SPY500

GuruFocus Manual of Stocks™
S&P 500
June 2017
“I think I could make you 50% a year on $1 million. No, I know I could.
I guarantee that.”
“You have to turn over a lot of rocks to find those little anomalies. You
have to find the companies that are off the map – way off the map.”
“I started at page one (of Moody’s manuals) and went through every
company that traded, from A to Z.”
—Warren Buffett
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GuruFocus Manual of Stocks™
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Overview of Coverage
Covers more than 78,000 stocks from 71 countries.
Glossary
This is the intrinsic value calculated from the Discounted Cash Flow model with default parameters. In a discounted cash flow model, the
future cash flow is estimated based on a cash flow growth rate and a discount rate. The cash flow of the future is discounted to its current
value at the discount rate. All of the discounted future cash flow is added together to get the current intrinsic value of the company.
GuruFocus DCF calculator is a twostage model. The first stage is called the growth stage; the second is called the terminal stage. The default
DCF (FCF Based)
values are defined as: 1. Discount Rate: d=12%; 2. Growth Rate in the growth stage: g1=20%. Growth Rate in the growth stage = average free
cash flow growth rate in the past 10 years or 20%, whichever is less => Average Free Cash Flow Growth Rate in the past 10 years was 20%,
which is NO less than 20% => Growth Rate: 20%. 3. Terminal Growth Rate: g2=4%. 4. Years of Growth Stage: y1=10. 5. Years of Terminal
Growth: y2=10.
DCE (Earnings The calculation method is the same as the Discounted Cash Flow model except earnings are used in the calculation instead of free cash flow.
Based) This is the default method of calculation with GuruFocus DCF calculator.
GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is ranked based on interest coverage (current
Financial Strength year), debt to revenue ratio and Altman Zscore. A company that ranks high in financial strength is likely to withstand any business
slowdowns and recessions.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book
value per share. It is calculated as the square root of 22.5*Tangible Book*Earnings per Share. The Graham Number is the upper bound of the
Graham Number
price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham Number is
considered undervalued and thus worth investing in. The Graham Number is a combination of asset valuation and earnings power valuation.
This valuation method assumes that the stock valuation will revert to its historical mean in terms of Price/Sales Ratio. The reason we use P/S
Med. P/S Ratio instead of P/E Ratio or P/B Ratio is because Price/Sales Ratio is independent of profit margin and can be applied to a broader range of
situations. Median P/S Value is calculated as trailing 12 month (TTM) revenue per share times 10year median P/S ratio.
In calculating the Net Current Asset Value (NCAV), Benjamin Graham uses a company's current assets (such as cash, marketable securities and
NCAV
inventories) minus its total liabilities (including preferred stock and longterm debt).
Peter Lynch Fair Value applies to growing companies. The ideal range for the growth rate is between 10 20% a year. Peter Lynch thinks that
the fair P/E value for a growth company equals its growth rate, that is PEG = 1. The earnings here are trailing 12 month (TTM) earnings. The
Peter Lynch Value
growth rate we use is the average growth rate for earnings per share over the past five years. If FiveYear Earnings Growth Rate is greater than
25% a year, we use 25. If FiveYear Earnings Growth Rate is smaller than 5% a year, we do not calculate Peter Lynch Fair Value.
GuruFocus Profitability Rank ranks how profitable a company is and how likely it is that the company’s business will stay that way. It is
Profitability Rank based on these factors: operating margin, Piotroski FScore, the trend of the operating margin (fiveyear average), consistency of profitability
and Predictability Rank. The company with an uptrend in profit margin has a higher rank.
We conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth and valuation
Warning Signs/Good
of each company. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before
Signs
you invest.
Yield on Cost assumes that you buy the stock today and hold it for five years. If the company raises its dividend at the same rate as it did over
Yield on Cost (5y)
the past five years, this calculates the dividends investors receive annually in five years relative to the stock price today. Therefore: Yieldon
(Dividends)
Cost=Dividend Yield*(1+Dividend Growth Rate)^5.
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:A A
Ratios Valuation Analysis Dividend & Ownership

Agilent Technologies Inc (NYSE:A)
Industry Historical % of Price Dividend Yield(ttm( % 0.84
Current
$ 59.21 Median Median NCAV -1.47 -2 Dividend Yield(forward( % 0.89
Medical Diagnostics & Research - Diagnostics & Research P/E (ttm( 33.27 35.14 15.64 Tangible Book 4.46 8 Payout 0.28
Market Cap: $ 19,026 Mil Forward P/E 27.86 25.58 N/A Graham Number 13.36 23 Dividend Growth(5y( % N/A
Agilent Technologies Inc provides application focused solutions that includes P/B 4.36 3.76 2.64 Median P/S 25.06 42 Yield on Cost(5y( % 0.84
instruments, software, services and consumables for the entire laboratory P/S 4.5 3.62 1.9 Price 59.21 Continuous Div. since 2016
workflow for life sciences, diagnostics and applied chemical markets. P/FCF 29.81 25.14 15.36 Insider Ownership % 1.08
Shiller P/E 30.46 45.81 20.22 Institution Ownership % 67.62
PEG N/A 3.04 1.33 Short % of Float 1.46
As of 06-15-2017 * All financial numbers are in millions except for per share data
Financial Strength
28.89 27.1 22.24 29.98 37.6 32.79 41.4 43.57 43.55 48.44 60.81 Annual Price High
Industry Historical
Score: 6 /10 Current 21.95 10.64 8.9 19.29 21.02 25.39 28.98 36.98 33.37 34.8 46.49 Low
Median Median
Cash to Debt 1.17 2.34 1.30 60.81
Equity to Asset 0.55 0.60 0.50

Interest Coverage 9.68 50.28 6.44 Gain(%) SP500(%)
25.96
F-Score 8 4.00 6 1W -1.56 0
Profitability 1M 4.43 3
Industry Historical 8.9 3M 9.69 4.2
Score: 6 /10 Current
Median Median 6M 27.74 8.7
Operating Margin (%( 17.02 1.77 11.85
10M
YTD 30.25 9.1
Net-Margin (%( 13.46 -0.51 12.28
1Y 32.85 17.3
ROE (%( 13.59 -0.81 16.28
ROA (%( 7.45 -2.39 7.41 3Y 13.15
ROC (Joel Greenblatt( 4.9M 5Y 16.55
68.64 -2.64 44.69
(%(
Growth
10 Yr 5 Yr 1 Yr 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Current Stock Performance
Revenue Growth (%( -0.6 -8.9 7.00 9750 5555 6121 8612 9199 8906 12088 13243 12536 14117 19026 Market Cap
EBITDA Growth (%( 2.8 -9.8 15.50 406 371 346 353 355 353 345 338 335 329 321 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( 6 -11.9 27.40 16.8 8.5 -- 12.8 9.4 7.9 17 24.4 31.5 31.1 33.3 Year End P/E
EPS without NRI Growth 3 2.2 2.4 2.7 2.1 1.7 2.3 2.5 3 3.3 4.4 P/B
N/A -16.3 27.10
(%( 2 1 1.4 1.6 1.4 1.3 3.3 3.3 3.1 3.4 4.5 P/S
Free Cash Flow Growth 10.5 5.5 25.5 9.8 5.7 6.2 15.7 17.6 15.3 15.9 19.3 EV/EBITDA
4 -14 8.60
(%( 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%( 7.3 -0.8 6.50
13.4 15.6 13 15.4 18.6 19.4 11.3 12 12.1 12.8 13.2 Revenue Per Share
Quarterly 1.6 1.9 -0.1 1.9 2.9 3.3 2.1 1.6 1.2 1.4 1.8 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 2 1.6 0.8 1.7 3 2.9 2.8 1.6 1.2 2 2 Free Cashflow Per Share
Revenue 1019 1044 1111 1067 1102 -- -- -- -- -- 0.3 0.5 0.5 0.4 0.5 0.5 Dividends Per Share
Net Income 91 124 126 168 164 6.8 4.8 4.9 3.7 6.7 3.6 4 6.4 4.1 4.1 4.5 Tang. Book Per Share
EPS 0 0 0 1 1 25.3 29.5 24.5 29.1 35.3 36.9 21 22.7 22.8 24.2 25.1 Median P/S Value
Revenue (YoY( % 6 3 7 4 8 15.4 14.2 -- 12.7 20.7 16.3 7.6 10 11 11.3 13.4 Graham Number
Net Income (YoY( % 5 12 -10 39 80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 8 15 -10 44 79
5420 5774 4481 5444 6615 6858 3894 4048 4038 4202 4324 Revenue
Guru Trades 54.8 55.4 51.2 53.8 53.4 52.6 49 48.8 50.5 52.3 53.1 Gross Margin %
584 795 47 566 1071 1119 386 419 522 615 736 Operating Income
Impact Cur.
Guru Date Action 10.8 13.8 1.1 10.4 16.2 16.3 9.9 10.4 12.9 14.6 17 Operating Margin %
% Shares
Steven Cohen 03/31/17 Add 0.18 996,237 638 693 -31 684 1012 1153 734 549 401 462 582 Net Income
11.8 12 -0.7 12.6 15.3 16.8 18.9 13.6 9.9 11 13.5 Net Margin %
Joel Greenblatt 03/31/17 Reduce -0.15 67,191
18.5 23.9 -1.2 23.9 26.9 24.3 14 10.4 8.5 11 13.6 ROE %
Jim Simons 03/31/17 Reduce -0.02 559,100
8.6 9.5 -0.4 7.9 10.8 11.8 6.9 5.1 4.4 6.1 7.5 ROA %
Columbia Wanger 03/31/17 Add 0.02 621,835
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Apr17 Balance Sheet
Primecap Management 03/31/17 Add 0.01 4,765,730
Pioneer Investments 03/31/17 Buy 0.01 50,326 1826 1405 2479 2649 3527 2351 2675 2218 2003 2289 2389 Cash & Equivalents
7554 7007 7612 9696 9057 10536 10686 10815 7479 7802 8016 Total Assets
2087 2125 2904 2190 1932 2112 2699 1663 1655 1912 1802 Long-term Debt
Warning Signs 4320 4448 5106 6468 4749 5354 5400 5514 3312 3559 3644 Total Liabilities
SEVERE Revenue per Share: Declined 6 6 6 6 6 6 6 6 6 6 3 Common Equity
SEVERE Operating Margin %: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Dividend Yield %: Close to 3-year low 969 756 408 718 1260 1228 1152 731 512 793 801 Cashflow from Operations
MEDIUM Price: Close to 10-year high -456 -399 -14 -1174 1294 -2366 -248 -230 -400 -238 -246 Cashflow from Investing
-1944 -1001 -157 -411 -497 -172 -900 -200 -267 -434 -334 Repurchase of Stock
Good Signs 594 16 748 718 -1500 148 347 99 -- 262 168 Net Issuance of Debt
GOOD Piotroski F-Score: High -980 -774 657 601 -1693 -37 -554 -117 -1089 -268 -286 Cashflow from Financing
-154 -154 -128 -121 -188 -194 -195 -205 -98 -139 -151 Capital Expenditure
Insider Trades 815 602 280 597 1072 1034 957 526 414 654 650 Free Cash Flow
Cur.
Insider Position Date Trades
Shares Competitor
Sr. VP and Financial Operating
Hirsch Didier 06/01/17 -5710 162895 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
CFO Strength Margin(%)
Sr Vice
Kaltenbach Patrick 05/31/17 -2074 40138 NYSE:A Agilent Technologies Inc 6 6 19,026 33.27 4.50 17.02 7.45 13.59
Preside
Doak Mark
Sr. Vice
05/30/17 -21851 47069 NYSE:Q Quintiles IMS Holdings Inc 4 6 18,697 541.44 1.95 8.19 0.76 2.74
Presid
Senior Vice
NYSE:DGX Quest Diagnostics Inc 5 8 14,740 21.72 2.01 17.20 6.98 15.18
Grau Dominique 05/30/17 -13000 47547
Pre NYSE:LH Laboratory Corp of America Holdings 5 8 14,363 19.43 1.51 13.86 5.26 13.89
Clark Paul N Director 05/25/17 -3866 87520 NAS:IDXX IDEXX Laboratories Inc 5 10 14,150 59.51 8.00 20.26 16.18 0.00
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Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:AAL AAL

American Airlines Group Inc (NAS:AAL)
Industry Historical % of Price Uividend Yield(ttm) % 0.83
Current
$ 49.11 Median Median NCAV -82.44 -168 Uividend Yield(forward) % 0.81
Airlines P/E (ttm) 11.84 12.28 9.07 Tangible Book -5.79 -12 Payout 0.1
Market Cap: $ 24,191 Mil Forward P/E 10.33 11.26 N/A Median P/S 10.67 22 Uividend Growth(5y) % N/A
American Airlines Group Inc operates over 6,000 flights per day to more than P/B 7.05 1.84 6.33 Price 49.11 Yield on Cost(5y) % 0.83
300 destinations across the world from hubs in Charlotte, Chicago, P/S 0.64 0.72 0.14 Continuous Uiv. since 2017
Uallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and P/FCF 115.36 13.43 5.26 Insider Ownership % 2.21
Washington, U.C. Shiller P/E N/A 25.61 N/A Institution Ownership % 68.12
PEG N/A 0.66 N/A Short % of Float 8.86
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.27 0.48 0.48 108.86

54.11
F-Score 4 5.00 5 1W -4.51 0
Operating Margin (%) 11.27 8.31 2.80
23M
YTU 5.61 9.1
Net-Margin (%) 5.47 5.97 -4.49
1Y 62.38 17.3
ROE (%) 53.50 17.03 56.82
ROA (%) 4.32 4.71 -3.72 3Y 7.60
ROC (Joel Greenblatt) 11.5M 5Y 110.47
14.92 13.91 -2.30
(%)
Growth
Revenue Growth (%) -14.2 -17.9 24.10 3495 2975 2572 2598 118 267 6592 37405 26453 23685 24191 Market Cap
EBITUA Growth (%) N/A N/A 7.70 112 97 110 124 125 249 280 734 687 556 493 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A N/A -10.80 8.3 -- -- -- -- -- -- 13.7 3.8 9.7 11.8 Year End P/E
EPS without NRI Growth 1.3 -- -- -- -- -- -- 18.5 4.7 6.3 7.1 P/B
N/A N/A -62.10
(%) 0.2 0.1 0.1 0.1 -- 0 0.3 0.9 0.7 0.6 0.6 P/S
Free Cash Flow Growth 5.4 -103.8 93.1 6.7 -16.1 -5.1 -30 8.9 5.9 6.1 6.9 EV/EBITUA
N/A N/A 193.80
(%)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%) N/A N/A -13.30
205.4 245.7 181.4 178.3 191.9 99.6 95.4 58.1 59.6 72.3 76.2 Revenue Per Share
Quarterly 4.8 -21.8 -13.4 -3.8 -15.8 -7.5 -6.5 3.9 11.1 4.8 4.2 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 10.9 -23.5 -5.4 -5.8 -7 -2.4 -8.7 -3 0.1 1.4 0.4 Free Cashflow Per Share
Revenue 9435 10363 10594 9789 9624 -- -- -- -- -- -- -- 0.2 0.4 0.4 0.4 Uividends Per Share
Net Income 700 950 737 289 234 16.1 -30.9 -36 -39.2 -58.3 -70.7 -35 -6.2 -1.1 -4.9 -5.8 Tang. Book Per Share
EPS 1 2 1 1 0 28.8 34.2 25.5 24 26.9 27.8 12.6 8.1 8.4 10.2 10.7 Median P/S Value
Revenue (YoY) % -4 -4 -1 2 2 41.6 -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoY) % -25 -44 -56 -91 -67 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -12 -30 -44 -88 -60
22935 23766 19917 22170 23979 24855 26743 42650 40990 40180 40370 Revenue
Guru Trades 72.1 62.2 72.6 56.1 44.8 45.6 46.4 48.1 58.3 60.4 59.1 Gross Margin %
Impact Cur.
965 -1889 -1004 308 -1037 148 1399 4249 6204 5284 4550 Operating Income
Guru Uate Action 4.2 -8 -5 1.4 -4.3 0.6 5.2 10 15.1 13.2 11.3 Operating Margin %
% Shares
Primecap Management 04/30/17 Add 0.14 50,404,181 504 -2118 -1468 -471 -1979 -1876 -1834 2882 7610 2676 2210 Net Income
Uavid Tepper 03/31/17 Sell -1.07 0
2.2 -8.9 -7.4 -2.1 -8.3 -7.6 -6.9 6.8 18.6 6.7 5.5 Net Margin %
49.2 -- -- -- -- -- -- -- 198.8 56.8 53.5 ROE %
Stanley Uruckenmiller 03/31/17 Buy 0.56 203,100
1.8 -7.9 -5.8 -1.9 -8.1 -7.9 -5.6 6.7 16.6 5.4 4.3 ROA %
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Steven Cohen 03/31/17 Buy 0.14 576,500
Paul Tudor Jones 03/31/17 Buy 0.12 90,893 148 191 153 168 283 480 1140 994 390 322 374 Cash & Equivalents
28571 25175 25438 25088 23848 23510 42278 43225 48415 51274 52627 Total Assets
10093 9005 10583 9253 6702 7116 15353 16043 18330 22489 22829 Long-term Uebt
SEVERE Revenue per Share: Ueclined 255 285 339 339 341 127 5 7 6 5 5 Common Equity
SEVERE Long-Term Uebt: Keep issuing new debt 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Uividend Yield %: Close to 2-year low
1935 -1394 930 1241 743 1285 675 3080 6249 6524 6154 Cashflow from Operations
MEDIUM Price: Close to 2-year high -234 1055 -2723 -2030 -1292 -1571 -3814 -2911 -5594 -5698 -5433 Cashflow from Investing
MEDIUM PS Ratio: Close to 1-year high -- -- -- -- -- -- -- -1062 -3846 -4500 -3459 Repurchase of Stock
-2321 -267 574 -612 24 -1020 2208 170 2856 3874 2897 Net Issuance of Uebt
Insider Trades -1675 382 1755 804 664 483 3799 -315 -1259 -894 -842 Cashflow from Financing
Cur. -714 -876 -1521 -1962 -1614 -1888 -3114 -5311 -6151 -5731 -5888 Capital Expenditure
Insider Position Uate Trades
Shares
1221 -2270 -591 -721 -871 -603 -2439 -2231 98 793 266 Free Cash Flow
Executive
Kerr Uerek J 06/02/17 -104223 473908
VP an Competitor
EVP People
Eberwein Elise R 06/02/17 -33400 362368 Financial Operating
and Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
EVP Chief
Leibman Maya 05/11/17 -23857 172514
Infor NAS:AAL American Airlines Group Inc 4 3 24,191 11.84 0.64 11.27 4.32 53.50
Albaugh James F Uirector 05/04/17 3000 14737 NYSE:UAL United Continental Holdings Inc 5 6 23,949 12.09 0.67 10.79 5.05 24.85
EVP Chief
Leibman Maya
Infor
03/01/17 -9455 166922 OTCPK:AIRYY Air China Ltd 4 6 18,824 22.45 1.11 6.85 2.58 8.53
NAS:RYAAY Ryanair Holdings PLC 6 8 18,658 13.35 2.72 23.40 11.86 31.50
OTCPK:BABWF International Consolidated Airlines Group SA 3 4 15,613 8.33 0.74 10.98 11.68 65.01
Stock quotes provided by InterActive Uata. Fundamental company data provided by Morningstar, updated daily.
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AAP AAP

Advance Auto Parts Inc (NYSE:AAP)
Industry Historical % of Price Dividend Yield(ttm) % 0.18
Current
$ 131.15 Median Median NCAV -37.08 -28 Dividend Yield(forward) % 0.18
Retail - Apparel & Specialty - Specialty Retail P/E (ttm) 23.81 20.66 16.2 Tangible Book 19.05 15 Payout 0.04
Market Cap: $ 9,685 Mil Forward P/E 18.32 15.15 N/A Peter Lynch Value 33.61 26 Dividend Growth(5y) % N/A
Advance Auto Parts Inc is an automotive aftermarket parts provider serving P/B 3.2 1.70 4.35 Graham Number 48.59 37 Yield on Cost(5y) % 0.18
professional installers, DIY (do-it-yourself) customer and independently- P/S 1 0.70 0.91 DCF (FCF Based) 55.33 42 Continuous Div. since 2017
owned operators. P/FCF 45.7 15.94 17.65 DCE (Earnings Based) 102.15 78 Insider Ownership % 4.42
Shiller P/E 25.98 18.96 31.11 Median P/S 116.67 89 Institution Ownership % 73.64
PEG 3.32 2.02 1.22 Price 131.15 Short % of Float 10.73
Financial Strength
Industry Historical
Score: 6 /10 Current 30.31 24.17 30.13 39.16 50.04 65.59 71.76 109.74 143 136.19 125.92 Low
Median Median
Cash to Debt 0.12 0.97 0.11 200.38

88.11
F-Score 5 5.00 6 1W 4.15 0
Profitability 1M -10.08 3
Industry Historical 24.17 3M -14.20 4.2
Median Median 6M -24.09 8.7
3M
YTD -22.42 9.1
Net-Margin (%) 4.31 2.23 5.01
1Y -14.52 17.3
ROE (%) 14.44 6.33 25.64
ROA (%) 4.86 2.80 8.47 3Y 1.85
25.38 12.77 37.66
(%)
Growth
Revenue Growth (%) 13.1 12.7 -2.30 3591 3186 3831 5560 5069 5309 8062 11626 11023 12473 9685 Market Cap
EBITDA Growth (%) 13.2 7.1 -12.20 105 95 95 87 77 74 73 73 74 74 74 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) 13.4 5.9 -16.70 16.7 13.5 14.3 16.7 13.6 13.9 20.8 23.7 23.5 27.3 23.8 Year End P/E
EPS without NRI Growth 3.5 3 3 5.4 6 4.4 5.3 5.8 4.5 4.3 3.2 P/B
13.5 5.3 -15.70
(%) 0.8 0.6 0.7 1 0.9 0.9 1.3 1.2 1.1 1.3 1 P/S
Free Cash Flow Growth 7.6 6.5 6.5 7.8 6.5 6.3 9.2 11.6 11.2 12.7 11 EV/EBITDA
14.1 -9.2 -48.30
(%) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%) 14.9 27.6 14.60
46.3 54 56.9 68 80.1 83.8 88.5 134.1 132.1 129.5 128.2 Revenue Per Share
Quarterly 2.3 2.5 2.8 4 5.1 5.2 5.3 6.7 6.4 6.2 5.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.9 3.1 5.3 5.4 7.3 5.6 4.8 6.5 6.2 3.3 2.9 Free Cashflow Per Share
Revenue 2980 2256 2249 2083 2891 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Dividends Per Share
Net Income 159 125 114 62 108 10.2 10.7 12.9 11.7 10.2 15.1 17.4 3.6 10.7 17.4 19 Tang. Book Per Share
EPS 2 2 2 1 1 42.1 49.2 51.8 61.9 72.9 76.2 80.5 122 120.2 117.9 116.7 Median P/S Value
Revenue (YoY) % -2 -5 -2 2 -3 22.9 24.5 28.7 32.2 34.2 42.1 45.6 23.2 39.3 49.3 48.6 Graham Number
Net Income (YoY) % 7 -17 -5 14 -32 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 7 -17 -6 14 -32
4844.4 5142.3 5412.6 5925.2 6170.5 6205 6493.8 9843.9 9737 9567.7 9478.7 Revenue
Guru Trades 47.9 46.7 48.9 50 49.7 49.9 50.1 45.2 45.4 44.5 44.1 Gross Margin %
416.4 414.9 454.4 584.9 664.6 657.3 660.3 851.7 825.8 787.6 696.4 Operating Income
Impact Cur.
Guru Date Action 8.6 8.1 8.4 9.9 10.8 10.6 10.2 8.7 8.5 8.2 7.4 Operating Margin %
% Shares
Sarah Ketterer 03/31/17 Add 1 1,415,672 238.3 238 270.4 346.1 394.7 387.7 391.8 493.8 473.4 459.6 408.8 Net Income
4.9 4.6 5 5.8 6.4 6.3 6 5 4.9 4.8 4.3 Net Margin %
Steven Cohen 03/31/17 Add 0.43 1,538,878
23.2 22.7 22.9 29.8 41.8 37.7 28.7 28.1 21.2 17.1 14.4 ROE %
Caxton Associates 03/31/17 Sell -0.19 0
8.7 8.3 9 10.8 11.3 9.4 7.7 7.3 5.9 5.6 4.9 ROA %
Nwq Managers 03/31/17 Add 0.15 338,695
Manning & Napier
03/31/17 Reduce -0.06 84,210
Advisors, Inc 14.7 37.4 100 59.2 57.9 598.1 1112.5 104.7 90.8 135.2 126.1 Cash & Equivalents
Joel Greenblatt 03/31/17 Sell -0.03 0 2805.6 2964.1 3073 3354.2 3655.8 4613.8 5564.8 7962.4 8127.7 8315 8428.7 Total Assets
505.1 455.2 202.9 300.9 415.1 604.5 1052.7 1636.3 1206.3 1042.9 1073.4 Long-term Debt
1781.8 1888.9 1790.6 2314.8 2807.8 3403.1 4048.6 5959.4 5667.1 5398.8 5405 Total Liabilities
Warning Signs 0 0 0 0 0 0 0 0 0 0 0 Common Equity
SEVERE Gross Margin %: Declined
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SEVERE Operating Margin %: Declined
410.5 478.7 699.7 666.2 828.8 685.3 545.3 709 689.6 500.9 447.5 Cashflow from Operations
SEVERE Asset Growth: faster than revenue growth
-202.1 -181.6 -185.5 -199.4 -290 -273 -362.1 -2288.2 -253.4 -262 -238.3 Cashflow from Investing
-282.9 -219.4 -100.1 -622.4 -631.1 -27.1 -80.8 -5.2 -6.7 -18.4 -9.7 Repurchase of Stock
Good Signs
49.6 -59.6 -367.5 98.3 90 177.4 445.7 599.6 -426.3 -165.6 -167.7 Net Issuance of Debt
GOOD Dividend Yield %: Close to 2-year high
-204.9 -274.4 -451.5 -507.6 -540.2 127.9 331.2 575.9 -446 -194.7 -184.6 Cashflow from Financing
-210.6 -185 -192.9 -199.6 -268.1 -271.2 -195.8 -228.4 -234.7 -259.6 -235.7 Capital Expenditure
Insider Trades
199.9 293.8 506.8 466.6 560.7 414.1 349.5 480.5 454.9 241.3 211.8 Free Cash Flow
Cur.
Shares Competitor
Karaboutis Adriana Director 06/02/17 367 3168 Financial Operating
Buss Brad W Director 05/31/17 1200 3128 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Slone Reuben E Director 05/31/17 500 3060 NAS:QVCA QVC Group 5 7 10,995 24.86 1.12 10.13 3.23 9.41
Smith Jeffrey C Director 05/30/17 350000 3176k
OTCPK:MTTRY Metro AG 6 4 10,472 37.64 0.16 1.95 0.92 4.61
President
Greco Thomas 05/26/17 16000 114630 NYSE:AAP Advance Auto Parts Inc 6 8 9,685 23.81 1.00 7.35 4.86 14.44
and C
OTCPK:DUFRY Dufry AG 4 8 8,863 307.36 1.08 3.05 0.27 0.92
OTCPK:SATLF Start Today Co Ltd 9 8 8,230 48.34 12.48 35.98 46.69 92.65
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:AAPL AAPL

Apple Inc (NAS:AAPL)
Current
Computer Hardware - Consumer Electronics P/E (ttm( 18.08 22.05 15.4 Tangible Book 24.2 16 Payout 0.27
Apple Inc designs, manufactures, & markets mobile communication & media P/B 6.02 1.80 5.19 Peter Lynch Value 120.07 77 Yield on Cost(5y( % 1.52
devices, personal computers, & portable digital music players, & sells a P/S 3.76 1.18 3.42 Median P/S 140.65 91 Continuous Div. since 2012
variety of related software, services, accessories, networking solutions, & P/FCF 15.66 18.59 12.6 Price 154.99 Insider Ownership % 0.19
third-party digital content. Shiller P/E 29.38 30.99 53.96 DCE (Earnings Based( 243.97 157 Institution Ownership % 47.17
PEG 0.96 1.92 0.31 DCF (FCF Based( 281.72 182 Short % of Float 0.95
Financial Strength
Warning: mysql_num_rows(( expects parameter 1 to be resource, boolean given in
Industry Historical /home/gurudownload/public_html/include/common_stock_functions_2.php on line 1465
Median Median
Cash to Debt 0.68 1.51 13.36 /home/gurudownload/public_html/include/common_stock_functions_2.php on line 1497

/home/gurudownload/public_html/include/common_stock_functions_2.php on line 1465
Interest Coverage 30.99 42.81 No Debt Warning: mysql_num_rows(( expects parameter 1 to be resource, boolean given in
F-Score 5 5.00 6 28.55 28.3 30.23 46.5 60.32 100.3 81.44 119 133 118.25 156.1 Annual Price High
11.9 11.5 11.17 27.44 45.05 57.86 55.79 71.4 103.12 90.34 115.82 Low
156.1
Profitability
Gain(%) SP500(%)
Industry Historical 72.47
1W 1.18 0.2
Median Median
1M 1.71 1.8
Operating Margin (%( 26.91 4.18 28.43 11.17 3M 11.96 2.2
6M 39.31 8.2
Net-Margin (%( 20.74 2.97 21.55 YTD 34.86 9.1
451M
1Y 59.02 14.8
ROE (%( 35.08 5.73 34.45
3Y 20.51
225.3M 5Y 14.72
ROA (%( 14.31 2.92 19.79
ROC (Joel Greenblatt(

245.24 10.95 364.21 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Current Stock Performance
(%(
-- -- -- -- -- -- -- -- -- -- 808093 Market Cap
-- -- -- -- -- -- -- -- -- -- 5214 Sh. Outstanding-diluted(Mil(
Growth -- -- -- -- -- -- -- -- -- -- 18.1 Year End P/E
-- -- -- -- -- -- -- -- -- -- 6 P/B
10 Yr 5 Yr 1 Yr -- -- -- -- -- -- -- -- -- -- 3.8 P/S
-- -- -- -- -- -- -- -- -- -- 11.4 EV/EBITDA
Revenue Growth (%( 31.7 18.9 2.10 -- -- -- -- -- -- -- -- -- -- TTM Per share data
-- -- -- -- -- -- -- -- -- -- -- Revenue Per Share
EBITDA Growth (%( 42.5 18.9 -3.80 -- -- -- -- -- -- -- -- -- -- -- EPS
-- -- -- -- -- -- -- -- -- -- -- Free Cashflow Per Share
EBIT Growth (%( 40.6 15.5 -6.50 -- -- -- -- -- -- -- -- -- -- -- Dividends Per Share
-- -- -- -- -- -- -- -- -- -- -- Tang. Book Per Share
EPS without NRI -- -- -- -- -- -- -- -- -- -- -- Median P/S Value
40.2 15.3 -4.80 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Growth (%(
-- -- -- -- -- -- -- -- -- -- TTM Income Statement
Free Cash Flow Growth -- -- -- -- -- -- -- -- -- -- -- Revenue
42.4 18 1.20
(%( -- -- -- -- -- -- -- -- -- -- -- Gross Margin %
-- -- -- -- -- -- -- -- -- -- -- Operating Income
Book Value Growth (%( 32.2 12.3 8.20 -- -- -- -- -- -- -- -- -- -- -- Operating Margin %
-- -- -- -- -- -- -- -- -- -- -- Net Income
-- -- -- -- -- -- -- -- -- -- -- Net Margin %
Quarterly
-- -- -- -- -- -- -- -- -- -- -- ROE %
Mar16 Jun16 Sep16 Dec16 Mar17 -- -- -- -- -- -- -- -- -- -- -- ROA %
Revenue 50557 42358 46852 78351 52896 -- -- -- -- -- -- -- -- -- -- Latest Q. Balance Sheet
Net Income 10516 7796 9014 17891 11029
-- -- -- -- -- -- -- -- -- -- -- Cash & Equivalents
EPS 2 1 2 3 2
-- -- -- -- -- -- -- -- -- -- -- Total Assets
Revenue (YoY( % -13 -15 -9 3 5 -- -- -- -- -- -- -- -- -- -- -- Long-term Debt
Net Income (YoY( % -22 -27 -19 -3 5 -- -- -- -- -- -- -- -- -- -- -- Total Liabilities
EPS (YoY( % -18 -23 -14 2 11 -- -- -- -- -- -- -- -- -- -- -- Common Equity
-- -- -- -- -- -- -- -- -- -- TTM Cashflow Statement
-- -- -- -- -- -- -- -- -- -- -- Cashflow from Operations
Guru Trades -- -- -- -- -- -- -- -- -- -- -- Cashflow from Investing
-- -- -- -- -- -- -- -- -- -- -- Repurchase of Stock
-- -- -- -- -- -- -- -- -- -- -- Net Issuance of Debt
-- -- -- -- -- -- -- -- -- -- -- Cashflow from Financing
-- -- -- -- -- -- -- -- -- -- -- Capital Expenditure
-- -- -- -- -- -- -- -- -- -- -- Free Cash Flow

Impact
Guru Date Action Cur. Shares
%
Warren Buffett 03/31/17 Add 6.39 129,357,106
Zeke Ashton 03/31/17 Sell -5.12 0
David Rolfe 03/31/17 Reduce -3.69 2,219,605
David Einhorn 03/31/17 Reduce -3.66 3,971,000 /home/gurudownload/public_html/include/common_stock_functions_2.php on line 1465
Julian Robertson 03/31/17 Sell -3.59 0
Daniel Loeb 03/31/17 Sell -2.1 0 Warning: mysql_num_rows(( expects parameter 1 to be resource, boolean given in

Warning Signs
MEDIUM Revenue per Share: Growth slow down Warning: mysql_num_rows(( expects parameter 1 to be resource, boolean given in
MEDIUM Dividend Yield %: Close to 3-year low /home/gurudownload/public_html/include/common_stock_functions_2.php on line 1465

Insider Trades
Cur. Warning: mysql_num_rows(( expects parameter 1 to be resource, boolean given in

Shares /home/gurudownload/public_html/include/common_stock_functions_2.php on line 1465
Senior Vice
Maestri Luca 06/02/17 -4757 657
Pre Warning: mysql_num_rows(( expects parameter 1 to be resource, boolean given in
Senior Vice
Srouji Johny 05/30/17 -10019 87760
Pre /home/gurudownload/public_html/include/common_stock_functions_2.php on line 1497
Senior Vice
Federighi Craig 05/24/17 -64500 423151
Pre
Senior Vice
Cue Eduardo H 05/22/17 -45000 4496 /home/gurudownload/public_html/include/common_stock_functions_2.php on line 1465
Pre
Senior Vice
Srouji Johny 05/22/17 -10000 97779
Pre Warning: mysql_num_rows(( expects parameter 1 to be resource, boolean given in



























Competitor
Financial Operating
Ticker Company
Strength
Profitability Market Cap($M) P/E P/S
Margin(%)
ROA(%) ROE(%)
NAS:AAPL Apple Inc 6 8 808,093 18.08 3.76 26.91 14.31 35.08

NYSE:FN 0 0 0
NAS:GPRO 0 0 0
NAS:UEIC 0 0 0
OTCPK:TCLHF 0 0 0
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ABBV ABBV
AbbVie Inc (NYSE:ABBV) Ratios Valuation Analysis Dividend & Ownership

Not Rated $ 70.60 Current
Median Median NCAV -31.5 -45 Dividend Yield(forward) % 3.63
Drug Manufacturers - Drug Manufacturers - Major
P/E (ttm) 18.26 27.33 18.39 Tangible Book -24.55 -35 Payout 0.61
Market Cap: $ 112,363 Mil
Forward P/E 12.82 15.75 N/A Peter Lynch Value 30.03 43 Dividend Growth(5y) % N/A
AbbVie Inc is a research-based biopharmaceutical company. The Company
P/B 22.48 2.96 20.37 Median P/S 67.21 95 Yield on Cost(5y) % 3.44
is engaged in the discovery, development, manufacture and sale of a broad
P/S 4.36 3.11 4.17 Price 70.60 Continuous Div. since 2013
line of pharmaceutical products for treating chronic autoimmune diseases,
virology and neurological disorders. P/FCF 17.42 24.43 15.04 Insider Ownership % 0.09
Shiller P/E N/A 39.58 N/A Institution Ownership % 52.3
PEG 1.92 1.91 2.24 Short % of Float 2.14
Financial Strength
-- -- -- -- -- 35.35 54.32 69.71 71.23 67.39 70.52 Annual Price High
Industry Historical
Score: 5 /10 Current -- -- -- -- -- 33 33.71 46.46 48.27 51.18 60 Low
Median Median
Cash to Debt 0.17 2.38 0.59 71.23

19.12
F-Score 6 5.00 6 1W 2.68 0
Industry Historical 33 3M 7.05 4.2
20M YTD 14.79 9.1
Net-Margin (%) 24.07 6.26 22.86
1Y 20.89 17.3
ROE (%) 119.29 6.90 91.09
ROA (%) 9.88 3.60 14.69 3Y 12.45
323.60 13.07 146.37
(%)
Growth
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Current Stock Performance
10 Yr 5 Yr 1 Yr
Revenue Growth (%) N/A 7 11.40 -- -- -- -- -- 53870 83828 104141 95370 101764 112363 Market Cap
EBITDA Growth (%) N/A 9.5 22.00 -- -- -- 1577 1577 1577 1604 1610 1637 1631 1592 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A 14.5 18.30 -- -- -- -- -- 10.2 20.6 59.5 19 17.3 18.3 Year End P/E
EPS without NRI -- -- -- -- -- -- 18.7 59.8 24.2 22 22.5 P/B
N/A 4.4 16.30
Growth (%) -- -- -- -- -- 2.9 4.5 5.3 4.3 4 4.4 P/S
Free Cash Flow Growth -- -- -- -- -- 8.8 13.6 30.9 14.5 13.1 13.5 EV/EBITDA
N/A 0.1 -12.30
(%) -- -- 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%) N/A N/A 9.30
-- -- -- 9.9 11.1 11.7 11.7 12.4 14 15.7 16.1 Revenue Per Share
Quarterly -- -- -- 2.7 2.2 3.4 2.6 1.1 3.1 3.6 3.9 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -- -- -- 2.9 3.7 3.8 3.6 1.8 4.3 4 4 Free Cashflow Per Share
Revenue 5958 6452 6432 6796 6538 -- -- -- -- -- -- 1.6 1.7 2 2.3 2.4 Dividends Per Share
Net Income 1354 1610 1598 1391 1711 -- -- -- 3.7 1.9 -5.6 -2.3 -3.5 -18 -24.4 -24.5 Tang. Book Per Share
EPS 1 1 1 1 1 -- -- -- -- 46.1 48.5 48.7 51.6 58.1 65.5 67.2 Median P/S Value
Revenue (YoY) % 18 18 8 6 10 -- -- -- 14.8 9.5 -- -- -- -- -- -- Graham Number
Net Income (YoY) % 32 18 29 -8 26 -- -- 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 32 18 31 -8 28
-- -- 14214 15638 17444 18380 18790 19960 22859 25638 26218 Revenue
Guru Trades -- -- 71.5 72.6 73.4 75.5 75.6 77.8 80.3 77.3 76.8 Gross Margin %
-- -- 4931.8 4717 3620 5817 5664 3411 7537 9384 9525 Operating Income
Impact Cur.
Guru Date Action -- -- 34.7 30.2 20.8 31.7 30.1 17.1 33 36.6 36.3 Operating Margin %
% Shares
Stanley Druckenmiller 03/31/17 Sell -7.46 0 -- -- 4636.5 4178 3433 5275 4128 1774 5144 5953 6310 Net Income
-- -- 32.6 26.7 19.7 28.7 22 8.9 22.5 23.2 24.1 Net Margin %
Larry Robbins 03/31/17 Reduce -0.77 7,301,967
-- -- -- 53.2 24.9 91.1 199.3 56.6 180 138.1 119.3 ROE %
-- -- -- 39.5 16.9 22.7 14.7 6.3 12.8 10 9.9 ROA %
Jim Simons 03/31/17 Add 0.16 2,087,956
-- -- 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Scott Black 03/31/17 Add 0.11 40,867
Steven Cohen 03/31/17 Reduce -0.09 940,300 -- -- -- 9.6 27 5901 9595 8348 8399 5100 4740 Cash & Equivalents
-- -- -- 21135 19521 27008 29198 27513 53050 66099 65664 Total Assets
-- -- -- -- 32 14630 14292 10538 29240 36440 36526 Long-term Debt
Warning Signs -- -- -- 5431.7 7589 27358 24706 25771 49105 61463 60666 Total Liabilities
SEVERE Asset Growth: faster than revenue growth -- -- -- -- -- -- 16 16 17 18 18 Common Equity
MEDIUM Price: Close to 5-year high -- -- 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Long-Term Debt: Issuing new debt -- -- 5367.3 4976 6247 6345 6267 3549 7535 7041 7015 Cashflow from Operations
MEDIUM Operating Income: loss -- -- -486.4 -5031 553 -2418 879 -926 -12936 -6074 -5300 Cashflow from Investing
-- -- -- -- -- -- -320 -665 -7586 -6033 -6519 Repurchase of Stock
Good Signs -- -- -- -- -- 15586 -601 -5 16623 5588 5611 Net Issuance of Debt
GOOD Operating Margin %: Expansion -- -- -4881.2 65 -6783 1931 -3442 -3293 5752 -3928 -4503 Cashflow from Financing
-- -- -312.6 -448 -356 -333 -491 -612 -532 -479 -453 Capital Expenditure
Insider Trades -- -- 5054.8 4528 5891 6012 5776 2937 7003 6562 6562 Free Cash Flow
Cur.
Shares Competitor
Executive Financial Operating
Schumacher Laura J 06/14/17 -79800 107825 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Vice Strength Margin(%)
EVP,
Alban Carlos 06/14/17 -45800 155187 NYSE:SNY Sanofi SA 6 7 123,829 23.42 3.18 18.83 4.62 8.32
Commercial
Gonzalez Richard A
Chairman of
05/19/17 -71235 284227 OTCPK:BAYRY Bayer AG 5 8 112,707 20.09 2.12 15.62 6.44 19.09
the
NYSE:ABBV AbbVie Inc 5 7 112,363 18.26 4.36 36.33 9.88 119.29
Chase William J EVP, CFO 05/18/17 -38300 184044
EVP,
OTCPK:GLAXF GlaxoSmithKline PLC 4 6 105,625 50.31 2.89 12.37 2.90 131.80
Alban Carlos 05/04/17 -43000 155187
Commercial NYSE:LLY Eli Lilly and Co 6 5 90,533 39.65 4.04 15.08 5.90 14.92
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ABC ABC

AmerisourceBergen Corp (NYSE:ABC)
Industry Historical % of Price Dividend Yield)ttm( % 1.55
Current
$ 94.43 Median Median NCAV -76.07 -81 Dividend Yield)forward( % 1.55
Medical Distribution P/E )ttm( 18.43 19.25 17.17 Tangible Book -29.08 -31 Payout 0.27
Market Cap: $ 20,619 Mil Forward P/E 14.56 14.04 N/A Median P/S 87.03 92 Dividend Growth)5y( % 26.7
AmerisourceBergen Corp is a pharmaceutical services company. It provides P/B 8.17 2.44 3.4 Price 94.43 Yield on Cost)5y( % 5.06
drug distribution and related healthcare services and solutions to pharmacy, P/S 0.14 0.99 0.13 Continuous Div. since 2005
physician, and manufacturer customers based in the United States and P/FCF 15.66 19.04 10.08 Insider Ownership % 1.94
Canada. Shiller P/E 40.1 34.93 29.96 Institution Ownership % 55.18
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.54 0.62 0.44 115.48

50.87
F-Score 6 4.00 6 1W 3.12 0
Operating Margin )%( 1.19 3.74 1.21
6M
YTD 21.70 9.1
Net-Margin )%( 0.77 2.55 0.71
1Y 25.94 17.3
ROE )%( 53.11 10.40 18.36
ROA )%( 3.46 3.76 3.82 3Y 11.04
ROC )Joel Greenblatt( 3.2M 5Y 21.80
126.04 23.45 130.02
)%(
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth )%( 15.7 20.8 6.30 7684 5783 6444 8509 9727 9112 14052 17154 19652 17776 20619 Market Cap
EBITDA Growth )%( 9.6 2.7 13.40 376 325 303 287 278 257 235 235 218 226 218 Sh. Outstanding-diluted)Mil(
EBIT Growth )%( 7.3 -2.1 8.30 18.1 24.8 13.4 13.8 14.7 13.8 33.6 67.8 -- 12.8 18.4 Year End P/E
EPS without NRI 2.5 2.1 2.4 2.9 3.4 3.7 6.1 8.8 31.9 8.4 8.2 P/B
N/A N/A -22.80
Growth )%( 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.1 P/S
20.7 35.4 -62.20
)%( 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth )%( -4.3 -12.1 18.40
175.8 216 237 271.4 283.4 303.9 373.7 507.9 624.3 649.9 669.5 Revenue Per Share
Quarterly 1.3 0.8 1.7 2.2 2.5 2.8 1.8 1.2 -0.6 6.3 5.1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.9 1.8 2.1 3.2 3.6 4.6 2.5 5.1 16.9 12 6.1 Free Cashflow Per Share
Net Income 603 350 144 247 411 0 -0.5 -0.5 0.4 0.2 -4.5 -5.1 -6.9 -26.7 -31 -29.1 Tang. Book Per Share
EPS 3 2 1 1 2 22.9 28.2 30.8 35.3 36.8 39.7 48.6 66.6 79.5 84.5 87 Median P/S Value
Revenue )YoY( % 9 8 6 4 4 1 -- -- 4.4 3.6 -- -- -- -- -- -- Graham Number
Net Income )YoY( % -218 63 -60 -25 -32 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY( % -215 75 -63 -23 -31
66074 70190 71760 77954 78696 78081 87959 119569 135962 146850 149759 Revenue
Guru Trades 3.5 2.9 2.9 3 3.1 3.4 2.9 2.5 2.6 2.9 3 Gross Margin %
Impact Cur.
Guru Date Action 1.2 1.2 1.2 1.4 1.5 1.7 1 0.7 0.3 1 1.2 Operating Margin %
% Shares
Jim Simons 03/31/17 Sell -0.08 0 469.2 250.6 503.4 636.7 706.6 719 433.7 274.2 -138.2 1427.9 1152.1 Net Income
0.7 0.4 0.7 0.8 0.9 0.9 0.5 0.2 -0.1 1 0.8 Net Margin %
13 8.6 18.6 22.5 24.3 27 18.2 12.8 -10.7 104 53.1 ROE %
Ray Dalio 03/31/17 Reduce -0.04 88,867
3.7 2 3.9 4.6 4.8 4.7 2.5 1.4 -0.6 4.6 3.5 ROA %
Arnold Van Den Berg 03/31/17 Reduce -0.03 108,246
Paul Tudor Jones 03/31/17 Reduce -0.03 2,800
Manning & Napier 640.2 878.1 1009.4 1658.2 1826 1066.6 1231 1808.5 2167.4 2741.8 2404.4 Cash & Equivalents
03/31/17 Reduce -0.01 43,730
Advisors, Inc 12310 12218 13573 14435 14983 15442 18919 21532 27963 33656 34397 Total Assets
1227.3 1187.4 1176.9 1343.2 972.9 1395.9 1396.6 1995.6 3739.2 3870.2 3839.6 Long-term Debt
9210.3 9507.7 10856 11481 12116 12987 16599 19575 27347 31527 31868 Total Liabilities
Warning Signs 2.4 2.4 4.8 4.9 5 2.6 2.7 2.7 2.8 2.8 2.8 Common Equity
1207.9 737.1 783.8 1108.6 1167.9 1305.4 788.1 1464.7 3922.2 3178.5 1914.9 Cashflow from Operations
MEDIUM Revenue per Share: Growth slow down
-674.4 163.4 -148.3 -184.4 -212.4 -947.9 117.3 -384.2 -2931.2 -3169.2 -564.1 Cashflow from Investing
MEDIUM Dividend Yield %: Close to 1-year low -1436 -679.7 -450.4 -470.4 -840.6 -1162.2 -484.2 -753.9 -1859.1 -2266.3 -2377.7 Repurchase of Stock
MEDIUM Price: Close to 1-year high 226.8 -16.4 -8.8 163 -0 52 -- 566.4 1496.4 713.2 -376.6 Net Issuance of Debt
-1154.5 -662.6 -504.2 -275.4 -787.7 -1116.9 -741 -503 -632.1 565.1 -1471.6 Cashflow from Financing
Insider Trades -118.1 -137.3 -145.8 -184.6 -156.1 -133.3 -202.5 -264.5 -231.6 -464.6 -547.3 Capital Expenditure
Cur. 1089.9 599.8 637.9 924 1011.8 1172.2 585.7 1200.2 3690.6 2713.9 1367.6 Free Cash Flow
Shares
Collis Steven H
Chairman,
06/01/17 -15000 238876
Competitor
Presi Financial Operating
Chairman, Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Collis Steven H 05/01/17 -15000 238876 Strength Margin(%)
Presi
Chairman, NYSE:CAH Cardinal Health Inc 6 6 23,988 18.08 0.19 1.79 3.92 20.55
Collis Steven H 04/03/17 -15000 238876
Presi NYSE:ABC AmerisourceBergen Corp 6 7 20,619 18.43 0.14 1.19 3.46 53.11
Executive
Clark Gina 03/13/17 -12000 24103 NAS:HSIC Henry Schein Inc 6 7 14,570 27.95 1.26 6.70 7.98 18.62
Vice
Howell Peyton R
Executive
03/03/17 -45000 37135
OTCPK:SHTDY Sinopharm Group Co Ltd 6 7 12,311 17.68 0.33 3.96 3.06 14.74
Vice
OTCPK:SHPMY Shanghai Pharmaceuticals Holding Co Ltd 5 5 9,511 21.68 0.58 3.58 4.04 10.49
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ABT ABT
Abbott Laboratories (NYSE:ABT) Ratios Valuation Analysis Dividend & Ownership

Current
Medical Devices P/E (ttm) 50.12 31.88 11.23 Tangible Book -5.44 -11 Payout 1.17
Market Cap: $ 83,501 Mil Forward P/E 19.46 22.78 N/A DCE (Earnings Based) 9.52 20 Dividend Growth(5y) % -12.6
Abbott Laboratories discovers, develops, manufactures and sells health care P/B 2.65 2.86 2.31 Peter Lynch Value 10.31 21 Yield on Cost(5y) % 1.11
products. Its products include branded generic pharmaceuticals P/S 3.33 3.30 1.92 DCF (FCF Based) 19.34 40 Continuous Div. since 1973
manufactured internationally, marketed and sold outside the United States. P/FCF 26.63 31.25 9.9 Median P/S 27.65 57 Insider Ownership % 0.76
Shiller P/E 17.2 47.60 12.82 Price 48.12 Institution Ownership % 53.36
Financial Strength As of 06-15-2017 * All financial numbers are in millions except for per share data
Industry Historical
Score: 5 /10 Current 28.44 28.95 27.39 26.91 26.95 34.51 38.71 46.37 51.2 45.29 47.64 Annual Price High
Median Median
23.43 23.66 19.87 21.94 21.61 25.91 32.05 35.85 39.06 36.34 39.05 Low
Cash to Debt 0.37 2.88 0.28
Equity to Asset 0.44 0.65 0.47 51.2
Interest Coverage 4.11 54.12 10.89

F-Score 5 4.00 6 Gain(%) SP500(%)
15.67
1W 3.00 0
Profitability
Industry Historical 1M 9.26 3
Median Median 19.87 3M 6.76 4.2
Operating Margin (%) 11.03 2.26 14.66 6M 24.97 8.7
Net-Margin (%) 6.74 1.61 15.23 YTD 26.66 9.1
28M
ROE (%) 6.59 1.67 20.51
1Y 31.37 17.3
ROA (%) 3.10 0.13 8.77
ROC (Joel Greenblatt) 3Y 8.69
30.38 4.46 33.56
(%) 13.9M 5Y 12.17
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) -3.2 1.7 6.00
EBITDA Growth (%) -6.6 0.7 3.90 41646 39627 40067 35457 42243 49413 59339 67892 66138 56573 83501 Market Cap
EBIT Growth (%) -4.7 19.6 -9.40 1560 1564 1555 1556 1567 1592 1574 1527 1506 1483 1735 Sh. Outstanding-diluted(Mil)
EPS without NRI Growth 11.6 8.2 7 7.7 9 8.4 23.7 30.2 15.4 41.3 50.1 Year End P/E
-10 22.6 -36.90 2.3 2.3 1.8 1.6 1.7 1.9 2.4 3.2 3.1 2.8 2.7 P/B
(%)
Free Cash Flow Growth 1.6 1.4 1.3 1 2 2.6 2.9 3.4 3.3 2.7 3.3 P/S
-8.7 -24.7 55.10 7.4 5.6 4.8 5.5 10.7 19.6 14.1 16.9 14.4 18.8 21.8 EV/EBITDA
(%)
Book Value Growth (%) 3.8 -3.3 29.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly 16.6 18.9 19.8 22.6 13.7 12 12.5 13.3 13.5 14.1 14.4 Revenue Per Share
Mar16 Jun16 Sep16 Dec16 Mar17 2.3 3.1 3.7 3 3 3.7 1.6 1.5 2.9 0.9 1 EPS
Revenue 4885 5333 5302 5333 6335 2.3 3.6 4 5 4.8 4.7 1.4 1.7 1.2 1.4 1.8 Free Cashflow Per Share
Net Income 316 615 -329 798 419 1.3 1.4 1.6 1.7 1.9 2 0.6 0.9 1 1 1 Dividends Per Share
EPS 0 0 -0 1 0 1.2 1.5 2.2 -3.5 -0.8 1.5 6.2 3.5 4.1 5.6 -5.4 Tang. Book Per Share
Revenue (YoY) % -0 3 3 3 30 31.8 36.2 37.9 43.3 26.3 22.9 25.1 25.4 26 27 27.7 Median P/S Value
Net Income (YoY) % -86 -22 -157 4 33
8 10.1 13.4 -- -- 2.3 13.3 9.4 12.6 9.5 9.5 Graham Number
EPS (YoY) % -86 -21 -158 4 14 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
25914 29528 30765 35167 21407 19050 19657 20247 20405 20853 22303 Revenue
Guru Trades
55.9 57.3 57.1 58.3 53.2 53.3 53.2 54.5 57.1 56.7 55.5 Gross Margin %
Impact Cur.
Guru Date Action 4578.5 5693.8 6235.7 6087.6 1629 1360 2133 2599 2867 3185 2459 Operating Income
% Shares
17.7 19.3 20.3 17.3 7.6 7.1 10.9 12.8 14.1 15.3 11 Operating Margin %
Mairs And Power 03/31/17 Add 1.6 4,270,907
3606.3 4880.7 5745.8 4626.2 4728 5963 2576 2284 4423 1400 1503 Net Income
Vanguard Health Care
03/31/17 Add 0.68 17,608,199 13.9 16.5 18.7 13.2 22.1 31.3 13.1 11.3 21.7 6.7 6.7 Net Margin %
Fund
22.7 27.7 28.5 20.3 20.1 23.3 9.9 9.8 20.7 6.7 6.6 ROE %
Richard Pzena 03/31/17 Reduce -0.47 2,922,096
9.5 11.9 12.1 8.2 7.8 9.4 4.7 5.4 10.7 3 3.1 ROA %
George Soros 03/31/17 Sell -0.29 0
Jeff Auxier 03/31/17 Add 0.27 108,013 2456.4 4112 8809.3 3648.4 6812.8 10802 3475 4063 5001 18620 8706 Cash & Equivalents
39714 42419 52417 60574 60277 67235 42953 41207 41247 52666 70887 Total Assets
9487.8 8713.3 11266 12524 12040 18085 3388 3393 5871 20681 23764 Long-term Debt
21935 24940 29561 37897 35837 40514 17782 19681 20036 32128 39525 Total Liabilities
Warning Signs -- -- -- 8744.7 9817.1 -- -- -- -- -- -- Common Equity
SEVERE Long-Term Debt: Keep issuing new debt 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Dividend Payout Ratio: Too high 5183.8 6994.6 7275.2 8736 8970 9314 3324 3675 2966 3203 3870 Cashflow from Operations
MEDIUM Price: Close to 10-year high -1136.3 -2087.5 -3698.7 -12188 661 -5560 -3929 -202 406 -248 -6628 Cashflow from Investing
MEDIUM Operating Income: loss -1058.8 -1081.8 -826.3 -866.8 -77 -2364 -1605 -2195 -2237 -522 -98 Repurchase of Stock
-544.5 -1238.7 3734.2 2122.1 -3977 4413 1792 766 1147 13155 9785 Net Issuance of Debt
Good Signs -2312.6 -3485.9 1002 -1087.7 -6423 195 -6696 -2742 -2236 11147 8180 Cashflow from Financing
GOOD Operating Margin %: Expansion -1656.2 -1287.7 -1089 -1015.1 -1491 -1795 -1145 -1077 -1110 -1121 -1150 Capital Expenditure
3527.6 5706.9 6186.1 7720.9 7479 7519 2179 2598 1856 2082 2720 Free Cash Flow
Insider Trades
Cur. Competitor
Shares
Financial Operating
Fussell Stephen R
Executive
06/08/17 -196550 183752 Ticker Company
Strength
Margin(%)
ROA(%) ROE(%)
Vice
Bird Roger
Senior Vice
04/27/17 -5600 51313 NYSE:MDT Medtronic PLC 5 9 119,996 30.33 4.10 17.94 4.08 7.97
Pre
Senior Vice
NYSE:ABT Abbott Laboratories 5 7 83,501 50.12 3.33 11.03 3.10 6.59
Manning Joseph J 04/26/17 -4200 22024
Pre NYSE:SYK Stryker Corp 5 7 52,787 31.69 4.54 18.68 8.33 18.16
Senior Vice NYSE:BSX Boston Scientific Corp 4 5 38,001 86.72 4.44 6.04 2.44 6.60
Contreras Jaime 03/31/17 -767 124148
Pre
Executive NAS:ISRG Intuitive Surgical Inc 9 8 33,118 45.18 12.65 34.40 13.64 15.35
Warmuth Michael J 03/01/17 -3851 95921
Vice
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ACN ACN

Accenture PLC (NYSE:ACN)
Current
Application Software - Information Technology Services P/E (ttm) 21.12 26.92 17.41 Tangible Book 4.94 4 Payout 0.39
Market Cap: $ 81,129 Mil Forward P/E 19.65 21.98 N/A Graham Number 25.82 20 Dividend Growth(5y) % 18.2
Accenture PLC is a professional service company. The Company is engaged P/B 10.17 3.38 10.28 Peter Lynch Value 54.72 43 Yield on Cost(5y) % 4.41
in providing management consulting, technology and outsourcing services to P/S 2.35 2.71 1.65 DCF (FCF Based) 87.8 69 Continuous Div. since 2005
clients. P/FCF 19.29 26.51 15.06 Median P/S 88.69 70 Insider Ownership % 0.46
Shiller P/E 30.04 41.38 27.66 DCE (Earnings Based) 111.24 88 Institution Ownership % 53.41
Financial Strength
Industry Historical
Median Median
Cash to Debt 117.91 9.73 149.28 126.58

49.96
F-Score 5 5.00 7 1W 2.07 0.7
Profitability 1M 3.96 1.6
12M
YTD 8.89 8.8
Net-Margin (%) 10.67 3.42 8.46
1Y 7.65 15.1
ROE (%) 51.66 6.35 62.81
ROA (%) 19.34 2.94 15.86 3Y 16.77
ROC (Joel Greenblatt) 6M 5Y 18.49
559.30 22.23 494.60
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) 9.1 6.9 8.00 31340 30243 23525 25255 37020 41688 48145 53221 61279 73898 81129 Market Cap
EBITDA Growth (%) 11.9 10.1 4.90 862 823 787 767 743 727 713 692 679 668 641 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) 12.2 8.3 11.10 20.9 15.6 13.5 13.7 15.8 16 14.7 17.9 19.8 17.8 21.1 Year End P/E
EPS without NRI 15.2 11.9 8.3 8.9 9.5 10.1 9.7 9.3 10 9.8 10.2 P/B
13.5 11.4 4.30
Growth (%) 1.7 1.3 1.1 1.2 1.5 1.5 1.7 1.8 1.9 2.2 2.4 P/S
Free Cash Flow Growth 9.3 7.5 6.1 6.1 7.9 7.9 8.7 9.9 11.3 11 13.2 EV/EBITDA
8.5 6.4 29.50
24.9 30.8 29.5 30.1 36.8 40.9 42.6 46 48.5 52.1 53.8 Revenue Per Share
Quarterly 2 2.7 2.4 2.7 3.4 3.8 4.9 4.5 4.8 6.5 6 EPS
Feb16 May16 Aug16 Nov16 Feb17 2.6 3 3.7 3.7 4.1 5.3 4.1 4.6 5.4 6.1 6.6 Free Cashflow Per Share
Revenue 8397 8969 8966 9006 8762 0.4 0.4 0.5 1.1 0.9 1.4 1.6 1.9 2 2.2 2.3 Dividends Per Share
Net Income 1327 897 1069 1004 839 1.9 2.3 2.8 2.9 4 4.3 4.7 4.5 4.2 5.3 4.9 Tang. Book Per Share
EPS 2 1 2 2 1 41.1 50.8 48.6 49.7 60.7 67.5 70.3 75.9 80 86 88.7 Median P/S Value
Revenue (YoY) % 6 8 7 6 4 9.1 11.8 12.4 13.2 17.4 19.3 22.9 21.3 21.2 27.9 25.8 Graham Number
Net Income (YoY) % 92 13 45 23 -37 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 93 14 46 23 -36
21453 25314 23171 23094 27353 29778 30394 31875 32914 34798 35702 Revenue
Impact Cur.
Guru Date Action 11.6 11.9 11.4 12.6 12.7 13 14.3 13.5 13.5 13.8 13.9 Operating Margin %
% Shares
John Hussman 03/31/17 Sell -0.58 0 1243.1 1691.8 1590 1780.7 2277.7 2553.5 3281.9 2941.5 3053.6 4111.9 3809.7 Net Income
5.8 6.7 6.9 7.7 8.3 8.6 10.8 9.2 9.3 11.8 10.7 Net Margin %
Ms Global Franchise
03/31/17 Add 0.31 316,517 62.8 73.5 59.2 62.8 67.8 63.6 72.1 55 51.5 60.1 51.7 ROE %
Fund
12.3 14.6 12.9 14.2 16 15.8 19.6 16.9 16.9 21.2 19.3 ROA %
Jim Simons 03/31/17 Sell -0.09 0
Jeremy Grantham 03/31/17 Reduce -0.07 2,698,520 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Feb17 Balance Sheet
Joel Greenblatt 03/31/17 Reduce -0.05 131,880 3314.4 3602.8 4541.7 4838.3 5701.1 6640.5 5631.9 4921.3 4360.8 4905.6 3238.9 Cash & Equivalents
Ray Dalio 03/31/17 Buy 0.05 37,774 10747 12399 12256 12835 15732 16665 16867 17930 18203 20609 20079 Total Assets
2.6 1.7 0.4 1.4 -- 0 25.6 26.4 25.6 24.5 24.5 Long-term Debt
8683.8 9858 9420.5 10000 11853 12520 11907 12198 12069 13054 12115 Total Liabilities
0 0 0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Common Equity
Warning Signs
Good Signs -350.4 -324 -245.2 -273.8 -703.4 -535.4 -1156.2 -1056.4 -1170.4 -610.4 -1273.5 Cashflow from Investing
GOOD Interest Coverage: Comfortable -2307.9 -2261.2 -1855.4 -2070.9 -2171.9 -2098.8 -2544.4 -2559.4 -2453 -2605 -2521.8 Repurchase of Stock
-25.9 -18 -7 0.7 -1.6 -6.3 0.1 0.5 0.7 -1.1 -1.1 Net Issuance of Debt
Insider Trades -2127.7 -2161.5 -1850.3 -2429 -2121.5 -2558.9 -3065.6 -3165.4 -3202.3 -3396.9 -3324.8 Cashflow from Financing
Cur. -364.4 -320.4 -243.5 -238.2 -403.7 -372 -369.6 -321.9 -395 -496.6 -442.7 Capital Expenditure
Shares 2266.2 2482.9 2916.7 2853.4 3038 3884.9 2933.5 3164.2 3697.1 4078.5 4363.6 Free Cash Flow
Group Chief
Lumb Richard 05/10/17 -2200 127210 Competitor
Exe
Van 't Noordende Group Chief Financial Operating
04/27/17 -6525 143844 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Alexander M Exe Strength Margin(%)
Sell Robert E
Grp Chief
04/27/17 -2222 43901 NYSE:ACN Accenture PLC 8 7 81,129 21.12 2.35 13.93 19.34 51.66
Exec-
Chief
NAS:CTSH Cognizant Technology Solutions Corp 8 8 39,439 24.44 2.99 16.67 12.36 16.53
Shook Ellyn 04/26/17 -2200 43261
Leadershi NYSE:INFY Infosys Ltd 9 8 34,209 15.60 3.35 27.08 18.18 22.26
Group Chief OTCPK:HTHIF Hitachi Ltd 6 6 29,810 16.96 0.35 6.41 1.63 6.89
Lumb Richard 04/24/17 -2200 129226
Exe
OTCPK:AMADF Amadeus IT Group SA 6 8 28,036 28.89 5.33 27.10 10.95 32.59
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:ADBE ADBE

Adobe Systems Inc (NAS:ADBE)
Industry Historical % of Price Dividend Yield(ttm) % N/A
Current
$ 137.52 Median Median NCAV -0.34 -0 Dividend Yield(forward) % N/A
Application Software - Software - Application P/E (ttm) 52.5 26.85 42.12 Tangible Book 2.72 2 Payout N/A
Market Cap: $ 68,031 Mil Forward P/E 35.71 22.68 N/A Graham Number 12.65 9 Dividend Growth(5y) % N/A
Adobe Systems Inc offers a line of software and services used by creative P/B 8.97 3.17 4.45 Peter Lynch Value 14.28 10 Yield on Cost(5y) % N/A
professionals, marketers, developers, enterprises and consumers for P/S 11.23 2.53 6.57 DCE (Earnings Based) 28.04 20 Continuous Div. since 2017
creating, managing, delivering, measuring, optimizing and engaging with P/FCF 30.8 24.94 20.68 DCF (FCF Based) 50.62 37 Insider Ownership % 0.37
compelling operating systems. Shiller P/E 94.03 39.49 45.72 Median P/S 80.42 58 Institution Ownership % 67.51
Financial Strength
48 45.89 37.86 37.7 35.86 38.09 60.89 76.02 95.56 110.81 143.62 Annual Price High
Industry Historical
Median Median
Cash to Debt 2.47 9.14 No Debt 143.62

63.82
F-Score 8 5.00 6 1W -3.58 0
18M
YTD 33.58 9.1
Net-Margin (%) 21.34 3.38 19.33
1Y 41.74 17.3
ROE (%) 17.93 6.30 14.08
ROA (%) 10.55 2.86 9.16 3Y 27.20
207.10 22.55 200.05
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 3.4 2 60.50 34.8 14.6 47.4 18.8 16.6 20.9 101.4 139 73.8 44.3 52.5 Year End P/E
EPS without NRI 5.2 2.8 3.8 2.7 2.3 2.6 4.2 5.4 6.5 6.9 9 P/B
1.4 2.2 66.90
Growth (%) 8 3.5 6.3 3.8 3.3 3.9 7.2 9 9.7 8.9 11.2 P/S
Free Cash Flow Growth 17.5 7.7 17.7 10.2 8.8 10.1 35.6 46.9 34 26.1 32.6 EV/EBITDA
5.9 6.8 42.30
Quarterly 1.2 1.6 0.7 1.5 1.7 1.7 0.6 0.5 1.2 2.3 2.6 EPS
Feb16 May16 Aug16 Nov16 Feb17 2.2 2.1 1.9 1.8 2.6 2.4 1.9 2.2 2.5 4 4.5 Free Cashflow Per Share
Revenue 1383 1399 1464 1608 1682 -- -- -- -- -- -- -- -- -- -- -- Dividends Per Share
Net Income 254 244 271 400 398 3.7 3.9 1.7 2 2.8 4 2.7 3.2 2.3 3.2 2.7 Tang. Book Per Share
EPS 1 0 1 1 1 34.7 43 36.7 47.6 55.1 57.7 52 53.7 62.2 76.3 80.4 Median P/S Value
Revenue (YoY) % 25 20 20 23 22 10 11.8 5.2 8.2 10.3 12.3 5.9 6.2 7.9 13 12.7 Graham Number
Net Income (YoY) % 200 65 55 79 57 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 194 66 59 82 60
3157.9 3579.9 2945.9 3800 4216.3 4403.7 4055.2 4147.1 4795.5 5854.4 6152.7 Revenue
Guru Trades 88.8 89.9 89.9 89.4 89.6 89 85.5 85 84.5 86 86 Gross Margin %
Impact Cur.
Guru Date Action 27.2 28.7 23.4 26.1 26.1 26.8 10.4 10 18.8 25.5 26.9 Operating Margin %
% Shares
Julian Robertson 03/31/17 Buy 5.4 220,000 723.8 871.8 386.5 774.7 832.8 832.8 290 268.4 629.6 1168.8 1312.9 Net Income
22.9 24.4 13.1 20.4 19.8 18.9 7.2 6.5 13.1 20 21.3 Net Margin %
Lee Ainslie 03/31/17 Add 0.79 4,263,755
14.8 19.2 8.3 15.4 15.2 13.4 4.3 4 9.1 16.2 17.9 ROE %
Pioneer Investments 03/31/17 Buy 0.69 1,550,565
12.4 15.1 5.9 10.1 9.7 8.8 2.8 2.5 5.6 9.6 10.6 ROA %
Frank Sands 03/31/17 Reduce -0.19 8,012,336
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Feb17 Balance Sheet
Ray Dalio 03/31/17 Buy 0.13 89,664 946.4 886.5 999.5 749.9 989.5 1425.1 834.6 1117.4 876.6 1011.3 1068.9 Cash & Equivalents
5713.7 5821.6 7282.2 8141.1 8991.2 10040 10380 10786 11726 12707 13045 Total Assets
-- 350 1000 1513.7 1505.1 1496.9 1499.3 911.1 1907.2 1902.1 1884.1 Long-term Debt
Warning Signs 1063.7 1411.2 2391.7 2948.8 3208.1 3375 3655.7 4009.9 4724.9 5282.3 5456.1 Total Liabilities
SEVERE Gross Margin %: Declined 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Common Equity
MEDIUM Price: Close to 10-year high 1439.3 1280.7 1117.8 1113 1543.3 1499.6 1151.7 1287.5 1469.5 2199.7 2432.6 Cashflow from Operations
83.3 -304.7 -1497.1 -1159.3 -757.4 -834.7 -1177.8 -490.7 -1488.4 -960 -1040.1 Cashflow from Investing
Good Signs
-1951.5 -1722.7 -350 -850 -695 -405 -1100 -600 -625 -1075 -1125 Repurchase of Stock
GOOD Piotroski F-Score: High -- 350 636.1 489.7 -10 -6.7 -0.2 -14.7 387.1 -0.1 -- Net Issuance of Debt
-1350.4 -1021.6 477.6 -215.3 -550.4 -234.7 -559.1 -507.3 -200.7 -1090.7 -1137.8 Cashflow from Financing
Insider Trades
-132.1 -111.8 -119.6 -169.6 -210.3 -271.1 -188.4 -148.3 -184.9 -203.8 -188.5 Capital Expenditure
Cur.
Shares 1307.2 1168.9 998.2 943.4 1333 1228.5 963.3 1139.2 1284.6 1995.9 2244.1 Free Cash Flow
EVP, Chief
Lewnes Ann 06/14/17 -2233 61944 Competitor
Mark
EVP, Chief
Financial Operating
Lewnes Ann 05/10/17 -2233 64177 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Mark Strength Margin(%)
EVP, Chief NAS:ADBE Adobe Systems Inc 7 8 68,031 52.50 11.23 26.90 10.55 17.93
Lewnes Ann 04/12/17 -2233 66410
Mark
EVP & GM,
NYSE:CRM Salesforce.com Inc 6 7 61,441 454.04 6.84 0.04 0.86 1.94
Lamkin Bryan 03/31/17 -20000 52083
Digit NAS:INTU Intuit Inc 7 9 35,870 40.02 7.15 26.51 20.19 77.83
EVP, Chief
Lewnes Ann 03/22/17 -2233 68643 OTCPK:DASTY Dassault Systemes SE 7 8 23,383 48.05 6.82 21.42 6.60 12.03
Mark
NAS:ADSK Autodesk Inc 4 6 23,269 0.00 11.64 -23.42 -11.19 -53.65
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:ADI ADI

Analog Devices Inc (NAS:ADI)
Current
Semiconductors P/E (ttm) 30.13 23.31 22.06 Tangible Book -21.5 -27 Payout 0.65
Market Cap: $ 29,269 Mil Forward P/E 19.65 18.98 N/A Peter Lynch Value 13.67 17 Dividend Growth(5y) % 11.7
Analog Devices Inc is engaged in the designing, manufacturing and P/B 2.93 1.97 3.27 DCE (Earnings Based) 31.4 39 Yield on Cost(5y) % 3.83
marketing of high-performance analog, mixed-signal and digital signal P/S 6.38 1.80 4.9 DCF (FCF Based) 54 68 Continuous Div. since 2003
processing integrated circuits used in all types of electronic equipment. P/FCF 18.09 20.45 19.51 Median P/S 61.18 77 Insider Ownership % 0.36
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.48 1.69 3.13 85.76

34.83
F-Score 5 5.00 6 1W -3.26 0
8M YTD 11.06 9.1
Net-Margin (%) 20.90 3.88 24.65
1Y 43.29 17.3
ROE (%) 13.82 4.82 16.60
ROA (%) 6.97 2.58 11.71 3Y 15.04
118.91 9.53 102.43
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 7.5 -1 33.40 22.2 8.1 30.2 14.4 13 18.3 23.2 25.1 27.2 23.2 30.1 Year End P/E
EPS without NRI 4.3 2.6 3 3.1 2.9 2.8 3.2 3.3 3.7 3.8 2.9 P/B
6.6 -0.1 28.60
Growth (%) 4.8 2.5 3.7 3.7 3.8 4.4 5.9 5.5 5.6 5.9 6.4 P/S
7.1 5.8 72.60
7.4 8.7 6.9 9 9.7 8.8 8.4 9 10.8 11 12.5 Revenue Per Share
Quarterly 1.5 2.7 0.9 2.3 2.8 2.1 2.1 2 2.2 2.8 2.7 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 2 1.7 1.3 2.9 2.5 2.2 2.5 2.2 2.4 3.7 4.4 Free Cashflow Per Share
Net Income 171 230 296 217 94 6.7 7.5 7.8 9.9 11.8 12.9 14.2 7.8 9.1 9.5 -21.5 Tang. Book Per Share
EPS 1 1 1 1 0 34.2 42.6 33.7 44.2 47.6 43.2 41.1 44.1 53.1 53.7 61.2 Median P/S Value
Revenue (YoY) % -5 1 3 28 47 15.1 17.3 12.2 22.7 27.2 24.9 26.2 18.6 21.3 24.3 25.7 Graham Number
Net Income (YoY) % -17 6 208 32 -45 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -15 9 206 33 -51
2464.7 2582.9 2014.9 2761.5 2993.3 2701.1 2633.7 2864.8 3435.1 3421.4 4005.6 Revenue
61.2 61.1 55.5 65.2 66.4 64.5 64.3 63.9 65.8 65.1 63.1 Gross Margin %
Guru Trades
568.7 625 284.8 900.1 1072 824 753.1 752.5 830.8 1028.1 1037.8 Operating Income
Impact Cur.
% Shares
Pioneer Investments 03/31/17 Reduce -0.63 1,840,122 496.9 786.3 247.8 712.1 867.4 651.2 673.5 629.3 696.9 861.7 837.3 Net Income
20.2 30.4 12.3 25.8 29 24.1 25.6 22 20.3 25.2 20.9 Net Margin %
First Eagle Investment 03/31/17 Add 0.6 6,520,656
17.2 33.1 10 24.9 24.8 16.4 15.1 13.3 14.2 16.8 13.8 ROE %
T Rowe Price Equity
03/31/17 Reduce -0.55 1,160,000 14.3 25.9 7.7 18.5 18.1 12 11.2 9.5 10 11.5 7 ROA %
Income Fund
Steven Romick 03/31/17 Reduce -0.43 3,176,140 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Apr17 Balance Sheet
First Pacific Advisors 03/31/17 Reduce -0.43 4,030,130 425 593.6 639.7 1070 1405.1 528.8 392.1 569.2 884.4 921.1 5697.7 Cash & Equivalents
Ken Heebner 03/31/17 Buy 0.27 75,000 2970.9 3091 3369.4 4328.8 5277.6 5620.3 6381.8 6859.7 7058.8 7970.3 26623 Total Assets
-- -- 379.6 400.6 871.9 807.1 872.2 872.8 495.3 1732.2 8572.4 Long-term Debt
633.8 670.7 840.3 1129.1 1482.2 1455 1642.2 2101.8 1985.8 2804.7 16656 Total Liabilities
Warning Signs 50.6 48.5 48.6 49.8 49.7 50.2 51.8 51.9 52 51.4 61.2 Common Equity
MEDIUM Dividend Yield %: Close to 5-year low 984.6 188.4 -534.7 -485.8 -703.7 -1339.7 -949.9 -114.8 -17.1 -1218.3 -7699.7 Cashflow from Investing
-1647.2 -569.9 -3.8 -39.8 -330.5 -161 -60.5 -356.3 -227 -370.1 -51.4 Repurchase of Stock
Good Signs
-- -- 370.4 -- 487.1 -56.5 41 -- -- 857.2 11156 Net Issuance of Debt
GOOD Revenue per Share: Consistent growth
-1725.5 -680 146 -72.6 138.6 -349.6 -100.6 -576.6 -571.6 -22.9 10704 Cashflow from Financing
-141.8 -157.4 -56.1 -111.6 -123 -132.2 -123.1 -177.9 -154 -127.4 -154 Capital Expenditure
Insider Trades
678.6 512 376.1 879.6 777.5 682.4 789.3 693.7 753.8 1153.5 1422.9 Free Cash Flow
Cur.
Shares Competitor
Champy James Director 06/07/17 -81 84210 Financial Operating
President & Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Roche Vincent 05/31/17 -47500 43280 Strength Margin(%)
CEO
SVP, CLO & NAS:NXPI NXP Semiconductors NV 6 7 36,797 19.75 4.04 21.09 7.72 17.01
Seif Margaret K 05/22/17 -3000 19404
Secr NAS:ADI Analog Devices Inc 5 7 29,269 30.13 6.38 25.91 6.97 13.82
SVP & Chief
Real Peter 05/22/17 -3000 9244 OTCPK:IFNNY Infineon Technologies AG 6 7 24,435 28.95 3.29 12.44 8.48 15.25
Tec
SVP & Chief NAS:SWKS Skyworks Solutions Inc 9 9 18,873 21.05 5.77 33.81 22.86 25.33
Real Peter 04/24/17 -3000 9244
Tec
NAS:MCHP Microchip Technology Inc 5 8 18,712 123.59 5.53 8.09 2.37 6.31
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ADM ADM
Archer-Daniels Midland Co (NYSE:ADM) Ratios Valuation Analysis Dividend & Ownership

Current
Consumer Packaged Goods - Farm Products P/E (ttm) 17.82 20.52 14.02 Tangible Book 23.45 55 Payout 0.52
Market Cap: $ 24,076 Mil Forward P/E 15.58 19.88 N/A Median P/S 34.33 81 Dividend Growth(5y) % 15.4
Archer-Daniels Midland Co is a processor of oilseeds, corn, wheat, cocoa, P/B 1.4 1.74 1.37 Graham Number 35.36 83 Yield on Cost(5y) % 5.98
and other feedstuffs and is a manufacturer of vegetable oil and protein meal, P/S 0.4 1.09 0.32 Price 42.36 Continuous Div. since 1976
corn sweeteners, flour, biodiesel, ethanol, and other value-added food and P/FCF 25.76 20.89 12.82 Insider Ownership % 2.2
feed ingredients. Shiller P/E 14 27.49 15.52 Institution Ownership % 57.43
Financial Strength
Industry Historical 47.09 48.18 32.61 33.71 37.65 33.5 43.79 53.71 53.17 47.72 46.97 Annual Price High
Median Median 30.7 15.29 23.73 24.51 24.16 24.48 28.01 38.23 34.18 30.51 41.31 Low
Cash to Debt 0.10 0.64 0.23 53.71
19.21
F-Score 6 5.00 6
1W 0.83 0
Median Median
6M -5.99 8.7
Net-Margin (%) 2.20 4.02 2.55 11M YTD -5.81 9.1
ROE (%) 7.94 8.42 11.76 1Y 3.44 17.3
ROA (%) 3.49 3.89 5.02 3Y 1.47
13.09 13.16 16.72
(%)
Growth
Revenue Growth (%) 5.9 -4.2 1.50 21296 21735 17186 16499 20381 19454 28601 33124 21825 26157 24076 Market Cap
EBITDA Growth (%) -0.1 -1.4 6.70 656 646 644 644 654 666 663 656 621 591 568 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) -0.7 -2.3 4.20 10 12.1 10.2 8.6 9.7 16.1 21.4 15.2 12.3 21 17.8 Year End P/E
-0.4 0.4 -8.80
Growth (%) 0.5 0.3 0.3 0.3 0.2 0.2 0.3 0.4 0.3 0.4 0.4 P/S
Free Cash Flow Growth 6 7.7 6.3 5.6 6.7 10 9.6 8.5 7.6 10.7 9.6 EV/EBITDA
N/A N/A -28.20
(%)
Book Value Growth (%) 7.3 1.9 -1.30 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
67.1 108.1 107.5 95.8 123.4 133.7 135.5 123.8 109 105.5 107.3 Revenue Per Share
Quarterly 3.3 2.8 2.6 3 3.1 1.8 2 3.4 3 2.2 2.4 EPS
Mar16 Jun16 Sep16 Dec16 Mar17
-1.4 -7.7 5.3 1.7 -5.5 2.1 6.5 6.2 2.2 1 1.6 Free Cashflow Per Share
Revenue 14384 15629 15832 16501 14988
0.4 0.5 0.5 0.6 0.6 0.7 0.8 1 1.1 1.2 1.2 Dividends Per Share
Net Income 230 284 341 424 339 17 20.2 20.4 22 26.9 26.4 29.7 25.4 23.9 23.5 23.4 Tang. Book Per Share
Revenue (YoY) % -18 -9 -4 0 4 35.5 35.6 34.7 38.6 43.6 33 36.8 44.3 40 33.8 35.4 Graham Number
Net Income (YoY) % -53 -26 35 -41 47
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -49 -23 41 -39 51
44018 69816 69207 61682 80676 89038 89804 81201 67702 62346 62950 Revenue
Guru Trades 7.4 5.5 5.9 6.2 5.3 4.1 4.3 5.9 5.9 5.9 6 Gross Margin %
Impact Cur. 2251 2423 2677 2445 2689 1593 2130 2835 1981 1639 1684 Operating Income
Guru Date Action
% Shares 5.1 3.5 3.9 4 3.3 1.8 2.4 3.5 2.9 2.6 2.7 Operating Margin %
John Hussman 03/31/17 Buy 1.53 150,000 2162 1802 1684 1930 2036 1223 1342 2248 1849 1279 1388 Net Income
Joel Greenblatt 03/31/17 Buy 0.43 729,153 4.9 2.6 2.4 3.1 2.5 1.4 1.5 2.8 2.7 2.1 2.2 Net Margin %
John Buckingham 03/31/17 Reduce -0.03 169,748 20.5 14.6 12.4 13.7 12.2 6.7 7 11.3 9.9 7.3 7.9 ROE %
David Dreman 03/31/17 Sell -0.03 0
9.3 5.8 4.9 6.1 5.5 2.9 3.1 5.1 4.4 3.2 3.5 ROA %
Paul Tudor Jones 03/31/17 Sell -0.02 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
T Rowe Price Equity 663 810 1055 1046 615 1291 3121 1099 910 619 476 Cash & Equivalents
03/31/17 Reduce -0.01 5,850,000
Income Fund 25118 37056 31582 31808 42352 41771 43752 43997 40157 39769 39630 Total Assets
Mario Gabelli 03/31/17 Reduce 0 732,936 4752 7690 7592 6830 8266 6535 5347 5528 5779 6504 5956 Long-term Debt
-- -- -- -- -- -- -- -- -- -- -- Common Equity
Warning Signs
SEVERE Revenue per Share: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Price: Close to 1-year high 303 -3204 5341 2684 -2340 2895 5226 4943 2470 1475 1859 Cashflow from Operations
-355 -1895 -1871 -1665 -1675 -1122 -577 -3407 -21 -1211 -1144 Cashflow from Investing
MEDIUM Long-Term Debt: Issuing new debt
Good Signs 507 3026 -2789 -496 2528 -64 -2713 -1708 240 1088 656 Net Issuance of Debt
-398 5246 -3225 -1028 3584 -1097 -3242 -3577 -2649 -579 -980 Cashflow from Financing
GOOD Operating Margin %: Expansion
GOOD PB Ratio: Close to 1-year low
-895 -4983 3443 1077 -3587 1418 4313 4049 1345 593 957 Free Cash Flow
Insider Trades Competitor
Cur. Financial Operating
Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Shares
Strength Margin(%)
Senior Vice
Taets Joseph D. 02/28/17 -13319 151434
NYSE:ADM Archer-Daniels Midland Co 6 4 24,076 17.82 0.40 2.68 3.49 7.94
Pre
Group VP, NYSE:TSN Tyson Foods Inc 5 7 22,194 13.11 0.64 7.89 8.06 17.82
Stott John P 11/02/16 -2418 35113
Finan
Senior Vice
OTCPK:WLMIF Wilmar International Ltd 5 5 15,953 14.42 0.37 3.54 3.10 7.70
D Ambrose Michael 11/01/16 -20762 157228
Pre OTCPK:MARUY Marubeni Corp 5 6 10,946 26.44 0.17 2.28 0.68 3.38
Senior Vice
D Ambrose Michael 07/29/16 -41525 157223 NYSE:BG Bunge Ltd 6 4 10,858 20.88 0.25 2.01 2.76 7.40
Pre
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:ADP ADP

Automatic Data Processing Inc (NAS:ADP)
Current
Business Services P/E (ttm) 26.34 21.83 18.11 Tangible Book 3.98 4 Payout 0.57
Market Cap: $ 45,712 Mil Forward P/E 25.38 19.08 N/A Graham Number 18.61 18 Dividend Growth(5y) % 8
Automatic Data Processing Inc is the provider of technology-based P/B 11.14 2.37 3.93 Peter Lynch Value 24.81 24 Yield on Cost(5y) % 3.23
outsourcing solutions to employers and vehicle retailers and manufacturers. P/S 3.78 1.36 2.66 DCE (Earnings Based) 43.57 43 Continuous Div. since 1975
P/FCF 24.77 20.66 19.83 DCF (FCF Based) 44.06 43 Insider Ownership % 1.92
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.50 1.36 7.41 105.16

38.97
F-Score 7 5.00 6 1W 1.39 0
7M
YTD 0.52 9.1
Net-Margin (%) 14.32 3.77 13.83
1Y 19.18 17.3
ROE (%) 41.35 8.55 23.24
ROA (%) 4.11 3.48 4.46 3Y 16.19
244.25 22.69 173.46
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 5.7 5 13.70 20.7 15.7 11.8 14.8 18.3 17.3 20.9 22.2 26.3 28.3 26.3 Year End P/E
EPS without NRI 4.4 3.7 2.9 3.2 3.8 3.9 4.7 5 7.8 9.3 11.1 P/B
5.8 4.5 21.70
Growth (%) 3 2.2 1.8 2 2.3 2.3 3.1 3.3 3.5 3.6 3.8 P/S
4.2 1.8 46.80
Book Value Growth (%) 1.2 -4.5 -7.20
14 16.6 17.5 17.7 19.7 21.5 19.4 21.2 23 25.4 27 Revenue Per Share
Quarterly 2 2.3 2.6 2.4 2.5 2.8 2.9 3.1 3.1 3.3 3.9 EPS
Net Income 533 282 369 511 588 4 4 4.7 5.2 4.5 4.9 5.2 8.9 5.4 5 4 Tang. Book Per Share
Revenue (YoY) % 7 8 7 6 5 12.8 14 16.7 16.7 16 17.5 16.4 22.7 18.7 19.1 18.6 Graham Number
Net Income (YoY) % 9 -16 10 50 10 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 14 -14 13 53 12
7800 8776.5 8838.4 8927.7 9833 10595 9442 10226 10939 11668 12213 Revenue
Guru Trades 56.5 46.7 45.4 43.7 42 41.5 41 40.9 41.2 41.4 41.7 Gross Margin %
1506.5 1645.5 1792.1 1770.6 1810 1938.6 1624.8 1815.1 2014 2190.5 2368.5 Operating Income
Impact Cur.
% Shares
Ms Global Franchise 1138.7 1235.7 1332.6 1211.4 1254.2 1388.5 1405.8 1515.9 1452.5 1492.5 1749.5 Net Income
03/31/17 Reduce -0.54 227,907 14.6 14.1 15.1 13.6 12.8 13.1 14.9 14.8 13.3 12.8 14.3 Net Margin %
Fund
John Burbank 03/31/17 Sell -0.04 0
20.4 24.2 25.6 22.4 21.8 22.9 22.9 23.6 25.3 32.1 41.4 ROE %
4.2 4.9 5.4 4.6 4.1 4.3 4.5 4.7 4.5 3.9 4.1 ROA %
Jeff Auxier 03/31/17 Reduce -0.03 10,552
George Soros 03/31/17 Sell -0.02 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Joel Greenblatt 03/31/17 Buy 0.02 14,134 1746.1 917.5 2265.3 1643.3 1389.4 1548.1 1699.1 1584 1639.3 3191.1 2995.5 Cash & Equivalents
Jeremy Grantham 03/31/17 Reduce -0.01 300,100 26649 23734 25352 26862 34238 30817 32268 32060 33111 43670 43856 Total Assets
43.5 52.1 42.7 39.8 34.2 16.8 14.7 11.5 9.2 2007.7 2002.5 Long-term Debt
Warning Signs 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 Common Equity
MEDIUM Dividend Yield %: Close to 10-year low 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs 1298 1772.2 1562.6 1682.1 1705.8 1910.2 1577.2 1821.4 1905.6 1859.9 2294.2 Cashflow from Operations
430.8 2613.9 -644.1 -2379.5 -7340.6 3243.6 -1578.4 813.3 -3760.3 -9087.2 6305.2 Cashflow from Investing
GOOD Piotroski F-Score: High
Insider Trades -1.2 11.1 1594 1287.5 -5.7 -2 -17.5 2169.7 -2175.3 1996.8 -2 Net Issuance of Debt
Cur. -1884.4 -5270.7 468.4 89 5339.2 -4953.9 151 -2358.2 1616.7 8790.1 -8529 Cashflow from Financing
Shares -322.8 -277.6 -253.8 -226.7 -277.7 -249.6 -235.2 -303.4 -335.5 -386 -434.9 Capital Expenditure
Rodriguez Carlos A
President &
05/24/17 -49392 110011 975.2 1494.6 1308.8 1455.4 1428.1 1660.6 1342 1518 1570.1 1473.9 1859.3 Free Cash Flow
CEO
Corporate Competitor
Eberhard Michael C 03/17/17 -7463 27070
Vice Financial Operating
Perrotti Thomas J Corp. VP 03/17/17 -2868 12503 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Corporate
Flynn Edward B Iii
Vice
03/06/17 -8873 49323 NAS:ADP Automatic Data Processing Inc 6 8 45,712 26.34 3.78 19.39 4.11 41.35
Corporate NYSE:FIS Fidelity National Information Services Inc 4 7 28,440 43.90 3.05 14.75 2.50 6.76
Eberhard Michael C 03/06/17 -500 27070
Vice NAS:FISV Fiserv Inc 5 9 26,647 31.37 5.00 26.42 9.22 34.53
NAS:PAYX Paychex Inc 7 9 21,817 27.42 7.08 39.17 12.24 42.17
OTCPK:SDXAY Sodexo 5 7 19,812 28.98 0.92 5.20 4.24 17.38
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ADS ADS
Ratios Valuation Knalysis Dividend & Ownership

