5% 29.3%

4Q08A
520.5 327.4 1266.3 43.0 2157.2

4Q07A
470.2 343.4 1300.6 56.9 2171.1

% Change
10.7% -4.7% -2.6% -24.4% -0.6%

2008A
1794.3 1496.5 4905.4 228.4 8424.6

2007A
1488.1 1090.6 4067.1 182.3 6828.1

% Change
20.6% 37.2% 20.6% 25.3% 23.4%

Source: Company reports and Sterne Agee estimates

Page 7

AGCO CORP. (NYSE: AG)

June 4, 2009

APPENDIX SECTION
Company Description: AGCO Corp., headquartered in Duluth, Georgia, is the third largest global manufacturer of agricultural
equipment and related replacement parts. AGCO equipment is marketed under several brand names including AGCO, Challenger, Fendt, Gleaner, Massey Ferguson, Valtra and White Planters. AGCO operates in four geographic segments: North America, South America, Europe Africa & Middle East, and Asia Pacific.

IMPORTANT DISCLOSURES: Price Target Risks & Related Risk Factors:
The risks to AGCO include 1) negative impact from further sharp increases in input costs, particularly for steel and transportation; 2) potential detrimental impact on farm income were commodity prices to correct from their recent very sharp increases or higher operating costs for farmers that could reduce machinery purchases; 3) failure by AG to improve its currently nominally profitable NA operations 4) a reversion to intensely competitive pricing, possibly by weaker competitors in emerging markets (Brazil) seeking to expand their market share; 5) supply chain bottlenecks for critical production and spare parts; 6) any negative change to the US Biofuel Mandate; 7) a continuation of the decline in the value of the US dollar, which hurts AG significantly in the US by raising the cost of its imports for sale throughout NA.

Valuation Methodology:
We initiated coverage of AGCO Corp. with a Hold rating on March 24, 2008. Our price target assumes AG trades at a 15% (vs. a 20% discount previously) discount to the S&P 500 P/E based on our 2009E EPS of $2.00. Currently, the S&P 500 is currently trading at 15X based on Bloomberg's 2009 S&P 500 earnings forecast of $59.73. During the past 5 years, AG has traded between a 56% P/E discount and a 103% P/E premium relative to the S&P 500 based on FY1 earnings and is currently trading at a 5% discount. The Fundamental Assessment Review - FAR Score - is a proprietary metric developed by the Global Industrial Infrastructure team at Sterne, Agee & Leach, Inc in November 2007. The FAR Score measures a company's ability to create and sustain shareholder value. The FAR Score ranges from 1 (lowest) through 5 (highest) and is calculated by equally weighting performance and execution in the following 8 areas: Organic Sales Growth, Operating Profitability, Average Net ROTC, Acquisitions, Internal Growth Efficiency, and Cash Return to Shareholders, Emerging Market Footprint, and Infrastructure Exposure. The FAR Score by itself does not determine a company's rating, but is one of the many fundamental and qualitative criteria used in analyzing, evaluating and recommending a company.

Regulation Analyst Certification:
I, Lawrence T. De Maria, CFA, 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 June 4, 2009: Company AGCO Corp. (AG - NYSE): 1. 2. 3. 4. 5. 6. Disclosure(s) – See Below None

Sterne, Agee & Leach, Inc. makes a market in the shares of the subject company. 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. Sterne, Agee & Leach, Inc. has various security accounts open for the subject company. Sterne, Agee & Leach, Inc. provides administration for 401(k) plans for the subject company. Sterne Agee Financial Services, Inc. has clearing agreements with the subject company. The analyst who wrote this report owns a position in the 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.

Appendix Section, Page I

AGCO CORP. (NYSE: AG)
NEUTRAL: SELL: RESTRICTED: We expect this stock to perform in line with the industry over the next 12 months. We expect this stock to underperform the industry over the next 12 months. Restricted list requirements preclude comment.

June 4, 2009

Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of March 31, 2009, 33.3% had a BUY rating, 58.3% had a NEUTRAL rating, 8.3% had a SELL rating, and 0% was RESTRICTED. Within those ratings categories, 1.25% of the securities rated BUY, 1.43% 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, 2009.

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 © 2009 Sterne, Agee & Leach, Inc. All Rights Reserved.