Alliance Data Systems Corp (NYSE:KDS)
Industry Historical % of Dividend Yield(ttm) % 0.63
Current
$ 250.04 Median Median Price Dividend Yield(forward) % 0.85
Credit Services P/E (ttm) 32.94 15.91 25.36 NCAV -372.14 -149 Payout 0.14
Market Cap: $ 13,921 Mil Forward P/E 15.65 13.05 N/A Tangible Book -60.57 -24 Dividend Growth(5y) % N/A
Alliance Data Systems Corp is a provider of transaction-based, data-driven P/B 10.23 1.30 9.96 Peter Lynch Value 109.98 44 Yield on Cost(5y) % 0.63
marketing and loyalty solutions serving large, consumer-based businesses in P/S 1.95 3.79 2.35 DCE (Earnings Continuous Div. since 2016
154.28 62
a variety of industries. Its operating segments are LoyaltyOne, Epsilon, and P/FCF 6.92 8.20 9.79 Based)
Insider Ownership % 6
Card Services. Shiller P/E 41.97 15.44 47.6 Price 250.04
Institution Ownership % 79.37
PEG 2.38 0.91 0.96 Median P/S 296.83 119
Short % of Float 7.1
DCF (FCF Based) 1029.13 412
Financial Strength
Score: 4 /10 Current 57.14 37 23.78 53.05 70.68 100.94 149.04 233.67 247.05 177.12 221.7 Low
Median Median
Cash to Debt 0.15 1.44 0.15 309.91
143.07
F-Score 5 4.00 6
1W 3.32 0
Median Median
6M 8.51 8.7
Net-Margin (%) 6.88 13.74 9.41 7M YTD 9.88 9.1
ROE (%) 26.44 8.63 32.64 1Y 20.99 17.3
ROA (%) 2.12 2.58 3.34 3Y -2.30
11.53 15.47 18.87
(%)
Growth
EPS without NRI Growth 4.9 5.5 12.4 157.8 29.4 13.6 15.8 7.6 8.4 7.9 10.2 P/B
14.9 7.2 -14.50
(%) 3.4 1.7 1.9 1.4 1.9 2.6 4.1 3.4 2.7 1.9 2 P/S
22.5 15.5 38.40
(%)
Book Value Growth (%) 16.6 52.3 -16.80
Quarterly 2 2.8 2.5 3.5 5.5 6.6 7.4 7.9 8.9 7.3 7.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 5.6 5.5 5.3 15 16.2 15.9 13 19 24.3 31.9 36.2 Free Cashflow Per Share
Revenue 1676 1749 1886 1828 1879 -- -- -- -- -- -- -- -- -- 0.5 1 Dividends Per Share
Net Income 157 141 208 11 146 -4.2 -13.7 -23.2 -29.5 -33.3 -36.4 -26 -46.8 -49.4 -54.8 -60.6 Tang. Book Per Share
Revenue (YoY) % 5 17 19 5 12 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoY) % -3 7 62 -94 -7
EPS (YoY) % 1 -41 71 -91 10
1962.2 2025.3 1964.3 2791.4 3173.3 3641.4 4319.1 5302.9 6439.7 7138.1 7341 Revenue
Impact Cur. 421.2 460.6 407.8 629.2 812.7 974.4 1098.9 1098.4 1261.8 1265.5 1273.7 Operating Income
Guru Date Action
% Shares 21.5 22.7 20.8 22.5 25.6 26.8 25.4 20.7 19.6 17.7 17.4 Operating Margin %
Jana Partners 03/31/17 Add 1.7 426,037 164.1 206.4 143.7 193.7 315.3 422.3 496.2 506.3 596.5 515.8 505.2 Net Income
Jeff Ubben 03/31/17 Add 1.31 5,877,400 8.4 10.2 7.3 6.9 9.9 11.6 11.5 9.6 9.3 7.2 6.9 Net Margin %
Ronald Muhlenkamp 03/31/17 Reduce -0.03 118,787
14.5 23.7 35.1 131 316.8 119.9 71.7 30.2 25 23.6 26.4 ROE %
4.3 4.9 3 2.9 3.7 4 3.9 3 2.8 2.2 2.1 ROA %
Steven Cohen 03/31/17 Sell -0.03 0
Paul Tudor Jones 03/31/17 Buy 0.01 1,100 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Ray Dalio 03/31/17 Reduce -0.01 51,763 219.2 156.9 213.4 139.1 216.2 893.4 969.8 1077.2 1168 1859.2 1866.8 Cash & Equivalents
4162.4 4342 5225.7 8272.2 8980.2 12000 13244 20264 22350 25514 24643 Total Assets
644.1 1215.7 1730.4 3530.4 3729.7 4708.5 6002.7 8134.2 10081 10103 9992.8 Long-term Debt
Warning Signs 2965.4 3794.7 4952.9 8249.1 8804.3 11472 12388 17868 20340 23856 23279 Total Liabilities
SEVERE Financial Strength: Poor 0.9 0.9 0.9 0.9 0.9 1 1 1.1 1.1 1.1 1.1 Common Equity
SEVERE Altman Z-Score: Distress 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SEVERE Gross Margin %: Declined 571.5 451 358.4 902.7 1011.3 1134.2 1003.5 1344.2 1705.8 2088.4 2295.8 Cashflow from Operations
SEVERE Operating Margin %: Declined -694.8 -512.5 -888 -340.8 -1040.7 -2671.4 -1619.4 -4737.1 -3362.6 -4063 -3034.3 Cashflow from Investing
-108.5 -1000.9 -445.9 -148.7 -240.9 -125.8 -231.1 -286.6 -951.6 -798.8 -805 Repurchase of Stock
Good Signs 252.9 -174.7 1023 -788.3 1024.2 1459.6 340.7 1850.9 2160.3 1075.3 648.9 Net Issuance of Debt
GOOD Revenue per Share: Consistent growth 197.1 -20.3 570.2 -715.7 109.3 2209 704.2 3516.1 1772.9 2663.4 1636.8 Cashflow from Financing
-116.7 -49.6 -53 -68.8 -73.5 -116.5 -135.4 -158.7 -191.7 -207 -198.7 Capital Expenditure
Insider Trades 454.9 401.5 305.4 834 937.8 1017.7 868.1 1185.5 1514.1 1881.4 2097.1 Free Cash Flow
Cur.
Shares Competitor
EVP &
Pearson Bryan A 02/27/17 -3450 103978 Financial Operating
President Ticker Company Profitability Market Cap($M) P/E P/S ROK(%) ROE(%)
Strength Margin(%)
SVP, Chief
Santillan Laura 02/27/17 -2784 20377
Acct NYSE:IX ORIX Corp 5 5 20,863 8.27 0.87 12.63 2.49 11.44
Ballou Roger H Director 02/07/17 -648 10865 NYSE:KDS Klliance Data Systems Corp 4 8 13,921 32.94 1.95 17.35 2.12 26.44
Valueact Capital Master
01/26/17 57400 5877k NYSE:TSS Total System Services Inc 5 7 10,928 32.80 2.38 12.76 5.40 16.32
Fund,
NYSE:WU The Western Union Co 5 8 8,949 40.44 1.72 8.56 2.43 20.49
01/24/17 210100 5820k OTCPK:EDNMY Edenred SA 4 7 6,093 29.76 4.68 28.09 3.71 0.00
Fund,
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:ADSK AUSK

Kutodesk Inc (NAS:ADSA)
Industry Historical % of Price Uividend Yield(ttm) % N/A
Current
$ 105.58 Median Median NCAV -8.8 -8 Uividend Yield(forward) % N/A
Application Software - Software - Application P/E (ttm) N/A 26.85 35.58 Tangible Book -5.01 -5 Payout N/A
Market Cap: $ 23,269 Mil Forward P/E N/A 22.68 N/A Median P/S 40.88 39 Uividend Growth(5y) % N/A
Autodesk Inc designs software and services company, offering customers P/B 45.69 3.17 5.51 Price 105.58 Yield on Cost(5y) % N/A
productive business solutions through powerful technology products and P/S 11.64 2.53 4.52 Continuous Uiv. since 2017
services. P/FCF N/A 24.94 18.98 Insider Ownership % 1.24
Financial Strength
51.04 48.24 27.69 39.65 45.99 42.39 50.32 62 65.29 81.74 113.89 Annual Price High
Industry Historical
Median Median
Cash to Uebt 1.21 9.14 No Uebt 113.89

51.06
F-Score 5 5.00 6 1W -4.99 0
Operating Margin (%) -23.42 4.83 11.54
6M
YTU 42.66 9.1
Net-Margin (%) -27.13 3.38 9.00
1Y 86.50 17.3
ROE (%) -53.65 6.30 11.62
ROA (%) -11.19 2.86 5.86 3Y 24.85
-284.48 22.55 237.92
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) N/A N/A 0.00 28 21.2 91.5 45.2 29.5 36.3 51.8 154.3 -- -- -- Year End P/E
N/A N/A 0.00
Growth (%) 4.6 1.7 3.2 4.9 3.8 3.9 5.2 5 4.3 8.9 11.6 P/S
Free Cash Flow Growth 16.8 8.4 25.1 21.1 14.3 17.3 24.4 41.2 66.2 -48.6 -67.5 EV/EBITUA
-7.3 -22.9 -102.90
9 10.1 7.4 8.3 9.5 10 9.9 10.8 11.1 9.1 9 Revenue Per Share
Quarterly 1.5 0.8 0.3 0.9 1.2 1.1 1 0.4 -1.5 -2.6 -2.5 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 2.7 2.2 0.9 2.2 2.2 2.2 2.2 2.7 1.5 0.4 -0.1 Free Cashflow Per Share
Revenue 512 551 490 479 486 -- -- -- -- -- -- -- -- -- -- -- Uividends Per Share
Net Income -168 -98 -143 -173 -130 3.1 2.8 3.7 4.4 4.9 4.6 5.2 3 -0.3 -4.2 -5.2 Tang. Book Per Share
EPS -1 -0 -1 -1 -1 40.6 45.4 33.4 37.6 42.8 45 44.8 48.9 49.8 41.2 40.9 Median P/S Value
Revenue (YoY) % -21 -10 -18 -26 -5 10.2 7.2 4.6 9.4 11.6 10.5 10.9 4.8 -- -- -- Graham Number
Net Income (YoY) % -978 -63 226 366 -23 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Income Statement
EPS (YoY) % -1038 -63 237 359 -21
2171.9 2315.2 1713.7 1951.8 2215.6 2312.2 2273.9 2512.2 2504.1 2031 2004.8 Revenue
445.6 244.5 65.6 271.4 355.6 305.9 284.8 120.7 1.3 -499.6 -469.5 Operating Income
Impact Cur.
Guru Uate Action 20.5 10.6 3.8 13.9 16.1 13.2 12.5 4.8 0.1 -24.6 -23.4 Operating Margin %
% Shares
John Griffin 03/31/17 Reduce -1.43 5,701,900 356.2 183.6 58 212 285.3 247.4 228.8 81.8 -330.5 -582.1 -544 Net Income
16.4 7.9 3.4 10.9 12.9 10.7 10.1 3.3 -13.2 -28.7 -27.1 Net Margin %
Stanley Uruckenmiller 03/31/17 Buy 0.9 158,349
30.4 14.5 4.2 13.8 16.3 12.6 10.6 3.7 -17.2 -49.5 -53.7 ROE %
Julian Robertson 03/31/17 Reduce -0.44 252,900
17.8 7.9 2.4 8.1 9.5 6.6 5.1 1.7 -6.3 -11.3 -11.2 ROA %
Steven Cohen 03/31/17 Reduce -0.19 312,300
Paul Tudor Jones 03/31/17 Sell -0.02 0
George Soros 03/31/17 Buy 0.02 6,200 917.9 917.6 838.7 1075.1 1156.9 1612.2 1853 1410.6 1353 1213.1 1340.2 Cash & Equivalents
2212.2 2420.7 2447.2 2787.6 3227.8 4308.4 4595 4909.7 5515.3 4798.1 4431.4 Total Assets
-- -- -- -- -- 745.6 746.4 743.1 1487.7 1092 1092.4 Long-term Uebt
Warning Signs 981.7 1110 973.7 1178.3 1344.9 2265.2 2333.5 2690.5 3895.7 4064.5 3923.3 Total Liabilities
SEVERE Revenue per Share: Ueclined -- -- 1204.3 1267.2 1365.4 1449.8 1637.3 1773.1 1821.5 1876.3 1899 Common Equity
SEVERE Gross Margin %: Ueclined 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Cashflow Statement
MEDIUM Price: Close to 10-year high 708.5 593.9 246.8 540.8 573.5 559.1 563.5 708.6 414 169.7 50.5 Cashflow from Operations
MEDIUM PB Ratio: Close to 10-year high -85.7 -478.1 -283 -142.3 -370.3 -647.2 -194 -905.6 -809.5 272 760.7 Cashflow from Investing
MEDIUM PS Ratio: Close to 10-year high -563 -256.6 -63.2 -280.3 -327.4 -431.2 -423.8 -372.4 -458 -621.7 -717.5 Repurchase of Stock
-- 52.1 -52.1 -- -- 745.6 -- -- 748.3 -- -- Net Issuance of Uebt
Insider Trades -375.7 -114.4 -45.3 -159.4 -119.8 541.4 -126.5 -240.4 343.2 -578.3 -689.9 Cashflow from Financing
Cur. -43.3 -78.4 -39 -28.3 -63 -56.4 -64.2 -75.5 -72.4 -76 -62.3 Capital Expenditure
Shares
665.2 515.5 207.8 512.5 510.5 502.7 499.3 633.1 341.6 93.7 -11.8 Free Cash Flow
Beveridge Crawford W Uirector 06/07/17 -7000 26736
Herren Richard Scott CFO 06/05/17 -35595 63753 Competitor
VP, PAO & Financial Operating
Underwood Paul U. 06/05/17 -6490 7525 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Corpo Strength Margin(%)
SVP,
Blum Steven M 06/02/17 -6638 76819 OTCPK:UASTY Uassault Systemes SE 7 8 23,383 48.05 6.82 21.42 6.60 12.03
Worldwide
SVP, CHRO NAS:ADSA Autodesk Inc 4 6 23,269 0.00 11.64 -23.42 -11.19 -53.65
Becker Jan 05/15/17 -2865 78689
and C NYSE:WUAY Workday Inc 6 5 20,244 0.00 11.57 -21.32 -13.05 -33.25
NAS:CHKP Check Point Software Technologies Ltd 9 9 18,287 25.51 10.58 48.57 14.51 21.15
NAS:SYMC Symantec Corp 4 4 17,280 0.00 4.42 -2.49 -0.71 -2.83
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AEE AEE

Kmeren Corp (NYSE:AEE)
Current
Utilities - Regulated - Utilities - Regulated Electric P/E (ttm( 21.16 17.55 17.78 Peter Lynch Value 18.9 33 Payout 0.65
Market Cap: $ 13,704 Mil Forward P/E 20.16 19.27 N/A Tangible Book 27.42 49 Dividend Growth(5y( % 1.7
Ameren Corp is an American power company. It operates a rate-regulated P/B 1.93 1.62 1.35 Median P/S 37.22 66 Yield on Cost(5y( % 3.35
electric generation, transmission, and distribution business and a rate- P/S 2.23 1.73 1.47 Graham Number 40.59 72 Continuous Div. since 2013
regulated natural gas transmission and distribution business in Missouri and P/FCF N/A 15.65 17.13 Price 56.48 Insider Ownership % 0.71
Illinois. Shiller P/E 32.36 23.96 14.66 Institution Ownership % 58.54
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.00 0.26 0.03 57.17

18.71
F-Score 8 5.00 5 1W 1.01 0
3M YTD 9.34 9.1
Net-Margin (%( 10.56 7.70 8.32
1Y 14.37 17.3
ROE (%( 9.25 8.66 8.54
ROA (%( 2.69 2.98 2.67 3Y 17.02
7.26 10.08 7.34
(%(
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%( -4.5 0.3 3.00 11292 7061 6635 6777 8037 7453 8772 11191 10488 12727 13704 Market Cap
EBITDA Growth (%( -1.5 5 11.70 207 210 220 239 242 243 245 244 244 243 243 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( -1.8 4.8 15.90 18.2 11.6 10.1 48.6 15.5 -- 30.6 19.1 16.7 19.6 21.2 Year End P/E
EPS without NRI Growth 1.7 1 0.8 0.9 1 1.1 1.3 1.7 1.5 1.8 1.9 P/B
-0.6 7.4 13.10
(%( 1.5 0.9 0.9 0.9 1.3 1.3 1.5 1.9 1.7 2.1 2.2 P/S
N/A N/A -370.50
Book Value Growth (%( -1.8 -1.1 2.80
36.4 37.5 32.4 32 25.4 23.8 23.9 24.8 25 25 25.3 Revenue Per Share
Quarterly 3 2.9 2.8 0.6 2.2 -4 1.2 2.4 2.6 2.7 2.7 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -1.7 -2.6 0.9 3 3.9 2.2 1.1 -1.2 0.3 -0 -0.2 Free Cashflow Per Share
Net Income 105 147 369 32 102 27.5 28.1 29 30.4 30.9 25.5 25.3 26 26.9 27.6 27.4 Tang. Book Per Share
EPS 0 1 2 0 0 53.5 55.1 47.5 47 37.5 35 35.2 36.5 36.9 36.7 37.2 Median P/S Value
Revenue (YoY( % -8 2 1 4 6 42.9 42.7 42.6 19.9 35.3 35 34.6 37.5 38 40.8 40.6 Graham Number
Net Income (YoY( % -3 -2 8 10 -3 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % -4 0 8 0 -2
7546 7869 7135 7638 6148 5781 5838 6053 6098 6076 6156 Revenue
Guru Trades 54.2 55 60.8 59.4 61.2 66 67.8 68.6 70.4 71.9 71.9 Gross Margin %
Impact Cur.
Guru Date Action 17.8 17.3 19.9 12 16.8 20.6 20.3 20.7 20.7 22.7 23 Operating Margin %
% Shares
Jim Simons 03/31/17 Add 0.02 2,004,400 618 605 612 139 519 -974 289 586 630 653 650 Net Income
8.2 7.7 8.6 1.8 8.4 -16.9 5 9.7 10.3 10.8 10.6 Net Margin %
9.3 8.8 8.3 1.8 6.6 -13.4 4.4 8.8 9.2 9.3 9.3 ROE %
Jeremy Grantham 03/31/17 Sell -0.01 0
3.1 2.8 2.6 0.6 2.2 -4.3 1.3 2.7 2.7 2.7 2.7 ROA %
David Rolfe 03/31/17 Reduce 0 18,625
Pioneer Investments 03/31/17 Reduce 0 584,923
Jim Simons 12/31/16 Add 0.04 1,727,600 355 92 622 545 255 184 30 5 292 9 8 Cash & Equivalents
20728 22671 23702 23511 23645 22230 21042 22289 23640 24699 24811 Total Assets
5691 6554 7941 7313 6677 5802 5504 6085 6880 6595 6597 Long-term Debt
SEVERE Long-Term Debt: Keep issuing new debt 2 2 2 2 2 2 2 2 2 2 2 Common Equity
MEDIUM Interest Coverage: Low 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs
-1 -- -65 -- -- -- -- -- -- -- -- Repurchase of Stock
GOOD Piotroski F-Score: High 1046 739 66 -431 -636 734 646 547 664 251 587 Net Issuance of Debt
584 310 342 -804 -1120 -426 -149 127 232 -265 60 Cashflow from Financing
Insider Trades
Cur.
Shares -347 -545 193 713 935 536 269 -294 62 -8 -40 Free Cash Flow
Chairman,
Baxter Warner L 06/09/17 -13310 159476 Competitor
Presi
SVP, GC &
Financial Operating
Nelson Gregory L 03/01/17 -1834 61144 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Secre Strength Margin(%)
SVP, Finance NYSE:FTS Fortis Inc 4 7 14,311 24.56 2.09 21.92 2.03 5.45
Steinke Bruce A 03/01/17 -1392 31216
&
Executive VP
NYSE:AGR Avangrid Inc 4 5 14,060 21.35 2.32 20.36 2.13 4.35
Lyons Martin J 03/01/17 -1320 103428
& NYSE:AEE Ameren Corp 3 8 13,704 21.16 2.23 22.99 2.69 9.25
SVP & Chief
Lindgren Mark C 03/01/17 -1024 21698 NYSE:CMS CMS Energy Corp 4 6 13,484 22.77 2.08 20.99 2.80 13.86
HR
OTCPK:RDEIY Red Electrica Corporacion SA 4 9 12,271 16.83 5.58 51.89 6.08 22.77
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AEP AEP

Kmerican Electric Power Co Inc (NYSE:AEP)
Current
Utilities - Regulated - Utilities - Regulated Electric P/E (ttm( 50.82 17.55 15.08 Graham Number 33.97 47 Payout 1.61
American Electric Power Co Inc is a regulated utilities operator. The company P/B 1.99 1.62 1.49 Median P/S 45.98 64 Yield on Cost(5y( % 3.99
generates, transmits and distributes electricity to more than 5 million retail P/S 2.17 1.73 1.39 Price 72.14 Continuous Div. since 2009
customers across over 10 states in the USA. P/FCF N/A 15.65 47.58 Insider Ownership % 0.1
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.02 0.26 0.04 72.67

24.2
F-Score 5 5.00 5 1W 0.26 0
9M
YTD 16.45 9.1
Net-Margin (%( 4.31 7.70 9.78
1Y 12.42 17.3
ROE (%( 3.95 8.66 10.54
ROA (%( 1.12 2.98 2.80 3Y 14.28
3.34 10.08 7.91
(%(
Growth
Revenue Growth (%( 0.1 1.9 2.00 18644 13514 16631 17300 19970 20728 22799 29716 28613 30958 35472 Market Cap
EBITDA Growth (%( -1.4 -4.6 -33.90 400 404 459 480 482 485 487 489 491 492 492 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( -2.7 -9.6 -54.90 17.1 9.7 11.7 14.2 10.3 16.4 15.4 18.1 13.9 50.8 50.8 Year End P/E
EPS without NRI Growth 1.9 1.3 1.3 1.3 1.4 1.4 1.4 1.8 1.6 1.8 2 P/B
-2.4 -10.1 -57.30
(%( 1.4 0.9 1.2 1.2 1.3 1.4 1.5 1.8 1.7 1.9 2.2 P/S
N/A N/A 0.00
Book Value Growth (%( 4.4 3.7 -2.50
Quarterly 2.7 3.4 3 2.5 4 2.6 3 3.3 4.2 1.2 1.4 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -4.4 -3 -1.1 0.1 2.1 1.4 0.7 0.7 0.3 -0.8 -1 Free Cashflow Per Share
Revenue 4045 3893 4652 3790 3933 1.6 1.6 1.6 1.7 1.9 1.9 2 2 2.2 2.3 2.3 Dividends Per Share
Net Income 501 502 -766 373 592 25 26.1 27.3 28.2 30.2 31.2 32.8 34.3 36.3 35.3 35.9 Tang. Book Per Share
EPS 1 1 -2 1 1 46.5 49.7 41.1 41.8 43.6 42.8 42.3 47.4 46.6 46.3 46 Median P/S Value
Revenue (YoY( % -12 2 5 5 -3 40.1 44.7 42.7 40 47 42.7 47.2 50 54.2 31.5 34 Graham Number
Net Income (YoY( % -20 17 -248 -20 18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % -21 16 -247 -20 18
13380 14440 13489 14427 15116 14945 14814 16379 16453 16380 16269 Revenue
Guru Trades 62.9 60.2 66.4 65.1 62.9 64.7 62.5 61.2 62.9 65 64.8 Gross Margin %
2278 2787 2771 2663 2782 2656 2822.5 3127.4 3333.5 1207.1 1411.3 Operating Income
Impact Cur.
Guru Date Action 17 19.3 20.5 18.5 18.4 17.8 19.1 19.1 20.3 7.4 8.7 Operating Margin %
% Shares
John Hussman 03/31/17 Reduce -1.26 1,000 1089 1383 1360 1214 1946 1259 1480.5 1633.8 2047.1 610.9 701.9 Net Income
8.1 9.6 10.1 8.4 12.9 8.4 10 10 12.4 3.7 4.3 Net Margin %
Pioneer Investments 03/31/17 Add 0.13 4,719,353
11.1 13.3 11.4 9.1 13.7 8.4 9.5 9.9 11.8 3.5 4 ROE %
Jim Simons 03/31/17 Add 0.05 4,383,800
2.8 3.2 2.9 2.5 3.8 2.4 2.7 2.8 3.4 1 1.1 ROA %
Paul Tudor Jones 03/31/17 Reduce 0 6,482
Joel Greenblatt 03/31/17 Buy 0 5,035
Ruane Cunniff 03/31/17 Reduce 0 14,390 178 497 490 294 221 279 118 162.5 176.4 210.5 175 Cash & Equivalents
John Hussman 12/31/16 Buy 1.26 101,000
40319 45155 48348 50455 52223 54367 56414 59545 61683 63468 61728 Total Assets
14202 15536 15757 15502 15083 15586 16828 16012 17741 17378 16722 Long-term Debt
Pioneer Investments 12/31/16 Reduce -0.18 4,134,133
2743 2771 3239 3257 3274 3289 3303 3313.3 3324 3328.3 3328.3 Common Equity
Warning Signs
2388 2581 2475 2662 3788 3804 4096.2 4602.4 4748.7 4521.8 4528.7 Cashflow from Operations
SEVERE Operating Margin %: Declined -3921 -4027 -2916 -2523 -2890 -3391 -3817.8 -4405.9 -4564 -4989.1 -3006 Cashflow from Investing
SEVERE Long-Term Debt: Keep issuing new debt -- -- -- -- -- -- -- -- -- -- -- Repurchase of Stock
MEDIUM Interest Coverage: Low 1902 193 -442 402 -104 544 390.2 878.6 492.7 1713 -292 Net Issuance of Debt
MEDIUM Dividend Payout Ratio: Too high 1410 1679 520 -335 -971 -355 -438.7 -150.9 -661.7 503.9 -1535.6 Cashflow from Financing
-4142 -3800 -2961 -2591 -2775 -3132 -3770.1 -4246.2 -4600 -4909.6 -5030.1 Capital Expenditure
MEDIUM Dividend Yield %: Close to 10-year low
-1754 -1219 -486 71 1013 672 326.1 356.2 148.7 -387.8 -501.4 Free Cash Flow
Shares Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Executive
Chodak Paul Iii 05/16/17 -1110 -- NYSE:AEP American Electric Power Co Inc 4 7 35,472 50.82 2.17 8.68 1.12 3.95
Vice
Executive NYSE:PCG PG&E Corp 4 5 35,290 18.72 1.93 16.49 2.80 10.70
Barton Lisa M 02/23/17 -1314 --
Vice
NYSE:PPL PPL Corp 4 6 26,944 14.78 3.60 40.51 4.71 18.16
OTCPK:CLPHY CLP Holdings Ltd 5 6 26,936 16.50 2.64 21.59 6.18 13.31
NYSE:EIX Edison International 4 7 26,710 19.32 2.27 17.85 2.98 11.92
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AES AES

The KES Corp (NYSE:KES)
Current
Dtilities - Regulated - Dtilities - Diversified P/E (ttm) N/A 17.55 20.45 Tangible Book 0.09 1 Payout N/A
Market Cap: $ 7,869 Mil Forward P/E 11.34 19.27 N/A Price 11.92 Dividend Growth(5y) % N/A
The AES Corp is a power generation and utility company. The Company P/B 2.64 1.62 2.11 Median P/S 12.54 105 Yield on Cost(5y) % 3.86
operates in two business lines; Generation and Dtilities; through its six P/S 0.57 1.73 0.6 Continuous Div. since 2012
market-oriented strategic business units in Dnited States, Andes, Brazil, P/FCF 10.26 15.65 15.68 Insider Ownership % 0.66
MCAC, EMEA and Asia. Shiller P/E 49.14 23.96 38.24 Institution Ownership % 73.88
Financial Strength
Industry Historical
Score: 3 /10 Current 17.76 6.4 4.91 8.9 9.44 9.72 10.7 12.79 8.83 8.54 11 Low
Median Median
Cash to Debt 0.11 0.26 0.12 23.9

9.5
F-Score 5 5.00 5 1W 3.11 0
11M YTD 4.65 9.1
Net-Margin (%) -9.27 7.70 0.54
1Y 11.93 17.3
ROE (%) -43.73 8.66 1.75
ROA (%) -3.49 2.98 0.21 3Y -2.65
6.58 10.08 12.78
(%)
Growth
Revenue Growth (%) 1 -0.8 3.80 14339 5457 8887 9593 9060 7964 10773 9692 6381 7660 7869 Market Cap
EBITDA Growth (%) -3.4 -3.9 -18.60 678 689 670 774 783 755 748 724 689 662 660 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) -2.2 -5.8 -2.90 -- 4.6 13.6 609 197.3 -- 103.6 13.1 21.8 -- -- Year End P/E
EPS without NRI 4.5 1.5 1.9 1.5 1.5 1.7 2.5 2.3 2 2.7 2.6 P/B
N/A N/A -151.10
Growth (%) 1.1 0.4 0.6 0.6 0.6 0.5 0.7 0.6 0.5 0.6 0.6 P/S
Free Cash Flow Growth 9.8 4.4 6 6.1 6.3 9.1 4.6 3.8 7.6 10.5 10.6 EV/EBITDA
N/A N/A 4952.20
Book Value Growth (%) -0.6 -10.2 -6.70
Quarterly -0.1 1.8 1 0 0.1 -1.2 0.2 1.1 0.4 -1.7 -2 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -0.1 -1 -0.5 1.5 0.6 1.1 1 -0.3 -0.3 0.8 1.2 Free Cashflow Per Share
Revenue 3271 3229 3542 3544 3492 -- -- -- -- -- 0 0.2 0.2 0.4 0.4 0.5 Dividends Per Share
Net Income 126 -482 175 -949 -24 1.9 2.6 4.3 6 2.1 3 3.2 3.6 0.2 -0.3 0.1 Tang. Book Per Share
EPS 0 -1 0 -1 -0 11.9 13.5 12.5 12.4 12.3 13.7 12.8 13.3 12.5 12.3 12.5 Median P/S Value
Revenue (YoY) % -18 -12 1 10 7 5.6 10.2 10.1 9.3 5.5 -- 5.3 8.9 1.3 -- -- Graham Number
Net Income (YoY) % -11 -799 -3 1016 -119 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -5 -830 0 1100 -121
13516 15358 13954 15828 16098 17164 15891 16124 14155 13586 13807 Revenue
Guru Trades 100 23.7 24.6 24.9 25.1 20.9 20.4 18.5 20.2 17.9 18.2 Gross Margin %
Impact Cur.
Guru Date Action 19.3 21.2 22.2 22.4 23 19.3 19.1 17.3 18.8 16.5 16.8 Operating Margin %
% Shares
T Rowe Price Equity -95 1234 658 9 58 -912 114 769 306 -1130 -1280 Net Income
03/31/17 Reduce -0.22 13,100,000 -0.7 8 4.7 0.1 0.4 -5.3 0.7 4.8 2.2 -8.3 -9.3 Net Margin %
Income Fund
Paul Tudor Jones 03/31/17 Add 0 37,200
-3.1 36.1 15.8 0.2 0.9 -17.4 2.6 17.9 8.3 -38 -43.7 ROE %
-0.3 3.6 1.8 0 0.1 -2.1 0.3 1.9 0.8 -3.1 -3.5 ROA %
Caxton Associates 03/31/17 Buy 0 42,046
John Hussman 12/31/16 Buy 0.35 150,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
12/31/16 Reduce -0.13 17,200,000
David Dreman 12/31/16 Add 0.05 34,873 16625 16619 17605 15792 19592 18216 5551 5107 17909 19160 19197 Long-term Debt
Jim Simons 12/31/16 Sell -0.02 0 31289 31137 34860 34038 39400 37261 36081 34694 33321 33325 33517 Total Liabilities
Paul Tudor Jones 12/31/16 Buy 0.01 34,000
7 7 7 8 8 8 8 8 8 8 8 Common Equity
T Rowe Price Equity 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
09/30/16 Reduce -0.05 19,300,000
Income Fund 2357 2161 2202 3465 2884 2901 2715 1791 2134 2884 2947 Cashflow from Operations
Jim Simons 09/30/16 Reduce -0.02 846,000 -1970 -3581 -1917 -2040 -4906 -895 -1774 -656 -2366 -2108 -1900 Cashflow from Investing
Mario Gabelli 09/30/16 Reduce 0 577,400 -- -143 -- -99 -279 -301 -322 -308 -482 -79 -79 Repurchase of Stock
611 655 1240 -925 2981 -692 405 108 618 36 181 Net Issuance of Debt
244 362 610 -706 1412 -1867 -1136 -1262 28 -747 -646 Cashflow from Financing
Warning Signs -2425 -2850 -2520 -2310 -2430 -2108 -1988 -2016 -2308 -2345 -2179 Capital Expenditure
SEVERE Revenue per Share: Declined -68 -689 -318 1155 454 793 727 -225 -174 539 768 Free Cash Flow
Competitor
SEVERE Operating Margin %: Declined Financial Operating
Ticker Company Profitability Market Cap($M) P/E P/S ROK(%) ROE(%)
SEVERE Long-Term Debt: Keep issuing new debt Strength Margin(%)
NYSE:HNP Huaneng Power International Inc 4 5 11,081 13.92 1.05 16.32 2.75 10.05
Good Signs
NYSE:BIP Brookfield Infrastructure Partners LP 4 8 10,352 44.32 4.32 20.10 1.53 3.16
OTCPK:CDDAF Canadian Dtilities Ltd 4 8 8,321 18.56 3.09 36.39 3.53 9.49
NYSE:KES The KES Corp 3 5 7,869 0.00 0.57 16.78 -3.49 -43.73
OTCPK:EMRAF Emera Inc 4 8 7,749 18.38 1.80 16.47 2.24 8.80
GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Dnder no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AET AET

Ketna Inc (NYSE:AET)
Current
Health Care Plans P/E (ttm) 46.53 19.00 12.63 Tangible Book 6.76 5 Payout 0.31
Market Cap: $ 49,523 Mil Forward P/E 16.98 14.51 N/A Graham Number 22.09 15 Dividend Growth(5y) % 16
Aetna Inc is a health care benefit company. The Company offers traditional P/B 3.48 2.44 1.83 Peter Lynch Value 30.4 20 Yield on Cost(5y) % 1.74
and consumer-directed health insurance products and related services, P/S 0.84 0.59 0.54 DCE (Earnings Based) 46.14 31 Continuous Div. since 2016
including medical, pharmacy, dental, behavioral health, group life and P/FCF 20.61 12.79 11.46 Median P/S 96.13 64 Insider Ownership % 0.48
disability plans. Shiller P/E 30.47 28.07 19.05 DCF (FCF Based) 140.7 94 Institution Ownership % 75.47
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.74 1.20 9.73 150.13

66.23
F-Score 6 6.00 5 1W -0.01 0
9M
YTD 21.00 9.1
Net-Margin (%) 1.84 3.19 4.26
1Y 25.54 17.3
ROE (%) 6.79 14.32 15.65
ROA (%) 1.78 4.26 4.05 3Y 23.51
461.02 89.82 565.40
(%)
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth (%) 12 10.7 -34.90 527 488 450 423 380 345 359 359 353 354 332 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) 13.8 7.9 -35.60 16.6 10.1 11.2 7.3 8.1 9.7 12.9 15.6 16 19.4 46.5 Year End P/E
9.6 6.3 -51.80
Growth (%) 1.1 0.5 0.4 0.4 0.5 0.4 0.5 0.6 0.6 0.7 0.8 P/S
Free Cash Flow Growth 9 5.4 5.3 3.6 4.3 5.2 7.7 8 7.6 8.2 15.2 EV/EBITDA
14.2 17.9 -33.50
Book Value Growth (%) 12 12.1 -10.40
52.4 63.4 77.3 81 88.9 106.1 131.7 161.5 171.1 178.3 178 Revenue Per Share
Quarterly 3.5 2.8 2.8 4.2 5.2 4.8 5.3 5.7 6.8 6.4 3.2 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 3.2 3.6 4.7 2.7 5.6 4.3 5 8.4 9.9 9.7 7.2 Free Cashflow Per Share
Revenue 15693 15952 15782 15728 15165 0 0 0 0 0.5 0.7 0.8 0.9 1 1 1 Dividends Per Share
Net Income 737 791 604 139 -381 8.4 5.3 8.7 7.9 11.2 10.3 4.7 5.5 10.8 16.5 6.8 Tang. Book Per Share
EPS 2 2 2 0 -1 28.3 34.3 41.8 43.8 48 57.3 70.9 87.3 92.4 96.3 96.1 Median P/S Value
Revenue (YoY) % 4 5 6 5 -3 25.6 18.3 23.6 27.3 36.3 33.4 23.8 26.5 40.7 48.8 22.1 Graham Number
Net Income (YoY) % -5 8 8 -57 -152 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -5 7 7 -57 -153
27600 30951 34764 34246 33782 36600 47295 58003 60337 63155 62627 Revenue
Guru Trades 29.2 26.6 24.8 27.8 30.3 29.7 25.5 26 27.4 26.6 25.9 Gross Margin %
2796.4 2174.2 1901.2 2994 3446.6 3984.4 3402.8 4258 4860 4714 3111.8 Operating Income
Impact Cur.
Guru Date Action 10.1 7 5.5 8.7 10.2 10.9 7.2 7.3 8.1 7.5 5 Operating Margin %
% Shares
Lee Ainslie 03/31/17 Reduce -2.01 987,480 1831 1384.1 1276.5 1766.8 1985.7 1657.9 1913.6 2041 2390 2271 1153.1 Net Income
6.6 4.5 3.7 5.2 5.9 4.5 4.1 3.5 4 3.6 1.8 Net Margin %
Jana Partners 03/31/17 Add 1.32 1,450,016
19.1 15.2 14.4 18.2 19.9 16.2 15.7 14.3 15.6 13.4 6.8 ROE %
03/31/17 Reduce -0.45 5,230,989 3.7 3.2 3.4 4.6 5.2 4.1 4.2 4 4.5 3.7 1.8 ROA %
Fund
John Burbank 03/31/17 Sell -0.14 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Larry Robbins 03/31/17 Reduce -0.14 5,029,073 1254 1179.5 1203.6 1867.6 679.7 2579.2 1412.3 1420.4 2524 17996 3877 Cash & Equivalents
George Soros 03/31/17 Sell -0.13 0 50725 35853 38550 37739 38593 41495 49765 53402 53509 69146 56351 Total Assets
3138.5 3638.3 3639.5 3482.6 3977.7 6481.3 7865.3 7852 7785 19027 8174 Long-term Debt
Warning Signs 188.8 351.2 470.1 651.5 962.8 1095.3 4382.2 4542.2 4647 4716 4006 Common Equity
2065.5 2206.9 2488.3 1412.1 2511.1 1824.9 2278.7 3373 3866 3719 2827 Cashflow from Operations
-1037.8 -1073.3 -1999.7 634.5 -1880.2 -231.3 -1919.8 -2130 -1027 -381 -260 Cashflow from Investing
MEDIUM Price: Close to 10-year high -1695.6 -1787.7 -773 -1606 -1813 -1417.5 -1407.7 -1218 -296 -139 -3360 Repurchase of Stock
MEDIUM PE Ratio: Close to 10-year high 737.9 540.5 264.2 215.5 6 1950.4 -- 184 -729 12886 1401.7 Net Issuance of Debt
-653.7 -1208.1 -464.5 -1382.6 -1818.8 305.9 -1525.8 -1235 -1735 12134 -2456 Cashflow from Financing
Insider Trades -400.4 -446.6 -362 -288.7 -372 -338.2 -479.1 -370 -363 -270 -286 Capital Expenditure
Cur. 1665.1 1760.3 2126.3 1123.4 2139.1 1486.7 1799.6 3003 3503 3449 2541 Free Cash Flow
Shares
Mccarthy Margaret M
EVP,
06/07/17 -27028 35470
Competitor
Operations Financial Operating
Lynch Karen S President 06/07/17 -7825 64261 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Chairman
Bertolini Mark T 05/17/17 -103547 925317 NYSE:ANTM Anthem Inc 6 6 50,016 18.31 0.58 5.46 4.25 11.22
and CE
Coye Molly Joel Director 05/09/17 -880 6637 NYSE:AET Aetna Inc 5 8 49,523 46.53 0.84 4.97 1.78 6.79
Guertin Shawn M
Exec. Vice
03/23/17 -29602 45503
NYSE:CI Cigna Corp 6 6 42,826 22.31 1.08 7.59 3.25 14.32
Pres
NAS:ESRX Express Scripts Holding Co 5 8 37,446 11.50 0.39 5.19 6.70 21.95
NYSE:HUM Humana Inc 6 5 33,540 23.62 0.64 5.04 5.24 13.76
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AFL AFL

Kflac Inc (NYSE:AFL)
Current
Insurance - Life P/E (ttm) 12.64 14.27 11.33 Tangible Book 51.11 66 Payout 0.27
Market Cap: $ 30,875 Mil Forward P/E 12.25 9999.00 N/A Median P/S 68.39 88 Dividend Growth(5y) % 6
Aflac Inc is a general business holding company and acts as a management P/B 1.52 1.25 1.88 Price 77.80 Yield on Cost(5y) % 2.93
company. The Company sells supplemental health and life insurance in the P/S 1.42 0.95 1.25 Graham Number 84.09 108 Continuous Div. since 1983
United States and Japan. P/FCF 4.98 5.31 3.77 DCE (Earnings Insider Ownership % 1
91.31 117
Shiller P/E 14.42 19.55 14.54 Based) Institution Ownership % 53.67
PEG 1.97 1.15 0.95 DCF (FCF Based) 190.4 245 Short % of Float 1.45
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.80 8.84 0.88 78.1

33.31
F-Score 0 5.00 0 1W 3.46 0
14M
YTD 13.02 9.1
Net-Margin (%) 11.24 4.53 11.27
1Y 16.64 17.3
ROE (%) 11.87 7.88 18.49
ROA (%) 1.86 0.62 2.23 3Y 10.08
0.00 718.18 0.00
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) 6.3 1 11.10 29734 21367 21671 26503 20173 24849 30689 27029 25420 28244 30875 Market Cap
EBIT Growth (%) 10.1 6.2 1.40 18.9 17.5 14.5 11.5 10.5 8.7 9.9 9.4 10.2 10.8 12.6 Year End P/E
10.1 6 1.00
(%) 2 1.3 1.2 1.3 0.9 1 1.3 1.2 1.2 1.3 1.4 P/S
Free Cash Flow Growth 12 11.4 9.5 7.4 6.7 5.9 6.4 5.8 6.3 6.6 7.8 EV/EBITDA
7 -13.1 1.00
Book Value Growth (%) 13 11.6 6.00
31.2 34.6 38.9 43.8 47.2 54 51.2 50.1 48.2 54.5 54.7 Revenue Per Share
Quarterly 3.3 2.6 3.2 4.9 4.1 6.1 6.8 6.5 5.9 6.4 6.2 EPS
Revenue 5451 5437 5716 5955 5309 0.8 1 1.1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.7 Dividends Per Share
Net Income 731 548 629 751 592 18.5 14.2 18 23.5 27.8 34.2 31.8 41.5 41.7 50.5 51.1 Tang. Book Per Share
EPS 2 1 2 2 1 39 43.2 48.7 54.8 59.1 67.6 64 62.6 60.2 68.2 68.4 Median P/S Value
Revenue (YoY) % 4 3 13 12 -3 37.1 29 35.9 51.1 50.7 68.5 69.6 77.9 74.1 85.4 84.1 Graham Number
Net Income (YoY) % 10 -4 11 3 -19 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 15 0 16 7 -16
15393 16554 18254 20732 22171 25364 23939 22728 20872 22559 22417 Revenue
Guru Trades 100 100 100 100 100 100 100 100 100 100 100 Gross Margin %
Impact Cur.
Guru Date Action 16.2 11.6 12.2 17.2 13.3 17 20.1 19.8 18.5 18 17.2 Operating Margin %
% Shares
John Hussman 03/31/17 Reduce -1.38 26,650 1634 1254 1497 2328 1937 2866 3158 2951 2533 2659 2520 Net Income
10.6 7.6 8.2 11.2 8.7 11.3 13.2 13 12.1 11.8 11.2 Net Margin %
Jeff Auxier 03/31/17 Add 0.13 86,280
19.1 16.3 19.9 23.9 16.1 19.8 20.6 17.9 14.1 13.9 11.9 ROE %
2.6 1.7 1.8 2.5 1.8 2.3 2.5 2.5 2.1 2.1 1.9 ROA %
Jeremy Grantham 03/31/17 Reduce -0.04 484,574
Ray Dalio 03/31/17 Sell -0.03 0
David Dreman 03/31/17 Reduce -0.03 29,768 1563 941 2323 2121 2249 2041 2543 4658 4350 4859 4205 Cash & Equivalents
65805 79331 84106 101039 116237 131094 121307 119767 118256 129819 133650 Total Assets
2273 1721 2599 3038 3285 4352 4897 5282 4971 5360 5250 Long-term Debt
MEDIUM Dividend Yield %: Close to 5-year low 66 66 66 66 66 67 67 67 67 67 67 Common Equity
MEDIUM Price: Close to 10-year high 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM PS Ratio: Close to 5-year high 4656 4965 6161 6989 10842 14952 10547 6550 6776 5987 6413 Cashflow from Operations
Good Signs
GOOD Revenue per Share: Consistent growth -5 -5 845 297 158 1165 700 415 -274 376 246 Net Issuance of Debt
GOOD Operating Margin %: Expansion -655 -1383 699 161 64 1945 1136 -147 -2187 -1619 -1729 Cashflow from Financing
-46 -49 -- -- -- -- -- -- -- -- -- Capital Expenditure
Cur.
Shares Competitor
Cloninger Kriss Iii President 06/15/17 -2500 293553 Financial Operating
President, Strength Margin(%)
Amos Paul S Ii 06/12/17 -222889 1448k
Afla
NYSE:MFC Manulife Financial Corp 6 5 35,858 15.36 1.02 8.22 0.45 7.35
Lloyd Karole Director 06/12/17 1000 7253
Exec. Vice
NYSE:AFL Aflac Inc 6 5 30,875 12.64 1.42 17.17 1.86 11.87
Daniels James Todd 03/31/17 -1400 17124
Pres OTCPK:GWLIF Great-West Lifeco Inc 6 5 25,377 12.80 0.71 7.29 0.69 12.00
Rimer Barbara K Director 03/29/17 -1412 11440 OTCPK:LGGNF Legal & General Group PLC 6 5 19,558 12.63 0.21 2.39 0.29 18.93
NYSE:PFG Principal Financial Group Inc 4 5 18,792 14.69 1.53 12.62 0.57 12.43
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AGN AGN

Kllergan PLC (NYSE:AGN)
Current
Drug Manufacturers - Drug Manufacturers - Specialty & Generic P/E (ttm) 5.96 26.83 23.98 Tangible Book -121.14 -53 Payout N/A
Market Cap: $ 76,641 Mil Forward P/E 14.22 17.09 N/A Median P/S 74.09 32 Dividend Growth(5y) % N/A
Allergan PLC is a specialty pharmaceutical company. The Company is P/B 1.09 2.95 1.74 Price 228.19 Yield on Cost(5y) % 0.61
engaged in developing, manufacturing and distributing generic, brand and P/S 5.7 3.26 1.85 Continuous Div. since 2017
biosimilar products. P/FCF 297.52 24.43 15.8 Insider Ownership % 0.61
Financial Strength
33.69 31.14 40.12 51.95 72.1 90.85 168 270.61 339.5 308.73 249.32 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.28 2.82 0.68 339.5

159.37
F-Score 8 5.00 6 1W 2.79 0.7
Profitability 1M -6.50 1.6
8M
YTD 9.38 8.8
Net-Margin (%) 82.42 6.41 5.67
1Y -7.08 15.1
ROE (%) 15.02 6.83 7.32
ROA (%) 9.09 3.57 4.03 3Y 3.18
-181.03 12.86 20.42
(%)
Growth
EBITDA Growth (%) N/A 3.6 -37.70 117 118 116 124 127 128 142 220 368 385 336 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A N/A 0.00 21.4 12.7 20.3 34.7 29.2 113.2 -- -- 37 5.5 6 Year End P/E
EPS without NRI 1.5 1.3 1.6 2 2.2 2.9 3.1 2.4 1.7 1 1.1 P/B
N/A N/A 0.00
Growth (%) 1.3 1.2 1.7 1.8 1.7 1.9 6.6 6.5 8.7 5.5 5.7 P/S
Free Cash Flow Growth 6.7 5.6 10.5 11.7 8.7 18.3 57.4 102 63.5 18.6 40.1 EV/EBITDA
8 5.1 -93.60
21.3 21.5 24 28.7 36.2 46.1 18.3 21.3 34.5 37.9 40 Revenue Per Share
Quarterly 1.3 2.1 2 1.5 2.1 0.8 -5.3 -7.4 10 38.2 30 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 3 2.7 2.6 4.1 3.8 4 6.4 9 10.7 2.8 0.8 Free Cashflow Per Share
Revenue 3399 3685 3622 3864 3573 -- -- -- -- -- -- -- -- -- -- 0.7 Dividends Per Share
Net Income 256 -502 15220 -1 -2565 3.6 6.5 -1.6 1 1.9 -37.6 -39.6 -32.6 -108.1 -112.6 -121.1 Tang. Book Per Share
EPS 0 -1 39 1 -8 39.5 39.9 44.5 53.1 67 85.3 47.5 73.8 66.7 70.3 74.1 Median P/S Value
Revenue (YoY) % 33 2 4 7 5 10.1 17.5 -- 5.7 9.4 -- -- -- -- -- -- Graham Number
EPS (YoY) % -125 80 190 -134 -1772
2496.7 2535.5 2793 3566.9 4584.4 5914.9 2602.5 4676.5 12688 14571 14744 Revenue
Guru Trades 39.7 40.7 42.8 44 44 42.6 36.8 63.6 78.3 87.2 87.6 Gross Margin %
255.7 358.2 383.9 305.4 523.4 315.7 -369.2 -2567.2 -3131 -1825.5 -2560 Operating Income
Impact Cur.
Guru Date Action 10.2 14.1 13.8 8.6 11.4 5.3 -14.2 -54.9 -24.7 -12.5 -17.4 Operating Margin %
% Shares
David Tepper 03/31/17 Reduce -4.93 2,937,121 141 238.4 222 184.4 260.9 97.3 -750.4 -1630.5 3915.2 14973 12153 Net Income
5.7 9.4 8 5.2 5.7 1.6 -28.8 -34.9 30.9 102.8 82.4 Net Margin %
Paul Singer 03/31/17 Sell -4.36 0
8 12.1 8.7 5.9 7.6 2.6 -11.2 -8.6 7 19.2 15 ROE %
Seth Klarman 03/31/17 Reduce -2.76 2,432,603
3.9 6.7 4.6 3.2 4.2 0.9 -4.1 -4.3 4.2 11.3 9.1 ROA %
John Paulson 03/31/17 Reduce -1.64 2,941,834
Robert Bruce 03/31/17 Add 1.6 50,000
John Griffin 03/31/17 Add 1.15 1,909,900 204.6 507.6 201.4 282.8 209.3 319 329 250 1096 1724 1092.9 Cash & Equivalents
3472 3677.9 5903.5 5686.6 6698.3 14115 22726 52758 135583 128986 126837 Total Assets
899.4 824.7 1150.2 1016.1 848.5 6257.1 8517.4 14838 40134 29971 26223 Long-term Debt
SEVERE Revenue per Share: Declined 0.4 0.4 0.4 0.4 0.4 0.4 -- -- -- -- -- Common Equity
MEDIUM Valuation: Forward PE Ratio 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs 427.2 416.6 376.8 571 632 665.8 1213.5 2243 4530 1425.3 895.5 Cashflow from Operations
-64.3 -93.4 -1036.1 -74.1 -719 -5749 -275.3 -5370.6 -37121 24333 24401 Cashflow from Investing
-1.8 -0.9 -3.6 -6.3 -14.2 -16.1 -170 -130.1 -118 -15076 -15053 Repurchase of Stock
GOOD PE Ratio: Close to 10-year low -326.9 -27.7 323.3 -459.7 -28.8 5360.8 2437.3 3229.2 25004 -9798.7 -10860 Net Issuance of Debt
-312.5 -20.2 353.1 -411.3 16.4 5189.6 -867.3 3017.5 33443 -25122 -26457 Cashflow from Financing
Insider Trades
-75.9 -100.5 -71.9 -67.5 -145.4 -146.5 -307.9 -274.7 -609.6 -333.4 -628 Capital Expenditure
Cur.
Shares 351.3 316.1 304.9 503.5 486.6 519.3 905.6 1968.3 3920.4 1091.9 267.5 Free Cash Flow
Basgoz Nesli Director 05/18/17 -1889 6030 Competitor
Bisaro Paul Director 03/02/17 -70000 355900 Financial Operating
Basgoz Nesli Director 12/08/16 -500 5515 Strength Margin(%)
CEO and NYSE:AGN Allergan PLC 4 6 76,641 5.96 5.70 -17.36 9.09 15.02
Saunders Brent L 11/21/16 5250 106564
Preside
Hilado Maria Teresa CFO 11/11/16 1422 13379
OTCPK:TKPYY Takeda Pharmaceutical Co Ltd 6 7 40,022 34.04 2.61 10.45 3.34 6.84
NYSE:ZTS Zoetis Inc 5 7 31,048 36.78 6.33 28.59 11.25 59.35
NYSE:TEVA Teva Pharmaceutical Industries Ltd 4 5 29,162 2878.00 1.24 8.29 0.43 0.24
NAS:MYL Mylan NV 4 7 21,086 38.59 1.77 7.09 1.70 4.82
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AIG AIG

Kmerican International Group Inc (NYSE:AIG)
Current
Insurance - Insurance - Diversified P/E (ttm) 120.36 12.50 10.58 Graham Number 31.75 50 Payout 2.13
American International Group Inc is an insurance organization. The company P/B 0.81 1.24 0.72 Price 63.81 Yield on Cost(5y) % 2.02
through its subsidiaries provides property casualty insurance, life insurance, P/S 1.27 1.08 1 Tangible Book 78.59 123 Continuous Div. since 2017
retirement products, mortgage insurance and other financial services in the P/FCF N/A 8.38 12.94 Insider Ownership % 1.82
United States & abroad. Shiller P/E N/A 17.32 15.93 Institution Ownership % 69.33
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.06 No Debt 0.03 1218.37

Interest Coverage 1.49 N/A 2.41 Gain(%) SP500(%)
606.26
F-Score 0 4.00 0 1W 0.74 0
66M
YTD -1.32 9.1
Net-Margin (%) 0.98 6.99 5.23
1Y 21.50 17.3
ROE (%) 0.62 10.04 2.84
ROA (%) 0.10 2.43 0.62 3Y 6.88
0.00 56.20 0.00
(%)
Growth
Revenue Growth (%) -27.8 4.3 17.00 123542 3538 3392 6780 44006 52114 74740 77066 73987 65006 58840 Market Cap
EBITDA Growth (%) N/A -0.9 63.00 130 132 135 137 1799 1687 1481 1448 1334 1091 922 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A N/A 0.00 20.5 -- -- 4.2 2.1 17.7 8.3 10.8 39.7 -- 120.4 Year End P/E
N/A N/A 0.00
(%) 1.2 0.3 0.1 0.1 0.6 0.8 1.1 1.3 1.4 1.4 1.3 P/S
Free Cash Flow Growth 21.9 -1.7 16.6 4.5 10.8 5.7 5.7 5.7 10 15.6 11 EV/EBITDA
N/A N/A -755.20
(%)
Book Value Growth (%) -12.9 6.8 0.70
847.3 52.4 556.8 567.3 36.2 42.2 46.5 44.5 43.7 48 49.9 Revenue Per Share
Quarterly 47.8 -756.9 -90.5 11.6 11 2 6.1 5.2 1.7 -0.8 0.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 227.3 -10.5 134.8 121.8 -0 2.2 4 3.5 2.2 2.2 -7.3 Free Cashflow Per Share
Revenue 11779 14724 12854 13010 12632 14.6 12.4 -- -- -- -- 0.2 0.5 0.8 1.3 1.3 Dividends Per Share
Net Income -183 1913 462 -3041 1185 683 42.8 -45.6 94.9 53.5 66.4 68.6 77.7 75.1 76.7 78.6 Tang. Book Per Share
EPS -0 2 0 -3 1 846.5 94.5 557 567.2 36.6 42.8 46.5 44.5 44 47.5 49.9 Median P/S Value
Revenue (YoY) % -26 -6 0 -6 7 857.1 -- -- 177.5 107.8 55.2 96.9 95.7 52.8 -- 31.8 Graham Number
Net Income (YoY) % -107 6 -300 65 -748 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -109 27 -333 102 -838
110064 6896 75352 77526 65105 71214 68874 64406 58327 52367 53220 Revenue
Impact Cur.
8943 -106528 -14307 17936 -901 2891 9368 10501 3281 -74 1867 Operating Income
Guru Date Action 8.1 -1544.8 -19 23.1 -1.4 4.1 13.6 16.3 5.6 -0.1 3.5 Operating Margin %
% Shares
First Eagle Investment 03/31/17 Reduce -0.38 6,032,611 6200 -99289 -10949 7786 20622 3438 9085 7529 2196 -849 519 Net Income
Hotchkis & Wiley 03/31/17 Add 0.36 16,614,092
5.6 -1439.8 -14.5 10 31.7 4.8 13.2 11.7 3.8 -1.6 1 Net Margin %
6.3 -134.3 -20 2 21.2 3.5 9.2 7.3 2.2 -1 0.6 ROE %
Donald Smith 03/31/17 Reduce -0.33 1,687,394
First Pacific Advisors 03/31/17 Reduce -0.24 10,442,410 0.6 -10.3 -1.3 1 3.3 0.6 1.7 1.4 0.4 -0.2 0.1 ROA %
John Paulson 03/31/17 Reduce -0.22 4,548,593 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Steven Romick 03/31/17 Reduce -0.17 7,840,680 2284 8642 4400 1558 1474 1151 2241 1758 1629 1868 1918 Cash & Equivalents
Richard Pzena 03/31/17 Add 0.15 6,389,150 1061k 860418 847585 683443 553054 548633 541329 515581 496842 498264 500162 Total Assets
John Burbank 03/31/17 Sell -0.09 0 162935 192590 136733 106461 75253 48500 41693 31217 29249 30912 30747 Long-term Debt
6878 7370 354 368 4766 4766 4766 4766 4766 4766 4766 Common Equity
Warning Signs
MEDIUM Dividend Payout Ratio: Too high
MEDIUM Price: Close to 5-year high 35171 -122 18584 16910 -81 3676 5865 5007 2877 2383 -7008 Cashflow from Operations
-68007 47176 5778 -10225 36448 16612 7099 14284 8462 4744 18846 Cashflow from Investing
Insider Trades -6016 -1000 -- -- -70 -13000 -597 -4902 -10691 -11460 -11559 Repurchase of Stock
Cur. 23134 -63030 -20971 -11838 -24670 -2489 -8962 -9473 -2938 1872 -910 Net Issuance of Debt
Shares 33480 -40734 -28997 -9261 -36926 -20564 -11758 -19788 -11429 -6833 -11334 Cashflow from Financing
Duperreault Brian
President &
05/18/17 80000 80000 -5642 -1258 -341 -267 -- -- -- -- -- -- -- Capital Expenditure
CEO
29529 -1380 18243 16643 -81 3676 5865 5007 2877 2383 -7008 Free Cash Flow
Executive
Fasano Philip 02/27/17 -6000 6544 Competitor
Vice
Hogan Kevin T. 12/09/16 -249 16227 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
OTCPK:AZSEY Allianz SE 6 5 88,192 11.46 0.96 9.77 0.79 10.35
OTCPK:AXAHF AXA SA 5 4 64,989 10.38 0.45 7.15 0.65 8.20
NYSE:AIG American International Group Inc 4 4 58,840 120.36 1.27 3.51 0.10 0.62
OTCPK:ZURVY Zurich Insurance Group AG 6 4 43,975 13.52 0.64 7.91 0.82 10.21
OTCPK:AIVAF Aviva PLC 5 2 27,559 34.80 0.38 3.32 0.17 3.96
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AIV AIV
Kpartment Investment & Management Co Ratios Valuation Analysis Dividend & Ownership
Current
(NYSE:AIV) Median Median NCAV -29.04 -65 Dividend Yield(forward) % 3.24
$ 44.44 P/E (ttm) 17.24 17.14 22.24 Graham Number 5.12 12 Payout 11.24
Forward P/E 111.11 20.62 N/A Tangible Book 9.71 22 Dividend Growth(5y) % 20.3
REITs - REIT - Residential
Apartment Investment & Management Co is a self-administered and self-
P/FCF N/A 19.65 38.48 Insider Ownership % 1.43
managed real estate investment trust, or REIT, engaged in the ownership
and operation of a diversified portfolio of apartment properties. Shiller P/E 46.05 25.35 49.96 Institution Ownership % 79.23
Financial Strength
Median Median 34.62 7.92 4.94 15.21 20.29 22.4 25 25.72 34.85 35.45 42.64 Low
Cash to Debt 0.02 0.06 0.02 64.35
29.71
F-Score 6 5.00 5
1W 0.79 0
Median Median
6M 4.59 8.7
Net-Margin (%) 41.97 39.19 17.55 6M YTD -0.64 9.1
ROE (%) 23.78 6.63 12.79 1Y 10.78 17.3
ROA (%) 6.71 3.20 2.66 3Y 14.53
4.55 12.00 3.60
(%)
Growth
EBIT Growth (%) 1.1 6.9 -7.20 -- 2.9 -- -- -- 46.7 18.5 18.1 26.3 17.1 17.2 Year End P/E
EPS without NRI Growth 3.3 1.8 3.2 7.8 11 4.7 4.2 5.2 4.3 4.3 4.5 P/B
N/A N/A -72.70
(%) 2.4 1.1 1.6 3.1 2.9 3.7 3.9 5.5 6.4 7.1 7 P/S
N/A 89.1 0.00
(%)
Book Value Growth (%) -1.1 32.1 8.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
9.8 14 9.9 8.2 7.7 7.1 6.7 6.7 6.3 6.4 6.4 Revenue Per Share
Quarterly -0.3 4 -1 -1.1 -0.9 0.6 1.4 2.1 1.5 2.7 2.6 EPS
-3.2 -3.8 -0.6 0.7 -0.1 -0.3 -0.5 -2.3 -1.1 -1.7 -1.7 Free Cashflow Per Share
Revenue 246 251 249 249 246 2.4 2.4 0.4 0.3 0.5 0.8 1 1 1.2 1.3 1.4 Dividends Per Share
EPS 0 1 0 1 0 51.6 37.4 35.5 29.7 28 25.9 23.8 23.9 22.4 22.6 22.6 Median P/S Value
Revenue (YoY) % 1 3 1 1 0 -- -- -- -- -- -- 6.2 3.5 8.5 6 5.1 Graham Number
Net Income (YoY) % -72 251 -29 136 -47
EPS (YoY) % -74 262 -42 140 -53
1376.8 1243.2 1131.1 958.5 914.4 958.5 974.1 984.4 981.3 995.9 996.1 Revenue
Guru Trades 98 55.2 53.8 55.1 57.7 59.7 61 61.3 62.8 64.2 64.2 Gross Margin %
Impact Cur. 241.8 58.1 95.7 102.6 135.3 179 249 262.4 256.2 246.8 241.1 Operating Income
Guru Date Action
Jim Simons 03/31/17 Add 0.04 2,189,200 29.9 412 -64.3 -71.7 -57.1 132.5 207.3 309.2 248.7 430.4 418.1 Net Income
Paul Tudor Jones 03/31/17 Buy 0.02 18,118 2.2 33.1 -5.7 -7.5 -6.2 13.8 21.3 31.4 25.3 43.2 42 Net Margin %
George Soros 03/31/17 Sell -0.01 0 -1.8 23.3 -9.2 -11 -10.6 9 21.6 27.4 16.6 24.5 23.8 ROE %
0.3 4.1 -0.7 -0.9 -0.8 2 3.3 5.1 4.1 7 6.7 ROA %
Manning & Napier
03/31/17 Reduce -0.01 201,175
Advisors, Inc 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Nwq Managers 03/31/17 Reduce 0 324,170 210.5 299.7 81.3 111.3 91.1 84.4 55.8 29 50.8 61.2 65.1 Cash & Equivalents
Chris Davis 03/31/17 Reduce 0 217,937 10607 9441.9 7906.5 7378.6 6871.9 6401.4 6079.4 6097 6118.7 6232.8 6187.4 Total Assets
75.1 6069.8 5479.5 5181.5 4772.8 4413.1 4388.2 4135.1 3849.1 3884.6 3971 Long-term Debt
8856.8 8175.8 6666.8 6332.5 5963.5 5486 5112 4869.3 4496.3 4438.9 4499.3 Total Liabilities
Warning Signs
-722.1 -- 1.2 1.2 1.2 1.5 1.5 1.5 1.6 1.6 1.6 Common Equity
SEVERE Financial Strength: Poor
SEVERE Altman Z-Score: Distress
SEVERE Revenue per Share: Declined 465.5 440.4 233.8 257.5 258.8 316.8 325.6 321.4 359.9 377.7 372.3 Cashflow from Operations
-271.6 1344.9 630.3 86.4 40.5 111.7 65.2 13.7 -170.9 -97.8 -118.4 Cashflow from Investing
MEDIUM Interest Coverage: Low
-538.2 -502.3 -- -- -- -- -- -- -- -- -- Repurchase of Stock
Good Signs -838.2 -584.3 -796.1 -133.7 -156.6 -204.5 -188.9 -263.2 -247 36.7 57.3 Net Issuance of Debt
-213.3 -1696 -1082.5 -313.8 -319.6 -435.1 -419.5 -361.9 -167.2 -269.5 -253.2 Cashflow from Financing
-917 -777.9 -300.3 -178.9 -265.3 -359.9 -401.6 -651.4 -536.6 -637.4 -642.7 Capital Expenditure
Insider Trades -451.5 -337.5 -66.5 78.6 -6.5 -43.1 -76 -329.9 -176.7 -259.7 -270.4 Free Cash Flow
Cur.
Insider Position Date Trades Competitor
Shares
Financial Operating
Nelson Kathleen M. Director 05/01/17 -1220 40630 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Executive
Bezzant John E 03/30/17 -7085 45717
Vice NYSE:ELS Equity Lifestyle Properties Inc 4 8 7,456 1226.55 9.04 25.98 5.18 17.08
Executive NAS:AGNC AGNC Investment Corp 6 4 7,230 5.01 4.64 94.29 2.51 19.02
Cohn Lisa R 02/28/17 -10000 53902
Vice
Executive NYSE:SUI Sun Communities Inc 4 4 7,135 225.96 7.04 5.57 0.70 1.42
Cohn Lisa R 02/13/17 -2438 64987
Vice NYSE:AIV Apartment Investment & Management Co 3 6 6,978 17.24 6.99 24.20 6.71 23.78
Executive
Cohn Lisa R 01/30/17 -5610 59890 NYSE:ACC American Campus Communities Inc 5 7 6,457 74.08 8.14 21.73 1.41 2.53
Vice
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AIZ AIZ

Kssurant Inc (NYSE:AIZ)
Current
Insurance - Insurance - Diversified P/E (ttm) 12.5 12.50 10.09 Tangible Book 52.78 51 Payout 0.25
Market Cap: $ 5,672 Mil Forward P/E N/A 10.74 N/A Median P/S 58.06 56 Dividend Growth(5y) % 22.1
Assurant Inc is a provider of specialized insurance products and related P/B 1.37 1.24 0.89 Graham Number 99.1 96 Yield on Cost(5y) % 5.54
services in North America and selected other international markets. P/S 0.89 1.08 0.5 Price 103.52 Continuous Div. since 2004
P/FCF 14.5 8.38 6.85 Insider Ownership % 94.08
Financial Strength
Industry Historical
Median Median

46.27
F-Score 0 4.00 5 1W 4.26 0
3M
YTD 12.62 9.1
Net-Margin (%) 7.05 6.99 5.31
1Y 26.33 17.3
ROE (%) 11.14 10.04 9.91
ROA (%) 1.63 2.43 1.72 3Y 17.13
0.00 56.20 0.00
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 1.6 -0.4 77.00 12.4 8 8.1 15.5 7.5 6.2 10.5 10.6 39.5 10.2 12.5 Year End P/E
EPS without NRI Growth 1.9 1 0.7 0.8 0.8 0.5 1 0.9 1.2 1.3 1.4 P/B
2 -1.4 77.10
(%) 1 0.4 0.4 0.5 0.5 0.4 0.6 0.5 0.5 0.8 0.9 P/S
-12.1 -38 0.00
Quarterly 5.4 3.8 3.6 2.5 5.5 5.7 6.3 6.4 2.1 9.1 8.3 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 9.4 7.9 1.8 4.4 8.4 7.3 12.6 4.2 2 0.8 7.1 Free Cashflow Per Share
Revenue 2148 1798 1834 1752 1552 0.5 0.5 0.6 0.6 0.7 0.8 1 1.1 1.4 2 2.1 Dividends Per Share
Net Income 220 169 144 31 144 27.6 23 32.9 36.9 43.6 53.6 50.7 56.5 51.2 53.5 52.8 Tang. Book Per Share
Revenue (YoY) % -17 -32 -28 -31 -28 57.8 44.1 51.8 45.6 73.5 82.7 84.8 90.5 48.6 104.9 99.1 Graham Number
Net Income (YoY) % 340 416 -2156 -52 -35 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 370 474 -2470 -30 -24
8453.5 8601.2 8700.5 8527.7 8272.8 8508.3 9047.7 10382 10325 7531.8 6935.8 Revenue
100 100 100 100 100 100 100 100 100 100 100 Gross Margin %
Guru Trades
1011 563.3 709.6 606.4 706.1 757.8 789.7 744.1 201.2 848.6 726.2 Operating Income
Impact Cur.
Guru Date Action 12 6.6 8.2 7.1 8.5 8.9 8.7 7.2 2 11.3 10.5 Operating Margin %
% Shares
Richard Pzena 03/31/17 Sell -0.04 0 653.7 447.8 430.6 279.2 539 483.7 488.9 470.9 141.6 565.4 488.8 Net Income
7.7 5.2 5 3.3 6.5 5.7 5.4 4.5 1.4 7.5 7.1 Net Margin %
16.5 11.5 10.1 5.8 11.2 9.6 9.8 9.4 2.9 13.1 11.1 ROE %
Ray Dalio 03/31/17 Buy 0.02 19,819
2.5 1.8 1.7 1.1 2 1.7 1.7 1.5 0.5 1.9 1.6 ROA %
Joel Greenblatt 03/31/17 Reduce 0 4,093
David Dreman 03/31/17 Sell 0 0 805 1040.7 1318.6 1150.5 1166.7 909.4 1717.2 1318.7 1288.3 1032 874.5 Cash & Equivalents
26750 24515 25861 26397 27020 28947 29715 31562 30036 29709 29568 Total Assets
971.9 972 972.1 972.2 972.3 972.4 1638.1 1171.1 1164.7 1067 1067.3 Long-term Debt
SEVERE Operating Margin %: Declined 1.4 1.4 1.4 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 Common Equity
MEDIUM Revenue per Share: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Price: Close to 10-year high 1203.6 999.1 269.9 540.7 855.3 679.7 1027.6 393.8 254.6 134.5 504.7 Cashflow from Operations
MEDIUM PS Ratio: Close to 10-year high -1208.6 -329 141.5 -8.9 -196.6 -449.9 -392.7 63.9 264.3 725.6 -466.2 Cashflow from Investing
-315.6 -59 -31.9 -522.5 -533.8 -412.2 -393 -215.2 -292.9 -863.1 -722.4 Repurchase of Stock
Insider Trades 175.7 -285.1 -36.2 -97.3 -- -- 664.5 -467.3 -- -123.4 -123.4 Net Issuance of Debt
Cur.
Insider Position Date Trades -186.6 -412.1 -142.6 -699.5 -636.8 -480.6 196.7 -776.2 -487.1 -1106.2 -1214.1 Cashflow from Financing
Shares
Pagano Christopher J EVP, CRO 05/31/17 -2000 62127
1144.9 943.1 214 489.5 819.6 623.2 975.2 310.2 139.7 49.3 427.5 Free Cash Flow
Pagano Christopher J EVP, CRO 03/13/17 -6000 59955
Pagano Christopher J EVP, CRO 12/12/16 -6000 63707 Competitor
Pagano Christopher J EVP, CRO 09/12/16 -6000 69868 Financial Operating
SVP, Strength Margin(%)
Sondej John Andrew 08/18/16 -5000 10801
Controller OTCPK:SNYFY Sony Financial Holdings Inc 6 4 7,184 20.98 0.60 4.68 0.37 6.52
OTCPK:DIISY Direct Line Insurance Group PLC 6 3 6,324 17.51 1.45 11.69 2.77 10.70
NYSE:AIZ Assurant Inc 6 5 5,672 12.50 0.89 10.47 1.63 11.14
NYSE:ORI Old Republic International Corp 6 4 5,409 13.00 1.02 11.27 2.49 10.37
OTCPK:IDLLF Industrial Alliance Insurance and Financial Servic 5 5 4,214 9.25 0.55 7.54 0.99 12.22
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AJG AJG

Krthur J. Gallagher & Co (NYSE:AJG)
Current
Brokers & Exchanges - Insurance Brokers P/E (ttm) 24.78 20.00 21.93 Tangible Book -10.68 -18 Payout 0.65
Arthur J. Gallagher & Co is engaged in providing brokerage and consulting P/B 2.88 1.32 2.82 DCE (Earnings Based) 26.85 46 Yield on Cost(5y) % 3.02
services and third-party claims settlement and administration services to both P/S 1.85 3.95 1.63 DCF (FCF Based) 38.57 66 Continuous Div. since 2010
domestic and international entities. P/FCF 20.78 13.03 16.58 Median P/S 51.94 88 Insider Ownership % 0.63
Financial Strength
Industry Historical
Score: 4 /10 Current 24.19 22.1 15.04 22 24.51 32.76 35.25 43.59 40.08 36.24 52.24 Low
Median Median
Cash to Debt 0.19 N/A 1.71 58.13

21.55
F-Score 5 5.00 6 1W 2.47 0
3M
YTD 14.68 9.1
Net-Margin (%) 7.42 10.97 7.43
1Y 30.20 17.3
ROE (%) 11.67 5.18 12.85
ROA (%) 3.74 1.69 3.82 3Y 11.69
155.78 18.59 241.47
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 0.2 -0.8 11.10 16.9 32 17.6 17.6 26.3 21.8 22.7 24.3 20.2 22.4 24.8 Year End P/E
EPS without NRI 3.1 3.4 2.6 2.9 3.1 2.6 3 2.4 2 2.6 2.9 P/B
5.9 11.2 9.70
Growth (%) 1.4 1.5 1.3 1.6 1.8 1.7 1.9 1.6 1.3 1.7 1.9 P/S
8.8 3.8 1.30
16.7 17.5 17.2 17.7 19 20.6 24.4 30 31.1 31.4 31.9 Revenue Per Share
Quarterly 1.4 0.8 1.3 1.7 1.3 1.6 2.1 2 2.1 2.3 2.4 EPS
Net Income 47 150 123 95 56 -0.4 -3.3 -2.8 -2.4 -4.1 -5 -8.5 -12.1 -9.7 -10.1 -10.7 Tang. Book Per Share
EPS 0 1 1 1 0 27.4 28.4 28 28.9 30.9 33.5 39.7 48.7 50.7 51.1 51.9 Median P/S Value
Net Income (YoY) % 112 8 -8 53 20 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 100 4 -8 56 19
1623.3 1645 1729.3 1864.2 2134.7 2520.3 3179.6 4626.5 5392.4 5594.8 5707.1 Revenue
73.1 76.8 38.2 36.6 36.4 36.3 33.3 30.3 29.9 29.4 29.1 Gross Margin %
Guru Trades
216.1 163.6 211.1 203 207.8 245.3 291 291.5 293.5 356.9 395.2 Operating Income
Impact Cur.
Guru Date Action 13.3 10 12.2 10.9 9.7 9.7 9.2 6.3 5.4 6.4 6.9 Operating Margin %
% Shares
138.8 77.3 128.6 174.1 144.1 195 268.6 303.4 356.8 414.4 423.6 Net Income
8.6 4.7 7.4 9.3 6.8 7.7 8.5 6.6 6.6 7.4 7.4 Net Margin %
17.6 10.6 15.8 17.4 12.3 13.4 14.4 11.4 10.4 11.5 11.7 ROE %
Caxton Associates 03/31/17 Buy 0 9,900
4 2.3 3.9 5.1 3.6 4 4.4 3.6 3.4 3.7 3.7 ROA %
Jim Simons 12/31/16 Buy 0.04 473,200
Chuck Royce 12/31/16 Reduce -0.01 262,200 255.9 194.4 205.9 249.8 291.2 302.1 298.1 314.4 480.4 545.5 564 Cash & Equivalents
3556.8 3271.3 3250.3 3596 4483.5 5352.3 6860.5 10010 10911 11490 11781 Total Assets
400 400 550 550 675 725 825 2125 2071.7 2144.6 2144.7 Long-term Debt
Warning Signs 2841.3 2532.8 2357.4 2489.3 3239.9 3693.7 4775 6780.6 7272.2 7893 8118.1 Total Liabilities
SEVERE Altman Z-Score: Distress 92 96.4 102.5 108.4 114.7 125.6 133.6 164.6 176.9 178.3 179.5 Common Equity
SEVERE Gross Margin %: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SEVERE Operating Margin %: Declined 252.3 160.6 211.5 229.5 284 343 372.5 436.6 652.6 622.1 691.8 Cashflow from Operations
SEVERE Long-Term Debt: Keep issuing new debt -245.9 -262.1 -94.6 -92.6 -311.2 -382.2 -851.7 -2011.7 -461.6 -569.2 -636.1 Cashflow from Investing
-261.8 -1.3 -1 -0.8 -1.2 -1.5 -- -- -- -101 -101 Repurchase of Stock
Insider Trades 396.5 132 18 -- 135 169 601.5 817 78.9 396.8 419.3 Net Issuance of Debt
Cur. 41.5 40 -105.4 -96.2 65.6 45.9 480 1563.5 -9.9 33.9 95.7 Cashflow from Financing
Shares
-40.7 -32 -23.5 -25.1 -45.9 -51 -93.6 -81.5 -99 -217.8 -185.2 Capital Expenditure
English Frank E. Jr. Director 06/13/17 -1000 12100
211.6 128.6 188 204.4 238.1 292 278.9 355.1 553.6 404.3 506.6 Free Cash Flow
VICE
Ziebell William F 05/24/17 -7764 2595
PRESIDENT
Competitor
Chief Human
Pietrucha Susan E 05/22/17 -4133 18641 Financial Operating
Res Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Howell Douglas K VP & CFO 03/17/17 -20033 39621
Vice NAS:WLTW Willis Towers Watson PLC 5 7 20,071 38.89 2.58 8.63 1.65 4.93
Durkin James W Jr 02/14/17 -6900 297056
President NYSE:AJG Arthur J. Gallagher & Co 4 8 10,557 24.78 1.85 6.92 3.74 11.67
NAS:ERIE Erie Indemnity Co 6 3 6,426 30.40 3.96 19.54 14.59 25.99
NYSE:BRO Brown & Brown Inc 6 8 6,214 23.69 3.41 26.88 5.07 11.19
NAS:CRVL CorVel Corp 9 7 875 30.91 1.76 9.17 12.69 21.05
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:AKAM AKAM

Kkamai Technologies Inc (NAS:AAAM)
Current
Application Software - Software - Application P/E (ttm) 26.87 26.85 34.58 Tangible Book 10.87 22 Payout N/A
Akamai Technologies Inc provides cloud services for delivering, optimizing P/B 2.64 3.17 3.34 Peter Lynch Value 25.16 51 Yield on Cost(5y) % N/A
and securing online content and business applications. The Company's P/S 3.62 2.53 5.68 DCE (Earnings Based) 42.44 86 Continuous Div. since N/A
sales and service professionals are located in more than 50 offices in the P/FCF 17.56 24.94 28.86 Price 49.19 Insider Ownership % 1.2
United States, Europe and Asia. Shiller P/E 36.66 39.49 52 DCF (FCF Based) 60.04 122 Institution Ownership % 68.65
PEG 1.91 2.01 1.89 Median P/S 77.03 157 Short % of Float 3.93
Financial Strength
Industry Historical
Score: 7 /10 Current 28.28 9.29 12.43 24.7 18.65 27.44 33.55 46.01 51.08 39.57 47 Low
Median Median
Cash to Debt 1.31 9.14 1.44 78.36

34.54
F-Score 6 5.00 6 1W 0.57 0
9M
YTD -26.23 9.1
Net-Margin (%) 13.53 3.38 16.85
1Y -7.66 17.3
ROE (%) 10.12 6.30 9.60
ROA (%) 7.45 2.86 8.04 3Y -5.80
52.46 22.55 80.24
(%)
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth (%) 17 14 7.80 185 187 189 191 188 182 182 181 180 176 173 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) 17.3 12 2.70 61.8 18.9 32.5 52.3 30.2 36.5 29.3 34.4 29.6 37.3 26.9 Year End P/E
EPS without NRI Growth 4.2 1.6 2.5 4 2.7 3.1 3.2 3.8 3 3.6 2.6 P/B
16.9 12.4 3.40
(%) 10 3.5 5.6 8.8 5.2 5.4 5.4 5.8 4.3 5 3.6 P/S
Free Cash Flow Growth 22.2 7.2 11 20.1 10.6 13 13 14.9 11.9 14 10.1 EV/EBITDA
15.7 12.4 8.10
Quarterly 0.6 0.8 0.8 0.9 1.1 1.1 1.6 1.8 1.8 1.8 1.8 EPS
Revenue (YoY) % 8 6 6 6 7 8.3 10.4 11.2 13.4 15 14.8 19.1 20.2 20.3 20.7 21.2 Graham Number
Net Income (YoY) % -4 10 -14 4 8 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -2 14 -12 6 10
636.4 790.9 859.8 1023.6 1158.5 1373.9 1577.9 1963.9 2197.4 2340 2381.6 Revenue
Guru Trades 73.7 71.9 70.9 70.4 60.8 61.4 67.6 68.9 67 65.4 65.6 Gross Margin %
144.9 212.3 223.5 254.3 290.6 314.5 414 489.5 466.2 459.6 460.7 Operating Income
Impact Cur.
Guru Date Action 22.8 26.8 26 24.8 25.1 22.9 26.2 24.9 21.2 19.6 19.3 Operating Margin %
% Shares
John Hussman 03/31/17 Buy 0.99 75,000 101 145.1 145.9 171.2 200.9 204 293.5 333.9 321.4 316.1 322.2 Net Income
15.9 18.4 17 16.7 17.3 14.9 18.6 17 14.6 13.5 13.5 Net Margin %
8.7 9.9 8.8 8.7 9.3 9.1 11.8 12 10.6 10 10.1 ROE %
7 8.2 7.4 7.7 8.6 8.3 10.6 9.6 7.9 7.4 7.5 ROA %
Jim Simons 12/31/16 Buy 0.06 600,500 145.1 156.1 181.3 231.9 559.2 202 333.9 238.7 289.5 324.2 522.3 Cash & Equivalents
1656 1881 2087.5 2352.7 2345.5 2600.6 2957.7 4001.5 4181.7 4373.1 4450 Total Assets
199.9 199.9 -- -- -- -- -- 604.9 618 640.1 645.7 Long-term Debt
Warning Signs 297.5 312.2 348.8 175.1 189.3 254.9 328.3 1056.2 1060.8 1148.8 1191.4 Total Liabilities
SEVERE Operating Margin %: Declined 1.7 1.7 1.7 1.9 2 2 1.8 1.8 1.8 1.7 1.7 Common Equity
SEVERE Asset Growth: faster than revenue growth 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs 237 343.5 424.4 402.5 446.3 530 563.9 658.1 764.2 866.3 817.5 Cashflow from Operations
-226.7 -364.4 -357.5 -335.4 177.4 -779.1 -313.1 -1178.8 -435.6 -469.4 -274.6 Cashflow from Investing
-- -- -66.5 -92.4 -324.1 -141.5 -160.4 -268.6 -302.6 -373.8 -337.5 Repurchase of Stock
GOOD Price: Close to 1-year low -0 -- -- -- -- -- -- 660.9 -- -- -- Net Issuance of Debt
GOOD PE Ratio: Close to 5-year low 52.5 33.1 -42.5 -17.7 -294 -108 -115.2 436 -267.7 -354.3 -326.3 Cashflow from Financing
-100.5 -115.4 -108.1 -192 -176.1 -221 -260.1 -318.6 -445 -316.3 -325.1 Capital Expenditure
Insider Trades 136.5 228.1 316.3 210.4 270.2 309 303.8 339.4 319.2 550 492.4 Free Cash Flow
Cur.
Shares Competitor
Leighton F Thomson CEO 05/31/17 21196 3492k Financial Operating
Blumofe Robert EVP Platform 05/08/17 -4000 26177 Strength Margin(%)
Gemmell James
EVP & Chief
05/08/17 -1869 7148 NYSE:SQ Square Inc 6 2 8,975 0.00 4.68 -4.88 -7.84 -17.09
HR
NAS:CDK CDK Global Inc 5 6 8,882 31.22 4.22 21.57 11.88 86.71
Sagan Paul Director 04/12/17 -18666 41822
NAS:AAAM Akamai Technologies Inc 7 9 8,504 26.87 3.62 19.34 7.45 10.12
Sagan Paul Director 03/21/17 -18667 41822
NYSE:SHOP Shopify Inc 10 4 8,385 0.00 16.72 -9.44 -10.13 -12.41
NAS:OTEX Open Text Corp 5 8 8,314 7.53 3.88 16.08 17.64 38.39
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ALB ALB

Klbemarle Corp (NYSE:ALB)
Current
Chemicals - Specialty Chemicals P/E (ttm( 25.81 19.52 17.37 Tangible Book 15.19 14 Payout 0.5
Market Cap: $ 11,745 Mil Forward P/E 25.91 17.57 N/A Graham Number 29.18 28 Dividend Growth(5y( % 12.9
Albemarle Corp is a developer, manufacturer and marketer of engineered P/B 3.23 1.99 3.03 Median P/S 44.87 42 Yield on Cost(5y( % 2.13
specialty chemicals. It provides services to end markets including petroleum P/S 4.37 1.34 1.86 Price 106.05 Continuous Div. since 1994
refining, consumer electronics, construction, automotive, lubricants and P/FCF 26.71 19.09 19.12 Insider Ownership % 5.89
pharmaceuticals. Shiller P/E 30.18 29.57 26.11 Institution Ownership % 72.14
Financial Strength
Industry Historical
Score: 6 /10 Current 35.02 16.46 15.81 34.86 39 51.56 57.75 53.16 41.78 47.71 88.05 Low
Median Median
Cash to Debt 0.73 0.81 0.20 115.4

49.8
F-Score 7 5.00 6 1W -6.91 0
3M
YTD 23.94 9.1
Net-Margin (%( 17.02 5.52 12.11
1Y 34.61 17.3
ROE (%( 13.39 8.88 18.23
ROA (%( 5.34 4.69 7.91 3Y 15.58
16.13 14.40 21.32
(%(
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%( 1 -4.6 -2.40 4010 2068 3348 5109 4576 5522 5074 4692 6285 9686 11745 Market Cap
EBITDA Growth (%( 7.7 -0.4 -18.30 97 93 92 92 92 90 84 79 112 113 111 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( 8.1 -6.4 -19.50 17.5 10.7 18.7 16.2 12 17.9 12.9 35.6 18.7 15.2 25.8 Year End P/E
EPS without NRI Growth 3.1 1.9 2.8 3.6 2.9 3 3.1 3.5 1.9 2.6 3.2 P/B
7.4 -5 -40.10
(%( 1.7 0.8 1.7 2.2 1.6 2.2 2.2 1.9 2.1 3.6 4.4 P/S
Free Cash Flow Growth 11 8.4 13.7 11 8.1 11.7 8.5 14.7 15.1 12.3 18.4 EV/EBITDA
3.6 0.9 73.00
Book Value Growth (%( 10.9 12.2 4.20
24 26.6 21.8 25.6 31.3 28 28.4 30.9 25.3 23.6 24.2 Revenue Per Share
Quarterly 2.4 2.1 1.9 3.4 4.3 3.5 4.9 1.7 3 5.7 4.1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.5 2.5 2.8 2.8 3.2 2.3 3.3 4.8 1.2 4.7 4 Free Cashflow Per Share
Revenue 657 669 654 697 722 0.4 0.5 0.5 0.6 0.7 0.8 1 1.1 1.2 1.2 1.2 Dividends Per Share
Net Income 228 -315 128 602 51 8.6 6.7 8.3 11 13.4 16.4 15.7 13.7 12.6 16.9 15.2 Tang. Book Per Share
EPS 2 -3 1 5 0 44.6 49.3 40.4 47.5 58.2 52 53.9 57.4 50.3 43.9 44.9 Median P/S Value
Revenue (YoY( % -26 -7 -6 -4 10 21.4 17.7 19 29.2 35.9 35.6 41.4 28.2 27.7 38.5 29.2 Graham Number
Net Income (YoY( % 429 -704 96 246 -78 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 405 -704 95 240 -78
2336.2 2467.1 2005.4 2362.8 2869 2519.2 2394.3 2445.5 2826.4 2677.2 2742.1 Revenue
Impact Cur.
Guru Date Action 13.3 9 9.3 17 18.1 15.9 24.1 11.1 12.2 21.5 16.6 Operating Margin %
% Shares
Steve Mandel 03/31/17 Buy 1.1 1,972,767 229.7 194.2 178.4 315.8 392.1 311.5 413.2 133.3 334.9 643.7 466.7 Net Income
9.8 7.9 8.9 13.4 13.7 12.4 17.3 5.5 11.9 24 17 Net Margin %
19.9 16.6 15.7 24.1 26.1 18.2 23.9 8.9 14.5 18.3 13.4 ROE %
Joel Greenblatt 03/31/17 Buy 0.27 199,769
8.6 6.8 6.3 10.8 12.5 9.4 11.8 3 4.5 7.3 5.3 ROA %
John Burbank 03/31/17 Sell -0.07 0 130.6 253.3 308.8 529.7 469.4 477.7 477.2 2489.8 213.7 2269.8 1254.5 Cash & Equivalents
2830.5 2872.7 2771.6 3068.1 3203.8 3437.3 3584.8 5223.1 9598 8161.2 7366.5 Total Assets
707.3 906.1 776.4 851.9 749.3 686.6 1054.3 2223 3142.2 2121.7 1398.4 Long-term Debt
Warning Signs 1552.1 1806.9 1565.9 1652 1612.5 1603.7 1957.4 3863.6 6343.6 4366.1 3728.8 Total Liabilities
SEVERE Sloan Ratio: Poor quality of earnings 0.9 0.9 0.9 0.9 0.9 0.9 0.8 0.8 1.1 1.1 1.1 Common Equity
SEVERE Operating Margin %: Declined 242.5 327.2 358.5 331.3 487.4 488.8 432.9 492.6 360.7 733.4 643.3 Cashflow from Operations
MEDIUM Dividend Yield %: Close to 5-year low -132.9 -163.7 -121.6 -92.2 -212.9 -301.2 -157.7 -46.1 -2160.6 2920.5 2672.1 Cashflow from Investing
-101.2 -169 -5.8 -14.9 -178.1 -63.6 -582.3 -150 -- -- -250 Repurchase of Stock
Good Signs -25.6 207 -120 48.5 -5.5 -63.8 379.8 1876.4 -321.6 -1416 -1838.1 Net Issuance of Debt
GOOD Piotroski F-Score: High -139.7 -25 -180.8 -7.9 -329.1 -177.3 -288 1609.3 -478.3 -1577.9 -2302.4 Cashflow from Financing
Insider Trades 143.8 227.4 257.7 255.8 296.8 207.9 277.5 382 133 536.7 450.6 Free Cash Flow
Cur.
Shares Competitor
Chairman, Financial Operating
Kissam Luther C Iv 03/02/17 -4929 202917 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Presi Strength Margin(%)
Tozier Scott EVP & CFO 03/02/17 -2783 32506
OTCPK:NDEKY Nitto Denko Corp 8 6 13,170 25.30 1.97 10.54 6.90 9.35
EVP, Chief
Narwold Karen G 03/02/17 -945 25120 OTCPK:RDSMY Koninklijke DSM NV 6 4 12,881 16.92 1.42 8.95 5.56 11.79
Admi
Chairman, NYSE:ALB Albemarle Corp 6 6 11,745 25.81 4.37 16.58 5.34 13.39
Kissam Luther C Iv 01/06/17 -2542 190628
Presi
NYSE:IFF International Flavors & Fragrances Inc 6 7 10,668 26.78 3.42 17.00 9.72 24.37
Tozier Scott EVP & CFO 01/06/17 -1057 29722
OTCPK:CHYHY Chr. Hansen Holding A/S 6 8 9,461 41.35 8.44 27.72 11.96 29.65
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ALK ALK

Klaska Kir Group Inc (NYSE:ALK)
Current
Airlines P/E (ttm( 15.07 12.28 10.78 Tangible Book 7.54 9 Payout 0.19
Market Cap: $ 10,928 Mil Forward P/E 11.11 11.26 N/A Median P/S 29.59 33 Dividend Growth(5y( % N/A
Alaska Air Group Inc through its subsidiaries, provides passenger air, freight P/B 3.62 1.84 1.98 Graham Number 31.56 36 Yield on Cost(5y( % 1.3
and mail services within the state of Alaska and on the West Coast. P/S 1.73 0.72 0.58 DCF (FCF Based( 47.93 54 Continuous Div. since 2013
P/FCF 19.75 13.43 12.14 DCE (Earnings Based( 62.82 71 Insider Ownership % 0.48
PEG 0.6 0.66 0.36 Peter Lynch Value 146.75 166 Short % of Float 6.22
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.60 0.48 1.51 100.24

48.77
F-Score 5 5.00 6 1W -2.35 0
5M
YTD 0.32 9.1
Net-Margin (%( 11.51 5.97 6.67
1Y 46.44 17.3
ROE (%( 26.24 17.03 24.88
ROA (%( 8.51 4.71 5.47 3Y 24.21
23.79 13.91 16.16
(%(
Growth
EBITDA Growth (%( 30.5 25.1 -2.40 162 145 145 147 147 144 142 137 129 124 124 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( N/A 31.2 -6.50 8.1 -- 10.2 8.3 11.3 9.8 10.2 13.5 12.3 13.6 15.1 Year End P/E
N/A 34.3 -14.90
(%( 0.3 0.3 0.4 0.5 0.6 0.7 1 1.5 1.9 1.9 1.7 P/S
Free Cash Flow Growth 4 31.1 3.6 3.2 4 3.4 4.1 5.7 5.8 7.1 7.5 EV/EBITDA
N/A 27.9 -38.50
Quarterly 0.8 -0.9 0.8 1.7 1.7 2.2 3.6 4.4 6.6 6.5 5.9 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -2.2 -1.7 -1 2.5 2.1 1.6 2.9 2.5 5.8 5.7 4.5 Free Cashflow Per Share
Revenue 1347 1494 1566 1524 1749 -- -- -- -- -- -- 0.2 0.5 0.8 1.1 1.1 Dividends Per Share
Net Income 184 260 256 114 99 6.7 4.6 6.1 7.7 8.3 10.1 14.8 16.2 19.3 6.9 7.5 Tang. Book Per Share
Revenue (YoY( % 6 4 3 11 30 10.8 -- 10.8 17.2 17.6 22.4 34.5 40.1 53.3 31.9 31.6 Graham Number
Net Income (YoY( % 23 11 -7 -40 -46 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 30 17 -3 -40 -46
3506 3662.6 3399.8 3832.3 4318 4657 5156 5368 5598 5931 6333 Revenue
Guru Trades 68.6 58.8 79 55.4 55.4 54.5 54.3 56.7 65.4 67.8 65.2 Gross Margin %
210.9 -172.2 267.4 471.6 449 532 838 962 1298 1349 1225 Operating Income
Impact Cur.
Guru Date Action 6 -4.7 7.9 12.3 10.4 11.4 16.3 17.9 23.2 22.7 19.3 Operating Margin %
% Shares
Ken Heebner 03/31/17 Sell -1.65 0 124.3 -135.9 121.6 251.1 245 316 508 605 848 814 729 Net Income
3.6 -3.7 3.6 6.6 5.7 6.8 9.9 11.3 15.2 13.7 11.5 Net Margin %
13 -16.1 15.9 25.4 21.5 24.4 29.5 29.1 37.4 30.5 26.2 ROE %
Jim Simons 03/31/17 Reduce -0.04 2,085,800
2.9 -2.9 2.5 5 4.8 5.9 9 10.2 13.5 9.9 8.5 ROA %
Primecap Management 03/31/17 Reduce -0.03 6,068,000
Steven Cohen 03/31/17 Reduce -0.02 113,000 204.3 283.1 164.2 89.5 102 122 80 107 73 328 183 Cash & Equivalents
4490.9 4835.6 4996.2 5016.6 5167 5505 5838 6064 6530 9962 10302 Total Assets
1124.6 1596.3 1699.2 1313 1099 871 754 686 569 2645 2531 Long-term Debt
Warning Signs 3465.5 4173.7 4124.1 3911.2 3993 4084 3809 3937 4119 7031 7288 Total Liabilities
SEVERE Beneish M-Score: Possible manipulator 42.8 43.2 35.8 37 76 70 1 1 1 1 1 Common Equity
Good Signs 482 164.3 292.5 552.7 696 753 981 1030 1584 1386 1331 Cashflow from Operations
-601.8 -581.3 -657.4 -295.2 -403 -645 -698 -541 -930 -2622 -2774 Cashflow from Investing
-62.8 -48.9 -23.8 -45.1 -80 -60 -159 -348 -505 -193 -193 Repurchase of Stock
GOOD Operating Margin %: Expansion 149.7 540.7 14 -321 -227 -275 -161 -68 -116 1795 1730 Net Issuance of Debt
93.4 495.8 246 -332.2 -281 -88 -325 -462 -688 1491 1548 Cashflow from Financing
Insider Trades
-834.4 -412.8 -438.4 -185.3 -387 -518 -566 -694 -831 -678 -775 Capital Expenditure
Cur.
Shares -352.4 -248.5 -145.9 367.4 309 235 415 336 753 708 556 Free Cash Flow
CHAIRMAN,
Tilden Bradley D 06/13/17 -6500 175824 Competitor
PRESI
SR
Financial Operating
Sprague Joseph A VP/COMM & 06/08/17 -7000 13740 Strength Margin(%)
EX
OTCPK:ALNPY ANA Holdings Inc 5 4 12,370 14.78 0.77 8.55 4.06 11.11
CHAIRMAN,
Tilden Bradley D 05/17/17 -4700 177824 OTCPK:CHKIF China Southern Airlines Co Ltd 4 7 11,447 27.33 1.53 10.45 3.05 14.01
PRESI
Tilden Bradley D
CHAIRMAN,
04/05/17 -5600 179824 OTCPK:JAPSY Japan Airlines Co Ltd 7 6 11,322 8.87 0.97 13.69 8.82 16.01
PRESI
NYSE:ALK Alaska Air Group Inc 6 8 10,928 15.07 1.73 19.34 8.51 26.24
CHAIRMAN,
Tilden Bradley D 03/21/17 -5600 181824 OTCPK:DLAKY Deutsche Lufthansa AG 5 7 9,764 5.04 0.27 6.85 4.89 31.96
PRESI
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ALL ALL

Kllstate Corp (NYSE:ALL)
Current
Insurance - Property & Casualty P/E (ttm) 15.2 15.32 12.12 Peter Lynch Value 45.78 51 Payout 0.23
Market Cap: $ 32,730 Mil Forward P/E 14.49 15.63 N/A Tangible Book 46.87 52 Dividend Growth(5y) % 9.9
Allstate Corp, through its subsidiaries, is primarily engaged in the property- P/B 1.67 1.37 1.21 Median P/S 72.33 81 Yield on Cost(5y) % 2.53
liability insurance business and the life insurance, retirement and investment P/S 0.9 1.19 0.73 Graham Number 78.88 88 Continuous Div. since 2010
products business. It offers its products in the United States and Canada. P/FCF 8.84 10.47 7.37 Price 89.79 Insider Ownership % 0.59
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.07 2.41 0.10 88.82

37.35
F-Score 0 3.00 0 1W 3.73 0
9M
YTD 22.14 9.1
Net-Margin (%) 6.27 6.64 5.62
1Y 38.44 17.3
ROE (%) 10.67 8.79 9.20
ROA (%) 2.15 2.18 1.79 3Y 16.63
0.00 200.81 0.00
(%)
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth (%) N/A 19.6 36.30 597 548 541 543 523 493 470 438 407 377 365 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A 24.1 42.20 6.7 -- 19 18.5 18.4 8.6 11.4 11.2 12.3 15.8 15.2 Year End P/E
EPS without NRI Growth 1.4 1.4 1 0.9 0.8 0.9 1.2 1.4 1.3 1.4 1.7 P/B
N/A 19.3 44.60
(%) 0.9 0.6 0.5 0.6 0.4 0.6 0.7 0.9 0.7 0.8 0.9 P/S
Free Cash Flow Growth 4.4 -6.1 10.6 12 11.2 5.5 6.9 6.7 7.1 8.9 9.1 EV/EBITDA
1 20.1 16.30
Quarterly 7.8 -3.1 1.6 1.7 1.5 4.7 4.8 6.3 5.1 4.7 5.9 EPS
Net Income 246 271 520 840 695 37.3 22 29.5 34 34 40.4 43.3 46.3 44.8 48.1 46.9 Tang. Book Per Share
EPS 1 1 1 2 2 45 39 43.2 42.3 45.5 49.3 53.6 58.7 64 70.7 72.3 Median P/S Value
Revenue (YoY) % -1 2 2 7 6 80.8 -- 32.4 36.2 33.9 65.2 68.5 80.8 71.3 71.1 78.9 Graham Number
Net Income (YoY) % -64 -24 -20 72 183 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -63 -19 -15 83 214
36769 29394 32013 31400 32654 33315 34507 35239 35653 36534 37097 Revenue
6663 -3019 1241 1115 966 3288 4084 4310 3279 2749 3404 Operating Income
Impact Cur.
Guru Date Action 18.1 -10.3 3.9 3.6 3 9.9 11.8 12.2 9.2 7.5 9.2 Operating Margin %
% Shares
David Tepper 03/31/17 Reduce -0.97 1,856,203 4636 -1679 854 928 787 2306 2280 2850 2171 1877 2326 Net Income
12.6 -5.7 2.7 3 2.4 6.9 6.6 8.1 6.1 5.1 6.3 Net Margin %
Louis Moore Bacon 03/31/17 Sell -0.64 0
21.2 -9.7 5.8 5.2 4.2 11.9 10.8 12.5 9.7 8.7 10.7 ROE %
Hotchkis & Wiley 03/31/17 Reduce -0.55 659,228
3 -1.2 0.6 0.7 0.6 1.8 1.8 2.5 2 1.8 2.2 ROA %
Andreas Halvorsen 03/31/17 Sell -0.41 0
Jim Simons 03/31/17 Add 0.07 1,239,600
Steven Cohen 03/31/17 Sell -0.07 0 422 415 612 562 776 806 675 657 495 436 442 Cash & Equivalents
156408 134798 132652 130874 125193 126947 123520 108479 104656 108610 110243 Total Assets
5640 5659 5910 5908 5908 6057 6201 5140 5124 6347 6346 Long-term Debt
MEDIUM PB Ratio: Close to 10-year high 5433 3910 4301 3689 1929 3054 4242 3236 3616 3993 4136 Cashflow from Operations
MEDIUM PS Ratio: Close to 5-year high -115 3788 3440 2332 6161 1581 1580 1621 742 -2526 -2902 Cashflow from Investing
Good Signs 966 19 251 -2 -- 141 -356 -1006 -20 1219 -16 Net Issuance of Debt
GOOD Operating Margin %: Expansion -5339 -7705 -7544 -6071 -7876 -4605 -5953 -4875 -4520 -1526 -1323 Cashflow from Financing
Cur.
Shares Competitor
Gupta Sanjay 05/25/17 -16798 52809 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Winter Matthew E President 05/15/17 -33957 135914
NYSE:TRV The Travelers Companies Inc 5 6 36,050 12.73 1.33 13.97 2.89 12.15
EVP, General
Lees Susan L 05/04/17 -33806 37561 OTCPK:TKOMY Tokio Marine Holdings Inc 6 5 33,455 12.11 0.73 8.95 1.37 8.82
Co
Shebik Steven E EVP & CFO 05/04/17 -33616 100087 NYSE:ALL Allstate Corp 5 5 32,730 15.20 0.90 9.18 2.15 10.67
Sr. Group VP OTCPK:SAXPY Sampo Oyj 7 5 28,405 15.20 3.72 28.05 4.51 14.28
Pilch Samuel H 05/03/17 -8582 37044
an
NYSE:PGR Progressive Corp 5 5 25,990 21.81 1.07 7.13 3.64 14.97
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ALLE ALLE
Kllegion PLC (NYSE:ALLE) Ratios Valuation Analysis Dividend & Ownership

Median Median NCAV -16 -20 Dividend Yield(forward( % 0.8
Consulting & Outsourcing - Security & Protection Services
P/E (ttm( 32.5 17.51 33.72 Tangible Book -9.88 -12 Payout 0.21
Forward P/E 21.55 15.04 N/A Median P/S 66.35 82 Dividend Growth(5y( % N/A
Allegion PLC provides security products and solutions that keep people safe,
P/B 50.74 1.67 62.09 Price 80.75 Yield on Cost(5y( % 0.7
secure and productive. Its products include door closers, exit devices, frames,
P/S 3.42 1.33 2.81 Continuous Div. since 2014
biometrics, special surfaces, video surveillance, wireless connectivity, and
cloud technology. P/FCF 26.6 14.82 25.95 Insider Ownership % 0.43
Financial Strength
-- -- -- -- -- -- 48.48 57.62 68.03 72.82 80.62 Annual Price High
Industry Historical
Score: 5 /10 Current -- -- -- -- -- -- 40.7 43.65 52.79 53.77 64.5 Low
Median Median
Cash to Debt 0.13 0.72 0.17 80.62

19.96
F-Score 8 5.00 6 1W 4.20 0
2M
YTD 26.67 9.1
Net-Margin (%( 10.50 3.55 9.26
1Y 19.29 17.3
ROE (%( 190.50 7.18 181.33
ROA (%( 10.56 2.47 8.72 3Y 13.55
ROC (Joel Greenblatt( 1M 5Y 0.00
85.43 10.18 68.70
(%(
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%( N/A 1.5 8.00 -- -- -- -- -- -- 4241 5315 6328 6145 7694 Market Cap
EBITDA Growth (%( N/A -1.2 26.40 -- -- -- -- 96 96 96 97 97 97 95 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( N/A 2.8 19.10 -- -- -- -- -- -- 130 30.8 41.5 27 32.5 Year End P/E
EPS without NRI -- -- -- -- -- -- -- -- 246.9 54.2 50.7 P/B
N/A 1.5 44.20
Growth (%( -- -- -- -- -- -- 2.1 2.5 3.1 2.8 3.4 P/S
Free Cash Flow Growth -- -- -- -- -- -- 19.3 17 24.3 17.1 20.7 EV/EBITDA
N/A 3.6 33.80
(%( -- -- -- -- 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%( N/A N/A 106.40
-- -- -- -- 21.1 21.1 21.5 21.8 21.3 23.1 23.6 Revenue Per Share
Quarterly -- -- -- -- 2.3 2.3 0.3 1.8 1.6 2.4 2.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -- -- -- -- 2.5 2.6 2.1 2.1 2.3 3.5 3 Free Cashflow Per Share
Revenue 502 585 581 570 549 -- -- -- -- -- -- -- 0.3 0.4 0.5 0.5 Dividends Per Share
Net Income 58 95 2 75 68 -- -- -- -- -- 5.8 -7.5 -6.4 -11.1 -10 -9.9 Tang. Book Per Share
Revenue (YoY( % 10 13 7 4 9 -- -- -- -- -- 17.4 -- -- -- -- -- Graham Number
Net Income (YoY( % 27 49 -106 4 19 -- -- -- -- 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 28 48 -107 4 18
-- -- -- -- 2021.2 2023.3 2069.6 2118.3 2068.1 2238 2284.5 Revenue
Guru Trades -- -- -- -- 40.1 40.8 41.6 40.3 42 44 44.2 Gross Margin %
-- -- -- -- 359 371.3 240.8 326.3 358.6 425.5 441.8 Operating Income
Impact Cur.
Guru Date Action -- -- -- -- 17.8 18.4 11.6 15.4 17.3 19 19.3 Operating Margin %
% Shares
Caxton Associates 03/31/17 Sell -0.36 0 -- -- -- -- 218.1 220.1 32.3 175.2 153.9 229.1 239.8 Net Income
-- -- -- -- 10.8 10.9 1.6 8.3 7.4 10.2 10.5 Net Margin %
-- -- -- -- -- 32.8 5.1 -- 1479.8 329.9 190.5 ROE %
-- -- -- -- -- 22.2 1.6 8.7 7.2 10.2 10.6 ROA %
-- -- -- -- 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Jim Simons 03/31/17 Reduce -0.02 285,000 -- -- -- -- -- 317.5 227.4 290.5 199.7 312.4 189.6 Cash & Equivalents
-- -- -- -- -- 1983.8 2000.6 2015.9 2263 2247.4 2185.4 Total Assets
-- -- -- -- -- 2.8 1272 1215 1457.5 1415.6 1404.8 Long-term Debt
Warning Signs -- -- -- -- -- 640.6 2066.7 2020.7 2237.4 2134.1 2034 Total Liabilities
MEDIUM Price: Close to 5-year high -- -- -- -- -- -- 1 1 1 1 1 Common Equity
MEDIUM PS Ratio: Close to 5-year high -- -- -- -- 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs -- -- -- -- 265.5 269.2 223.9 255.9 257 377.5 337.4 Cashflow from Operations
-- -- -- -- -3.5 -17.5 -18.7 -34.8 -533.8 -64 -89 Cashflow from Investing
-- -- -- -- -- -- -- -50.3 -30 -85.1 -30 Repurchase of Stock
GOOD Dividend Yield %: Close to 5-year high -- -- -- -- -2.6 -1.1 1338.9 -78 278.3 -64.4 -49 Net Issuance of Debt
-- -- -- -- -253.6 -317.9 -292.4 -150 195 -196 -177.2 Cashflow from Financing
Insider Trades
-- -- -- -- -25.5 -19.6 -20.2 -51.5 -35.2 -42.5 -42.9 Capital Expenditure
Cur.
Shares -- -- -- -- 240 249.6 203.7 204.4 221.8 335 294.5 Free Cash Flow
Sr. Vice
Graves Todd V 06/02/17 -1858 12084 Competitor
Presid
SVP &
Financial Operating
Braun Jeffrey N 04/28/17 -7455 4693 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
General C Strength Margin(%)
Senior Vice NYSE:ALLE Allegion PLC 5 8 7,694 32.50 3.42 19.34 10.56 190.50
Wood Jeffrey M 04/28/17 -4071 1938
Pre
Sr. Vice
OTCPK:GFSZF G4S PLC 5 5 6,348 25.61 0.68 5.30 3.74 26.47
Kemp Tracy L 02/16/17 -7786 10474
Presid OTCPK:HLMAF Halma PLC 7 8 5,416 39.41 4.50 17.37 9.68 18.39
Sr. Vice
Muhlenkamp Chris E 02/13/17 -4263 16801 NYSE:BCO The Brink's Co 5 5 3,361 47.32 1.09 6.52 3.56 20.28
Presid
NYSE:MSA MSA Safety Inc 6 6 3,078 32.68 2.72 13.63 6.85 16.96
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:ALXN ALXN

Klexion Pharmaceuticals Inc (NAS:ALXN)
Current
Biotechnology P/E (ttm) 56.44 31.50 75.91 Tangible Book -1.79 -2 Payout N/A
Alexion Pharmaceuticals Inc is a biopharmaceutical company. It is engaged P/B 3.01 3.92 10.22 Price 117.98 Yield on Cost(5y) % N/A
in serving patients with severe and ultra-rare disorders through the P/S 8.21 11.91 15.95 Median P/S 228.94 194 Continuous Div. since N/A
development and commercialization of life-transforming therapeutic products. P/FCF 30.53 27.07 61.51 Insider Ownership % 0.85
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.45 45.46 2.84 207.84

Interest Coverage 7.34 No Debt 128.41 Gain(%) SP500(%)
99.45
F-Score 6 4.00 4 1W 14.63 0
Operating Margin (%) 21.92 -96.26 25.18
5M
YTD -3.57 9.1
Net-Margin (%) 14.50 -84.10 17.12
1Y -8.93 17.3
ROE (%) 5.57 -37.24 14.48
ROA (%) 3.58 -30.78 9.66 3Y -10.35
47.52 -369.38 55.00
(%)
Growth
EBIT Growth (%) N/A 17.2 15.60 -- 96.8 15 76.7 78.6 73.8 106.3 56.8 247.7 69.9 56.4 Year End P/E
EPS without NRI Growth 28 11.4 6.3 8.6 11.7 9.3 11 11.2 5.2 3.2 3 P/B
N/A 6.8 186.30
(%) 38.1 11.9 11.5 13.9 17.5 16.4 17.2 16.7 15.8 9 8.2 P/S
Free Cash Flow Growth -34.2 63.2 43.4 42.4 51.3 40.6 44.4 38 63.4 27.5 25.3 EV/EBITDA
N/A 13.8 59.20
(%)
Quarterly -0.6 0.2 1.6 0.5 0.9 1.3 1.3 3.3 0.7 1.8 2.1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -1.4 0 0.3 0.8 1.3 2 2.3 2.5 1.8 3.3 3.9 Free Cashflow Per Share
Net Income 92 115 94 92 170 0.5 1.2 3.6 4.5 5.2 5.5 7.7 12.4 -6.6 -2.9 -1.8 Tang. Book Per Share
EPS 0 1 0 0 1 7.8 24.3 33.9 46.3 65.1 91 123.5 176.3 192.8 216.8 228.9 Median P/S Value
Revenue (YoY) % 17 18 20 19 24 -- 2.3 11.5 7.2 10.3 12.6 14.8 30.1 -- -- -- Graham Number
Net Income (YoY) % 1 -32 -151 40 85 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -9 -39 -152 37 83
72 259.1 386.8 541 783.4 1134.1 1551.3 2234 2604 3084 3253 Revenue
Impact Cur.
-99.8 34.6 87.1 150.6 230.8 404.3 528 869 537 667 713.2 Operating Income
Guru Date Action -138.5 13.4 22.5 27.9 29.5 35.7 34 38.9 20.6 21.6 21.9 Operating Margin %
% Shares
Eric Mindich 03/31/17 Sell -0.49 0 -92.3 33.1 295.2 97 175.3 254.8 252.9 657 144 399 471.7 Net Income
John Paulson 03/31/17 Add 0.29 334,200
-128.1 12.8 76.3 17.9 22.4 22.5 16.3 29.4 5.5 12.9 14.5 Net Margin %
-81.6 19 63.1 12.5 17.6 16.4 11.6 23.1 2.5 4.7 5.6 ROE %
-27.6 8.2 46.7 10.8 14.6 12.7 8.5 17.5 1.7 3 3.6 ROA %
Manning & Napier
03/31/17 Reduce -0.18 1,105,568 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Advisors, Inc
Frank Sands 03/31/17 Reduce -0.15 5,235,630 95.3 138 157.2 267.1 540.9 989.5 529.9 944 1010 966 713 Cash & Equivalents
Jim Simons 03/31/17 Buy 0.06 360,942 334.4 477.6 786.4 1012 1394.8 2613.6 3317.7 4202 13097 13253 13435 Total Assets
194.5 141.4 10.4 4.5 -- 101 97.2 116.6 3405 3121 3116 Long-term Debt
232.8 230.6 98 152.3 260.3 642.7 935.6 899.9 4838 4559 4579 Total Liabilities
Warning Signs 0 0 0 0 0 0 0 0 -- -- -- Common Equity
-139.6 53.2 113.8 160.9 270.1 410.6 497.3 640 675 1086 1220 Cashflow from Operations
Insider Trades 3.1 -38.7 -81.4 -89.3 -33.7 -627.6 -1027.1 -223 -3585 -287 -776 Cashflow from Investing
Cur. -- -- -- -- -- -11.6 -66.1 -303 -328 -430 -201 Repurchase of Stock
Shares 17.8 -0.3 -44.3 -- -- 149 -36 -55 3399 -375 -44 Net Issuance of Debt
O'neill Julie
EVP. Global
03/02/17 -651 37864 64.8 28.3 -14.3 38.9 39.1 666.4 71.6 7 2985 -836 -433 Cashflow from Financing
Ope
-68.8 -48.4 -63 -12.8 -22 -21.8 -29.3 -137 -286 -333 -344 Capital Expenditure
Bell Leonard Director 03/01/17 -3978 390670
-208.4 4.8 50.8 148.1 248.1 388.8 468 503 389 753 876 Free Cash Flow
EVP, Chief
Carmichael Clare 03/01/17 -2179 39161
HR O Competitor
EVP & Global Financial Operating
Mackay Martin 03/01/17 -1855 50688
He Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
EVP &
Moriarty John B 03/01/17 -1804 51172
General C NAS:VRTX Vertex Pharmaceuticals Inc 7 4 30,894 177.23 15.12 14.62 6.57 15.75
OTCPK:ATLIF Actelion Ltd 9 9 28,611 39.67 11.47 32.12 34.22 50.89
NAS:ALXN Alexion Pharmaceuticals Inc 6 8 26,493 56.44 8.21 21.92 3.58 5.57
NAS:INCY Incyte Corp 7 6 24,649 0.00 19.12 -1.99 -7.31 -23.44
NAS:GRFS Grifols SA 6 9 17,673 30.50 4.16 23.13 5.52 15.60
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:AMAT AMAT

Kpplied Materials Inc (NAS:AMAT)
Current
Semiconductors - Semiconductor Equipment & Materials P/E (ttm) 19.6 23.08 18.54 Tangible Book 4.07 9 Payout 0.17
Applied Materials Inc provides manufacturing equipment, services and P/B 6.23 1.91 2.79 Median P/S 31.8 67 Yield on Cost(5y) % 1.13
software to the semiconductor, flat panel display, solar photovoltaic and P/S 4 1.72 2.68 Price 47.43 Continuous Div. since 2017
related industries. P/FCF 17.01 18.25 16.08 Peter Lynch Value 60.5 128 Insider Ownership % 1.55
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.23 1.77 3.08 47.43

19.65
F-Score 8 5.00 6 1W 3.11 0.2
33M
YTD 47.60 9.1
Net-Margin (%) 20.41 3.63 11.82
1Y 97.40 14.8
ROE (%) 36.19 4.52 13.58
ROA (%) 17.65 2.48 9.01 3Y 30.62
140.25 9.62 67.20
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) N/A 18.5 109.80 16.1 18.4 -- 17.6 8.4 132.5 85.1 25.4 15 18.8 19.6 Year End P/E
EPS without NRI 3.4 2.3 2.3 2.2 1.8 1.8 3 3.4 2.6 4.3 6.2 P/B
N/A 30.4 122.00
Growth (%) 2.8 2.2 3.2 1.7 1.6 1.6 2.9 3 2.1 3 4 P/S
Free Cash Flow Growth 9 8.7 -82.8 8.2 4.4 15.3 25.2 13.4 9.2 12.1 14 EV/EBITDA
4.4 1.6 155.50
Quarterly 1.2 0.7 -0.2 0.7 1.5 0.1 0.2 0.9 1.1 1.5 2.4 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 1.4 1 0.1 1.2 1.7 1.3 0.3 1.3 0.8 2 2.8 Free Cashflow Per Share
Net Income 320 505 610 703 824 4.6 4.5 4.2 4.5 5.6 2 2.2 3 3.1 3.1 4.1 Tang. Book Per Share
Revenue (YoY) % 0 13 39 45 45 11.2 8.4 -- 8.4 13.5 2 3.3 7.6 8.8 10.3 14.9 Graham Number
Net Income (YoY) % -12 53 82 146 158 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 0 70 96 160 162
9734.9 8129.2 5013.6 9549 10517 8719 7509 9072 9659 10825 12942 Revenue
46.2 42.4 28.5 38.9 41.5 38 39.8 42.4 40.9 41.7 43.6 Gross Margin %
Guru Trades
2371.5 1355.4 -393.6 1384 2398 411 432 1520 1693 2152 3120 Operating Income
Impact Cur.
Guru Date Action 24.4 16.7 -7.9 14.5 22.8 4.7 5.8 16.8 17.5 19.9 24.1 Operating Margin %
% Shares
Ken Heebner 03/31/17 Sell -2.02 0
1710.2 960.7 -305.3 938 1926 109 256 1072 1377 1721 2642 Net Income
17.6 11.8 -6.1 9.8 18.3 1.3 3.4 11.8 14.3 15.9 20.4 Net Margin %
23.6 12.5 -4.2 12.8 23.6 1.4 3.6 14.3 17.8 23.2 36.2 ROE %
John Burbank 03/31/17 Buy 0.15 51,353
17 8.9 -3 9.1 15.5 0.8 2.1 8.5 9.7 11.5 17.7 ROA %
Joel Greenblatt 03/31/17 Reduce -0.13 1,125,818
Ray Dalio 03/31/17 Sell -0.07 0 1202.7 1411.6 1576.4 1857.7 5960 1392 1711 3002 4797 3406 4944 Cash & Equivalents
10662 11006 9574.2 10943 13861 12102 12043 13174 15308 14588 18240 Total Assets
202.3 201.6 200.7 204.3 1947 1946 1946 1947 3342 3143 5302 Long-term Debt
SEVERE Asset Growth: faster than revenue growth 13.9 13.3 13.4 13.3 13 12 12 12 11 11 11 Common Equity
MEDIUM Price: Close to 10-year high 2209.3 1710.5 332.7 1723 2429 1851 623 1800 1163 2466 3322 Cashflow from Operations
-976.6 -76 112.7 -862 707 -4660 215 -161 -281 -425 -1959 Cashflow from Investing
Good Signs
-1332 -1500 -22.9 -350 -468 -1416 -245 -30 -1325 -1892 -779 Repurchase of Stock
GOOD Piotroski F-Score: High -202.1 -2.1 -0.8 -6 1730 -1 -- -- 2581 -1207 2174 Net Issuance of Debt
-892 -1426 -281.3 -576 960 -1754 -519 -348 913 -3432 1111 Cashflow from Financing
Insider Trades
-264.8 -287.9 -248.4 -169 -209 -162 -197 -241 -215 -253 -279 Capital Expenditure
Cur.
Shares 1944.5 1422.6 84.2 1554 2220 1689 426 1559 948 2213 3043 Free Cash Flow
Forrest Stephen R Director 06/01/17 -5000 80178 Competitor
Forrest Stephen R Director 02/21/17 -5000 79159 Financial Operating
Sr. VP, GC
Larkins Thomas F 01/04/17 -100000 457782 Strength Margin(%)
& Co
OTCPK:ASMLF ASML Holding NV 7 7 57,954 28.84 6.93 28.62 11.51 19.22
Powell Dennis D Director 01/03/17 -21017 77190
Senior VP, NAS:AMAT Applied Materials Inc 7 8 50,970 19.60 4.00 24.11 17.65 36.19
Nalamasu Omkaram 11/30/16 -16841 326611
CTO NAS:LRCX Lam Research Corp 7 7 26,612 21.05 4.14 22.22 12.26 23.13
OTCPK:TOELY Tokyo Electron Ltd 9 7 24,978 32.22 3.97 17.66 10.71 15.22
NAS:KLAC KLA-Tencor Corp 6 6 17,076 18.19 4.94 36.92 18.71 115.95
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AME AME

KMETEK Inc (NYSE:AME)
Current
Industrial Products - Diversified Industrials P/E (ttm) 28.01 23.19 20.67 Tangible Book -6.4 -10 Payout 0.16
AMETEK Inc is a manufacturer of electronic instruments and P/B 4.2 1.90 3.62 DCE (Earnings Based) 41.16 66 Yield on Cost(5y) % 1.34
electromechanical devices with operations in North America, Europe, Asia P/S 3.69 1.28 2.58 Median P/S 43.33 70 Continuous Div. since 2017
and South America. P/FCF 21.19 17.80 17.8 DCF (FCF Based) 58.88 95 Insider Ownership % 0.64
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.24 1.12 0.13 62.38

25.71
F-Score 5 5.00 6 1W 0.55 0
3M
YTD 28.37 9.1
Net-Margin (%) 13.24 4.33 13.10
1Y 34.27 17.3
ROE (%) 15.49 6.84 18.28
ROA (%) 7.32 3.38 9.17 3Y 5.91
73.18 11.81 80.24
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 12 6.1 -6.10 22.1 13.1 20.1 22.2 17.7 20 25.1 22.2 21.9 22.2 28 Year End P/E
13.5 7.6 -8.60
(%) 2.4 1.3 2 2.6 2.3 2.8 3.6 3.2 3.3 3 3.7 P/S
Free Cash Flow Growth 13.2 8.6 11.5 13.4 11 12.4 15.3 13.7 13.5 13.2 16.5 EV/EBITDA
14.7 7.9 10.70
Quarterly 0.9 1 0.8 1.2 1.6 1.9 2.1 2.4 2.5 2.2 2.2 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1 0.8 1.4 1.6 1.9 2.3 2.4 2.6 2.5 3 2.9 Free Cashflow Per Share
Net Income 134 138 131 109 139 -0.5 -1.6 -1 -2.3 -3.1 -4 -3 -4.1 -4.8 -5.7 -6.4 Tang. Book Per Share
EPS 1 1 1 0 1 22.8 27 22.3 26.4 31.7 35.3 37.7 42 42.4 42.4 43.3 Median P/S Value
Revenue (YoY) % -4 -3 -5 -2 7 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoY) % -6 -11 -16 -20 4 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -3 -8 -14 -18 5
2136.9 2531.1 2098.4 2471 2989.9 3334.2 3594.1 4022 3974.3 3840.1 3903.4 Revenue
Impact Cur.
% Shares
Lou Simpson 03/31/17 Reduce -3.28 3,471,417 228 247 205.8 283.9 384.5 459.1 517 584.5 590.9 512.2 516.9 Net Income
10.7 9.8 9.8 11.5 12.9 13.8 14.4 14.5 14.9 13.3 13.2 Net Margin %
20.7 19.5 14.4 17 20.1 20 18.2 18.3 18.2 15.7 15.5 ROE %
9.3 8.5 6.5 8 9.5 9.7 9.3 9.5 9 7.4 7.3 ROA %
Paul Tudor Jones 03/31/17 Add 0.1 72,000
Mario Gabelli 03/31/17 Reduce -0.05 1,913,465 170.1 87 246.4 163.2 170.4 158 295.2 377.6 381 717.3 570.2 Cash & Equivalents
2765.2 3055.5 3246 3818.9 4319.5 5190.1 5877.9 6421 6660.5 7100.7 7298.8 Total Assets
667 1093.2 955.9 1071.4 1123.4 1133.1 1141.8 1427.8 1553.1 2062.6 2076.6 Long-term Debt
Warning Signs 1524.5 1767.8 1679 2043.7 2266.7 2654.9 2741.8 3181.4 3405.8 3844.2 3894.6 Total Liabilities
MEDIUM Revenue per Share: Growth slow down 278.5 247.3 364.7 423 508.6 612.5 660.7 726 672.5 756.8 747.7 Cashflow from Operations
MEDIUM Dividend Yield %: Close to 2-year low -334.7 -496.6 -106.3 -566.8 -526.5 -803.7 -460.3 -641.6 -425.6 -452.4 -494.9 Cashflow from Investing
MEDIUM Price: Close to 10-year high -5.4 -57.4 -- -78.6 -59.3 -4.6 -8.5 -245.3 -435.4 -336.1 -219.7 Repurchase of Stock
180.9 245.5 -92.4 139.3 99.1 177.9 -44.9 326.6 244.8 456.5 232.1 Net Issuance of Debt
Insider Trades 174.1 173.5 -102.5 62.6 31.9 174.5 -70.3 24.1 -217 57.1 -40.7 Cashflow from Financing
Cur. -37.6 -44.2 -33.1 -39.2 -50.8 -57.4 -63.3 -71.3 -69.1 -63.3 -65.6 Capital Expenditure
Shares
240.9 203.1 331.6 383.8 457.7 555 597.3 654.6 603.5 693.6 682.1 Free Cash Flow
Varet Elizebeth R Director 06/09/17 -3000 192430
Varet Elizebeth R Director 06/05/17 -3000 195430 Competitor
PRESIDENT Financial Operating
Jones Timothy N 06/02/17 -39955 28012 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
- ELE Strength Margin(%)
CHIEF
Oscher Ronald J 05/19/17 -5315 4878 NYSE:AME AMETEK Inc 6 8 14,315 28.01 3.69 20.85 7.32 15.49
ADMINISTR
Malone James R Director 05/12/17 -1190 4300 OTCPK:MHVYF Mitsubishi Heavy Industries Ltd 5 6 13,130 0.00 0.37 4.93 -0.01 -0.05
NYSE:DOV Dover Corp 5 6 12,824 22.16 1.84 10.66 6.11 15.35
OTCPK:TOSBF Toshiba Corp 4 4 12,242 0.00 0.24 -4.50 -9.81 -192.89
NYSE:PNR Pentair PLC 5 5 12,092 24.20 2.28 13.17 4.27 11.83
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AMG AMG

Kffiliated Managers Group Inc (NYSE:AMG)
Current
Asset Management P/E (ttm) 18.53 12.97 28.15 Tangible Book -9.39 -6 Payout 0.02
Market Cap: $ 9,226 Mil Forward P/E 13.19 14.31 N/A DCE (Earnings Based) 94.07 58 Dividend Growth(5y) % N/A
Affiliated Managers Group Inc., is an asset management company with equity P/B 2.59 1.01 3.21 Peter Lynch Value 101.17 62 Yield on Cost(5y) % 0.25
investments in a group of boutique investment management firms or P/S 4.28 6.15 3.77 Median P/S 143.57 88 Continuous Div. since 2017
Affiliates. P/FCF 8.47 15.92 9.91 Price 163.00 Insider Ownership % 1.45
Shiller P/E 32.15 20.12 40.1 DCF (FCF Based) 350.05 215 Institution Ownership % 76.03
Financial Strength
Industry Historical
Score: 5 /10 Current 103.89 18.99 29.19 59.7 72.88 96 133.91 179.3 144.01 117.8 141.34 Low
Median Median
Cash to Debt 0.28 N/A 0.41 228.02

104.52
F-Score 4 5.00 6 1W 2.02 0
1M
YTD 12.46 9.1
Net-Margin (%) 22.38 40.43 11.74
1Y 6.21 17.3
ROE (%) 15.29 6.31 12.09
ROA (%) 5.87 3.62 4.46 3Y -6.04
973.92 68.89 771.43
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 5.7 11.1 -11.20 25.8 -- 49.2 35.4 30.8 39.7 33.1 27.6 17.4 17 18.5 Year End P/E
EPS without NRI 7.5 1.9 2.8 3 2.8 3.4 5.5 4.5 3.1 2.4 2.6 P/B
N/A 26.8 -0.50
Growth (%) 3.6 1.5 3.5 3.6 3 3.8 5.7 5 3.7 3.8 4.3 P/S
13.2 10.9 1.90
Book Value Growth (%) 14.2 12 19.30
Quarterly 4.6 -0 1.4 2.8 3.1 3.3 6.6 7.7 9.2 8.6 8.8 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 7.3 13 5.6 9.6 13.1 11.6 16.5 24.3 20.5 17.7 19.3 Free Cashflow Per Share
Revenue 545 554 545 550 544 -- -- -- -- -- -- -- -- -- -- 0.2 Dividends Per Share
Revenue (YoY) % -14 -14 -11 -7 -0 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoY) % -19 -17 1 3 18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -17 -15 2 1 12
1369.9 1158.2 841.8 1358.2 1704.8 1805.5 2188.8 2510.9 2484.5 2194.6 2193.5 Revenue
57.7 55.4 52.2 56.2 57.8 56.5 56.7 59 58.6 57.5 56.8 Gross Margin %
Guru Trades
335.1 358.6 239.8 374 486.1 400.4 634.1 815.2 835 705.3 703.2 Operating Income
Impact Cur.
Guru Date Action 24.5 31 28.5 27.5 28.5 22.2 29 32.5 33.6 32.1 32.1 Operating Margin %
% Shares
John Burbank 03/31/17 Reduce -0.84 50,465 182 -1.3 59.5 138.6 164.9 174 360.5 433.9 509.5 472.8 490.8 Net Income
13.3 -0.1 7.1 10.2 9.7 9.6 16.5 17.3 20.5 21.5 22.4 Net Margin %
37.6 -0.2 5.9 9.5 9 8.8 17.1 18.2 18.7 14.7 15.3 ROE %
Columbia Wanger 03/31/17 Reduce -0.38 140,103
6 -0 1.8 3.2 3.1 3.1 5.8 6.2 6.6 5.7 5.9 ROA %
Pioneer Investments 03/31/17 Add 0.03 175,260
Ray Dalio 03/31/17 Sell -0.03 0
Chuck Royce 03/31/17 Add 0.01 27,080 223 396.4 259.5 313.3 449.5 430.4 469.6 550.6 563.8 430.8 293.6 Cash & Equivalents
3395.7 3212.7 3390.9 5279.8 5218.9 6187.1 6318.8 7698.1 7769.4 8749.1 8590.1 Total Assets
1197.6 233.5 457 882.1 685.6 1630.6 1383.7 1894.9 1879.4 2109.6 2026 Long-term Debt
SEVERE Asset Growth: faster than revenue growth 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 Common Equity
MEDIUM Altman Z-Score: Grey 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Revenue per Share: Declined 326.7 508 243.2 480.7 708.5 633.2 957.1 1436.9 1208.4 1027.6 1124.1 Cashflow from Operations
-580.8 -93.6 -181.5 -973.8 -67.7 -802.3 -50.3 -1268.1 -324.5 -1332.2 -765 Cashflow from Investing
Good Signs
-436 -65.5 -39.5 -135.8 -74.4 -60.9 -15.7 -190.8 -413.7 -33.4 -96.5 Repurchase of Stock
GOOD Operating Margin %: Expansion 151.5 -29.1 -230.3 431.2 -282.5 411.4 -482.3 740.3 17.8 229.9 -275.5 Net Issuance of Debt
272.5 -238.3 -202.3 545 -503.8 146.2 -869.1 -77.6 -857.7 200.9 -336.3 Cashflow from Financing
Insider Trades
-16.8 -9.6 -2.6 -8.8 -16.1 -20 -24 -19.2 -38.2 -20.2 -20.2 Capital Expenditure
Cur.
CEO and
Healey Sean M 06/13/17 -56928 115977 Competitor
Chairma
Financial Operating
Churchill Dwight D. Director 06/05/17 -3277 4024 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Ryan Patrick T Director 05/19/17 -8902 4717
CFO and
OTCPK:KNVKF Kinnevik AB 9 7 9,795 13.81 45.60 198.17 7.40 7.57
Horgen Jay C. 02/09/17 -70000 104827
Treasur NYSE:AMG Affiliated Managers Group Inc 5 7 9,226 18.53 4.28 32.06 5.87 15.29
CEO and
Healey Sean M 12/15/16 -62000 95860 NAS:SEIC SEI Investments Co 9 9 8,588 25.64 6.20 26.79 21.82 26.27
Chairma
NYSE:KKR KKR & Co LP 5 3 8,511 10.30 2.02 57.17 2.30 15.19
OTCPK:HRGLF Hargreaves Lansdown PLC 8 7 8,203 33.19 16.63 64.67 30.33 83.70
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:AMGN AMGN

Kmgen Inc (NAS:AMGN)
Current
Biotechnology P/E (ttm) 15.56 31.50 16.19 Tangible Book 8.09 5 Payout 0.39
Amgen Inc is a biotechnology company that discovers, develops, P/B 3.94 3.92 3.56 Median P/S 133.19 81 Yield on Cost(5y) % 15.5
manufactures and delivers human therapeutics. The Company's business P/S 5.35 11.91 4.35 Price 164.11 Continuous Div. since 2011
segment is human therapeutics. P/FCF 12.3 27.07 12.87 Peter Lynch Value 200.03 122 Insider Ownership % 0.37
PEG 0.76 2.17 1 DCF (FCF Based) 248.89 152 Short % of Float 1.1
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.13 45.46 1.02 182.6

71.32
F-Score 7 4.00 6 1W 0.90 0
19M
YTD 13.82 9.1
Net-Margin (%) 34.43 -84.10 27.11
1Y 10.87 17.3
ROE (%) 26.29 -37.24 21.47
ROA (%) 10.27 -30.78 9.57 3Y 14.63
152.43 -369.38 82.20
(%)
Growth
EPS without NRI 2.8 3 2.5 2.1 2.7 3.4 3.9 4.7 4.4 3.6 3.9 P/B
14 19.2 11.60
Growth (%) 3.5 4.1 3.9 3.5 3.8 3.9 4.7 6.1 5.7 4.8 5.4 P/S
Free Cash Flow Growth 9.9 9.2 7.8 6.9 9.7 10 12.9 14.9 11.5 8.8 9.6 EV/EBITDA
13.6 21.3 7.60
Quarterly 2.8 3.8 4.5 4.8 4 5.5 6.6 6.7 9.1 10.2 10.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 3.7 4.9 5.7 5.4 5 6.6 7.3 10.3 11.9 12.6 13.3 Free Cashflow Per Share
Revenue 5527 5688 5811 5965 5464 -- -- -- -- 0.6 1.4 1.9 2.4 3.2 4 4.2 Dividends Per Share
Net Income 1900 1870 2017 1935 2071 3 5.8 3.5 11.1 5.9 3.2 -8.1 -2.2 2.2 6.6 8.1 Tang. Book Per Share
Revenue (YoY) % 10 6 2 8 -1 13.9 22.2 18.8 34.7 23.2 20 -- -- 21.2 38.9 43.8 Graham Number
EPS (YoY) % 18 15 10 11 12
14771 15003 14642 15053 15582 17265 18676 20063 21662 22991 22928 Revenue
Impact Cur.
% Shares
Vanguard Health Care 3166 4052 4605 4627 3683 4345 5081 5158 6939 7722 7893 Net Income
03/31/17 Reduce -0.46 526,472 21.4 27 31.5 30.7 23.6 25.2 27.2 25.7 32 33.6 34.4 Net Margin %
Fund
Richard Snow 03/31/17 Add 0.28 52,001
17.2 21.2 21.4 19.9 17.1 22.8 24.7 21.6 25.8 26.7 26.3 ROE %
9.3 11.4 12.1 11.1 8 8.4 8.4 7.6 9.9 10.4 10.3 ROA %
Joel Greenblatt 03/31/17 Add 0.18 397,344
Steven Cohen 03/31/17 Buy 0.16 180,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Primecap Management 03/31/17 Reduce -0.13 24,105,794 34639 36443 39629 43486 48871 54298 66125 69009 71449 77626 77862 Total Assets
Ray Dalio 03/31/17 Buy 0.1 51,460 9177 9176 10601 10874 21344 24034 29623 30215 29182 30193 30293 Long-term Debt
24976 25527 26944 27299 27777 29337 29891 30410 30649 30784 30766 Common Equity
Warning Signs
5401 5988 6336 5787 5119 5882 6291 8952 9731 10354 10824 Cashflow from Operations
MEDIUM Price: Close to 10-year high -1992 -3165 -3202 -4152 -786 -9990 -8469 -5752 -5547 -8658 -4425 Cashflow from Investing
Good Signs
2142 -1009 980 2471 7887 4810 4683 -1129 1065 3593 204 Net Issuance of Debt
GOOD Piotroski F-Score: High -2668 -3073 -2024 -1232 -674 419 2726 -3274 -3771 -2599 -5937 Cashflow from Financing
GOOD Revenue per Share: Consistent growth -1267 -672 -530 -580 -567 -714 -693 -1003 -649 -837 -849 Capital Expenditure
GOOD Operating Margin %: Expansion 4134 5316 5806 5207 4552 5168 5598 7949 9082 9517 9975 Free Cash Flow

Financial Operating
Cur. Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Shares Strength Margin(%)
Baltimore David Director 05/31/17 -3700 31159 NAS:AMGN Amgen Inc 5 9 120,686 15.56 5.35 43.54 10.27 26.29
Patton Cynthia M SVP & CCO 05/24/17 -2922 21540 NYSE:NVO Novo Nordisk A/S 8 9 109,649 18.51 6.34 43.90 42.94 93.41
VP, Finance NAS:CELG Celgene Corp 6 8 94,175 45.36 8.30 28.05 7.86 35.05
Such Annette Louise 08/02/16 -3000 7183
and
NAS:GILD Gilead Sciences Inc 5 8 84,689 6.83 2.97 57.55 23.49 74.22
NAS:BIIB Biogen Inc 6 9 54,094 15.97 4.82 41.59 16.05 30.27
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AMP AMP

Kmeriprise Financial Inc (NYSE:AMP)
Current
Asset Management P/E (ttm( 15.7 12.97 14.55 Tangible Book 40.7 31 Payout 0.36
Ameriprise Financial Inc is a diversified financial services company. The P/B 3.18 1.01 1.59 Median P/S 105.36 81 Yield on Cost(5y( % 7.47
Company offers products and services designed to achieve the financial P/S 1.78 6.15 1.46 Peter Lynch Value 110.69 85 Continuous Div. since 2005
objectives of individual and institutional clients. P/FCF 17.14 15.92 10.6 Price 129.61 Insider Ownership % 0.52
Industry Historical
Median Median
54.1 12.37 13.8 35.83 37.34 45.46 63.98 101.47 103.08 76.27 111.55 Low
Cash to Debt 0.37 N/A 0.67
Equity to Asset 0.04 0.85 0.07 137.81

F-Score 0 5.00 0 Gain(%) SP500(%)
62.72
1W 5.15 0
Profitability
Median Median 12.37 3M -2.42 4.2
Operating Margin (%( 13.68 50.80 14.02 6M 14.68 8.7
Net-Margin (%( 11.40 40.43 11.05
6M
YTD 18.25 9.1
ROE (%( 20.20 6.31 11.35
1Y 37.13 17.3
ROA (%( 0.96 3.62 0.88
ROC (Joel Greenblatt( 3Y 5.91
0.00 68.89 0.00
(%( 3.1M 5Y 23.30
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%( 9.1 11.6 9.40
EBITDA Growth (%( N/A 13.7 -12.40 12551 5060 9903 14198 11017 12773 22103 24216 18201 17169 19760 Market Cap
EBIT Growth (%( N/A 15.7 -11.60 240 225 244 262 246 223 207 195 184 168 152 Sh. Outstanding-diluted(Mil(
EPS without NRI 16.3 -- 13.4 13.7 10.9 13.6 17.8 15.9 12.6 14.2 15.7 Year End P/E
N/A 13.8 -3.10
Growth (%( 1.6 0.8 1.1 1.3 1.2 1.4 2.7 3 2.5 2.7 3.2 P/B
Free Cash Flow Growth 1.3 0.7 1.2 1.6 1.2 1.4 2.1 2.1 1.6 1.6 1.8 P/S
N/A 14.5 -36.60
(%( 7.7 -18.3 -23.6 9.4 8.6 10.6 11.7 10.5 9.9 9.8 11.2 EV/EBITDA
Book Value Growth (%( 3.3 -0.3 -4.30 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly 36.7 31.6 32.5 36.5 41.6 46 54.2 63.1 66.2 69.8 72.2 Revenue Per Share
Mar16 Jun16 Sep16 Dec16 Mar17 3.4 -0.2 3 4.2 4.5 4.6 6.4 8.3 8.5 7.8 8.2 EPS
Revenue 2774 2879 3010 3072 2911 1.7 8.6 -5.7 6.5 7.8 6.1 6.1 11.7 13.2 11.2 7.5 Free Cashflow Per Share
Net Income 364 335 215 400 403 0.6 0.6 0.7 0.7 0.9 1.4 2 2.3 2.6 2.9 3 Dividends Per Share
EPS 2 2 1 2 3 34.3 28.5 36.3 43.5 40.5 44.6 42.6 44.4 42 40.7 40.7 Tang. Book Per Share
Revenue (YoY( % -9 -8 4 -1 5 63 46 47.4 54 60.8 67.3 79.2 92 96.7 102 105.4 Median P/S Value
Net Income (YoY( % -7 -19 -46 12 11 51.1 -- 49.1 64.6 65.9 68.2 78.7 91.1 89.6 84.5 86.8 Graham Number
EPS (YoY( % 0 -12 -40 22 21 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
8805 7097 7946 9582 10239 10259 11230 12296 12200 11735 11872 Revenue
Guru Trades
100 100 100 100 100 100 100 100 100 100 100 Gross Margin %
Impact Cur.
Guru Date Action 1016 -244 1061 1634 1447 1238 1970 2575 2172 1631 1624 Operating Income
% Shares
Louis Moore Bacon 03/31/17 Buy 0.26 75,000
11.5 -3.4 13.4 17.1 14.1 12.1 17.5 20.9 17.8 13.9 13.7 Operating Margin %
814 -36 722 1097 1116 1029 1334 1619 1562 1314 1353 Net Income
Barrow, Hanley,
03/31/17 Reduce -0.11 2,165,901 9.2 -0.5 9.1 11.5 10.9 10 11.9 13.2 12.8 11.2 11.4 Net Margin %
Mewhinney & Strauss
10.4 -0.5 9.4 11 11.3 11.4 15.4 19.9 20.4 19.5 20.2 ROE %
T Rowe Price Equity
03/31/17 Reduce -0.08 2,440,000 0.8 -0 0.7 0.9 0.9 0.8 1 1.1 1.1 0.9 1 ROA %
Income Fund
Ronald Muhlenkamp 03/31/17 Buy 0.06 1,600 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Paul Tudor Jones 03/31/17 Sell -0.02 0 3836 6228 3278 3310 3251 2371 2632 2638 2357 2318 1996 Cash & Equivalents
Ray Dalio 03/31/17 Sell -0.02 0 109230 95676 113770 131214 132307 134729 144576 148810 145339 139821 140857 Total Assets
2018 2027 2249 7852 7571 7384 8456 9929 10223 5236 5252 Long-term Debt
3 3 3 3 3 3 3 3 3 3 3 Common Equity
Warning Signs
724 2061 -1318 1847 2178 1505 1364 2399 2572 1971 1361 Cashflow from Operations
MEDIUM Price: Close to 10-year high
4628 -140 -6373 -734 -1146 4417 -802 -715 -514 -804 -594 Cashflow from Investing
MEDIUM PB Ratio: Close to 10-year high -989 -638 -11 -582 -1495 -1381 -1583 -1577 -1741 -1707 -1662 Repurchase of Stock
MEDIUM PS Ratio: Close to 2-year high -3795 -32 93 481 -353 -539 1071 1190 521 -279 -236 Net Issuance of Debt
-4281 525 4545 -1343 -1111 -6342 -306 -1657 -2318 -1131 -1243 Cashflow from Financing
Good Signs -306 -125 -83 -131 -250 -137 -105 -113 -133 -92 -97 Capital Expenditure
GOOD Operating Margin %: Expansion 418 1936 -1401 1716 1928 1368 1259 2286 2439 1879 1264 Free Cash Flow
Insider Trades
Cur. Competitor
Shares
Financial Operating
Exec VP of Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Hunter Kelli A 05/08/17 -943 28793 Strength Margin(%)
Huma
EVP & Global NAS:NTRS Northern Trust Corp 6 6 21,556 21.47 4.25 30.62 0.88 10.81
Moore Colin 03/31/17 -20233 55314
CI
NYSE:AMP Ameriprise Financial Inc 6 5 19,760 15.70 1.78 13.68 0.96 20.20
CEO, Global
Truscott William F 03/16/17 -8000 50491 NAS:TROW T. Rowe Price Group Inc 9 9 17,673 14.39 4.18 42.47 20.13 25.76
Ass
Woerner John Robert

Pres Ins &
03/01/17 -5337 23085 OTCPK:PGPHF Partners Group Holding AG 8 8 16,231 28.97 16.88 62.11 33.00 42.22
Chie
OTCPK:RMGOF Remgro Ltd 6 6 15,036 15.45 3.96 1.19 6.73 8.77
Executive VP
Thissen Karen Wilson 02/22/17 -535 5551
an
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AMT AMT

Kmerican Tower Corp (NYSE:AMT)
Current
Communication Services - Telecom Services P/E (ttm( 63.54 19.47 57.07 Tangible Book -24.29 -19 Payout 1.05
Market Cap: $ 55,621 Mil Forward P/E 42.55 16.23 N/A Peter Lynch Value 35.04 27 Dividend Growth(5y( % N/A
American Tower Corp is an owner, operator and developer of wireless and P/B 8.14 2.31 5.94 DCE (Earnings Based( 58.64 45 Yield on Cost(5y( % 1.74
broadcast communications real estate. Its business segments are domestic P/S 9.21 1.49 9.75 DCF (FCF Based( 96.68 74 Continuous Div. since 2012
rental and management, international rental & management, and network P/FCF 26.46 18.69 31.59 Price 130.87 Insider Ownership % 0.63
development services. Shiller P/E 98.64 18.67 120.99 Median P/S 138.6 106 Institution Ownership % 74.44
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.04 0.41 0.05 132.49

56.18
F-Score 6 5.00 5 1W 0.41 0
8M
YTD 25.03 9.1
Net-Margin (%( 16.32 3.49 16.47
1Y 24.27 17.3
ROE (%( 13.08 6.73 11.62
ROA (%( 3.29 2.49 3.41 3Y 15.66
18.12 14.15 19.30
(%(
Growth
Revenue Growth (%( 16.7 17 22.10 17020 11631 17353 20588 23622 30529 31518 39214 41096 45146 55621 Market Cap
EBITDA Growth (%( 15.2 17.3 20.20 426 418 407 404 400 399 399 400 423 429 425 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( 19.6 13 16.90 355 34.5 69.7 55.5 60.6 48.3 57.8 49.2 68.3 53.6 63.5 Year End P/E
31.9 10.4 32.90
(%( 12.5 7.7 10.2 10.5 9.8 10.7 9.5 9.6 8.6 7.8 9.2 P/S
Free Cash Flow Growth 23.1 15.4 19.6 20 22.3 22.3 25.4 21.9 21.4 18.7 21.3 EV/EBITDA
14.3 22.5 39.80
Quarterly 0.1 0.8 0.6 0.9 1 1.6 1.4 2 1.4 2 2.1 EPS
Revenue 1289 1442 1515 1540 1616 -- -- -- -- -- 0.9 1.1 1.4 1.8 2.2 1.7 Dividends Per Share
Net Income 275 188 265 229 316 -2.1 -1.9 -1.3 -2.4 -4.8 -6.3 -17.5 -17.4 -17.2 -22.4 -24.3 Tang. Book Per Share
Revenue (YoY( % 19 23 22 20 25 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoY( % 42 20 157 -2 15 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 29 23 206 -4 16
1456.6 1593.5 1724.1 1985.3 2443.5 2876 3361.4 4100 4771.5 5785.7 6112.9 Revenue
378.4 606.8 672.3 784.4 920.1 1119.7 1214.3 1486.9 1612.8 1853 1932.6 Operating Income
Impact Cur.
Guru Date Action 26 38.1 39 39.5 37.7 38.9 36.1 36.3 33.8 32 31.6 Operating Margin %
% Shares
Chase Coleman 03/31/17 Buy 0.74 605,000 56.3 347.2 246.6 372.9 396.5 637.3 551.3 824.9 685.1 956.4 997.3 Net Income
3.9 21.8 14.3 18.8 16.2 22.2 16.4 20.1 14.4 16.5 16.3 Net Margin %
1.5 11.6 7.8 10.9 11.7 18.6 15.5 21.4 11.2 12.7 13.1 ROE %
Manning & Napier
03/31/17 Buy 0.23 244,375 0.7 4.3 3 4 3.5 4.8 3.2 4 2.8 3.3 3.3 ROA %
Advisors, Inc
Jim Simons 03/31/17 Add 0.07 1,269,639 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Ron Baron 03/31/17 Reduce -0.05 365,963 33.1 143.1 247.3 884 330.2 368.6 293.6 313.5 320.7 787.2 712.8 Cash & Equivalents
Paul Tudor Jones 03/31/17 Reduce -0.04 3,201 8130.5 8211.7 8519.9 10368 12242 14089 20284 21264 26904 30879 32057 Total Assets
4283.5 4331.3 4141.1 5512.5 7134.5 8693.3 14408 13643 17069 18295 17183 Long-term Debt
5108.4 5220.3 5204.8 6866.6 8955.2 10516 16750 17310 20253 24115 25205 Total Liabilities
Warning Signs 4.5 4.7 4.8 4.9 3.9 4 4 4 4.3 4.3 4.3 Common Equity
692.7 773.3 842.1 1021 1165.9 1414.4 1599 2134.6 2183.1 2703.6 2823.2 Cashflow from Operations
SEVERE Long-Term Debt: Keep issuing new debt
-186.2 -274.9 -543.1 -1300.9 -2790.8 -2558.4 -5173.3 -1949.5 -7741.7 -2107.4 -2842.2 Cashflow from Investing
SEVERE Asset Growth: faster than revenue growth -1642.8 -714.7 -213.3 -430.6 -437.4 -62.7 -145 -- 2440.3 -- -147.2 Repurchase of Stock
813.2 247.5 -31.2 1215.2 1449.8 1494.1 2302.3 -198.2 1789.1 589.5 1009.6 Net Issuance of Debt
Good Signs
-754.6 -388.2 -194.9 910.3 1086.1 1170.4 3525.6 -134.6 5589.1 -99.3 424.6 Cashflow from Financing
GOOD Revenue per Share: Consistent growth -154.4 -243.5 -250.3 -346.7 -523 -568 -724.5 -974.4 -728.8 -682.5 -696.4 Capital Expenditure
538.3 529.8 591.9 674.3 642.9 846.3 874.5 1160.2 1454.3 2021.1 2126.8 Free Cash Flow
Insider Trades
Cur. Competitor
Shares Financial Operating
Sharbutt David E Director 05/18/17 -3653 6445 Strength Margin(%)
Sharma Amit EVP, Asia 05/11/17 -61096 116460 NYSE:AMT American Tower Corp 4 9 55,621 63.54 9.21 31.61 3.29 13.08
Sharbutt David E Director 05/05/17 -4167 6445 OTCPK:TEFOF Telefonica SA 5 6 53,948 20.31 0.90 10.19 2.10 13.06
Reed Joann A Director 05/03/17 -7400 30358 NAS:TMUS T-Mobile US Inc 4 5 52,841 33.12 1.42 9.77 2.58 9.07
Meyer Robert Joseph SVP, Finance OTCPK:AMOVF America Movil SAB de CV 4 8 51,980 24.00 0.95 10.71 2.78 18.57
05/01/17 -40653 22893
Jr &
OTCPK:SNGNF Singapore Telecommunications Ltd 5 3 44,859 15.47 3.58 16.50 10.56 18.24
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:AMZN AMZN

Kmazon.com Inc (NAS:AMZN)
Industry Historical % of Price Dividend Yield)ttm) % N/A
Current
$ 964.17 Median Median NCAV -56.42 -6 Dividend Yield)forward) % N/A
Retail - Apparel & Specialty - Specialty Retail P/E )ttm) 181.24 20.66 94.33 Tangible Book 37.35 4 Payout N/A
Market Cap: $ 460,850 Mil Forward P/E 126.58 15.15 N/A DCE )Earnings Based) 56.93 6 Dividend Growth)5y) % N/A
Amazon.com Inc is an online retailer. The Company sells its products P/B 21.24 1.70 14.96 Graham Number 66.86 7 Yield on Cost)5y) % N/A
through the website which provides services, such as advertising services P/S 3.27 0.70 2.08 Peter Lynch Value 133 14 Continuous Div. since N/A
and co-branded credit card agreements. It also offers electronic devices like P/FCF 48.72 15.94 44.79 DCF )FCF Based) 534.51 55 Insider Ownership % 17.49
Kindle e-readers and Fire tablets. Shiller P/E 561.71 18.96 285.46 Median P/S 608.19 63 Institution Ownership % 48.55
Financial Strength
Industry Historical
Median Median
Cash to Debt 2.80 0.97 1.59 1011.34

488.16
F-Score 7 5.00 6 1W -4.56 0
Operating Margin )%) 2.89 3.50 2.59
17M
YTD 28.58 9.1
Net-Margin )%) 1.81 2.23 1.53
1Y 34.99 17.3
ROE )%) 14.34 6.33 11.58
ROA )%) 3.57 2.80 3.03 3Y 43.50
ROC )Joel Greenblatt) 8.5M 5Y 34.59
15.63 12.77 23.22
)%)
Growth
Revenue Growth )%) 27.3 21 23.80 38538 21948 59727 81180 78761 113895 183045 144313 318344 357688 460850 Market Cap
EBITDA Growth )%) 28.9 41.1 31.60 424 432 442 456 461 453 465 462 477 484 478 Sh. Outstanding-diluted)Mil)
EBIT Growth )%) 8.7 31.8 33.20 82.7 34.2 65.9 71.2 126.4 -- 675.9 -- 540.7 152.7 181.2 Year End P/E
N/A N/A 118.00
)%) 2.7 1.2 2.4 2.4 1.7 1.9 2.5 1.6 3 2.7 3.3 P/S
19.2 58 44.20
)%)
Book Value Growth )%) 34.6 17.9 44.90
35 44.4 55.5 75 104.3 134.9 160.1 192.6 224.3 281 293.1 Revenue Per Share
Quarterly 1.1 1.5 2 2.5 1.4 -0.1 0.6 -0.5 1.3 4.9 5.3 EPS
Net Income 513 857 252 749 724 2.3 4.8 7.8 11 11.3 10.8 15.4 16 20.4 32.5 37.3 Tang. Book Per Share
EPS 1 2 1 2 1 72.5 92 114.6 155.5 216.2 277.8 334.5 397.7 467.1 582.6 608.2 Median P/S Value
Revenue )YoY) % 28 31 29 22 23 7.6 12.8 18.9 25 18.7 -- 14.3 -- 24 59.9 66.9 Graham Number
Net Income )YoY) % -1000 832 219 55 41 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY) % -992 837 206 52 38
14835 19166 24509 34204 48077 61093 74452 88988 107006 135987 142573 Revenue
Impact Cur.
Guru Date Action 4.4 4.4 4.6 4.1 1.8 1.1 1 0.2 2.1 3.1 2.9 Operating Margin %
% Shares
Steve Mandel 03/31/17 Sell -5.06 0 476 645 902 1152 631 -39 274 -241 596 2371 2582 Net Income
Stanley Druckenmiller 03/31/17 Buy 4.14 71,100
3.2 3.4 3.7 3.4 1.3 -0.1 0.4 -0.3 0.6 1.7 1.8 Net Margin %
58.5 33.3 22.8 19 8.6 -0.5 3.1 -2.4 4.9 14.5 14.3 ROE %
Andreas Halvorsen 03/31/17 Reduce -1.83 1,090,507
8.8 8.7 8.2 7.1 2.9 -0.1 0.8 -0.5 1 3.2 3.6 ROA %
Louis Moore Bacon 03/31/17 Reduce -1.14 58,183
John Hussman 03/31/17 Buy 0.98 5,000
Manning & Napier 2539 2769 3444 3777 5269 8084 8658 14557 15890 19334 15440 Cash & Equivalents
03/31/17 Reduce -0.83 372,345
1344 533 252 641 1415 3830 5181 12489 14175 15213 7691 Long-term Debt
Good Signs 42 -1199 -2337 -3360 -1930 -3595 -4276 -5065 -6450 -9876 -10799 Cashflow from Investing
GOOD Piotroski F-Score: High -248 -100 -- -- -277 -960 -- -- -- -- -- Repurchase of Stock
-50 -257 -385 -78 -267 3296 163 5846 -1299 267 388 Net Issuance of Debt
50 -198 -280 181 -482 2259 -539 4432 -3763 -2911 -3036 Cashflow from Financing
Insider Trades -224 -333 -373 -979 -1811 -3785 -3444 -4893 -4589 -6737 -7419 Capital Expenditure
Cur.
1181 1364 2920 2516 2092 395 2031 1949 7331 9706 9594 Free Cash Flow
Shares Competitor
CEO
Wilke Jeffrey A 06/06/17 -2670 67296 Financial Operating
Worldwide C Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Alberg Tom A Director 05/30/17 -800 20320
CEO NAS:AMZN Amazon.com Inc 7 8 460,850 181.24 3.27 2.89 3.57 14.34
Wilke Jeffrey A 05/23/17 -4000 69966
Worldwide C NYSE:BABA Alibaba Group Holding Ltd 7 8 341,752 54.19 14.89 30.30 9.68 17.52
Senior Vice
Zapolsky David 05/15/17 -2333 2018 NAS:EBAY eBay Inc 6 5 36,897 4.95 4.24 24.91 35.95 93.70
Pre
Senior Vice NAS:ORLY O'Reilly Automotive Inc 5 9 21,292 21.27 2.58 19.46 14.32 61.03
Olsavsky Brian T 05/15/17 -2333 1064
Pre
NAS:ULTA Ulta Beauty Inc 9 9 18,618 42.14 3.69 13.66 18.08 30.32
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AN AN

KutoNation Inc (NYSE:AN)
Current
Autos - Auto & Truck Dealerships P/E (ttm) 10.05 17.86 16.17 Tangible Book 3.14 7 Payout N/A
AutoNation Inc is an automotive retailer in the United States. The Company P/B 1.76 1.71 2.25 Price 42.76 Yield on Cost(5y) % N/A
offers an automotive products and services, including new vehicles, used P/S 0.2 0.85 0.32 Peter Lynch Value 65.55 153 Continuous Div. since N/A
vehicles, parts and accessories, automotive services, automotive finance and P/FCF 19.48 15.69 21.49 Median P/S 67.6 158 Insider Ownership % 0.67
insurance products. Shiller P/E 24.98 24.46 37.36 Institution Ownership % 54.53
Financial Strength
23.08 17 21.17 28.46 40.93 48.45 54.1 61.23 66.2 58.69 53.12 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.02 0.70 0.07 66.2

31
F-Score 5 5.00 6 1W 7.76 0
8M YTD -12.11 9.1
Net-Margin (%) 2.00 3.97 2.01
1Y -9.96 17.3
ROE (%) 19.29 8.92 15.91
ROA (%) 4.36 4.02 4.51 3Y -8.23
31.95 14.48 30.26
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) N/A 16.4 12.30 11.2 -- 17.1 19.7 19.3 15.7 16.4 17.2 15.3 11.7 10.1 Year End P/E
EPS without NRI Growth 0.8 0.8 1.4 2 2.6 2.8 2.9 3.3 2.8 2.1 1.8 P/B
N/A 16.3 10.70
(%) 0.2 0.1 0.3 0.4 0.4 0.3 0.4 0.4 0.3 0.2 0.2 P/S
Free Cash Flow Growth 5.7 -2.5 8.4 9.8 10.1 9.3 9.3 9.6 8.9 7.3 6.5 EV/EBITDA
17.1 13.2 -10.50
Quarterly 1.4 -7 1.1 1.4 1.9 2.5 3 3.5 3.9 4.2 4.2 EPS
Net Income 96 112 107 115 98 2.3 5.1 5.9 5 3.7 1.3 3.9 3.6 4.6 2 3.1 Tang. Book Per Share
EPS 1 1 1 1 1 28 23.6 19.3 25.3 30.1 39.9 45.5 51.5 58.6 66.7 67.6 Median P/S Value
Revenue (YoY) % 4 4 4 3 0 8.7 -- 13.1 12.8 12.7 8.7 16.3 16.8 20.2 13.7 17.3 Graham Number
EPS (YoY) % -8 8 1 28 9
17347 13376 10666 12461 13832 15668 17518 19109 20862 21609 21629 Revenue
16.1 16.8 17.9 17.1 16.7 15.9 15.8 15.6 15.6 15.3 15.3 Gross Margin %
Guru Trades
701.4 -1279.7 408 496.6 572 645.3 740.3 820.8 873.1 889.5 888.8 Operating Income
Impact Cur.
Guru Date Action 4 -9.6 3.8 4 4.1 4.1 4.2 4.3 4.2 4.1 4.1 Operating Margin %
% Shares
Bill Nygren 03/31/17 Add 0.98 4,900,000 278.7 -1243.1 198 226.6 281.4 316.4 374.9 418.7 442.6 430.5 432.7 Net Income
1.6 -9.3 1.9 1.8 2 2 2.1 2.2 2.1 2 2 Net Margin %
Murray Stahl 03/31/17 Reduce -0.13 1,591,598
7.8 -43.8 8.8 10.3 14.2 17.7 20 20.3 20 18.5 19.3 ROE %
3.3 -17.2 3.5 4 4.6 4.7 5 5.1 4.9 4.4 4.4 ROA %
Mario Gabelli 03/31/17 Add 0.06 1,230,325
Edward Lampert 12/31/16 Reduce -6.41 4,933,706 33 110.2 173.5 95.1 86.6 69.7 69.2 75.4 74.1 64.8 56.3 Cash & Equivalents
8479.6 6014.1 5407.3 5974.2 6198.8 7203 7914.1 8399.7 9548.2 10060 10093 Total Assets
1751.9 1225.6 1105 1340.6 1634.4 2066.3 1809.8 2103.4 1745.3 1611.1 1615.8 Long-term Debt
SEVERE Beneish M-Score: Possible manipulator 1.9 1.9 1.9 1.6 1.6 1.6 1.6 1.6 1.2 1.2 1.2 Common Equity
SEVERE Long-Term Debt: Keep issuing new debt 207.2 684.1 369.3 251.8 376.4 316.6 484.1 485.1 507.2 516 503.4 Cashflow from Operations
-90.5 -75.1 14 -200.2 -206.2 -297.8 -257.8 -376 -509.4 -489.7 -255 Cashflow from Investing
Good Signs
-644.2 -58.8 -136.1 -524.4 -579.8 -575.6 -67.3 -487.7 -237.3 -499 -128.3 Repurchase of Stock
GOOD Operating Margin %: Expansion 395.3 -462.8 -41 235.8 313.3 372.2 -248.7 300.8 228.2 320 -183.5 Net Issuance of Debt
GOOD Price: Close to 3-year low -136.4 -532.2 -319.9 -130 -178.7 -35.7 -226.8 -102.9 0.9 -35.6 -239.9 Cashflow from Financing
Insider Trades 47.5 573.7 293.9 101.4 227.3 156 323.3 275.9 259.6 271.5 223.5 Free Cash Flow
Cur.
Shares Competitor
Grusky Robert R Director 06/07/17 -2000 26713 Financial Operating
Cade Christopher VP and CAO 06/05/17 -273 1995 Strength Margin(%)
Ferrando Jonathan P
EVP - GC,
03/16/17 -17000 33000 NYSE:AN AutoNation Inc 5 7 4,330 10.05 0.20 4.11 4.36 19.29
Corp
OTCPK:INCPY Inchcape PLC 6 7 4,092 17.66 0.42 3.54 4.80 14.11
EVP - GC,
Ferrando Jonathan P 03/15/17 -110430 50000
Corp NYSE:PAG Penske Automotive Group Inc 4 7 3,785 10.82 0.17 2.85 4.02 19.79
EVP - GC, OTCPK:LZRFY Localiza Rent A Car SA 5 7 2,867 23.24 2.15 14.73 6.30 19.74
Ferrando Jonathan P 03/10/17 -247499 50000
Corp
OTCPK:SIEVF SA D'Ieteren NV 5 5 2,499 46.62 0.36 2.07 1.40 2.85
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ANTM ANTM

Knthem Inc (NYSE:ANTM)
Current
Health Care Plans P/E (ttm) 18.31 19.00 10.57 Tangible Book 2.29 1 Payout 0.25
Anthem Inc is a health benefits company offering a network-based managed P/B 1.91 2.44 1.15 Peter Lynch Value 116.5 62 Yield on Cost(5y) % 3.9
care plans to the large and small employer, individual, Medicaid and P/S 0.58 0.59 0.44 DCE (Earnings Based) 122.94 65 Continuous Div. since 2017
Medicare markets. P/FCF 12.91 12.79 11.37 Median P/S 142.54 76 Insider Ownership % 1.62
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.40 1.20 0.25 188.77

79.67
F-Score 0 6.00 0 1W 0.62 0
11M
YTD 32.19 9.1
Net-Margin (%) 3.19 3.19 4.20
ROE (%) 11.22 14.32 11.23 1Y 46.50 17.3
ROA (%) 4.25 4.26 4.87 3Y 22.41
0.00 89.82 0.00
(%)
Growth
EBITDA Growth (%) 11 11.6 8.20 602 523 481 416 365 325 304 286 273 268 265 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) 8.3 10.5 9.40 15.8 8.8 5.9 8.2 9.2 7.5 11.3 14 14.9 15.6 18.3 Year End P/E
EPS without NRI 2.1 1 1.1 0.9 1 0.8 1.1 1.4 1.6 1.5 1.9 P/B
6.7 4.8 16.00
Growth (%) 0.9 0.4 0.4 0.4 0.4 0.3 0.4 0.5 0.5 0.5 0.6 P/S
Free Cash Flow Growth 9.2 6.6 1.6 2.1 2.6 2.5 4 4.7 5.1 5 6.3 EV/EBITDA
8.7 9.5 24.80
(%)
101.6 117.1 135.3 141.2 166.3 189.3 233.8 258.4 290.1 316.5 324 Revenue Per Share
Quarterly 5.6 4.8 9.9 6.9 7.3 8.2 8.2 9 9.4 9.2 10.3 EPS
Revenue 20289 21456 21404 21714 22526 -- -- -- -- 1 1.2 1.5 1.8 2.5 2.6 2.6 Dividends Per Share
Net Income 703 781 618 368 1010 0.6 -1.7 7.4 6.8 4.4 -5.8 -2 -2.9 -10.2 -1.6 2.3 Tang. Book Per Share
Revenue (YoY) % 6 7 8 8 11 8.8 -- 40.6 32.5 26.8 -- -- -- -- -- 23.1 Graham Number
EPS (YoY) % -15 -7 -5 96 42
61168 61251 65028 58699 60711 61497 71024 73874 79157 84863 87100 Revenue
Impact Cur.
5257.9 3122.4 7403 4353.8 3957.9 3858.3 3840.2 4368.1 4631 4555.4 4758.4 Operating Income
% Shares
Larry Robbins 03/31/17 Reduce -1.13 4,711,645 3345.4 2490.7 4745.9 2887.1 2646.7 2655.5 2489.7 2569.7 2560 2469.8 2776.7 Net Income
Daniel Loeb 03/31/17 Add 0.24 1,150,000
5.5 4.1 7.3 4.9 4.4 4.3 3.5 3.5 3.2 2.9 3.2 Net Margin %
14.1 11.2 20.5 11.9 11.2 11.3 10.3 10.5 10.8 10.3 11.2 ROE %
Barrow, Hanley,
03/31/17 Reduce -0.11 7,536,964 6.5 5 9.4 5.6 5.2 4.8 4.2 4.2 4.2 3.9 4.3 ROA %
Mewhinney & Strauss
Ray Dalio 03/31/17 Sell -0.1 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Jim Simons 03/31/17 Reduce -0.1 1,235,600 2767.9 2183.9 4816.1 1788.8 2201.6 2475.3 1582.1 2151.7 2113.5 4075.3 6772.4 Cash & Equivalents
Jeff Auxier 03/31/17 Reduce -0.08 52,194 52060 48403 52125 50167 52163 58955 59575 61676 61718 65083 68944 Total Assets
9023.5 7833.9 8338.3 8147.8 8465.7 14171 13574 14020 15325 14359 15450 Long-term Debt
Warning Signs 5.6 5 4.5 3.8 3.4 3 2.9 2.7 2.6 2.6 2.6 Common Equity
4344.6 2535.4 3038.9 1416.7 3374.4 2744.6 3052.3 3369.3 4116 3204.5 4532.9 Cashflow from Operations
-768.9 616.2 3002.8 -1271.5 -942 -4551.6 -2234.4 -974.9 -1151.5 -513.9 -349.9 Cashflow from Investing
MEDIUM PE Ratio: Close to 10-year high -6151.4 -3276.2 -2638.4 -4360.3 -3039.8 -2496.8 -1620.1 -2998.8 -1515.8 -- -50.7 Repurchase of Stock
1803.7 -596.6 -900.5 514.4 1120.2 5121 -583.7 763.7 -892.3 360.6 1800.2 Net Issuance of Debt
Good Signs
-3409.9 -3735.6 -3402.8 -3169.3 -2019.2 2088.9 -1717.8 -1822.5 -2997.4 -732.9 910.1 Cashflow from Financing
GOOD Revenue per Share: Consistent growth -322 -345.6 -378.4 -451.4 -519.5 -544.9 -646.5 -714.6 -638.2 -583.6 -594 Capital Expenditure
4022.6 2189.8 2660.5 965.3 2854.9 2199.7 2405.8 2654.7 3477.8 2620.9 3938.9 Free Cash Flow
Insider Trades
Cur. Competitor
SVP, Chief Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Penczek Ronald W 06/07/17 -867 1005 Strength Margin(%)
Acco
Peru Ramiro G Director 05/30/17 -2681 13571 NYSE:ANTM Anthem Inc 6 6 50,016 18.31 0.58 5.46 4.25 11.22
Hill Julie A Director 05/24/17 -555 37448 NYSE:AET Aetna Inc 5 8 49,523 46.53 0.84 4.97 1.78 6.79
EVP & Chief NYSE:CI Cigna Corp 6 6 42,826 22.31 1.08 7.59 3.25 14.32
Mccarthy Gloria M 04/03/17 -15187 45084
Tra
SVP, Chief
Penczek Ronald W 03/06/17 -729 1005 NYSE:HUM Humana Inc 6 5 33,540 23.62 0.64 5.04 5.24 13.76
Acco
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AON AON

Kon PLC (NYSE:AON)
Industry Historical % of Price Dividend Yield(ttm( % 1
Current
Brokers & Exchanges - Insurance Brokers P/E (ttm( 26.63 20.00 18.95 Tangible Book -13.99 -10 Payout 0.26
Market Cap: $ 35,550 Mil Forward P/E 21.1 17.89 N/A Peter Lynch Value 38.21 28 Dividend Growth(5y( % 18.6
Aon PLC acts as a provider of risk management services, insurance and P/B 6.19 1.32 2.21 Median P/S 77.02 57 Yield on Cost(5y( % 2.35
reinsurance brokerage, and human resource consulting and outsourcing P/S 3.25 3.95 1.85 DCE (Earnings Based( 91.17 67 Continuous Div. since 2011
solutions. P/FCF 17.6 13.03 16.97 Price 135.65 Insider Ownership % 7.66
Shiller P/E 34.17 25.16 20.38 DCF (FCF Based( 142.1 105 Institution Ownership % 65.28
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.10 N/A 0.55 135.01

50.23
F-Score 8 5.00 5 1W 2.99 0
6M
YTD 22.25 9.1
Net-Margin (%( 12.23 10.97 10.72
1Y 28.54 17.3
ROE (%( 25.00 5.18 14.55
ROA (%( 5.18 1.69 3.58 3Y 15.70
110.13 18.59 124.05
(%(
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%( 10.8 9.5 2.40 17.7 9.4 14.9 19.4 16.3 18.6 23.7 20.4 18.9 21.5 26.6 Year End P/E
13.4 14.3 2.30
Growth (%( 2.1 1.8 1.5 1.6 1.4 1.6 2.2 2.4 2.2 2.7 3.3 P/S
13.4 25.3 25.80
Book Value Growth (%( 2.2 -3.8 9.80
Quarterly 2.7 4.8 2.6 2.4 2.9 3 3.5 4.7 4.9 5.2 5.1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 3.5 2.8 0.9 2 2.3 3.5 4.8 5.2 6.1 7.8 7.7 Free Cashflow Per Share
Net Income 325 272 307 502 291 3.6 -4.1 -5.6 -12.1 -12.2 -13.4 -11.4 -17.2 -17.1 -21 -14 Tang. Book Per Share
EPS 1 1 1 2 1 42.3 45.9 48.2 52 61.1 63.9 69.1 74.2 76 75.9 77 Median P/S Value
Revenue (YoY( % -20 -1 0 1 5 13 -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoY( % -1 53 4 -14 -10 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 4 63 10 -11 -8
7359 7528 7595 8512 11287 11514 11815 12045 11682 11627 11216 Revenue
100 100 100 100 100 100 100 100 100 100 100 Gross Margin %
Guru Trades
Impact Cur.
% Shares
First Pacific Advisors 03/31/17 Reduce -0.23 5,173,540 864 1462 747 706 979 993 1113 1397 1385 1396 1372 Net Income
11.7 19.4 9.8 8.3 8.7 8.6 9.4 11.6 11.9 12 12.2 Net Margin %
Steven Romick 03/31/17 Reduce -0.19 4,004,480
15.1 25.4 14 10.4 12 12.5 14 19 22 24.3 25 ROE %
Wallace Weitz 03/31/17 Reduce -0.11 417,134
3.5 6.1 3.3 2.7 3.4 3.3 3.7 4.7 4.9 5.2 5.2 ROA %
Ray Dalio 03/31/17 Sell -0.07 0
Nwq Managers 03/31/17 Reduce -0.05 971,292
24929 22940 22958 28982 29552 30486 30251 29772 26883 26615 26982 Total Assets
1893 1872 1998 4014 4155 3713 3890 4799 5138 5869 5610 Long-term Debt
MEDIUM Altman Z-Score: Grey 361 362 363 386 386 3 3 3 3 3 3 Common Equity
Good Signs 1289 959 407 783 1018 1419 1753 1812 2009 2326 2293 Cashflow from Operations
-463 1404 -139 -2539 -186 177 -339 -545 -138 -954 -742 Cashflow from Investing
Insider Trades 92 -386 -25 2089 -15 -344 227 1321 253 522 -306 Net Issuance of Debt
Cur. -579 -2235 -649 1823 -896 -1586 -1136 -1303 -1689 -1286 -1540 Cashflow from Financing
Shares -170 -103 -140 -180 -241 -269 -229 -256 -290 -222 -219 Capital Expenditure
Lieb Peter M
EVP &
05/25/17 -2000 20216
1119 856 267 603 777 1150 1524 1556 1719 2104 2074 Free Cash Flow
General C
SVP & Competitor
Meissner Laurel G. 05/18/17 -4000 16314
Global Co Financial Operating
EVP & Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Lieb Peter M 03/30/17 -16683 22216 Strength Margin(%)
General C
EVP & NYSE:MMC Marsh & McLennan Companies Inc 7 7 41,184 22.50 3.13 20.48 10.12 28.38
Lieb Peter M 02/28/17 -18017 38899
General C NYSE:AON Aon PLC 4 8 35,550 26.63 3.25 16.04 5.18 25.00
President &
Case Gregory C 02/22/17 -520000 768612 NAS:WLTW Willis Towers Watson PLC 5 7 20,071 38.89 2.58 8.63 1.65 4.93
CEO
NYSE:AJG Arthur J. Gallagher & Co 4 8 10,557 24.78 1.85 6.92 3.74 11.67
NAS:ERIE Erie Indemnity Co 6 3 6,426 30.40 3.96 19.54 14.59 25.99
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:APA APA