Price Chart(s):

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 Robert Lake Karen Bell Managing Dir., Eq. Cap. Mkts. Vice President Assistant Vice President (205) 949-3623 (205) 949-3624 (205) 380-1766 David Lee Director, Equity Products Sr. Portfolio Analyst (205) 949-3689

Chuck Carlisle

(205) 949-3571

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

Basic Materials
Mark Connelly Ashish Gupta Mng. Dir. Associate (212) 338-4712 (212) 338-4721

Financial Services (cont.)
Adam Barkstrom, CFA William R. Griffin, CFA Matthew Kelley Mike I. Shafir Matthew Breese Edward D. Timmons Brett Rabatin, CFA Peyton Green Michael Lipman Kenneth James Mng. Dir. Analyst Mng. Dir. VP, Sr. Analyst Associate VP, Sr. Analyst SVP, Sr. Analyst Mng. Dir. Analyst Analyst (800) 906-0577 (800) 621-8635 (207) 699-5800 (212) 763-8239 (207) 699-5800 (800) 203-5332 (877) 457-8625 (877) 492-2663 (615) 269-7323 (615) 760-1474

China Internet & Media
James Lee Jiawen Zhou Yan Chao SVP, Sr. Analyst Analyst Associate (617) 794-7851 (617) 281-6497 (205) 949-3622

Consumer Apparel Retailing & Toys
Margaret Whitfield Jennifer Milan SVP, Sr. Analyst VP, Analyst (973) 519-1019 (212) 763-8211

Life Insurance
John M. Nadel Jason Weyeneth, CFA Mng. Dir. Analyst (212) 338-4717 (212) 763-8293

Footwear & Apparel
Sam Poser Kenneth M. Stumphauzer SVP, Sr. Analyst Analyst (212) 763-8226 (212) 763-8287

Mortgage Finance & Specialty Finance
Henry J. Coffey, Jr., CFA John Sites, CFA SVP, Sr. Analyst Associate (615) 760-1472 (615) 760-1470

Interactive Entertainment
Arvind Bhatia, CFA Luke Shagets Mng. Dir. Analyst (214) 571-4401 (214) 571-4424

Global Industrial Infrastructure (GII) Agriculture, Construction & Mining Equipment
Lawrence T. De Maria, CFA Ben Elias, CFA SVP, Sr. Analyst VP, Sr. Analyst (212) 338-4704 (212) 338-4706

Leisure & Entertainment
David Bain Sherry Yin Mng. Dir. Associate (949) 721-6651 (949) 721-6651

Building, Power & Water Infrastructure
Michael J. Coleman, CFA VP, Sr. Analyst (212) 338-4718

Restaurants
Lynne Collier Philip May Mng. Dir. Analyst (214) 571-4402 (504) 636-4953

Engineering and Construction
Chase Jacobson VP, Sr. Analyst (212) 338-4753

Energy Oilfield Services & Equipment
David S. Havens Karl Sowislo SVP, Sr. Analyst Analyst (212) 763-8238 (212) 338-4732

Multi-Industry
Nicholas P. Heymann Samuel H. Eisner Immacolata Arlia Jordan Calabrese Mng. Dir. Analyst Associate Associate (212) 338-4703 (212) 338-4705 (212) 338-4762 (212) 338-4729

Exploration & Production
J. David Anderson, PE, CFA Mng. Dir. Adam Aron VP, Associate (212) 338-4749 (212) 338-4748

Administration
Marianne Pence Nathan Mitchell Mgr., Res. Admin. Editor (205) 949-3618 (205) 949-3635

Financial Services Banks & Thrifts
James M. Schutz John Schutz Dir. of Fin. Ser. Associate (205) 949-3617 (205) 949-3538

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

SALES & TRADING
ATLANTA
Adam Aspes Adam Kramer Joe Maloney Jamie Pennington John T. Riley (404) 812-3068 (404) 814-3902 (404) 814-3942 (404) 814-3948 (404) 814-3966

DALLAS
Jennifer Elkins Dan Griffith Candace Martin Bob Nasi Steve Pokorny John Schwalenberg (214) 571-4447 (214) 571-4444 (214) 571-4433 (214) 571-4417 (214) 571-4400 (214) 571-4410

NEW YORK
Jason Barber Matt Boskin Adam Cavise Mike Cline Tom Criscoula Noel Cueto Enrico DeMatt Geri DeVito Eric Dusansky Mike Flanagan Rich Gallagher Brian Haise Jeff Hood Alex Jones Carey Kaufman Konrad Krill Robert McGuire Dan McHale Brian McIlravy Adam Merlo John Molster Jake Morton Matt O’Kelly David O’Shea Jon Palan Bruce Rae Jon Schenk Chuck Schroeder Jason Scott Miko Tam Scott Tashman Ray Wardell (212) 763-8219 (212) 763-8247 (212) 763-8292 (212) 763-8268 (212) 338-4719 (212) 763-8251 (212) 338-4724 (212) 763-8242 (212) 763-8231 (212) 763-8282 (212) 763-8260 (212) 763-8206 (212) 490-1453 (212) 338-4701 (212) 763-8274 (212) 763-8218 (212) 763-8236 (212) 763-8246 (212) 763-8258 (212) 763-8232 (212) 763-8210 (212) 763-8261 (212) 763-8227 (212) 763-8260 (212) 763-8225 (212) 763-8271 (212) 763-8221 (212) 763-8264 (212) 763-8215 (212) 763-8252 (212) 763-8256 (212) 763-8272