Kpache Corp (NYSE:APA)
Current
Oil & Gas - E&P - Oil & Gas E&P P/E (ttm( N/A 14.70 12.55 Peter Lynch Value -5.56 -12 Payout N/A
Apache Corp is an independent energy company that explores, develops P/B 2.85 1.21 1.74 Median P/S 44.85 94 Yield on Cost(5y( % 3.68
and produces natural gas, crude oil and natural gas liquids.It has interests in P/S 2.95 3.06 2.78 Price 47.80 Continuous Div. since 2017
six countries: the U.S., Canada, Egypt, Australia, the U.K. North Sea (North P/FCF 24.11 16.04 26.02 Insider Ownership % 0.59
Sea(, and Argentina. Shiller P/E N/A 16.07 19.59 Institution Ownership % 78.05
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.18 0.66 0.04 146.8

56.21
F-Score 5 5.00 6 1W 1.70 0
Operating Margin (%( -12.39 -22.09 17.30
8M YTD -23.90 9.1
Net-Margin (%( -13.34 -29.01 8.92
1Y -10.51 17.3
ROE (%( -14.51 -8.89 5.41
ROA (%( -3.72 -7.11 3.01 3Y -19.58
ROC (Joel Greenblatt( 3.8M 5Y -9.82
-1.89 -8.39 6.38
(%(
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%( -3.9 -20.8 -3.60 35803 24943 34711 45592 34794 30744 34012 23595 16811 24083 18185 Market Cap
EBITDA Growth (%( N/A N/A 0.00 335 337 336 359 400 391 406 384 378 379 380 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( N/A N/A 0.00 12.8 37.1 -- 14.1 7.9 16 15.7 -- -- -- -- Year End P/E
EPS without NRI Growth 2.3 1.5 2.2 2 1.3 1 1 0.9 2.1 3.9 2.9 P/B
N/A N/A 0.00
(%( 3.6 2 4 3.5 2.1 1.9 2.4 2.1 2.4 4.5 3 P/S
Free Cash Flow Growth 5.5 3.1 6.5 6.4 3.4 3.7 4.4 -22 -4.1 24.2 12.2 EV/EBITDA
N/A N/A 0.00
Book Value Growth (%( -4.5 -28 214.90
Quarterly 8.4 2.1 -0.9 8.5 11.5 4.9 5.5 -21.8 -27.4 -3.7 -2.2 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.6 3.7 1.2 5 7.2 -2.5 0.7 -7.8 -5.7 1.3 2 Free Cashflow Per Share
Revenue 1083 1382 1438 1451 1878 0.6 0.6 0.6 0.6 0.6 0.7 0.8 1 1 1 1 Dividends Per Share
Net Income -372 -244 -607 -182 213 45.3 48.5 46.3 57.8 69.4 73.6 80.9 68.9 20.9 16.4 16.8 Tang. Book Per Share
EPS -1 -1 -2 -0 1 82.6 101.9 71 93.5 117.6 116.6 98.9 84.4 50.6 39.2 44.9 Median P/S Value
Revenue (YoY( % -34 -38 -6 -2 73 92.5 47.7 -- 104.9 133.8 90 92.9 -- -- -- -- Graham Number
Net Income (YoY( % -92 -72 -85 -95 -157 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % -92 -71 -85 -95 -157
9962 12390 8615 12092 16888 16564 14438 11472 6889 5354 6149 Revenue
82 83.3 79.1 81.7 82.8 81.4 79.7 78.1 70 68.4 73.1 Gross Margin %
Guru Trades
4854.8 932.4 326 5435 8093 4840 3908 -6830 -12169 -1682 -762 Operating Income
Impact Cur.
Guru Date Action 48.7 7.5 3.8 45 47.9 29.2 27.1 -59.5 -176.6 -31.4 -12.4 Operating Margin %
% Shares
Third Avenue 2812.4 712 -285 3032 4584 2001 2232 -8360 -10352 -1405 -820 Net Income
03/31/17 Sell -0.74 0 28.2 5.8 -3.3 25.1 27.1 12.1 15.5 -72.9 -150.3 -26.2 -13.3 Net Margin %
Management
John Hussman 03/31/17 Buy 0.57 50,000
19.7 4.4 -1.8 14.9 16.9 6.4 6.8 -28.2 -61.2 -19.9 -14.5 ROE %
10.6 2.5 -1 8.5 9.6 3.6 3.7 -14.2 -25.4 -5.9 -3.7 ROA %
Chris Davis 03/31/17 Add 0.51 21,873,634
Arnold Van Den Berg 03/31/17 Add 0.46 326,343 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Pioneer Investments 03/31/17 Sell -0.32 0 125.8 1181.5 2048 134 295 160 1906 769 1467 1377 1521 Cash & Equivalents
Steven Cohen 03/31/17 Buy 0.27 944,109 28635 29186 28186 43425 52051 60737 61637 55952 25500 22519 22610 Total Assets
4011.6 4809 4950 8095 6785 11355 9672 11245 8716 8544 8327 Long-term Debt
Warning Signs 213.3 214.2 215 240 241 245 255 256 257 258 258 Common Equity
5677.4 7065.3 4224 6726 9953 8504 9835 7957 2667 2430 2646 Cashflow from Operations
-5945.9 -6535 -3247 -13403 -8645 -13424 -7116 -8390 1083 -1660 -1198 Cashflow from Investing
Good Signs
-- -- -- -- -- -- -997 -1864 -- -- -- Repurchase of Stock
GOOD Dividend Yield %: Close to 1-year high 407 696.2 148 1415 -925 5089 -2581 1568 -2509 -181 -70 Net Issuance of Debt
GOOD PB Ratio: Close to 1-year low 253.8 525.3 -110 4763 -1147 4785 -973 -794 -2962 -860 -931 Cashflow from Financing
GOOD PS Ratio: Close to 1-year low -4802.3 -5823 -3813 -4922 -7078 -9464 -9556 -10964 -4808 -1949 -1897 Capital Expenditure
875.1 1242.3 411 1804 2875 -960 279 -3007 -2141 481 749 Free Cash Flow
Insider Trades
Cur.
Competitor
Joyce Rene R Director 05/15/17 10000 10000 Strength Margin(%)
House James L
Sr. Region
11/23/16 -8000 16119 OTCPK:WOPEF Woodside Petroleum Ltd 5 7 19,549 21.89 4.61 33.56 3.61 6.03
Vice
NYSE:APA Apache Corp 3 5 18,185 0.00 2.95 -12.39 -3.72 -14.51
Joung Chansoo Director 11/09/16 15000 45285
NYSE:CXO Concho Resources Inc 5 6 17,303 91.64 8.38 27.76 1.76 2.87
Lowe John E Director 11/07/16 2132 7500
Sr. Vice
NYSE:DVN Devon Energy Corp 4 7 16,554 51.05 1.22 9.63 1.18 5.09
Hoyt Rebecca A 09/22/16 -3356 26500
Pres, OTCPK:OAOFY Tatneft PJSC 7 7 14,081 6.15 1.05 22.09 11.91 14.82
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:APC APC

Knadarko Petroleum Corp (NYSE:APC)
Current
$ 46.11 Median Median NCAV -46 -100 Dividend Yield(forward( % 0.42
Oil & Gas - E&P - Oil & Gas E&P P/E (ttm( N/A 14.70 18.1 Tangible Book 10.95 24 Payout N/A
Market Cap: $ 25,837 Mil Forward P/E N/A 20.12 N/A Price 46.11 Dividend Growth(5y( % 2.8
Anadarko Petroleum Corp is engaged in the exploration and production of P/B 2.19 1.21 1.85 Median P/S 52.39 114 Yield on Cost(5y( % 0.48
oil and natural gas. The Company's three operating segments are: Oil and P/S 2.49 3.06 2.82 Continuous Div. since 2017
gas exploration and production, Midstream and Marketing. P/FCF 41.42 16.04 51.05 Insider Ownership % 0.42
Shiller P/E N/A 16.07 19.14 Institution Ownership % 66.1
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.38 0.66 0.06 112.69

42.76
F-Score 6 5.00 5 1W -1.01 0
20M
YTD -33.73 9.1
Net-Margin (%( -23.64 -29.01 2.00
1Y -13.24 17.3
ROE (%( -19.80 -8.89 1.53
ROA (%( -5.17 -7.11 0.61 3Y -23.99
-5.48 -8.39 4.32
(%(
Growth
EBIT Growth (%( N/A N/A 0.00 8.3 5.6 -- 50.1 -- 15.7 50.5 -- -- -- -- Year End P/E
N/A N/A 0.00
(%( 2 1.2 3.4 3.4 2.7 2.8 2.8 2.3 2.8 4.6 2.5 P/S
Free Cash Flow Growth 4.2 3 9.8 7.7 41.3 6 7.7 9.7 -9.9 39.5 15.3 EV/EBITDA
N/A N/A 0.00
Book Value Growth (%( -2 -10.9 -6.30
34 32.5 18.8 22.1 28 26.7 28.9 36.5 17.1 15.1 18.6 Revenue Per Share
Quarterly 8.1 6.9 -0.3 1.5 -5.3 4.7 1.6 -3.5 -13.2 -5.9 -4.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -2.9 3.5 -0.9 0.5 -6.3 2.2 2.3 -2.1 -15.6 -1 1.1 Free Cashflow Per Share
Revenue 1674 1915 1893 2387 3767 0.4 0.4 0.4 0.4 0.4 0.4 0.5 1 1.1 0.2 0.2 Dividends Per Share
Net Income -1034 -692 -830 -515 -318 23.8 29.2 29.7 31 24.6 29.9 32.2 26 12.8 11.4 10.9 Tang. Book Per Share
EPS -2 -1 -2 -1 -1 95.1 91.7 52.6 62.4 79 75.3 81.4 102.8 48.3 42.4 52.4 Median P/S Value
Revenue (YoY( % -28 -27 12 16 125 65.7 66.7 -- 32.6 -- 56.4 33.8 -- -- -- -- Graham Number
EPS (YoY( % -69 -1233 -63 -63 -71
15892 15162 9000 10984 13967 13411 14581 18470 8698 7869 9962 Revenue
Guru Trades 78.1 74.8 63.9 70.6 80.9 79.9 79.8 82 63.4 63.2 69 Gross Margin %
7347 5601 377 1769 -1870 3727 3333 5403 -8809 -2599 -1845 Operating Income
Impact Cur.
Guru Date Action 46.2 36.9 4.2 16.1 -13.4 27.8 22.9 29.3 -101.3 -33 -18.5 Operating Margin %
% Shares
T Boone Pickens 03/31/17 Reduce -1.26 90,268 3781 3260 -135 761 -2649 2391 801 -1750 -6692 -3071 -2355 Net Income
23.8 21.5 -1.5 6.9 -19 17.8 5.5 -9.5 -76.9 -39 -23.6 Net Margin %
26.3 18.5 -0.7 3.8 -13.7 12.4 3.8 -8.4 -41.1 -24.6 -19.8 ROE %
Leon Cooperman 03/31/17 Sell -1.08 0
7.3 6.7 -0.3 1.5 -5.1 4.6 1.5 -3 -12.5 -6.7 -5.2 ROA %
David Dreman 03/31/17 Buy 0.61 17,082
John Burbank 03/31/17 Sell -0.23 0 1268 2360 3531 3680 2697 2471 3698 7369 939 3184 5831 Cash & Equivalents
Jim Simons 03/31/17 Buy 0.16 1,886,800
48451 48923 50123 51559 51779 52589 55781 60967 46331 45564 44693 Total Assets
11151 10867 12748 12722 15060 13269 13065 15092 15636 15281 15284 Long-term Debt
2900 6442 3926 5247 2505 8339 8888 8466 -1877 3000 4260 Cashflow from Operations
3778 -2528 -4236 -4964 -5975 -6869 -8216 -6472 -4771 -2762 -67 Cashflow from Investing
Good Signs
-5491 -2331 226 -280 2289 -2071 248 1454 599 -790 -3874 Net Issuance of Debt
GOOD PS Ratio: Close to 1-year low -5921 -2822 1481 -122 2510 -1659 623 1675 220 2008 -1309 Cashflow from Financing
Insider Trades
-1346 1641 -426 239 -3145 1097 1167 -1042 -7944 -505 583 Free Cash Flow
Cur.
Shares Competitor
Chase Anthony R Director 05/18/17 1905 23636 Financial Operating
Fluor Peter J Director 05/17/17 20000 146750 Strength Margin(%)
Chairman, OTCPK:NOVKY NOVATEK PJSC 7 8 32,555 8.99 3.46 27.96 22.50 34.64
Walker R A 05/17/17 19300 284718
Presi
NYSE:PXD Pioneer Natural Resources Co 6 7 26,878 0.00 5.83 3.02 -2.03 -3.23
Gordon John R Director 11/11/16 -7500 171079
NYSE:APC Anadarko Petroleum Corp 4 5 25,837 0.00 2.49 -18.52 -5.17 -19.80
OTCPK:MITSF Mitsui & Co Ltd 5 5 24,930 219.52 0.64 3.21 0.11 0.36
OTCPK:WOPEF Woodside Petroleum Ltd 5 7 19,549 21.89 4.61 33.56 3.61 6.03
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:APD APD

Kir Products & Chemicals Inc (NYSE:APD)
Current
Chemicals P/E (ttm) 10.04 19.52 19.44 Tangible Book 37.26 26 Payout 0.51
Air Products & Chemicals Inc is a supplier of hydrogen and helium. It also P/B 3.4 1.99 3.04 Median P/S 77.12 53 Yield on Cost(5y) % 3.7
provides semiconductor materials, refinery hydrogen, natural gas liquefaction P/S 3.65 1.34 1.93 Price 145.21 Continuous Div. since 1983
and coatings and adhesives. P/FCF 22.28 19.09 44.65 Insider Ownership % 0.54
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.86 0.81 0.06 149.64

55.57
F-Score 7 5.00 6 1W 1.19 0
4M
YTD 1.63 9.1
Net-Margin (%) 36.19 5.52 10.55
1Y 12.00 17.3
ROE (%) 42.25 8.88 17.39
ROA (%) 18.48 4.69 7.25 3Y 11.48
20.99 14.40 18.76
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) 1.5 -0.1 -4.00 19467 13255 15152 16371 14839 16246 20805 25700 25402 30209 31616 Market Cap
EBIT Growth (%) 4.8 7.3 0.20 19.5 15.3 24.2 16.2 12.5 14 21 26.1 20.1 48.1 10 Year End P/E
EPS without NRI 3.5 2.6 3.2 3 2.6 2.5 3 3.5 3.5 4.3 3.4 P/B
5.1 6.2 6.40
Growth (%) 2.2 1.3 1.9 1.8 1.6 1.7 2.1 2.5 2.6 3.4 3.7 P/S
14.1 51.8 9.00
41 47.5 38.7 41.6 44.5 44.8 48 48.5 45.5 43.6 40 Revenue Per Share
Quarterly 4.6 4.2 3 4.7 5.6 5.4 4.7 4.6 5.9 2.9 14.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2 2.7 0.7 2.3 1.8 1.1 0.1 2.3 5.4 7.6 6.5 Free Cashflow Per Share
Net Income -473 347 394 300 2130 18.7 18.2 17.1 20.3 22.5 19.4 22.1 25.8 26 25 37.3 Tang. Book Per Share
EPS -2 2 2 1 10 80.6 91.7 74.6 80.2 86.7 86.4 92.6 93.6 87.9 79.9 77.1 Median P/S Value
Revenue (YoY) % -6 -1 1 1 -13 43.8 45.1 34 46.6 51.5 45.1 48.5 51.6 58.9 62.5 70.9 Graham Number
EPS (YoY) % -263 8 14 -18 -547
9148.2 10415 8256.2 9026 9673.7 9611.7 10180 10439 9894.9 9524.4 8760 Revenue
26.8 26.1 26.8 28 26.6 26.6 26.6 26.9 29.9 32.8 31.4 Gross Margin %
Guru Trades
1375.6 1495.8 846.3 1389 1508.1 1282.4 1324.4 1328.2 1708.3 2106 1801.4 Operating Income
Impact Cur.
Guru Date Action 15 14.4 10.3 15.4 15.6 13.3 13 12.7 17.3 22.1 20.6 Operating Margin %
% Shares
Bill Ackman 03/31/17 Reduce -3.87 2,280,138 1035.6 909.7 631.3 1029.1 1224.2 1167.3 994.2 991.7 1277.9 631.1 3170.6 Net Income
11.3 8.7 7.7 11.4 12.7 12.1 9.8 9.5 12.9 6.6 36.2 Net Margin %
Caxton Associates 03/31/17 Reduce -0.48 35,000
19.9 17.3 12.9 19.9 21.6 19 14.7 13.8 17.5 8.8 42.3 ROE %
8.7 7.2 4.9 7.8 8.8 7.5 5.7 5.6 7.3 3.6 18.5 ROA %
Barrow, Hanley, 40.5 103.5 488.2 374.3 421.4 454.4 450.4 336.6 206.4 1501.3 1869.3 Cash & Equivalents
03/31/17 Add 0.12 9,651,446 12660 12571 13029 13506 14291 16942 17850 17779 17335 18055 17872 Total Assets
Mewhinney & Strauss
2976.5 3515.4 3715.6 3659.8 3927.5 4584.2 5056.3 4824.5 3949.1 4918.1 3300.4 Long-term Debt
7163.9 7540.6 8237.2 7959 8494.9 10465 10808 10413 10086 10976 8554.1 Total Liabilities
SEVERE Revenue per Share: Declined
Good Signs 1497.4 1679.6 1329.4 1522.4 1710.4 1765.1 1553.1 2186.4 2446.4 2707.4 2481.1 Cashflow from Operations
GOOD Piotroski F-Score: High -1483 -919.8 -1040.4 -1056.5 -1169.8 -2435.2 -1697 -1638 -1250.5 -972 -2457.7 Cashflow from Investing
-575.2 -793.4 -- -- -649.2 -53.1 -461.6 -- -- -- -- Repurchase of Stock
611.8 305.5 404.9 -284.8 457 419.6 927.4 1.1 -84.4 331.2 -883.8 Net Issuance of Debt
Insider Trades -14.9 -698.5 95 -579.7 -484.6 -78.4 115.4 -504.3 -945.4 -271.1 -1534 Cashflow from Financing
Cur. -1055 -1085.1 -1179.1 -1030.9 -1309.3 -1521 -1524.2 -1684.2 -1265.6 -1055.8 -1053.2 Capital Expenditure
SR VP and
Stanley John D. 08/25/16 -17247 19194 Competitor
Gener
Principal Financial Operating
Flugel Russell A 08/15/16 -2050 1924 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Accou Strength Margin(%)
SR VP and
Stanley John D. 08/12/16 -9597 19194 OTCPK:AIQUY Air Liquide SA 5 8 46,582 21.27 2.16 16.87 4.75 13.45
Gener
SR VP and OTCPK:SHECY Shin-Etsu Chemical Co Ltd 9 6 38,742 25.20 3.44 18.53 6.82 8.40
Stanley John D. 08/05/16 -8720 19194
Gener
OTCPK:LNEGY Linde AG 5 7 36,809 28.10 1.94 11.63 3.30 8.29
Executive
Novo Guillermo 08/04/16 -2447 12991 NYSE:APD Air Products & Chemicals Inc 6 6 31,616 10.04 3.65 20.56 18.48 42.25
V.P.
OTCPK:AHKSY Asahi Kasei Corp 6 7 14,227 14.22 0.83 8.26 4.90 10.35
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:APH APH

Kmphenol Corp (NYSE:APH)
Current
Computer Hardware - Electronic Components P/E (ttm) 26.96 21.45 21.67 Tangible Book -1.06 -1 Payout 0.21
Amphenol Corp is engaged in the field of electronic components. It designs P/B 6.26 1.73 4.96 DCE (Earnings Based) 51.94 68 Yield on Cost(5y) % 10.42
and manufactures electrical, electronic and fiber optic connectors, P/S 3.76 1.13 2.64 Median P/S 53.47 70 Continuous Div. since 2011
interconnect systems and coaxial and flat-ribbon cables. P/FCF 26.01 17.31 22.13 DCF (FCF Based) 63.46 83 Insider Ownership % 0.49
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.40 1.51 0.06 76.18

33.34
F-Score 7 5.00 6 1W 0.00
6M
YTD 13.60 9.1
Net-Margin (%) 13.93 2.98 13.18
1Y 30.99 17.3
ROE (%) 24.74 5.78 24.27
ROA (%) 10.74 2.95 11.34 3Y 17.08
67.07 11.10 65.69
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 12.3 11.9 18.00 23.9 10.3 25.2 18.7 14.9 19.1 22.7 24.4 21.7 25.8 27 Year End P/E
EPS without NRI Growth 6.6 3.1 4.6 4 3.4 4.3 4.9 5.7 5 5.6 6.3 P/B
13.4 11.7 20.50
(%) 3 1.3 2.9 2.6 2 2.5 3.1 3.2 3 3.4 3.8 P/S
15.9 16.1 6.90
Quarterly 1 1.2 0.9 1.4 1.5 1.7 2 2.2 2.4 2.6 2.8 EPS
Revenue 1451 1548 1636 1651 1560 0 0 0 0 0 0.2 0.3 0.5 0.5 0.6 0.6 Dividends Per Share
Net Income 157 207 224 235 225 0.5 0.3 0.9 1.9 0.9 1.1 1.3 0.2 1.1 -0.9 -1.1 Tang. Book Per Share
Revenue (YoY) % 9 15 12 15 8 3.3 3 4.2 7.8 5.6 6.5 7.5 3 7.6 -- -- Graham Number
EPS (YoY) % -12 16 9 19 42
2851 3236.5 2820.1 3554.1 3939.8 4292.1 4614.7 5345.5 5568.7 6286.4 6395.3 Revenue
Impact Cur.
% Shares
Paul Tudor Jones 03/31/17 Buy 0.06 26,991 353.2 419.2 317.8 496.4 524.2 555.3 635.7 709.1 763.5 822.9 891.1 Net Income
12.4 13 11.3 14 13.3 12.9 13.8 13.3 13.7 13.1 13.9 Net Margin %
32.6 32.1 20.5 24.4 23.3 24.1 24 24.6 24.9 23.8 24.7 ROE %
First Eagle Investment 03/31/17 Reduce -0.06 3,471,432
14.5 14.8 10.2 13.7 12.4 11.5 11.2 10.8 10.6 10.3 10.7 ROA %
Ken Fisher 03/31/17 Reduce 0 4,260
Jeremy Grantham 03/31/17 Reduce 0 778,521 183.6 215 384.6 525.9 515.1 690.9 886.8 968.9 1737.2 1034.6 1242.9 Cash & Equivalents
2675.7 2994.2 3219.2 4015.9 4445.2 5215.5 6168 6985.9 7458.4 8498.7 8707.4 Total Assets
721.6 786 753.1 799.6 1376.8 1606.2 1431.4 2654.6 2813.2 2635.5 2862.1 Long-term Debt
-93.6 -293.6 -- -- -672.2 -380.1 -324.7 -539.4 -248.9 -325.8 -525.8 Repurchase of Stock
Insider Trades 41.6 61.9 -37.6 45.4 571.3 329.5 421.1 540 153.6 183.2 357.7 Net Issuance of Debt
Cur. -4.4 -193.9 -34.3 64.7 -151.1 -13.1 108.5 14.1 -180.1 -133.5 -157.4 Cashflow from Financing
Shares -103.8 -108.3 -63.1 -109.5 -100.2 -129.1 -158.4 -209.1 -172.1 -190.8 -198.5 Capital Expenditure
Booker Martin
VP & Grp
06/02/17 -46000 600
284.1 373.2 519.2 315.4 465 545.6 610.7 671.8 858.4 886.8 922.7 Free Cash Flow
Genera
Reardon Diana G Director 05/31/17 -200000 -- Competitor
SVP GGM Financial Operating
Raley Zachary W 05/25/17 -432000 -- Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
RF & BR Strength Margin(%)
SR VP &
Lampo Craig A 05/17/17 -15000 25000 OTCPK:MIELF Mitsubishi Electric Corp 7 6 30,701 16.40 0.81 6.34 5.37 11.48
CFO
President & OTCPK:MRAAY Murata Manufacturing Co Ltd 8 7 29,917 21.23 2.90 18.15 10.18 12.30
Norwitt Richard Adam 05/15/17 -200000 321663
CEO NYSE:TEL TE Connectivity Ltd 6 7 27,990 13.54 2.22 15.13 11.79 25.03
NYSE:GLW Corning Inc 6 9 27,046 8.11 3.21 16.86 14.45 22.15
NYSE:APH Amphenol Corp 6 8 23,233 26.96 3.76 20.01 10.74 24.74
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:ATVI ATVI

Kctivision Blizzard Inc (NAS:ATVI)
Industry Historical % of Price Dividend Yield)ttm) % 0.52
Current
$ 58.91 Median Median NCAV -5.25 -9 Dividend Yield)forward) % 0.51
Application Software - Electronic Gaming & Multimedia P/E )ttm) 44.31 26.85 29.12 Tangible Book -2.75 -5 Payout 0.22
Market Cap: $ 44,398 Mil Forward P/E 31.95 22.68 N/A Peter Lynch Value 27.97 47 Dividend Growth)5y) % 9.1
Activision Blizzard Inc is a developer and publisher of online, personal P/B 4.69 3.17 1.97 Median P/S 30.84 52 Yield on Cost)5y) % 0.8
computer, video game console, handheld, mobile and tablet games. Its P/S 6.48 2.53 3.39 DCE )Earnings Based) 37.86 64 Continuous Div. since 2010
business segments are Activision Publishing, Inc. and Blizzard P/FCF 21.22 24.94 15.74 Price 58.91 Insider Ownership % 6.32
Entertainment, Inc. Shiller P/E 68.69 39.49 49.83 DCF )FCF Based) 79.03 134 Institution Ownership % 72.21
Financial Strength
Industry Historical
Median Median

26.21
F-Score 6 5.00 6 1W -2.71 0
20M YTD 63.97 9.1
Net-Margin )%) 14.61 3.38 16.78
1Y 54.47 17.3
ROE )%) 11.34 6.30 10.77
ROA )%) 5.80 2.86 5.94 3Y 40.75
569.85 22.55 697.10
)%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth )%) 11.2 16.1 39.70 5366 8050 13892 14721 13963 11805 12547 14547 28432 26920 44398 Market Cap
EBIT Growth )%) N/A 10.9 14.50 75.8 25.1 138.9 38.9 13.4 10.6 18.8 17.7 32.3 28.9 44.3 Year End P/E
EPS without NRI 3.8 4.1 1.3 1.4 1.3 1 1.9 2 3.5 3 4.7 P/B
32.7 6.8 15.70
Growth )%) 3.8 3 3.4 3.5 3 2.5 3.8 3.3 6.1 4.1 6.5 P/S
41.2 24.3 63.60
)%) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth )%) 18 4.9 10.70
Quarterly 0.1 0.6 0.1 0.3 0.9 1 1 1.1 1.2 1.3 1.3 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 0 0.9 0.9 1 0.8 1.1 1.2 1.7 1.6 2.7 2.8 Free Cashflow Per Share
Revenue 1455 1570 1568 2014 1726 -- -- -- 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 Dividends Per Share
Net Income 363 127 199 253 426 2 2.7 2 2 2.5 3.2 -1.3 -0.5 0.6 -3.4 -2.8 Tang. Book Per Share
EPS 0 0 0 0 1 8.6 15.6 11 12.2 13.9 14.7 16 20.7 21.4 29.7 30.8 Median P/S Value
Revenue )YoY) % 14 50 58 49 19 2.5 5.8 2 3.9 7.1 8.5 -- -- 3.9 -- -- Graham Number
Net Income )YoY) % -8 -40 57 59 17 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY) % -9 -41 53 62 17
1513 2898.1 4279 4447 4755 4856 4583 4408 4664 6608 6878 Revenue
35.4 43.2 46.1 52 62.7 65.8 66.6 65.4 66 63.8 63.8 Gross Margin %
Guru Trades
73.1 479.6 -26 469 1328 1451 1372 1183 1319 1412 1444 Operating Income
Impact Cur.
Guru Date Action 4.8 16.6 -0.6 10.6 27.9 29.9 29.9 26.8 28.3 21.4 21 Operating Margin %
% Shares
Stanley Druckenmiller 03/31/17 Buy 1.76 537,300 85.8 344.9 113 418 1085 1149 1010 835 892 966 1005 Net Income
5.7 11.9 2.6 9.4 22.8 23.7 22 18.9 19.1 14.6 14.6 Net Margin %
Zeke Ashton 03/31/17 Reduce -1.75 47,500
6.5 20.5 1.8 4 10.5 10.5 11 11.8 11.5 11.2 11.3 ROE %
Steve Mandel 03/31/17 Add 1.09 24,800,690
5.3 16 1.4 3.1 8.1 8.4 7.2 5.8 6 5.9 5.8 ROA %
Caxton Associates 03/31/17 Buy 0.58 3,000,600
John Paulson 03/31/17 Sell -0.45 0 384.4 1396.3 2768 2812 3165 3959 4410 4848 1823 3245 3248 Cash & Equivalents
1793.9 2530.7 13742 13414 13277 14200 14012 14642 15246 17452 16921 Total Assets
-- -- -- -- -- -- 4668 4324 4074 4887 4393 Long-term Debt
Warning Signs 382.4 582.8 2986 3211 2785 2883 7390 7409 7178 8333 7485 Total Liabilities
SEVERE Operating Margin %: Declined -- -- -- -- -- -- -- -- -- -- -- Common Equity
MEDIUM Price: Close to 10-year high 27.2 573.5 1183 1376 952 1345 1264 1331 1259 2155 2229 Cashflow from Operations
MEDIUM PS Ratio: Close to 10-year high -35.2 326.3 -443 -312 266 -124 308 -84 -3716 -1177 -132 Cashflow from Investing
-- -- -1109 -959 -692 -315 -5830 -- -- -- -- Repurchase of Stock
Good Signs -- -- -- -- -- -- 4744 -375 -250 774 -1496 Net Issuance of Debt
GOOD Revenue per Share: Consistent growth 28 105.2 -949 -1053 -808 -497 -1223 -413 -202 500 -1683 Cashflow from Financing
-17.9 -29.4 -69 -97 -72 -73 -74 -107 -111 -136 -130 Capital Expenditure
Insider Trades 9.2 544.1 1114 1279 880 1272 1190 1224 1148 2019 2099 Free Cash Flow
Cur.
Shares Competitor
Zacconi Riccardo CEO, King 05/17/17 -19761 49268 Financial Operating
Kelly Brian G Director 03/28/17 -420063 4544k Strength Margin(%)
Morhaime Michael
Pres. &
03/15/17 -29624 532363 NAS:ATVI Activision Blizzard Inc 6 8 44,398 44.31 6.48 20.99 5.80 11.34
CEO-Bli
OTCPK:NTDOY Nintendo Co Ltd 9 5 39,780 55.92 11.33 4.29 5.88 6.70
Durkin Dennis M CFO 03/14/17 -100000 206542
Principal
NAS:EA Electronic Arts Inc 7 7 34,267 36.00 7.05 25.26 13.44 26.38
Wereb Stephen G 03/01/17 -9474 55123
Accou OTCPK:ARLUF Aristocrat Leisure Ltd 6 8 11,217 34.25 7.09 30.60 14.52 40.40
OTCPK:KNMCY Konami Holdings Corp 7 6 7,815 35.06 3.72 15.71 7.60 11.45
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AVB AVB

KvalonBay Communities Inc (NYSY:AVB)
Current
REITs - REIT - Residential P/E (ttm) 26.11 17.14 31.6 DCF (FCF Based) -25.42 -13 Payout 0.73
AvalonBay Communities Inc is a real estate investment trust engaged in the P/B 2.63 1.12 2.47 Graham Number 112.33 57 Yield on Cost(5y) % 4.22
development, redevelopment, acquisition, ownership and operation of P/S 13.1 7.64 12.09 DCE (Earnings Based) 128.7 66 Continuous Div. since 2011
multifamily communities located in high barrier to entry markets of the Dnited P/FCF N/A 19.65 47.96 Median P/S 181.05 92 Insider Ownership % 1.58
States. Shiller P/E 40.71 25.35 34.11 Price 195.96 Institution Ownership % 80.35
Financial Strength
148.52 107.7 86.59 114.8 139.51 151 141.46 169.2 185.54 191 199.1 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.02 0.06 0.03 199.1

79.5
F-Score 7 5.00 5 1W 0.90 0
4M
YTD 11.42 9.1
Net-Margin (%) 50.12 39.19 41.47
1Y 16.70 17.3
ROE (%) 10.28 6.63 7.81
ROA (%) 5.87 3.20 4.42 3Y 14.69
3.34 12.00 3.56
(%)
Growth
10 Yr 5 Yr 1 Yr
12.3 43.2 32.50
(%) 9.7 5.7 8 11.2 13.1 13.1 10.3 12.7 13.4 11.9 13.1 P/S
Free Cash Flow Growth 27 27.9 21.8 23.3 20.8 25.6 32 34.9 30.7 27.9 30.7 EV/EBITDA
-3.7 5.6 0.00
Quarterly 4.4 5.2 1.9 2.1 4.9 4.3 2.8 5.2 5.5 7.5 7.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -8.6 -7 -2.6 -1.5 -2.9 -2.5 -11.2 -3.5 -4.2 -3.8 -2.4 Free Cashflow Per Share
Revenue (YoY) % 15 10 9 8 3 49.6 31.3 29.6 30.9 40.1 58.6 26.2 87.1 94.4 112 112.3 Graham Number
EPS (YoY) % 11 12 69 57 -1
766.7 814.2 829.9 842.8 900.1 1000.6 1462.9 1685.1 1856 2045.3 2059.1 Revenue
173.1 93.9 269 261.3 308.2 353.1 68.7 434.3 547.9 584.2 559 Operating Income
Impact Cur.
Guru Date Action 22.6 11.5 32.4 31 34.2 35.3 4.7 25.8 29.5 28.6 27.2 Operating Margin %
% Shares
Jim Simons 03/31/17 Add 0.06 1,074,000 358.2 411.5 155.6 175.3 441.6 423.9 353.1 683.6 742 1034 1031.9 Net Income
46.7 50.5 18.8 20.8 49.1 42.4 24.1 40.6 40 50.6 50.1 Net Margin %
12.5 13.5 5.2 5.5 11.5 7.6 4.6 7.8 7.9 10.3 10.3 ROE %
Manning & Napier
03/31/17 Reduce -0.01 55,180 5.7 5.9 2.1 2.3 5.4 4.3 2.7 4.3 4.5 5.9 5.9 ROA %
Advisors, Inc
Chris Davis 03/31/17 Add 0 114,675 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Pioneer Investments 03/31/17 Reduce 0 48,300 20.3 64.9 105.7 304.4 616.9 2733.6 281.4 509.5 400.5 215 121.7 Cash & Equivalents
Jim Simons 12/31/16 Add 0.04 854,800 6736.5 7174.4 7457.6 7821.5 8482.4 11160 15328 16141 16931 17867 17978 Total Assets
3158.1 3654.7 4008.5 4006.7 1665.2 3888.1 6134.4 6489.7 6456.9 7030.9 7005.7 Long-term Debt
3709.8 4258.2 4407.5 4510.9 4087.6 4322.9 6732 7094.2 7090.8 7695.9 7711.8 Total Liabilities
Warning Signs 0.8 0.8 0.8 0.9 1 1.1 1.3 1.3 1.4 1.4 1.4 Common Equity
SYVYRY Long-Term Debt: Keep issuing new debt
SYVYRY Asset Growth: faster than revenue growth
Good Signs -809.2 -266.3 -333.6 -298.9 -443.1 -623.4 -1181.2 -816.8 -1199.5 -1037.4 -888 Cashflow from Investing
-257.9 -42.2 -- -- -- -- -- -- -- -- -- Repurchase of Stock
286.4 350.1 183.3 91.1 -390.1 209 -1375.4 570.1 22.1 957.5 956.1 Net Issuance of Debt
Insider Trades 366.4 -75.1 -4.3 167.6 326.2 2199.3 -1995.4 158.2 33.8 -291.6 -247 Cashflow from Financing
Shares -686.8 -543.3 -210.3 -130.1 -259.2 -241.1 -1427.5 -455 -568.4 -523.7 -326.6 Free Cash Flow
Executive
Mclaughlin William M 06/09/17 -5112 50301 Competitor
Vice
EVP-General Financial Operating
Schulman Edward M 05/15/17 -1764 20010 Ticker Company Profitability Market Cap($M) P/Y P/S ROA(%) ROY(%)
Cou Strength Margin(%)
SVP-Finance
Shea Keri A 05/11/17 -1000 6251 NYSY:AVB AvalonBay Communities Inc 5 8 27,001 26.11 13.10 27.15 5.87 10.28
and
Chief NYSE:EQR Equity Residential 4 7 24,882 29.60 10.74 35.00 4.03 7.99
Birenbaum Matthew H. 05/09/17 -2750 38174
Investmen
NYSE:ESS Essex Property Trust Inc 4 8 17,303 33.81 13.17 32.70 4.19 8.31
Chairman &
Naughton Timothy J 05/05/17 -17210 170799 NYSE:MAA Mid-America Apartment Communities Inc 4 7 12,493 44.35 7.86 22.11 2.41 4.84
CEO
NYSE:DDR DDR Inc 4 7 10,696 35.42 11.09 18.79 4.03 10.17
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:AVGO AVGO
Broadcom Ltd (NAS:AVGO) Ratios Valuation Analysis Dividend & Ownership

Median Median NCAV -59.25 -25 Dividend Yield(forward( % 1.7
Semiconductors
P/E (ttm( N/A 23.31 20.4 Tangible Book -45.62 -19 Payout N/A
Forward P/E 15.36 18.98 N/A Peter Lynch Value -14 -6 Dividend Growth(5y( % 40.7
Broadcom Ltd is engaged in designing, developing and supplying analog
P/B 4.92 1.97 4.15 Median P/S 153.3 64 Yield on Cost(5y( % 7.11
and digital semiconductor connectivity solutions. Its product portfolio serves
wired infrastructure, wireless communications, enterprise storage and
industrial and other end markets. P/FCF 24.18 20.45 23.22 Insider Ownership % 0.34
Financial Strength
-- -- 18.47 28.88 39.08 38.97 53.56 103.99 148.83 182.31 254.95 Annual Price High
Industry Historical
Score: 5 /10 Current -- -- 14.49 16.8 27.19 28.31 31.26 52.49 96.25 116.31 174.28 Low
Median Median
Cash to Debt 0.33 1.69 1.56 254.95
120.23
F-Score 6 5.00 5 1W -6.25 0
7M
YTD 35.79 9.1
Net-Margin (%( -1.54 3.88 13.00
1Y 52.50 17.3
ROE (%( -1.30 4.82 16.04
ROA (%( -0.50 2.58 8.67 3Y 50.85
20.73 9.53 50.38
(%(
Growth
Revenue Growth (%( N/A 32.6 37.90 -- -- 3285 5920 8306 8108 11251 21795 33932 67819 96765 Market Cap
EBITDA Growth (%( N/A 25.3 58.90 214 219 219 246 252 250 252 267 281 383 407 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( N/A N/A 16.90 -- -- -- 14.5 15.3 14.6 20.7 86.3 25.3 -- -- Year End P/E
EPS without NRI Growth -- -- 3.2 3.9 4.1 3.4 3.9 6.7 7.2 3.6 4.9 P/B
N/A N/A -160.90
(%( -- -- 2.2 2.9 3.6 3.5 4.6 5.3 5.1 5.1 6.3 P/S
Free Cash Flow Growth -- -- 18.2 9.3 10.4 9.5 13.7 24 13.7 32.3 21.8 EV/EBITDA
N/A 30.6 77.30
(%(
Book Value Growth (%( N/A 35.2 -2.90
7.1 7.8 6.8 8.5 9.3 9.5 10 16 24.3 34.6 37.8 Revenue Per Share
Quarterly -0.7 0.4 -0.2 1.7 2.2 2.3 2.2 1 4.9 -4.9 -0.8 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 0.5 0.6 0.4 1.8 2.4 1.8 1.9 2.9 6.1 7 9.8 Free Cashflow Per Share
Revenue 3541 3792 4136 4139 4190 -- -- -- -- 0.4 0.6 0.8 1.1 1.6 1.9 3.1 Dividends Per Share
Net Income -1186 -298 -632 239 440 -1 -0.5 1 3.2 5.4 7.4 8.1 -7.8 -0.4 -52.2 -45.6 Tang. Book Per Share
EPS -3 -1 -2 1 1 -- 29.8 27.2 34.6 37.8 38.5 40.5 66.4 98.6 136.1 153.3 Median P/S Value
Revenue (YoY( % 119 119 125 134 18 -- -- -- 11 16.3 19.4 20 -- -- -- -- Graham Number
EPS (YoY( % -350 -189 -206 -56 -135
1527 1699 1484 2093 2336 2364 2520 4269 6824 13240 16257 Revenue
Impact Cur.
-105 160 48 466 584 582 552 438 1632 -409 1097 Operating Income
Guru Date Action -6.9 9.4 3.2 22.3 25 24.6 21.9 10.3 23.9 -3.1 6.8 Operating Margin %
% Shares
Steve Mandel 03/31/17 Add 2.02 5,319,591 -159 83 -44 415 552 563 552 263 1364 -1739 -251 Net Income
-10.4 4.9 -3 19.8 23.6 23.8 21.9 6.2 20 -13.1 -1.5 Net Margin %
-22.9 11.3 -4.8 32.6 31.4 25.5 20.8 8.6 34.3 -14.7 -1.3 ROE %
-8.2 4.3 -2.3 20.1 24 21.2 17.6 3.8 13 -5.8 -0.5 ROA %
John Burbank 03/31/17 Buy 0.7 42,876
Louis Moore Bacon 03/31/17 Add 0.7 235,000 309 213 472 561 829 1100 985 1604 1822 3097 4254 Cash & Equivalents
1951 1871 1970 2157 2446 2862 3415 10491 10515 49966 49849 Total Assets
907 708 233 4 4 2 -- 5463 3826 13188 13567 Long-term Debt
SEVERE Asset Growth: faster than revenue growth -- -- -- -- -- -- -- -- -- -- -- Common Equity
MEDIUM PS Ratio: Close to 10-year high
Good Signs
-2 -7 -6 -- -93 -110 -95 -12 -- -- -- Repurchase of Stock
-108 -202 -115 -366 -230 -- -- 5588 -1817 8193 8086 Net Issuance of Debt
-114 -210 183 -335 -336 -194 -169 5329 -1859 7704 -2678 Cashflow from Financing
Insider Trades
Cur.
Shares 109 137 81 431 614 452 486 766 1725 2688 4245 Free Cash Flow
SVP & GM,
Ingram Bryan 06/08/17 -30000 77671 Competitor
Wirel
SVP & Chief
Financial Operating
Kawwas Charlie B 06/08/17 -5222 63501 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Sal Strength Margin(%)
Principal NAS:AVGO Broadcom Ltd 5 8 96,765 0.00 6.31 6.75 -0.50 -1.30
Spears Kirsten M. 06/08/17 -1306 24274
Accou
SVP & Chief
NAS:NVDA NVIDIA Corp 7 8 90,660 50.44 13.14 29.74 22.52 37.77
Kawwas Charlie B 04/05/17 -4398 68723
Sal NAS:QCOM Qualcomm Inc 6 8 84,110 18.96 3.65 21.09 8.55 14.47
VP & General
Mccall Patricia H 03/28/17 -10000 45605 NAS:TXN Texas Instruments Inc 7 9 79,786 20.97 5.93 36.93 24.52 38.36
Co
NAS:NXPI NXP Semiconductors NV 6 7 36,797 19.75 4.04 21.09 7.72 17.01
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AVY AVY

Avery Dennison Corp (NYSE:KVY)
Current
Industrial Products - Business Equipment P/E (ttm) 22.49 23.19 18.49 Tangible Book 1.18 1 Payout 0.43
Avery Dennison Corp is engaged in the production of pressure-sensitive P/B 7.48 1.90 2.94 Peter Lynch Value 41.53 49 Yield on Cost(5y) % 3.2
materials, office products and a variety of tickets, tags, labels and other P/S 1.25 1.28 0.76 Median P/S 51.93 61 Continuous Div. since 2010
converted products. P/FCF 19.82 17.80 16.34 Price 85.55 Insider Ownership % 0.91
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.19 1.12 0.03 85.75

34.25
F-Score 8 5.00 6 1W 2.73 0
2M
YTD 23.06 9.1
Net-Margin (%) 5.56 4.33 3.92
1Y 15.29 17.3
ROE (%) 34.98 6.84 15.35
ROA (%) 7.69 3.38 4.93 3Y 21.93
43.90 11.81 21.96
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) 1 4.3 6.70 5228 3479 3842 4481 3048 3489 4827 4726 5723 6201 7576 Market Cap
EBITDA Growth (%) N/A 10 10.80 99 99 104 107 107 104 100 96 93 91 89 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A 16.1 14.30 17.3 12.2 -- 14.3 16 16.8 23.6 20.4 21.2 19.9 22.5 Year End P/E
EPS without NRI Growth 2.6 2 2.8 2.7 1.8 2.2 3.2 4.5 5.9 6.7 7.5 P/B
N/A 22 21.00
(%) 0.8 0.5 0.6 0.8 0.5 0.6 0.8 0.8 1 1.1 1.3 P/S
Free Cash Flow Growth 10.4 8.4 -12.2 10.1 7.6 8.4 8.7 9 10.1 10.2 12.1 EV/EBITDA
-1.4 7.5 29.40
Book Value Growth (%) -4.6 -9.5 5.40
Quarterly 3.1 2.7 -7.2 3 1.8 2.1 2.1 2.6 3 3.5 3.8 EPS
Revenue 1486 1542 1509 1551 1572 1.6 1.6 1.2 0.8 1 1.1 1.1 1.3 1.5 1.6 1.6 Dividends Per Share
Net Income 90 80 89 62 112 -0.1 -2.5 1.4 4.5 6.9 6.9 6.7 2.8 2.6 0.7 1.2 Tang. Book Per Share
Revenue (YoY) % -3 2 3 7 6 -- -- -- 15.2 14.4 15.4 19.1 12.8 13 7.7 10 Graham Number
EPS (YoY) % 26 29 11 13 28
6307.8 6710.4 5952.7 5782 5844.9 5863.5 6140 6330.3 5966.9 6086.5 6173.1 Revenue
539.9 422.7 -514.3 334.9 335.9 379.3 463.5 492.3 537.7 602.2 616.9 Operating Income
Impact Cur.
Guru Date Action 8.6 6.3 -8.6 5.8 5.8 6.5 7.6 7.8 9 9.9 10 Operating Margin %
% Shares
Caxton Associates 03/31/17 Sell -0.25 0 303.5 266.1 -746.7 316.9 190.1 215.4 213.2 245.1 274.3 320.7 343.3 Net Income
4.8 4 -12.5 5.5 3.3 3.7 3.5 3.9 4.6 5.3 5.6 Net Margin %
16.5 14.2 -48 21.1 11.5 13.3 13.9 19.3 27.3 33.9 35 ROE %
Nwq Managers 03/31/17 Sell -0.09 0
5.7 4.3 -13.5 6.3 3.8 4.3 4.4 5.5 6.5 7.5 7.7 ROA %
Jim Simons 03/31/17 Add 0.02 440,300
Joel Greenblatt 03/31/17 Sell -0.01 0 71.5 105.5 138.1 127.5 178 235.4 351.6 207.2 158.8 195.1 294.9 Cash & Equivalents
6244.8 6035.7 5002.8 5099.4 4972.7 5105.3 4610.6 4356.9 4133.7 4396.4 4765.9 Total Assets
1145 1544.8 1088.7 956.2 954.2 702.2 950.6 940.1 963.6 713.4 1250.2 Long-term Debt
Warning Signs 4255.4 4285.7 3640.2 3453.7 3314.2 3524.4 3118.4 3309.2 3168 3470.9 3751.3 Total Liabilities
MEDIUM Dividend Yield %: Close to 10-year low 124.1 124.1 124.1 124.1 124.1 124.1 124.1 124.1 124.1 124.1 124.1 Common Equity
MEDIUM PB Ratio: Close to 10-year high 499.4 539.7 569 486.7 422.7 513.4 319.6 354.9 473.7 585.3 606.9 Cashflow from Operations
-1543.2 -293.5 -105.8 -107.8 -104.2 -160 339.4 -170.4 -142.9 -435.4 -516.5 Cashflow from Investing
Good Signs
-63.2 -9.8 -- -108.7 -13.5 -235.2 -283.5 -355.5 -232.3 -262.4 -201.4 Repurchase of Stock
GOOD Piotroski F-Score: High 1259 -40.7 -300.6 -189.8 -147.9 40.5 -187.2 124.9 -105.8 232.2 332.4 Net Issuance of Debt
1055.4 -208.5 -432.7 -391.5 -271.5 -297.6 -546.2 -323.5 -367.3 -106.2 41.4 Cashflow from Financing
Insider Trades
-254.8 -191.6 -100.3 -108.6 -135.6 -158.3 -181.4 -175 -151.5 -206.6 -216.6 Capital Expenditure
Cur.
Anderson Anthony Director 06/02/17 -6248 1244 Competitor
VP/General Financial Operating
Stander Deon 05/30/17 -5000 10998
Mana Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Anderson Anthony Director 05/16/17 -950 7492
President,
NYSE:AVY Avery Dennison Corp 5 8 7,576 22.49 1.25 9.99 7.69 34.98
Gravanis Georges 04/28/17 -22571 --
LGM OTCPK:RICOY Ricoh Co Ltd 5 6 6,330 45.62 0.35 2.23 0.57 1.50
Executive
Scarborough Dean A 03/09/17 -34437 146584 OTCPK:BRTHY Brother Industries Ltd 6 8 5,979 20.32 0.97 6.15 5.04 10.37
Chair
OTCPK:KNCAY Konica Minolta Inc 6 7 3,992 14.32 0.45 5.46 3.10 6.00
NYSE:PBI Pitney Bowes Inc 4 5 2,855 28.83 0.85 18.30 1.68 273.52
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AWK AWK

American Water Works Co Inc (NESE:AWK)
Current
Utilities - Regulated - Utilities - Regulated Water P/E (ttm) 30.48 17.55 20.28 DCF (FCF Based) -0.25 -0 Payout 0.56
American Water Works Co Inc provides water and wastewater services to P/B 2.75 1.62 1.51 DCE (Earnings Based) 28.79 35 Yield on Cost(5y) % 2.92
residential, commercial and industrial customers in the United States and P/S 4.41 1.73 2.37 Graham Number 36.64 45 Continuous Div. since 2013
Canada. Its operating segments are Regulated Businesses and Market- P/FCF N/A 15.65 174.64 Median P/S 43.93 54 Insider Ownership % 0.47
Based Operations. Shiller P/E 95.63 23.96 99.27 Price 82.06 Institution Ownership % 57.55
Financial Strength
-- 23.37 22.68 25.73 32.55 38.35 43.5 55.86 60.61 84.76 81.32 Annual Price High
Industry Historical
Score: 5 /10 Current -- 17.16 16.53 19.92 25.23 31.38 37.33 41.16 48.63 59.44 70.57 Low
Median Median
Cash to Debt 0.01 0.26 N/A 84.76

34.12
F-Score 5 5.00 6 1W 4.28 0
5M
YTD 14.50 9.1
Net-Margin (%) 14.45 7.70 12.08
1Y 7.44 17.3
ROE (%) 9.22 8.66 7.73
ROA (%) 2.66 2.98 2.29 3Y 21.63
7.48 10.08 7.42
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) 3.1 3.8 4.20 -- 3340 3913 4426 5597 6572 7538 9565 10652 12880 14622 Market Cap
EBITDA Growth (%) 18.8 5 3.20 160 160 168 175 177 178 179 180 180 179 178 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A 5.5 1.50 -- -- -- 16.4 18.2 18.5 20.5 22.6 22.7 27.5 30.5 Year End P/E
EPS without NRI -- 0.8 1 1.1 1.3 1.5 1.6 2 2.1 2.5 2.8 P/B
N/A 8.7 1.50
Growth (%) -- 1.4 1.5 1.7 2.1 2.3 2.6 3.2 3.4 3.9 4.4 P/S
Free Cash Flow Growth -- 51.5 17.5 9.3 9.7 9.1 10 10.8 11.3 12.9 13.9 EV/EBITDA
N/A N/A -118.00
Quarterly -2.1 -3.5 -1.4 1.5 1.8 2 2.1 2.4 2.6 2.6 2.7 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -1.8 -3 -1.3 -0.2 -1 0.2 -0.5 0.8 0.1 -0.2 -0 Free Cashflow Per Share
Revenue 743 827 930 802 756 -- 0.4 0.8 0.9 0.9 1.2 0.8 1.2 1.3 1.5 1.5 Dividends Per Share
Net Income 82 137 148 101 93 13 15 15.8 16.8 17.3 18.3 19.7 20.7 21 21.8 22.2 Tang. Book Per Share
Revenue (YoY) % 6 6 4 2 2 -- -- -- 23.5 26 29.4 30.3 33.3 35.3 35.8 36.6 Graham Number
EPS (YoY) % 5 13 -14 4 13
2214.2 2336.9 2441.5 2555 2666.2 2853.9 2879 3011 3159 3302 3315 Revenue
2.9 -186.9 173.6 728.1 803.1 924.1 948 1003 1075 1080 1093 Operating Income
Impact Cur.
Guru Date Action 0.1 -8 7.1 28.5 30.1 32.4 32.9 33.3 34 32.7 33 Operating Margin %
% Shares
Jim Simons 03/31/17 Reduce -0.04 294,600 -342.8 -562.4 -233.1 267.8 309.6 358.1 369 423 476 468 479 Net Income
-15.5 -24.1 -9.6 10.5 11.6 12.6 12.8 14.1 15.1 14.2 14.5 Net Margin %
-6.7 -13 -5.8 6.6 7.4 8.3 8.1 8.8 9.6 9.1 9.2 ROE %
Jim Simons 12/31/16 Add 0.05 614,900
-2.7 -4.3 -1.8 2 2.2 2.4 2.5 2.7 2.9 2.6 2.7 ROA %
Keeley Asset
12/31/16 Add 0.01 81,101
Management Corp 13.5 9.5 22.3 13.1 14.2 24.4 27 23 45 75 78 Cash & Equivalents
Mario Gabelli 12/31/16 Reduce 0 5,650 12951 13232 13453 14086 14776 14719 15088 16038 17241 18482 18610 Total Assets
4674.8 4648.2 5312.1 5394.1 5339.9 5190.5 5212.9 5427 5862 5749 5744 Long-term Debt
8380.4 9125.3 9447.2 9954 10536 10274 10360 11123 12192 13264 13323 Total Liabilities
Warning Signs 1.6 1.6 1.7 1.8 1.8 1.8 1.8 2 2 2 2 Common Equity
473.7 552.2 596.2 774.9 808.4 955.6 896 1097 1179 1276 1293 Cashflow from Operations
-746.6 -1033.7 -703.6 -746.7 -912.4 -382.4 -1053 -1014 -1465 -1587 -1552 Cashflow from Investing
-1750.4 -0.2 -- -- -- -- -- -- -126 -65 -57 Repurchase of Stock
Good Signs
1019 292.9 5.3 106.1 228.6 -402.4 268 81 615 630 557 Net Issuance of Debt
256.6 477.6 120.2 -37.3 105.1 -563 160 -87 308 341 271 Cashflow from Financing
-760.7 -1033.6 -815.2 -809.3 -978 -928.6 -980 -956 -1160 -1311 -1297 Capital Expenditure
Insider Trades
-287 -481.4 -219 -34.4 -169.6 27 -84 141 19 -35 -4 Free Cash Flow
Cur.
Shares Competitor
SVP, External
Warnock Loyd A 05/18/17 -1263 7055 Financial Operating
A Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
SVP, External
Warnock Loyd A 05/17/17 -2236 8318
A NESE:AWK American Water Works Co Inc 5 7 14,622 30.48 4.41 32.97 2.66 9.22
Goss Martha Clark Director 05/09/17 -1 24529 OTCPK:SZEVY Suez SA 4 5 11,289 23.88 0.62 7.25 1.48 7.41
SVP,Corp
Strauss Mark F. 03/02/17 -13011 35124 OTCPK:GGDVF Guangdong Investment Ltd 6 8 8,820 16.45 6.60 55.53 7.91 13.21
Strate
EVP and OTCPK:UUGRY United Utilities Group PLC 4 7 8,357 15.09 3.87 35.53 3.56 15.88
Lynch Walter 03/02/17 -10000 96002
COO
OTCPK:STRNY Severn Trent PLC 5 8 7,231 16.80 3.16 29.89 3.94 38.06
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AXP AXP
American Express Co (NYSE:AXP) Ratios Valuation Analysis Dividend & Ownership

Current
Credit Services P/E (ttm) 14.63 15.91 14.22 Tangible Book 23.26 29 Payout 0.23
American Express Co is a payments, network and travel company, which P/B 3.48 1.30 3.48 Graham Number 53.8 67 Yield on Cost(5y) % 2.89
offers credit payment card products and travel-related services to consumers P/S 2.32 3.79 2.15 DCF (FCF Based) 64.4 80 Continuous Div. since 2011
and businesses. P/FCF 13.42 8.20 8.37 Median P/S 74.62 92 Insider Ownership % 0.59
Financial Strength
Cash to Debt 0.53 1.44 0.22 95.84
42.79
F-Score 0 4.00 0
1W 0.94 0
Median Median
6M 8.54 8.7
Net-Margin (%) 16.35 13.74 15.22 36M
YTD 9.80 9.1
ROE (%) 24.53 8.63 26.08 1Y 33.43 17.3
ROA (%) 3.29 2.58 3.10 3Y -3.91
0.00 15.47 0.00
(%)
Growth
EBIT Growth (%) 10.6 9.3 6.00 15.5 8 26.5 12.8 11.5 14.8 18.6 16.8 13.8 13.1 14.6 Year End P/E
9.2 7.5 10.40
Growth (%) 2.2 0.8 1.9 1.9 1.9 2.1 3 2.9 2.1 2.2 2.3 P/S
3.5 6 -38.30
(%)
Book Value Growth (%) 10.6 7.3 7.60 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
23 24.5 20.9 23.1 25.3 27.7 30.2 32.5 32.7 34.4 34.7 Revenue Per Share
Quarterly 3.4 2.3 1.5 3.4 4.1 3.9 4.9 5.6 5.1 5.7 5.5 EPS
6.4 5.9 4.8 6.6 7.2 5.3 6.9 9.3 9.2 7.3 6 Free Cashflow Per Share
Revenue 8088 8235 7774 8022 7889
0.6 0.7 0.7 0.7 0.7 0.8 0.7 1.2 1.1 1.2 1.3 Dividends Per Share
Net Income 1426 2015 1142 825 1237 8 10.2 12.1 13.6 16.1 17.1 18.3 20.2 21.3 22.7 23.3 Tang. Book Per Share
EPS 1 2 1 1 1 49.9 52.6 45 49.6 54.4 59.5 64.9 70 70.4 73.9 74.6 Median P/S Value
Revenue (YoY) % 2 -1 -5 -4 -2 25 23.8 20.5 32 38.6 38.7 44.9 50.3 49.2 53.7 53.8 Graham Number
Net Income (YoY) % -6 37 -10 -8 -13
EPS (YoY) % -2 48 -3 -1 -8
27559 28365 24523 27582 29962 31555 32870 34188 32818 32119 31920 Revenue
Guru Date Action
% Shares 20.7 12.6 11.6 21.6 23.2 20.4 24 26.3 24.2 25.2 24.2 Operating Margin %
Lee Ainslie 03/31/17 Reduce -2.25 8,440 4012 2699 2130 4057 4935 4482 5359 5885 5163 5408 5219 Net Income
Steven Romick 03/31/17 Reduce -1.45 2,630,010 14.6 9.5 8.7 14.7 16.5 14.2 16.3 17.2 15.7 16.8 16.4 Net Margin %
First Pacific Advisors 03/31/17 Reduce -1.42 3,344,880 37.3 23.5 13.7 26.5 28.2 23.5 27.7 29.1 24.5 25.7 24.5 ROE %
John Hussman 03/31/17 Add 0.88 51,300
2.9 2 1.7 3 3.3 2.9 3.5 3.8 3.2 3.4 3.3 ROA %
Jeremy Grantham 03/31/17 Reduce -0.55 4,841,203 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
03/31/17 Reduce -0.47 2,380,000
55285 60041 52338 66416 59570 58973 55330 57955 48061 46990 51647 Long-term Debt
Warning Signs
232 232 237 238 -- 221 213 205 194 181 179 Common Equity
-17101 7561 -6752 -1229 -491 -6545 -7269 -7967 -8193 1868 -1072 Cashflow from Investing
Good Signs -2720 -218 -- -590 -2300 -3952 -3943 -4389 -4480 -4431 -4169 Repurchase of Stock
GOOD Revenue per Share: Consistent growth 14301 -3267 -15074 -10490 -6342 -1157 -925 1878 -7928 -136 5760 Net Issuance of Debt
15466 -10440 -4647 -7878 -677 -3268 -3891 11 -1668 -7532 -1403 Cashflow from Financing
Cur.
Shares
Competitor
EVP, Chief
Gordon Marc D 05/24/17 -4900 13995 Financial Operating
Info Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Buckminster Douglas Pres, Glb
04/28/17 -3000 65537
E. Consu NYSE:AXP American Express Co 6 6 72,128 14.63 2.32 24.21 3.29 24.53
Buckminster Douglas Pres, Glb NAS:PYPL PayPal Holdings Inc 8 6 62,814 44.30 5.64 14.28 4.49 10.01
04/25/17 -46950 69777
E. Consu NYSE:COF Capital One Financial Corp 5 6 39,289 12.32 1.56 19.84 1.03 6.88
Brennan John Joseph Director 02/22/17 4000 4000 NYSE:SYF Synchrony Financial 6 4 23,901 11.24 2.15 30.20 2.52 15.61
Chief Human
Cox L Kevin
Res
02/06/17 -32726 48413 NYSE:DFS Discover Financial Services 5 6 23,085 10.34 2.63 39.18 2.63 20.55
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AYI AYI

Acuity Brands Inc (NYSE:AYI)
Current
Computer Hardware - Electronic Components P/E (ttm) 25.68 21.45 24.36 Tangible Book 10.61 6 Payout 0.07
Acuity Brands Inc is the provider of lighting and building management P/B 4.35 1.73 3.38 Median P/S 109.28 61 Yield on Cost(5y) % 0.29
solutions for commercial, institutional, industrial, infrastructure, and P/S 2.27 1.13 1.4 Peter Lynch Value 141.36 79 Continuous Div. since 2017
residential applications throughout North America and international markets. P/FCF 35.37 17.31 19.84 Price 178.76 Insider Ownership % 2.21
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.30 1.51 0.49 279.15

129.46
F-Score 5 5.00 7 1W 3.19 0
1M
YTD -22.46 9.1
Net-Margin (%) 8.91 2.98 6.71
1Y -28.14 17.3
ROE (%) 18.47 5.78 15.39
ROA (%) 10.69 2.95 7.82 3Y 11.83
91.81 11.10 77.33
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 8.9 20.3 13.00 13 12.2 16.1 21.5 19 23.6 29 30.6 38.3 41.5 25.7 Year End P/E
EPS without NRI Growth 2.8 3 2 2.4 2.5 3.2 3.7 4.6 6.2 7.3 4.4 P/B
10 23 17.80
(%) 1 0.9 0.8 1 1.1 1.4 1.7 2.2 3.1 3.7 2.3 P/S
Free Cash Flow Growth 7.7 6.1 8.2 9.7 9.2 11 13.7 15 19 22.2 13.1 EV/EBITDA
6.1 16.2 -15.30
44.8 48.7 39.8 37.6 42 46.2 49.2 55.7 62.4 75.1 78.1 Revenue Per Share
Quarterly 3.4 3.6 2 1.8 2.4 2.7 3 4.1 5.1 6.6 7 EPS
Feb16 May16 Aug16 Nov16 Feb17 4 4.7 1.7 3.2 3.2 3.4 2.2 4.6 5.4 6 5.1 Free Cashflow Per Share
Net Income 66 74 83 82 67 4.7 2.6 -0.5 -0.5 -0.9 1.2 4.2 8.5 13.2 7.5 10.6 Tang. Book Per Share
Revenue (YoY) % 26 25 22 16 3 17.7 14.4 -- -- -- 8.4 16.7 27.8 38.8 33.5 40.8 Graham Number
EPS (YoY) % 39 14 37 18 3
1964.8 2026.6 1657.4 1626.9 1795.7 1933.7 2089.1 2393.5 2706.7 3291.3 3432.8 Revenue
222.4 261.1 153.8 157.7 188.7 208 221.5 299.1 376.3 475.2 490.7 Operating Income
Impact Cur.
% Shares
Columbia Wanger 03/31/17 Reduce -0.43 92,916 148.1 148.3 84.9 79.6 105.5 116.3 127.4 175.8 222.1 290.8 305.9 Net Income
7.5 7.3 5.1 4.9 5.9 6 6.1 7.3 8.2 8.8 8.9 Net Margin %
24.4 23.8 13.6 11.7 14.5 14.6 13.9 16.2 17.5 19.2 18.5 ROE %
Ron Baron 03/31/17 Add 0.21 640,753
9.7 9.8 6.3 5.7 6.8 7 7 8.6 9.7 10.9 10.7 ROA %
Joel Greenblatt 03/31/17 Sell -0.02 0 213.7 297.1 18.7 191 170.2 284.5 359.1 552.5 756.8 413.2 463.2 Cash & Equivalents
1617.9 1408.7 1290.6 1503.6 1597.4 1736.9 1903.8 2166.4 2407 2948 2999.1 Total Assets
363.9 204 22 353.3 353.4 353.5 353.6 351.9 352.4 355 355.8 Long-term Debt
Good Signs 945.9 833.1 618.4 809.2 840.4 902.9 910.3 1002.9 1047 1288.2 1194.3 Total Liabilities
GOOD Operating Margin %: Expansion 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 Common Equity
GOOD Dividend Yield %: Close to 2-year high 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
GOOD PE Ratio: Close to 3-year low 208.7 221.8 92.4 160.5 161.1 172.2 132.3 233.1 288.9 345.7 297.8 Cashflow from Operations
GOOD PB Ratio: Close to 3-year low -73.4 -30.5 -183.1 -44.3 -112.5 -35.1 -58.5 -34.3 -72.4 -704.7 -66.8 Cashflow from Investing
GOOD PS Ratio: Close to 2-year low -45 -155.7 -- -36.1 -61 -9.2 -- -- -- -- -0.4 Repurchase of Stock
-- -0 -162.4 108.6 -- -- -- -- -- 2.5 3.4 Net Issuance of Debt
Insider Trades -29.5 -110.2 -180.6 59.2 -71.8 -18.7 1.1 -6.3 -3.9 19.4 6.7 Cashflow from Financing
Shares
177.2 194.6 71.2 138.6 137.8 140.8 91.7 197.8 232.4 262 222.1 Free Cash Flow
Robinson Ray M Director 02/07/17 -1100 1307
Black Mark A EVP 11/09/16 -14306 38410 Competitor
Nagel Vernon J 07/11/16 -65060 250205 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Reece Richard K EVP/CFO 07/11/16 -33430 126320 OTCPK:SNPTF Sunny Optical Technology (Group) Co Ltd 7 8 9,058 53.34 4.71 10.13 13.44 29.22
Black Mark A EVP 07/06/16 -2654 38654 OTCPK:TTDKF TDK Corp 6 7 8,376 14.63 0.80 8.09 4.34 9.79
OTCPK:OSAGF OSRAM Licht AG 7 5 7,711 65.96 1.78 10.24 2.11 3.91
NYSE:AYI Acuity Brands Inc 7 7 7,524 25.68 2.27 14.29 10.69 18.47
OTCPK:MNBEY Minebea Mitsumi Inc 6 7 6,637 22.82 1.25 7.48 6.43 13.87
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:AZO AZO

AutoZone Inc (NYSE:AZO)
Industry Historical % of Dividend Yield)ttm) % N/A
Current
$ 613.01 Median Median Price Dividend Yield)forward) % N/A
Retail - Apparel & Specialty - Specialty Retail P/E )ttm) 14.21 20.66 15.94 NCAV -302.18 -49 Payout N/A
Market Cap: $ 17,183 Mil Forward P/E 12.5 15.15 N/A Tangible Book -60.34 -10 Dividend Growth)5y) % N/A
AutoZone Inc is a retailer and distributor of automotive replacement parts and P/B N/A 1.70 19.59 Peter Lynch Value 572.65 93 Yield on Cost)5y) % N/A
accessories in the United States. The Company's store carry an extensive P/S 1.69 0.70 1.68 Median P/S 606.66 99 Continuous Div. since N/A
product line for cars, sport utility vehicles, vans and light trucks. P/FCF 17.28 15.94 15.61 Price 613.01 Insider Ownership % 1.18
Shiller P/E 24.21 18.96 29.16 DCE )Earnings Institution Ownership % 76.53
1211.42 198
PEG 0.98 2.02 0.88 Based)
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.04 0.97 0.04 815.98
Equity to Asset -0.19 0.49 0.13

363.45
F-Score 7 5.00 6 1W 2.35 0
2M
YTD -22.38 9.1
Net-Margin )%) 11.82 2.23 10.67
1Y -18.01 17.3
ROE )%) 0.00 6.33 169.64
ROA )%) 14.56 2.80 14.85 3Y 5.43
55.24 12.77 57.17
)%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth )%) 19 14.3 9.50 14.2 13.7 12.5 14 15.7 15.4 15.1 17.1 19.9 18.2 14.2 Year End P/E
EPS without NRI Growth 19.5 35.6 -- -- -- -- -- -- -- -- -- P/B
19.8 15.7 11.70
)%) 1.4 1.3 1.2 1.4 1.7 1.7 1.7 1.9 2.3 2.1 1.7 P/S
17.4 10.5 -0.10
Book Value Growth )%) N/A 12.9 0.00
Quarterly 8.5 10 11.7 15 19.5 23.5 27.8 31.6 36 40.7 40.3 EPS
Aug16 Nov16 Feb17 Apr17 May17 8.9 10.6 11.6 17.9 22.2 21.3 27.4 26.3 32.1 35.4 -- Free Cashflow Per Share
Net Income 427 278 237 332 332 1.5 -1.2 -14.5 -23.1 -38.8 -50 -61.4 -63.9 -70.5 -76.9 -72.6 Tang. Book Per Share
Revenue )YoY) % 3 3 1 1 -23 17.2 -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income )YoY) % 6 8 4 1 -22 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY) % 12 13 9 6 -20
6169.8 6522.7 6816.8 7362.6 8073 8603.9 9147.5 9475.3 10187 10636 9995.1 Revenue
Guru Trades 49.7 50.1 50.1 50.4 51 51.5 51.8 52.1 52.3 52.7 52.7 Gross Margin %
1055.3 1124.1 1176.1 1319.4 1494.8 1628.9 1773.1 1830.2 1953.1 2060.4 1902 Operating Income
Impact Cur.
% Shares
Joel Greenblatt 03/31/17 Reduce -0.28 24,812 595.7 641.6 657 738.3 849 930.4 1016.5 1069.7 1160.2 1241 1178.7 Net Income
9.7 9.8 9.6 10 10.5 10.8 11.1 11.3 11.4 11.7 11.8 Net Margin %
Manning & Napier
03/31/17 Add 0.25 53,480 136.5 202.8 -- -- -- -- -- -- -- -- -- ROE %
Advisors, Inc
12.8 12.8 12.4 13.6 14.8 15.3 15.5 14.9 14.9 14.9 13.3 ROA %
Steven Cohen 03/31/17 Add 0.12 39,332
Jim Simons 03/31/17 Reduce -0.07 102,800 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 May17 Balance Sheet
Ray Dalio 03/31/17 Sell -0.06 0 86.7 242.5 92.7 98.3 97.6 103.1 142.2 124.5 175.3 189.7 227.1 Cash & Equivalents
Caxton Associates 03/31/17 Sell -0.04 0 4804.7 5257.1 5318.4 5571.6 5869.6 6265.6 6892.1 7497.2 8102.3 8599.8 9028.3 Total Assets
1935.6 2250 2726.9 2882.3 3317.6 3718.3 4013.3 4142.2 4624.9 4924.1 5152.8 Long-term Debt
4401.5 5027.4 5751.5 6310.4 7123.8 7813.7 8579.4 9119 9803.7 10387 10742 Total Liabilities
0.7 0.6 0.6 0.5 0.4 0.4 0.4 0.3 0.3 0.3 0.3 Common Equity
Good Signs
845.2 921.1 923.8 1196.3 1291.5 1224 1415 1341.2 1525.1 1577.3 1009.2 Cashflow from Operations
-228.7 -243.2 -263.7 -307.4 -319 -374.8 -527.3 -448 -567.9 -505.8 -359.2 Cashflow from Investing
GOOD Operating Margin %: Expansion -761.9 -849.2 -1300 -1123.7 -1466.8 -1362.9 -1387.3 -1099.2 -1271.4 -1452.5 -844.2 Repurchase of Stock
72.9 297.6 459.9 165 419.4 418.7 418.7 156.8 303.8 299.9 230.7 Net Issuance of Debt
Insider Trades
-621.4 -522.7 -806.9 -883.5 -973.8 -843.4 -847 -911.6 -896.7 -1052.8 -611.8 Cashflow from Financing
Cur.
Shares
Graves Earl G Jr Director 06/08/17 -1000 3431
620.7 677.5 651.6 880.9 969.9 845.9 1000.6 892 1034.5 1078.5 -- Free Cash Flow
Sr. Vice Competitor
Halsell Rodney C. 03/21/17 -14300 366
Presid
Financial Operating
Graves Earl G Jr Director 03/16/17 -1000 3431 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Exec. Vice
Graves William W 03/01/17 -12000 6267 NAS:ULTA Ulta Beauty Inc 9 9 18,618 42.14 3.69 13.66 18.08 30.32
Pres
Griffith James C.
Sr. Vice
01/11/17 -660 75 OTCPK:RKUNF Rakuten Inc 7 7 17,683 38.76 2.45 11.73 1.16 8.00
Presid
NYSE:BBY Best Buy Co Inc 7 7 17,246 15.24 0.46 4.51 8.79 26.72
NYSE:AZO AutoZone Inc 4 9 17,183 14.21 1.69 19.27 14.56 0.00
NYSE:GPC Genuine Parts Co 5 7 13,979 20.48 0.91 6.87 7.86 21.27
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BA BA
Boeing Co (NYSE:BA) Ratios Valuation Analysis Dividend & Ownership

Current
Aerospace & Defense P/E (ttm) 24.01 22.59 18.11 Tangible Book -12.73 -7 Payout 0.58
Market Cap: $ 117,970 Mil Forward P/E 20.66 20.41 N/A DCE (Earnings Based) 123.23 63 Dividend Growth(5y) % 23.4
Boeing Co, together with its subsidiaries designs, develops, manufactures, P/B 1252.88 2.57 12.46 Median P/S 134.2 69 Yield on Cost(5y) % 7.3
sells, services and supports commercial jetliners, military aircraft, satellites, P/S 1.33 1.40 0.91 DCF (FCF Based) 152.51 78 Continuous Div. since 2011
missile defense, human space flight and launch systems and services. P/FCF 13.71 21.23 12.77 Price 195.45 Insider Ownership % 0.59
Industry Historical
Median Median
85.43 37.11 29.36 56.18 57.41 67.24 73.65 118.34 125.49 108.44 156.97 Low
Cash to Debt 0.85 0.54 0.91
Equity to Asset 0.00 0.41 0.20 192.38

F-Score 7 5.00 6 Gain(%) SP500(%)
81.51
1W 2.91 0
Profitability
Median Median 29.36 3M 10.16 4.2
Net-Margin (%) 5.52 3.68 5.24 YTD 27.37 9.1
11M
ROE (%) 335.69 6.95 76.14
1Y 54.02 17.3
ROA (%) 5.70 2.31 5.19
ROC (Joel Greenblatt) 3Y 16.24
34.36 9.70 54.47
(%) 5.5M 5Y 24.12
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) 6.4 9.6 4.30
EBITDA Growth (%) 7 5.1 -3.30 67173 43193 39331 47983 54624 56944 102010 91861 96387 96078 117970 Market Cap
EBIT Growth (%) 9.5 5.1 -8.30 773 729 713 741 751 762 768 737 695 643 604 Sh. Outstanding-diluted(Mil)
EPS without NRI 16.6 11.7 29.7 14.7 13.7 14.8 22.9 17.6 19.4 20.4 24 Year End P/E
10.4 9.3 9.90 7.5 -- 18.5 17.4 15.5 9.7 6.9 10.6 15.2 117.6 1252.9 P/B
Growth (%)
Free Cash Flow Growth 1 0.5 0.6 0.8 0.8 0.7 1.2 1.1 1.1 1.1 1.3 P/S
N/A 25.2 23.60 8.5 8.4 11 7.4 7.4 6.6 11.4 9.4 10.2 12.3 14.9 EV/EBITDA
(%)
Book Value Growth (%) N/A -16.3 -97.50 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly 85.9 83.6 95.7 86.8 91.6 107.3 112.8 123.2 138.3 147.1 147.5 Revenue Per Share
Mar16 Jun16 Sep16 Dec16 Mar17 5.3 3.7 1.8 4.5 5.3 5.1 6 7.4 7.4 7.6 8.1 EPS
Revenue 22632 24755 23898 23286 20976 9.9 -3.1 6.2 2.5 3.1 7.6 7.7 9 9.9 12.3 14.3 Free Cashflow Per Share
Net Income 1219 -234 2279 1631 1451 1.4 1.6 1.7 1.7 1.7 1.8 1.9 2.9 3.6 4.4 4.7 Dividends Per Share
EPS 2 -0 4 3 2 5 -7.5 -7 -7 -6 -3 9.1 1 -2.2 -11.4 -12.7 Tang. Book Per Share
Revenue (YoY) % 2 1 -8 -1 -7 78.3 76 87.3 79 83.3 97.6 102.7 112.2 125.9 134.4 134.2 Median P/S Value
Net Income (YoY) % -9 -121 34 59 19
24.3 -- -- -- -- -- 34.9 12.6 -- -- -- Graham Number
EPS (YoY) % -2 -123 46 69 28 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
66387 60909 68281 64306 68735 81698 86623 90762 96114 94571 92915 Revenue
Guru Trades
19.6 17.3 17.2 19.4 18.7 16 15.4 15.4 14.6 14.6 15 Gross Margin %
Impact Cur.
Guru Date Action 5830 3950 2096 4971 5823 6290 6562 7473 7443 5834 6070 Operating Income
% Shares
8.8 6.5 3.1 7.7 8.5 7.7 7.6 8.2 7.7 6.2 6.5 Operating Margin %
Scott Black 03/31/17 Sell -1.14 0
4074 2672 1312 3307 4018 3900 4585 5446 5176 4895 5127 Net Income
T Rowe Price Equity
03/31/17 Reduce -0.15 2,650,000 6.1 4.4 1.9 5.1 5.9 4.8 5.3 6 5.4 5.2 5.5 Net Margin %
Income Fund
59.3 69.3 314.6 135.2 127.9 83 44.1 46.2 69 136.8 335.7 ROE %
7.4 4.7 2.3 5.1 5.4 4.6 5.1 5.9 5.5 5.3 5.7 ROA %
Michael Price 03/31/17 Reduce -0.1 15,000
Tom Gayner 03/31/17 Add 0.07 69,400 7042 3268 9215 5359 10049 10341 9088 11733 11302 8801 8190 Cash & Equivalents
58986 53779 62053 68565 79986 88896 92663 92921 94408 89997 89673 Total Assets
7455 6952 12217 11473 10018 8973 8072 8141 8730 9568 10432 Long-term Debt
SEVERE Operating Margin %: Declined 9584 -401 5603 2952 4023 7508 8179 8858 9363 10499 11318 Cashflow from Operations
MEDIUM Revenue per Share: Growth slow down -3822 1888 -3794 -4831 2369 -3757 -5154 2467 -1846 -3380 -3204 Cashflow from Investing
MEDIUM Dividend Yield %: Close to 1-year low -2775 -2937 -50 -- -- -- -2801 -6001 -6751 -7001 -6000 Repurchase of Stock
-1366 -725 5410 -785 -582 -2244 -863 -639 861 -34 817 Net Issuance of Debt
Good Signs -4884 -5202 4094 -1962 -1700 -3477 -4249 -8593 -7920 -9587 -7785 Cashflow from Financing
GOOD Piotroski F-Score: High -1913 -1852 -1186 -1127 -1713 -1710 -2238 -2236 -2450 -2613 -2331 Capital Expenditure
7671 -2253 4417 1825 2310 5798 5941 6622 6913 7886 8987 Free Cash Flow
Insider Trades
Cur. Competitor
Shares
Financial Operating
Keating Timothy John
SVP,
05/05/17 -32500 75386 Ticker Company
Strength
Margin(%)
ROA(%) ROE(%)
Government
Hyslop Gregory L
CTO & SVP,
05/03/17 -5047 4482 NYSE:BA Boeing Co 5 8 117,970 24.01 1.33 6.53 5.70 335.69
Eng.
NYSE:UTX United Technologies Corp 5 7 96,748 18.81 1.71 14.72 5.86 18.52
EVP, Pres. &
Caret Leanne G 05/03/17 -2400 44710
CE NYSE:LMT Lockheed Martin Corp 5 8 81,313 16.28 1.71 11.63 10.50 224.83
SVP, OTCPK:EADSY Airbus SE 5 8 62,909 47.25 0.85 3.57 1.09 20.41
Allen Bertrand Marc 05/02/17 -15470 31189
President,
EVP & NYSE:GD General Dynamics Corp 6 8 60,950 20.81 2.00 13.81 9.25 27.56
Luttig J Michael 05/02/17 -7986 39731
General C
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BAC BAC

Bank of America Corporation (NESE:BAC)
Current
Banks - Banks - Global P/E (ttm) 14.9 14.59 15.61 Median P/S 14.49 62 Payout 0.17
Bank of America Corporation is a bank holding and a financial holding P/B 0.97 1.19 0.72 Price 23.54 Yield on Cost 5y( % 10.88
company. Through its subsidiaries, the Company provides banking and non- P/S 3.07 3.42 1.89 Graham Number 24.46 104 Continuous Div. since 2013
banking financial services and products throughout the United States and in P/FCF N/A 11.57 3.57 Peter Lynch Value 39.5 168 Insider Ownership % 0.15
selected international markets. Shiller P/E 31 20.80 8.41 Institution Ownership % 50.84
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.68 2.12 0.34 54.05

25.46
F-Score 0 4.00 0 1W 2.48 0
543M
YTD 7.19 9.1
Net-Margin (%( 22.24 22.78 5.97
1Y 78.71 17.3
ROE (%( 6.37 8.51 1.73
ROA (%( 0.85 0.91 0.29 3Y 16.24
ROC Joel Greenblatt( 271.5M 5Y 25.22
0.00 18.06 0.00
(%(
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth (%( -8 48.5 11.30 4463 4596 7729 9790 10255 10841 11491 10585 11214 11036 9952 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( N/A N/A 12.90 12.6 25.6 -- -- 556 46.4 17.3 42.6 12.6 15.2 14.9 Year End P/E
N/A 130.7 15.30
(%( 2.8 0.9 1 1.2 0.6 1.5 2 2.2 2.3 3 3.1 P/S
Free Cash Flow Growth 22 63.5 87.7 202.6 104.1 52.5 17.6 32 11.8 12.5 12.3 EV/EBITDA
N/A N/A -114.60
Book Value Growth (%( -3.1 3.6 5.10
Quarterly 3.3 0.5 -0.3 -0.4 0 0.3 0.9 0.4 1.3 1.5 1.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2 0.4 16.5 8.3 6.2 -1.5 8 2.8 2.5 1.7 -0.5 Free Cashflow Per Share
Revenue 20790 20398 21635 19990 22248 2.4 2.2 0 0 0 0 0 0.1 0.2 0.3 0.3 Dividends Per Share
EPS 0 0 0 0 0 28.4 30 29.7 20.8 17 14.3 14.8 15.1 14.1 14.2 14.5 Median P/S Value
Revenue (YoY( % -1 -7 3 2 7 29.2 9.3 -- -- 1.6 8.4 16.3 11.5 21.1 23.7 24.5 Graham Number
Net Income (YoY( % 12 -18 7 41 40 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 12 -16 8 43 46
66833 72782 119643 110220 93454 83334 88942 85894 82965 83701 84271 Revenue
100 100 100 100 100 100 100 100 100 100 100 Gross Margin %
Guru Trades
20924 4428 4360 -1323 -230 3072 16172 7963 22070 25153 25853 Operating Income
Impact Cur.
Guru Date Action 31.3 6.1 3.6 -1.2 -0.3 3.7 18.2 9.3 26.6 30.1 30.7 Operating Margin %
% Shares
David Tepper 03/31/17 Buy 3.4 8,782,641
14982 4008 6276 -2238 1446 4188 11431 5520 15836 17906 18739 Net Income
22.4 5.5 5.3 -2 1.6 5 12.9 6.4 19.1 21.4 22.2 Net Margin %
Steve Mandel 03/31/17 Sell -2.5 0
10.4 1.6 -1.1 -1.6 0 1.2 4.3 1.9 5.8 6.2 6.4 ROE %
Eric Mindich 03/31/17 Reduce -1.77 2,191,000
0.9 0.2 0.3 -0.1 0.1 0.2 0.5 0.3 0.8 0.8 0.9 ROA %
Stanley Druckenmiller 03/31/17 Reduce -0.97 2,110,300 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Louis Moore Bacon 03/31/17 Add 0.92 2,000,000 54304 42427 145541 134860 146106 129446 142862 146099 167097 157599 179992 Cash & Equivalents
Andreas Halvorsen 03/31/17 Reduce -0.9 495,030 1716k 1818k 2230k 2265k 2129k 2210k 2102k 2105k 2144k 2188k 2248k Total Assets
Ken Heebner 03/31/17 Reduce -0.88 7,510,000 197508 268292 438521 448431 372265 275585 249674 243139 236764 216823 221385 Long-term Debt
1569k 1641k 1999k 2037k 1899k 1973k 1870k 1861k 1888k 1921k 1980k Total Liabilities
60328 76766 128734 150905 156621 158142 155293 153458 151042 147038 144782 Common Equity
Warning Signs
SEVERE Beneish M-Score: Possible manipulator
11036 4034 129731 82541 64448 -16056 92817 30795 28347 18306 -5437 Cashflow from Operations
-108480 -2930 157925 -30347 52429 -34979 25058 -8260 -55571 -63143 -55788 Cashflow from Investing
-3790 -- -- -- -- -- -3220 -1675 -2374 -5112 -6840 Repurchase of Stock
MEDIUM PS Ratio: Close to 10-year high 71268 -24323 -159889 -90402 -100077 -107206 -3935 -17003 231 -20326 8927 Net Issuance of Debt
103412 -10695 -199568 -65334 -104654 42416 -95442 -12201 48585 32982 49993 Cashflow from Financing
Insider Trades
-2143 -2098 -2240 -987 -1307 -- -521 -1160 -- -- -- Capital Expenditure
Insider Position Date Trades Cur. Shares
8893 1936 127491 81554 63141 -16056 92296 29635 28347 18306 -5437 Free Cash Flow
Woods Thomas D Director 04/27/17 25000 62063
Competitor
White Michael D Director 11/21/16 25000 85650 Financial Operating
Woods Thomas D Director 08/02/16 25000 32459 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
NYSE:WFC Wells Fargo & Co 5 6 269,355 13.47 3.12 35.93 1.15 10.14
OTCPK:IDCBF Industrial And Commercial Bank Of China Ltd 5 6 257,564 6.30 2.62 53.79 1.17 14.45
NESE:BAC Bank of America Corporation 5 3 234,268 14.90 3.07 30.68 0.85 6.37
OTCPK:CICHF China Construction Bank Corp 5 6 204,140 6.59 2.62 49.69 1.14 15.04
OTCPK:HBCYF HSBC Holdings PLC 6 3 176,837 340.45 3.03 5.94 0.07 0.50
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BAX BAX

Baxter International Inc (NYSE:BAX)
Current
Medical Instruments & Equipment - Medical Instruments & Supplies P/E )ttm) 17.14 30.66 9.45 Tangible Book 9.16 16 Payout 0.15
Market Cap: $ 31,495 Mil Forward P/E 26.39 27.03 N/A Graham Number 26.35 45 Dividend Growth)5y) % -13.7
Baxter International Inc provides renal and hospital products including acute P/B 3.61 3.39 2.65 Median P/S 29.82 51 Yield on Cost)5y) % 0.46
and chronic dialysis, sterile IV solutions, infusion systems and systems, P/S 3.11 3.22 1.6 Price 57.93 Continuous Div. since 2016
parenteral nutrition therapies, biosurgery products and anesthetics, drug P/FCF 21.01 29.91 10.08 Insider Ownership % 0.61
reconstitution systems etc. Shiller P/E 13.6 50.06 12.84 Institution Ownership % 67.84
Financial Strength
33.19 38.65 32.87 33.52 33.9 37.38 40.43 41.83 42.13 49.16 60 Annual Price High
Industry Historical
Median Median
Cash to Debt 1.03 1.55 0.24 60

19.01
F-Score 6 5.00 6 1W -3.06 0
19M
YTD 31.30 9.1
Net-Margin )%) 18.09 4.21 16.50
1Y 32.28 17.3
ROE )%) 21.50 5.90 30.38
ROA )%) 11.56 2.67 11.59 3Y 15.39
35.02 12.30 39.84
)%)
Growth
Revenue Growth )%) 0.7 -6.1 3.20 20010 18053 19159 15970 15079 19778 20516 21598 20893 23926 31495 Market Cap
EBITDA Growth )%) -0.5 -0.3 -37.20 654 637 614 594 573 556 549 547 549 551 544 Sh. Outstanding-diluted)Mil)
EBIT Growth )%) -13.5 -28.9 61.80 12.1 9.2 8.9 11.5 6.9 8.7 10.3 8.7 21.8 4.9 17.1 Year End P/E
-4.5 -1.8 -48.90
)%) 1.8 1.5 1.6 1.3 1.1 1.4 2.2 1.6 2.1 2.4 3.1 P/S
Free Cash Flow Growth 7.3 6 6 6.7 4.9 6.1 21.7 11 15.1 4.1 11.1 EV/EBITDA
-1.3 -15.1 228.60
)%)
Book Value Growth )%) 5.4 6 -2.20
Quarterly 2.6 3.2 3.6 2.4 3.9 4.2 3.7 4.6 1.8 9 3.4 EPS
Net Income 3380 1212 130 243 272 7.5 6.7 8.1 7 6.1 6.6 3.6 6.6 8.8 8.5 9.2 Tang. Book Per Share
EPS 6 2 0 0 0 27.6 31 32.8 34.7 38.8 40.1 27.9 39.5 29 29.5 29.8 Median P/S Value
Revenue )YoY) % -1 4 3 2 4 21 21.9 25.5 19.4 23.1 24.8 6.8 11.1 11.9 41.5 26.4 Graham Number
Net Income )YoY) % 686 265 12900 19 -92 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY) % 685 265 -- 24 -92
11263 12348 12562 12843 13893 13936 9413 10719 9968 10163 10263 Revenue
Impact Cur.
% Shares
Daniel Loeb 06/01/17 Reduce -2.92 41,008,080 1707 2014 2205 1420 2224 2326 2012 2497 968 4965 1857 Net Income
Daniel Loeb 03/31/17 Reduce -2.57 46,000,000
15.2 16.3 17.6 11.1 16 16.7 21.4 23.3 9.7 48.9 18.1 Net Margin %
25.9 30.6 32.9 20.6 33.8 34.4 26.1 30.1 11.4 58 21.5 ROE %
John Hussman 03/31/17 Reduce -0.88 102,300
11.4 13.1 13.5 8.2 12.2 11.8 8.8 9.7 4.1 27.2 11.6 ROA %
Tweedy Browne 03/31/17 Reduce -0.82 1,559,436
Bill Nygren 03/31/17 Add 0.22 5,300,000 2539 2131 2786 2685 2905 3270 2733 2925 2213 2801 2858 Cash & Equivalents
15294 15405 17354 17489 19073 20390 25224 26138 20962 15546 15659 Total Assets
2664 3362 3440 4363 4749 5580 8126 7331 3922 2779 2784 Long-term Debt
SEVERE Sloan Ratio: Poor quality of earnings 683 683 683 683 683 683 683 683 683 683 683 Common Equity
SEVERE Operating Margin %: Declined -305 -993 -1146 -1264 -1427 -1569 -5362 -1542 -1807 -715 -631 Cashflow from Investing
-1855 -1986 -1216 -1453 -1583 -1480 -913 -550 -- -292 -51 Repurchase of Stock
Insider Trades
-51 -79 473 91 756 765 3096 -113 2507 -40 -40 Net Issuance of Debt
Cur.
Insider Position Date Trades -1971 -1931 -1012 -1716 -1137 -1115 1645 -1402 -481 -324 -871 Cashflow from Financing
Shares
Shapazian Carole J Director 05/23/17 -2618 15968
1613 1561 1895 2040 1857 1945 2492 2290 860 935 1518 Free Cash Flow
Shapazian Carole J Director 05/09/17 -3760 18586
Eyre Brik V
Sr VP,
05/08/17 -130732 45416
Competitor
Presiden Financial Operating
Stallkamp Thomas T Director 05/05/17 -10698 33873 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Stroucken Albert P L Director 04/10/17 -4280 22083 NYSE:BDX Becton, Dickinson and Co 5 8 43,617 31.76 3.39 15.17 5.20 16.90
NYSE:BAX Baxter International Inc 7 5 31,495 17.14 3.11 8.57 11.56 21.50
OTCPK:ESLOY Essilor International SA 6 7 29,046 32.28 3.68 17.29 6.52 13.26
NAS:ILMN Illumina Inc 7 8 25,118 34.51 10.45 21.35 17.72 33.31
NYSE:BCR C.R. Bard Inc 6 9 22,740 39.94 6.24 25.47 11.28 36.19
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:BBBY BBBY

Bed Bath & Beyond Inc (NKS:BBBY)
Current
Bed Bath & Beyond Inc operates a chain of retail stores. It operates under the P/B 1.93 1.70 3.31 Price 35.93 Yield on Cost(5y) % 1.45
names Bed Bath & Beyond, Christmas Tree Shops, Harmon, Harmon Face P/S 0.44 0.70 1.26 Graham Number 37.74 105 Continuous Div. since 2016
Values or Face Values, buybuy BABY & World Market or Cost Plus World P/FCF 8.02 15.94 15.91 DCE (Earnings Based) 78.49 218 Insider Ownership % 1.84
Market. Shiller P/E 9.02 18.96 23.05 Median P/S 103.02 287 Institution Ownership % 71.78
Financial Strength
Industry Historical
Median Median

31.66
F-Score 6 5.00 6 1W 6.68 0
8M YTD -10.91 9.1
Net-Margin (%) 5.61 2.23 8.02
1Y -15.10 17.3
ROE (%) 26.36 6.33 25.35
ROA (%) 10.13 2.80 14.51 3Y -15.31
ROC (Joel Greenblatt) 4.2M 5Y -12.83
36.77 12.77 52.45
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 13.3 4.2 -11.60 13.4 13 18.1 15.6 14.7 12.4 14.1 14.7 9.4 8.8 7.8 Year End P/E
12.3 2.9 -10.20
(%) 1.1 0.8 1.4 1.4 1.5 1.2 1.3 1.2 0.7 0.5 0.4 P/S
Free Cash Flow Growth 7.1 5.7 8.1 7 7 6.3 7.1 7.5 5 4.9 4.3 EV/EBITDA
17.6 2.2 7.70
Quarterly 2.1 1.6 2.3 3.1 4.1 4.6 4.8 5.1 5.1 4.6 4.6 EPS
Feb16 May16 Aug16 Nov16 Feb17 1 1.4 2.9 3.1 4 3.7 5 4.5 4.1 4.5 4.5 Free Cashflow Per Share
Revenue 3418 2738 2988 2955 3534 -- -- -- -- -- -- -- -- -- 0.4 0.4 Dividends Per Share
Net Income 304 123 167 126 269 9.9 11.6 13.9 15.6 15.8 15.8 16.2 13 13.2 13.8 13.8 Tang. Book Per Share
EPS 2 1 1 1 2 33.2 35.1 37.9 42.8 49.2 60.6 68 79.7 92.7 103 103 Median P/S Value
Revenue (YoY) % 2 -0 -0 0 3 21.6 20.7 26.8 32.9 38 40.3 41.8 38.5 39 37.7 37.7 Graham Number
EPS (YoY) % 7 -14 -8 -22 -3
7048.9 7208.3 7828.8 8758.5 9499.9 10915 11504 11881 12104 12216 12216 Revenue
41.5 39.9 41 41.4 41.4 40.2 39.7 38.9 38.2 37.5 37.5 Gross Margin %
Guru Trades
Impact Cur.
Guru Date Action 11.9 9.4 12.5 14.7 16.5 15 14 13.1 11.7 9.3 9.3 Operating Margin %
% Shares
Hotchkis & Wiley 03/31/17 Add 0.14 8,136,389 562.8 425.1 600 791.3 989.5 1037.8 1022.3 957.5 841.5 685.1 685.1 Net Income
8 5.9 7.7 9 10.4 9.5 8.9 8.1 7 5.6 5.6 Net Margin %
21.6 15.3 18 20.9 25.2 25.9 25.5 28.7 31.7 26 26.4 ROE %
Robert Olstein 03/31/17 Reduce -0.08 349,720
14.4 10.5 12.7 14.7 17.4 17.3 16.2 14.6 12.7 10.3 10.1 ROA %
Ray Dalio 03/31/17 Reduce -0.07 409,628
Primecap Management 03/31/17 Reduce -0.06 2,634,856
Joel Greenblatt 03/31/17 Add 0.05 546,575 224.1 668.2 1096.1 1183.6 1003.2 565 366.5 875.6 515.6 488.3 488.3 Cash & Equivalents
3844.1 4268.8 5152.1 5646.2 5724.5 6280 6356 6759 6490.1 6846 6846 Total Assets
-- -- -- -- -- -- -- 1500 1491.1 1491.6 1491.6 Long-term Debt
Warning Signs 1282.3 1268.4 1499.2 1714.5 1802 2200.2 2414.7 4015.8 3930.5 4126.8 4126.8 Total Liabilities
Good Signs 614.5 584 905.4 987.4 1225.3 1196.2 1381.7 1178.5 1012.2 1041.8 1041.8 Cashflow from Operations
101.7 -113.1 -488.7 -341 -364 -667 -363.4 48.8 -275.6 -491.9 -491.9 Cashflow from Investing
-734.2 -48.1 -94.9 -687.6 -1218 -1001.3 -1284 -2250.6 -1100.6 -547 -547 Repurchase of Stock
GOOD Dividend Yield %: Close to 1-year high -- -- -- -- -- -25.5 -- 1500 -- -- -- Net Issuance of Debt
GOOD Price: Close to 5-year low -705.5 -26.8 11.2 -559 -1041.7 -965.4 -1210.1 -704.9 -1088.8 -580.7 -580.7 Cashflow from Financing
Insider Trades 256.3 368.1 751.7 803.9 981.9 840.3 1060.9 847.9 683.8 668.2 668.2 Free Cash Flow
Cur.
Shares Competitor
Temares Steven H CEO 05/09/17 -96109 602415 Financial Operating
Senior VP - Strength Margin(%)
Fiorilli Matthew 04/26/17 -44664 111058
Sto
NYSE:KAR KAR Auction Services Inc 4 7 5,970 26.21 1.86 15.70 3.52 16.06
Temares Steven H CEO 04/21/17 -200000 602415
NAS:SPLS Staples Inc 6 4 5,872 0.00 0.34 -1.21 -24.80 -54.14
President
Stark Arthur 04/21/17 -8933 140662
and C NKS:BBBY Bed Bath & Beyond Inc 7 8 5,178 7.84 0.44 9.29 10.13 26.36
Castagna Eugene A COO 08/12/16 -17866 122764 NYSE:DKS Dick's Sporting Goods Inc 7 7 4,576 15.70 0.56 5.55 6.99 15.37
NYSE:WSM Williams-Sonoma Inc 8 7 4,226 14.20 0.87 9.25 12.74 25.72
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BBT BBT

BB&T Corp (NYSE:BBT)
Current
Banks - Banks - Regional - S P/E (ttm) 17.28 14.59 14.34 Tangible Book 18.99 43 Payout 0.46
Market Cap: $ 36,033 Mil Forward P/E 14.41 15.22 N/A Graham Number 33.13 75 Dividend Growth(5y % 11.4
BB&T Corporation is a financial holding company, which through its P/B 1.34 1.19 1.22 Median P/S 34.57 78 Yield on Cost(5y % 4.67
subsidiary, Branch Banking and Trust Company provides a range of banking P/S 3.31 3.42 2.58 Price 44.41 Continuous Div. since 2014
services to individuals and businesses, and offers loans to businesses and P/FCF 12.35 11.57 7.87 Insider Ownership % 0.64
consumers. Shiller P/E 18.15 20.80 12.9 Institution Ownership % 51.72
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.16 2.12 0.14 49.7

18.19
F-Score 0 4.00 0 1W 2.37 0
Operating Margin (% 29.14 31.76 29.60
18M
YTD -4.27 9.1
Net-Margin (% 20.70 22.78 20.44
ROE (% 7.14 8.51 7.76 1Y 28.23 17.3
ROA (% 1.04 0.91 1.06 3Y 7.50
ROC (Joel Greenblatt 8.8M 5Y 10.75
0.00 18.06 0.00
(%
Growth
Revenue Growth (% 4.5 0.3 5.10 16745 15171 17499 18255 17547 20369 26371 28028 29505 38062 36033 Market Cap
EBITDA Growth (% N/A 8.2 3.80 552 552 636 701 705 709 714 728 758 815 811 Sh. Outstanding-diluted(Mil
EBIT Growth (% N/A 8.8 2.70 9.8 10.1 21.5 22.7 13.7 10.8 17.1 14.4 14.7 16.9 17.3 Year End P/E
1.2 6.3 0.00
(% 2.5 2 1.8 2 2.1 2.1 2.8 3.1 3 3.6 3.3 P/S
Free Cash Flow Growth 14 17.3 29.9 31.4 17.7 13.1 14.2 15.7 16.6 15 15.6 EV/EBITDA
N/A -11.1 -17.90
(% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (% 4.3 5.6 3.30
Quarterly 3.1 2.7 1.2 1.2 1.8 2.7 2.2 2.7 2.6 2.8 2.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.4 9.3 -1 3.5 5.7 5 7.4 4.4 3.8 3.3 3.6 Free Cashflow Per Share
Revenue (YoY % 10 18 13 8 9 29 26.9 18 18.5 24.7 31.7 29.8 34.9 32.8 34.3 33.1 Graham Number
Net Income (YoY( % 7 19 21 18 -25 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 0 6 14 13 -31
6654 7435 8778 9277 8620 9677 9652 9230 9611 10793 11028 Revenue
100 100 100 100 100 100 100 100 100 100 100 Gross Margin %
Guru Trades
Impact Cur.
Guru Date Action 38.6 28 11.8 10.5 18.9 28.9 34 33.9 30.4 32.4 29.1 Operating Margin %
% Shares
Robert Olstein 03/31/17 Reduce -0.09 96,000 1734 1519 853 816 1289 1979 1680 2131 2084 2426 2283 Net Income
26.1 20.4 9.7 8.8 15 20.5 17.4 23.1 21.7 22.5 20.7 Net Margin %
Charles Brandes 03/31/17 Reduce -0.07 399,086
14.2 10.5 4.5 5 7.6 9.9 7.1 8.4 7.5 7.9 7.1 ROE %
1.4 1.1 0.5 0.5 0.8 1.1 0.9 1.2 1.1 1.1 1 ROA %
Richard Pzena 03/31/17 Sell -0.01 0
John Buckingham 03/31/17 Reduce -0.01 115,069
Dodge & Cox 03/31/17 Reduce -0.01 21,005,769 2438 2390 2251 2058 4208 2917 2017 2168 3558 3792 3795 Cash & Equivalents
132618 152015 165764 157081 174579 184499 183010 186834 209947 219276 220501 Total Assets
18693 18032 21376 21730 21803 19114 21493 23312 23769 21965 21635 Long-term Debt
MEDIUM Price: Close to 10-year high 2730 2796 3449 3472 3486 3499 3533 3603 3902 4047 4057 Common Equity
MEDIUM PS Ratio: Close to 5-year high 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs 1051 5353 -493 2898 4276 3714 5308 3210 2915 2672 2960 Cashflow from Operations
-7462 -18323 7233 5979 -18007 -7047 -4209 -4015 -1638 -682 393 Cashflow from Investing
-254 -- -- -- -- -- -- 298 73 -293 -74 Repurchase of Stock
Insider Trades 2122 -1014 9 164 -2287 -3487 3804 1177 -1143 -5552 -5037 Net Issuance of Debt
Cur. 6816 12593 -6831 -9141 15220 2796 -1973 965 109 -1765 -2098 Cashflow from Financing
Shares -256 -219 -174 -428 -224 -145 -- -- -- -- -- Capital Expenditure
Starnes Clarke R Iii
Sr. Executive
04/21/17 -53594 119303
795 5134 -667 2470 4052 3569 5308 3210 2915 2672 2960 Free Cash Flow
V
Sr. Exec. Competitor
Standridge Brantley J 04/21/17 -5000 24193
Thompson Thomas Strength Margin(%)
Director 03/15/17 -21025 560513
Nichols NYSE:BBT BB&T Corp 5 5 36,033 17.28 3.31 29.14 1.04 7.14
Patton Charles A Director 03/08/17 -10000 66694
NYSE:STI SunTrust Banks Inc 5 4 27,084 15.28 3.20 30.57 0.94 7.90
Henry I. Patricia Director 03/02/17 -5471 13445
NYSE:MTB M&T Bank Corp 5 5 24,851 19.75 4.70 39.31 1.10 7.80
NYSE:KEY KeyCorp 5 5 20,475 21.72 3.46 20.99 0.76 6.41
NAS:FITB Fifth Third Bancorp 6 5 19,117 13.33 3.12 32.53 1.08 8.76
GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. nder no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BBY BBY

Best Buy Co Inc (NYSE:BBY)
Current
Best Buy Co Inc is a U.S transnational consumer electronics company. Its P/B 3.86 1.70 2.72 Peter Lynch Value 33.76 60 Yield on Cost(5y) % 2.19
products include tablets and computers, televisions, mobile phones, large P/S 0.46 0.70 0.31 Median P/S 38.33 68 Continuous Div. since 2010
and small appliances, entertainment products, digital imaging and related P/FCF 10.68 15.94 11.06 Price 56.55 Insider Ownership % 1.92
accessories. Shiller P/E 25.01 18.96 16.73 Institution Ownership % 72.06
Financial Strength
Cash to Debt 2.67 0.97 1.75
61.25
F-Score 8 5.00 6 24.98
1W -3.76 0
Industry Historical
Score: 7 /10 Current 11.29 3M 28.87 4.2
Median Median
Net-Margin (%) 3.01 2.23 2.42 17M
YTD 34.12 9.1
ROE (%) 26.72 6.33 20.87 1Y 96.97 17.3
ROA (%) 8.79 2.80 7.04 3Y 28.39
ROC (Joel Greenblatt)
79.05 12.77 52.13 8.4M 5Y 25.34
(%)
Growth
Revenue Growth (%) 3.4 0.9 7.50
17659 12188 15287 12657 9250 6089 8183 12372 9043 13851 17246 Market Cap
EBITDA Growth (%) -0.3 6.5 13.50
453 423 428 417 375 -- 348 354 351 323 305 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) -3.1 27.5 14.70
13.8 12.1 11.8 10.5 -- 34.6 15.4 10.1 10.9 11.7 15.2 Year End P/E
EPS without NRI Growth
N/A N/A 26.30 3.9 2.6 2.4 1.9 2.5 2 2.1 2.5 2.1 2.9 3.9 P/B
(%)
0.5 0.3 0.3 0.3 0.2 0.1 0.2 0.3 0.3 0.4 0.5 P/S
Free Cash Flow Growth
5.7 0.8 54.00 5.9 5.4 4.7 4.1 3.1 7.5 3.6 4.7 3.7 4.4 6.1 EV/EBITDA
(%)
Quarterly
3.1 2.4 3.1 3.1 -3.3 -- 1.5 3.5 2.6 3.8 3.7 EPS
Apr16 Jul16 Oct16 Jan17 Apr17
2.7 1.4 3.7 1.1 6.7 2 1.6 3.9 1.9 6.1 5.3 Free Cashflow Per Share
Revenue 8443 8533 8945 13482 8528
0.5 0.5 0.6 0.6 0.6 -- 0.7 0.7 0.9 1.1 1.2 Dividends Per Share
Net Income 229 198 194 607 188
8 4.6 8.2 9.7 5.5 5.9 10 12.8 12.2 13.8 13.3 Tang. Book Per Share
EPS 1 1 1 2 1
27.7 33 35.7 37.2 37.7 37.2 36.2 35.3 35.1 38 38.3 Median P/S Value
Revenue (YoY) % -1 0 1 -1 1
23.8 15.7 24.6 27.4 21.7 -- 21.2 31.9 25.1 34 33 Graham Number
Net Income (YoY) % 78 21 55 27 -18
EPS (YoY) % 94 33 69 37 -14
40023 45015 49243 49747 45457 38252 40611 40339 39528 39403 39488 Revenue
Guru Date Action
% Shares
5.4 4.2 4.8 4.8 4.8 0.2 2.8 3.6 3.5 4.7 4.5 Operating Margin %
John Hussman 03/31/17 Add 0.82 78,000 1407 1003 1317 1277 -1231 -441 532 1233 897 1228 1187 Net Income
Jim Simons 03/31/17 Reduce -0.21 409,200 3.5 2.2 2.7 2.6 -2.7 -1.2 1.3 3.1 2.3 3.1 3 Net Margin %
Joel Greenblatt 03/31/17 Reduce -0.18 177,418 26.3 22 24 19.8 -23.8 -13 15.1 27.5 19.1 27 26.7 ROE %
Lee Ainslie 03/31/17 Sell -0.04 0 10.7 7 7.7 7.1 -7.3 -2.7 3.5 8.4 6.2 9 8.8 ROA %
Jeremy Grantham 03/31/17 Add 0.03 366,500 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Apr17 Balance Sheet
03/31/17 Add 0 46,582
Advisors, Inc
12758 15826 18302 17849 16005 16787 14013 15245 13519 13856 12955 Total Assets
627 1126 1104 711 1685 1153 1612 1572 1339 1321 1302 Long-term Debt
41 41 42 39 34 34 35 35 32 31 31 Common Equity
Good Signs -3461 -- -- -1193 -1500 -122 -- -- -1055 -698 -1019 Repurchase of Stock
GOOD Piotroski F-Score: High 133 894 -210 -99 509 127 381 -24 -28 -394 -42 Net Issuance of Debt
GOOD Operating Margin %: Expansion -3378 591 -348 -1357 -2478 -211 319 -223 -1515 -1404 -1196 Cashflow from Financing
Cur.
Shares Competitor
Chief Financial Operating
Saksena Asheesh 06/14/17 -18706 104695 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strategic Strength Margin(%)
VP, Finance -
Watson Mathew 06/09/17 -503 15767 NAS:ULTA Ulta Beauty Inc 9 9 18,618 42.14 3.69 13.66 18.08 30.32
C
Nelsen Keith J
General
05/31/17 -55153 70199
OTCPK:RKUNF Rakuten Inc 7 7 17,683 38.76 2.45 11.73 1.16 8.00
Counsel
Pres, Multi-
Ballard Shari L 05/30/17 -15000 75944 NYSE:AZO AutoZone Inc 4 9 17,183 14.21 1.69 19.27 14.56 0.00
Cha
Mohan Rajendra M
Chief Merch
05/26/17 -63631 51247 NYSE:GPC Genuine Parts Co 5 7 13,979 20.48 0.91 6.87 7.86 21.27
&M
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BCR BCR

CIRI Bard Inc (NYSE:BCR)
Current
Medical Instruments & Equipment - Medical Instruments & Supplies P/E (ttm) 39.94 30.66 24.53 Tangible Book -7.92 -3 Payout 0.13
Market Cap: $ 22,740 Mil Forward P/E 27.03 27.03 N/A DCE (Earnings Based) 84.11 27 Dividend Growth(5y) % 6
C.R. Bard Inc manufactures, distributes and sells medical, surgical, P/B 13.6 3.39 4.79 DCF (FCF Based) 103.44 33 Yield on Cost(5y) % 0.44
diagnostic and patient care devices. The Company sells its products to P/S 6.24 3.22 3.64 Median P/S 182.93 58 Continuous Div. since 1972
hospitals, individual healthcare professionals, and extended care facilities. P/FCF 45.65 29.91 17.61 Price 313I93 Insider Ownership % 1.26
Financial Strength
95.05 99.66 88.41 95.72 113.32 107.85 139.85 172.68 200.53 239 314.64 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.51 1.55 0.62 314.64

122.13
F-Score 8 5.00 6 1W 0.02 0
1M
YTD 39.97 9.1
Net-Margin (%) 15.70 4.21 17.46
1Y 40.26 17.3
ROE (%) 36.19 5.90 22.49
ROA (%) 11.28 2.67 14.07 3Y 32.10
86.69 12.30 81.73
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 11.5 10.7 14.50 24.8 20.8 16.9 17.2 23.2 15.9 16.1 45.3 111.4 32 39.9 Year End P/E
EPS without NRI Growth 5.1 4.2 3.4 4.8 4.1 4.2 5 6.9 9.6 9.8 13.6 P/B
2.2 -3.7 453.50
(%) 4.6 3.5 3 3.2 2.6 2.8 3.5 3.8 4.2 4.6 6.2 P/S
10.3 -2 -21.50
Book Value Growth (%) 2.8 -0.5 15.80
Quarterly 3.8 4.1 4.6 5.3 3.7 6.2 8.4 3.8 1.8 7 7.9 EPS
Revenue 874 932 942 967 939 0.6 0.6 0.7 0.7 0.7 0.8 0.8 0.9 0.9 1 1 Dividends Per Share
Net Income 116 159 96 160 178 10.7 11.6 13.3 5.7 0 1.1 -2.3 -4.5 -9.6 -8.2 -7.9 Tang. Book Per Share
EPS 2 2 1 2 2 75.6 87.9 93.1 103.2 121.4 127.4 138 157.6 164 179.5 182.9 Median P/S Value
Revenue (YoY) % 7 8 9 11 7 30.5 32.6 37.2 26.1 1.8 12.3 -- -- -- -- -- Graham Number
EPS (YoY) % -15 -385 -209 19 54
2202 2452.1 2534.9 2720.2 2896.4 2958.1 3049.5 3323.6 3416 3714 3779.3 Revenue
Guru Trades 60.7 61.3 62.2 62.5 62.1 62 60.8 62.1 61.9 63.1 62.8 Gross Margin %
556.9 552.7 713.8 755 547.7 812.3 1213.4 781.5 843.5 947.6 962.6 Operating Income
Impact Cur.
% Shares
Yacktman Fund 03/31/17 Reduce -0.68 350,000 406.4 416.5 460.1 509.2 328 530.1 689.8 294.5 135.4 531.4 593.3 Net Income
18.5 17 18.2 18.7 11.3 17.9 22.6 8.9 4 14.3 15.7 Net Margin %
Donald Yacktman 03/31/17 Reduce -0.47 496,394
22.9 21.8 22.1 26.6 19.3 28.7 33.8 14.9 8.2 33.8 36.2 ROE %
17.1 16.2 16.5 16.8 9.2 13.1 15 5.8 2.7 10.5 11.3 ROA %
Jim Simons 03/31/17 Add 0.15 956,700
Jeremy Grantham 03/31/17 Reduce -0.11 5,927 488.4 592.1 674.4 641.4 596.4 896.3 1066.9 960.1 950.5 905 890.7 Cash & Equivalents
2475.5 2665.7 2906.9 3171.5 3931.4 4151.3 5041.1 5092.6 4844 5306.1 5244.6 Total Assets
149.8 149.8 149.8 896.9 908.7 1409.6 1405.7 1401.9 1144.1 1641.7 1143 Long-term Debt
Warning Signs 627.5 688.5 713.3 1540 2160.2 2225.6 2952.9 3287.7 3388.7 3631 3572.8 Total Liabilities
MEDIUM Dividend Yield %: Close to 10-year low 25 24.8 24 21.3 21.2 20.4 19.4 18.7 18.4 18.2 18.1 Common Equity
Good Signs 558 516.2 619.3 637.8 721.5 661.2 1123.3 660 798.1 546.6 620 Cashflow from Operations
-422.8 -227 -342.2 -1069.9 -280.7 -472.4 -738.1 -659.6 -498.7 -406.9 -471.8 Repurchase of Stock
Insider Trades -- -0.8 -- 826.8 224 189.6 -- 78 -82 245.6 80 Net Issuance of Debt
Cur. -386.7 -216 -378.4 -310.6 3.9 -263.2 -663.3 -584.4 -554.1 -149.8 -403.2 Cashflow from Financing
Shares -91.4 -69.6 -76.6 -64.8 -89.3 -92 -103 -139.9 -103.8 -101.2 -103.4 Capital Expenditure
Lupisella Frank Jr Vice President 04/24/17 -3622 11238 466.6 446.6 542.7 573 632.2 569.2 1020.3 520.1 694.3 445.4 516.6 Free Cash Flow
Group
Beasley Jim C 02/21/17 -4390 25352 Competitor
President
Chairman and Financial Operating
Ring Timothy M 02/14/17 -14425 78604 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
CE Strength Margin(%)
Vice
Weiland John H 02/14/17 -14091 48863 OTCPK:ESLOY Essilor International SA 6 7 29,046 32.28 3.68 17.29 6.52 13.26
Chairman,
Group NAS:ILMN Illumina Inc 7 8 25,118 34.51 10.45 21.35 17.72 33.31
Collins Timothy P 02/14/17 -3768 27002
President NYSE:BCR CIRI Bard Inc 6 9 22,740 39I94 6I24 25I47 11I28 36I19
OTCPK:CLPBY Coloplast A/S 7 5 18,425 37.26 8.08 27.93 28.13 68.98
NYSE:MTD Mettler-Toledo International Inc 6 8 15,086 38.12 6.12 22.26 19.23 85.28
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BDX BDX

Becton, Dickinson and Co (NYSE:BDX)
Current
Medical Instruments & Equipment - Medical Instruments & Supplies P/E (ttm) 31.76 30.66 19.46 Tangible Book -26.07 -14 Payout 0.46
Market Cap: $ 43,617 Mil Forward P/E 18.55 27.03 N/A DCE (Earnings Based) 64.64 34 Dividend Growth(5y) % 10
Becton, Dickinson and Co is a medical technology company, engaged in the P/B 5.14 3.39 4.11 DCF (FCF Based) 129.17 67 Yield on Cost(5y) % 2.4
manufacture and sale of medical devices, instrument systems and reagents P/S 3.39 3.22 2.75 Median P/S 155.18 81 Continuous Div. since 1972
used by healthcare institutions, life science researchers, general public and P/FCF 22.63 29.91 19.87 Price 191.85 Insider Ownership % 0.54
clinical laboratories. Shiller P/E 33.67 50.06 24.94 Institution Ownership % 66.61
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.09 1.55 0.23 193.07
66.41
F-Score 7 5.00 7 1W 0.01 0
Median Median
6M 14.26 8.7
YTD 16.77 9.1
Net-Margin (%) 10.67 4.21 15.56 3M
ROE (%) 16.90 5.90 24.34 1Y 16.75 17.3

ROA (%) 5.20 2.67 11.79 3Y 19.28
35.33 12.30 35.48
(%)
Growth
EBIT Growth (%) 3 -3.9 48.70 23.5 18 14 13.5 13 14 15.4 19 39 39.9 31.8 Year End P/E
EPS without NRI Growth 4.6 4 3.2 3.1 3.3 3.7 3.9 4.3 3.9 5 5.1 P/B
2.5 -5.5 61.50
(%) 3.3 2.9 2.5 2.5 2.2 2.1 2.5 2.7 2.7 3.1 3.4 P/S
10.5 7.6 13.60
(%)
Quarterly 3.5 4.5 5 5.5 5.6 5.6 6.5 6 3.4 4.5 6 EPS
Revenue 3067 3198 3231 2922 2969 1 1.1 1.3 1.5 1.6 1.8 2 2.2 2.4 2.6 2.8 Dividends Per Share
Revenue (YoY) % 50 2 6 -2 -3 31.1 39.1 41.9 42 38.9 33.9 38.5 44.7 -- -- -- Graham Number
EPS (YoY) % 44 521 -90 143 1
6359.7 7074.9 6986.7 7124.4 7584 7708 8054 8446 10282 12483 12320 Revenue
Impact Cur. 1203.2 1536.9 1589.7 1582.4 1665.9 1558 1254 1606 1074 1430 1869 Operating Income
Guru Date Action
% Shares 18.9 21.7 22.8 22.2 22 20.2 15.6 19 10.5 11.5 15.2 Operating Margin %
Steven Cohen 03/31/17 Buy 0.57 556,000 890 1127 1231.6 1317.6 1271 1170 1293 1185 695 976 1314 Net Income
Jeremy Grantham 03/31/17 Reduce -0.15 597,795 14 15.9 17.6 18.5 16.8 15.2 16.1 14 6.8 7.8 10.7 Net Margin %
21.7 24.2 24.4 24.9 24.8 26.1 28.2 23.5 11.4 13.2 16.9 ROE %
12.6 14.8 14.3 13.9 12.7 10.7 11 9.6 3.6 3.8 5.2 ROA %
Ray Dalio 03/31/17 Reduce -0.04 3,100
Louis Moore Bacon 03/31/17 Sell -0.02 0 511.5 830.5 1394.2 1216 1175.3 1671 1890 1861 1424 1541 548 Cash & Equivalents
7329.4 7912.9 9304.6 9650.7 10430 11361 12149 12447 26478 25586 24121 Total Assets
955.7 953.2 1488.5 1495.4 2484.7 3761 3763 3768 11370 10550 9082 Long-term Debt
SEVERE Gross Margin %: Declined 332.7 332.7 332.7 332.7 332.7 333 333 333 333 333 333 Common Equity
1240.4 1687.1 1716.8 1744.3 1716 1693 1717 1746 1730 2559 2579 Cashflow from Operations
MEDIUM Revenue per Share: Growth slow down -1018.3 -783 -1073 -705.6 -1039.5 -894 -311 -948 -8318 -669 -654 Cashflow from Investing
-450.1 -450 -550 -750 -1500 -1500 -450 -400 -27 -32 -220 Repurchase of Stock
Good Signs
-221.9 -7.1 740.1 -200.3 1025.5 1448 -199 -4 6655 -1252 -2136 Net Issuance of Debt
GOOD Piotroski F-Score: High -726 -585.8 -79.7 -1222.7 -714.4 -370 -968 -807 6190 -1761 -3046 Cashflow from Financing
-578.7 -651 -694.8 -626.1 -598.7 -553 -588 -653 -633 -718 -732 Capital Expenditure
Insider Trades
661.7 1036.1 1022 1118.1 1117.3 1140 1129 1093 1097 1841 1847 Free Cash Flow
Cur.
Shares Competitor
Sr. VP and
Sherman Jeffrey S 05/25/17 -28765 22474 Financial Operating
Gene Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Sr. VP and
Sherman Jeffrey S 02/15/17 -31464 22472
Gene NYSE:BDX Becton, Dickinson and Co 5 8 43,617 31.76 3.39 15.17 5.20 16.90
Executive
Conroy Alexandre
Vice
02/14/17 -8500 27025 NYSE:BAX Baxter International Inc 7 5 31,495 17.14 3.11 8.57 11.56 21.50
VP, Corp OTCPK:ESLOY Essilor International SA 6 7 29,046 32.28 3.68 17.29 6.52 13.26
Gallagher John E 12/15/16 -1793 2796
Financ NAS:ILMN Illumina Inc 7 8 25,118 34.51 10.45 21.35 17.72 33.31
Executive
Sichak Stephen 12/05/16 -2632 7953 NYSE:BCR C.R. Bard Inc 6 9 22,740 39.94 6.24 25.47 11.28 36.19
Vice
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BEN BEN

Franklin Resources Inc (NYSE:BEN)
Current
$ 44.50 Median Median NCAV 10.59 24 Dividend Yield(forward) % 1.81
Asset Management P/E (ttm) 14.36 12.97 14.71 Tangible Book 17.74 40 Payout 0.25
Franklin Resources Inc is an investment management company. The P/B 2.05 1.01 3.05 DCE (Earnings Based) 39.67 89 Yield on Cost(5y) % 3.8
Company's services include fund administration, sales, distribution, P/S 3.95 6.15 3.95 DCF (FCF Based) 42.62 96 Continuous Div. since 1982
marketing, shareholder servicing, and other fiduciary services. P/FCF 13.97 15.92 17.76 Median P/S 44.48 100 Insider Ownership % 37.34
Financial Strength
Industry Historical
Median Median
Cash to Debt 6.07 N/A 3.46 58.84

22.98
F-Score 7 5.00 6 1W 3.73 0
11M
YTD 12.94 9.1
Net-Margin (%) 27.77 40.43 26.63
1Y 36.94 17.3
ROE (%) 14.81 6.31 21.78
ROA (%) 10.93 3.62 14.30 3Y -5.48
471.98 68.89 465.07
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 9.1 2.5 -8.40 18.1 13.2 26.1 16.9 11.1 14 15 14.4 11.3 12.1 14.4 Year End P/E
7.8 1.5 12.30
Growth (%) 5.2 3.5 5.6 4.2 3 3.8 4 4 2.9 3.1 4 P/S
8.5 11.1 30.00
8.2 8.4 6 8.6 10.7 11 12.6 13.6 12.9 11.3 11.3 Revenue Per Share
Quarterly 2.3 2.2 1.3 2.1 2.9 3 3.4 3.8 3.3 2.9 3.1 EPS
Revenue (YoY) % -20 -18 -14 -11 -1 19.4 19 15.4 20.1 25.1 27.3 30.5 35.6 34.3 33.6 35.2 Graham Number
Net Income (YoY) % -41 -11 32 -2 17 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -38 -6 39 4 21
6205.8 6032.4 4194.1 5853 7140 7101 7985 8491.4 7948.7 6618 6407.5 Revenue
Guru Trades 65.2 67.9 67.8 61 62 61.4 61.9 63.6 65.3 66.6 66.5 Gross Margin %
2067.5 2099 1202.6 1958.7 2659.8 2515.2 2921.3 3221.2 3027.6 2365.7 2317.2 Operating Income
Impact Cur.
% Shares
John Rogers 03/31/17 Reduce -0.26 958,925 1772.9 1588.2 896.8 1445.7 1923.6 1931.4 2150.2 2384.3 2035.3 1726.7 1779.4 Net Income
28.6 26.3 21.4 24.7 26.9 27.2 26.9 28.1 25.6 26.1 27.8 Net Margin %
25.3 22.1 12.2 18.8 23.7 21.7 22.2 21.9 17.3 14.4 14.8 ROE %
18.3 16.6 9.6 14.3 15.7 13.5 14.3 15 12.5 10.7 10.9 ROA %
Richard Pzena 03/31/17 Reduce -0.05 10,102,113
Ray Dalio 03/31/17 Sell -0.02 0 3304.5 2314.8 2982.5 3985.3 5198.6 6051.4 6323.1 7596 8368.1 8483.3 8776.1 Cash & Equivalents
9932.3 9176.5 9468.5 10708 13776 14752 15390 16357 16336 16099 17210 Total Assets
162.1 118.4 -- 949.9 2200.8 2777.2 2295.1 2149 2155.3 2083.4 1680.2 Long-term Debt
Warning Signs 2600 2102.2 1836.3 2981.1 5251.1 5550.2 5317.2 4773 4494.7 4163 5016.5 Total Liabilities
SEVERE Revenue per Share: Declined 24.5 23.3 22.9 22.4 21.8 63.7 63.1 62.3 60.4 57 56.2 Common Equity
Good Signs 1673.6 1409.2 641.4 1651 1621.8 1066.2 2035.7 2138 2252 1727.7 1912.3 Cashflow from Operations
-306.2 -1096.1 289.9 -32.7 435.9 873.4 232.9 390.6 248.9 192.2 167.3 Cashflow from Investing
GOOD Altman Z-Score: Strong
-1288.7 -1543.3 -376.9 -675.8 -954.2 -797.4 -491 -622.2 -1059.8 -1308 -998.8 Repurchase of Stock
GOOD Piotroski F-Score: High -140.1 -512.5 -79.8 851.5 -340.3 313.1 -743.9 -180 -14.7 -93.8 -184.4 Net Issuance of Debt
-1449.2 -1300 -340.6 -594.9 -968.2 -1084.9 -2018.1 -1195.3 -1612.2 -1800.7 -1296 Cashflow from Financing
Insider Trades
Cur.
Shares 1579.5 1339 596.8 1593.6 1490.1 987.8 1973.5 2084.9 2183.2 1630.1 1821 Free Cash Flow
President
Johnson Jennifer M 03/16/17 -16835 4496k Competitor
and C
Chairman
Financial Operating
Johnson Gregory E 02/27/17 -25000 5189k Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
and CE Strength Margin(%)
EVP and OTCPK:CAIXY CaixaBank SA 6 6 27,188 22.39 2.87 33.09 0.30 4.43
Lewis Kenneth A 12/16/16 -1866 158840
CFO
EVP and
NYSE:BEN Franklin Resources Inc 7 8 24,979 14.36 3.95 36.16 10.93 14.81
Lewis Kenneth A 12/08/16 -4230 160706
CFO NAS:NTRS Northern Trust Corp 6 6 21,556 21.47 4.25 30.62 0.88 10.81
Vice
Johnson Rupert H Jr 11/01/16 -300000 105404k NYSE:AMP Ameriprise Financial Inc 6 5 19,760 15.70 1.78 13.68 0.96 20.20
Chairman,
NAS:TROW T. Rowe Price Group Inc 9 9 17,673 14.39 4.18 42.47 20.13 25.76
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BF.B BF.B

Brown-Forman Corp (NYSE:BF.B)
Current
Beverages - Alcoholic - Beverages - Wineries & Distilleries P/E (ttm) 30.09 24.15 21.57 Tangible Book -0.06 -0 Payout 0.26
Market Cap: $ 19,335 Mil Forward P/E 27.47 23.20 N/A DCF (FCF Based) 14.1 28 Dividend Growth(5y) % 7.8
Brown-Forman Corp is a spirits and wine company. The Company P/B 14.33 2.29 5.69 Peter Lynch Value 21.57 43 Yield on Cost(5y) % 2.1
manufactures, bottles, imports, exports, and markets a wide variety of P/S 6.67 1.98 4.17 DCE (Earnings Based) 23.61 47 Continuous Div. since 1985
alcoholic beverage brands. P/FCF 37.76 22.25 29.14 Median P/S 31.09 63 Insider Ownership % 1.74
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.09 0.75 0.36 56.92

22.3
F-Score 3 5.00 6 1W 0.99 0
3M
YTD 11.54 9.1
Net-Margin (%) 22.29 5.74 21.29
1Y 3.08 17.3
ROE (%) 49.56 7.31 30.45
ROA (%) 14.57 3.95 15.66 3Y 3.39
43.93 15.37 56.70
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 8.9 10.4 -32.50 19.7 17 19.9 18 23.8 25.7 29.2 28.8 19.9 28.3 30.1 Year End P/E
9.5 11.5 -34.50
(%) 3.2 3 3.4 4 3.9 5.3 6.4 6.3 6.9 6.3 6.7 P/S
Free Cash Flow Growth 12.6 11 12 11.3 14.5 16.7 19.2 18.6 13.7 19.8 20.6 EV/EBITDA
4.6 3.6 33.30
5.6 5.5 5.5 5.9 6.3 6.6 7 7.4 7.6 7.7 7.7 Revenue Per Share
Quarterly 1 1 1 1.3 1.2 1.4 1.5 1.6 2.6 1.7 1.7 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 1 1 1.1 1.1 1 1 1.2 1.1 1 1.4 1.4 Free Cashflow Per Share
Net Income 522 144 197 182 144 0.7 1 1.3 1.8 1.8 0.8 1.7 1.6 1 -0.1 -0.1 Tang. Book Per Share
EPS 1 0 1 0 0 24.3 22.6 24.7 24.4 30.2 27.5 28.8 30.4 31.2 -- 31.1 Median P/S Value
Revenue (YoY) % -1 -5 -3 -0 -5 4 4.7 5.4 7.2 7 5 7.7 7.7 7.5 -- -- Graham Number
Net Income (YoY) % 270 -8 -2 -4 -72 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Income Statement
EPS (YoY) % 282 -3 2 0 -71
2582 2481 2469 2586 2723 2849 2991 3134 3089 2994 2993 Revenue
Impact Cur.
Guru Date Action 26.5 26.6 28.8 33.1 28.9 31.5 32.5 32.8 49.6 33 33 Operating Margin %
% Shares
Joel Greenblatt 03/31/17 Buy 0.13 215,279 440 435 449 572 513 591 659 684 1067 669 667 Net Income
17 17.5 18.2 22.1 18.8 20.7 22 21.8 34.5 22.3 22.3 Net Margin %
Tom Russo 03/31/17 Add 0.05 1,395,094
26.7 24.6 24.2 28.9 24.9 32 36 34.8 61.6 45.6 49.6 ROE %
Murray Stahl 03/31/17 Reduce 0 8,769
Mario Gabelli 03/31/17 Add 0 100,500 12.7 12.7 13.1 16.1 14.3 16.6 17.1 16.5 25.5 15.2 14.6 ROA %
Joel Greenblatt 12/31/16 Sell -0.15 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Apr17 Balance Sheet
George Soros 12/31/16 Sell -0.06 0 119 340 232 567.1 338 204 437 370 263 182 182 Cash & Equivalents
Mario Gabelli 12/31/16 Reduce -0.01 100,224 3405 3475 3383 3712.1 3477 3626 4103 4188 4183 4625 4625 Total Assets
Murray Stahl 12/31/16 Add 0 9,512 417 509 508 504.5 503 997 997 743 1230 1689 1689 Long-term Debt
Tom Russo 12/31/16 Add 0 1,263,411 1680 1659 1488 1651.7 1408 1998 2071 2283 2621 3255 3255 Total Liabilities
19 24 24 23.4 24 34 34 34 34 -- 68 Common Equity
Jim Simons 09/30/16 Sell -0.07 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Cashflow Statement
Warning Signs 28 -37 -35 203 -68 -97 -127 -125 433 -422 -422 Cashflow from Investing
-223 -41 -158 -136 -220 -- -49 -462 -1107 -561 -906 Repurchase of Stock
SEVERE Piotroski F-Score: Low
-172 -4 -302 57 -248 493 3 183 320 595 595 Net Issuance of Debt
SEVERE Asset Growth: faster than revenue growth -736 -216 -637 -406 -662 -576 -288 -531 -1060 -285 -285 Cashflow from Financing
MEDIUM Revenue per Share: Growth slow down -66 -54 -37 -43 -68 -97 -129 -125 -110 -112 -112 Capital Expenditure
468 437 508 484 448 440 520 483 414 527 527 Free Cash Flow
Good Signs
Competitor
GOOD Operating Margin %: Expansion Financial Operating
Strength Margin(%)
OTCPK:BCCLF Becle SAB de CV 7 4 20,858 97.14 9.21 25.07 7.02 10.79
NYSE:BF.B Brown-Forman Corp 5 7 19,335 30.09 6.67 33.04 14.57 49.56
OTCPK:TBVPF Thai Beverage PLC 7 6 16,338 22.00 3.09 14.26 16.69 25.13
OTCPK:DVDCY Davide Campari-Milano SpA 4 6 16,084 56.44 4.53 18.87 5.63 14.01
OTCPK:TSRYY Treasury Wine Estates Ltd 6 4 7,558 39.31 4.44 7.93 4.83 7.03
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BHI BHI

Baker Hughes Inc (NYSE:BHI)
Current
$ 56.32 Median Median NCAV 1.39 2 Dividend Yield(forward( % 1.21
Oil & Gas - Services - Oil & Gas Equipment & Services P/E (ttm( N/A 20.00 17.19 Tangible Book 19.01 34 Payout N/A
Market Cap: $ 23,962 Mil Forward P/E 222.22 27.93 N/A Median P/S 29.15 52 Dividend Growth(5y( % 3.1
Baker Hughes Inc operates in the oilfield services industry. It provides P/B 1.92 1.09 1.61 Price 56.32 Yield on Cost(5y( % 1.4
products and services for drilling and evaluation of oil and gas wells, P/S 2.57 1.08 1.33 Continuous Div. since 2017
completion and production of oil and gas wells, fluids and chemicals and P/FCF 6.42 11.80 29.31 Insider Ownership % 0.64
reservoir technology. Shiller P/E 33.52 15.39 16.53 Institution Ownership % 80.34
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.40 0.49 0.16 98.67

36.33
F-Score 6 4.00 6 1W 3.64 0
14M
YTD -12.79 9.1
Net-Margin (%( -19.99 -10.90 5.89
1Y 23.94 17.3
ROE (%( -13.97 -7.94 7.79
ROA (%( -9.39 -4.31 4.91 3Y -6.39
-13.43 -4.45 16.33
(%(
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%( 1.7 -11.4 -30.40 25579 9862 12630 24697 21256 18015 24204 24334 20168 27547 23962 Market Cap
EBIT Growth (%( N/A N/A 0.00 17.1 6.1 29.8 28 12.3 13.8 22.4 14.3 -- -- -- Year End P/E
N/A N/A 0.00
(%( 2.5 0.8 1.3 1.6 1.1 0.8 1.1 1 1.3 2.9 2.6 P/S
Free Cash Flow Growth 9 3.4 8.9 10.9 6.2 5.9 7.5 5.7 -33.6 -57.1 -356.9 EV/EBITDA
N/A N/A 444.80
Book Value Growth (%( 8.3 -2.8 -16.20
Quarterly 4.7 5.3 1.4 2.1 4 3 2.5 3.9 -4.5 -6.3 -4.4 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.1 1 0.5 -1.6 -2.2 -2.4 2.4 2.6 1.9 9 8.8 Free Cashflow Per Share
Net Income -981 -911 -429 -417 -129 15.1 17 18.2 15.4 19.8 22.9 24.8 27 22.1 19.5 19 Tang. Book Per Share
EPS -2 -2 -1 -1 -0 43.4 51.1 41.3 48.1 60.8 64.5 67 74.4 47.8 30.2 29.2 Median P/S Value
Revenue (YoY( % -42 -39 -38 -29 -15 40.1 45 23.6 26.7 42 39.2 37.1 48.8 -- -- -- Graham Number
Net Income (YoY( % 67 385 170 -60 -87 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 64 384 178 -58 -86
10428 11864 9664 14414 19831 21361 22364 24551 15742 9841 9433 Revenue
Guru Trades 34.4 33 23.5 22.4 23 18.8 17 19.6 8.4 -1.3 2.4 Gross Margin %
2277.8 2376 732 1417 2600 2192 1949 2859 -2396 -1623 -1094 Operating Income
Impact Cur.
Guru Date Action 21.8 20 7.6 9.8 13.1 10.3 8.7 11.7 -15.2 -16.5 -11.6 Operating Margin %
% Shares
T Boone Pickens 03/31/17 Add 2.34 131,927 1513.9 1635 421 812 1739 1311 1096 1719 -1967 -2738 -1886 Net Income
14.5 13.8 4.4 5.6 8.8 6.1 4.9 7 -12.5 -27.8 -20 Net Margin %
Jeff Ubben 03/31/17 Add 2 31,407,820
26.2 24.9 6 7.6 11.7 8 6.3 9.5 -11.3 -18.9 -14 ROE %
Richard Pzena 03/31/17 Reduce -0.11 580,451 16.3 15.1 3.6 4.7 7.3 5.1 4 6.1 -7.4 -12.7 -9.4 ROA %
Dodge & Cox 03/31/17 Reduce -0.08 24,237,769 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Jim Simons 03/31/17 Buy 0.03 356,940 1054.4 1955 1595 1456 1050 1015 1399 1740 2324 4572 4222 Cash & Equivalents
9856.6 11861 11439 22986 24847 26689 27934 28827 24080 19034 18676 Total Assets
1069.4 1775 1785 3554 3845 3837 3882 3913 3890 2886 2884 Long-term Debt
Warning Signs
SEVERE Sloan Ratio: Poor quality of earnings
315.4 309 312 432 437 441 438 434 437 425 427 Common Equity
Insider Trades 1474.7 1614 1239 856 1507 1835 3161 2953 1796 4229 4165 Cashflow from Operations
Cur. -620.2 -1170 -966 -2376 -1891 -2521 -1663 -1659 -905 203 66 Cashflow from Investing
Shares -521.5 -627 -- -- -- -- -350 -600 -- -763 -- Repurchase of Stock
Brenneman Gregory D Director 11/14/16 85000 89425 14.2 1250 -541 1531 54 847 -571 -248 -45 -1195 -1196 Net Issuance of Debt
Vice
Chariag Belgacem 11/09/16 -15000 64568 -592 541 -675 1366 -30 646 -1103 -939 -282 -2185 -2202 Cashflow from Financing
President
SVP, Chief
Crain Alan R Jr 10/07/16 -3000 21160 347.7 311 153 -635 -954 -1075 1076 1162 831 3897 3832 Free Cash Flow
Lega
Vice Competitor
Keifer Alan J 08/19/16 -17434 34724
President
Financial Operating
Crain Alan R Jr
SVP, Chief
Lega
Strength Margin(%)
NYSE:HAL Halliburton Co 4 3 38,256 0.00 2.40 -21.89 -12.06 -33.30
NYSE:BHI Baker Hughes Inc 5 5 23,962 0.00 2.57 -11.60 -9.39 -13.97
NYSE:NOV National Oilwell Varco Inc 5 4 12,469 0.00 1.82 -34.09 -10.71 -16.07
OTCPK:TKPPY Technip 6 7 8,438 11.66 0.85 6.03 3.51 9.81
OTCPK:CHOLF China Oilfield Services Ltd 5 4 6,462 0.00 3.72 -75.00 -13.41 -28.96
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:BIIB BIIB

Biogen Inc (NAS:BIIB)
Current
Biotechnology P/E (ttm) 15.97 31.50 21.95 Tangible Book 17.59 7 Payout N/A
Market Cap: $ 54,094 Mil Forward P/E 12.99 18.94 N/A Graham Number 79.49 31 Dividend Growth)5y) % N/A
Biogen Inc is a biopharmaceutical company. It is engaged in discovering, P/B 4.75 3.92 4.08 DCF )FCF Based) 102.75 40 Yield on Cost)5y) % N/A
developing, manufacturing and delivering therapies to patients for the P/S 4.82 11.91 5.39 Price 255.02 Continuous Div. since N/A
treatment of neurological, rare and autoimmune diseases. P/FCF 26.57 27.07 19.35 Median P/S 284.96 112 Insider Ownership % 0.91
Shiller P/E 30.94 45.24 77.51 Peter Lynch Value 399.25 157 Institution Ownership % 67.91
PEG 0.55 2.17 0.82 DCE )Earnings Based) 454.64 178 Short % of Float 1.14
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.44 45.46 4.45 438.43

201.25
F-Score 5 4.00 6 1W -0.84 0
Operating Margin )%) 41.59 -96.26 33.48
6M
YTD -2.37 9.1
Net-Margin )%) 30.17 -84.10 24.74
1Y 15.89 17.3
ROE )%) 30.27 -37.24 20.75
ROA )%) 16.05 -30.78 14.40 3Y -3.70
140.33 -369.38 90.54
)%)
Growth
EBIT Growth )%) 30.9 31.5 -3.20 26.5 16.6 14.7 15.6 20.1 23.4 32.9 25.3 18.4 15.4 16 Year End P/E
33.1 31 -1.90
Growth )%) 5.3 3.2 3.3 3.3 4.9 5.9 8.9 7.6 6.1 5 4.8 P/S
N/A N/A -33.70
Quarterly 2 2.7 3.4 3.9 5 5.8 7.8 12.4 15.3 16.9 16 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.3 4.4 3.1 5.7 6.2 6.8 -4.9 11.1 13.2 17.3 9.6 Free Cashflow Per Share
Net Income 971 1050 1033 649 748 6.4 8.7 11.7 10.3 15.2 17.5 12.3 21.4 12 21.6 17.6 Tang. Book Per Share
EPS 4 5 5 3 3 53.8 74.8 81.4 100 111 123.9 156.7 220.4 251.2 281.8 285 Median P/S Value
Revenue )YoY) % 7 12 6 1 3 17 22.8 29.7 30.2 41.5 47.6 46.5 77.2 64.4 90.7 79.5 Graham Number
Net Income )YoY) % 18 13 7 -22 -23 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY) % 27 22 13 -20 -22
3171.6 4097.5 4377.3 4716.4 5048.6 5516.5 6932.2 9703.3 10764 11449 11533 Revenue
779.8 1213.6 1295.4 1248.9 1724.7 1809.1 2515.5 3972.4 4891 5150.4 4796.3 Operating Income
Impact Cur.
Guru Date Action 24.6 29.6 29.6 26.5 34.2 32.8 36.3 40.9 45.4 45 41.6 Operating Margin %
% Shares
Andreas Halvorsen 03/31/17 Reduce -1.46 688,765 638.2 783.2 970.1 1005.3 1234.4 1380 1862.3 2934.8 3547 3702.8 3479.5 Net Income
20.1 19.1 22.2 21.3 24.5 25 26.9 30.3 33 32.3 30.2 Net Margin %
Eric Mindich 03/31/17 Reduce -1.12 111,191
10.1 13.8 16.1 17.3 20.9 20.6 23.9 30.2 35.2 34.4 30.3 ROE %
Manning & Napier
03/31/17 Buy 0.26 122,675 7.4 9.2 11.4 12.1 14.4 14.4 16.9 22.4 21 17.5 16.1 ROA %
Advisors, Inc
Steven Cohen 03/31/17 Add 0.25 216,470 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Ronald Muhlenkamp 03/31/17 Add 0.19 25,557 659.7 622.4 581.9 759.6 514.5 570.7 602.6 1204.9 1308 2326.5 924 Cash & Equivalents
First Eagle Investment 03/31/17 Sell -0.17 0 8628.8 8479 8551.9 8092.5 9049.6 10130 11863 14315 19505 22877 21196 Total Assets
51.8 1085.4 1080.2 1066.4 1060.8 687.4 592.4 580.3 6521.5 6512.7 5952.7 Long-term Debt
3094.5 2672.9 2330.3 2696 2624.1 3168.6 3243.1 3505.7 10132 10737 9716.9 Total Liabilities
GOOD Operating Margin %: Expansion -286.6 -365.9 -395 345.3 -1650.3 -950.3 -1604.7 -1543 -4553.6 -2484.8 -2025.8 Cashflow from Investing
-2991.2 -738.9 -751.2 -2077.6 -498 -984.7 -400.3 -886.8 -5000 -1000 -1579.5 Repurchase of Stock
Insider Trades 1494.3 -525.5 1.4 -18.1 -11.5 -2.4 -452.4 -2.7 5928.4 -2.7 -- Net Issuance of Debt
Cur. -735.2 -1234.6 -724.2 -1784.9 -319.9 -877.5 -716.5 -755.9 986.4 -987.8 -1884.2 Cashflow from Financing
Shares -284.1 -276 -165.6 -173.1 -208 -254.5 -3509 -316 -658.4 -727.7 -1637.4 Capital Expenditure
Posner Brian S Director 06/09/17 -1084 6330 736.5 1286.5 909.3 1451.6 1519.7 1625.3 -1163.9 2626.1 3057.7 3794.7 2104.4 Free Cash Flow
Vounatsos Michel CEO 05/01/17 1402 2927
Competitor
Denner Alexander J Director 04/27/17 73858 392832
Financial Operating
Clancy Paul J
Executive VP
an
Strength Margin(%)
Sandrock Alfred
EVP CMO
04/03/17 -1981 7060 NAS:BIIB Biogen Inc 6 9 54,094 15.97 4.82 41.59 16.05 30.27
Neuro &
NAS:REGN Regeneron Pharmaceuticals Inc 7 7 49,903 56.50 10.92 28.76 14.28 22.24
NAS:SHPG Shire PLC 4 7 49,174 133.62 3.62 7.25 0.58 1.33
OTCPK:CSLLY CSL Ltd 6 7 48,109 38.90 8.18 20.84 18.07 47.57
NAS:VRTX Vertex Pharmaceuticals Inc 7 4 30,894 177.23 15.12 14.62 6.57 15.75
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BK BK

Bank of New Eork Mellon Corp (NESE:BK)
Current
Asset Management P/E (ttm( 15.32 12.97 15.04 Tangible Book 14.13 28 Payout 0.23
Market Cap: $ 51,765 Mil Forward P/E 14.41 14.31 N/A Peter Lynch Value 29.38 59 Dividend Growth5y( % 8.8
Bank of New York Mellon Corporation is a investment company. Its business P/B 1.45 1.01 1.19 Graham Number 32.14 65 Yield on Cost(5y( % 2.35
segments are: Investment Management and Investment Services. Its other P/S 3.45 6.15 2.84 Median P/S 41.03 82 Continuous Div. since 2010
segments includes credit-related services, the leasing portfolio, corporate P/FCF 23.34 15.92 12.1 Price 49.78 Insider Ownership % 0.81
treasury activities, among others. Shiller P/E 25.36 20.12 16.61 Institution Ownership % 66.32
Financial Strength
Industry Historical
Median Median
Cash to Debt 2.84 N/A 1.70 49.82
16.06
F-Score 0 5.00 5 1W 2.87 0
Median Median
6M 3.74 8.7
YTD 5.87 9.1
Net-Margin (%( 23.79 40.43 16.88 21M
ROE (%( 11.06 6.31 7.25 1Y 25.53 17.3

ROA %( 1.25 3.62 0.76 3Y 13.65
0.00 68.89 0.00
(%(
Growth
Revenue Growth %( 4.1 3.4 5.30 55878 32511 33783 37494 24085 29902 39910 45367 44738 49630 51765 Market Cap
EBITDA Growth %( N/A 9.5 14.80 935 1148 1179 1216 1223 1178 1154 1137 1113 1072 1040 Sh. Outstanding-diluted(Mil(
EBIT Growth %( N/A 8.4 18.60 22.2 23.6 -- 14.7 9.8 12.5 20.1 18.8 15.2 15 15.3 Year End P/E
N/A 11.3 17.30
%( 4.1 2.4 4.3 2.7 1.7 2.1 2.6 2.9 3 3.3 3.5 P/S
Free Cash Flow Growth 9.3 -14.5 10.6 -3.5 -19.1 -19.1 -15.1 -11.2 -11.4 8 0.1 EV/EBITDA
N/A N/A -56.30
%(
Book Value Growth %( 6.4 3.6 2.70
12.1 11.8 6.5 11.4 12 12.4 13 13.8 13.7 14.2 14.4 Revenue Per Share
Quarterly 2.2 1.2 -1.2 2.1 2 1.7 1.7 2.2 2.7 3.2 3.3 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 3.9 2.3 2.9 3.1 1.3 0.8 -1.1 3.2 3.2 5.1 2.1 Free Cashflow Per Share
Revenue (YoY( % -2 -3 4 2 3 17 8.3 -- 18.2 19.8 20.4 21.4 24.5 28.1 31.2 32.1 Graham Number
Net Income (YoY( % 5 2 18 26 13 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 9 3 22 35 14
11331 13573 7654 13875 14730 14610 15048 15692 15194 15237 15350 Revenue
Impact Cur.
3225 1946 -2208 3694 3617 3357 3777 3563 4235 4725 4840 Operating Income
Guru Date Action 28.5 14.3 -28.9 26.6 24.6 23 25.1 22.7 27.9 31 31.5 Operating Margin %
% Shares
Paul Tudor Jones 03/31/17 Reduce -0.52 5,000 2039 1419 -1084 2518 2516 2437 2104 2567 3158 3547 3652 Net Income
Warren Buffett 03/31/17 Add 0.33 33,012,059 18 10.5 -14.2 18.2 17.1 16.7 14 16.4 20.8 23.3 23.8 Net Margin %
10 4.8 -4.8 8.2 7.7 6.8 5.4 6.5 8 8.8 11.1 ROE %
1.4 0.7 -0.5 1.1 0.9 0.7 0.6 0.7 0.8 1 1.3 ROA %
Hotchkis & Wiley 03/31/17 Buy 0.21 1,130,815
Dodge & Cox 03/31/17 Reduce -0.2 45,008,588 40947 97285 67396 72424 130739 138747 146119 123147 134886 77949 85006 Cash & Equivalents
197656 237512 212224 247259 325266 358990 374516 385303 393780 333469 337536 Total Assets
22792 22349 17711 19375 22107 19910 20527 21050 22070 25217 27368 Long-term Debt
SEVERE Asset Growth: faster than revenue growth 11 11 12 12 12 13 13 13 13 13 13 Common Equity
3970 2914 3781 4050 2211 1629 -642 4484 4127 6246 3219 Cashflow from Operations
MEDIUM PS Ratio: Close to 5-year high -21574 -55975 23088 -14937 -80178 -29387 -13200 -11675 -19787 51203 28832 Cashflow from Investing
382 -308 -28 -41 -873 -1148 -1026 -1669 -2355 -2398 -2700 Repurchase of Stock
Good Signs
2494 220 -4375 -43 2582 -1870 943 349 933 3501 8176 Net Issuance of Debt
GOOD Operating Margin %: Expansion 21468 51753 -27973 10790 78765 28288 15621 7829 15185 -59050 -30531 Cashflow from Financing
Insider Trades
3658 2611 3463 3820 1569 977 -1251 3693 3526 5421 2256 Free Cash Flow
Cur.
Shares Competitor
Sr.
Harris Mitchell E. 05/10/17 -6788 140313 Financial Operating
Executive V Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Vice
Shea Brian T 05/02/17 -31924 248293
Chairman NYSE:BLK BlackRock Inc 5 8 68,730 20.77 6.17 41.87 1.50 11.72
Vice
Gibbons Thomas P 04/24/17 -102174 300633 NESE:BK Bank of New Eork Mellon Corp 6 5 51,765 15.32 3.45 31.53 1.25 11.06
Chairman &
SEVP & OTCPK:IVSBF Investor AB 7 7 49,879 4.21 3.01 72.72 20.68 25.56
Mccarthy J Kevin 04/24/17 -10000 100487
General NYSE:BX Blackstone Group LP 7 4 38,989 16.19 6.36 47.17 5.40 13.84
Chairman &
Hassell Gerald L 03/09/17 -100000 986208 NYSE:STT State Street Corporation 5 6 33,410 16.65 3.35 21.88 0.92 9.68
CEO
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BLK BLK
BlackRock Inc (NYSE:BL) Ratios Valuation Analysis Dividend & Ownership

Industry Historical % of Dividend Yield(ttm) % 2.3
Current
$ 422.37 Median Median Price Dividend Yield(forward) % 2.37
Asset Management P/E (ttm) 20.77 12.97 18.77 - Payout 0.46
NCAV -280
Forward P/E 19.53 14.31 N/A 1182.49
Market Cap: $ 68,730 Mil Dividend Growth(5y) % 11.5
P/B 2.37 1.01 1.8 Tangible Book -7.93 -2
BlackRock Inc along with its subsidiaries, provides investment management Yield on Cost(5y) % 3.96
services to institutional clients and to individual investors through various P/S 6.17 6.15 5.11 Peter Lynch Value 174.52 41 Continuous Div. since 2009
investment vehicles. P/FCF 29.03 15.92 19.57 DCF (FCF Based) 217.39 51
Insider Ownership % 3.25
Shiller P/E 29.5 20.12 32.83 Median P/S 349.66 83
PEG 2.26 1.27 1.17 Price 422.37
DCE (Earnings
494.06 117
Based)
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.04 N/A 1.43 421.49

165.46
F-Score 5 5.00 5 1W 1.72 0
2M YTD 12.31 9.1
Net-Margin (%) 29.74 40.43 26.04
1Y 27.21 17.3
ROE (%) 11.72 6.31 9.44
ROA (%) 1.50 3.62 1.41 3Y 13.22
619.35 68.89 750.76
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 16 10.4 5.90 29.5 23.3 38.1 18.1 14.4 15 18.8 18.6 17.2 20 20.8 Year End P/E
EPS without NRI 2.2 1.3 1.8 1.4 1.3 1.4 2 2.2 2 2.1 2.4 P/B
17.6 10.1 7.80
Growth (%) 5.9 3.5 6.9 4.3 3.7 3.9 5.4 5.5 5.1 5.7 6.2 P/S
10.2 0.8 -12.00
Quarterly 7.4 5.8 6.1 10.6 12.4 13.8 16.9 19.3 19.8 19 20.3 EPS
Revenue 2624 2804 2837 2890 2824 2.7 3.1 3.1 4 5.5 6 6.7 7.7 8.7 9.2 9.4 Dividends Per Share
Net Income 657 789 875 851 862 -4.1 0.8 -31.9 -22.1 -28.6 -28.5 -23.8 -17.6 -12 -8.5 -7.9 Tang. Book Per Share
EPS 4 5 5 5 5 188.5 196.7 171.2 228.2 248 268.2 299.4 331 344.7 342.2 349.7 Median P/S Value
Revenue (YoY) % -4 -3 -3 1 8 -- 10.2 -- -- -- -- -- -- -- -- -- Graham Number
EPS (YoY) % -19 -2 5 0 33
4845 5064 4700 8612 9081 9337 10180 11081 11401 11155 11355 Revenue
88.9 88.3 89.9 95.3 95.8 96.1 96.5 96.7 96.4 96.2 96.1 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Louis Moore Bacon 03/31/17 Sell -0.56 0 993 784 875 2063 2337 2458 2932 3294 3345 3172 3377 Net Income
20.5 15.5 18.6 24 25.7 26.3 28.8 29.7 29.3 28.4 29.7 Net Margin %
Manning & Napier
03/31/17 Reduce -0.24 457,562 8.9 6.6 4.8 8.2 9.1 9.7 11.3 12.2 12 11 11.7 ROE %
Advisors, Inc
4.6 3.7 0.9 1.2 1.3 1.3 1.4 1.4 1.4 1.4 1.5 ROA %
Ray Dalio 03/31/17 Reduce -0.15 3,730
Pioneer Investments 03/31/17 Add 0.14 598,746 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Jim Simons 03/31/17 Add 0.06 199,968 1656 2032 4708 3460 3560 4903 4551 6001 6231 6175 5814 Cash & Equivalents
Tom Gayner 03/31/17 Add 0.06 168,500 22561 19924 178124 178459 179896 200451 219873 239792 225261 220177 230586 Total Assets
947 942 3434 4537 6264 8089 7308 8311 4930 4915 5619 Long-term Debt
SEVERE Altman Z-Score: Distress 1 1 1 1 1 2 2 2 2 2 2 Common Equity
MEDIUM Revenue per Share: Growth slow down 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Price: Close to 10-year high -1068 -394 -5519 -627 -204 -266 -483 239 -465 -188 -283 Cashflow from Investing
Good Signs 1108 -304 4592 -2310 1304 1326 -1260 509 37 -- 697 Net Issuance of Debt
GOOD Operating Margin %: Expansion 959 -887 6749 -3170 -2485 -944 -3392 -1861 -2064 -1685 -1318 Cashflow from Financing
Cur.
Shares
Wagner Susan Director 06/02/17 -2500 490686 Financial Operating
Senior Strength Margin(%)
Mccombe Mark 05/26/17 -500 28495
Managing NYSE:BLK BlackRock Inc 5 8 68,730 20.77 6.17 41.87 1.50 11.72
Senior
Stork Ryan 02/22/17 -5150 17442 NYSE:BK Bank of New York Mellon Corp 6 5 51,765 15.32 3.45 31.53 1.25 11.06
Managing
Senior OTCPK:IVSBF Investor AB 7 7 49,879 4.21 3.01 72.72 20.68 25.56
Fairbairn Robert W 02/22/17 -1300 48568
Managing
NYSE:BX Blackstone Group LP 7 4 38,989 16.19 6.36 47.17 5.40 13.84
Senior
Smith Jeff A 02/15/17 -300 16386 NYSE:STT State Street Corporation 5 6 33,410 16.65 3.35 21.88 0.92 9.68
Managing
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BLL BLL

Ball Corp (NYSE:BLL)
Current
Packaging & Containers P/E (ttm) 27.43 17.00 16.23 Tangible Book -9.85 -24 Payout 0.18
Ball Corp is a supplier of metal and plastic packaging to the beverage, P/B 3.98 1.39 4 Price 41.15 Yield on Cost(5y) % 1.25
foodpersonal care and household products industries. It also provide P/S 1.43 0.90 0.79 Continuous Div. since 2016
aerospace and other technologies and services to governmental and P/FCF N/A 16.72 16.56 Insider Ownership % 2.27
commercial customers. Shiller P/E 33.13 22.07 25.14 Institution Ownership % 71.84
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.06 0.53 0.04 41.42

17.2
F-Score 6 6.00 6 1W 1.58 0
6M
YTD 10.07 9.1
Net-Margin (%) 4.69 4.69 4.67
1Y 15.11 17.3
ROE (%) 14.74 8.68 29.65
ROA (%) 2.70 4.30 5.34 3Y 11.30
14.87 13.83 26.33
(%)
Growth
2007 2008 2009 2010 2011 2012 201$ 2014 2015 2016 Current Stock Performance
10 Yr 5 Yr 1 Yr
EBITDA Growth (%) 4.8 -5.6 85.10 411 388 380 367 337 316 298 285 282 323 351 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) 5.7 -8.5 68.70 16.4 12.6 12.7 13.2 13.5 17.9 18.9 20.7 36.6 43.9 27.4 Year End P/E
EPS without NRI Growth 3.3 3.6 3.1 3.9 4.7 6 6 9 8.2 3.8 4 P/B
3.9 -8 212.50
(%) 0.6 0.5 0.7 0.8 0.7 0.8 0.9 1.1 1.3 1.3 1.4 P/S
N/A N/A -211.60
(%) 2007 2008 2009 2010 2011 2012 201$ 2014 2015 2016 TTM Per share data
Quarterly 0.7 0.8 1 1.3 1.3 1.3 1.4 1.7 1 0.8 1.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 0.9 0.8 1.1 0.7 1.5 1.7 1.5 2.2 1.7 -1.3 -1 Free Cashflow Per Share
Net Income -127 338 -- 53 68 -1.6 -2.9 -2.2 -2.9 -3.9 -4.9 -4.9 -5.2 -4 -10.3 -9.9 Tang. Book Per Share
EPS -0 1 -- 0 0 14.2 15.4 14.3 16.4 20.2 21.8 22.4 23.8 22.4 22.2 22.7 Median P/S Value
Revenue (YoY) % -9 -7 34 36 41 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoY) % -705 111 -100 -4 -154 2007 2008 2009 2010 2011 2012 201$ 2014 2015 2016 TTM Income Statement
EPS (YoY) % -700 106 -100 -28 -142
7389.7 7561.5 6710.4 7630 8630.9 8735.7 8468.1 8570 7997 9061 9779 Revenue
15.7 16.2 17.8 18 18 17.9 18.8 19.5 19.2 19.5 19.7 Gross Margin %
Guru Trades
513.9 590.5 653.8 764.6 836.9 790.5 795.4 839 606 463 726 Operating Income
Impact Cur.
Guru Date Action 7 7.8 9.7 10 9.7 9.1 9.4 9.8 7.6 5.1 7.4 Operating Margin %
% Shares
Steven Cohen 03/31/17 Reduce -0.33 17,600 281.3 319.5 387.9 468 444 396.3 406.8 470 281 263 459 Net Income
3.8 4.2 5.8 6.1 5.1 4.5 4.8 5.5 3.5 2.9 4.7 Net Margin %
22.4 26.3 29.1 30.2 32.4 34 34.8 41.6 24.6 11.2 14.7 ROE %
4.7 5.2 6 7 6.3 5.4 5.3 6.1 3.3 2 2.7 ROA %
2007 2008 2009 2010 2011 2012 201$ 2014 2015 2016 Mar17 Balance Sheet
Leon Cooperman 03/31/17 Reduce -0.09 1,264,400
Pioneer Investments 03/31/17 Sell -0.03 0 151.6 127.4 210.6 152 165.8 174.1 416 191.4 224 597 458 Cash & Equivalents
6020.6 6368.7 6488.3 6927.7 7284.6 7507.1 7820.4 7571 9697 16173 16644 Total Assets
2181.8 2107.1 2283.9 2701.6 2696.7 3085.3 3182.5 2993.8 4974 7310 7476 Long-term Debt
Warning Signs 4678.1 5282.9 4907 5409.7 6065.5 6392.5 6595.8 6537.9 8446 12738 13025 Total Liabilities
SEVERE Operating Margin %: Declined -- 788 830.8 893.4 -- -- -- -- -- -- -- Common Equity
SEVERE Long-Term Debt: Keep issuing new debt 2007 2008 2009 2010 2011 2012 201$ 2014 2015 2016 TTM Cashflow Statement
MEDIUM Price: Close to 10-year high 673 627.6 559.7 515.2 948.4 853.2 839 1012 1007 194 182 Cashflow from Operations
MEDIUM PS Ratio: Close to 10-year high -265.8 -418 -581.4 -110.2 -738 -356 -379.1 -391 -2721 672 766 Cashflow from Investing
MEDIUM Operating Income: loss -257.8 -326.8 -37 -554.2 -513.2 -547.2 -431.7 -397 -136 -107 -3 Repurchase of Stock
-170 127.3 147.9 101.8 306.8 77.8 290.6 -418 2001 -231 -527 Net Issuance of Debt
Insider Trades -412.4 -205.5 100.8 -459.6 -216.8 -486.9 -204 -846 1737 -387 -579 Cashflow from Financing
Cur. -308.5 -306.9 -157.9 -250.2 -443.8 -305 -378.3 -391 -528 -606 -593 Capital Expenditure
Shares
364.5 320.7 401.8 265 504.6 548.2 460.7 621 479 -412 -411 Free Cash Flow
SR VP, HR &
Pauley Lisa Ann 06/14/17 -20960 410295
Adm Competitor
CHAIRMAN,
Hayes John A 06/06/17 -5622 577599 Financial Operating
PRESI Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Hoover R David Director 05/23/17 -8000 1109k
Hoover R David Director 05/22/17 -10000 1117k
NYSE:BLL Ball Corp 4 6 14,450 27.4$ 1.4$ 7.42 2.70 14.74
Hoover R David Director 05/19/17 -22000 1127k NYSE:WRK WestRock Co 4 6 14,403 80.79 1.03 3.39 0.78 1.85
OTCPK:AMCRY Amcor Ltd 4 6 14,270 62.73 1.53 4.95 2.64 24.90
NYSE:PKG Packaging Corp of America 5 8 9,926 21.52 1.68 13.57 8.31 26.79
OTCPK:CCDBF CCL Industries Inc 5 8 9,112 37.11 3.06 13.01 7.31 19.92
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BMY BMY

Bristol-Myers Squibb Company (NYSE:BMY)
Current
Drug Manufacturers - Drug Manufacturers - Major P/E (ttm( 18.85 27.33 22.13 Tangible Book 3.8 7 Payout 0.53
Bristol-Myers Squibb Co is a biopharmaceutical company. It discovers, P/B 6.2 2.96 4.69 Median P/S 36.05 66 Yield on Cost(5y( % 3.25
develops, licenses, manufactures, markets, distributes and sells P/S 4.56 3.11 3.03 Price 54.28 Continuous Div. since 2016
biopharmaceutical products. P/FCF 34.07 24.43 20.06 Insider Ownership % 0.36
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.72 2.38 1.06 76.77

29.76
F-Score 6 5.00 6 1W 2.71 0
43M
YTD -5.78 9.1
Net-Margin (%( 24.22 6.26 15.78
1Y -23.08 17.3
ROE (%( 32.02 6.90 20.69
ROA (%( 14.65 3.60 9.18 3Y 7.67
132.72 13.07 72.10
(%(
Growth
Revenue Growth (%( 1.5 -1.5 18.00 52350 46026 43152 44990 59379 53122 87219 97577 114260 97244 89423 Market Cap
EBITDA Growth (%( -1.1 -4.5 146.80 1980 1999 1974 1727 1717 1688 1662 1670 1679 1680 1647 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( -0.4 -6.6 156.10 24.3 8.9 4.7 14.8 16.4 28.6 34.5 49.2 74 22.1 18.9 Year End P/E
EPS without NRI 5 3.8 2.9 2.9 3.7 3.9 5.8 6.6 8 6 6.2 P/B
4.9 0.3 209.70
Growth (%( 2.7 2.6 2.7 2.4 2.9 3.1 5.4 6.2 7 5.1 4.6 P/S
0.3 -26.1 5210.00
Quarterly 1.1 2.6 5.3 1.8 2.2 1.2 1.5 1.2 0.9 2.7 2.9 EPS
Net Income 1195 1166 1202 894 1574 2.1 3.2 4 4.2 4.3 -1.7 3.5 3.7 3.6 4.8 3.8 Tang. Book Per Share
EPS 1 1 1 1 1 29.8 26.8 28.8 34.2 37.5 31.7 29.9 28.8 29.9 35 36.1 Median P/S Value
Revenue (YoY( % 9 17 21 22 12 6.9 9.8 12.1 13 14.5 -- 11 10 8.7 16.8 15.7 Graham Number
Net Income (YoY( % 1 -997 70 -554 32 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 0 -963 71 -542 32
19348 17715 18808 19484 21244 17621 16385 15879 16560 19427 19965 Revenue
Guru Trades 67.9 70 72.7 72.9 73.7 73.8 71.8 75.2 76.4 74.5 74.2 Gross Margin %
Impact Cur.
% Shares
Jana Partners 03/31/17 Reduce -3.24 716,389 2165 5247 10612 3102 3709 1960 2563 2004 1565 4457 4836 Net Income
11.2 29.6 56.4 15.9 17.5 11.1 15.6 12.6 9.5 22.9 24.2 Net Margin %
Jim Simons 03/31/17 Add 0.44 6,468,000
21.1 46 78.4 20.3 23.4 13.3 17.8 13.4 10.8 29.3 32 ROE %
David Tepper 03/31/17 Sell -0.39 0
8.4 18.9 35.1 10 11.6 5.7 6.9 5.5 4.8 13.6 14.7 ROA %
Dodge & Cox 03/31/17 Add 0.31 29,120,190
03/31/17 Add 0.18 52,795,017
Fund 1801 7976 7683 5033 5776 1656 3586 5571 2385 4237 3910 Cash & Equivalents
T Rowe Price Equity 26172 29486 31008 31076 32970 35897 38592 33749 31748 33707 32937 Total Assets
03/31/17 Add 0.16 3,750,000
Income Fund 4381 6585 6130 5328 5376 6568 7981 7242 6550 5716 7237 Long-term Debt
220 220 220 220 220 221 221 221 221 221 221 Common Equity
Warning Signs
SEVERE Operating Margin %: Declined 3153 3707 4065 4491 4840 6941 3545 3148 1832 2850 3939 Cashflow from Operations
-202 5079 -4380 -3812 -1437 -6727 -572 1216 -1572 1480 -149 Cashflow from Investing
-- -- -- -576 -1221 -2403 -433 -- -- -231 -1868 Repurchase of Stock
Good Signs -1333 -337 1445 -963 -79 -109 1090 -432 -1138 110 1823 Net Issuance of Debt
-3213 -2582 -17 -3343 -2657 -4333 -1068 -2437 -3351 -2445 -2508 Cashflow from Financing
GOOD PE Ratio: Close to 3-year low
Cur. Competitor
Shares
Financial Operating
Andreotti Lamberto Director 04/07/17 -34000 1177k Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Andreotti Lamberto Director 03/28/17 -34000 1210k
NYSE:ABBV AbbVie Inc 5 7 112,363 18.26 4.36 36.33 9.88 119.29
Pres., Global
Schmukler Louis S 03/17/17 -5000 21483 OTCPK:GLAXF GlaxoSmithKline PLC 4 6 105,625 50.31 2.89 12.37 2.90 131.80
M
Caldarella Joseph C
SVP &
03/15/17 -8096 57389 NYSE:LLY Eli Lilly and Co 6 5 90,533 39.65 4.04 15.08 5.90 14.92
Controlle
NYSE:BMY Bristol-Myers Squibb Company 6 6 89,423 18.85 4.56 24.06 14.65 32.02
Pres., Global
Schmukler Louis S 03/14/17 -15000 26483 NYSE:AZN AstraZeneca PLC 4 5 85,300 25.25 3.97 21.99 5.63 25.65
M
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BRK.B BRK.B

Berkshire Hathaway Inc (NYSE:BRK.B)
Current
Insurance - Insurance - Diversified P/E (ttm) 18.64 12.50 16.17 Tangible Book 73 43 Payout N/A
Berkshire Hathaway Inc operates in the insurance industry. Its insurance P/B 1.43 1.24 1.36 Graham Number 122.6 72 Yield on Cost(5y) % N/A
businesses are conducted on both, a primary basis and reinsurance basis. It P/S 1.78 1.08 1.56 DCE (Earnings Based) 144.05 84 Continuous Div. since N/A
is also engaged in freight rail transportation, utility & energy generation & P/FCF 13.59 8.38 20.03 Median P/S 149.67 88 Insider Ownership % N/A
distribution. Shiller P/E 25.46 17.32 23.24 Price 170.55 Institution Ownership % 27.51
Financial Strength
Industry Historical
Score: 6 /10 Current 69.58 52.4 46 64.94 66 76.29 93.2 108.78 127.74 124.13 158.81 Low
Median Median

65.64
F-Score 0 4.00 0 1W 2.16 0
Industry Historical 46 3M -2.36 4.2
30M
YTD 4.64 9.1
Net-Margin (%) 9.54 6.99 9.87
1Y 21.43 17.3
ROE (%) 8.25 10.04 8.77
ROA (%) 3.69 2.43 3.90 3Y 10.46
0.00 56.20 0.00
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 11.4 15.9 -5.70 16.6 30 19.1 15.2 18.5 14.9 15 18.7 13.5 16.7 18.6 Year End P/E
11 17.9 -8.00
(%) 1.9 1.4 1.4 1.5 1.3 1.4 1.6 1.9 1.5 1.8 1.8 P/S
12.3 10 76.50
51 46.4 48.3 55.5 58.1 65.6 73.9 79 85.6 90.7 95.9 Revenue Per Share
Quarterly 5.7 2.1 3.5 5.3 4.1 6 7.9 8.1 9.8 9.8 9.1 EPS
Revenue (YoY) % 7 6 0 11 25 69.7 39.6 57.1 72.2 64.8 77.8 109 111.9 128 123.1 122.4 Graham Number
Net Income (YoY) % 8 25 -24 15 -27 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 8 25 -24 15 -27
118245 107786 112493 136185 143688 162463 182150 194699 210943 223604 236388 Revenue
Impact Cur.
Guru Date Action 17.1 7 10.3 14 10.7 13.7 15.8 14.5 16.6 14.6 13.4 Operating Margin %
% Shares
Bill Gates 03/31/17 Reduce -4.28 64,349,971 13213 4994 8055 12967 10254 14824 19476 19872 24083 24074 22545 Net Income
11.2 4.6 7.2 9.5 7.1 9.1 10.7 10.2 11.4 10.8 9.5 Net Margin %
Lou Simpson 03/31/17 Reduce -2.61 1,488,575
11.5 4.3 6.7 9 6.4 8.4 9.5 8.6 9.7 8.9 8.3 ROE %
Ruane Cunniff 03/31/17 Reduce -1.81 2,777,775
David Rolfe 03/31/17 Reduce -1.22 2,184,391 5.1 1.9 2.9 3.9 2.7 3.6 4.3 3.9 4.5 4.1 3.7 ROA %
Diamond Hill Capital 03/31/17 Add 0.51 1,069,214 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Wallace Weitz 03/31/17 Reduce -0.48 1,149,537 44329 25539 30558 38227 37299 46992 48186 63269 71730 86370 96464 Cash & Equivalents
Jeremy Grantham 03/31/17 Reduce -0.23 275,000 273160 267399 297119 372229 392647 427452 484931 525867 552257 620854 654451 Total Assets
Arnold Van Den Berg 03/31/17 Reduce -0.17 202,709 33826 36882 37909 58574 60384 62736 72224 79890 84289 101644 103956 Long-term Debt
Tom Russo 03/31/17 Reduce -0.09 2,499,201 152427 158132 166017 214911 227797 239805 263041 285697 296707 337853 361600 Total Liabilities
Scott Black 03/31/17 Reduce -0.09 32,267
8 8 8 8 8 8 8 8 8 8 8 Common Equity
Joel Greenblatt 03/31/17 Add 0.05 34,402 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Warning Signs -13428 -32066 -11161 -18277 -19189 -10574 -27535 -20326 -28001 -84267 -62873 Cashflow from Investing
-- -- -- -- -- -1296 -- -- -- -- -- Repurchase of Stock
979 2418 643 8220 -357 1242 3985 3996 4036 12679 3129 Net Issuance of Debt
MEDIUM PS Ratio: Close to 5-year high 1366 2286 233 8125 -2217 -806 961 2731 3803 12791 3193 Cashflow from Financing
Good Signs
7177 5114 10909 11915 12285 11175 16617 16825 15409 19581 30920 Free Cash Flow
Competitor
Strength Margin(%)
NYSE:BRK.B Berkshire Hathaway Inc 6 6 420,548 18.64 1.78 13.43 3.69 8.25
OTCPK:AZSEY Allianz SE 6 5 88,192 11.46 0.96 9.77 0.79 10.35
OTCPK:AXAHF AXA SA 5 4 64,989 10.38 0.45 7.15 0.65 8.20
NYSE:AIG American International Group Inc 4 4 58,840 120.36 1.27 3.51 0.10 0.62
OTCPK:ZURVY Zurich Insurance Group AG 6 4 43,975 13.52 0.64 7.91 0.82 10.21
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BSX BSX