BIRMINGHAM
Gary Hagstrom Sam Haskell Scott Hughen Claude Preston Amber Spitzer (205) 380-1782 (205) 380-1781 (205) 380-1764 (205) 380-1762 (205) 380-1761

MILWAUKEE
Bob Butendorf Paul Kujawa Kathy Rosploch Rob Wirthlin (414) 918-7956 (414) 918-7954 (414) 918-7955 (414) 918-7957

BOSTON
Richard Gill Tom Goode Ted Sheehan Mike Roncone Nicholas White (617) 478-5006 (617) 478-5008 (617) 478-5003 (617) 478-5001 (617) 478-5002

MINNEAPOLIS
John Regan III (952) 841-6408

NEW ORLEANS
Henry Corder Patrick Donnelly Cheryl Grabert John Regan, Jr. (504) 636-4921 (504) 636-4902 (504) 636-4911 (850) 650-5676

CHICAGO
Mark Burrier Scott Hallermann Scott Hootman Robert Hurley Erica Mullins Vesna Radovic Dan Roesner Curt Thompson (312) 525-8425 (312) 525-8421 (312) 525-8426 (312) 525-8440 (312) 525-8423 (312) 525-8429 (312) 5258433 (312) 525-8427

SAN FRANCISCO
Tom Cervantez Brian Huerta Chris Larson (415) 954-7115 (415) 954-7121 (415) 954-7125

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

FINANCIAL INSTITUTIONS GROUP
Michael J. O’Boyle, Mng. Dir. Michael Perry, Mng. Dir. Jeffrey W. Prochnow, CFA, SVP D. Timothy Speegle, SVP John McCrory, SVP Robert Toma, VP Andrew Stager, Associate Nathan Strall, Associate (205) 949-3592 (212) 338-4736 (402) 778-5054 (205) 380-1720 (205) 949-3664 (617) 478-5005 (617) 478-5009 (617) 478-5010

NON-FINANCIALS
John Bolebruch, Mng. Dir. – Industrials Richard Cunniffe, SVP – Industrials W. Barry McRae, Mng. Dir. - Energy Everett Titus III, Mng. Dir – Energy Dru Walsh, Associate - Energy Will Brooke, Analyst - Industrials (212) 338-4716 (212) 338-4713 (205) 949-3555 (908) 730-7882 (205) 949-3650 (212) 763-8278

EQUITY SYNDICATE
Craig B. Jampol, Mng. Dir. (212) 338-4708

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

LOCATIONS
Corporate Headquarters 800 Shades Creek Parkway Suite 700 Birmingham, AL 35209 (205) 949-3500 (800) 239-2408 (205) 802-1414 fax 1201 Elm Street Suite 4241 Dallas, TX 75270 (214) 571-4420 (800) 666-9174 (214) 571-4445 fax 620 Newport Center Dr. Suite 1100 Newport Beach, CA 92660 (949) 721-6651 (949) 721-6652 fax

OTHER LOCATIONS
3475 Lenox Road Suite 800 Atlanta, GA 30326 (404) 365-9630 (404) 812-3097 fax

706 E. Washington Street Greenville, SC 29601 (864) 233-6630 (864) 233-6630 fax

2 Union Street Suite 403 Portland, ME 04101 (207) 699-5800 (207) 699-5888 fax

8400 Normandale Lake Boulevard Suite 920 Bloomington, MN 55437 (952) 841-6410 (800) 949-4102

411 East Wisconsin Ave Suite 1260 Milwaukee, WI 53202 (414) 918-7954 (866) 827-8625 (414) 226-0267 fax

5609 Patterson Avenue Suite B Richmond, VA 23226 (804) 521-3224 (804) 521-3199 fax

265 Franklin Street Suite 310 Boston, MA 02110 (617) 478-5000 (800) 836-4616 (617) 443-0310 fax

3100 West End Avenue Suite 930 Nashville, TN 37203 (615) 269-7323 (615) 269-9223

1001 Craig Road Suite 330 St. Louis, MO 63146 (314) 872-2125 (314) 872-2126 fax

123 N. Wacker Drive Suite 1250 Chicago, IL 60606 (312) 525-8440 (800) 966-0815 (312) 525-8438 fax

639 Loyola Ave Suite 200 New Orleans, LA 70113 (504) 299-1021 (888) 978-3763 (504) 299-0956 fax

1750 Montgomery Street Suite 134 San Francisco, CA 94111 (415) 954-7125 (415) 391-7784 fax

2 Grand Central Tower 140 East 45th Street 18th Floor New York, NY 10017 (212) 763-8224 (800) 966-0814 (212) 763-8201 fax

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


				
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