Boston Scientific Corp (NYSE:BSX)
Industry Historical % of Price Dividend Yield(ttm( % N/A
Current
$ 27.75 Median Median NCAV -6.7 -24 Dividend Yield(forward( % N/A
Medical Devices P/E (ttm( 86.72 31.88 38.19 Tangible Book -3.92 -14 Payout N/A
Market Cap: $ 38,001 Mil Forward P/E 22.27 22.78 N/A Median P/S 13.89 50 Dividend Growth(5y( % N/A
Boston Scientific Corp is a developer, manufacturer and marketer of medical P/B 5.39 2.86 1.45 Peter Lynch Value 17.75 64 Yield on Cost5y( % N/A
devices that are used in a range of interventional medical specialties. P/S 4.44 3.30 2.22 Price 27.75 Continuous Div. since N/A
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.03 2.88 0.17 27.92

11.48
F-Score 6 4.00 5 1W -0.57 0
Operating Margin (% 6.04 2.26 -4.23
48M
YTD 28.29 9.1
Net-Margin (% 5.07 1.61 -4.56
1Y 21.71 17.3
ROE (% 6.60 1.67 -3.50
ROA (% 2.44 0.13 -1.48 3Y 29.42
ROC Joel Greenblatt 23.9M 5Y 36.07
28.98 4.46 -14.88
(%
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (% N/A 3.6 10.10 17343 11622 13597 11512 7738 7768 15894 17589 24832 29462 38001 Market Cap
EBITDA Growth (% N/A N/A 140.30 1487 1499 1508 1518 1519 1407 1341 1324 1341 1377 1369 Sh. Outstanding-diluted(Mil(
EBIT Growth (% N/A N/A 0.00 -- -- -- -- 18.4 -- -- -- -- 83.2 86.7 Year End P/E
N/A N/A 0.00
(% 2.1 1.4 1.7 1.5 1.1 1.1 2.3 2.4 3.3 3.5 4.4 P/S
Free Cash Flow Growth 38.7 -16.4 -47.7 -106.6 8.7 -3.4 38.9 146.5 239.6 36.4 41.8 EV/EBITDA
-0.9 -9 -18.00
Book Value Growth (% -8.6 -7 8.00
Quarterly -0.3 -1.4 -0.7 -0.7 0.3 -2.9 -0.1 -0.1 -0.2 0.3 0.3 EPS
Net Income 202 -207 228 124 290 -5.3 -4.3 -4.2 -3.4 -3.4 -4 -3.9 -3.8 -4.7 -4.3 -3.9 Tang. Book Per Share
EPS 0 -0 0 0 0 12.4 11.9 12 11.4 11.1 11.4 11.8 12.2 12.3 13.6 13.9 Median P/S Value
Net Income (YoY( % -20300 -303 -215 -187 44 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % -15100 -288 -213 -182 40
8357 8050 8188 7806 7622 7249 7143 7380 7477 8386 8582 Revenue
72 69.3 68.5 66.7 65.1 67.6 69.6 70.1 70.9 71.1 70.9 Gross Margin %
Guru Trades
-14 -1505 -894 -656 904 -3868 120 -301 -327 447 518 Operating Income
Impact Cur.
Guru Date Action -0.2 -18.7 -10.9 -8.4 11.9 -53.4 1.7 -4.1 -4.4 5.3 6 Operating Margin %
% Shares
Julian Robertson 03/31/17 Buy 4.22 900,000
-495 -2036 -1025 -1065 441 -4068 -121 -119 -239 347 435 Net Income
-5.9 -25.3 -12.5 -13.6 5.8 -56.1 -1.7 -1.6 -3.2 4.1 5.1 Net Margin %
David Tepper 03/31/17 Add 1.14 3,340,000
-3.3 -14.4 -8.1 -9 3.9 -44.7 -1.8 -1.8 -3.7 5.3 6.6 ROE %
Michael Price 03/31/17 Reduce -0.53 500,000
-1.6 -7 -3.9 -4.5 2 -21.2 -0.7 -0.7 -1.4 1.9 2.4 ROA %
Joel Greenblatt 03/31/17 Add 0.5 1,664,082
Jim Simons 03/31/17 Add 0.11 5,726,705
Vanguard Health Care 1452 1641 864 213 267 207 217 587 319 196 156 Cash & Equivalents
03/31/17 Reduce -0.08 42,272,393 31197 27139 25177 22128 21290 17154 16571 17024 18133 18096 17943 Total Assets
Fund
7933 6743 5915 4934 4257 4252 4237 3841 5674 5420 5509 Long-term Debt
Insider Trades -474 324 -793 -468 776 -579 -475 -745 -2186 -887 -979 Cashflow from Investing
Cur. -60 -- -- -- -492 -600 -500 -125 -- -- -- Repurchase of Stock
Shares -754 -1425 -853 -527 -1250 -19 -10 -- 1430 -190 -219 Net Issuance of Debt
Pierce David A
SVP and
06/09/17 -13562 24201
-680 -1350 -820 -508 -1728 -764 -624 -150 1322 -206 -170 Cashflow from Financing
Preside
SVP and
Pierce David A 06/02/17 -2972 24201 571 798 473 53 704 1054 865 1010 353 596 542 Free Cash Flow
Preside
EVP, GC &
Pratt Timothy A. 06/01/17 -10000 215846 Competitor
Chief
Financial Operating
EVP & Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Phalen Michael P. 05/30/17 -15500 104339 Strength Margin(%)
President
EVP & Pres, NYSE:SYK Stryker Corp 5 7 52,787 31.69 4.54 18.68 8.33 18.16
Ballinger Kevin J. 05/17/17 -28864 57366
Int
NYSE:BSX Boston Scientific Corp 4 5 38,001 86.72 4.44 6.04 2.44 6.60
NAS:ISRG Intuitive Surgical Inc 9 8 33,118 45.18 12.65 34.40 13.64 15.35
NYSE:ZBH K immerBiomet Holdings Inc 4 7 25,375 51.78 3.27 12.00 1.87 5.11
NYSE:EW Edwards Lifesciences Corp 7 9 24,117 38.08 7.90 28.04 15.25 25.60
GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. K nder no circumstances does an y information posted on GuruFocus.com represent a recommendation to buy or sell a security. The
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BWA BWA

BorgWarner Inc (NYSE:BWA)
Current
Autos - Auto Parts P/E (ttm) 63.71 17.86 19.4 Tangible Book 5.82 13 Payout 0.78
BorgWarner Inc is a supplier of engineered automotive systems and P/B 2.71 1.71 2.57 Price 43.32 Yield on Cost(5y) % 1.27
components for powertrain applications. Its products help improve vehicle P/S 1.01 0.85 1.11 Median P/S 47.8 110 Continuous Div. since 2013
performance, fuel efficiency, stability and air quality. P/FCF 17.39 15.69 26.29 Insider Ownership % 1.32
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.16 0.70 0.17 67.38

29.9
F-Score 7 5.00 6 1W 2.10 0
7M
YTD 10.55 9.1
Net-Margin (%) 1.56 3.97 6.83
1Y 34.57 17.3
ROE (%) 4.06 8.92 17.00
ROA (%) 1.60 4.02 7.44 3Y -11.65
9.16 14.48 32.19
(%)
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth (%) 10.3 -2.4 -45.50 236 232 234 259 257 243 231 229 226 215 212 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) 24 -11.8 -72.30 20.2 -- 144.4 23.6 14.3 17.2 20.7 19.2 16 73 63.7 Year End P/E
N/A -16.1 -74.40
(%) 1.1 0.5 1 1.7 1.2 1.2 1.7 1.5 1.2 0.9 1 P/S
13.3 6.2 71.30
Quarterly 1.2 -0.2 0.1 1.5 2.2 2.1 2.7 2.9 2.7 0.6 0.7 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.3 0.1 0.8 1 1.2 1.9 1.3 1 1.3 2.5 2.5 Free Cashflow Per Share
Revenue 2269 2329 2214 2259 2407 0.2 0.2 0.1 -- -- -- 0.3 0.5 0.5 0.5 0.5 Dividends Per Share
Net Income 164 164 83 -293 189 4.4 4.1 4.2 4.3 4.4 7.3 9.6 10 5.7 5 5.8 Tang. Book Per Share
EPS 1 1 0 -1 1 25.1 24.9 18.8 24.2 30.7 32.8 35.7 40.3 39.5 46.8 47.8 Median P/S Value
Revenue (YoY) % 14 15 18 6 6 11 -- 3.3 12.3 14.9 18.6 24.2 25.3 18.6 7.8 9.4 Graham Number
Net Income (YoY) % -8 11 -47 -334 15 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -5 17 -44 -343 19
5328.6 5263.9 3961.8 5652.8 7114.7 7183.2 7436.6 8305.1 8023.2 9071 9209.4 Revenue
17.8 15.9 14.2 19.3 19.8 20.4 20.9 21.2 21.2 21.3 21.6 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Pioneer Investments 03/31/17 Add 0.17 3,288,289 288.5 -35.6 27 377.4 550.1 500.9 624.3 655.8 609.7 118.5 143.6 Net Income
5.4 -0.7 0.7 6.7 7.7 7 8.4 7.9 7.6 1.3 1.6 Net Margin %
13.8 -1.7 1.3 17 23.7 18.3 18.8 18.3 17 3.5 4.1 ROE %
6.1 -0.7 0.6 7.3 9.6 8.1 9.4 9.3 7.6 1.3 1.6 ROA %
Ray Dalio 03/31/17 Sell -0.01 0
Steven Cohen 03/31/17 Buy 0 5,000
John Rogers 03/31/17 Reduce 0 1,748,978 188.5 103.4 357.4 449.9 359.6 715.7 939.5 797.8 577.7 443.7 358.4 Cash & Equivalents
4958.5 4644 4811.4 5555 5958.6 6400.8 6917 7228 8825.7 8834.7 9083.7 Total Assets
572.6 459.6 773.2 1051.9 751.3 823.8 1021 716.3 2108.9 2043.6 2040.3 Long-term Debt
Warning Signs 2637.4 2638 2626.1 3296.4 3570.7 3318.2 3356.4 3611.8 5272 5616.4 5680.3 Total Liabilities
SEVERE Asset Growth: faster than revenue growth 603.5 400.8 351 538.9 708.2 878.7 718.8 801.8 867.9 1035.7 1061.6 Cashflow from Operations
MEDIUM Dividend Payout Ratio: Too high -368 -343.9 -154.8 -429.5 -564.5 -345.2 -384.8 -665.1 -1759.1 -404.2 -433.7 Cashflow from Investing
-47 -55.9 -- -325.7 -357.6 -295.9 -225.5 -139.9 -349.8 -288 -239.5 Repurchase of Stock
Good Signs -101.7 107.5 102.4 226.3 123.1 80.3 168.1 192.1 1222.7 -318.1 -261.1 Net Issuance of Debt
GOOD Piotroski F-Score: High -159.3 -136.1 44.8 -13.2 -219.7 -188.6 -135.4 -201.7 736.6 -733.8 -624.8 Cashflow from Financing
-293.9 -369.7 -172 -276.6 -393.7 -407.4 -417.8 -563 -577.3 -500.6 -527.2 Capital Expenditure
Insider Trades 309.6 31.1 179 262.3 314.5 471.3 301 238.8 290.6 535.1 534.4 Free Cash Flow
Cur.
Shares Competitor
Cuneo Dennis C Director 06/13/17 -1000 23398 Financial Operating
Exec. Vice Strength Margin(%)
Hundzinski Ronald T 05/05/17 -3776 148906
Pres
NAS:LKQ LKQ Corp 5 8 10,022 20.58 1.11 9.03 6.05 14.28
Michas Alexis P Director 02/21/17 -10000 82778
Vice
NYSE:LEA Lear Corp 6 8 9,957 10.02 0.55 7.78 10.15 33.27
Ericson Brady D 08/26/16 -17132 52178
President NYSE:ALV Autoliv Inc 6 8 9,810 16.98 0.97 8.41 7.04 15.70
Vice NYSE:BWA BorgWarner Inc 5 7 9,193 63.71 1.01 2.76 1.60 4.06
Ericson Brady D 08/12/16 -11282 69310
President
OTCPK:GKNNF GKN PLC 6 7 7,495 25.22 0.70 3.80 2.90 12.37
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:BXP BXP

Boston Properties Inc (NYSE:BXP)
Current
REITs - REIT - Office P/E (ttm) 46.97 17.14 40.39 Tangible Book 36.24 28 Payout 1.07
Boston Properties Inc is a fully integrated, self-administered and self- P/B 3.51 1.12 3.13 Price 127.28 Yield on Cost(5y) % 2.83
managed real estate investment trust, or REIT, and the owners and P/S 7.79 7.64 7.97 Median P/S 130.22 102 Continuous Div. since 2015
developers of office properties in the United States. P/FCF N/A 19.65 101.39 Insider Ownership % 0.96
Financial Strength
Median Median
Cash to Debt 0.03 0.06 0.09 144.74
56.63
F-Score 4 5.00 5 1W 3.82 0
Median Median
6M 5.17 8.7
YTD 1.79 9.1
Net-Margin (%) 17.01 39.19 17.17 6M
ROE (%) 7.26 6.63 6.74 1Y 2.68 17.3

ROA (%) 2.26 3.20 2.10 3Y 6.48
5.16 12.00 5.44
(%)
Growth
EBIT Growth (%) 8.1 6.6 -12.60 8.4 64.7 38.3 75.5 53.6 55.1 20.7 45.6 34.2 38.6 47 Year End P/E
EPS without NRI 3 1.8 2.1 2.8 3 3.2 2.8 3.6 3.6 3.5 3.5 P/B
-7.5 1.1 71.90
Growth (%) 7.5 4.5 5.8 7.8 8.4 8.6 7.2 8.2 7.9 7.6 7.8 P/S
N/A N/A -132.20
(%)
12.3 12.3 11.5 11 11.8 12.3 14 15.6 16.2 16.6 16.3 Revenue Per Share
Quarterly 10.9 0.9 1.8 1.1 1.9 1.9 4.9 2.8 3.7 3.3 2.7 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -4.2 -0.1 1.6 -2.7 1.2 -4.6 -2.1 0.6 1.1 0.5 -0.5 Free Cashflow Per Share
Revenue 666 624 625 636 632 2.7 2.7 2.2 2 2.1 2.3 2.6 2.6 2.6 2.7 2.8 Dividends Per Share
EPS 1 1 1 1 1 97.8 97.8 92.4 87.8 94 98 111.6 124.6 129 132 130.2 Median P/S Value
Revenue (YoY) % 8 1 -1 2 -5 79.1 24.5 34.7 28.2 37 35.2 57.5 37.4 32.1 47.3 46.3 Graham Number
Net Income (YoY) % 6 21 -58 7 -46
EPS (YoY) % 6 21 -58 6 -47
1482.3 1488.4 1518.2 1543.3 1722.8 1847.2 2135.5 2397 2490.8 2550.8 2517.1 Revenue
Impact Cur. 356.9 301 567.5 609.1 605.2 640.3 678.1 801.8 849.4 825.8 781.7 Operating Income
Guru Date Action
Murray Stahl 03/31/17 Reduce 0 3,435 1324.7 105.3 231 159.1 272.7 289.7 749.8 443.6 583.1 512.8 428.1 Net Income
Chris Davis 03/31/17 Add 0 74,347 89.4 7.1 15.2 10.3 15.8 15.7 35.1 18.5 23.4 20.1 17 Net Margin %
Barrow, Hanley,
38.4 2.9 5.7 3.6 5.9 5.8 13.7 7.6 10 8.7 7.3 ROE %
03/31/17 Buy 0 208 12.7 1 2 1.2 1.9 1.9 4.2 2.2 3.1 2.8 2.3 ROA %
Mewhinney & Strauss
Pioneer Investments 03/31/17 Reduce 0 68,300 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Manning & Napier 1506.9 241.5 1448.9 478.9 1823.2 1042 2365.1 1763.1 723.7 356.9 302.9 Cash & Equivalents
03/31/17 Reduce 0 44,765
Chris Davis 12/31/16 Reduce -0.13 74,220 5492.2 5992.9 6719.8 7786 8704.1 8912.4 11522 9907 8700.1 9309 9400.1 Long-term Debt
7523.8 7228.5 7902.7 8975.6 9917 10365 14435 14189 12642 13065 13191 Total Liabilities
1.2 1.2 1.4 1.4 1.5 1.5 1.5 1.5 1.5 1.5 1.5 Common Equity
Warning Signs
SEVERE Financial Strength: Poor 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SEVERE Altman Z-Score: Distress 629.4 565.3 617.4 375.9 606.3 642.9 777.9 695.6 799.4 1036.9 934.4 Cashflow from Operations
SEVERE Operating Margin %: Declined 576.9 -1320.1 -446.6 -1161.3 -90.1 -1278 -532.6 -665.1 -280.2 -1329.1 -1482.3 Cashflow from Investing
Good Signs 730.5 675.4 557.2 162.7 729.9 12.2 721 -1290.3 -54.8 662.9 -227.9 Net Issuance of Debt
GOOD Dividend Yield %: Close to 3-year high -425.2 -510.6 1036.6 -184.6 828 -146.1 1077.9 -632.5 -1558.5 -74.6 -754.9 Cashflow from Financing
-1132.6 -580.4 -404.3 -747 -436 -1334.1 -1099 -599.1 -632 -959.3 -1004.3 Capital Expenditure
Insider Trades -503.2 -15.1 213.1 -371.1 170.3 -691.1 -321.1 96.5 167.4 77.6 -69.9 Free Cash Flow
Cur.
Shares
Competitor
Koop Bryan J 03/15/17 -3835 6453 Ticker Company
Strength
Margin(%)
ROA(%) ROE(%)
Vice
Executive NYSE:BXP Boston Properties Inc 4 7 19,583 46.97 7.79 31.05 2.26 7.26
Johnston Peter D 02/27/17 -4477 15870
Vice
Ritchey Raymond A Senior EVP 02/22/17 -35000 --
NYSE:DLR Digital Realty Trust Inc 4 8 19,097 50.51 8.30 23.60 3.76 7.49
Senior Vice NYSE:ARE Alexandria Real Estate Equities Inc 5 5 10,830 0.00 11.17 -1.42 -0.31 -2.81
Burt Frank D 02/22/17 -2523 --
Pre NYSE:SLG SL Green Realty Corp 4 6 10,795 47.79 6.25 2.32 1.41 3.06
Executive
Pester Robert E 02/13/17 -6688 41857 OTCPK:LSGOF Land Securities Group PLC 5 8 10,690 77.36 10.88 46.38 0.76 0.98
Vice
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:C C

Citigroup Inc (NYSE:C)
Industry Historical % of Price Dividend Yield(ttm) % 1
Current
Banks - Banks - Global P/E (ttm( 12.9 14.59 12.31 Median P/S 45.72 71 Payout 0.11
Market Cap: $ 176,484 Mil Forward P/E 12.52 15.22 N/A Price 64.10 Dividend Growth(5y % 64.2
Citigroup Inc is a financial services holding company. It provides financial P/B 0.85 1.19 0.76 Tangible Book 65.75 103 Yield on Cost(5y % 11.94
products and services, including consumer banking, credit cards, corporate P/S 2.59 3.42 1.85 Peter Lynch Value 85.45 133 Continuous Div. since 2014
and investment banking, securities brokerage and wealth management. P/FCF 3.79 11.57 3.51 Graham Number 86.01 134 Insider Ownership % 2.2
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.77 2.12 0.21 552.5

271.15
F-Score 0 4.00 0 1W 1.41 0
107M
YTD 8.40 9.1
Net-Margin (% 22.01 22.78 11.57
1Y 54.11 17.3
ROE (% 6.17 8.51 5.06
ROA (% 0.86 0.91 0.48 3Y 10.96
0.00 18.06 0.00
(%
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (% -18.9 N/A -0.30 161255 38057 94280 137446 76927 119822 157854 163624 152832 164763 176484 Market Cap
EBITDA Growth (% N/A 14.7 4.20 500 577 1210 2968 2999 3016 3042 3037 3008 2888 2753 Sh. Outstanding-diluted(Mil
EBIT Growth (% N/A 16.2 3.30 43.3 -- -- 13.3 7.3 16.3 12 24.6 9.6 12.6 12.9 Year End P/E
N/A 9.2 -0.40
(% 1.8 0.7 0.3 1.6 1 1.7 2.1 2.1 2 2.5 2.6 P/S
Free Cash Flow Growth 160.1 -8 -68.1 25.9 15.5 26.8 10.7 16.2 9.2 10.4 9.6 EV/EBITDA
N/A N/A 50.40
Book Value Growth (% -10.1 4 6.10
Quarterly 7.2 -56.3 -8 3.5 3.6 2.4 4.3 2.2 5.4 4.7 5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -143 162.9 -47 11.2 20.5 -4.6 19.6 14.1 12.1 17.7 16.9 Free Cashflow Per Share
Revenue 17555 17548 17760 17012 18120 21.6 11.2 0.1 -- 0 0 0 0 0.2 0.4 0.5 Dividends Per Share
Net Income 3501 3998 3840 3573 4090 90.7 42.3 39.2 43 48.9 50.6 54.4 56.1 60 64 65.8 Tang. Book Per Share
Revenue (YoY
% -11 -10 -5 -8 3 109.8 -- -- 58.6 62.9 52.9 72.1 52.7 85.6 82.6 86 Graham Number
Net Income (YoY
% -27 -17 -11 7 17 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % -27 -18 -8 12 23
78495 51599 80285 86601 77331 69190 76724 77219 76354 69875 70440 Revenue
776 -52355 -7799 13184 14722 7825 19802 14701 24826 21477 22471 Operating Income
Impact Cur.
Guru Date Action 1 -101.5 -9.7 15.2 19 11.3 25.8 19 32.5 30.7 31.9 Operating Margin %
% Shares
Stanley Druckenmiller 03/31/17 Sell -5.37 0 3617 -27684 -1606 10602 11067 7541 13659 7310 17242 14912 15501 Net Income
4.6 -53.7 -2 12.2 14.3 10.9 17.8 9.5 22.6 21.3 22 Net Margin %
Julian Robertson 03/31/17 Sell -1.81 0
3.1 -23.1 -6.3 6.7 6.5 4 6.7 3.2 7.5 6.1 6.2 ROE %
Ken Heebner 03/31/17 Reduce -1.29 2,660,000
0.2 -1.3 -0.1 0.6 0.6 0.4 0.7 0.4 1 0.9 0.9 ROA %
John Griffin 03/31/17 Reduce -1.2 3,966,800
Sarah Ketterer 03/31/17 Add 0.81 6,546,474
Diamond Hill Capital 03/31/17 Add 0.23 9,680,474 107572 199584 192886 190409 184485 138587 198890 160197 133097 160494 180045 Cash & Equivalents
2187k 1938k 1857k 1914k 1874k 1865k 1880k 1842k 1731k 1792k 1822k Total Assets
427112 359593 364019 381183 323505 239463 221116 223080 201275 206178 208530 Long-term Debt
Warning Signs 2074k 1797k 1704k 1750k 1696k 1676k 1676k 1632k 1509k 1567k 1594k Total Liabilities
SVRE Revenue per Share: Declined 55 57 286 29 29 30 31 31 31 31 31 Common Equity
MEDIUM PS Ratio: Close to 10-year high -71430 96520 -54610 35686 64795 -10362 63244 46343 39737 53932 51464 Cashflow from Operations
-62377 -77611 37168 43337 -8772 30335 -91338 28582 14883 -79588 -59641 Cashflow from Investing
Good Signs
397 -7 -3 -6 -1 -5 -837 -1232 -5452 -9290 -9836 Repurchase of Stock
GOOD Operating Margin %: Expansion 63404 -56283 -62866 -85672 -80166 -91896 -9390 6814 -45480 17968 10675 Net Issuance of Debt
GOOD Dividend Yield %: Close to 5-year high 144494 -24537 13006 -77428 -56646 -12501 23094 -70270 -64773 28292 8552 Cashflow from Financing
-- -2541 -2264 -2363 -3448 -3604 -3490 -3386 -3198 -2756 -2840 Capital Expenditure
Insider Trades -71430 93979 -56874 33323 61347 -13966 59754 42957 36539 51176 48624 Free Cash Flow
Cur.
Shares Competitor
Forese James A. President 02/17/17 -55436 500438 Financial Operating
Ticker Company Profitability Market Cap($M) P/ P/S ROA(%) RO (%)
CEO, Global Strength Margin(%)
Bird Stephen 02/16/17 -90000 338951
Con
OTCPK:CICHF China Construction Bank Corp 5 6 204,140 6.59 2.62 49.69 1.14 15.04
Corbat Michael CEO 02/16/17 -83285 466556
CEO,
OTCPK:HBCYF HSBC Holdings PLC 6 3 176,837 340.45 3.03 5.94 0.07 0.50
Cowles James C 02/16/17 -60000 316670
Europe,Mid NYSE:C Citigroup Inc 5 5 176- 4
84 12.90 2.59 31.90 0.86 6.17
Forese James A. President 02/16/17 -55436 500438 OTCPK:ACGBF Agricultural Bank of China Ltd 6 5 162,932 6.36 2.28 43.28 0.96 14.21
OTCPK:BACHF Bank Of China Ltd 5 6 152,559 6.91 2.31 45.26 0.92 11.84
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CA CA
CA Inc (NAS:CA) Ratios Valuation Analysis Dividend & Ownership

Current
Application Software - Software - Infrastructure P/E (ttm) 17.3 26.85 16.02 Tangible Book -5.99 -19 Payout 0.55
CA Inc is a provider of enterprise information technology (IT) software and P/B 2.31 3.17 2.32 Price 31.84 Yield on Cost(5y) % 6.24
solution. It develops and delivers software and services that help P/S 3.27 2.53 2.94 Continuous Div. since 2015
organizations manage and secure their IT infrastructures and deliver more P/FCF 13.3 24.94 12.09 Insider Ownership % 1.34
flexible IT services. Shiller P/E 17.56 39.49 41.16 Institution Ownership % 53.76
Financial Strength
Cash to Debt 0.99 9.14 0.94 34.85
10.24
F-Score 5 5.00 5
1W -0.41 0
Median Median
6M -1.19 8.7
Net-Margin (%) 19.20 3.38 19.33 8M YTD 1.83 9.1
ROE (%) 14.04 6.30 16.04 1Y 0.67 17.3
ROA (%) 6.87 2.86 6.94 3Y 6.41
493.91 22.55 354.77
(%)
Growth
EBIT Growth (%) 13.1 -1.3 2.90 23.9 13.9 16 15 14.3 12.2 15.3 17.1 17 17.2 17.3 Year End P/E
14.7 -1.3 3.90
Growth (%) 2.9 2.2 3 2.8 2.8 2.6 3.2 3.4 3.3 3.3 3.3 P/S
Free Cash Flow Growth 10 5.5 7 6.4 6.5 5.6 7.2 8 7.9 9 9.2 EV/EBITDA
5.8 -1.7 3.50
(%)
Quarterly 0.9 1.3 1.5 1.6 1.9 2.1 2 1.9 1.8 1.9 1.8 EPS
Revenue 1009 999 1018 1007 1012 0.2 0.2 0.2 0.2 0.4 1 1 1 1 1 1 Dividends Per Share
Net Income 174 198 212 208 157 -3.6 -3.3 -3.6 -2.7 -4 -3.7 -3.2 -2.1 -3.6 -6 -6 Tang. Book Per Share
Revenue (YoY) % -1 2 1 -3 0 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoY) % 15 -7 22 -7 -10
EPS (YoY) % 21 -2 28 -6 -10
4277 4271 4227 4429 4779 4504 4412 4262 4025 4036 4036 Revenue
Guru Trades 85.6 82.9 88 86.9 86.6 86 85.3 85.1 85.5 85.8 85.8 Gross Margin %
Guru Date Action
% Shares 20.1 26.4 29.1 28.3 28.9 29 28.9 27.3 28.2 28.1 28.1 Operating Margin %
Joel Greenblatt 03/31/17 Reduce -0.07 1,120,168 500 671 771 827 951 955 914 846 783 775 775 Net Income
John Hussman 03/31/17 Sell -0.03 0 11.7 15.7 18.2 18.7 19.9 21.2 20.7 19.9 19.5 19.2 19.2 Net Margin %
Private Capital 03/31/17 Reduce -0.01 394,073 13.6 16.6 16.5 15.6 17.3 17.6 16.6 15.1 14.2 14 14 ROE %
4.3 5.8 6.7 6.8 7.8 8 7.7 7.4 7.1 6.5 6.9 ROA %
David Dreman 03/31/17 Reduce -0.01 41,912
Caxton Associates 03/31/17 Buy 0 18,700 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Mar17 Balance Sheet
03/31/17 Add 0 81,859
Ken Fisher 03/31/17 Reduce 0 193,267 2221 1287 1530 1282 1287 1274 1252 1247 1947 2773 2773 Long-term Debt
Ray Dalio 03/31/17 Reduce 0 76,696 8047 6879 6901 6794 6600 6365 6446 5348 5826 6921 6921 Total Liabilities
Barrow, Hanley, 59 59 59 59 59 59 59 59 59 59 59 Common Equity
03/31/17 Buy 0 2,399
Mewhinney & Strauss 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Cashflow Statement
Warning Signs -219 -284 -888 -684 -455 -473 5 -91 -645 -1337 -1337 Cashflow from Investing
MEDIUM Dividend Yield %: Close to 3-year low -500 -4 -227 -235 -1053 -493 -507 -215 -707 -100 -102 Repurchase of Stock
-9 -679 -461 -13 -123 -9 451 -344 713 867 867 Net Issuance of Debt
-572 -759 -705 -320 -1330 -938 -421 -977 -443 360 360 Cashflow from Financing
MEDIUM PS Ratio: Close to 5-year high -256 -212 -267 -262 -252 -206 -105 -53 -48 -47 -47 Capital Expenditure
MEDIUM Long-Term Debt: Issuing new debt 847 1000 1093 1119 1236 1202 908 977 986 992 992 Free Cash Flow
Good Signs Competitor

GOOD PB Ratio: Close to 1-year low Financial Operating
Ticker Company
Strength
Margin(%)
ROA(%) ROE(%)
Insider Trades NAS:CA CA Inc 6 6 13,303 17.30 3.27 28.12 6.87 14.04
Cur. NYSE:DVMT Dell-VMWare Tracking Stock 6 2 12,564 0.00 0.55 -3.87 1.35 9.86
Shares
Pres., Chief NAS:CTXS Citrix Systems Inc 6 9 11,980 26.03 3.83 20.30 8.31 21.82
Sayed Ayman 05/16/17 -674 138261
Pr NAS:DOX Amdocs Ltd 8 8 9,531 23.48 2.57 13.16 7.90 11.73
Pres., Chief
Sayed Ayman 09/06/16 -19260 125472 NAS:FFIV F5 Networks Inc 9 10 8,369 22.01 4.17 28.09 16.75 32.71
Pr
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CAG CAG

Conagra Brands Inc (NYSE:CAG)
Industry Historical % of Price Dividend Yield ttm % 2.29
Current
$ 39.26 Median Median NCAV -10.86 -28 Dividend Yield forward % 2.05
Consumer Packaged Goods - Packaged Foods P/E (ttm) 28.47 20.52 12.55 Tangible Book -3.02 -8 Payout 0.67
Market Cap: $ 16,705 Mil Forward P/E 21.28 19.88 N/A Median P/S 20.69 53 Dividend Growth 5y % 2.2
Conagra Brands Inc is in the business of trading and merchandising P/B 3.96 1.74 1.91 Price 39.26 Yield on Cost 5y % 2.55
packaged food in a variety of categories and in various retail channels across P/S 1.47 1.09 0.78 Continuous Div. since 2017
frozen, refrigerated, and shelf-stable temperature classes in North America. P/FCF 19.47 20.89 11.67 Insider Ownership % 0.9
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.23 0.64 0.04 41.5

15.38
F-Score 9 5.00 6 1W 0.38 0
Operating Margin % 10.78 5.88 9.24
9M
YTD 0.28 9.1
Net-Margin % 5.15 4.02 5.90
ROE % 15.30 8.42 15.49 1Y 11.01 17.3
ROA % 4.94 3.89 5.61 3Y 18.57
42.89 13.16 23.70
%
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth % 3.3 -2.6 11.10 9718 8888 6391 8324 8124 7977 10999 10603 12863 15577 16705 Market Cap
EBITDA Growth % 3.5 -2.9 18.10 506 491 455 447 434 418 418 428 431 439 426 Sh. Outstanding-diluted Mil
EBIT Growth % 4.9 -3.3 18.20 13.1 9.6 6.8 11.6 10.5 17.6 14.1 35.9 -- -- 28.5 Year End P/E
EPS without NRI Growth 2.1 1.7 1.4 1.7 1.7 1.8 2.1 2 2.8 4.2 4 P/B
4 -4.4 29.60
% 1 0.8 0.5 0.7 0.7 0.6 0.8 0.9 1 1.3 1.5 P/S
N/A 2.8 -26.60
%
Book Value Growth % 0.7 -4.4 18.50
Quarterly 1.5 1.9 2.2 1.6 1.9 1.1 1.9 0.7 -0.6 -1.6 1.4 EPS
Feb16 May16 Aug16 Nov16 Feb17 0.8 -0.8 -0.7 2.2 2 1.6 2.4 2.6 2.6 1.8 2 Free Cashflow Per Share
Revenue 2199 5032 2668 2088 1981 0.7 0.8 0.8 0.8 0.9 1 1 1 1 1 1 Dividends Per Share
Net Income 205 118 186 122 180 0.8 2.1 0.9 1.1 0.3 -1.9 -15.7 -13.7 -3 -4.8 -3 Tang. Book Per Share
Revenue YoY % -24 61 -5 -11 -10 4.2 7.2 5.3 6.5 3.6 -- -- -- -- -- -- Graham Number
Net Income YoY % -121 -44 -116 -21 -12 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -121 -44 -116 -20 -11
10532 11564 12426 12015 12386 13331 13469 11838 11937 11643 11769 Revenue
Guru Trades 25.6 23.5 22.4 25.5 23.4 21 25 24.7 24.1 26.6 27.5 Gross Margin %
Impact Cur.
% Shares
Jana Partners 03/31/17 Reduce -7.88 6,431,327 764.6 930.6 978.4 725.8 817.6 467.9 773.9 303.1 -252.6 -677 605.6 Net Income
7.3 8.1 7.9 6 6.6 3.5 5.8 2.6 -2.1 -5.8 5.2 Net Margin %
Daniel Loeb 03/31/17 Sell -1.16 0
16.6 18.8 19.5 15.1 17 10.2 15.9 5.7 -5.2 -16.6 15.3 ROE %
6.4 7.3 7.9 6.4 7.1 4.1 4.9 1.5 -1.4 -4.4 4.9 ROA %
George Soros 03/31/17 Buy 0.02 13,900
Steven Cohen 03/31/17 Sell -0.02 0 730.8 140.9 243.2 953.2 972.4 103 183.9 141.3 164.7 834.5 683.6 Cash & Equivalents
11836 13683 11073 11738 11409 11442 20405 19320 17438 13391 10499 Total Assets
3418.6 3386.9 3455.4 3226.4 2870.3 2858.6 8886.9 8720.5 6888.8 4917.8 2841.7 Long-term Debt
Warning Signs 7252.6 8345.1 6352.4 6814.1 6739 7002.4 15141 14061 12912 9677 6277.7 Total Liabilities
SEVERE Sloan Ratio: Poor quality of earnings 2832.2 2833.4 2835.9 2839.7 2839.7 2839.7 2839.7 2839.7 2839.7 2839.7 2839.7 Common Equity
MEDIUM Dividend Yield %: Close to 10-year low 943.4 92.7 124 1472.7 1352.3 1052 1412.2 1568.6 1480.6 1207.4 1315.3 Cashflow from Operations
MDIUM Price: Close to 10-year high 522.9 -643.8 1791.2 -355.3 88.9 -1064.3 -5465.8 -531.5 -41.6 2127.4 -17.8 Cashflow from Investing
-614.8 -188 -900 -100 -825 -352.4 -245 -100 -50 -- -594.6 Repurchase of Stock
Good Signs -54.4 491.1 -563.9 -15.8 -294.3 -323.6 4288.7 -612.3 -1093.5 -2464.1 -1027.1 Net Issuance of Debt
GOOD Piotroski F-Score: High -1062.7 -21.8 -1827 -404.5 -1432.1 -849.6 4133 -1034.1 -1430.2 -2681.4 -1115.4 Cashflow from Financing
Insider Trades 425.2 -396.1 -305.6 990.4 868.1 653.8 984.8 1107.5 1129.4 767.2 887.7 Free Cash Flow
Cur.
Shares Competitor
Marshall Ruth Ann Director 03/29/17 -6046 78473 Financial Operating
Ticker Company Profitability Market Cap($M) P/ P/S ROA(%) RO (%)
Gregor Joie A Director 01/05/17 -3300 50820 Strength Margin(%)
Wise Robert G
SVP,
07/15/16 -15708 19792 NYSE:HRL Hormel Foods Corp 8 8 18,288 21.19 2.01 13.96 14.00 19.77
Corporate
NYSE:CPB Campbell Soup Co 5 7 17,263 35.82 2.22 16.14 6.26 31.52
SVP,
Wise Robert G 07/14/16 -17245 18619
Corporate NYSE:CAG Conagra Brands Inc 6 6 16,705 28.47 1.47 10.78 4.94 15.30
Jurgensen William G Director 07/08/16 -4636 114720 NYSE:MJN Mead Johnson Nutrition Co 5 7 16,524 28.30 4.54 22.48 14.40 0.00
OTCPK:KRYAF Kerry Group PLC 6 7 15,256 26.08 2.27 11.13 7.44 18.25
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CAH CAH

Cardinal Health Inc (NYSE:CAH)
Current
Medical Distribution P/E (ttm( 18.08 19.25 15.93 Tangible Book -8.36 -11 Payout 0.43
Market Cap: $ 23,988 Mil Forward P/E 13.81 14.04 N/A Peter Lynch Value 61.28 81 Dividend Growth5y( % 15.5
Cardinal Health Inc is a healthcare services company. It provides healthcare P/B 3.61 2.44 2.44 Median P/S 67.91 89 Yield on Cost(5y( % 4.85
services and products for hospital systems, pharmacies, ambulatory surgery P/S 0.19 0.99 0.17 Price 75.94 Continuous Div. since 1987
centers, clinical laboratories and physician offices. Its segments are P/FCF 39.41 19.04 12 Insider Ownership % 1.29
pharmaceutical and medical. Shiller P/E 21.88 34.93 15.33 Institution Ownership % 68.22
Financial Strength
Cash to Debt 0.25 0.62 0.43
91.5
F-Score 4 4.00 5 35.56
1W 1.97 0
Industry Historical
Score: 6 /10 Current 20.38 3M -8.84 4.2
Median Median
Operating Margin %( 1.79 3.74 1.59 6M 5.26 8.7
Net-Margin (%( 1.05 2.55 1.18 6M
YTD 6.14 9.1
ROE (%( 20.55 10.40 17.46 1Y 1.38 17.3
ROA %( 3.92 3.76 4.49 3Y 5.98
84.41 23.45 48.04 2.9M 5Y 14.31
(%(
Growth
Revenue Growth %( 5.1 3.1 12.50
18566 13227 7846 11979 15947 14406 16001 23105 27437 25119 23988 Market Cap
EBITDA Growth %( 6.8 12.9 4.00
405 364 362 361 353 349 344 345 335 330 316 Sh. Outstanding-dilutedMil(
EBIT Growth %( 5.9 12.4 -1.00
10.7 10.4 6.9 19.1 16.7 13.7 49.7 20.3 23.2 18.1 18.1 Year End P/E
EPS without NRI
4.4 12.2 0.70 2.5 1.7 0.9 2.3 2.7 2.3 2.7 3.6 4.4 3.8 3.6 P/B
Growth %(
0.2 0.2 0.1 0.1 0.2 0.1 0.2 0.3 0.3 0.2 0.2 P/S
9 24.4 -76.80 12.1 9.2 4.6 7.3 9 7.1 12.9 10.3 10.8 9.1 9.4 EV/EBITDA
(%(
Book Value Growth (%( -1.1 3.5 2.10 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly
4.8 3.6 3.2 1.8 2.7 3.1 1 3.4 3.6 4.3 4.2 EPS
2.1 3.8 2.8 5.2 3.1 2.6 4.5 6.6 6.7 7.6 1.9 Free Cashflow Per Share
Revenue 30662 31384 32039 33150 31821
Net Income 386 332 309 324 381
4.2 4.5 18.1 8.5 4.5 5.4 1.2 1.6 0.7 -8.9 -8.4 Tang. Book Per Share
EPS 1 1 1 1 1
36.8 40.9 45.2 46.4 49.4 52.4 50 44.9 52.1 62.6 67.9 Median P/S Value
Revenue (YoY( % 21 14 14 5 4
13.9 15.3 29.2 17.6 16.7 19.3 5.1 10.9 7.7 -- -- Graham Number
Net Income (YoY( % 6 13 -19 -1 -1
EPS (YoY( % 7 16 -17 4 3
86852 87408 95992 98503 102644 107552 101093 91084 102531 121546 128394 Revenue
Impact Cur. 1373.7 1392.4 1287.4 1306.9 1514 1792 996 1885 2161 2459 2302 Operating Income
Guru Date Action
% Shares 1.6 1.6 1.3 1.3 1.5 1.7 1 2.1 2.1 2 1.8 Operating Margin %
John Rogers 03/31/17 Add 0.68 746,789 1931.1 1300.6 1151.6 642.2 959 1069 334 1166 1215 1427 1346 Net Income
Scott Black 03/31/17 Sell -0.62 0 2.2 1.5 1.2 0.7 0.9 1 0.3 1.3 1.2 1.2 1.1 Net Margin %
Richard Pzena 03/31/17 Buy 0.49 1,059,303 24.3 17.2 14 9.2 17.2 17.7 5.5 18.8 19.2 22.3 20.6 ROE %
David Dreman 03/31/17 Sell -0.09 0 8.3 5.6 4.7 2.9 4.5 4.5 1.3 4.5 4.3 4.4 3.9 ROA %
Joel Greenblatt 03/31/17 Sell -0.07 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Barrow, Hanley, 1308.8 1291.3 1221.6 2755.3 1929 2274 1901 2865 4616 2356 1368 Cash & Equivalents
03/31/17 Reduce -0.07 20,705,013
Mewhinney & Strauss
23154 23448 25119 19990 22846 24260 25819 26033 30142 34122 34174 Total Assets
3457.3 3687.4 -- 1896.1 2175 2418 3686 3171 5211 4952 4854 Long-term Debt
-- -- -- -- -- -- -- -- -- -- -- Common Equity
MEDIUM Long-Term Debt: Issuing new debt 1223.1 1541.7 1423.9 2134.1 1395 1176 1727 2524 2540 2971 1101 Cashflow from Operations
1537.2 -726.4 -542.9 127.1 -2028 -377 -2375 -850 -849 -4080 -828 Cashflow from Investing
Good Signs -3662 -1181.6 -- -230.2 -270 -450 -450 -673 -1036 -651 -600 Repurchase of Stock
GOOD Operating Margin %: Expansion 630.5 296.4 -301.4 -1551.9 46 258 980 112 1439 20 -44 Net Issuance of Debt
GOOD Dividend Yield %: Close to 5-year high -2638.8 -803.2 -468.2 -727.5 -193 -454 275 -710 60 -1139 -1493 Cashflow from Financing
-357.4 -155.8 -408.3 -260.3 -291 -260 -195 -249 -300 -465 -474 Capital Expenditure
Insider Trades 865.7 1385.9 1015.6 1873.8 1104 916 1532 2275 2240 2506 627 Free Cash Flow
Cur.
Shares Competitor
CEO, Financial Operating
Giacomin Jon L 05/12/17 -23270 32170 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Pharmaceut Strength Margin(%)
Chairman
Barrett George S 02/10/17 -217994 464231 NYSE:MCK McKesson Corp 6 7 34,569 7.20 0.18 3.58 8.69 54.62
and CE
Chairman NYSE:CAH Cardinal Health Inc 6 6 23,988 18.08 0.19 1.79 3.92 20.55
Barrett George S 11/10/16 -217995 464231
and CE
NYSE:ABC AmerisourceBergen Corp 6 7 20,619 18.43 0.14 1.19 3.46 53.11
Chief
Morrison Patricia 08/18/16 -43959 55703 NAS:HSIC Henry Schein Inc 6 7 14,570 27.95 1.26 6.70 7.98 18.62
Informati
Laws Stuart G
SVP & Chief
08/18/16 -9703 2718 OTCPK:SHTDY Sinopharm Group Co Ltd 6 7 12,311 17.68 0.33 3.96 3.06 14.74
Acc
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CAT CAT

Caterpillar Inc (NYSE:CAT)
Current
Farm & Construction Machinery - Farm & Construction Equipment P/E (ttm) N/A 26.11 15.62 Tangible Book 8.91 8 Payout N/A
Caterpillar Inc caters to the farming industry in the United States. It P/B 4.61 1.76 3.91 Price 106.40 Yield on Cost(5y) % 5.35
manufactures construction & mining equipment, diesel & natural gas P/S 1.61 1.17 1.06 Continuous Div. since 2017
engines, industrial gas turbines and diesel-electric locomotives. P/FCF 15.83 15.75 13.85 Insider Ownership % 0.65
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.25 0.59 0.04 116.2

47.02
F-Score 2 5.00 5 1W 1.32 0
18M
YTD 16.39 9.1
Net-Margin (%) -0.38 2.73 6.58
1Y 45.84 17.3
ROE (%) -1.00 4.16 23.68
ROA (%) -0.19 1.90 4.36 3Y 2.61
3.97 8.57 18.72
(%)
Growth
EBIT Growth (%) -6.2 -35.4 -83.70 13.5 7.9 40.4 22.6 12.3 10.6 15.8 23.6 16.4 -- -- Year End P/E
N/A N/A -110.50
(%) 1.1 0.6 1.1 1.4 1 0.9 1.1 1 0.9 1.4 1.6 P/S
1.6 35.2 48.80
68.2 81.7 51.8 65.5 90.3 98.4 84.5 87.7 78.2 66 66 Revenue Per Share
Quarterly 5.4 5.7 1.4 4.2 7.4 8.5 5.8 3.9 4.2 -0.1 -0.3 EPS
Revenue 9461 10342 9160 9574 9822 1.3 1.6 1.7 1.7 1.8 2 1.7 2.6 2.9 3.1 3.1 Dividends Per Share
Net Income 271 550 283 -1171 192 10.3 5.5 9.6 11.6 2.2 10 16.1 11.5 9.2 8.1 8.9 Tang. Book Per Share
EPS 0 1 0 -2 0 72.3 86.7 55.1 69.3 95.7 104.3 89.5 93 82.7 69.5 70 Median P/S Value
Revenue (YoY) % -26 -16 -16 -13 4 35.3 26.5 17.6 32.9 19.2 43.8 45.6 31.8 29.5 -- -- Graham Number
EPS (YoY) % -77 -29 -49 1438 -30
44958 51324 32396 42588 60138 65875 55656 55184 47011 38537 38898 Revenue
Impact Cur.
Guru Date Action 11 8.7 1.8 9.3 11.9 13 10.1 6 8.1 1.3 1.1 Operating Margin %
% Shares
Steven Cohen 03/31/17 Buy 0.26 505,790 3541 3557 895 2700 4928 5681 3789 2452 2512 -67 -146 Net Income
7.9 6.9 2.8 6.3 8.2 8.6 6.8 4.4 5.3 -0.2 -0.4 Net Margin %
Jim Simons 03/31/17 Buy 0.2 1,546,900
45 47.5 12.1 27.6 41.6 37.4 19.8 13.1 15.9 -0.5 -1 ROE %
6.6 5.7 1.4 4.4 6.8 6.7 4.4 2.9 3.1 -0.1 -0.2 ROA %
Robert Olstein 03/31/17 Add 0.1 55,500
Joel Greenblatt 03/31/17 Add 0.03 393,487 1122 2736 4867 3592 3057 5490 6081 7341 6460 7168 9472 Cash & Equivalents
56132 67782 60038 64020 81218 88970 84896 84681 78342 74704 77549 Total Assets
17829 22834 21847 20437 24944 27752 26719 27784 25169 22818 23725 Long-term Debt
SEVERE Piotroski F-Score: Low 2744 3057 3439 3888 4273 4481 4709 5016 5238 5277 5222 Common Equity
SEVERE Long-Term Debt: Keep issuing new debt -4408 -6171 846 -1595 -11427 -6190 -5046 -3627 -3517 -1760 -1313 Cashflow from Investing
-2405 -1800 -- -- -- -- -2000 -4238 -2025 -- -9 Repurchase of Stock
Insider Trades -146 5565 -4280 -3846 4877 5434 -1611 2444 -138 -1310 55 Net Issuance of Debt
Cur.
Insider Position Date Trades -2989 2955 -5215 -4613 4019 3606 -4511 -2996 -3870 -3112 -1730 Cashflow from Financing
Shares
Group
De Lange Bob 02/21/17 1000 10230 4915 786 4027 2423 3033 108 5745 4678 3414 2680 3962 Free Cash Flow
President
Dickinson Daniel M Director 02/14/17 -3884 9060
Competitor
Dickinson Daniel M Director 11/10/16 -950 14560 Financial Operating
Chief Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Copeland Jananne A. 11/09/16 -4859 6693 Strength Margin(%)
Accountin
Muilenburg Dennis A Director 07/29/16 1930 9558 NYSE:CAT Caterpillar Inc 4 3 62,686 0.00 1.61 1.08 -0.19 -1.00
NYSE:DE Deere & Co 4 7 40,421 22.75 1.48 12.01 3.04 24.84
OTCPK:KMTUY Komatsu Ltd 6 6 23,116 24.87 1.48 9.41 3.88 6.64
OTCPK:KUBTY Kubota Corp 5 7 21,503 19.15 1.49 10.71 4.97 10.96
NYSE:CNHI CNH Industrial NV 4 5 15,603 45.26 0.62 13.37 0.71 6.81
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CB CB

Chubb Ltd (NYSE:CB)
Industry Historical % of Price Dividend Yieldttm % 1.88
Current
$ 147.40 Median Median NCAV -216.69 -147 Dividend Yieldforward % 1.94
Insurance - Property & Casualty P/E ttm 14.53 15.32 10.43 Tangible Book 58.14 39 Payout 0.27
Market Cap: $ 70,720 Mil Forward P/E 14.22 15.63 N/A Median P/S 100.72 68 Dividend Growth5y % 18.5
Chubb Ltd provides commercial and personal property and casualty P/B 1.39 1.37 1.14 Graham Number 115.28 78 Yield on Cost5y % 4.39
insurance, personal accident and supplemental health insurance A&H, P/S 2.16 1.19 1.48 Price 147.40 Continuous Div. since 1966
reinsurance and life insurance to a diverse group of clients. P/FCF 13.17 10.47 6.74 Insider Ownership % 1.09
Financial Strength
Industry Historical
Score: 5 /10 Current 53.22 37.97 31.84 47.5 58.98 68.98 79.99 92.19 99.72 108 128.48 Low
Median Median
Cash to Debt 0.08 2.41 0.27 146.69
57.43
F-Score 0 3.00 0 1W 1.68 0
11M
YTD 12.09 9.1
Net-Margin % 14.92 6.64 15.01
ROE % 10.02 8.79 10.56 1Y 20.85 17.3
ROA % 3.00 2.18 3.09 3Y 14.37
0.00 200.81 0.00
%
Growth
Revenue Growth % 5.1 5.5 13.80 20369 17653 17027 20850 23626 27158 35224 37756 37925 61564 70720 Market Cap
EBITDA Growth % 4.4 9.8 29.20 337 335 338 341 341 343 344 339 329 466 480 Sh. Outstanding-dilutedMil)
EBIT Growth % 3.6 9.3 34.20 8.1 15.2 6.7 6.8 15.5 10.1 9.5 13.7 13.6 15 14.5 Year End P/E
EPS without NRI 1.2 1.2 0.9 0.9 1 1 1.2 1.3 1.3 1.3 1.4 P/B
4.6 10.1 34.70
Growth % 1.5 1.3 1.1 1.3 1.4 1.5 1.9 2 2 2 2.2 P/S
-0.4 2 4.00
%
Book Value Growth % 9.2 6.4 6.60
Quarterly 7.7 3.5 7.6 9.1 4.5 7.9 10.9 8.4 8.6 8.9 10.2 EPS
Net Income 439 726 1360 1610 1093 42 32.1 46.6 54.7 58 66.3 68.8 72.6 72.3 56.2 58.1 Tang. Book Per Share
Revenue YoY % 57 56 75 75 9 85.1 50.3 89 105.9 76.8 108.5 130.1 117.3 118.4 105.9 115.3 Graham Number
Net Income YoY % -36 -23 158 136 149 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS YoY % -53 -46 78 64 138
14154 13632 15075 16006 16834 17936 19261 19171 18987 31469 32102 Revenue
Impact Cur.
% Shares
Daniel Loeb 03/31/17 Sell -1.56 0 2578 1197 2549 3108 1540 2706 3758 2853 2834 4135 4789 Net Income
18.2 8.8 16.9 19.4 9.2 15.1 19.5 14.9 14.9 13.1 14.9 Net Margin %
16.7 7.7 14.9 14.6 6.5 10.4 13.3 9.8 9.7 10.7 10 ROE %
Scott Black 03/31/17 Add 0.3 18,894
3.7 1.7 3.4 3.9 1.8 3 4 3 2.8 3.2 3 ROA %
T Rowe Price Equity
03/31/17 Add 0.25 720,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Income Fund
Jim Simons 03/31/17 Reduce -0.19 1,954,961 510 867 669 772 614 615 579 655 1775 985 1063 Cash & Equivalents
Pioneer Investments 03/31/17 Add 0.07 1,380,489 72090 72057 77980 83355 87321 92545 94510 98248 102306 159786 160967 Total Assets
1811 2806 3158 3358 3360 3360 3807 3357 9389 12610 12300 Long-term Debt
SVRE Asset Growth: faster than revenue growth
MDIUM Price: Close to 10-year high
Good Signs -- -- -- -235 -195 -11 -287 -1429 -758 -- -36 Repurchase of Stock
35 1156 34 1340 -50 150 947 198 4940 -- -500 Net Issuance of Debt
-253 314 -321 732 -565 -550 391 -1777 3695 -742 -1498 Cashflow from Financing
Insider Trades -- -- -- -- -- -- -- -- -- -- -- Capital Expenditure
Cur.
4701 4101 3335 3546 3470 3995 4022 4496 3864 5292 5285 Free Cash Flow
Shares
Competitor
Chairman &
Greenberg Evan G 06/12/17 -13804 1467k Financial Operating
CEO Ticker Company Profitability Market Cap(- M
) P/E P/S ROA(%) RO (%)
Chairman & Strength Margin(%)
Greenberg Evan G 06/06/17 -69175 1480k
CEO NYSE:CB Chubb Ltd 5 5 70-720 14.53 2.16 17.47 3.00 10.02
Executive
Krump Paul J 05/30/17 -14563 78863 NYSE:TRV The Travelers Companies Inc 5 6 36,050 12.73 1.33 13.97 2.89 12.15
Vice
Boroughs Timothy Alan

Executive
03/15/17 -19480 188963
OTCPK:TKOMY Tokio Marine Holdings Inc 6 5 33,455 12.11 0.73 8.95 1.37 8.82
Vice
NYSE:ALL Allstate Corp 5 5 32,730 15.20 0.90 9.18 2.15 10.67
Vice Chrm,
Lupica John J 03/01/17 -24972 227249 OTCPK:SAXPY Sampo OyK 7 5 28,405 15.20 3.72 28.05 4.51 14.28
Chub
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CBG CBG

CBRE Group Inc (NYSE:CBG)
Current
Real Estate Services P/E )ttm) 19.17 13.02 23.45 Tangible Book -3.58 -10 Payout N/A
Market Cap: $ 11,856 Mil Forward P/E 14.88 16.18 N/A Peter Lynch Value 27.21 78 Dividend Growth)5y) % N/A
CBRE Group Inc offers real estate & investment services. Its services include P/B 3.69 1.10 4.9 Price 35.09 Yield on Cost)5y) % 2.1
facilities management, property management, mortgage loan servicing and P/S 0.9 2.97 1.06 Median P/S 41.3 118 Continuous Div. since N/A
investment management. P/FCF 46.54 14.02 22.37 Insider Ownership % 1.35
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.16 0.37 0.19 41.44

19.54
F-Score 4 5.00 5 1W 1.42 0
9M
YTD 11.43 9.1
Net-Margin )%) 4.69 12.02 4.40
1Y 22.31 17.3
ROE )%) 20.88 6.59 22.62
ROA )%) 6.04 2.68 4.24 3Y 4.74
61.80 15.33 61.95
)%)
Growth
EBITDA Growth )%) N/A 14.8 8.70 235 211 280 319 324 327 332 334 336 338 338 Sh. Outstanding-diluted)Mil)
EBIT Growth )%) N/A 11.6 14.50 13.1 -- 123.4 32.5 20.3 20.7 28 23.6 21.2 18.6 19.2 Year End P/E
N/A 19.7 15.10
Growth )%) 0.8 0.2 0.9 1.3 0.8 1 1.2 1.3 1.1 0.8 0.9 P/S
Free Cash Flow Growth 7.8 -5.1 23.6 15.4 10.9 11.1 12.8 11.3 11.8 9.8 10.2 EV/EBITDA
N/A 13.2 -27.30
Quarterly 1.7 -4.8 0.1 0.6 0.7 1 1 1.5 1.6 1.7 1.8 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.6 -0.9 0.7 1.7 0.7 0.4 1.8 1.5 1.5 0.8 0.8 Free Cashflow Per Share
EPS 0 0 0 1 0 27.3 25.5 15.7 17 19.3 21.1 23 28.7 34.2 40.9 41.3 Median P/S Value
Revenue )YoY) % 39 34 18 3 5 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income )YoY) % -12 -3 -30 47 58 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY) % -14 -3 -30 44 58
6034.2 5128.8 4165.8 5115.3 5905.4 6514.1 7184.8 9049.9 10856 13072 13206 Revenue
Guru Trades 47 42.9 41.2 42.1 41.5 42.6 41.7 38 34.8 30.2 30.4 Gross Margin %
699 -788.5 241.8 446.4 462.9 585.1 616.1 792.3 835.9 815.5 903.1 Operating Income
Impact Cur.
Guru Date Action 11.6 -15.4 5.8 8.7 7.8 9 8.6 8.8 7.7 6.2 6.8 Operating Margin %
% Shares
Alan Fournier 03/31/17 Reduce -0.26 1,149,146 390.5 -1012.1 33.3 200.3 239.2 315.6 316.5 484.5 547.1 572 619.4 Net Income
6.5 -19.7 0.8 3.9 4.1 4.8 4.4 5.4 5 4.4 4.7 Net Margin %
Ron Baron 03/31/17 Reduce -0.22 2,842,252
36 -183.5 9 26.1 23.2 23.5 18.4 23.3 22 20 20.9 ROE %
John Rogers 03/31/17 Reduce -0.13 3,463,449
6.4 -18.5 0.7 3.9 3.9 4.2 4.3 6.7 5.9 5.3 6 ROA %
Ray Dalio 03/31/17 Buy 0.02 61,266
Barrow, Hanley,
03/31/17 Buy 0 720
Mewhinney & Strauss 342.9 158.8 741.6 506.6 1093.2 1089.3 491.9 740.9 540.4 762.6 533.3 Cash & Equivalents
Jeff Ubben 12/31/16 Add 1.88 41,873,250 6242.6 4726.4 5039.4 5121.6 7219.1 7809.5 6998.4 7568 11018 10780 9927.1 Total Assets
1777.4 2287 2372.3 1851.9 2611.2 2543.7 1866.9 1808.6 2645.1 2548.1 2549.3 Long-term Debt
5254 4611.7 4410.3 4213.4 6067.7 6270.3 5102.6 5308.2 8305.3 7765.1 6715.2 Total Liabilities
Warning Signs 2 2.6 3.2 3.2 3.3 3.3 3.3 3.3 3.3 3.4 3.4 Common Equity
648.2 -130.4 213.6 616.6 361.2 291.1 745.1 661.8 651.9 450.3 436.9 Cashflow from Operations
-284.4 -419 -119.4 -62.5 -480.3 -197.7 -465 -151.6 -1619 -7.4 -29.3 Cashflow from Investing
MEDIUM PS Ratio: Close to 1-year high -635 -- -- -- -- -- -16.6 -16.7 -24.5 -27.4 -- Repurchase of Stock
172.4 159.6 53.7 -775 833.6 -90.6 -704.4 -183.1 851.6 -149.3 -313.5 Net Issuance of Debt
Insider Trades
-277.3 374 476.8 -784.2 711.3 -100.7 -866.3 -232.1 789.5 -199.6 -354.2 Cashflow from Financing
Cur.
Insider Position Date Trades -282.6 -51.5 -28.2 -68.5 -148 -150.2 -156.4 -171.2 -139.5 -191.2 -181.5 Capital Expenditure
Shares
365.7 -181.8 185.4 548.1 213.2 140.8 588.8 490.5 512.4 259.1 255.5 Free Cash Flow
05/11/17 -7500000 34373k
Fund, Competitor
Tyson Laura D Director 03/10/17 -3966 26918 Financial Operating
EVP, Chief Strength Margin(%)
Kirk J. Christopher 03/03/17 -20000 137176
Admi
OTCPK:DIFTY Daito Trust Construction Co Ltd 7 8 12,578 16.78 0.93 8.14 11.58 31.94
Malek Frederic V Director 02/27/17 -5056 546784
NYSE:CBG CBRE Group Inc 5 6 11,856 19.17 0.90 6.84 6.04 20.88
Feeny Curtis F Director 02/21/17 -2830 45197
OTCPK:HLPPY Hang Lung Properties Ltd 6 9 11,535 14.60 6.94 63.05 3.44 4.85
OTCPK:LNGPF Longfor Properties Co Ltd 5 8 11,264 8.39 1.43 23.39 4.46 15.53
OTCPK:GBTZY Global Logistic Properties Ltd 5 7 10,046 14.64 11.82 51.96 3.27 7.69
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CBS CBS

CBS Corp (NYSE:CBS)
Current
Entertainment - Media - Diversified P/E ttm 52.13 44.50 16.42 Tangible Book -11.31 -18 Payout 0.19
Market Cap: $ 25,026 Mil Forward P/E 13.87 16.00 N/A Peter Lynch Value 19.77 32 Dividend Growth5y % 12.8
CBS Corp operates businesses within the media and entertainment P/B 8.74 1.97 1.86 Median P/S 47.63 77 Yield on Cost5y % 2.17
industries, including the CBS Television Network, cable networks, content P/S 2.12 2.07 1.64 Price 61.51 Continuous Div. since 2010
production and distribution, television and radio stations, Internet-based P/FCF 22.01 15.86 14.66 Insider Ownership % 0.97
businesses, and consumer publishing. Shiller P/E 252.6 23.22 156.47 Institution Ownership % 55.54
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.02 1.31 0.11 69.51

33.21
F-Score 7 5.00 6 1W 1.92 0
25M
YTD -2.75 9.1
Net-Margin % 4.23 3.55 9.58
ROE % 11.76 3.90 14.44 1Y 16.97 17.3
ROA % 2.28 1.79 5.12 3Y 1.62
75.10 14.01 76.75
%
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth % N/A 6.5 2.20 722 670 683 694 681 659 624 561 489 448 406 Sh. Outstanding-dilutedMil
EBIT Growth % N/A 8.4 1.10 15.7 -- 43.9 18.3 14.1 15.9 21.2 10.3 16.3 22.6 52.1 Year End P/E
EPS without NRI Growth 0.9 0.7 1.1 1.3 1.8 2.4 3.8 4 3.9 7.1 8.7 P/B
N/A 10 5.40
% 1.4 0.4 0.7 1 1.4 2 2.8 2.5 1.8 2.2 2.1 P/S
Free Cash Flow Growth 7.6 -1.1 10.1 7.8 7.4 9.5 13 14.1 10.4 12.5 12.3 EV/EBITDA
4 5.3 -27.60
%
Book Value Growth % -8.1 -10.2 -41.70
19.5 20.8 19.1 19.4 20 19.5 22.4 22.3 25.9 29.4 29 Revenue Per Share
Quarterly 1.7 -17.4 0.3 1 1.9 2.4 3 5.3 2.9 2.8 1.2 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.4 2.5 1 2.1 2.2 2.5 2.7 2 2.5 3.3 2.8 Free Cashflow Per Share
Net Income 473 423 478 -113 -252 -10.5 -10.5 -9.5 -7.8 -8 -7.7 -4.2 -11.3 -4 -9.2 -11.3 Tang. Book Per Share
EPS 1 1 1 -0 -1 32 34 31.3 32 32.8 31.9 37.5 36.5 42.4 47.1 47.6 Median P/S Value
Revenue YoY % 3 2 4 -2 -7 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income YoY % 20 27 12 -143 -153 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS YoY % 31 39 22 -138 -160
14073 13950 13015 13466 13637 12820 14005 12519 12671 13166 12660 Revenue
40.8 38 33.2 36.8 42.2 43.3 42 38.6 37.6 39.6 39.4 Gross Margin %
Guru Trades
2621.8 -12159 1011.4 1929 2619 2778 3025 2590 2658 2621 2504 Operating Income
Impact Cur.
Guru Date Action 18.6 -87.2 7.8 14.3 19.2 21.7 21.6 20.7 21 19.9 19.8 Operating Margin %
% Shares
John Hussman 03/31/17 Buy 1.53 100,000 1247 -11673 226.5 724 1305 1574 1879 2959 1413 1261 536 Net Income
8.9 -83.7 1.7 5.4 9.6 12.3 13.4 23.6 11.2 9.6 4.2 Net Margin %
David Tepper 03/31/17 Buy 1.19 1,044,381
5.5 -77.6 2.6 7.7 13.2 15.7 18.6 34.9 22.6 27.3 11.8 ROE %
Third Avenue
03/31/17 Reduce -0.58 449,645
Management 3 -34.6 0.8 2.7 5 6 7.1 11.8 5.9 5.3 2.3 ROA %
Louis Moore Bacon 03/31/17 Buy 0.56 300,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
John Rogers 03/31/17 Reduce -0.3 800,749
1346.9 419.5 716.7 480 660 708 368 428 317 598 163 Cash & Equivalents
Larry Robbins 03/31/17 Add 0.16 5,471,963 40430 27081 26962 26143 26220 26466 26387 23935 23765 24238 23022 Total Assets
Steven Cohen 03/31/17 Buy 0.15 385,229 7068.6 6974.8 6553.3 5973.5 5958 5904 5940 6476 8226 8902 8900 Long-term Debt
Joel Greenblatt 03/31/17 Add 0.08 470,105 18958 18484 17943 16322 16312 16253 16421 16965 18202 20549 20137 Total Liabilities
Ray Dalio 03/31/17 Sell -0.05 0 0.8 0.8 0.8 0.8 1 1 1 1 1 1 1 Common Equity
Paul Tudor Jones 03/31/17 Sell -0.03 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
David Dreman 03/31/17 Sell -0.03 0 2185.2 2146.5 939.4 1735 1749 1815 1873 1275 1394 1685 1376 Cashflow from Operations
-135.1 -2154.1 -249.2 -368 -389 -451 -272 -601 154 -340 -331 Cashflow from Investing
Warning Signs -3351.3 -46.4 -18.7 -- -1012 -1137 -2185 -3595 -2813 -2997 -2995 Repurchase of Stock
2.9 -205.7 -50.2 -1048 -- -17 475 2286 1343 2277 2054 Net Issuance of Debt
-3777.8 -919.8 -393 -1604 -1180 -1316 -1912 -643 -1653 -1046 -1286 Cashflow from Financing
MEDIUM Long-Term Debt: Issuing new debt -469.1 -474.1 -261.6 -254 -245 -200 -212 -178 -171 -196 -189 Capital Expenditure
1716.1 1672.4 677.8 1481 1504 1615 1661 1097 1223 1489 1187 Free Cash Flow
Good Signs
Competitor
Financial Operating
GOOD Operating Margin %: Expansion Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
NESE:CBS CBS Corp 4 8 25,026 52.13 2.12 19.78 2.28 11.76
NAS:VIAB Viacom Inc 4 7 14,234 12.85 1.20 16.56 5.26 28.04
NAS:DISCK Discovery Communications Inc 4 8 9,959 13.85 2.44 31.39 7.25 16.56
NYSE:LYV Live Nation Entertainment Inc 5 6 7,431 0.00 0.88 2.42 0.21 -2.94
OTCPK:MIINF Merlin Entertainments PLC 5 7 6,276 24.05 3.53 21.96 7.00 16.76
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CCI CCI

Crown Castle International Corp (NYSE:CCI)
Current
Communication Services - Telecom Services P/E ttm 86.43 19.47 91.34 Tangible Book -8.47 -8 Payout 3.14
Market Cap: $ 37,087 Mil Forward P/E 81.97 16.23 N/A Peter Lynch Value 9.82 10 Dividend Growth(5y( % N/A
Crown Castle International Corp owns, operates and leases shared wireless P/B 4.96 2.31 4.18 DCE (Earnings Based( 12.52 12 Yield on Cost(5y( % 3.67
infrastructure, including towers and other structures, such as rooftops, and P/S 8.77 1.49 7.59 DCF (FCF Based( 26.17 26 Continuous Div. since 2014
other communication structures. P/FCF 41.37 18.69 34.68 Median P/S 87.38 86 Insider Ownership % 1.02
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.02 0.41 0.05 104.59

47.2
F-Score 5 5.00 5 1W 1.06 0
5M
YTD 18.94 9.1
Net-Margin (%( 10.70 3.49 5.45
1Y 11.79 17.3
ROE (%( 5.68 6.73 3.01
ROA (%( 1.90 2.49 0.96 3Y 14.80
9.68 14.15 8.96
(%(
Growth
Revenue Growth (%( 11.5 10 4.10 11752 5075 11428 12747 12743 21154 24531 26275 28854 31284 37087 Market Cap
EBIT Growth (%( 20.8 1.8 4.70 -- -- -- -- 87.8 112.8 282.4 75.7 19.6 91.3 86.4 Year End P/E
N/A 22.8 -6.40
(%( 8.4 3.3 6.7 6.7 6.3 8.6 7.6 7.3 7.9 7.6 8.8 P/S
Free Cash Flow Growth 30.5 15.2 22 28 16.8 27.2 23.9 20.8 20.5 21.7 24.3 EV/EBITDA
N/A 23.7 -6.90
Quarterly -0.9 -0.3 -0.5 -1.2 0.5 0.6 0.3 1 4.4 1 1.2 EPS
Net Income 48 86 98 125 119 -5.2 2.2 2.9 -6.5 0.9 -10.7 -6.1 -6.5 -17.9 -15.3 -8.5 Tang. Book Per Share
Revenue (YoY( % 4 7 8 9 9 -- -- -- -- 3.2 -- -- -- -- -- -- Graham Number
Net Income (YoY( % -61 -93 -5 -12 149 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % -68 -94 -7 -5 200
1385.5 1526.5 1685.4 1878.7 2032.7 2432.7 2865.8 3538.8 3663.9 3921.2 4002.8 Revenue
99.5 292.5 434 575.4 692.3 834.7 880.7 940.7 946.2 949.2 994 Operating Income
Impact Cur.
% Shares
Louis Moore Bacon 03/31/17 Add 0.5 200,000 -222.8 -48.9 -114.3 -310.9 171.1 188.6 90.1 390.5 1521 357 428.3 Net Income
-16.1 -3.2 -6.8 -16.6 8.4 7.8 3.1 11 41.5 9.1 10.7 Net Margin %
Jim Simons 03/31/17 Add 0.14 3,998,603
-12.4 -2.4 -4.8 -12.3 6.1 7 1.6 5.1 21.4 4.4 5.7 ROE %
Columbia Wanger 03/31/17 Sell -0.12 0
-2.9 -0.5 -1.1 -2.9 1.6 1.4 0.5 1.9 7.1 1.6 1.9 ROA %
Pioneer Investments 03/31/17 Sell -0.07 0
Manning & Napier
03/31/17 Add 0.01 69,908
Advisors, Inc 75.2 155.2 766.1 112.5 80.1 441.4 223.4 151.3 178.8 567.6 205.2 Cash & Equivalents
Mario Gabelli 03/31/17 Add 0.01 15,051 10488 10362 10957 10470 10545 16089 20595 21143 21937 22675 23777 Total Assets
5987.7 5636 6362 6750.2 6853.2 10923 11491 11808 12044 12069 13380 Long-term Debt
7321.2 7645.9 8020.4 8024.2 8158.9 13150 13668 14427 14848 15118 16413 Total Liabilities
350.4 513 571.3 603.4 643.5 772.6 1171.1 1600.2 1794 1782.3 1790.7 Cashflow from Operations
SEVERE Asset Growth: faster than revenue growth -729.8 -44.7 -3 -159.6 -303.4 -36 -99.5 -21.9 -29.7 -24.9 -22.6 Repurchase of Stock
MEDIUM Interest Coverage: Low 720.1 87.6 358.7 39.3 58.7 4192.5 -124.9 213.4 257.8 -64.6 1548.2 Net Issuance of Debt
-77.8 47.7 214.4 -866.6 -275.7 3786.8 4063.1 -463 -935.5 -96.3 1203.5 Cashflow from Financing
Insider Trades -300 -450.7 -173.5 -228.1 -347.9 -441.4 -534.8 -758.5 -908.9 -873.9 -942.8 Capital Expenditure
Cur. 50.4 62.3 397.7 375.4 295.5 331.2 636.3 841.7 885.1 908.4 847.9 Free Cash Flow
Shares
Young James D SVP & COO 05/17/17 -24646 140545 Competitor
Mckenzie Robert F Director 05/16/17 -1500 29053 Financial Operating
Strength Margin(%)
Garrison Robert E Ii Director 03/10/17 -2413 26100
V.P. & OTCPK:TTRAF Telstra Corp Ltd 5 7 39,439 9.80 2.09 17.08 12.89 36.71
Fisher Rob A 12/09/16 -1843 17363
Corporat
NYSE:CHA China Telecom Corp Ltd 5 6 38,713 14.29 0.72 7.79 2.83 5.80
Fitzgerald Ari Q Director 12/01/16 -3395 23791
OTCPK:BTGOF BT Group PLC 4 6 37,298 15.68 1.35 13.18 4.40 22.52
NYSE:CCI Crown Castle International Corp 4 8 37-087 86.43 8.77 24.83 1.90 5.68
NYSE:CHU China Unicom (Hong Kong( Ltd 4 7 34,395 224.71 0.86 1.29 0.17 0.45
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CCL CCL

Carnival Corp (NYSE:CCL)
Current
Travel & Leisure - Leisure P/E (ttm( 16.17 23.63 16.8 Tangible Book 25.48 39 Payout 0.35
Carnival Corp is leisure travel company providing vacations to major cruise P/B 2.1 1.76 1.37 Median P/S 46.78 71 Yield on Cost(5y( % 2.85
destinations across the world. It operates over 100 cruise ships brands P/S 2.92 1.92 2.09 Graham Number 48.19 74 Continuous Div. since 2014
including Carnival Cruise Lines, Holland America, Princess Cruise, P/FCF 22.69 19.73 33.92 Price 65.50 Insider Ownership % 0.27
Seabourn and fathom, and Cunard Line. Shiller P/E 25.48 30.65 15.37 Institution Ownership % 34.43
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.05 0.75 0.10 65.47

25.23
F-Score 8 5.00 6 1W 1.82 0
10M YTD 27.26 9.1
Net-Margin (%( 18.08 4.84 12.71
ROE (%( 13.16 5.39 8.43 1Y 41.66 17.3
ROA (%( 7.65 2.57 5.06 3Y 21.15
10.04 9.48 7.49
(%(
Growth
EBIT Growth (%( -1 10.4 15.50 15.4 7.2 14.4 16.7 13.7 23.2 26.8 28.3 22.4 13.7 16.2 Year End P/E
-2.6 9.6 70.20
Growth (%( 2.8 1.2 1.9 2.3 1.7 2 1.8 2.2 2.5 2.3 2.9 P/S
N/A 23.7 -22.30
15.7 17.9 16.7 18 20 19.7 19.9 20.4 20.2 21.9 22.4 Revenue Per Share
Quarterly 3 2.9 2.2 2.5 2.4 1.7 1.4 1.6 2.3 3.7 4.1 EPS
Feb16 May16 Aug16 Nov16 Feb17 0.9 0 -0 0.3 1.4 0.9 0.9 1.1 2.9 2.8 2.9 Free Cashflow Per Share
Revenue 3651 3705 5097 3935 3791 1.4 1.6 -- 0.4 1 1 1 1 1.1 1.4 1.4 Dividends Per Share
Revenue (YoY( % 3 3 4 6 4 34.6 34.8 33.2 36 36.7 30.7 28.1 29.9 35.8 46.1 48.2 Graham Number
EPS (YoY( % 200 176 24 140 167
13033 14646 13460 14469 15793 15382 15456 15884 15714 16389 16528 Revenue
Impact Cur.
% Shares
Sarah Ketterer 03/31/17 Reduce -3.19 217,578 2408 2330 1790 1978 1912 1298 1055 1216 1757 2779 2989 Net Income
18.5 15.9 13.3 13.7 12.1 8.4 6.8 7.7 11.2 17 18.1 Net Margin %
12.6 11.9 8.7 8.8 8.2 5.4 4.4 5 7.3 12 13.2 ROE %
7.4 6.9 5.1 5.3 5 3.3 2.7 3.1 4.5 7.1 7.7 ROA %
Steven Cohen 03/31/17 Buy 0.26 805,820
T Rowe Price Equity
03/31/17 Reduce -0.13 2,450,000
Income Fund 943 650 538 429 450 465 462 331 1395 603 437 Cash & Equivalents
Barrow, Hanley, 34181 33400 36835 37490 38637 39161 40104 39448 39237 38936 38703 Total Assets
03/31/17 Reduce -0.12 13,214,034
Mewhinney & Strauss 6313 7735 9097 8011 8053 7168 8092 7363 7413 8357 7796 Long-term Debt
360 360 360 361 363 363 365 365 365 365 365 Common Equity
Warning Signs
M DIUM Dividend Yield %: Close to 1-year low
M DIUM Price: Close to 10-year high 4069 3391 3342 3818 3766 2999 2834 3430 4545 5134 5268 Cashflow from Operations
M DIUM PB Ratio: Close to 10-year high
-326 -83 -188 -524 -454 -90 -138 -- -533 -2340 -1493 Repurchase of Stock
Good Signs 668 1042 268 -192 4 -330 479 -223 170 711 259 Net Issuance of Debt
Insider Trades 757 38 -38 239 1070 667 685 847 2251 2072 2124 Free Cash Flow
Cur. Competitor
Shares
Financial Operating
Parker Sir John Director 04/28/17 -19965 22798 Ticker Company Profitability Market Cap($M) P/! P/S ROA(%) RO! (%)
Strength Margin(%)
Glasier Richard Director 04/13/17 -6000 24524
N"S :CCL Carnival Corp 5 8 35-148 16.17 2.92 18.18 7.65 13.16
President &
Donald Arnold W 02/15/17 -32049 582420 NYSE:RCL Royal Caribbean Cruises Ltd 4 8 24,103 17.32 2.82 18.56 6.35 16.19
CEO
Kruse Stein
CEO, Holland
02/15/17 -31158 124178 OTCPK:OLCLY Oriental Land Co Ltd 8 7 23,304 34.82 5.60 22.76 9.58 12.10
Am
NAS:EXPE Expedia Inc 5 8 21,991 74.33 2.47 5.37 1.84 7.27
Chief
Buckelew Alan 02/15/17 -31158 180362
OTCPK:SMNNY Shimano Inc 9 7 14,473 29.32 4.93 19.87 12.79 14.62
Informati
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CELG CELG

Celgene Corp (NAS:C#LG)
Current
Biotechnology P/E (ttm) 45.34 31.50 45.84 Tangible Book -9.64 -8 Payout N/A
Celgene Corp is a biopharmaceutical company. It is engaged in the P/B 12.32 3.92 9.4 Price 120.61 Yield on Cost(5y) % N/A
discovery, development and commercialization of therapies designed to treat P/S 8.3 11.91 9.72 Median P/S 141.16 117 Continuous Div. since N/A
cancer and immune-inflammatory related diseases. P/FCF 27.01 27.07 32.77 Insider Ownership % 0.46
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.62 45.46 10.91 139.01

60
F-Score 5 4.00 5 1W 3.03 0
19M
YTD 4.20 9.1
Net-Margin (%) 18.32 -84.10 23.31
1Y 20.63 17.3
ROE (%) 35.05 -37.24 24.32
ROA (%) 7.86 -30.78 11.43 3Y 14.67
193.05 -369.38 179.18
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) N/A 18.6 38.00 85.6 -- 33.5 31.6 23.7 23.8 50.1 46.8 62.1 46.5 45.3 Year End P/E
N/A 10.9 29.10
Growth (%) 14.2 11.1 9.7 7.7 6.5 6.3 11.2 12.2 10.6 8.3 8.3 P/S
Free Cash Flow Growth 28.8 -18.9 20.5 20.6 15.7 15.8 32 30.9 37.2 28 28.2 EV/EBITDA
49.8 18 55.90
Quarterly 0.3 -1.7 0.8 0.9 1.4 1.7 1.7 2.4 1.9 2.5 2.7 EPS
Revenue (YoY) % 21 21 28 16 18 4.5 -- 8.4 4.3 5.4 4.9 5.7 4.2 -- -- -- Graham Number
Net Income (YoY) % 11 68 -603 -24 17 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 15 74 -625 -21 17
1405.8 2254.8 2689.9 3625.7 4842.1 5506.7 6493.9 7670.4 9256 11229 11678 Revenue
Guru Trades 90.7 88.6 92 91.6 91.2 94.6 94.8 95 95.5 96.1 96.2 Gross Margin %
425.1 -1464.2 841.5 989.6 1442.7 1746.4 1808.9 2519 2254.6 3166.6 3276.1 Operating Income
Impact Cur.
Guru Date Action 30.2 -64.9 31.3 27.3 29.8 31.7 27.9 32.8 24.4 28.2 28.1 Operating Margin %
% Shares
Stanley Druckenmiller 03/31/17 Buy 0.67 82,400 226.4 -1533.7 776.7 880.5 1318.1 1456.2 1449.9 1999.9 1602 1999.2 2139.5 Net Income
16.1 -68 28.9 24.3 27.2 26.4 22.3 26.1 17.3 17.8 18.3 Net Margin %
David Rolfe 03/31/17 Buy 0.62 192,000
9.4 -48.4 19.7 17 22.9 26 25.7 33 25.8 31.9 35.1 ROE %
7.1 -38.1 15.8 11.3 13.1 13.4 11.6 13 7.2 7.3 7.9 ROA %
John Burbank 03/31/17 Buy 0.19 20,710 1218.3 1092.4 1102.2 1351.1 1859.5 2090.4 3234.4 4121.6 4880.3 6169.9 5273 Cash & Equivalents
3611.3 4445.3 5389.3 10177 10006 11734 13378 17340 26964 28086 28820 Total Assets
-- -- -- 1247.6 1275.6 2771.3 4196.5 6265.7 14161 13789 13784 Long-term Debt
Warning Signs 767.3 953.9 994.7 4193.2 4493.2 6039.8 7788.3 10815 21045 21486 21176 Total Liabilities
SEVERE Operating Margin %: Declined 4.1 4.6 4.7 4.8 4.9 5 9.1 9.2 9.4 9.5 10 Common Equity
-990.2 -522.2 -856.1 -2107.3 377.7 -1553.6 -528.6 -1438 -6259 -1002.2 -2552.2 Cashflow from Investing
Good Signs
-- -- -209.5 -183.1 -2188.6 -2043.6 -2764.6 -2975.1 -3256.8 -2160 -1043 Repurchase of Stock
GOOD PB Ratio: Close to 3-year low -- -- -- 1237.3 525.7 1269.3 1713.7 2025.3 7297.7 -- -- Net Issuance of Debt
287.7 281.6 -61.9 1177.2 -1622 -248.8 -553.7 -417.4 4584.5 -1645.6 -409.6 Cashflow from Financing
Insider Trades
Cur.
Shares 413.1 104.8 816.5 1082.9 1644 1858.2 2106.2 2656 2197.6 3740.1 3591.1 Free Cash Flow
Loughlin James J Director 05/01/17 -9250 24719 Competitor
Kaplan Gilla Director 03/30/17 -14033 73109 Financial Operating
See
Vessey Rupert 03/01/17 -4000 913 Strength Margin(%)
remarks
NAS:AMGN Amgen Inc 5 9 120,686 15.56 5.35 43.54 10.27 26.29
Casey Michael D Director 02/27/17 -7500 91362
See NYSE:NVO Novo Nordisk A/S 8 9 109,649 18.51 6.34 43.90 42.94 93.41
Vessey Rupert 11/22/16 -2500 1285
remarks NAS:CELG Celgene Corp 6 8 94,175 45.34 8.30 28.05 7.86 35.05
NAS:GILD Gilead Sciences Inc 5 8 84,689 6.83 2.97 57.55 23.49 74.22
NAS:BIIB Biogen Inc 6 9 54,094 15.97 4.82 41.59 16.05 30.27
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CERN CERN

Cerner Corp (NAS:CERN)
Current
Application Software - Health Information Services P/E (ttm( 34.16 26.85 36.3 Tangible Book 5.97 9 Payout N/A
Cerner Corp is a supplier of health care information technology, and offers P/B 5.3 3.17 4.61 DCF (FCF Based( 30.55 46 Yield on Cost(5y( % N/A
software, professional services, medical device integration, remote hosting P/S 4.57 2.53 4.46 Peter Lynch Value 31.44 48 Continuous Div. since N/A
and employer health and wellness services. P/FCF 61.44 24.94 48.92 DCE (Earnings Based( 50.42 76 Insider Ownership % 0.57
Financial Strength
16.36 14.9 21.38 24.25 36.44 43.46 58.24 66.1 75 67.33 68.23 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.97 9.14 1.42 75

Interest Coverage N/A 114.17 76.09 Gain(%) SP500(%)
33.55
F-Score 8 5.00 6 1W -3.20 0
7M
YTD 39.18 9.1
Net-Margin (%( 13.40 3.38 13.05
1Y 20.95 17.3
ROE (%( 16.25 6.30 14.53
ROA (%( 11.46 2.86 10.63 3Y 7.58
48.27 22.55 48.76
(%(
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%( 17.8 14.4 15.90 37 17 35.8 33.9 34.8 34.2 49.3 43.1 38.8 25.7 34.2 Year End P/E
EPS without NRI Growth 4 2.4 4.3 4.2 4.5 4.7 6.1 6.2 5.3 4 5.3 P/B
18.7 15.1 16.30
(%( 3.1 1.9 4.1 4.4 4.8 5.1 6.7 6.7 4.8 3.4 4.6 P/S
Free Cash Flow Growth 11.8 6.4 12.9 13.4 14.2 15.3 22 19.2 16.6 11.1 14.8 EV/EBITDA
25.4 3 -4.80
4.6 5 5 5.4 6.3 7.6 8.3 9.7 12.6 14 14.4 Revenue Per Share
Quarterly 0.4 0.6 0.6 0.7 0.9 1.1 1.1 1.5 1.5 1.9 1.9 EPS
Revenue (YoY( % 14 8 5 7 11 4.5 5.9 6.8 8.3 10.2 12.7 13.2 16.3 13.6 15.1 16.1 Graham Number
EPS (YoY( % 34 45 17 -8 21
1519.9 1676 1671.9 1850.2 2203.2 2665.4 2910.7 3402.7 4425.3 4796.5 4918.8 Revenue
Guru Trades 81.6 82.3 83.2 82.7 80 77.2 82.3 82.2 83 83.8 83.7 Gross Margin %
204.1 278.9 292 359.3 459.8 571.7 576 763.1 781.1 911 939.7 Operating Income
Impact Cur.
% Shares
Jeff Auxier 03/31/17 Add 0.75 96,255 127.1 188.7 193.5 237.3 306.6 397.2 398.4 525.4 539.4 636.5 659.3 Net Income
8.4 11.3 11.6 12.8 13.9 14.9 13.7 15.4 12.2 13.3 13.4 Net Margin %
Manning & Napier
03/31/17 Reduce -0.65 1,775,382 12.4 15.4 13.4 13.6 14.6 15.4 13.3 15.6 14.5 16.3 16.3 ROE %
Advisors, Inc
8 10.6 9.6 10.4 11.3 11.9 10.2 12.2 10.7 11.4 11.5 ROA %
Frank Sands 03/31/17 Sell -0.52 0
Ray Dalio 03/31/17 Sell -0.11 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Jim Simons 03/31/17 Sell -0.09 0 182.9 270.5 241.7 214.5 243.1 317.1 202.4 635.2 402.1 170.9 378.5 Cash & Equivalents
Arnold Van Den Berg 03/31/17 Reduce -0.05 327,066 1690 1881 2148.6 2422.8 3000.4 3704.5 4098.4 4530.6 5562 5630 5803.2 Total Assets
177.6 111.4 95.5 67.9 86.8 136.6 111.7 62.9 563.4 537.6 532.7 Long-term Debt
557.5 570 567.9 517.5 689.7 870.8 930.7 964.6 1691.6 1702 1690.3 Total Liabilities
0.8 0.8 0.8 0.8 1.7 3.4 3.4 3.5 3.5 3.5 3.5 Common Equity
Warning Signs
274.6 281.8 347.3 456.4 546.3 708.3 695.9 847 947.5 1155.6 1123 Cashflow from Operations
MEDIUM Price: Close to 2-year high -- -28 -- -- -- -- -170 -217.1 -345.1 -700.3 -700.3 Repurchase of Stock
-22.4 -15.3 -32.4 -27.6 -25.7 -17.1 -24.7 -14.9 485.7 -- -- Net Issuance of Debt
Good Signs
37.1 -11.7 16.8 34.8 48.9 66 -119.4 -120.3 236.2 -586.7 -442.2 Cashflow from Financing
GOOD Piotroski F-Score: High -250.3 -182.4 -221.5 -194.1 -208.4 -306.5 -584.3 -467.9 -648.2 -771.6 -758.9 Capital Expenditure
24.2 99.4 125.8 262.4 337.9 401.8 111.5 379.1 299.3 384 364.1 Free Cash Flow
Insider Trades
Cur. Competitor
Bisbee Gerald E Jr Director 06/09/17 -6200 50800
Strength Margin(%)
EVP & Chief
Wilson Julie M 06/07/17 -60000 28613 NAS:CERN Cerner Corp 7 9 21,785 34.16 4.57 19.10 11.46 16.25
Peo
Exec. VP & NYSE:VEEV Veeva Systems Inc 9 7 8,310 94.39 15.20 21.90 10.88 15.07
Naughton Marc G 06/06/17 -60000 103296
CFO NAS:ATHN athenahealth Inc 7 7 5,641 277.70 5.05 2.46 1.78 3.37
Dillman Linda M Director 05/22/17 -4600 24543 NAS:MDSO Medidata Solutions Inc 6 7 4,369 131.35 8.85 11.47 4.28 9.06
Zollars William D Director 05/22/17 -4600 28376
NAS:HQY HealthEquity Inc 10 7 3,058 94.44 16.27 23.13 12.16 12.75
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CF CF

CF $ndustries Holdings Inc (NYSE:CF)
Current
Agriculture - Agricultural Inputs P/E (ttm( N/A 24.98 11.35 Tangible Book 3.98 15 Payout N/A
Market Cap: $ 6,238 Mil Forward P/E N/A 18.12 N/A Price 26.75 Dividend Growth(5y( % 48.1
CF Industries Holdings Inc is a manufacturer and distributor of nitrogen and P/B 1.9 1.92 2.43 Median P/S 31.58 118 Yield on Cost(5y( % 32.06
phosphate fertilizer products in North America. The Company's products P/S 1.68 1.23 1.98 Continuous Div. since 2017
include ammonia, urea, urea ammonium nitrate solution, diammonium P/FCF N/A 17.83 9.87 Insider Ownership % 0.55
phosphate and monoammonium phosphate. Shiller P/E 8.85 22.18 15.5 Institution Ownership % 89.7
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.23 0.38 1.38 68.92

31.82
F-Score 5 4.00 6 1W -0.07 0
33M YTD -13.12 9.1
Net-Margin (%( -8.77 3.54 16.86
1Y 0.98 17.3
ROE (%( -8.80 6.33 28.31
ROA (%( -2.11 2.91 14.52 3Y -13.59
-0.72 10.78 65.64
(%(
Growth
Revenue Growth (%( 8.3 -1.7 -14.20 6191 2795 4410 9632 9486 12788 13015 13173 9512 7338 6238 Market Cap
EBITDA Growth (%( 18.1 -18 -53.20 284 282 246 327 350 324 296 257 236 233 233 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( 12.8 -34.5 -89.80 16.8 4.1 12.2 26.5 6.6 7.1 9.5 10.3 13.8 -- -- Year End P/E
N/A N/A -166.80
Growth (%( 2.3 0.7 1.7 2.3 1.7 2.2 2.5 3 2.2 2 1.7 P/S
N/A N/A 0.00
Quarterly 1.3 2.4 1.5 1.1 4.4 5.7 5 5.4 3 -1.2 -1.4 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.1 1.8 1.8 2.9 5.2 5.7 2.2 -1.5 -5.3 -6.8 -4.3 Free Cashflow Per Share
Revenue 1004 1134 680 867 1037 0 0.1 0.1 0.1 0.2 0.3 0.4 1 1.2 1.2 1.2 Dividends Per Share
Net Income 26 47 -30 -320 -23 4.2 4.7 7.1 5.5 7.6 12 10.7 8.8 7.1 4.3 4 Tang. Book Per Share
EPS 0 0 -0 -1 -0 19.3 27.6 21 23.5 34.6 37.3 36.6 36.6 36.1 31.3 31.6 Median P/S Value
Revenue (YoY( % 5 -14 -27 -22 3 11.2 16 15.4 11.5 27.4 39.4 34.5 32.7 21.7 -- -- Graham Number
EPS (YoY( % -89 -87 -133 -1250 -191
2756.7 3921.1 2608.4 3965 6097.9 6104 5474.7 4743 4308 3685 3718 Revenue
Guru Trades 24.3 31.2 32.2 29.8 47.5 51 46 37.5 35.9 22.8 19.6 Gross Margin %
Impact Cur.
% Shares
Robert Olstein 03/31/17 Sell -0.53 0 372.7 684.6 365.6 349.2 1539.2 1848.7 1464.6 1390 700 -277 -326 Net Income
13.5 17.5 14 8.8 25.2 30.3 26.8 29.3 16.3 -7.5 -8.8 Net Margin %
38.2 54.2 23.8 12.1 35.8 35.4 26.7 29.9 17 -7.5 -8.8 ROE %
22.6 31.1 15 6.2 17.4 19.3 14.1 12.7 5.9 -2 -2.1 ROA %
T Rowe Price Equity
03/31/17 Add 0.02 5,675,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Income Fund
Steven Cohen 03/31/17 Reduce -0.01 36,500 366.5 625 697.1 797.7 1207 2274.9 1710.8 1996.6 286 1164 1312 Cash & Equivalents
Ken Fisher 03/31/17 Reduce 0 68,899 2012.5 2387.6 2494.9 8758.5 8974.5 10167 10678 11254 12683 15131 15185 Total Assets
Caxton Associates 12/31/16 Add 0.15 255,000 4.9 -- 4.7 1954.1 1617.8 1600 3098.1 4592.5 5537 5778 5780 Long-term Debt
825.5 1049.5 766 4708.1 4427.5 4264.7 5602 7044.5 8648 11783 11906 Total Liabilities
Pioneer Investments 12/31/16 Buy 0.08 679,433
0.6 0.5 0.5 0.7 0.7 0.6 0.6 2.5 2 2 2 Common Equity
Steven Cohen 12/31/16 Reduce -0.04 112,500 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
690.1 638.6 681.8 1194.4 2078.9 2375.6 1466.8 1421 1207 617 627 Cashflow from Operations
-343.1 159.5 -487.7 -3070.2 -173.8 -513.5 -1019.3 -344 -2976 -2177 -1600 Cashflow from Investing
Warning Signs
-- -500.2 -- -- -1000.2 -500 -1409.1 -1935 -556 -- -- Repurchase of Stock
SEVERE Interest Coverage: Extremely low -- -- -- 1188.5 -346 -13 1498 1494 1000 74 -- Net Issuance of Debt
SEVERE Revenue per Share: Declined -4.9 -540.5 -123.9 1977 -1499.4 -796.8 -980.3 -787 77 2439 -402 Cashflow from Financing
SEVERE Gross Margin %: Declined -105.1 -141.8 -235.7 -258.1 -247.2 -523.5 -823.8 -1809 -2469 -2211 -1629 Capital Expenditure
SEVERE Operating Margin %: Declined 585 496.8 446.1 936.3 1831.7 1852.1 643 -388 -1262 -1594 -1002 Free Cash Flow
Competitor
Insider Trades
Financial Operating
Insider Position Date Trades Cur. Shares Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Arzbaecher Robert C Director 08/16/16 21600 90993 NYSE:MOS The Mosaic Co 5 5 7,838 203.34 1.11 2.63 0.23 0.41
NYSE:CF CF Industries Holdings Inc 4 6 6,238 0.00 1.68 2.53 -2.11 -8.80
NYSE:ICL Israel Chemicals Ltd 5 4 5,611 0.00 1.04 0.11 -1.34 -4.31
NYSE:SMG The Scotts Miracle Gro Co 4 7 5,267 18.92 1.89 14.71 8.60 41.35
OTCPK:KPLUY K+S AG 5 5 5,023 59.79 1.27 4.17 0.82 1.69
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CFG CFG
Citizens Financial Group Inc (NYSE:CFG) Ratios Valuation Analysis Dividend & Ownership
Banks - Banks - Regional - US
P/E (ttm) 16.9 14.59 17.13 Tangible Book 24.97 68 Payout 0.23
Forward P/E 15.43 15.22 N/A Median P/S 28.86 79 Dividend Growth(5y) % N/A
Citizens Financial Group Inc is a retail bank holding company. It provides
P/B 0.96 1.19 0.69 Graham Number 34.92 95 Yield on Cost(5y) % 1.43
retail and commercial banking products and services. Its business segments
include Consumer Banking and Commercial Banking.
Financial Strength
-- -- -- -- -- -- -- 25.51 28.32 36.46 39.59 Annual Price High
Industry Historical
Score: 5 /10 Current -- -- -- -- -- -- -- 21.8 22.63 18.14 33.24 Low
Median Median
Cash to Debt 0.30 2.12 0.36 39.59

10.73
F-Score 0 4.00 0 1W 3.06 0
16M
YTD 3.82 9.1
Net-Margin (%) 21.13 22.78 15.26
1Y 74.30 17.3
ROE (%) 5.64 8.51 4.50
ROA (%) 0.78 0.91 0.68 3Y 0.00
0.00 18.06 0.00
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) N/A N/A 14.00 -- -- -- -- -- -- -- 13571 13822 18241 18595 Market Cap
EBITDA Growth (%) N/A N/A 27.50 -- -- -- -- -- 560 560 558 538 524 507 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A N/A 31.50 -- -- -- -- -- -- -- 35.5 17 18.1 16.9 Year End P/E
EPS without NRI Growth -- -- -- -- -- -- -- 0.7 0.7 0.9 1 P/B
N/A N/A 38.20
(%) -- -- -- -- -- -- -- 2.8 2.9 3.6 3.5 P/S
Free Cash Flow Growth -- -- -- -- -- -- -- 12.6 13.4 14.8 13.4 EV/EBITDA
N/A N/A 41.10
(%) -- -- -- -- 2011 2012 2013 2014 2015 2016 TTM Per share data
-- -- -- -- -- 8.7 8.4 8.9 9 10 10.4 Revenue Per Share
Quarterly -- -- -- -- -- 1.2 -6.1 1.6 1.6 2 2.2 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -- -- -- -- -- 2.4 4.1 1.9 1.7 2.3 3.2 Free Cashflow Per Share
Net Income 223 243 297 282 320 -- -- -- -- -- 22.9 22 22.7 23.7 24.7 25 Tang. Book Per Share
EPS 0 0 1 1 1 -- -- -- -- -- -- 23.2 24.7 24.8 27.8 28.9 Median P/S Value
Revenue (YoY) % 4 7 14 11 12 -- -- -- -- -- 24.3 -- 28.1 28.8 33.1 34.9 Graham Number
Net Income (YoY) % 7 28 35 28 43 -- -- -- -- 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 8 31 40 32 49
-- -- -- -- 5031 4894 4690 4979 4824 5255 5405 Revenue
Guru Trades -- -- -- -- 100 100 100 100 100 100 100 Gross Margin %
-- -- -- -- 778 1024 -3468 1268 1263 1534 1636 Operating Income
Impact Cur.
Guru Date Action -- -- -- -- 15.5 20.9 -73.9 25.5 26.2 29.2 30.3 Operating Margin %
% Shares
Alan Fournier 03/31/17 Sell -1.94 0 -- -- -- -- 506 643 -3426 865 840 1045 1142 Net Income
-- -- -- -- 10.1 13.1 -73.1 17.4 17.4 19.9 21.1 Net Margin %
David Tepper 03/31/17 Sell -1.79 0
-- -- -- -- -- 5.3 -15.8 4.5 4.3 5.2 5.6 ROE %
Hotchkis & Wiley 03/31/17 Reduce -0.18 11,359,492 -- -- -- -- -- 1 -2.8 0.7 0.6 0.7 0.8 ROA %
Robert Olstein 03/31/17 Reduce -0.15 287,045 -- -- -- -- 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Charles Brandes 03/31/17 Reduce -0.08 63,159 -- -- -- -- -- 3189 2990 3646 3441 4143 4344 Cash & Equivalents
George Soros 03/31/17 Sell -0.06 0 -- -- -- -- -- 127053 122154 132857 138208 149520 150285 Total Assets
Jim Simons 03/31/17 Add 0.05 1,451,800 -- -- -- -- -- 694 1405 4642 9886 12790 11780 Long-term Debt
Steven Cohen 03/31/17 Buy 0.05 234,500 -- -- -- -- -- 102924 102958 113589 118562 129773 130438 Total Liabilities
-- -- -- -- -- 6 6 6 6 6 6 Common Equity
-- -- -- -- 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Warning Signs
SEVERE Long-Term Debt: Keep issuing new debt -- -- -- -- 2479 1714 2649 1390 1229 1490 1969 Cashflow from Operations
-- -- -- -- -2034 919 -2453 -10274 -5905 -11326 -10148 Cashflow from Investing
-- -- -- -- -- -- -- -334 -500 -430 -130 Repurchase of Stock
MEDIUM PB Ratio: Close to 3-year high -- -- -- -- -1442 -5147 2461 7245 1601 3529 1285 Net Issuance of Debt
MEDIUM PS Ratio: Close to 3-year high -- -- -- -- -1669 -3264 -502 9403 4485 10455 10317 Cashflow from Financing
-- -- -- -- -368 -371 -368 -311 -299 -303 -303 Capital Expenditure
Insider Trades -- -- -- -- 2111 1343 2281 1079 930 1187 1666 Free Cash Flow
Competitor
Higdon Leo I Jr Director 02/28/17 14 11821 Financial Operating
Higdon Leo I Jr Director 02/16/17 9 11807 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
NYSE:KEY KeyCorp 5 5 20,475 21.72 3.46 20.99 0.76 6.41
NAS:FITB Fifth Third Bancorp 6 5 19,117 13.33 3.12 32.53 1.08 8.76
NYSE:CFG Citizens Financial Group Inc 5 4 18,595 16.90 3.52 30.27 0.78 5.64
NYSE:RF Regions Financial Corp 5 5 17,310 16.19 3.21 30.76 0.95 6.60
NYSE:FRC First Republic Bank 6 6 15,837 25.13 6.84 36.85 1.01 9.55
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CH% CH%
Church & Dwight Co Inc (NYSE:CHD) Ratios Valuation Analysis Dividend & Ownership
Current
Consumer Packaged Goods - Household & Personal Products P/E (ttm) 29.26 20.52 22.6 Tangible Book -4.27 -8 Payout 0.39
Church & Dwight Co Inc develops, manufactures and markets household, P/B 7.03 1.74 3.46 Median P/S 32.57 61 Yield on Cost(5y) % 2.96
personal care and specialty products. The Company has ten power brands, P/S 3.96 1.09 2.42 DCE (Earnings Based) 32.62 61 Continuous Div. since 2004
ARM & HAMMER, TROJAN, OXICLEAN, SPINBRDSH, FIRST RESPONSE, P/FCF 24.78 20.89 19.42 DCF (FCF Based) 43.66 82 Insider Ownership % 0.6
NAIR, ORAJEL, L'IL CRITTERS, VITAFDSION, & XTRA. Shiller P/E 42.12 27.49 36.83 Price 53.55 Institution Ownership % 64.7
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.11 0.64 0.33 53.26

21.23
F-Score 8 5.00 6 1W 1.38 0
4M
YTD 22.04 9.1
Net-Margin (%) 13.56 4.02 11.62
1Y 9.78 17.3
ROE (%) 23.96 8.42 17.23
ROA (%) 10.99 3.89 9.49 3Y 17.18
121.38 13.16 83.66
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 11.5 10.1 10.70 22 20.2 17.7 18.5 21.5 21.9 23.8 26.1 27.7 25.3 29.3 Year End P/E
EPS without NRI 3.3 3 2.7 2.6 3.2 3.6 4 5 5.5 5.7 7 P/B
12.9 9.8 16.60
Growth (%) 1.7 1.7 1.7 1.9 2.4 2.6 2.9 3.3 3.3 3.3 4 P/S
Free Cash Flow Growth 11 10.8 9 9.8 11.2 12.5 13.3 15 15.3 14.5 16.8 EV/EBITDA
14.8 12.1 -2.80
7.9 8.5 8.8 9 9.4 10.2 11.3 12 12.7 13.3 13.5 Revenue Per Share
Quarterly 0.6 0.7 0.9 0.9 1.1 1.2 1.4 1.5 1.5 1.8 1.8 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 0.7 0.8 0.9 1.3 1.2 1.6 1.5 1.7 2 2.3 2.2 Free Cashflow Per Share
Net Income 113 112 124 110 132 -1 -1.2 -0.1 0.5 0.9 -1.5 -0.5 -1.9 -2.3 -3.5 -4.3 Tang. Book Per Share
Revenue (YoY) % 5 4 1 3 3 -- -- -- 3.2 4.7 -- -- -- -- -- -- Graham Number
EPS (YoY) % 8 55 4 2 19
2220.9 2422.4 2520.9 2589.2 2749.3 2921.9 3194.3 3297.6 3394.8 3493.1 3521.3 Revenue
305 340.3 412.9 445 492.6 545.1 622.2 641.2 674.2 724.2 740.8 Operating Income
Impact Cur.
% Shares
Ron Baron 03/31/17 Reduce -0.12 2,397,010 169 195.2 243.5 270.7 309.6 349.8 394.4 413.9 410.4 459 477.5 Net Income
7.6 8.1 9.7 10.5 11.3 12 12.4 12.6 12.1 13.1 13.6 Net Margin %
Jim Simons 03/31/17 Add 0.05 692,230
17.4 16.2 16.6 15.6 15.8 17.1 18.1 18.8 19.9 22.9 24 ROE %
7 7.3 8.2 8.9 10.2 9.7 9.4 9.6 9.5 10.7 11 ROA %
Mario Gabelli 03/31/17 Reduce -0.01 360,160
Jeremy Grantham 03/31/17 Sell 0 0 249.8 198 447.1 189.2 251.4 343 496.9 423 330 187.8 139.5 Cash & Equivalents
2532.5 2801.4 3118.4 2945.2 3117.6 4098.1 4259.7 4359.2 4256.9 4354.1 4487.8 Total Assets
707.3 781.4 597.3 249.7 249.7 649.4 649.5 690 692.8 693.4 692.9 Long-term Debt
MEDIUM Dividend Yield %: Close to 5-year low 70 73.2 73.2 73.2 146.4 146.4 146.4 146.4 292.8 292.8 292.8 Common Equity
Good Signs 248.7 336.2 400.9 428.5 437.8 523.6 499.6 540.3 606.1 655.3 609 Cashflow from Operations
-0.2 -0.4 -0.4 -0.1 -80.2 -250.4 -50.1 -478.8 -363.1 -400 -157.1 Repurchase of Stock
Insider Trades -77.4 100.1 -40.6 -476.6 -87.4 650.9 -99.4 293.1 -38.3 68.9 133.9 Net Issuance of Debt
Cur. -73.6 87.2 -58.3 -503.7 -226.5 305.2 -259.8 -306.6 -535 -439.6 -327.9 Cashflow from Financing
Siracusa Paul A
Executive
03/01/17 -25000 1279
199.8 237.8 265.6 364.7 361.2 449.1 432.5 469.8 544.3 605.5 564.9 Free Cash Flow
V.P.,
EVP New Competitor
Cugine Steven P 02/28/17 -17400 28948
Product Financial Operating
Irwin Bradley C Director 02/23/17 -20000 41570
Strength Margin(%)
EVP Finance
Dierker Richard A 11/21/16 1000 5200 NYSE:CLX Clorox Co 5 8 18,052 27.78 3.10 18.12 14.80 218.89
&C
EVP & Chief OTCPK:DNICY Dnicharm Corp 6 8 15,855 40.05 2.57 11.46 6.92 12.58
Bomhard Britta 11/14/16 4087 4087
Mar OTCPK:SSDOY Shiseido Co Ltd 6 5 14,109 85.14 1.83 4.47 2.22 4.90
NYSE:CHD Church & Dwight Co Inc 6 9 13,348 29.26 3.96 21.04 10.99 23.96
OTCPK:HEGIF Hengan International Group Co Ltd 6 8 8,427 15.49 2.96 24.59 10.91 24.27
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CHK CHK

Chesapeake &nergy Corp (NES&:CHA)
Current
Oil & Gas - E&P - Oil & Gas E&P P/E (ttm) N/A 14.70 14.14 Tangible Book -3.45 -69 Payout N/A
Chesapeake Energy Corp is a natural gas and oil exploration and P/B N/A 1.21 1.27 Price 5.00 Yield on Cost(5y) % 1.61
production company. It explores, develops and acquires properties for the P/S 0.48 3.06 1.05 Median P/S 10.95 219 Continuous Div. since 2017
production of natural gas and crude oil from underground reservoirs and P/FCF N/A 16.04 4.94 Insider Ownership % 3.88
also provides marketing & midstream services. Shiller P/E N/A 16.07 23.28 Institution Ownership % 51.11
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.03 0.66 0.06 65.64

32.03
F-Score 5 5.00 5 1W 5.49 0
Operating Margin (%) -37.11 -22.09 11.69
59M
YTD -28.77 9.1
Net-Margin (%) -38.51 -29.01 4.49
1Y 16.82 17.3
ROE (%) 0.00 -8.89 3.23
ROA (%) -25.27 -7.11 1.74 3Y -42.96
-26.69 -8.39 4.29
(%)
Growth
EBITDA Growth (%) N/A N/A 0.00 487 545 612 706 752 643 653 772 662 764 908 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A N/A 0.00 14.5 69.5 -- 9.7 9.5 -- 37.2 10.6 -- -- -- Year End P/E
EPS without NRI Growth 1.7 0.6 1.5 1.3 1 0.8 1.3 0.9 -- -- -- P/B
N/A N/A 0.00
(%) 2.4 0.8 2 1.8 1.3 0.9 0.9 0.7 0.2 0.7 0.5 P/S
Free Cash Flow Growth 6.5 5.9 -3.9 6.7 5.9 13.3 7.5 4 -1 -5.9 -7.9 EV/EBITDA
N/A N/A -136.30
16 21.3 12.6 13.3 15.5 19.2 29.2 30 19.3 10.3 10.5 Revenue Per Share
Quarterly 2.6 0.9 -9.6 2.5 2.3 -1.5 0.7 1.9 -22.4 -6.5 -4.9 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -9.8 -22.8 -5.2 -11.9 -11.4 -18.5 -4.6 3.4 0.8 -1.3 -0.5 Free Cashflow Per Share
Revenue 1953 1622 2276 2021 2753 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.2 -- -- Dividends Per Share
Net Income -921 -1750 -1155 -575 140 21.9 27.5 16.9 18.7 20.6 18.8 19.5 20.9 -1.4 -3.6 -3.4 Tang. Book Per Share
EPS -2 -2 -2 -1 0 16.5 21.2 13.1 14.2 16.6 19.2 29.5 30.9 20.2 10.8 11 Median P/S Value
Revenue (YoY) % -39 -54 -33 -24 41 35.9 24 -- 32.5 32.8 -- 17.9 29.6 -- -- -- Graham Number
EPS (YoY) % -71 -60 -78 -71 -105
7800 11629 7702 9366 11635 12316 19080 23125 12764 7872 8672 Revenue
Guru Trades 62.6 88.7 54.8 50.8 43 41 31 29.6 18.6 5.8 -12.5 Gross Margin %
2649 1457 -8945 2805 2921 -1694 2069 3477 -18919 -4411 -3218 Operating Income
Impact Cur.
Guru Date Action 34 12.5 -116.1 30 25.1 -13.8 10.8 15 -148.2 -56 -37.1 Operating Margin %
% Shares
Mason Hawkins 05/31/17 Reduce -0.26 44,488,930 1451 604 -5830 1774 1742 -769 724 1917 -14685 -4401 -3340 Net Income
18.6 5.2 -75.7 18.9 15 -6.2 3.8 8.3 -115.1 -55.9 -38.5 Net Margin %
10.5 3.5 -41.1 12.5 9.9 -5.8 3 7.7 -156 -1453.1 -- ROE %
Arnold Schneider 03/31/17 Add 1.9 7,534,855
John Griffin 03/31/17 Sell -1.05 0 5.3 1.7 -17 5.3 4.4 -1.8 1.7 4.7 -50.6 -29 -25.3 ROA %
Bill Nygren 03/31/17 Buy 0.73 20,000,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Steven Cohen 03/31/17 Reduce -0.29 375,000 1 1749 307 102 351 287 837 4108 825 882 249 Cash & Equivalents
30734 38593 29914 37179 41835 41611 41782 40751 17314 13028 11699 Total Assets
10950 13175 12295 12640 10626 12388 12886 11154 10311 9938 9509 Long-term Debt
Warning Signs
5 6 6 7 7 7 7 7 7 9 9 Common Equity
4932 5357 4356 5117 5903 2837 4614 4634 1234 -204 316 Cashflow from Operations
Insider Trades -7922 -9965 -5462 -8503 -5812 -4984 -2967 454 -3451 -660 -7 Cashflow from Investing
Cur. -- -5 -7 -- -- -- -- -- -- -- -- Repurchase of Stock
Shares 3281 4138 -701 367 -2358 1653 65 110 -508 952 75 Net Issuance of Debt
Ryan Thomas L Director 05/31/17 75000 440355 2988 6356 -336 3181 158 2083 -1097 -1817 -1066 921 -76 Cashflow from Financing
Martin R Brad Director 05/26/17 20000 516958 -9705 -17770 -7523 -13513 -14450 -14742 -7608 -2037 -676 -825 -581 Capital Expenditure
Dunham Archie W Director 03/08/17 500000 4638k -4773 -12413 -3167 -8396 -8547 -11905 -2994 2597 558 -1029 -265 Free Cash Flow
Ryan Thomas L Director 03/03/17 50000 313554 Competitor
Dunham Archie W Director 09/20/16 1000000 4128k Financial Operating
Strength Margin(%)
NYSE:NFG National Fuel Gas Co 4 6 4,975 22.23 3.17 29.79 3.94 14.18
NYSE:CHA Chesapeake Energy Corp 2 5 4,540 0.00 0.48 -37.11 -25.27 0.00
NYSE:CPG Crescent Point Energy Corp 4 4 4,518 0.00 2.00 -28.13 -4.36 -7.45
OTCPK:AETUF ARC Resources Ltd 5 5 4,358 21.01 4.91 17.50 4.68 8.14
NYSE:MUR Murphy Oil Corp 5 4 4,198 0.00 1.99 9.01 -0.18 -0.37
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CHRW CHRW

CIHI Robinson Worldwide Inc (NAS:CHRW)
Current
Transportation & Logistics - Integrated Shipping & Logistics P/E (ttm) 19.19 18.32 24.34 Tangible Book -0.62 -1 Payout 0.49
Market Cap: $ 9,785 Mil Forward P/E 19.16 18.02 N/A Peter Lynch Value 36.34 52 Dividend Growth(5y) % 7
C.H. Robinson Worldwide Inc is a non-asset-based third-party logistics P/B 7.49 1.24 8.62 DCF (FCF Based) 38.87 56 Yield on Cost(5y) % 3.6
provider. The company provides domestic freight brokerage services. It also P/S 0.73 1.11 1 DCE (Earnings Based) 48.15 69 Continuous Div. since 1997
operates a growing air and ocean forwarding unit and a legacy produce- P/FCF 23.16 17.15 26.61 Price 69.45 Insider Ownership % 6.87
sourcing operation. Shiller P/E 23.16 21.15 39.8 Median P/S 94.14 136 Institution Ownership % 71.44
Financial Strength
Industry Historical
Median Median

Interest Coverage 31.65 8.91 No Debt Gain(%) SP500(%)
22.03
F-Score 7 5.00 7 1W 3.70 0
4M
YTD -3.97 9.1
Net-Margin (%) 3.83 3.43 4.18
1Y -1.78 17.3
ROE (%) 41.00 6.32 34.62
ROA (%) 14.64 2.78 19.31 3Y 6.26
93.49 9.14 136.79
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 8.7 8.5 -4.20 29.1 26.5 27.6 34.4 26.5 17.2 22 24.6 17.7 20.4 19.2 Year End P/E
8.4 4.6 0.30
(%) 1.3 1.1 1.3 1.4 1.1 0.9 0.7 0.8 0.7 0.8 0.7 P/S
8 11.5 -34.80
Quarterly 1.9 2.1 2.1 2.3 2.6 3.7 2.7 3.1 3.5 3.6 3.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.5 2.5 2 1.9 2.3 2.5 1.9 3.3 4.6 3.1 3 Free Cashflow Per Share
Revenue 3074 3300 3356 3415 3415 0.8 0.9 1 1 1.2 1.3 1.4 1.4 1.6 1.7 1.8 Dividends Per Share
Net Income 119 143 129 122 122 4.4 4.5 4.2 5 5.4 3.4 -0.1 0.8 -0.5 -1 -0.6 Tang. Book Per Share
Revenue (YoY) % -7 -7 -2 6 11 13.6 14.6 14.2 16.2 17.8 16.7 -- 7.6 -- -- -- Graham Number
EPS (YoY) % 14 6 -6 -2 4
7316.2 8578.6 7577.2 9274.3 10336 11359 12752 13470 13476 13144 13486 Revenue
Guru Trades 17 16 18.2 15.8 15.8 15.1 14.4 14.9 16.8 17.3 16.9 Gross Margin %
Impact Cur.
Guru Date Action 7 6.7 7.7 6.7 6.7 6 5.4 5.6 6.4 6.4 6.1 Operating Margin %
% Shares
John Hussman 03/31/17 Sell -1.12 0 324.3 359.2 360.8 387 431.6 593.8 415.9 449.7 509.7 513.4 516.5 Net Income
4.4 4.2 4.8 4.2 4.2 5.2 3.3 3.3 3.8 3.9 3.8 Net Margin %
Yacktman Fund 03/31/17 Reduce -0.06 700,000
32.7 33.4 33 33.9 35.2 43.1 34 45.3 46.4 42.6 41 ROE %
Mairs And Power 03/31/17 Reduce -0.04 1,986,287
18.8 19.8 19.8 20.2 20.9 24 14.8 15 15.9 14.9 14.6 ROA %
Donald Yacktman 03/31/17 Reduce -0.04 948,077
Steven Cohen 03/31/17 Buy 0.02 50,000
Ray Dalio 03/31/17 Sell -0.02 0 338.9 494.7 337.3 398.6 373.7 210 162 128.9 168.2 247.7 229.8 Cash & Equivalents
1811.3 1815.7 1834.2 1995.7 2138 2804.2 2802.8 3214.3 3184.4 3687.8 3775.7 Total Assets
-- -- -- -- -- -- 500 500 500 500 500 Long-term Debt
SEVERE Asset Growth: faster than revenue growth 17.1 17 16.7 16.6 16.3 16.1 15 14.6 14.3 14.1 14.1 Common Equity
Good Signs
GOOD Piotroski F-Score: High 308.4 447.6 372.6 344.8 429.7 460.3 347.8 513.4 718.3 529.4 518 Cashflow from Operations
-55.7 31.5 -123.9 8.6 -38.3 -359.1 -28.9 -388.9 -54.4 -313 -312.8 Cashflow from Investing
-167.3 -200.8 -266.9 -157.4 -240.9 -255.8 -757.3 -176.6 -241.2 -209.6 -204 Repurchase of Stock
Insider Trades -- -9.4 -- -- -- 248.4 621.4 230 -155 290 290 Net Issuance of Debt
Cur. -262.1 -326 -402.1 -289.1 -415.1 -264.3 -364.9 -143.6 -607.7 -127.3 -147.4 Cashflow from Financing
Freeman Angela K.
VP, Human
04/28/17 -1300 24245
264.7 423.8 338.1 316.1 376.9 409.7 299.6 483.9 673.7 438 427.6 Free Cash Flow
Resou
VP, General Competitor
Campbell Ben G 02/28/17 -4865 34702
Cou Financial Operating
Senior Vice Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Lemke James 02/28/17 -4829 194714 Strength Margin(%)
Pre
Lindbloom Chad VP, CFO 02/28/17 -3500 131386
OTCPK:DSDVY DSV A/S 6 6 11,344 35.98 1.07 4.98 5.30 16.62
President, N NAS:EXPD Expeditors International of Washington Inc 9 9 10,314 24.45 1.67 10.67 15.38 23.24
Biesterfeld Robert C Jr 02/15/17 -1079 10279
Am NAS:JBHT JB Hunt Transport Services Inc 5 8 9,930 23.43 1.53 10.55 11.64 31.79
NAS:CHRW C.H. Robinson Worldwide Inc 6 8 9,785 19.19 0.73 6.13 14.64 41.00
NYSE:XPO XPO Logistics Inc 4 7 6,822 71.84 0.51 3.69 0.93 3.94
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CHTR CHTR

Charter Communications Inc (N'S:CHTR)
Current
Communication Services - Pay TV P/E (ttm) 19.95 19.47 19.85 Tangible Book -265.48 -78 Payout N/A
Charter Communications Inc is a providers of cable services in the Dnited P/B 2.28 2.31 19.3 Median P/S 223.73 66 Yield on Cost(5y) % N/A
States. The company offers entertainment, information and communications P/S 2.48 1.49 1.64 Price 338.34 Continuous Div. since N/A
solutions to residential and commercial customers. P/FCF N/A 18.69 35.94 Insider Ownership % 0.36
Financial Strength
-- -- 39.26 43.96 66.08 91.29 153.74 187.68 215.11 292.19 353.03 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.05 0.41 0.01 353.03
160.2
F-Score 7 5.00 5 1W 0.26 0
5M
YTD 17.51 9.1
Net-Margin (%) 10.55 3.49 -3.36
1Y 52.96 17.3
ROE (%) 12.07 6.73 -108.96
ROA (%) 3.03 2.49 -1.46 3Y 27.32
14.24 14.15 12.98
(%)
Growth
Revenue Growth (%) N/A 9.3 39.70 -- -- 4084 4471 5726 7714 14517 18661 20588 77393 90519 Market Cap
EBITDA Growth (%) N/A 8.3 46.70 333 338 -- 102 99 90 92 98 101 235 268 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A 5.2 28.40 -- -- -- -- -- -- -- -- -- 19.8 20 Year End P/E
EPS without NRI Growth -- -- 2.1 3 14 51.8 96.2 127.8 -- 1.9 2.3 P/B
N/A N/A 0.00
(%) -- -- 2.7 0.6 0.9 1 1.7 2 2.1 2.3 2.5 P/S
Free Cash Flow Growth -- -- -17.1 6.7 7.4 7.9 10.4 12.9 17.4 14.4 12.4 EV/EBITDA
N/A 25.8 -954.60
(%)
18 19.2 -- 69 73.1 83.3 88.5 92.9 96.4 123.5 136.4 Revenue Per Share
Quarterly -4.6 -7.3 -- -2.3 -3.7 -3.4 -1.8 -1.9 -2.7 15.9 17 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -2.8 -2.5 -- 7.1 4.9 1.6 4.4 1.7 5.4 14.1 -32.3 Free Cashflow Per Share
Net Income -188 3067 189 454 155 -46.7 -48.2 -63.9 -64.8 -82.9 -82.1 -90.4 -80.3 -79.4 -265.2 -265.5 Tang. Book Per Share
Net Income (YoY) % 132 -2614 250 -472 -182 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 130 -1354 30 -144 -131
6002 6479 -- 7059 7204 7504 8155 9108 9754 29003 36637 Revenue
Guru Trades 56.4 56.9 -- 51.2 36.7 50.1 49.5 49.9 50.6 52.9 52.6 Gross Margin %
Impact Cur.
548 -614 -- 1024 1041 915 909 971 1114 3355 3994 Operating Income
Guru Date Action 9.1 -9.5 -- 14.5 14.5 12.2 11.2 10.7 11.4 11.6 10.9 Operating Margin %
% Shares
Chase Coleman 03/31/17 Reduce -2.73 1,566,260 -1534 -2451 -- -237 -369 -304 -169 -183 -271 3522 3865 Net Income
John Griffin 03/31/17 Reduce -1.83 1,006,800
-25.6 -37.8 -- -3.4 -5.1 -4.1 -2.1 -2 -2.8 12.1 10.6 Net Margin %
-- -- -- -14 -39.1 -109 -112.7 -123.2 -542 17.6 12.1 ROE %
Steve Mandel 03/31/17 Add 1.64 5,670,234
-10.3 -17.2 -- -1.5 -2.4 -2 -1 -0.9 -0.9 3.7 3 ROA %
Larry Robbins 03/31/17 Reduce -0.76 379,000
David Tepper 03/31/17 Buy 0.7 129,784
Eric Mindich 03/31/17 Sell -0.61 0 75 960 709 4 2 7 21 3 5 1535 2920 Cash & Equivalents
14666 13882 16658 15707 15601 15596 17295 24388 39316 149067 149444 Total Assets
19973 21586 13252 12306 12856 12808 14181 20887 35723 59719 60837 Long-term Debt
SEVERE Beneish M-Score: Possible manipulator -- -- -- -- -- -- -- -- -- -- -- Common Equity
327 399 -- 1928 1737 1876 2158 2359 2359 8041 10460 Cashflow from Operations
SEVERE Asset Growth: faster than revenue growth -1138 -1210 -- -1170 -1366 -1737 -2443 -9304 -17032 -11290 -12466 Cashflow from Investing
-- -- -- -6 -733 -11 -15 -19 -38 -1562 -2441 Repurchase of Stock
Good Signs
860 1751 -- -1237 417 -71 262 6826 14719 1823 1576 Net Issuance of Debt
GOOD Piotroski F-Score: High 826 1696 -- -1463 -373 -134 299 6927 14675 4779 3648 Cashflow from Financing
-1246 -1241 -- -1201 -1254 -1732 -1749 -2188 -1812 -4722 -5942 Capital Expenditure
Insider Trades
-919 -842 -- 727 483 144 409 171 547 3319 4518 Free Cash Flow
Cur.
Shares Competitor
Merritt David C Director 05/11/17 1200 9374 Financial Operating
Merritt David C Director 05/11/17 -1200 9374 Strength Margin(%)
Jacobson Craig A Director 05/10/17 -1000 13206 NAS:CMCSK Comcast Corp 4 8 143,615 21.94 2.44 21.08 5.17 17.01
EVP/Chief NAS:CHTR Charter Communications Inc 4 7 90,519 19.95 2.48 10.90 3.03 12.07
Hargis Jonathan 05/09/17 -6000 7049
Marke
EVP/Chief
NAS:DISH DISH Network Corp 5 7 30,415 21.88 2.16 15.07 5.46 34.64
Hargis Jonathan 02/21/17 -20000 7049
Marke NAS:LBTYA Liberty Global PLC 3 5 24,144 12.98 1.33 14.11 2.54 17.25
OTCPK:BSYBF Sky PLC 5 8 21,104 26.51 1.41 7.22 3.61 18.93
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CI CI

Cigna Corp (N(S):CI)
Industry Historical % of Price Dividend Yield*ttm+ % 0.02
Current
$ 167.28 Median Median NCAV -156.5 -94 Dividend Yield*forward+ % 0.02
Health Care Plans P/E *ttm+ 22.3 19.00 12.87 Tangible Book 32.18 19 Payout 0.01
Market Cap: $ 42,826 Mil Forward P/E 17.42 14.51 N/A Graham Number 73.69 44 Dividend Growth*5y+ % N/A
Cigna Corp is a health services organization. The Company provides P/B 3.01 2.44 2.22 Peter Lynch Value 93.98 56 Yield on Cost*5y+ % 0.02
medical, dental, disability, life and accident insurance and related products P/S 1.08 0.59 0.68 Median P/S 105.59 63 Continuous Div. since 2017
and services. P/FCF 10.21 12.79 12.96 DCE *Earnings Based( 131.08 78 Insider Ownership % 1.48
PEG 1.8 1.79 0.82 DCF *FCF Based( 309.93 185 Short % of Float 1.18
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.87 1.20 0.87 169.77

80.48
F-Score 0 6.00 0 1W 0.46 0
Operating Margin *%+ 7.59 5.19 8.56
7M
YTD 25.44 9.1
Net-Margin *%+ 4.84 3.19 5.67
ROE *%+ 14.32 14.32 18.32 1Y 32.21 17.3
ROA (%) 3.25 4.26 2.98 3Y 22.52
ROC *Joel Greenblatt+ 3.7M 5Y 29.89
0.00 89.82 0.00
*% +
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth *%+ 12.1 14.1 5.00 15022 4578 12380 9967 11992 15280 24103 26683 37539 34264 42826 Market Cap
EBITDA Growth *%+ 14.8 12.4 -5.50 283 279 275 275 274 290 279 264 256 255 256 Sh. Outstanding-diluted*Mil+
EBIT Growth *%+ 14.1 13.4 -7.20 13.9 16.4 7.5 7.9 9.2 9.5 16.8 13.1 18.2 18.5 22.3 Year End P/E
12.6 11.3 -6.20
*% + 0.9 0.3 0.5 0.5 0.5 0.5 0.8 0.8 1 0.9 1.1 P/S
13.8 31.7 62.30
*% +
Book Value Growth (%( 15.8 13 12.30
Quarterly 3.9 1.1 4.7 4.7 4.6 5.6 5.2 7.8 8 7.2 7.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 3.8 5 1.6 5.2 3.9 6.7 0.7 6.4 9.5 14 16.4 Free Cashflow Per Share
Revenue 9884 9960 9880 9944 10385 0 0 0 0 0 0 0 0 0 0 0 Dividends Per Share
Revenue , YoY- % 4 5 5 4 5 27.5 7.8 21.2 29.7 33.4 25 43.8 57 65.1 69.8 73.7 Graham Number
Net Income , YoY- % -3 -13 -17 -10 15 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS , YoY- % -2 -13 -16 -10 15
17623 19101 18414 21128 21865 29119 32380 34914 37876 39668 40169 Revenue
100 100 100 100 100 100 100 100 100 100 100 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Alan Fournier 03/31/17 Buy 2.24 322,500 1115 292 1302 1279 1260 1623 1476 2102 2094 1867 1946 Net Income
6.3 1.5 7.1 6.1 5.8 5.6 4.6 6 5.5 4.7 4.8 Net Margin %
Lee Ainslie 03/31/17 Add 0.83 2,456,819
24.6 7 28.9 21.2 17.2 18.3 14.5 19.7 18.4 14.5 14.3 ROE %
Larry Robbins 03/31/17 Reduce -0.68 4,905,428
2.7 0.7 3.1 2.9 2.6 3.1 2.7 3.8 3.7 3.2 3.3 ROA %
Paul Tudor Jones 03/31/17 Add 0.1 25,886 1970 1342 924 1605 4690 2978 2795 1420 1968 3185 4155 Cash & Equivalents
40065 41406 43013 45682 50697 53734 54336 55870 57088 59360 61147 Total Assets
1790 2090 2436 2288 4990 4986 5014 4979 5020 4756 4621 Long-term Debt
MEDIUM Revenue per Share: Growth slow down 88 88 88 88 92 92 92 74 74 74 74 Common Equity
MEDIUM Price: Close to 10-year high 1342 1656 745 1743 1491 2350 719 2158 2933 4026 4684 Cashflow from Operations
MEDIUM PE Ratio: Close to 10-year high 269 -2572 -1485 -1342 -1270 -3857 15 -1866 -1736 -2574 -2331 Cashflow from Investing
MEDIUM PS Ratio: Close to 10-year high -1185 -378 -- -201 -225 -208 -1003 -1612 -671 -139 -239 Repurchase of Stock
120 595 146 273 2225 -228 -116 -112 -65 -148 -402 Net Issuance of Debt
Insider Trades -1041 314 307 274 2867 -228 -930 -1635 -609 -225 -594 Cashflow from Financing
Shares
1080 1399 438 1443 1069 1942 192 1685 2423 3565 4244 Free Cash Flow
Zollars William D Director 06/13/17 -1923 14485
VP & Chief Competitor
Hoeltzel Mary T 06/06/17 -500 2951
Acco Financial Operating
Pres., Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Sadler Jason D 06/05/17 -1727 34504 Strength Margin(%)
Internat
Pres. GovK t & NYSE:ANTM Anthem Inc 6 6 50,016 18.31 0.58 5.46 4.25 11.22
Manders Matthew G 06/02/17 -6000 33799
I NYSE:AET Aetna Inc 5 8 49,523 46.53 0.84 4.97 1.78 6.79
VP & Chief
Hoeltzel Mary T 05/31/17 -2850 3451 NYSE:CI Cigna Corp 6 6 42,826 22.30 1.08 7.59 3.25 14.32
Acco
NYSE:HU M Humana Inc 6 5 33,540 23.62 0.64 5.04 5.24 13.76
GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. U nder no circumstances does an y information posted on GuruFocus.com represent a recommendation to buy or sell a security. The
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/AMEX:CIK CIK

Credit Suisse Asset Mgmt Income Fund Inc
Current
(AMEX:CIK) Median Median NCAV -0.18 -5 Dividend Yield(forward) % 7.9
Not Rated $ 3.34 P/E (ttm) 6.32 12.97 10.73 Median P/S 3.11 93 Payout 0.49
Asset Management Forward P/E N/A 14.31 N/A Price 3.34 Dividend Growth(5y) % -5
Market Cap: $ 175 Mil P/B 0.96 1.01 0.95 Tangible Book 3.48 104 Yield on Cost(5y) % 6.11
Credit Suisse Asset Mgmt Income Fund Inc is a closed-end management P/S 12.23 6.15 11.34 Graham Number 6.5 195 Continuous Div. since 2016
investment company. The investment objective of the Fund is to seek current P/FCF N/A 15.92 N/A Insider Ownership % 0.51
income through investment in debt securities. Shiller P/E N/A 20.12 N/A Institution Ownership % 17.55
PEG N/A 1.27 N/A Short % of Float N/A
Financial Strength
Industry Historical
Median Median
Cash to Debt No Debt N/A No Debt 4.6

Interest Coverage No Debt 634.71 No Debt Gain(%) SP500(%)
1.4
F-Score 0 5.00 0 1W 0.91 0
276821
YTD 9.87 9.1
Net-Margin (%) 195.04 40.43 105.82
1Y 23.00 17.3
ROE (%) 16.12 6.31 8.75
ROA (%) 14.74 3.62 7.68 3Y 4.82
ROC (Joel Greenblatt) 138410.55Y 5.29
0.00 68.89 0.00
(%)
Growth
Revenue Growth (%) N/A -4.5 -1.40 -- -- -- 178 183 202 186 172 145 165 175 Market Cap
EBITDA Growth (%) N/A -4.6 -2.00 -- -- -- 50 50 50 52 52 52 52 52 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A -4.6 -2.00 -- -- -- 7.2 19.4 7.7 10.9 58.8 -- 5.9 6.3 Year End P/E
EPS without NRI -- -- -- 1 1 1.1 0.9 0.9 0.9 0.9 1 P/B
N/A N/A 0.00
Growth (%) -- -- -- 10.4 11.2 11.8 11.5 11.8 10 11.5 12.2 P/S
Free Cash Flow Growth -- -- -- 11.3 12.2 12.8 12.7 13 10.9 12.7 13.4 EV/EBITDA
N/A N/A 0.00
(%) -- -- -- 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%) N/A -2.1 8.40
-- -- -- 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 Revenue Per Share
Quarterly -- -- -- 0.5 0.2 0.5 0.3 0.1 -0.1 0.5 0.5 EPS
Dec14 Jun15 Dec15 Jun16 Dec16 -- -- -- -- -- -- -- -- -- -- -- Free Cashflow Per Share
Revenue 7 7 7 7 7 -- -- -- 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 Dividends Per Share
Net Income -7 7 -15 9 19 -- -- -- 3.7 3.6 3.8 3.8 3.6 3.2 3.5 3.5 Tang. Book Per Share
EPS -0 0 -0 0 0 -- -- -- 3.9 3.7 3.9 3.5 3.2 3.2 3.1 3.1 Median P/S Value
Revenue (YoY) % -18 -11 -9 -4 1 -- -- -- 6.4 3.9 6.7 5.3 2.1 -- 6.5 6.5 Graham Number
Net Income (YoY) % -149 15 -236 -7 -390 -- -- -- 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -147 14 -236 -8 -390
-- -- -- 17.1 16.4 17.2 16.2 14.6 14.5 14.3 14.3 Revenue
Warning Signs -- -- -- 100 100 100 100 100 100 100 100 Gross Margin %
-- -- -- 15.8 15 15.8 14.7 13.2 13.3 13.1 13.1 Operating Income
-- -- -- 92 91.8 91.9 90.7 90.3 91.6 91.2 91.2 Operating Margin %
MEDIUM Dividend Yield %: Close to 10-year low -- -- -- 24.6 9.4 26.2 17.1 2.9 -7.8 27.9 27.9 Net Income
-- -- -- 143.7 57.5 152.4 105.8 20 -53.4 195 195 Net Margin %
Good Signs
-- -- -- 13.3 5.2 14.2 8.8 1.5 -4.4 16 16.1 ROE %
GOOD Financial Strength: Strong Financial Strength
-- -- -- 10.6 4.2 11.9 7.7 1.3 -3.9 14.7 14.7 ROA %
-- -- -- 2010 2011 2012 2013 2014 2015 2016 Dec16 Balance Sheet
Insider Trades
Cur. -- -- -- -- 0 0 0 0 0.1 0.1 0.1 Cash & Equivalents
Shares -- -- -- 231.5 218.9 221.9 223.9 213 185.1 194.6 194.6 Total Assets
Fox Lawrence Joseph Director 12/27/16 2586 58687 -- -- -- -- -- -- -- -- -- -- -- Long-term Debt
Cattano James Director 12/27/16 1293 36712 -- -- -- 46.5 38.9 31.2 23.1 23.6 17.2 12.5 12.5 Total Liabilities
Nominating -- -- -- 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Common Equity
Rappaport Steven N 12/27/16 1293 67320
Comm
-- -- -- 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Bovarnick Terry Fires Director 12/27/16 1293 4204
Audit -- -- -- -- -- -- -- -- -- -- -- Cashflow from Operations
Arzac Enrique R 12/27/16 1293 14470
Committee -- -- -- -- -- -- -- -- -- -- -- Cashflow from Investing
Saba Capital -- -- -- -- -- -- -- -- -- -- -- Repurchase of Stock
10% Owner 11/15/16 36031 5945k
Management, L.p. -- -- -- -- -- -- -- -- -- -- -- Net Issuance of Debt
Bovarnick Terry Fires Director 09/21/16 -8200 2772 -- -- -- -- -- -- -- -- -- -- -- Cashflow from Financing
Fox Lawrence Joseph Director 07/25/16 2702 54157 -- -- -- -- -- -- -- -- -- -- -- Capital Expenditure
Cattano James Director 07/25/16 1351 34191 -- -- -- -- -- -- -- -- -- -- -- Free Cash Flow
Nominating Competitor
Rappaport Steven N 07/25/16 1351 66027
Comm
Financial Operating
Strength Margin(%)
NYSE:MDLY Medley Management Inc 4 6 175 60.50 0.49 31.23 1.09 0.00
NYSE:MSB Mesabi Trust 9 6 175 13.09 12.14 93.14 123.53 186.96
NAS:SAMG Silvercrest Asset Management Group Inc 7 8 175 20.16 1.32 19.00 5.40 11.47
AMEX:CIK Credit Suisse Asset Mgmt Income Fund Inc 9 3 175 6.32 12.23 91.16 14.74 16.12
NAS:FSAM Fifth Street Asset Management Inc 3 6 172 0.00 0.41 8.53 0.70 39.03
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CINF CINF

Cincinnati Financial Corp (NAS:CINF)
Current
Insurance - Property & Casualty P/E (ttm( 20.36 15.32 14.42 Tangible Book 44.02 60 Payout 0.53
Market Cap: $ 12,169 Mil Forward P/E 26.11 15.63 N/A Median P/S 55.89 76 Dividend Growth.5y( % 3.9
Cincinnati Financial Corp is a property casualty insurance company. Its P/B 1.68 1.37 1.18 Peter Lynch Value 57.97 78 Yield on Cost(5y( % 3.21
operating segments are Commercial lines insurance, Personal lines P/S 2.19 1.19 1.66 Graham Number 59.96 81 Continuous Div. since 1961
insurance, Excess and surplus lines insurance, Life insurance and P/FCF 12.8 10.47 10.87 Price 73.89 Insider Ownership % 5.09
Investments. Shiller P/E 22.89 19.54 13.72 Institution Ownership % 43.4
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.65 2.41 0.55 78.84

30.37
F-Score 0 3.00 0 1W 4.87 0
2M
YTD -1.80 9.1
Net-Margin (%( 10.77 6.64 10.96
ROE (%( 8.59 8.79 8.63 1Y 9.77 17.3
ROA (%( 2.98 2.18 2.95 3Y 17.80
0.00 200.81 0.00
(%(
Growth
Revenue Growth .%( 2.9 7.2 6.90 6564 4720 4251 5134 4935 6383 10369 8485 9698 12453 12169 Market Cap
EBITDA Growth .%( -1.4 22.8 -14.30 172 163 163 163 163 164 165 165 166 167 165 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( -1.7 29.1 -15.70 8 11.2 9.9 13.8 30.2 15.2 16.8 16.3 15.5 21.3 20.4 Year End P/E
EPS without NRI Growth 1.1 1.1 0.9 1 1 1.2 1.7 1.3 1.5 1.8 1.7 P/B
-1.8 23.9 -13.20
(%( 1.6 1.3 1.1 1.4 1.3 1.6 1.9 1.7 1.9 2.3 2.2 P/S
8.4 29.6 -13.20
.%(
Book Value Growth (%( 2.1 7 7.50
Quarterly 5 2.6 2.7 2.3 1 2.6 3.1 3.2 3.8 3.6 3.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 3.7 2.7 3 3.1 1.5 3.9 4.8 5.2 6.4 6.5 5.8 Free Cashflow Per Share
Revenue (YoY( % 6 4 10 4 12 63.2 39 41.9 40.1 26.6 44 46.4 53.6 58.1 58.6 60 Graham Number
Net Income (YoY( % 47 -30 3 -36 7 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 47 -30 3 -36 7
4259 3824 3903 3772 3803 4111 4531 4945 5142 5449 5608 Revenue
Impact Cur.
% Shares
Louis Moore Bacon 03/31/17 Sell -0.03 0 855 429 432 375 164 421 517 525 634 591 604 Net Income
20.1 11.2 11.1 9.9 4.3 10.2 11.4 10.6 12.3 10.9 10.8 Net Margin %
13.4 8.5 9.7 7.7 3.3 8 9 8.3 9.8 8.8 8.6 ROE %
5.1 2.9 3.1 2.5 1.1 2.6 3 2.9 3.4 3 3 ROA %
First Eagle Investment 03/31/17 Add 0 2,802,478
Jim Simons 12/31/16 Reduce -0.01 220,400 226 1009 557 385 438 487 433 591 544 777 543 Cash & Equivalents
16637 13369 14440 15095 15635 16548 17662 18748 18888 20386 20753 Total Assets
791 791 790 807 821 827 835 871 856 846 842 Long-term Debt
-862 1509 -815 -529 -8 -304 -509 -311 -624 -456 -594 Cashflow from Investing
Good Signs
-307 -139 -- -10 -32 -- -52 -21 -53 -39 -17 Repurchase of Stock
GOOD Operating Margin %: Expansion 780 -780 -- -- 55 -- -- -55 -14 -15 -18 Net Issuance of Debt
181 -1210 -162 -174 -186 -285 -341 -404 -487 -414 -450 Cashflow from Financing
Insider Trades
Cur.
Insider Position / ate Trades 635 448 483 514 240 632 789 864 1054 1090 962 Free Cash Flow
Shares
Debbink Dirk J Director 05/19/17 145 26127 Competitor
Osborn David P 0 irector 05/08/17 1925 35867 Financial Operating
Debbink Dirk J Director 02/24/17 136 25802 Strength Margin(%)
Sr Vice NYSE:MKL Markel Corp 5 5 13,801 41.19 2.48 9.09 1.40 3.99
Doyle Donald J Jr 12/05/16 -3000 26353
Preside
Debbink Dirk J Director 12/02/16 130 24426
OTCPK:QBIEY QBE Insurance Group Ltd 4 3 13,533 15.62 1.10 9.06 2.03 8.16
NYSE:CNA CNA Financial Corp 5 4 13,029 12.43 1.37 14.98 1.88 8.89
NAS:CINF Cincinnati Financial Corp 6 6 12,169 20.36 2.19 14.68 2.98 8.59
NYSE:XL XL Group Ltd 6 5 11,367 21.19 1.10 6.33 0.95 5.03
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CL CL

Colgate-Palmolive Co (NYSE:CL)
Current
Colgate-Palmolive Co is a consumer products company. The company P/B N/A 1.74 20.92 Price 76.35 Yield on Cost(5y) % 2.85
provides services such as oral care, personal care, home care and pet P/S 4.5 1.09 2.94 Continuous Div. since 1964
nutrition. Its business segments are Oral, Personal & Home Care, and Pet P/FCF 26.15 20.89 22.81 Insider Ownership % 1.44
Nutrition. Shiller P/E 32.28 27.49 29.04 Institution Ownership % 53.07
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.21 0.64 0.12 77.23

24.92
F-Score 8 5.00 7 1W 0.74 0
11M
YTD 17.88 9.1
Net-Margin (%) 16.31 4.02 13.51
1Y 8.64 17.3
ROE (%) 0.00 8.42 96.28
ROA (%) 19.93 3.89 19.21 3Y 6.04
101.67 13.16 93.06
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 5.4 -1 39.50 24.4 18.7 18.8 18.7 18.7 20.4 27.4 29.3 44.1 24.1 27.6 Year End P/E
EPS without NRI 19 19.9 13.8 14.9 18.7 22.4 26 54.8 -- -- -- P/B
4.5 -3.1 83.40
Growth (%) 3 2.4 2.8 2.6 2.7 2.9 3.5 3.7 3.8 3.9 4.5 P/S
Free Cash Flow Growth 14.4 11 10.9 11.1 11.5 12.2 15.8 16.6 19.5 14.6 16.8 EV/EBITDA
7.6 1.6 22.90
12.9 14.3 14.6 15.2 17 17.8 18.5 18.7 17.6 16.9 17 Revenue Per Share
Quarterly 1.6 1.8 2.2 2.2 2.5 2.6 2.4 2.4 1.5 2.7 2.8 EPS
Net Income 533 600 702 606 570 -1 -1.2 -0.2 -0.5 -1.7 -1.9 -1.8 -2.8 -4.2 -4.1 -4.3 Tang. Book Per Share
Revenue (YoY) % -8 -5 -3 -5 0 -- -- -- -- -- -- -- -- -- -- -- Graham Number
EPS (YoY) % 0 6 -3 -233 8
13790 15330 15327 15564 16734 17085 17420 17277 16034 15195 15195 Revenue
2653.1 3101 3615 3489 3841 3889 3556 3557 2789 3837 3855 Operating Income
Impact Cur.
Guru Date Action 19.2 20.2 23.6 22.4 23 22.8 20.4 20.6 17.4 25.3 25.4 Operating Margin %
% Shares
Louis Moore Bacon 03/31/17 Sell -0.65 0 1737.4 1957 2291 2203 2431 2472 2241 2180 1384 2441 2478 Net Income
12.6 12.8 15 14.2 14.5 14.5 12.9 12.6 8.6 16.1 16.3 Net Margin %
92.5 93 90.9 76.1 96.3 108.3 99.7 126.4 327.2 -- -- ROE %
18.1 19.5 21.7 19.8 20.4 18.9 16.4 15.9 10.9 20.3 19.9 ROA %
Caxton Associates 03/31/17 Buy 0.03 115,000
First Eagle Investment 03/31/17 Add 0.02 4,782,281 428.7 555 600 490 878 884 962 1089 970 1315 1347 Cash & Equivalents
10112 9979 11134 11172 12724 13394 13985 13459 11935 12123 12448 Total Assets
3221.9 3585 2821 2815 4430 4926 4749 5644 6246 6520 6466 Long-term Debt
Warning Signs 7825.8 8056 8018 8497 10349 11205 11680 12314 12234 12366 12761 Total Liabilities
SEVERE Revenue per Share: Declined 732.9 733 733 733 733 1466 1466 1466 1466 1466 1466 Common Equity
MEDIUM PS Ratio: Close to 10-year high 2203.7 2302 3277 3211 2896 3196 3204 3298 2949 3141 3218 Cashflow from Operations
-528.3 -613 -841 -658 -1213 -865 -890 -859 -685 -499 -513 Cashflow from Investing
Good Signs
GOOD Piotroski F-Score: High -224.7 195 -526 296 1414 441 422 435 421 164 115 Net Issuance of Debt
-1754.4 -1530 -2270 -2624 -1242 -2301 -2142 -2170 -2276 -2233 -2312 Cashflow from Financing
Insider Trades
-583.1 -684 -575 -550 -537 -565 -670 -757 -691 -593 -600 Capital Expenditure
Cur.
Shares 1620.6 1618 2702 2661 2359 2631 2534 2541 2258 2548 2618 Free Cash Flow
Corporate
Dolan Victoria L 05/15/17 -34000 45118 Competitor
Contr
Financial Operating
Hancock Ellen M Director 05/15/17 -4920 201174 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Chief
Verduin Patricia 05/15/17 -3833 56462
Technolog OTCPK:UNLNF Unilever NV 7 7 87,408 27.04 2.66 14.80 9.55 33.61
SVP, Chief of NYSE:UL Unilever PLC 6 7 71,015 28.54 2.72 14.81 9.90 34.88
Huston John J 05/10/17 -14000 126980
S
Kogan Richard J Director 05/08/17 -8000 65065
OTCPK:RBGLY Reckitt Benckiser Group PLC 7 8 70,466 31.00 5.76 24.37 10.88 24.40
NYSE:CL Colgate-Palmolive Co 5 6 67,439 27.60 4.50 25.37 19.93 0.00
OTCPK:HENKY Henkel AG & Co KGaA 7 8 57,002 22.71 2.50 14.91 8.03 14.70
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CLX CLX

Clorox Co (NYSE:CLX)
Current
Clorox Co is engaged in manufacturing and marketing consumer & P/B 44.8 1.74 74.08 DCE (Earnings Based) 54.15 39 Yield on Cost(5y) % 3.23
professional products. The Company sells its products primarily through P/S 3.1 1.09 1.95 Median P/S 87.83 63 Continuous Div. since 1978
grocery and mass retail outlets, e-commerce channels, wholesale distributors P/FCF 31.22 20.89 18.92 Price 140.16 Insider Ownership % 0.57
and medical supply distributors. Shiller P/E 31 27.49 20.17 Institution Ownership % 52.79
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.18 0.64 0.16 139.24

46.67
F-Score 6 5.00 6 1W 2.67 0
3M
YTD 18.11 9.1
Net-Margin (%) 11.22 4.02 10.30
1Y 8.48 17.3
ROE (%) 218.89 8.42 426.47
ROA (%) 14.80 3.89 13.11 3Y 18.37
100.24 13.16 84.00
(%)
Growth
2007 2008 2009 2010 2011 2012 201$ 2014 2015 2016 Current Stock Performance
10 Yr 5 Yr 1 Yr
EPS without NRI 50.2 -- -- 104 -- -- 74.2 76.4 113.3 60.3 44.8 P/B
5 14.3 -0.80
Growth (%) 2 1.4 1.4 1.7 1.8 1.8 2 2.2 2.4 3.2 3.1 P/S
Free Cash Flow Growth 10 9.8 9.2 10.1 13 10.8 11.2 11.8 12.8 16 16.2 EV/EBITDA
5.5 9.9 -11.70
(%) 2007 2008 2009 2010 2011 2012 201$ 2014 2015 2016 TTM Per share data
Quarterly 3.3 3.2 3.8 4.2 4 4.1 4.3 4.2 4.4 4.9 5.1 EPS
Revenue 1426 1600 1443 1406 1477 1.2 1.6 1.8 2 2.2 2.4 2.6 2.8 3 3.1 3.2 Dividends Per Share
Net Income (YoY) % -7 -14 4 0 6 2007 2008 2009 2010 2011 2012 201$ 2014 2015 2016 TTM Income Statement
EPS (YoY) % -5 -13 4 1 7
4847 5273 5450 5234 5231 5468 5533 5514 5655 5761 5926 Revenue
Impact Cur.
% Shares
Pioneer Investments 03/31/17 Reduce -0.07 716,630 501 461 537 603 557 541 572 558 580 648 665 Net Income
10.3 8.7 9.9 11.5 10.7 9.9 10.3 10.1 10.3 11.3 11.2 Net Margin %
6680 -- -- -- -- -- 10400 372 426.5 312.3 218.9 ROE %
Ray Dalio 03/31/17 Sell -0.03 0
13.9 11.1 11.6 13.2 12.8 12.7 13.2 13 13.8 14.9 14.8 ROA %
Jim Simons 03/31/17 Add 0.02 1,077,700
2007 2008 2009 2010 2011 2012 201$ 2014 2015 2016 Mar17 Balance Sheet
Joel Greenblatt 03/31/17 Sell -0.01 0
Donald Yacktman 03/31/17 Reduce 0 72,497 182 214 206 87 259 267 299 329 382 401 431 Cash & Equivalents
3581 4712 4576 4548 4163 4355 4311 4258 4164 4518 4629 Total Assets
1462 2720 2151 2124 2125 1571 2170 1595 1796 1797 1390 Long-term Debt
MEDIUM Price: Close to 10-year high 2007 2008 2009 2010 2011 2012 201$ 2014 2015 2016 TTM Cashflow Statement
-268 -1082 -197 -231 544 -277 -55 -138 -106 -430 -465 Cashflow from Investing
Good Signs
-155 -868 -- -150 -655 -225 -128 -260 -434 -254 -293 Repurchase of Stock
GOOD Revenue per Share: Consistent growth -237 1437 -323 -354 -213 133 -355 -60 -128 126 212 Net Issuance of Debt
GOOD Operating Margin %: Expansion -456 380 -540 -706 -1078 -321 -685 -592 -696 -316 -329 Cashflow from Financing
Cur.
Shares Competitor
Costello Michael R. SVP - Internati 03/09/17 -6954 22004 Financial Operating
Chairman & Strength Margin(%)
Dorer Benno O 03/08/17 8 19152
CEO
NYSE:COTY Coty Inc 4 6 19,184 0.00 1.56 -2.49 -1.12 -3.63
EVP-COO -
Vlahos Nikolaos A 02/28/17 -25610 13065
NYSE:CLX Clorox Co 5 8 18,052 27.78 $.10 18.12 14.80 218.89
House
VP - Global OTCPK:UNICY Unicharm Corp 6 8 15,855 40.05 2.57 11.46 6.92 12.58
Johnson Thomas D 02/17/17 -10626 13154
Bus
EVP Product
OTCPK:SSDOY Shiseido Co Ltd 6 5 14,109 85.14 1.83 4.47 2.22 4.90
Foster James E 02/15/17 -16427 11666
Sup NYSE:CHD Church & Dwight Co Inc 6 9 13,348 29.26 3.97 21.04 10.99 23.96
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CMA CMA
Comerica Inc (NYSE:CMA) Ratios Valuation Analysis Dividend & Ownership

Current
Banks - Banks - Regional - 1 S P/E (ttm) 21.47 14.59 14.42 Tangible Book 41.06 55 Payout 0.26
Comerica Inc is a financial services company which operates in three P/B 1.66 1.19 1.09 Graham Number 56.45 76 Yield on Cost(5y) % 2.74
business segments: the Business Bank, the Retail Bank, and Wealth P/S 4.55 3.42 2.7 Price 74.08 Continuous Div. since 2009
Management. It operates in three primary geographic markets: Michigan, P/FCF 23.22 11.57 10.69 Insider Ownership % 2.74
California and Texas. Shiller P/E 30.79 20.80 11.13 Institution Ownership % 65.19
Financial Strength
Cash to Debt 1.60 2.12 0.39 74.58
31.11
F-Score 0 4.00 0
1W 5.01 0
Median Median
6M 8.69 8.7
Net-Margin (%) 21.28 22.78 17.94 8M YTD 9.48 9.1
ROE (%) 7.91 8.51 6.52 1Y 75.43 17.3
ROA (%) 0.86 0.91 0.72 3Y 15.25
0.00 18.06 0.00
(%)
Growth
EBIT Growth (%) N/A 4.9 34.40 9.9 15.4 -- 52.8 12.3 11.4 16.6 14.8 14.7 25.4 21.5 Year End P/E
EPS without NRI Growth 1.3 0.6 0.9 1.3 0.7 0.8 1.2 1.1 1 1.5 1.7 P/B
N/A 4.5 40.80
(%) 2.3 1.1 1.7 3 2 2.2 3.5 3.5 2.8 4.2 4.6 P/S
0.3 -6.4 -12.50
(%)
Quarterly 4.4 1.3 -0.8 0.9 2.1 2.7 2.9 3.2 2.8 2.7 3.5 EPS
Revenue 691 714 722 722 741
Revenue (YoY) % 4 5 6 3 7 58 31 -- 23.7 38.5 44.8 47.8 51.8 50.2 49.6 56.5 Graham Number
Net Income (YoY) % -56 -23 10 41 239
EPS (YoY) % -53 -21 14 44 226
2891 2708 2617 2435 2445 2598 2554 2512 2724 2848 2899 Revenue
Impact Cur. 988 271 -115 315 530 762 786 870 750 670 853 Operating Income
Guru Date Action
% Shares 34.2 10 -4.4 12.9 21.7 29.3 30.8 34.6 27.5 23.5 29.4 Operating Margin %
Eric Mindich 03/31/17 Sell -2.8 0 686 213 17 277 393 521 541 593 521 477 617 Net Income
David Tepper 03/31/17 Sell -1.39 0 23.7 7.9 0.7 11.4 16.1 20.1 21.2 23.6 19.1 16.8 21.3 Net Margin %
Richard Pzena 03/31/17 Reduce -0.31 1,162,325 13.4 3.1 -1.7 2.4 6.1 7.5 7.6 8.1 6.9 6.2 7.9 ROE %
Third Avenue
1.1 0.3 0 0.5 0.7 0.8 0.8 0.9 0.7 0.7 0.9 ROA %
03/31/17 Reduce -0.19 975,344
Management 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Paul Tudor Jones 03/31/17 Add 0.11 82,883 1478 3221 5617 2083 3556 4434 6451 6071 6147 7218 8319 Cash & Equivalents
First Pacific Advisors 03/31/17 Reduce -0.01 179,380 62331 67548 59249 53667 61008 65069 65224 69186 71877 72978 72976 Total Assets
8821 15053 11060 6138 4944 4720 3543 2675 3058 5160 5153 Long-term Debt
Warning Signs
894 894 894 1019 1141 1141 1141 1141 1141 1141 1141 Common Equity
-6369 -3417 9469 1206 -849 -3676 1174 -3743 -3255 -270 761 Cashflow from Investing
Good Signs 4970 4908 -5170 -5324 -1599 -153 -937 -947 317 2152 1677 Net Issuance of Debt
2803 4464 -7366 -6026 1526 3962 -93 2724 2469 848 3904 Cashflow from Financing
-189 -166 -74 -92 -121 -- -47 -70 -119 -95 -80 Capital Expenditure
Cur.
Shares
Financial Operating
Chairman & Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Babb Ralph W Jr 05/01/17 -83600 594755 Strength Margin(%)
CEO
Farmer Curtis C President 04/28/17 -64250 72191 NYSE:RF Regions Financial Corp 5 5 17,310 16.19 3.21 30.76 0.95 6.60
EVP - Chief NYSE:FRC First Republic Bank 6 6 15,837 25.13 6.84 36.85 1.01 9.55
Michalak Michael H 04/28/17 -8757 35378
Ris
Executive NAS:HBAN Huntington Bancshares Inc 5 5 14,448 19.83 3.45 25.18 0.84 7.34
Ritchie Michael T 04/28/17 -2500 19493
Vice NYSE:CMA Comerica Inc 6 5 13,107 21.47 4.55 29.42 0.86 7.91
EVP and
Duprey David E
CFO
01/31/17 -59000 87254 NAS:SIVB SVB Financial Group 6 6 9,438 23.32 5.68 40.17 0.92 11.32
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CMCSA CMCSA

Comcast Corp (NAS:CMCSA)
Current
Communication Services - Pay TV P/E (ttm) 22.06 19.47 18.31 Tangible Book -13.21 -32 Payout 0.3
Comcast Corp is a media and technology company. The Company has two P/B 3.57 2.31 1.65 Median P/S 32.31 78 Yield on Cost(5y) % 3.21
operations Comcast Cable and NBCUniversal. P/S 2.45 1.49 1.91 Price 41.44 Continuous Div. since 2014
Financial Strength
15.03 11.36 9 11.13 13.34 19.05 25.98 29.44 32.25 35.51 41.99 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.07 0.41 0.09 41.99

18.19
F-Score 7 5.00 6 1W 1.22 0
72M
YTD 20.49 9.1
Net-Margin (%) 11.12 3.49 10.04
1Y 34.76 17.3
ROE (%) 17.01 6.73 10.96
ROA (%) 5.17 2.49 3.53 3Y 17.89
49.89 14.15 44.96
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 17.3 12.3 9.80 22 19.9 13.4 17 15.7 16.3 20.3 18.1 17.4 19.4 22.1 Year End P/E
EPS without NRI Growth 1.1 1.2 1 1.2 1.2 1.8 2.4 2.6 2.6 3 3.6 P/B
19.4 17.4 14.50
(%) 1.9 1.5 1.4 1.6 1.2 1.6 2.1 2.2 1.9 2.1 2.5 P/S
Free Cash Flow Growth 6 6.2 5 5.3 5.2 5.4 7.7 7.8 7.7 8.3 9.4 EV/EBITDA
19 4.7 -1.50
Quarterly 0.4 0.4 0.6 0.6 0.8 1.1 1.3 1.6 1.6 1.8 1.9 EPS
Revenue 18790 19269 21319 21025 20463 -- 0.1 0.1 0.2 0.2 0.3 0.4 0.5 0.5 0.6 0.6 Dividends Per Share
Net Income 2134 2028 2237 2296 2566 -7.1 -6.7 -7.3 -6.9 -11.9 -11.5 -11.2 -10.9 -12.2 -13 -13.2 Tang. Book Per Share
Net Income (YoY) % 4 -5 12 16 20 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 6 -1 15 20 23
30895 34423 35756 37937 55842 62570 64657 68775 74510 80403 82076 Revenue
Impact Cur.
Guru Date Action 18.1 19.6 20.2 21 19.2 19.5 21 21.7 21.5 21 21.1 Operating Margin %
% Shares
Eric Mindich 03/31/17 Add 3.41 4,618,427 2587 2547 3638 3635 4160 6203 6816 8380 8163 8695 9127 Net Income
8.4 7.4 10.2 9.6 7.5 9.9 10.5 12.2 11 10.8 11.1 Net Margin %
Steve Mandel 03/31/17 Buy 2.72 13,740,082
6.3 6.2 8.8 8.4 9.1 12.8 13.6 16.2 15.6 16.4 17 ROE %
2.3 2.3 3.2 3.1 3 3.8 4.2 5.3 5 5 5.2 ROA %
John Hussman 03/31/17 Buy 0.62 75,000
Lee Ainslie 03/31/17 Reduce -0.58 1,148,214 963 1195 671 5984 1620 10951 1718 3910 2316 5073 4022 Cash & Equivalents
113417 113017 112733 118534 157818 164971 158813 159186 166574 180500 182479 Total Assets
29828 30178 27940 29615 37942 38082 44567 43864 48994 55566 58276 Long-term Debt
Insider Trades 2312 925 -3174 2267 -2672 1119 1834 503 1243 7969 5780 Net Issuance of Debt
Cur. -316 -2522 -4908 -155 -6201 -4037 -13879 -6020 -8429 151 -1633 Cashflow from Financing
Bacon Kenneth J Director 05/25/17 -7500 26812 2228 3954 4642 5682 8084 8217 6555 8403 8909 8419 8445 Free Cash Flow
Burke Stephen B Sr. EVP 05/10/17 -258380 714811
Competitor
EVP, GC
Block Arthur R 04/19/17 -2356 58578 Financial Operating
and Sec Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
EVP, GC
Block Arthur R 03/28/17 -19890 58578
and Sec NAS:CMCSA Comcast Corp 4 8 196,548 22.06 2.45 21.08 5.17 17.01
EVP, GC
Block Arthur R
and Sec
03/24/17 -10215 58578 NAS:CHTR Charter Communications Inc 4 7 90,519 19.95 2.48 10.90 3.03 12.07
NAS:DISH DISH Network Corp 5 7 30,415 21.88 2.16 15.07 5.46 34.64
NAS:LBTYA Liberty Global PLC 3 5 24,144 12.98 1.33 14.11 2.54 17.25
OTCPK:BSYBF Sky PLC 5 8 21,104 26.51 1.41 7.22 3.61 18.93
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CME CME

CME Group Inc (NAS:CME)
Current
Brokers & Exchanges - Financial Exchanges P/E (ttm( 27.44 20.00 25.35 Tangible Book -19.45 -15 Payout 0.53
Market Cap: $ 43,079 Mil Forward P/E 26.25 17.89 N/A DCE (Earnings Dividend Growth(5y( % 12.7
49.76 39
CME Group Inc through its futures exchanges & clearing houses, serves the P/B 2.1 1.32 1.18 Based( Yield on Cost(5y( % 3.62
risk management & investment needs of customers. It offers products like P/S 11.98 3.95 8.57 DCF (FCF Based( 52.84 42 Continuous Div. since 2010
futures & options, foreign exchange, energy, agricultural commodities, P/FCF 26.67 13.03 21.61 Median P/S 90.69 72 Insider Ownership % 0.56
weather derivatives & real estate. Shiller P/E 34.82 25.16 26.55 Price 126.78 Institution Ownership % 64.94
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.62 N/A 4.95 142.08

55.39
F-Score 6 5.00 6 1W 3.67 0
9M
YTD 11.05 9.1
Net-Margin (%( 43.62 10.97 34.74
1Y 40.74 17.3
ROE (%( 7.52 5.18 5.10
ROA (%( 2.27 1.69 2.17 3Y 25.61
388.05 18.59 269.27
(%(
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%( 3.5 2.5 8.10 46.1 17 27.1 22.5 9 18.8 26.9 26.5 24.6 25.5 27.4 Year End P/E
EPS without NRI 3 0.8 1.2 1.1 0.8 0.8 1.2 1.4 1.5 1.9 2.1 P/B
5.1 0.5 21.90
Growth (%( 17.4 4.8 8.6 7.1 5 5.8 8.9 9.6 9.2 10.9 12 P/S
5.6 5.3 5.50
8 8.7 7.9 9 9.8 8.8 8.8 9.3 9.8 10.6 10.6 Revenue Per Share
Quarterly 3 2.4 2.5 2.9 5.4 2.7 2.9 3.4 3.7 4.5 4.6 EPS
Net Income 368 320 473 373 400 -9.5 -27.4 -25.5 -25.2 -20.5 -18.6 -19 -19.3 -20 -20.2 -19.4 Tang. Book Per Share
Revenue (YoY( % 11 11 -1 12 -1 -- -- -- -- -- -- -- -- -- -- -- Graham Number
EPS (YoY( % 11 22 31 28 8
1756.1 2561 2612.8 3003.7 3280.6 2914.6 2936.3 3112.5 3326.8 3595.2 3590.3 Revenue
1050.5 1582.2 1589.1 1831.1 2021.1 1692 1637 1768.4 1988.7 2202.7 2230 Operating Income
Impact Cur.
% Shares
Steven Cohen 03/31/17 Reduce -0.19 60,032 658.5 715.5 825.8 951.4 1812.3 896.3 976.8 1127.1 1247 1534.1 1566.1 Net Income
37.5 27.9 31.6 31.7 55.2 30.8 33.3 36.2 37.5 42.7 43.6 Net Margin %
9.5 4.6 4.4 4.8 8.7 4.2 4.6 5.4 6 7.5 7.5 ROE %
5.4 2.1 2 2.7 4.8 2.3 2.1 1.8 1.8 2.2 2.3 ROA %
Pioneer Investments 03/31/17 Add 0 47,781
Ray Dalio 03/31/17 Add 0 5,342 845.3 297.9 260.6 855.2 1042.3 1604.7 2469.7 1366.1 1692.6 1868.6 1287.8 Cash & Equivalents
20306 48159 35651 35046 40759 38863 54278 72242 67359 69369 75476 Total Assets
-- 2966.1 2014.7 2104.8 2106.8 2106.8 2107.2 2107.9 2229.3 2231.2 2231.6 Long-term Debt
SEVERE Altman Z-Score: Distress 0.5 0.7 0.7 0.7 3.3 3.3 3.3 3.4 3.4 3.4 3.4 Common Equity
MEDIUM Price: Close to 5-year high 814.4 1197.2 1083.1 1359.6 1346.3 1219.7 1280.5 1291.4 1515.3 1716 1704.7 Cashflow from Operations
-78.6 -3749.1 544.8 -111.6 -153.6 -208.9 190.5 -199.1 17.9 53.7 305.2 Cashflow from Investing
Good Signs
-949.3 -224 -27 -575.3 -220.4 -- -- -- -- -- -- Repurchase of Stock
GOOD Revenue per Share: Consistent growth 162.9 2929.3 -900.1 208.1 -420.5 747.7 -1.3 -750 70.7 -- -- Net Issuance of Debt
-859.9 2004.5 -1665.2 -653.4 -1005.6 -448.4 -606 -2195.9 -1206.7 -1593.7 -1868.1 Cashflow from Financing
Insider Trades
-163.6 -200.1 -157.9 -160 -172.2 -- -- -132.8 -114.2 -91.8 -91.6 Capital Expenditure
Cur.
Sr MD Gen
Cronin Kathleen M 06/14/17 -8125 31549 Competitor
Couns
Sr MD&Pres
Financial Operating
Taylor Kimberly S 06/13/17 -7400 107930 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Clea Strength Margin(%)
Bitsberger Timothy S. Director 06/13/17 -800 9024 NAS:CME CME Group Inc 5 8 43,079 27.44 11.98 62.11 2.27 7.52
Sr MD Chief NYSE:ICE Intercontinental Exchange Inc 4 8 38,253 24.93 6.58 36.86 1.98 10.06
Winkler Julie 06/12/17 -4315 15355
Com
Sr MD Chief OTCPK:HKXCY Hong Kong Exchanges and Clearing Ltd 6 7 31,001 39.88 23.02 68.88 2.66 18.94
Kometer Kevin 06/09/17 -4125 50695
Inf OTCPK:DBOEY Deutsche Boerse AG 5 8 19,855 13.13 6.68 45.93 0.69 31.42
OTCPK:LDNXF London Stock Exchange Group PLC 5 8 16,222 80.33 7.42 25.76 0.03 5.22
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CMG CMG

Chipotle Mexican Grill Inc (NESE:CMG)
Industry Historical % of Price Dividend Yield2ttm3 % N/A
Current
$ 455.67 Median Median NCAV -1.82 -0 Dividend Yield2forward 3 % N/A
Restaurants P/E 2ttm3 138.94 26.58 45.05 Tangible Book 48.32 11 Payout N/A
Market Cap: $ 13,061 Mil Forward P/E 55.87 21.23 N/A Graham Number 59.72 13 Dividend Growth25y3 % N/A
Chipotle Mexican Grill Inc together with its subsidiaries operates Chipotle P/B 9.29 3.02 8.07 Price 455.67 Yield on Cost25y3 % N/A
Mexican Grill restaurants, which serves a menu of burritos, tacos, burrito P/S 3.23 1.11 3.46 Median P/S 489.43 107 Continuous Div. since N/A
bowls 2a burrito without the tortilla3 and salads, made using fresh ingredients. P/FCF 71.53 30.55 45.23 Insider Ownership % 1.48
Financial Strength
Industry Historical
Score: 9 /10 Current 55 38.69 47.42 86.43 217.67 236.24 280.94 476.28 479.85 359.92 374.77 Low
Median Median
Cash to Debt No Debt 0.67 3420.26 757.77

Interest Coverage No Debt 24.29 5535.00 Gain(%) SP500(%)
359.54
F-Score 7 5.00 7 1W -0.87 0
Operating Margin 2% 3 3.73 5.36 15.57
2M
YTD 20.76 9.1
Net-Margin 2%3 2.31 3.16 9.61
ROE 2%3 1Y 16.75 17.3
6.56 8.54 23.07
ROA 2%3 4.59 3.96 17.03 3Y -8.16
ROC 2Joel Greenblatt3 1M 5Y 2.52
12.03 18.32 46.57
2% 3
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth 2% 3 19.5 14.7 3.70 4825 1995 2775 6607 10554 9248 16532 21240 14674 10871 13061 Market Cap
EBITDA Growth 2% 3 17 -6 -49.60 33 33 32 32 32 32 31 32 31 30 29 Sh. Outstanding-diluted2Mil3
EBIT Growth 2%3 12.9 -23.6 -67.70 69.1 26.2 22.3 37.8 50 34 50.9 48.4 31.8 471.7 138.9 Year End P/E
12.6 -22.5 -68.30
Growth 2%3 4.5 1.5 1.9 3.7 4.7 3.5 5.2 5.3 3.4 2.9 3.2 P/S
43.3 -7.5 -16.70
2% 3
Book Value Growth 2% 3 17 11.5 -5.80
Quarterly 2.1 2.4 4 5.6 6.8 8.8 10.5 14.1 15.1 0.8 3.3 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 0.2 1.4 4.5 5.5 8.2 7 10.5 13.6 13.5 3 6.4 Free Cashflow Per Share
Net Income -26 26 8 16 46 16.5 18.7 21.6 25.4 32.7 39.4 48.9 64.1 68.9 47.9 48.3 Tang. Book Per Share
Revenue 4 YoY5 % -23 -17 -15 4 28 28.1 31.5 43.9 56.8 70.5 88 107.3 142.8 153 28.8 59.7 Graham Number
Net Income 4 YoY5 % -122 -82 -95 -76 -274 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS 4 YoY5 % -123 -80 -94 -75 -282
1085.8 1332 1518.4 1835.9 2269.5 2731.2 3214.6 4108.3 4501.2 3904.4 4138.8 Revenue
22.3 21.5 24.9 26.7 26 27.1 26.6 27.2 26.1 12.8 15.3 Gross Margin %
Guru Trades
Impact Cur.
Guru Date Action 10 9.3 13.4 15.7 15.5 16.7 16.6 17.3 17 0.9 3.7 Operating Margin %
% Shares
Louis Moore Bacon 03/31/17 Buy 0.57 47,500 70.6 78.2 126.8 179 214.9 278 327.4 445.4 475.6 22.9 95.5 Net Income
6.5 5.9 8.4 9.8 9.5 10.2 10.2 10.8 10.6 0.6 2.3 Net Margin %
13.6 13.2 19.1 23.6 23.2 24.3 23.5 25.1 23 1.3 6.6 ROE %
10.6 10.1 14.2 17.2 16.9 18 17.8 19.6 18.1 1 4.6 ROA %
Ruane Cunniff 03/31/17 Reduce -0.08 515,909
Jim Simons 03/31/17 Add 0.05 165,800
Wallace Weitz 03/31/17 Sell -0.02 0 151.2 88 219.6 224.8 401.2 322.6 323.2 419.5 248 87.9 122.4 Cash & Equivalents
Bill Ackman 12/31/16 Add 14.85 2,882,463
722.1 825 961.5 1121.6 1425.3 1668.7 2009.3 2527.3 2725.1 2026.1 2062.3 Total Assets
4 3.9 3.8 -- 3.5 -- -- -- -- -- -- Long-term Debt
Mario Cibelli 12/31/16 Add 1.44 23,500
160 202.4 258 310.7 381.1 422.7 471 514.9 597.1 623.6 654.5 Total Liabilities
Steven Cohen 12/31/16 Add 0.21 97,900
0.3 -- 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 Common Equity
146.9 198.5 260.7 289.2 411.1 420 528.8 682.1 683.3 349.2 438.1 Cashflow from Operations
Warning Signs
-166.2 -232.1 -67.2 -189.9 -210.2 -355.5 -428.3 -518.8 -464.1 326.8 -253 Cashflow from Investing
SEVERE Sloan Ratio: Poor quality of earnings -- -30.2 -84.1 -126.6 -63.5 -217.1 -138.9 -88.3 -460.7 -837.7 -313 Repurchase of Stock
SEVERE Gross Margin %: Declined -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -- -- -- -- -- Net Issuance of Debt
SEVERE Operating Margin %: Declined 16.8 -29.5 -61.9 -94.5 -24.3 -143.5 -100.4 -66.7 -386.4 -836.3 -312.3 Cashflow from Financing
-140.5 -152.1 -117.2 -113.2 -151.1 -197 -199.9 -252.6 -257.4 -258.8 -253 Capital Expenditure
Good Signs 6.4 46.4 143.5 176 259.9 222.9 328.9 429.5 425.9 90.4 185.1 Free Cash Flow
GOOD Piotroski F-Score: High Competitor
Financial Operating
Insider Trades Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
NYSE:YUMC Yum China Holdings Inc 8 6 15,250 29.17 2.15 9.48 14.49 23.36
Paull Matthew H Director 02/06/17 400 416
NYSE:K S
R Restaurant Brands International Inc 4 6 14,060 43.11 6.90 39.54 3.16 20.34
NYSE:CMG Chipotle Mexican Grill Inc 9 8 13,061 138.94 3.23 3.73 4.59 6.56
NYSE:DRI Darden Restaurants Inc 7 7 11,166 22.99 1.61 9.86 10.95 26.05
NYSE:DPK Domino' sPizza Inc 4 8 10,078 44.77 4.10 18.43 32.10 0.00
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CMI CMI

Cummins Inc (N6S7:CMI)
Industry Historical % of Price Uividend Yield)ttm( % 2.54
Current
$ 161.70 Median Median NCAV -18.57 -11 Uividend Yield)forward( % 2.57
Industrial Products - Diversified Industrials P/E 8ttm9 18.53 23.19 15.13 Tangible Book 37.73 23 Payout 0.46
Market Cap: $ 27,162 Mil Forward P/E 18.15 20.75 N/A Graham Number 86.04 53 Uividend Growth)5y( % 24.8
Cummins Inc designs, manufactures, distributes and services diesel and P/B 3.78 1.90 3.22 Median P/S 116.34 72 Yield on Cost)5y( % 7.69
natural gas engines, electric power generation systems and engine-related P/S 1.53 1.28 1.1 Price 161.70 Continuous Uiv. since 2005
component products. P/FCF 19.03 17.80 17.91 Insider Ownership % 0.85
PEG 185 2.16 0.67 Short % of Float 2.55
Financial Strength
Industry Historical 70.08 73.87 50.55 111.25 120.18 128 140.97 160.55 147.85 146.46 160.63 Annual Price High
Median Median
Cash to Uebt 0.75 1.12 0.42 160.63
71.43
F-Score 7 5.00 6 1W 2.10 0
Median Median
6M 17.94 8.7
YTU 19.81 9.1
Net-Margin )%( 8.25 4.33 7.91 6M
ROE )%( 21.13 6.84 22.19 1Y 46.16 17.3

ROA )%( 9.71 3.38 10.13 3Y 3.47
33.92 11.81 40.58
)%(
Growth
Revenue Growth )%( 7 3.3 -0.30 12877 5383 9232 21760 16900 20565 26319 26268 15419 22988 27162 Market Cap
EBITUA Growth )%( 10.2 0.1 8.80 200 197 198 197 194 190 187 183 178 169 168 Sh. Outstanding-diluted)Mil(
EBIT Growth )%( 10.6 -2.6 6.20 17.2 6.9 21.2 20.8 9.2 12.5 17.8 16 11.2 16.6 18.5 Year End P/E
12.4 -2.6 15.20
Growth )%( 1 0.4 0.8 1.6 0.9 1.2 1.5 1.4 0.8 1.3 1.5 P/S
Free Cash Flow Growth 8.7 3.8 9 10.9 5.4 7.5 10 8.8 6 9.4 10.7 EV/EBITUA
16.1 6.8 8.60
)%(
Book Value Growth )%( 13.7 7.2 5.00
65.3 73 54.6 67.1 93.2 91.4 92.3 105 107.1 103.4 105.8 Revenue Per Share
Quarterly 3.7 3.8 2.2 5.3 9.6 8.7 7.9 9 7.8 8.2 8.7 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 2 1.8 4 3 7.2 4 7.2 8 7.1 7.9 8.5 Free Cashflow Per Share
Revenue 4291 4528 4187 4503 4589 0.4 0.6 0.7 0.9 1.3 1.8 2.3 2.8 3.5 4 4.1 Uividends Per Share
Net Income 321 406 289 378 396 14.2 13.1 15.8 20.6 25.7 30.5 35.8 38 37.6 36 37.7 Tang. Book Per Share
Revenue )YoY( % -9 -10 -9 -6 7 34.4 33.7 27.7 49.5 74.3 77.1 79.9 87.8 81.5 81.7 86 Graham Number
Net Income )YoY( % -17 -14 -24 135 23 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY( % -13 -8 -20 138 26
13048 14342 10800 13226 18048 17334 17301 19221 19110 17509 17807 Revenue
Guru Uate Action
% Shares 8.9 8.9 6.3 12.1 14.9 13 12.1 12.3 10.8 11 11.3 Operating Margin %
Joel Greenblatt 03/31/17 Reduce -0.15 182,468 739 755 428 1040 1848 1645 1483 1651 1399 1394 1469 Net Income
John Buckingham 03/31/17 Reduce -0.14 36,649 5.7 5.3 4 7.9 10.2 9.5 8.6 8.6 7.3 8 8.3 Net Margin %
23.8 22.7 12.2 24.6 36.4 27.2 21 21.6 18.5 19.5 21.1 ROE %
9.4 9 4.9 10.8 16.8 13.6 10.9 10.8 9.1 9.3 9.7 ROA %
T Rowe Price Equity
03/31/17 Reduce -0.03 930,000
Income Fund 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Jeremy Grantham 03/31/17 Add 0.03 87,440 577 426 930 1023 1484 1369 2699 2301 1711 1120 1322 Cash & Equivalents
Hotchkis & Wiley 03/31/17 Reduce -0.02 3,761,795 8195 8519 8816 10402 11668 12548 14728 15764 15134 15011 15634 Total Assets
555 629 637 709 658 698 1672 1577 1576 1568 1576 Long-term Uebt
Warning Signs
551 1732 1824 1934 1979 2040 2083 2139 2178 2153 2163 Common Equity
S:V:R: Operating Margin %: Ueclined
S:V:R: Asset Growth: faster than revenue growth
M:DIUM Revenue per Share: Growth slow down
M:DIUM Uividend Yield %: Close to 2-year low
-141 -43 -23 80 -104 -81 911 -79 -73 179 90 Net Issuance of Uebt
Good Signs
-576 -237 -141 -267 -1025 -694 52 -1343 -1644 -1409 -937 Cashflow from Financing
390 362 792 599 1391 755 1349 1468 1260 1341 1429 Free Cash Flow
Insider Trades
Cur. Competitor
Shares
Financial Operating
Talaulicar Anant
VP & Ch. -
05/30/17 -1650 13386 Ticker Company
Strength
Profitability Market Cap($M) P/; P/S
Margin(%)
ROA(%) RO; (%)
Cumm
Nelson Georgia R Uirector 05/25/17 -1086 18489 OTCPK:NJUCY Nidec Corp 7 8 30,806 32.07 2.90 11.64 7.44 13.55
Herman Alexis M Uirector 05/10/17 -1300 29656 N<S::CMI Cummins Inc 7 7 27,162 18.53 1.53 11.25 9.71 21.13
Linebarger Norman Chairman & OTCPK:KNYJF KONE Oyj 6 6 26,738 23.16 2.69 14.58 13.50 44.14
05/02/17 -24000 109975
Thomas CEO
NYSE:ROP Roper Technologies Inc 5 7 23,542 35.60 5.98 26.87 5.59 11.69
Group Vice
Chapman Steven M 05/02/17 -6540 20750 NYSE:IR Ingersoll-Rand PLC 6 8 23,006 16.29 1.72 11.54 8.30 22.37
Pres
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CMS CMS

CMS Energy Corp (NYSE:CMS)
Current
= tilities
- Regulated - = tilities - Regulated Electric P/E (ttm) 22.77 17.55 17.32 Peter Lynch Value 11.29 23 Payout 0.6
Market Cap: $ 13,484 Mil Forward P/E 22.03 19.27 N/A Tangible Book 15.61 32 Dividend Growth(5y> % 7.6
CMS Energy Corp is an energy company operating in Michigan. The P/B 3.07 1.62 1.85 Median P/S 19.78 41 Yield on Cost(5y> % 3.87
Company through its subsidiaries and equity investments is engaged in P/S 2.08 1.73 0.86 Graham Number 27.22 57 Continuous Div. since 2007
independent power production and owns power generation facilities fueled P/FCF 1092.73 15.65 52.14 Price 48.08 Insider Ownership % 1.1
by natural gas and renewable sources. Shiller P/E 31.77 23.96 38.48 Institution Ownership % 67.14
Financial Strength
Median Median
Cash to Debt 0.04 0.26 0.06 47.79
19.49
F-Score 7 5.00 5 1W 2.47 0
Median Median
6M 19.18 8.7
Operating Margin (%> 20.99 13.88 15.73
YTD 17.12 9.1
Net-Margin (%> 9.12 7.70 6.25 5M
ROE (%> 13.86 8.66 12.84 1Y 13.69 17.3

ROA (%> 2.80 2.98 2.43 3Y 20.47
ROC (Joel Greenblatt> 2.6M 5Y 17.74
8.24 10.08 8.24
(%>
Growth
Revenue Growth (%> -2.2 -0.8 3.70 3912 2287 3569 4643 5611 6439 7123 9563 10001 11620 13484 Market Cap
EBITDA Growth (%> 8.4 4.7 12.50 223 236 238 253 263 269 272 275 277 279 280 Sh. Outstanding-diluted(Mil>
EBIT Growth (%> N/A 4 22.50 -- 8.6 17.2 14.9 14.1 17.5 16.2 20 19.1 20.9 22.8 Year End P/E
EPS without NRI 1.8 0.8 1.4 1.7 1.9 2 2.1 2.6 2.5 2.7 3.1 P/B
N/A 6.3 20.60
Growth (%> 0.6 0.4 0.6 0.7 0.9 1.1 1.1 1.3 1.5 1.8 2.1 P/S
N/A N/A 0.00
(%>
Book Value Growth (%> 4 5.1 5.50
29 28.8 26.1 25.4 24.7 23.3 24.1 26.1 23.3 22.9 23 Revenue Per Share
Quarterly -1 1.2 0.9 1.3 1.6 1.4 1.7 1.7 1.9 2 2.1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -5.7 -1.1 0.1 0.4 0.9 -0.1 0.4 -0.4 -0.3 -0.2 0 Free Cashflow Per Share
Revenue 1801 1371 1587 1640 1829 0.2 0.4 0.5 0.7 0.8 1 1 1.1 1.2 1.2 1.3 Dividends Per Share
Net Income 164 124 186 77 199 9.5 12 11.4 11.2 11.9 12.1 13 13.3 14.2 15.2 15.6 Tang. Book Per Share
Revenue (YoY? % -15 2 7 9 2 -- 18 14.6 18.5 20.5 19.5 22 22.9 24.6 26.1 27.2 Graham Number
Net Income (YoY? % -19 85 26 -27 21
EPS (YoY) % -19 80 26 -26 20
6464 6807 6205 6432 6503 6253 6566 7179 6456 6399 6427 Revenue
Guru Trades 36.5 38.1 42.5 45.3 46 48.8 49.4 46.3 52.9 56.2 57 Gross Margin %
Impact Cur. -88 799 698 978 1003 1003 1142 1152 1163 1297 1349 Operating Income
Guru Date Action
% Shares -1.4 11.7 11.3 15.2 15.4 16 17.4 16.1 18 20.3 21 Operating Margin %
Jim Simons 03/31/17 Add 0.05 878,700 -215 295 229 340 415 382 452 477 523 551 586 Net Income
Louis Moore Bacon 03/31/17 Sell -0.02 0 -3.3 4.3 3.7 5.3 6.4 6.1 6.9 6.6 8.1 8.6 9.1 Net Margin %
Murray Stahl 03/31/17 Reduce 0 28,662 -9.3 11.1 7.8 11.5 14.3 12.3 13.6 13.4 13.8 13.5 13.9 ROE %
-1.5 2 1.5 2.2 2.6 2.3 2.6 2.6 2.7 2.6 2.8 ROA %
Jeremy Grantham 03/31/17 Sell 0 0
Manning & Napier 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
03/31/17 Reduce 0 29,631
Advisors, Inc 348 207 90 247 161 93 172 207 266 235 433 Cash & Equivalents
Joel Greenblatt 12/31/16 Sell -0.01 0 14192 14901 15256 15616 16452 17131 17416 19185 20299 21622 21623 Total Assets
5788 6221 6092 6636 6207 6863 7239 8139 8518 8750 9233 Long-term Debt
Warning Signs
2 2 2 2 3 3 3 3 3 3 3 Common Equity
MEDIUM Interest Coverage: Low 27 557 848 959 1169 1241 1421 1481 1640 1629 1643 Cashflow from Operations
Good Signs -32 -1 -- -- -- -- -- -- -- -- -- Repurchase of Stock
GOOD Piotroski F-Score: High -600 232 143 631 60 298 344 568 564 470 769 Net Issuance of Debt
-690 147 -35 202 -199 41 190 462 463 255 431 Cashflow from Financing
Cur. -1264 -269 30 95 233 -35 96 -96 -78 -43 13 Free Cash Flow
Shares
Senior Vice Competitor
Malone Daniel J 05/30/17 -10000 148622
Pre Financial Operating
Vice
Ticker Company
Strength
Margin(%)
ROA(%) ROE(%)
Webb Thomas J 05/25/17 -50000 187773
Chairman
NYSE:FTS Fortis Inc 4 7 14,311 24.56 2.09 21.92 2.03 5.45
Venkat Dhenuvakonda Senior Vice
05/16/17 -2000 30022 NYSE:AGR Avangrid Inc 4 5 14,060 21.35 2.32 20.36 2.13 4.35
Rao Pre
VP, NYSE:AEE Ameren Corp 3 8 13,704 21.16 2.23 22.99 2.69 9.25
Barba Glenn P 05/09/17 -16000 33184
Controller, NYSE:CMS CMS Energy Corp 4 6 13,484 22.77 2.08 20.99 2.80 13.86
SVP and
Reynolds Catherine M 05/08/17 -10246 113956 OTCPK:RDEIY Red Electrica Corporacion SA 4 9 12,271 16.83 5.58 51.89 6.08 22.77
General
GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. @nder no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CNC CNC
Ratios Valuation B nalysis Dividend & Ownership

Centene Corp (NASE:CNC)
Current
Health Care Plans P/E (ttm( 19.04 19.00 18.9 Tangible Book -0.85 -1 Payout N/A
Market Cap: $ 13,613 Mil Forward P/E 16.58 14.51 N/A DCE (Earnings Based( 44.2 56 Dividend Growth(5y( % N/A
Centene Corp is a diversified multi-national healthcare enterprise. The P/B 2.24 2.44 2.16 Price 79.02 Yield on Cost(5y( % 1.9
company provides programs and services to government sponsored P/S 0.31 0.59 0.32 Median P/S 82.6 105 Continuous Div. since N/A
healthcare programs, focusing on under-insured and uninsured individuals. P/FCF 5.49 12.79 7.75 Peter Lynch Value 103.25 131 Insider Ownership % 4.5
Shiller P/E 50.12 28.07 43.36 DCF CFCF Based( 391.01 495 Institution Ownership % 77.8
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.20 1.20 1.65 81.48

37.42
F-Score 6 6.00 5 1W 1.74 0
Operating Margin (%D 3.26 5.19 3.10
5M
YTD 39.83 9.1
Net-Margin (%D 1.58 3.19 1.84
1Y 17.92 17.3
ROE (%D 12.60 14.32 15.14
ROA (%D 3.61 4.26 5.35 3Y 28.70
ROC (Joel GreenblattD 2.4M 5Y 41.16
226.95 89.82 76.26
(%D
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth (%D 34.5 37.3 80.80 90 89 89 101 105 107 112 120 123 164 172 Sh. Outstanding-diluted(Mil(
EBIT Growth (%D N/A 43.1 73.90 16.7 10.5 11.2 13.5 18.7 2050 20.1 23.1 22.9 17.5 19 Year End P/E
N/A 31.6 83.60
Growth (%D 0.4 0.3 0.2 0.3 0.4 0.3 0.3 0.4 0.4 0.2 0.3 P/S
Free Cash Flow Growth 10.2 3.3 4.3 5.1 6.2 8.2 7.7 9 8.5 6 6.5 EV/EBITDA
19.3 40.7 177.70
C%(
Book Value Growth C%( 20.3 28.9 13.40
Quarterly 0.8 0.9 0.9 0.9 1.1 0 1.5 2.3 2.9 3.4 4.2 EPS
Net Income -16 169 145 265 139 3 3.7 3.9 4.9 5.7 6.5 7.6 7.3 9.6 -2.1 -0.8 Tang. Book Per Share
EPS -0 1 1 2 1 9.9 12.1 14.8 14.1 15.9 23.8 30.9 44 59.2 79 82.6 Median P/S Value
Revenue (YoY( % 36 98 86 89 69 5.6 8.9 9.2 10 12.1 11 15.6 19.2 25 -- -- Graham Number
Net Income (YoY( % -125 92 56 139 -969 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % -125 35 9 75 -708
2769 3364.5 4102.9 4448.3 5211.5 8110 10863 16560 22760 40607 45378 Revenue
18.7 19.8 21.4 18 18.1 15.3 14.2 15.7 17.1 20 19.4 Gross Margin %
Guru Trades
55.2 131.6 138.1 157.1 203.8 108 277 464 705 1260 1480 Operating Income
Impact Cur.
% Shares
Richard Snow 03/31/17 Add 1.52 840,445
73.4 83.5 83.7 94.8 111.2 2 165 271 355 562 718 Net Income
2.7 2.5 2 2.1 2.1 0 1.5 1.6 1.6 1.4 1.6 Net Margin %
Lee Ainslie 03/31/17 Sell -1.03 0
19.8 18.2 15.2 13.6 12.9 0.2 15.1 18.2 18.2 14 12.6 ROE %
David Tepper 03/31/17 Add 0.46 1,174,597
7.3 6.5 5.3 5.2 5.4 0.1 5.2 5.8 5.4 4.1 3.6 ROA %
Andreas Halvorsen 03/31/17 Add 0.2 2,280,256
Columbia Wanger 03/31/17 Reduce -0.17 558,022 268.6 379.1 403.8 434.2 573.7 844 1038 1610 1760 3930 4839 Cash & Equivalents
1121.8 1451.2 1702.4 1943.9 2190.3 2773.9 3529 5824 7339 20197 21362 Total Assets
206.4 264.6 307.1 327.8 348.3 535.5 666 874 1216 4651 4643 Long-term Debt
Warning Signs 706.8 949.9 1101.5 1149.9 1254.7 1820.8 2295 4080 5182 14302 15292 Total Liabilities
SEVERE Asset Growth: faster than revenue growth 0 0 0 0.1 0.1 0.1 -- -- -- -- -- Common Equity
MEDIUM Long-Term Debt: Issuing new debt 202.2 222 248.2 168.9 261.7 279 382 1223 658 1851 2903 Cashflow from Operations
-225.5 -153.9 -270.1 -210.6 -129.1 -188 -342 -848 -813 -2397 -1890 Cashflow from Investing
Good Signs
-9.5 -23.5 -6.3 -3.2 -7.8 -13 -19 -29 -53 -63 -54 Repurchase of Stock
GOOD Revenue per Share: Consistent growth 24.8 57.5 42.8 22.8 2.9 182 139 201 342 2870 2870 Net Issuance of Debt
GOOD Operating Margin %: Expansion 20.8 42.5 46.5 72.1 6.9 179 154 198 305 2717 391 Cashflow from Financing
-53.9 -65.2 -84.6 -118.6 -73.7 -82 -68 -103 -150 -306 -344 Capital Expenditure
Insider Trades 148.3 156.8 163.6 50.4 188 197 314 1120 508 1545 2559 Free Cash Flow
Cur.
Shares Competitor
Gephardt Richard A Director 06/12/17 -4350 40699 Financial Operating
Ditmore Robert K Director 06/02/17 -3900 658874 Strength Margin(%)
Brooks Mark J
SVP, Chief
06/02/17 -2161 42046 NYSE:CNC Centene Corp 6 8 13,613 19.04 0.31 3.26 3.61 12.60
Info
NYSE:WCG WellCare Health Plans Inc 6 7 7,715 28.53 0.52 3.71 4.26 14.09
Chairman,
Neidorff Michael F 06/01/17 -25000 4028k
Presi NYSE:MOH Molina Healthcare Inc 6 7 3,899 37.00 0.21 1.63 1.40 6.33
EVP, Secr. & NAS:MGLN Magellan Health Inc 6 8 1,709 21.01 0.32 3.16 3.61 7.57
Williamson Keith H 05/01/17 -6000 99357
Ge
NYSE:UAM Universal American Corp 5 2 626 11.08 0.48 -0.28 3.98 17.08
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CNP CNP
CenterPoint Energy Inc (NYSE:CNP) Ratios Valuation Analysis Dividend & Ownership
Current
E tilities
- Regulated - E tilities - Regulated Gas P/E (ttm) 26.74 17.55 14.85 Tangible Book 6.2 22 Payout 0.96
CenterPoint Energy Inc is an electric and natural gas utility serving several P/B 3.49 1.62 2.3 Median P/S 18.71 65 Yield on Cost(5y) % 4.92
markets in the states of Arkansas, Louisiana, Minnesota, Mississippi, P/S 1.5 1.73 0.98 Price 28.61 Continuous Div. since 2005
Oklahoma, and Texas. P/FCF 57.57 15.65 25.66 Insider Ownership % 0.87
Financial Strength
Cash to Debt 0.14 0.26 0.05 28.93
10.03
F-Score 7 5.00 6
1W 1.42 0
Median Median
6M 19.89 8.7
Net-Margin (%) 5.68 7.70 4.76 7M YTD 18.28 9.1
ROE (%) 13.53 8.66 14.46 1Y 29.24 17.3
ROA (%) 2.19 2.98 2.11 3Y 9.63
9.60 10.08 11.50
(%)
Growth
EBIT Growth (%) -5.5 -5.5 5.40 14.6 9.8 14.4 14.7 6.3 20.1 32.2 16.5 -- 24.9 26.7 Year End P/E
EPS without NRI 3.1 2.2 2.2 2.1 2 1.9 2.3 2.2 2.3 3.1 3.5 P/B
N/A N/A 0.00
Growth (%) 0.6 0.4 0.6 0.7 1 1.1 1.2 1.1 1.1 1.4 1.5 P/S
N/A -15.2 -17.30
(%)
Book Value Growth (%) 6.3 -4.7 0.80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly 1.2 1.3 1 1.1 3.2 1 0.7 1.4 -1.6 1 1.1 EPS
-1 -0.5 1.9 -0.3 1.4 1.5 0.8 0.1 0.7 1.2 0.5 Free Cashflow Per Share
Revenue 1984 1574 1889 2081 2735
0.7 0.7 0.8 0.8 0.8 0.8 0.8 1 1 1 1 Dividends Per Share
Net Income 154 -2 179 101 192 0.4 0.9 2.4 3.5 5.9 6.6 8.1 8.6 6.1 6 6.2 Tang. Book Per Share
EPS 0 -0 0 0 0 27.5 32.7 22.2 21 19.3 17 18.5 20.9 16.8 17 18.7 Median P/S Value
Revenue (YoY) % -18 3 16 16 38 3.1 5.3 7.4 9.2 15.5 12 11.5 16.6 -- 11.7 12.2 Graham Number
Net Income (YoY) % 18 -103 -146 -120 25
EPS (YoY) % 20 -106 -145 -119 22
9623 11322 8281 8785 8450 7452 8106 9226 7386 7528 8279 Revenue
Guru Trades 37.7 34.1 47.2 47.9 52 61.5 51.8 46.7 58 60.6 55.4 Gross Margin %
Guru Date Action
George Soros 03/31/17 Buy 0.03 38,900 399 446 372 442 1357 417 311 611 -692 432 470 Net Income
Jim Simons 03/31/17 Add 0.03 3,347,500 4.2 3.9 4.5 5 16.1 5.6 3.8 6.6 -9.4 5.7 5.7 Net Margin %
Paul Tudor Jones 03/31/17 Reduce -0.01 44,795 23.7 23.3 16 15.1 36.6 9.8 7.2 13.8 -17.3 12.5 13.5 ROE %
Ray Dalio 03/31/17 Sell -0.01 0
2.3 2.4 1.9 2.2 6.5 1.9 1.4 2.7 -3.1 2 2.2 ROA %
Barrow, Hanley, 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
03/31/17 Reduce -0.01 4,452,384
Mewhinney & Strauss 129 167 740 199 220 646 208 298 264 341 254 Cash & Equivalents
Joel Greenblatt 03/31/17 Buy 0.01 18,014 17872 19676 19773 20111 21703 22871 21870 23200 21290 21829 21931 Total Assets
Jeremy Grantham 03/31/17 Add 0 397,500 8364 10181 9119 9001 8641 8357 7817 8009 7866 7532 7892 Long-term Debt
3 3 4 4 4 4 4 4 4 4 4 Common Equity
Warning Signs
728 746 -596 -602 -248 596 -400 487 -54 -154 229 Net Issuance of Debt
528 555 -372 -507 -661 169 -751 77 -512 -805 -427 Cashflow from Financing
Good Signs
-340 -169 681 -123 585 648 327 25 281 514 216 Free Cash Flow
Shares
Strength Margin(%)
President &
Prochazka Scott M 06/01/17 -1000 258052
OTCPK:SNMRY Snam SpA 5 4 15,787 16.01 5.40 47.04 4.48 11.90
CEO
President & OTCPK:TKGSY Tokyo Gas Co Ltd 5 7 12,753 28.29 0.87 5.63 2.35 4.74
CEO
President &
NYSE:CNP CenterPoint Energy Inc 4 6 12,330 26.74 1.50 11.87 2.19 13.53
CEO OTCPK:GAILF GAIL (India) Ltd 6 6 9,925 19.52 1.33 11.67 5.17 9.02
Exec VP -
Mcgoldrick Joseph B 11/08/16 -17236 108338 NYSE:ATO Atmos Energy Corp 4 5 8,960 22.67 2.87 23.28 3.93 11.11
Div P
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:COF COF

Capital One Financial Corp (NYSE:COF)
Industry Historical % of Price Dividend YieldFttmG % 1.97
Current
$ 81.35 Median Median NCAV -601.12 -739 Dividend YieldFforwardG % 2
Credit Services P/E FttmG 12.33 15.91 10.42 Peter Lynch Value 40.39 50 Payout 0.24
Market Cap: $ 39,289 Mil Forward P/E 10.27 13.05 N/A Tangible Book 69.44 85 Dividend Growth)5y( % 61
Capital One Financial Corp is a financial services holding company. The P/B 0.82 1.30 0.83 Median P/S 79.63 98 Yield on CostF5yG % 21.31
Company with its banking and non-banking subsidiaries markets financial P/S 1.57 3.79 1.54 Price 81.35 Continuous Div. since 2017
products and services. P/FCF 4.05 8.20 3.74 Graham Number 101.55 125 Insider Ownership % 1.16
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.20 1.44 0.12 96.12

43.91
F-Score 0 4.00 0 1W 2.43 0
Operating Margin F%( 19.84 18.42 25.83
28M
YTD -5.83 9.1
Net-Margin F%( 13.74 13.74 16.64
ROE F%( 6.88 8.63 9.13 1Y 28.33 17.3
ROA F%( 1.03 2.58 1.31 3Y 2.18
ROC FJoel Greenblatt( 13.9M 5Y 10.21
0.00 15.47 0.00
)%(
Growth
EBITDA Growth )%( 8.2 6.2 2.90 396 378 431 456 459 567 588 572 548 510 483 Sh. Outstanding-dilutedFMilG
EBIT Growth )%( 8.1 2.5 -2.80 12.1 -- 59.9 7.1 6.2 9.3 11.1 10.9 10.2 12.6 12.3 Year End P/E
15.4 0.6 -4.20
Growth (%) 1.3 0.9 1.3 1.2 1.2 1.5 2 2.1 1.7 1.7 1.6 P/S
Free Cash Flow Growth 11.4 25.1 14.5 11.3 10.1 10.1 9 10 11.1 11.6 10.3 EV/EBITDA
6.3 5.8 -7.30
Book Value Growth F%( 4.8 9 8.30
36.9 36.8 30.1 35.4 35.5 37.8 38.1 39 42.7 50 51.7 Revenue Per Share
Quarterly 4 -0.2 0.7 6 6.8 6.1 6.9 7.6 7.1 6.9 6.6 EPS
Revenue H YoYI % 10 10 10 6 5 67.3 9.6 25.1 65.3 74.4 77.6 88.9 97.9 97.1 102 101.6 Graham Number
Net Income (YoYI % -12 9 -10 -14 -20 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS H YoYI % -8 13 -4 -8 -16
14584 13893 12983 16171 16279 21396 22384 22290 23413 25501 25816 Revenue
100 100 100 100 100 100 100 100 100 100 100 Gross Margin %
Guru Trades
3869.6 581.6 1336 4330 4587 5184 6578 6569 5881 5484 5123 Operating Income
Impact Cur.
% Shares
Ruane Cunniff 03/31/17 Add 0.34 1,619,813 1570.3 -46 884 2743 3147 3492 4121 4428 4050 3751 3548 Net Income
10.8 -0.3 6.8 17 19.3 16.3 18.4 19.9 17.3 14.7 13.7 Net Margin %
Barrow, Hanley,
03/31/17 Reduce -0.1 3,784,872 6.3 -0.3 1.2 10.3 11.1 9.9 9.9 10 8.4 7.4 6.9 ROE %
Mewhinney & Strauss
1.1 -0 0.5 1.5 1.6 1.4 1.4 1.5 1.3 1.1 1 ROA %
Diamond Hill Capital 03/31/17 Add 0.08 4,678,013
Richard Pzena 03/31/17 Add 0.05 3,155,712 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Dodge & Cox 03/31/17 Reduce -0.05 44,582,892 3054.6 6854.6 8143 4843 5496 11057 5952 7242 8023 9976 9315 Cash & Equivalents
Jim Simons 03/31/17 Buy 0.05 390,499 150590 165913 169646 197503 206019 312918 296933 308167 334048 357033 348549 Total Assets
32268 14870 10829 31629 38097 48662 39739 47577 58134 59468 47393 Long-term Debt
4.2 4.4 5 5 5 6 6 6 6 7 7 Common Equity
Warning Signs
-10465 -15609 11162 4463 -11174 -18814 3721 -15991 -29726 -25630 -22824 Cashflow from Investing
SEVERE Asset Growth: faster than revenue growth -2981.5 -12.5 -14 -22 -42 -43 -1033 -2045 -2441 -3661 -2909 Repurchase of Stock
7507.3 -14853 -2860 -22344 -2477 10306 -8608 7557 10747 1544 -1347 Net Issuance of Debt
Insider Trades
-2384.3 14796 -12050 -16041 4308 14510 -18472 7638 20380 15727 14013 Cashflow from Financing
Cur.
Shares
-437.5 -356.3 -243 -340 -315 -560 -818 -502 -532 -779 -867 Capital Expenditure
President, 12573 3126.6 1839 7802 7140 8964 9166 8802 9595 11077 10050 Free Cash Flow
Slocum Michael 05/05/17 -6276 61905
Comm
President,
Competitor
Wassmer Michael J 04/03/17 -734 80013 Financial Operating
U.S.
Newkirk Christopher T Pres., Intl. an 03/16/17 -5238 26364 Strength Margin(%)
Berson Jory A
Chief Human
03/13/17 -63562 105604 NAS:PYPL PayPal Holdings Inc 8 6 62,814 44.30 5.64 14.28 4.49 10.01
Res
NYSE:COF Capital One Financial Corp 5 6 39,289 12.33 1.57 19.84 1.03 6.88
Gen. Counsel
Finneran John G Jr 03/06/17 -9429 154212 NYSE:SYF Synchrony Financial 6 4 23,901 11.24 2.15 30.20 2.52 15.61
&
NYSE:DFS Discover Financial Services 5 6 23,085 10.34 2.63 39.18 2.63 20.55
NYSE:IU ORIU Corp 5 5 20,863 8.27 0.87 12.63 2.49 11.44
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:COG COG

Cabot Oil & Gas Corp (NYSE:COG)
Industry Historical % of Price Dividend YieldJttmK % 0.48
Current
$ 23.34 Median Median NCAV -3.98 -17 Dividend YieldJforwardK % 0.87
Oil & Gas - E&P - Oil & Gas E&P P/E JttmK N/A 14.70 36.03 Tangible Book 5.82 25 Payout N/A
Market Cap: $ 10,865 Mil Forward P/E 35.59 20.12 N/A Median P/S 19.01 81 Dividend GrowthJ5yK % 25.2
Cabot Oil & Gas Corp is an independent oil and gas company engaged in P/B 4.01 1.21 3.72 Price 23.34 Yield on CostJ5yK % 1.48
the development and exploration of oil and gas properties located in North P/S 7.81 3.06 6.37 Continuous Div. since 2016
America. P/FCF 104.66 16.04 422.95 Insider Ownership % 1.73
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.35 0.66 0.02 41.61

18.54
F-Score 5 5.00 6 1W 4.57 0
Operating Margin J%( -23.06 -22.09 31.10
15M
YTD 0.21 9.1
Net-Margin J%( -18.70 -29.01 12.24
1Y -4.44 17.3
ROE J%( -9.32 -8.89 6.19
ROA J%( -4.79 -7.11 2.94 3Y -12.02
ROC JJoel GreenblattK 7.4M 5Y 5.56
-7.12 -8.39 7.73
J%(
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth J%K 7.3 3.1 6.30 3919 2687 4519 3936 7919 10447 16140 12230 7322 10866 10865 Market Cap
EBITDA Growth J%K -12.9 -42.9 -43.30 393 407 419 421 422 422 422 418 414 457 466 Sh. Outstanding-dilutedJMilK
EBIT Growth J%K N/A N/A 0.00 23.6 12.6 30.6 38.5 65.5 80.2 58.7 118.4 -- -- -- Year End P/E
N/A N/A 0.00
J% K 5.4 2.8 5.2 4.6 8.2 8.7 9.4 5.7 5.4 9.2 7.8 P/S
N/A N/A 0.00
J% K
Book Value Growth J%K 6.9 0.9 -8.20
Quarterly 0.4 0.5 0.4 0.2 0.3 0.3 0.7 0.3 -0.3 -0.9 -0.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -0.2 -0.5 0 -0.9 -0.9 -0.7 -0.4 -1.1 -0.6 0 0.2 Free Cashflow Per Share
Revenue 282 247 310 316 518 0 0 0 0 0 0 0.1 0.1 0.1 0.1 0.1 Dividends Per Share
Net Income -51 -63 -10 -293 106 2.8 4.3 4.4 4.5 5 5.1 5.3 5.2 4.9 5.5 5.8 Tang. Book Per Share
EPS -0 -0 -0 -1 0 11.9 14.8 13.4 13.1 14.8 18.2 26.3 33.1 20.9 16.1 19 Median P/S Value
Revenue L YoYM % -39 -19 2 13 84 5.2 7.1 5.9 5 5.7 6 8.9 5.4 -- -- -- Graham Number
Net Income L YoYM % -227 129 -34 163 -307 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS L YoYM % -220 100 -50 137 -292
732.2 945.8 879.3 863.1 979.9 1204.5 1746.3 2173 1357.2 1155.7 1391.6 Revenue
72.9 76.4 75.9 74.8 73.4 72.8 76 75.9 57.2 52.6 59.6 Gross Margin %
Guru Trades
274.7 319 285.6 266.4 306.9 306.2 551.6 106.2 -90.4 -566.6 -320.8 Operating Income
Impact Cur.
Guru Date Action 37.5 33.7 32.5 30.9 31.3 25.4 31.6 4.9 -6.7 -49 -23.1 Operating Margin %
% Shares
Andreas Halvorsen 03/31/17 Reduce -1.01 17,477,182 167.4 211.3 148.3 103.4 122.4 131.7 279.8 104.5 -113.9 -417.1 -260.2 Net Income
22.9 22.3 16.9 12 12.5 10.9 16 4.8 -8.4 -36.1 -18.7 Net Margin %
Stanley Druckenmiller 03/31/17 Add 0.83 955,588
16.6 14.8 8.2 5.6 6.2 6.2 12.9 4.8 -5.5 -18.2 -9.3 ROE %
Ronald Muhlenkamp 03/31/17 Buy 0.11 15,510
8.3 7.2 4 2.7 2.9 2.9 5.8 2 -2.1 -8 -4.8 ROA %
George Soros 03/31/17 Buy 0.09 129,700
Chris Davis 03/31/17 Reduce -0.03 15,244,534 18.5 28.1 40.2 55.9 29.9 30.7 23.4 21 0.5 498.5 537.5 Cash & Equivalents
Steven Cohen 03/31/17 Add 0.01 70,100
2208.6 3701.7 3683.4 4005 4331.5 4616.3 4981.1 5437.7 5253 5122.6 5244.4 Total Assets
330 831.1 805 975 950 1012 1147 1752 1996.1 1520.5 1520.9 Long-term Debt
1138.3 1911.1 1870.9 2132.3 2226.7 2484.9 2776.5 3295 3243.9 2554.9 2537.2 Total Liabilities
10.3 10.4 10.4 20.8 20.9 42.1 42.2 42.3 42.4 47.5 47.5 Common Equity
Warning Signs 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SEVERE Gross Margin %: Declined -589.9 -1452.3 -531 -613.7 -487.6 -765.5 -918.2 -1664.8 -993.3 -353.2 -514.9 Cashflow from Investing
SEVERE Long-Term Debt: Keep issuing new debt -10.7 -- -- -- -- -- -- -138.9 -- 995.3 995.3 Repurchase of Stock
110 517 -62 170 -25 137 60 605 273 -497 -497 Net Issuance of Debt
Good Signs 104.4 827.4 -71 144.6 -40.3 114.2 -113.7 426 232.2 458.9 -121.6 Cashflow from Financing
GOOD Dividend Yield %: Close to 5-year high -557.2 -817.4 -611.2 -857.3 -891.3 -928 -1194.7 -1694.4 -971.9 -375.2 -491.3 Capital Expenditure
-95.1 -183 2.8 -372.3 -389.4 -275.9 -170.2 -457.9 -231.2 17.2 103.3 Free Cash Flow
Insider Trades
Cur. Competitor
Vice Pres & Strength Margin(%)
Roemer Todd M 05/05/17 -3737 53821
Con
NYSE:CLR Continental Resources Inc 3 7 12,400 0.00 5.55 1.30 -1.42 -4.63
Cunningham George Vice Pres. &
09/13/16 -3000 57388 NYSE:COG Cabot Oil & Gas Corp 5 7 10,865 0.00 7.81 -23.06 -4.79 -9.32
Kevin Ge
Cunningham George NYSE:MRO Marathon Oil Corp 4 4 10,514 0.00 2.11 -4.81 -21.81 -38.21
Vice Pres. &
06/21/16 -6178 60195
Kevin Ge OTCPK:PTXLF PTT Exploration & Production PCL 5 6 10,270 21.50 2.54 18.33 2.90 4.81
NYSE:EK T EK TCorp 4 6 10,000 0.00 5.08 -0.76 -1.97 -5.00
GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. K nder no circumstances does anynformationi posted on GuruFocus.com represent a recommendation to buy or sell a security. The
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:COH COH

Coach Inc (NYSE:COH)
Current
Retail - Apparel & Specialty - Luxury Goods P/E (ttm( 24.92 20.66 18.51 Tangible Book 7.36 16 Payout 0.73
Coach Inc markets & sells modern luxury accessories and lifestyle P/B 4.48 1.70 6.41 Price 46.07 Yield on Cost(5y( % 5.61
collections. Its product offerings include women's and men's bags, P/S 2.87 0.70 3.24 Median P/S 51.75 112 Continuous Div. since 2017
accessories, business cases, footwear, wearables, jewelry, sunwear, travel P/FCF 28.11 15.94 16.58 Insider Ownership % 1.67
bags, watches and fragrance. Shiller P/E 17.45 18.96 23.31 Institution Ownership % 75.93
Financial Strength
Industry Historical
Score: 7 /10 Current 30.41 13.45 11.73 34.04 45.96 49.33 46.5 33 27.44 30.35 34.99 Low
Median Median
Cash to Debt 3.20 0.97 27.24 79.03

Interest Coverage 32.04 24.71 N/A Gain(%) SP500(%)
33.65
F-Score 8 5.00 7 1W -0.90 0
10M
YTD 33.48 9.1
Net-Margin (%( 11.55 2.23 20.38
1Y 23.75 17.3
ROE (%( 18.95 6.33 44.37
ROA (%( 11.08 2.80 30.19 3Y 8.38
ROC (Joel Greenblatt( 5M 5Y -2.95
73.19 12.77 171.71
(%(
Growth
EBITDA Growth (%( 4.3 -11.6 14.80 377 360 326 316 302 294 286 280 277 279 281 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( 2.5 -15.4 22.10 26.8 13.3 14 15.7 21.8 16.5 15.8 12.3 23.9 24.7 24.9 Year End P/E
3.2 -15.2 32.10
(%( 6.8 3.3 2.7 3.2 4.6 3.6 3.2 2 2.3 2.5 2.9 P/S
Free Cash Flow Growth 15.4 7.2 7.1 8 12.4 9.6 8.9 6.6 11 12.6 12.8 EV/EBITDA
4.5 -14.6 35.40
Quarterly 1.8 2.2 1.9 2.3 2.9 3.5 3.6 2.8 1.5 1.7 1.9 EPS
Revenue 1033 1155 1038 1322 995 -- -- 0.1 0.4 0.7 1 1.2 1.4 1.4 1.4 1.4 Dividends Per Share
Revenue (YoY( % 11 15 1 4 -4 13.1 13.4 13.8 14.3 16.9 21.2 24.3 21.7 14.1 15.7 17.5 Graham Number
EPS (YoY( % 25 625 20 16 8
2612.5 3180.8 3230.5 3607.6 4158.5 4763.2 5075.4 4806.2 4191.6 4491.8 4509.1 Revenue
Guru Trades 77.4 75.7 71.9 73 72.7 72.8 72.9 68.6 69.4 67.9 69 Gross Margin %
993.4 1147.1 971.9 1150.2 1304.9 1512 1524.5 1120.1 618 653.5 711.2 Operating Income
Impact Cur.
Guru Date Action 38 36.1 30.1 31.9 31.4 31.7 30 23.3 14.7 14.6 15.8 Operating Margin %
% Shares
Louis Moore Bacon 03/31/17 Buy 0.59 525,000 663.7 783.1 623.4 734.9 880.8 1038.9 1034.4 781.3 402.4 460.5 520.8 Net Income
25.4 24.6 19.3 20.4 21.2 21.8 20.4 16.3 9.6 10.3 11.6 Net Margin %
John Hussman 03/31/17 Sell -0.55 0
42.8 46.1 39.1 45.9 56.5 57.6 47 32.4 16.4 17.8 19 ROE %
32.6 33.3 25.9 29.2 34.5 36.2 31.2 21.7 9.7 9.6 11.1 ROA %
Andreas Halvorsen 03/31/17 Buy 0.13 736,636
Pioneer Investments 03/31/17 Sell -0.09 0 557 698.9 800.4 596.5 699.8 917.2 1062.8 591.9 1291.8 859 1394.5 Cash & Equivalents
2449.5 2247.4 2564.3 2467.1 2635.1 3104.3 3531.9 3663.1 4666.9 4892.7 4661 Total Assets
2.9 2.6 25.1 24.2 23.4 1 0.5 -- 879.1 861.2 591.8 Long-term Debt
Warning Signs 539.2 757 868.3 961.8 1022.5 1111.4 1122.7 1242.5 2177 2209.8 1769.1 Total Liabilities
SEVERE Revenue per Share: Declined 3.7 3.4 3.2 3 2.9 2.9 2.8 2.7 2.8 2.8 2.8 Common Equity
SEVERE Operating Margin %: Declined 779.1 923.4 809.2 990.9 1033.3 1221.7 1414 985.4 937.4 758.6 779.4 Cashflow from Operations
MEDIUM Dividend Payout Ratio: Too high -375.9 445.4 -264.7 -182.2 -59.6 -259.4 -570.5 -707.7 -612.9 -810 427.4 Cashflow from Investing
-150 -1336.6 -453.8 -1150 -1098 -700 -400 -524.9 -- -- -- Repurchase of Stock
Good Signs -0.2 -0.2 7.2 -8.2 -0.7 -0.8 -22.3 139.5 756.2 -15 -285 Net Issuance of Debt
GOOD Piotroski F-Score: High 10.4 -1230.3 -440.1 -1019.9 -875.1 -741.9 -689.1 -748.1 389.3 -384.9 -630.5 Cashflow from Financing
Cur.
Shares Competitor
Global Human Financial Operating
Dunn Sarah 05/24/17 -7595 54136 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Re Strength Margin(%)
President, NA
Cohen Andre 05/23/17 -2988 43198 NYSE:COH Coach Inc 7 8 12,952 24.92 2.87 15.77 11.08 18.95
&
Cohen Andre
President, NA
05/12/17 -10087 46186 NYSE:TIF Tiffany & Co 7 8 11,346 25.30 2.85 18.26 8.82 15.22
&
President,
OTCPK:PANDY Pandora A/S 7 9 11,054 11.93 3.50 36.11 41.44 101.17
Kahn Todd 05/10/17 -19450 64982
CAO OTCPK:CJEWF Chow Tai Fook Jewellery Group Ltd 7 6 10,899 34.50 1.59 8.30 4.63 7.36
Kropf Susan J Director 05/10/17 -4239 22948 OTCPK:PRDSY Prada SpA 8 6 9,630 31.57 2.82 13.55 5.91 9.21
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:COL COL

Rockwell Collins Inc (NESE:COL)
Current
Rockwell Collins Inc designs, produces and supports communications and P/B 5.86 2.57 6.05 Peter Lynch Value 45.92 43 Yield on Cost(5y) % 1.6
aviation systems for commercial and military customers and provides P/S 2.66 1.40 2.14 DCE (Earnings Based) 61.64 58 Continuous Div. since 2017
information management services through voice and data communication P/FCF 28.81 21.23 21.99 Median P/S 86.27 81 Insider Ownership % 0.53
networks and solutions. Shiller P/E 22.89 31.33 19.57 Price 107.09 Institution Ownership % 63.6
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.13 0.54 0.34 109.05

40.6
F-Score 6 5.00 6 1W 1.51 0
3M
YTD 16.16 9.1
Net-Margin (%) 13.83 3.68 13.27
1Y 25.58 17.3
ROE (%) 34.13 6.95 42.15
ROA (%) 9.57 2.31 11.68 3Y 11.82
38.13 9.70 52.26
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) -0.7 7.3 11.50 21.2 11.6 13.6 16.6 13 12.9 14.8 17.8 16 15.3 19.2 Year End P/E
5.5 7.2 11.40
(%) 2.8 1.6 1.8 2 1.7 1.7 2.1 2.2 2.1 2.1 2.7 P/S
3.9 7.3 7.00
26 29.3 28 29.1 30.8 30.9 32.4 36.4 39.2 39.8 40.3 Revenue Per Share
Quarterly 3.5 4.2 3.7 3.5 4.1 4.2 4.6 4.4 5.1 5.5 5.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.8 2.7 3 3.7 3.2 2.5 3.4 3.5 3.9 4 3.7 Free Cashflow Per Share
Revenue 1311 1334 1445 1193 1342 0.6 0.8 1 1 1 1.1 1.5 1.2 1.3 1.3 1.3 Dividends Per Share
Net Income 171 214 208 145 168 5.3 3.8 2.1 2.6 2.8 1.3 4.1 -5 -5.6 -3.9 -1.6 Tang. Book Per Share
Revenue (YoY) % -2 3 4 2 2 20.3 18.8 13.2 14.4 15.9 10.9 20.5 -- -- -- -- Graham Number
EPS (YoY) % 10 23 14 8 -2
4415 4769 4470 4631 4806 4531 4474 4979 5244 5259 5314 Revenue
Impact Cur.
% Shares
Caxton Associates 03/31/17 Sell -0.34 0 585 678 594 561 634 609 632 604 686 728 735 Net Income
13.3 14.2 13.3 12.1 13.2 13.4 14.1 12.1 13.1 13.8 13.8 Net Margin %
Leucadia National 03/31/17 Buy 0.19 24,267
42.1 45.5 44 40.5 42.2 43.8 43.9 34.5 36.5 36.8 34.1 ROE %
16.7 17.2 13.5 11.6 12.1 11.4 11.8 9.7 9.6 9.7 9.6 ROA %
Primecap Management 03/31/17 Buy 0.05 571,700
Tom Gayner 03/31/17 Buy 0.03 15,000
Paul Tudor Jones 03/31/17 Sell -0.03 0 231 175 235 435 530 335 391 323 252 340 281 Cash & Equivalents
3750 4144 4645 5064 5389 5314 5400 7063 7304 7707 7780 Total Assets
223 228 532 525 528 779 563 1663 1680 1382 1354 Long-term Debt
SEVERE Asset Growth: faster than revenue growth 2 2 2 2 2 2 2 2 2 1 1 Common Equity
Good Signs
GOOD Revenue per Share: Consistent growth -27 287 9 -- -24 247 235 1158 -56 -8 -265 Net Issuance of Debt
-373 -393 -275 -279 -471 -594 -448 827 -492 -422 -482 Cashflow from Financing
Insider Trades
Cur.
Sr. VP,
Standerski Jeffrey A. 06/01/17 -6300 7853 Competitor
Human R
SR. VP,
Financial Operating
Nieuwsma David J 05/09/17 -6250 2632 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
INFORMA Strength Margin(%)
Sr. VP, OTCPK:RYCEF Rolls-Royce Holdings PLC 5 6 21,004 0.00 1.09 0.29 -16.67 -112.88
Sturgell Robert A 05/01/17 -2733 9484
Washing
Sr. VP,
NESE:COL Rockwell Collins Inc 5 8 17,390 19.20 2.66 19.51 9.57 34.13
King Bruce Michael 05/01/17 -2550 39955
Operati NYSE:TDG TransDigm Group Inc 3 9 14,115 29.55 4.50 40.56 6.09 0.00
Sr. VP,
King Bruce Michael 04/06/17 -2735 38605 NYSE:LLL L3 Technologies Inc 5 7 13,078 20.44 1.22 9.32 5.44 14.24
Operati
NYSE:TXT Textron Inc 5 7 12,659 14.12 0.94 8.15 5.98 16.92
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:COO COO

The Cooper Companies Inc (NYSE:COO)
Current
Medical Instruments & Equipment - Medical Instruments & Supplies P/E (ttm) 35.9 30.66 22.59 Tangible Book 3.11 1 Payout 0.01
The Cooper Companies Inc is a medical device company. Through its P/B 3.98 3.39 1.91 Peter Lynch Value 36.89 15 Yield on Cost(5y) % 0.03
subsidiaries, it manufactures products for contact lens wearers and supplies P/S 5.74 3.22 2.89 DCE (Earnings Based) 71.38 30 Continuous Div. since 2016
women's health clinicians with products and treatment options to improve the P/FCF 26.92 29.91 24.42 DCF (FCF Based) 95.15 40 Insider Ownership % 1
delivery of healthcare to women. Shiller P/E 57.77 50.06 35.98 Median P/S 120.37 50 Institution Ownership % 79.79
Financial Strength
55.57 41.34 38.6 58.53 83 100.67 134.97 170.15 189.09 189.9 243.1 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.09 1.55 0.09 243.1

116.08
F-Score 7 5.00 5 1W -0.79 0
1M
YTD 37.12 9.1
Net-Margin (%) 16.02 4.21 12.26
1Y 47.59 17.3
ROE (%) 11.82 5.90 8.75
ROA (%) 7.13 2.67 5.35 3Y 22.48
26.24 12.30 19.99
(%)
Growth
EBIT Growth (%) 15 3.4 59.40 -- 11.5 12.7 20.3 19.1 19 21.7 29.8 36.8 31.5 35.9 Year End P/E
N/A 4.3 57.70
(%) 2 0.7 1.2 2 2.5 3.3 4 4.7 4.2 4.4 5.7 P/S
N/A 2.5 146.40
Quarterly -0.3 1.4 2.2 2.4 3.6 5.1 6 5.5 4.1 5.6 6.7 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 -1.1 -0.6 2.8 4.2 4.8 4.4 4.8 4.4 3 7.3 8.9 Free Cashflow Per Share
Net Income 74 88 61 76 105 0.5 0.8 3.7 6.3 11.1 12.5 17 -2.2 1.2 1.9 3.1 Tang. Book Per Share
Revenue (YoY) % 11 11 14 11 8 -- 5 13.6 18.6 30.2 37.8 47.8 -- 10.7 15.6 21.6 Graham Number
EPS (YoY) % 24 97 64 46 39
950.6 1047.4 1080.4 1158.5 1330.8 1445.1 1587.7 1717.8 1797.1 1966.8 2054.9 Revenue
Impact Cur.
% Shares
Manning & Napier -11.2 65.5 100.5 112.8 175.4 248.3 296.2 269.9 203.5 273.9 329.1 Net Income
03/31/17 Sell -0.4 0 -1.2 6.3 9.3 9.7 13.2 17.2 18.7 15.7 11.3 13.9 16 Net Margin %
Advisors, Inc
-0.8 4.6 6.8 7 9.7 12 12.9 10.9 7.8 10.2 11.8 ROE %
-0.5 2.5 3.9 4.4 6.8 8.9 9.7 7.1 4.6 6.1 7.1 ROA %
Pioneer Investments 03/31/17 Add 0.13 518,222
Ronald Muhlenkamp 03/31/17 Buy 0.01 170 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Apr17 Balance Sheet
Jim Simons 03/31/17 Reduce -0.01 191,498 3.2 1.9 3.9 3.6 5.2 12.8 77.4 25.2 16.4 100.8 121.3 Cash & Equivalents
Ron Baron 03/31/17 Reduce -0.01 253,931 2596.2 2587.6 2551.9 2525 2624.5 2941.4 3137.3 4458.3 4459.9 4475.9 4749.8 Total Assets
830.1 861.8 771.6 592 327.5 348.4 301.7 1280.8 1105.4 1107.4 1345.6 Long-term Debt
1136.7 1170.5 1011.6 858.2 687 748.6 732.7 1888.5 1792.4 1776.1 1810.2 Total Liabilities
Warning Signs 4.5 4.5 4.6 4.6 4.8 4.9 5 5.1 5.2 5.2 5.2 Common Equity
134 96.5 223.1 267.7 336.3 315.1 415.9 454.8 391 509.6 562.3 Cashflow from Operations
MEDIUM Dividend Yield %: Close to 10-year low -264.6 -128.8 -98.6 -106.6 -161.7 -238.5 -189.9 -1346.4 -287.9 -418.8 -418.1 Cashflow from Investing
-- -- -- -- -- -71.2 -167.3 -75.8 -67.3 -- -- Repurchase of Stock
Good Signs
131.7 25.9 -121.3 -170.3 -245.4 -56.8 -29.2 887.9 -37.3 -15 -55.7 Net Issuance of Debt
GOOD Piotroski F-Score: High 125.1 31.2 -122.7 -161.6 -172.9 -68.4 -161.6 842.2 -106.7 -1.4 -63.9 Cashflow from Financing
-183.6 -124.9 -93.9 -73.8 -103.7 -99.8 -178.1 -238.1 -243 -152.6 -123.6 Capital Expenditure
Insider Trades
-49.6 -28.4 129.2 193.9 232.6 215.3 237.8 216.8 147.9 357 438.7 Free Cash Flow
Cur.
Shares Competitor
EVP, Sec. & Financial Operating
Kaufman Carol R 06/09/17 -5408 43919 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Chi
Strength Margin(%)
EVP, Sec. &
Kaufman Carol R 06/08/17 -44092 43919 NAS:XRAY Dentsply Sirona Inc 6 6 14,513 40.82 3.85 12.04 3.13 4.41
Chi
Zinberg Stanley Md Director 06/07/17 -816 7807 NAS:HOLX Hologic Inc 5 7 12,522 16.14 4.37 49.49 10.41 35.10
Pres & CEO - OTCPK:OCPNY Olympus Corp 6 5 12,286 21.98 1.79 11.47 6.18 15.98
Remmell Paul L 04/04/17 -3605 --
Co
Pres & CEO - NYSE:COO The Cooper Companies Inc 6 8 11,718 35.90 5.74 18.72 7.13 11.82
Remmell Paul L 03/24/17 -1871 3605
Co NYSE:RMD ResMed Inc 6 8 10,802 33.28 5.33 20.56 10.27 18.60
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:COP COP

ConocoPhillips (NYSE:COP)
Current
Oil & Gas - E&P - Oil & Gas E&P P/E (ttm) N/A 14.70 7.91 Median P/S 15.23 34 Payout N/A
Market Cap: $ 56,152 Mil Forward P/E 78.13 20.12 N/A Tangible Book 28.58 63 Dividend Growth(5yN % -12
ConocoPhillips is an independent exploration and production (E&PN P/B 1.59 1.21 1.18 Price 45.39 Yield on Cost(5yN % 1.19
company. The Company is engaged in exploration, development and P/S 2.09 3.06 0.7 Continuous Div. since 2016
production of crude oil and natural gas. P/FCF 32.21 16.04 13.03 Insider Ownership % 0.24
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.13 0.66 0.06 86.76

29.99
F-Score 6 5.00 6 1W 5.39 0
Operating Margin (%N -8.28 -22.09 11.25
27M
YTD -8.42 9.1
Net-Margin (%N -5.75 -29.01 5.92
ROE (%N -4.26 -8.89 13.54 1Y 6.20 17.3
ROA (%N -1.67 -7.11 6.05 3Y -14.83
ROC (Joel GreenblattN 13.7M 5Y 0.45
-3.70 -8.39 16.58
(%N
Growth
Revenue Growth (%N -17.8 -17.1 -3.30 105105 58872 59368 76186 71419 70749 86613 85037 57709 62037 56152 Market Cap
EBITDA Growth (%N -11.5 -32.6 478.60 1646 1523 1498 1491 1387 1253 1240 1246 1242 1245 1237 Sh. Outstanding-diluted(Mil)
EBIT Growth (%N N/A N/A 0.00 9.3 -- 13.2 6.8 6.2 8.7 9.6 12.5 -- -- -- Year End P/E
N/A N/A 0.00
Growth (%N 0.6 0.3 0.4 0.4 0.7 1.2 1.5 1.6 1.9 2.6 2.1 P/S
Free Cash Flow Growth 3.9 13.6 4.4 3 3.6 3.9 4.6 5.6 28.8 18 12.2 EV/EBITDA
N/A N/A 0.00
(%N 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%N -4.2 -9.6 -9.50
Quarterly 7.2 -11.2 2.9 7.6 9 6.7 7.4 5.5 -3.6 -2.9 -1.3 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 7.8 2.3 1.1 4.9 6.1 -0.2 0.5 -0.4 -2 -0.4 1.4 Free Cashflow Per Share
EPS -1 -1 -1 -0 0 82.2 111.9 71.2 93.3 53.4 34.6 32.9 31.2 17.4 13.7 15.2 Median P/S Value
Revenue (YoY) % -37 -36 -13 7 55 78.2 -- 50 86.6 74.2 72.3 78.4 66.1 -- -- -- Graham Number
Net Income (YoY) % -640 498 -3 -99 -140 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -636 473 -3 -99 -140
194495 246182 152390 198655 66069 62004 58248 55517 30935 24360 27116 Revenue
24411 -2471 9582 19750 16374 16173 15529 9972 -6394 -4304 -2245 Operating Income
Impact Cur.
Guru Date Action 12.6 -1 6.3 9.9 24.8 26.1 26.7 18 -20.7 -17.7 -8.3 Operating Margin %
% Shares
George Soros 03/31/17 Buy 0.56 402,500 11891 -16998 4414 11358 12436 8428 9156 6869 -4428 -3615 -1560 Net Income
6.1 -6.9 2.9 5.7 18.8 13.6 15.7 12.4 -14.3 -14.8 -5.8 Net Margin %
Yacktman Fund 03/31/17 Reduce -0.23 1,800,000
13.9 -23.6 7.5 17.4 18.6 14.9 18.3 13.2 -9.7 -9.7 -4.3 ROE %
6.9 -10.6 3 7.4 8 6.2 7.8 5.9 -4.1 -3.9 -1.7 ROA %
Jim Simons 03/31/17 Add 0.18 2,961,813
Donald Yacktman 03/31/17 Reduce -0.13 3,555,427 1456 755 542 9454 5780 3618 6246 5062 2368 3610 3109 Cash & Equivalents
Barrow, Hanley,
177757 142865 152138 156314 153230 117144 118057 116539 97484 89772 87973 Total Assets
03/31/17 Reduce -0.12 29,975,658 20289 27085 26925 22656 21610 20770 21073 22383 23453 26186 25340 Long-term Debt
Mewhinney & Strauss
17 17 17 17 17 18 18 18 18 18 18 Common Equity
Warning Signs
-8562 -17616 -9935 4665 -7015 -11627 -6305 -14965 -8655 -3859 -2768 Cashflow from Investing
Good Signs -7001 -8249 -- -3866 -11123 -5098 -- -- -- -126 -112 Repurchase of Stock
-5519 5760 1229 -5202 -934 -569 -946 980 2395 2343 -3026 Net Issuance of Debt
GOOD PS Ratio: Close to 1-year low
-15340 -5764 -2855 -12819 -16305 -4481 -7133 -2574 -1429 764 -4717 Cashflow from Financing
Cur.
12759 3559 1618 7284 8432 -250 604 -516 -2478 -466 1758 Free Cash Flow
Shares
Competitor
Vice
Mcmorran James D 05/19/17 -9091 1997 Financial Operating
President Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Vice
Strength Margin(%)
Desanctis Ellen 08/11/16 5000 22528
President NYSE:COP ConocoPhillips 4 5 56,152 0.00 2.09 -8.28 -1.67 -4.26
Copeland James E Jr Director 08/01/16 12500 37021 NYSE:EOG EOG Resources Inc 5 5 50,245 0.00 5.50 -5.38 -2.19 -4.65
Murti Arjun N Director 08/01/16 6500 19000
OTCPK:CEOHF CNOOC Ltd 5 5 49,347 0.00 2.31 -1.97 0.04 0.06
NYSE:OXY Occidental Petroleum Corp 4 4 45,416 0.00 4.10 -0.10 -1.26 -2.39
NYSE:CNQ Canadian Natural Resources Ltd 4 6 33,792 287.38 3.20 0.96 0.25 0.56
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:COST COST

Costco Wholesale Corp (NAS:COST)
Current
Retail - Defensive - Discount Stores P/E (ttm( 31.22 20.71 24.97 Tangible Book 22.56 13 Payout 0.32
Costco Wholesale Corp and its subsidiaries operate membership P/B 7.97 1.86 3.27 Graham Number 54.12 30 Yield on Cost(5y( % 1.98
warehouses. The company offers its members low prices on a limited P/S 0.64 0.49 0.43 DCF (FCF Based( 67.07 37 Continuous Div. since 2004
selection of nationally branded and select private-label products in P/FCF 36.88 19.13 31.32 DCE (Earnings Based( 85.11 47 Insider Ownership % 0.53
merchandise categories. Shiller P/E 41.9 23.22 34.17 Median P/S 120.25 67 Institution Ownership % 56.58
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.44 0.55 1.09 182.45

72.01
F-Score 8 5.00 6 1W -0.74 0
9M
YTD 17.43 9.1
Net-Margin (%( 2.06 1.94 1.75
1Y 21.99 17.3
ROE (%( 21.93 8.79 14.22
ROA (%( 7.26 3.40 6.36 3Y 19.55
22.91 14.42 21.85
(%(
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%( 10.3 8.7 6.10 26.1 23.1 20.6 19.4 23.7 25.1 24.2 26 26.1 30.4 31.2 Year End P/E
10 10.1 8.90
(%( 0.4 0.4 0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.6 0.6 P/S
8.9 -12.1 14.40
Quarterly 2.4 2.9 2.5 2.9 3.3 3.9 4.6 4.7 5.4 5.3 5.8 EPS
May16 Aug16 Nov16 Feb17 May17 1.5 1.3 1.9 3.9 4.3 3.6 3.1 4.5 4.3 1.5 4.9 Free Cashflow Per Share
Net Income 545 779 545 515 700 19.7 21.3 23 25 27.5 28.4 24.8 28.1 24.2 27.6 22.6 Tang. Book Per Share
EPS (YoY( % 6 2 14 -6 28
64400 72483 71422 77946 88915 99137 105156 112640 116199 118719 123285 Revenue
1608.6 1968.8 1777 2077 2439 2759 3053 3220 3624 3672 3852 Operating Income
Impact Cur.
% Shares
Ruane Cunniff 03/31/17 Reduce -0.62 29,638 1082.8 1282.7 1086 1303 1462 1709 2039 2058 2377 2350 2539 Net Income
1.7 1.8 1.5 1.7 1.6 1.7 1.9 1.8 2.1 2 2.1 Net Margin %
12.2 14.4 11.3 12.5 12.8 14 17.6 17.8 20.7 20.7 21.9 ROE %
Steven Cohen 03/31/17 Buy 0.26 278,800
5.8 6.4 5.1 5.7 5.8 6.3 7.1 6.5 7.2 7.1 7.3 ROA %
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 May17 Balance Sheet
John Burbank 03/31/17 Sell -0.15 0
Jeff Auxier 03/31/17 Reduce -0.05 10,074 2779.7 2619.4 3157 3214 4009 3528 4644 5738 4801 3379 4538 Cash & Equivalents
19607 20682 21979 23815 26761 27140 30283 33024 33017 33163 35631 Total Assets
2108 2206 2130 2141 1253 1381 4998 5093 4852 4061 2821 Long-term Debt
MEDIUM Price: Close to 10-year high 2.2 2.2 2 2 2 2 2 2 2 2 2 Common Equity
MEDIUM PE Ratio: Close to 10-year high 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs 2076.4 2176.2 2092 2780 3198 3057 3437 3984 4285 3292 4723 Cashflow from Operations
-655.3 -1716.4 -1101 -2015 -1180 -1236 -2251 -2093 -2480 -2345 -2575 Cashflow from Investing
-1977.6 -895.3 -69 -551 -624 -632 -36 -334 -481 -486 -372 Repurchase of Stock
Insider Trades 1696.3 -2.9 -136 -71 -540 -313 3686 178 1079 -1022 -1132 Net Issuance of Debt
Cur. -164.6 -613 -439 -719 -1277 -2281 44 -786 -2324 -2419 -2472 Cashflow from Financing
Shares -1385.7 -1598.6 -1250 -1055 -1290 -1480 -2083 -1993 -2393 -2649 -2572 Capital Expenditure
Murphy James P.
Executive
06/07/17 -5000 48845
690.7 577.6 842 1725 1908 1577 1354 1991 1892 643 2151 Free Cash Flow
VP
Principal Competitor
Hines Daniel M. 06/06/17 -5000 28786
Acctg Financial Operating
Executive Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Mckay John D 06/05/17 -3000 62607 Strength Margin(%)
Vice
Sinegal James D Director 03/24/17 -100000 1335k
NAS:COST Costco Wholesale Corp 7 7 78,973 31.22 0.64 3.12 7.26 21.93
Executive OTCPK:WMMVF Wal - Mart de Mexico SAB de CV 6 8 41,012 22.17 1.37 7.45 12.84 23.79
Rose Timothy L. 03/16/17 -4000 44049
VP NYSE:TGT Target Corp 5 6 30,598 11.37 0.46 6.98 7.31 24.37
NYSE:DG Dollar General Corp 6 8 19,832 16.40 0.91 9.21 10.59 22.80
NAS:DLTR Dollar Tree Inc 5 8 17,214 19.96 0.83 8.01 5.38 16.89
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:COTY COTY
Coty Inc (NYSE:COTY) Ratios Valuation Analysis Dividend & Ownership

Consumer Packaged Goods - Household & Personal Products
P/E (ttm) N/A 20.52 43.68 Tangible Book -9.99 -53 Payout N/A
Forward P/E 21.6 19.88 N/A Price 19.00 Dividend Growth(5y) % N/A
Coty Inc is a pure play beauty company with a portfolio of brands that
compete in the three segments in which it operate: Fragrances, Color
Cosmetics and Skin & Body Care.
P/FCF 47.18 20.89 28 Insider Ownership % 0.56
Financial Strength
Industry Historical -- -- -- -- -- -- 17.52 20.88 32.68 31.06 20.04 Annual Price High
Median Median -- -- -- -- -- -- 14.99 13.25 18.71 18.08 17.05 Low
Cash to Debt 0.11 0.64 0.31
32.68
Gain(%) SP500(%)
F-Score 5 5.00 5 9.72
1W 2.76 0
Profitability
1M -0.23 3
Industry Historical
Score: 6 /10 Current 13.25 3M -0.08 4.2
Median Median
Operating Margin (%) -2.49 5.88 5.84 6M 4.90 8.7
Net-Margin (%) -2.29 4.02 1.77 19M
YTD 5.13 9.1
ROE (%) -3.63 8.42 11.68 1Y -25.57 17.3
ROA (%) -1.12 3.89 2.10
3Y 5.52
-15.27 13.16 51.03 9.7M 5Y 0.00
(%)
Growth
Revenue Growth (%) N/A 0.1 0.80
-- -- -- -- -- -- 6594 6062 11535 8761 19184 Market Cap
EBITDA Growth (%) N/A N/A -42.00
-- -- -- -- 339 373 396 382 363 354 748 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A N/A -122.10
EPS without NRI -- -- -- -- -- -- 40.9 -- 50 61.9 -- Year End P/E
N/A N/A -144.60 -- -- -- -- -- -- 4.4 7.2 11.9 24.3 1.5 P/B
Growth (%)
-- -- -- -- -- -- 1.5 1.5 2.6 2.1 1.6 P/S
N/A -0.3 -66.10 -- -- -- -- -- -- 12.7 29.1 25.6 26.5 78.3 EV/EBITDA
(%)
Book Value Growth (%) N/A -17.3 882.00 -- -- -- 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly -- -- -- -- 12.1 12.4 11.7 11.9 12.1 12.3 12.1 Revenue Per Share
-- -- -- -- 0.2 -0.9 0.4 -0.3 0.6 0.4 -0.3 EPS
Revenue 951 1076 1080 2297 2032
-- -- -- -- 1 1 0.6 0.8 0.9 1 0.4 Free Cashflow Per Share
Net Income -27 -31 -- 47 -164
-- -- -- -- -- -- -- 0.2 0.2 0.3 0.5 Dividends Per Share
-- -- -- -- -8.4 -7.2 -5.2 -6.6 -6.9 -11.6 -10 Tang. Book Per Share
EPS -0 -0 -- 0 -0
-- -- -- -- 17.2 21.2 18.6 18.7 19.3 19.6 19.2 Median P/S Value
Revenue (YoY) % 2 6 -3 90 114
-- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoY) % -135 -248 -100 -47 513
EPS (YoY) % -138 -280 -100 -76 175 -- -- -- 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
-- -- -- 3482.9 4086.1 4611.3 4649.1 4551.6 4395.2 4349.1 6484.6 Revenue
Guru Trades -- -- -- 57.7 59.9 60.4 60 59 60 59.9 59.6 Gross Margin %
Impact Cur. -- -- -- 184.5 280.9 -209.5 394.4 25.7 395.1 254.2 -161.7 Operating Income
Guru Date Action
% Shares
-- -- -- 5.3 6.9 -4.5 8.5 0.6 9 5.8 -2.5 Operating Margin %
-- -- -- 61.7 61.7 -324.4 168 -97.4 232.5 156.9 -148.4 Net Income
Joel Greenblatt 03/31/17 Sell -0.01 0 -- -- -- 1.8 1.5 -7 3.6 -2.1 5.3 3.6 -2.3 Net Margin %
Diamond Hill Capital 03/31/17 Reduce -0.01 9,741,604 -- -- -- -- 9.1 -29.2 14.3 -8.3 25.6 23.6 -3.6 ROE %
Tom Russo 03/31/17 Reduce 0 44,210 -- -- -- -- 1.8 -5 2.7 -1.5 3.7 2.4 -1.1 ROA %
T Rowe Price Equity -- -- -- 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
03/31/17 Add 0 5,650,000
Income Fund
-- -- -- -- 510.8 609.4 920.4 1238 341.3 372.4 767 Cash & Equivalents
Leucadia National 12/31/16 Sell -2.37 0
-- -- -- -- 6813.9 6183.4 6470 6592.5 6018.9 7100.2 22773 Total Assets
-- -- -- -- 2575.1 2270.2 2594.2 3260.1 2605.9 4001 6909.3 Long-term Debt
Warning Signs -- -- -- -- 5452 5326.2 4976 5748.7 5049.1 6740 13164 Total Liabilities
SEVERE Short Percentage Of Float: high -- -- -- -- 3.9 4 3.8 3.8 3.9 4 8.1 Common Equity
SEVERE Long-Term Debt: Keep issuing new debt -- -- -- 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Stock buyback: Poor buyback track record -- -- -- 494 417.5 589.3 463.9 536.5 526.3 501.4 762.8 Cashflow from Operations
MEDIUM Operating Income: loss -- -- -- -149.9 -2252.5 -333.9 -229.9 -257.6 -171.2 -1059.2 -1073.3 Cashflow from Investing
-- -- -- -- -- -- -7.5 -569.3 -305.1 -794.9 -103.3 Repurchase of Stock
Good Signs -- -- -- 41.6 1661.9 -161.8 168.4 662.4 -737.9 1533 1172.6 Net Issuance of Debt
GOOD Dividend Yield %: Close to 5-year high -- -- -- -7 1903.8 -97.7 69 -5.7 -1138.2 592.6 752 Cashflow from Financing
-- -- -- -116.3 -82.9 -207.4 -223.9 -231.5 -200.9 -150.1 -359 Capital Expenditure
Insider Trades -- -- -- 377.7 334.6 381.9 240 305 325.4 351.3 403.8 Free Cash Flow
Cur.
Shares
President of Competitor
Huber Edgar O. 05/26/17 79570 79570
Co Financial Operating
Mcmullen Greerson Chief Legal
Ticker Company
Strength
Margin(%)
ROA(%) ROE(%)
05/25/17 11300 79307
Greene Off
OTCPK:BDRFF Beiersdorf AG 8 7 24,358 31.25 12.66 15.07 9.83 16.42
Off
05/23/17 14350 68007 NYSE:COTY Coty Inc 4 6 19,184 0.00 1.56 -2.49 -1.12 -3.63
Greene
NYSE:CLX Clorox Co 5 8 18,052 27.78 3.10 18.12 14.80 218.89
03/15/17 13157 53657 OTCPK:UNICY Unicharm Corp 6 8 15,855 40.05 2.57 11.46 6.92 12.58
Greene Off
Chief Human OTCPK:SSDOY Shiseido Co Ltd 6 5 14,109 85.14 1.83 4.47 2.22 4.90
Froidefond Sebastien 03/03/17 32300 49179
Res
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CPB CPB

Campbell Soup Co (NYSE:CPB)
Industry Historical % of Price Dividend YieldOttmP % 2.4
Current
$ 56.96 Median Median NCAV -15.76 -28 Dividend YieldOforwardP % 2.46
Consumer Packaged Goods - Packaged Foods P/E OttmP 35.82 20.52 16.18 Tangible Book -5.55 -10 Payout 0.86
Market Cap: $ 17,263 Mil Forward P/E 17.95 19.88 N/A Median P/S 43.28 76 Dividend GrowthO5yP % 4.1
Campbell Soup Co is a manufacturer and marketer of branded food and P/B 11.71 1.74 10.39 Price 56.96 Yield on CostO5yP % 2.93
beverage products. Its segments are The Americas Simple Meals and P/S 2.22 1.09 1.69 Continuous Div. since 2015
Beverages, The Global Biscuits and Snacks, and The Campbell Fresh. P/FCF 18.46 20.89 18.35 Insider Ownership % 2.15
Financial Strength
Cash to Debt 0.09 0.64 0.06
67.55
Gain(%) SP500(%)
F-Score 6 5.00 6 21.34
1W 0.53 0
Profitability
1M -0.92 3
Industry Historical
Score: 7 /10 Current 24.87 3M -3.45 4.2
Median Median
Operating Margin O%P 16.14 5.88 16.21 6M -3.03 8.7
Net-Margin O%P 6.17 4.02 10.63 YTD -4.65 9.1
4M
ROE O%P 31.52 8.42 66.56 1Y -5.64 17.3
ROA O%P 6.26 3.89 11.66
3Y 10.30
ROC OJoel GreenblattP
34.17 13.16 51.74 1.9M 5Y 14.74
O% P
Growth
Revenue Growth O%P 3.8 3.7 0.10
EBITDA Growth O%P 2.1 -1.5 -7.20 14147 12951 10870 12189 10576 10330 14602 13056 15312 19179 17263 Market Cap
EBIT Growth O%P 2.2 -0.7 10.40 396 377 354 343 329 319 317 316 313 311 303 Sh. Outstanding-dilutedOMilP
EPS without NRI Growth 17.2 12.1 15.2 14.8 13.7 13.7 32.3 15.2 23.3 34.6 35.8 Year End P/E
1.2 -3.4 -25.00 10.9 9.8 14.9 13.2 9.7 11.5 12 8.1 11.1 12.6 11.7 P/B
O% P
Free Cash Flow Growth 2 1.7 1.5 1.6 1.5 1.5 1.8 1.6 1.9 2.4 2.2 P/S
7.4 4.1 -9.20 10.8 11.1 9.3 9.2 8.9 9 12.5 10.7 14.1 17.6 16.4 EV/EBITDA
O% P
Book Value Growth O%P 3.7 10.4 -10.20 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly 18.6 21.2 21.4 22.4 21.7 22.5 25.4 26.2 25.8 25.6 25.6 Revenue Per Share
Apr16 Jul16 Oct16 Jan17 Apr17 2.2 3 2.1 2.4 2.4 2.4 1.4 2.7 2.1 1.8 1.6 EPS
Revenue 1870 1687 2202 2171 1853 0.9 1.2 2.3 2.2 2.6 2.5 2.2 1.7 2.6 3.6 3.1 Free Cashflow Per Share
Net Income 185 -81 292 101 176
0.8 0.9 1 1.1 1.1 1.2 0.6 1.2 1.2 1.2 1.4 Dividends Per Share
-3.1 -3.6 -4.8 -4.4 -4.9 -5.2 -6.7 -6.3 -7 -6.1 -5.5 Tang. Book Per Share
EPS 1 -0 1 0 1
31.9 35.6 36.1 37.8 36.6 38 43 44.2 43.6 43.2 43.3 Median P/S Value
Revenue Q YoYR % -2 -0 -0 -1 -1
-- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income Q YoYR % 3 -576 51 -62 -5
EPS Q YoYR % 4 -533 52 -61 -2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
7385 7998 7586 7676 7143 7175 8052 8268 8082 7961 7913 Revenue
Guru Date Action
% Shares
16.4 16.1 16.4 17.8 17.9 16.3 13.4 16 14.4 13.8 16.1 Operating Margin %
854 1165 736 844 805 774 458 866 666 563 488 Net Income
Manning & Napier 11.6 14.6 9.7 11 11.3 10.8 5.7 10.5 8.2 7.1 6.2 Net Margin %
03/31/17 Reduce -0.24 1,315,501
Advisors, Inc 55.8 89.2 72 102.1 79.9 78 43.3 61.2 44.5 38.8 31.5 ROE %
Pioneer Investments 03/31/17 Reduce -0.16 1,359,908 12 18 11.8 13.7 12.3 11.6 6.2 10.5 8.2 7.1 6.3 ROA %
Ray Dalio 03/31/17 Reduce -0.06 38,259
Jim Simons 03/31/17 Buy 0.03 364,000
71 81 51 254 484 335 333 232 253 296 313 Cash & Equivalents
6445 6474 6056 6276 6862 6530 8323 8113 8077 7837 7451 Total Assets
2074 1633 2246 1945 2427 2004 2544 2244 2539 2314 2270 Long-term Debt
SEVERE Asset Growth: faster than revenue growth 603 531 -378 -300 -261 -323 -2154 -134 -603 -354 -329 Cashflow from Investing
MEDIUM Dividend Payout Ratio: Too high -1140 -903 -527 -472 -728 -412 -153 -76 -244 -143 -330 Repurchase of Stock
-605 -123 -20 135 295 -257 1675 -494 91 -547 -264 Net Issuance of Debt
Good Signs -1863 -1300 -814 -556 -700 -920 1237 -925 -526 -1071 -995 Cashflow from Financing
GOOD Dividend Yield %: Close to 2-year high -334 -298 -345 -315 -272 -323 -336 -347 -380 -341 -311 Capital Expenditure
340 468 821 742 870 797 683 552 802 1122 952 Free Cash Flow
Insider Trades
Cur. Competitor
Director, Ticker Company
Strength
Margin(%)
ROA(%) ROE(%)
Dorrance Bennett 03/30/17 915766 46315k
10% O
Senior Vice NYSE:HRL Hormel Foods Corp 8 8 18,288 21.19 2.01 13.96 14.00 19.77
Barroso Carlos 01/04/17 -9130 34774
Pre NYSE:CPB Campbell Soup Co 5 7 17,263 35.82 2.22 16.14 6.26 31.52
Senior Vice
Barroso Carlos 12/21/16 -1000 33760 NYSE:CAG Conagra Brands Inc 6 6 16,705 28.47 1.47 10.78 4.94 15.30
Pre
Senior Vice NYSE:MJN Mead Johnson Nutrition Co 5 7 16,524 28.30 4.54 22.48 14.40 0.00
Barroso Carlos 11/23/16 -3000 34760
Pre
Travis Tracey Thomas Director 11/23/16 -2771 11625
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CRM CRM

SalesforceIcom Inc (NYSE:CRM)
Current
Application Software - Software - Application P/E (ttm( 454.04 26.85 260.15 Tangible Book -0.81 -1 Payout N/A
Market Cap: $ 61,441 Mil Forward P/E 67.11 22.68 N/A DCE )Earnings Based) 2.03 2 Dividend Growth)5y) % N/A
Salesforce.com Inc provides enterprise cloud computing solutions, offering P/B 7.75 3.17 10.71 Peter Lynch Value 4.75 6 Yield on Cost)5y) % N/A
social and mobile cloud apps and platform services, as well as professional P/S 6.84 2.53 7.82 DCF )FCF Based) 72.59 84 Continuous Div. since N/A
services to facilitate the adoption of its solutions. P/FCF 33.84 24.94 43.47 Price 86I27 Insider Ownership % 5.5
Shiller P/E N/A 39.49 2163.1 Median P/S 98.73 114 Institution Ownership % 69.04
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.58 9.14 2.68 91.39

42.95
F-Score 6 5.00 5 1W -5.46 0
16M
YTD 26.02 9.1
Net-Margin )%) 1.49 3.38 0.82
1Y 5.22 17.3
ROE )%) 1.94 6.30 1.03
ROA )%) 0.86 2.86 0.43 3Y 16.68
3.08 22.55 8.08
)%)
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth )%) 17 44.6 2.10 490 501 512 546 541 565 598 624 662 700 712 Sh. Outstanding-diluted)Mil)
EBIT Growth )%) N/A N/A -97.50 332.8 75.6 99.9 276 -- -- -- -- -- 304.2 454 Year End P/E
N/A N/A 0.00
)%) 8.5 3.1 6.2 10.6 7.1 8 9 6.6 6.8 6.6 6.8 P/S
27.3 23 2.20
1.5 2.2 2.5 3 4.2 5.4 6.8 8.6 10.1 12 12.6 Revenue Per Share
Quarterly 0 0.1 0.2 0.1 -0 -0.5 -0.4 -0.4 -0.1 0.3 0.2 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 0.3 0.3 0.4 0.2 0.8 1 1 1.4 1.5 2.4 2.6 Free Cashflow Per Share
Net Income 39 230 -37 -51 -9 0.9 1.2 1.9 1.3 1 0.9 -2.2 -0.9 0.8 -1.4 -0.8 Tang. Book Per Share
EPS 0 0 -0 -0 -0 11.9 16.8 19.9 23.7 32.3 42.2 52.6 67.3 78.4 94.1 98.7 Median P/S Value
Revenue )YoY) % 27 25 25 27 25 0.9 1.6 2.6 1.9 -- -- -- -- -- -- -- Graham Number
Net Income )YoY) % 847 -27051 48 102 -124 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Income Statement
EPS )YoY) % 500 -33100 25 100 -117
748.7 1076.8 1305.6 1657.1 2266.5 3050.2 4071 5373.6 6667.2 8392 8863 Revenue
77.1 79.5 80.2 80.5 78.4 77.6 76.2 76 75.2 73.4 73.1 Gross Margin %
Guru Trades
20.3 63.7 115.3 97.5 -35.1 -110.7 -286.1 -145.6 114.9 64.2 3.4 Operating Income
Impact Cur.
Guru Date Action 2.7 5.9 8.8 5.9 -1.6 -3.6 -7 -2.7 1.7 0.8 0 Operating Margin %
% Shares
Stanley Druckenmiller 03/31/17 Buy 5.22 964,900 18.4 43.4 80.7 64.5 -11.6 -270.4 -232.2 -262.7 -47.4 179.6 131.7 Net Income
2.5 4 6.2 3.9 -0.5 -8.9 -5.7 -4.9 -0.7 2.1 1.5 Net Margin %
Daniel Loeb 03/31/17 Buy 2.41 3,000,000
5 7.7 9.4 5.6 -0.8 -13.9 -8.7 -7.5 -1.1 2.9 1.9 ROE %
Jana Partners 03/31/17 Reduce -1.67 1,780,594
2.1 3.4 4.1 2.3 -0.3 -5.6 -3.2 -2.7 -0.4 1.2 0.9 ROA %
Andreas Halvorsen 03/31/17 Buy 0.95 2,596,340
John Burbank 03/31/17 Add 0.94 193,291
Louis Moore Bacon 03/31/17 Buy 0.56 250,000 279.1 483.8 1011.3 424.3 607.3 747.2 781.6 908.1 1158.4 1606.5 2024.9 Cash & Equivalents
1089.6 1479.8 2460.2 3091.2 4164.2 5529 9152.9 10665 12763 17585 17059 Total Assets
-- 7.6 463.7 472.5 -- -- 1342.1 1496 1286.1 2008.4 896 Long-term Debt
Warning Signs 637.5 808 1416.4 1814.7 2576.8 3211.3 6114.4 6689.9 7760.1 10085 9124.4 Total Liabilities
-102.7 -121 -378.6 -1062.6 -489.7 -938.9 -2431.6 -698.4 -1487.9 -2684.3 -3001.8 Cashflow from Investing
Good Signs
-- -- -- -172 -- -- -- -- -- -- -- Repurchase of Stock
GOOD Revenue per Share: Consistent growth -0.2 -1 440.6 -10.4 -- -- 1256.5 -556.5 -300 694.4 295.6 Net Issuance of Debt
92.7 96.9 637.2 14.1 75.9 334.5 1598.2 -318.2 73.2 997.7 908.9 Cashflow from Financing
Insider Trades
-43.6 -61.1 -49.5 -368.8 -171.3 -175.6 -299.1 -290.5 -709.9 -464 -537.3 Capital Expenditure
Cur.
Shares 160.7 168.5 221.4 90.3 420.2 561.3 576.4 891 962.2 1698.2 1803.5 Free Cash Flow
Chairman of
Benioff Marc 06/15/17 -10000 34185k Competitor
the
Pres., Vice
Financial Operating
Block Keith 06/15/17 -10000 -- Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Cha Strength Margin(%)
Conway Craig Director 06/15/17 -1000 9602 NAS:ADBE Adobe Systems Inc 7 8 68,031 52.50 11.23 26.90 10.55 17.93
Roos John Victor Director 06/15/17 -228 17272 NYSE:CRM SalesforceIcom Inc 6 7 61,441 454I04 6I84 0I04 0I86 1I94
Chairman of
Benioff Marc 06/14/17 -10000 34185k NAS:INTU Intuit Inc 7 9 35,870 40.02 7.15 26.51 20.19 77.83
the
OTCPK:DASTY Dassault Systemes SE 7 8 23,383 48.05 6.82 21.42 6.60 12.03
NAS:ADSK Autodesk Inc 4 6 23,269 0.00 11.64 -23.42 -11.19 -53.65
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CSCO CSCO
Ratios Valuation T nalysis Dividend & Ownership

Cisco Systems Inc (NSS:CSCO)
Current
Communication Equipment P/E (ttm) 15.96 24.23 15.82 Tangible Book 6.64 21 Payout 0.54
Cisco Systems Inc is engaged in designing, manufacturing and sale of P/B 2.42 1.86 2.44 Graham Number 17.19 54 Yield on Cost(5y) % 23.6
Internet Protocol (IP) based networking products and services related to the P/S 3.29 1.41 2.95 DCE (Earnings Based) 24.22 77 Continuous Div. since 2011
communications and information technology (IT) industry. P/FCF 12.6 16.40 12.36 Median P/S 28.31 90 Insider Ownership % 0.15
Financial Strength
Industry Historical
Median Median

10.41
F-Score 6 5.00 6 1W -0.38 0.7
108M YTD 6.25 8.8
Net-Margin (%) 20.61 2.53 18.84
1Y 12.13 15.1
ROE (%) 15.69 4.49 17.12
ROA (%) 8.08 2.22 9.41 3Y 11.37
383.84 10.07 281.13
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 6.9 9.4 1.00 24.5 16.8 21 17.4 13.8 10.7 13.8 16.9 16.3 14.5 16 Year End P/E
7.1 9.6 -2.00
Growth (%) 5.2 3.4 3.6 3.4 2.1 1.9 2.8 2.8 3 3.2 3.3 P/S
Free Cash Flow Growth 14.2 9 10.5 8.8 5.4 4 7.3 7.7 7.7 7.4 7.8 EV/EBITDA
6.6 7.4 0.80
Quarterly 1.2 1.3 1.1 1.3 1.2 1.5 1.9 1.5 1.8 2.1 2 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 1.4 1.8 1.5 1.6 1.6 1.9 2.2 2.1 2.2 2.4 2.5 Free Cashflow Per Share
Revenue (YoY) % -1 -2 -3 -3 -1 8.5 10 9.9 11.3 11.6 14.3 16.2 13.8 16 18 17.2 Graham Number
EPS (YoY) % -2 20 -4 -24 9
34922 39540 36117 40040 43218 46061 48607 47142 49161 49247 48510 Revenue
64 64.1 63.9 64 61.4 61.2 60.6 58.9 60.4 62.9 63.2 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Jeremy Grantham 03/31/17 Reduce -0.95 11,612,847 7333 8052 6134 7767 6490 8041 9983 7853 8981 10739 9998 Net Income
21 20.4 17 19.4 15 17.5 20.5 16.7 18.3 21.8 20.6 Net Margin %
John Hussman 03/31/17 Add 0.74 203,500
26.5 24.5 16.8 18.7 14.2 16.3 18.1 13.6 15.4 17.4 15.7 ROE %
Yacktman Focused
03/31/17 Reduce -0.6 6,500,000 15.2 14.4 9.7 10.4 7.7 9 10.4 7.6 8.2 9.1 8.1 ROA %
Fund
Diamond Hill Capital 03/31/17 Reduce -0.52 7,378,338 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Apr17 Balance Sheet
First Pacific Advisors 03/31/17 Reduce -0.51 13,143,350 3728 5191 5718 4581 7662 9799 7925 6726 6877 7631 8116 Cash & Equivalents
Donald Yacktman 03/31/17 Reduce -0.5 23,096,779 53340 58734 68128 81130 87095 91759 101191 105070 113373 121652 125950 Total Assets
6408 6393 10295 12188 16234 16297 12928 20337 21457 24483 28222 Long-term Debt
Warning Signs -- 33505 34344 37793 38648 39271 42297 41884 43592 44516 45003 Common Equity
Good Signs -8342 -4193 -9959 -11931 -2934 -3815 -11768 -6643 -10088 -8117 -10054 Cashflow from Investing
-- 432 3449 4985 1508 -557 -12 4703 4469 3111 4081 Net Issuance of Debt
Insider Trades -1331 -6433 589 621 -4064 -5539 -3000 -6888 -2313 -4699 -4418 Cashflow from Financing
Executive
Chambers John T 05/24/17 -295537 979305 Competitor
Chair
SVP, Corp Financial Operating
Bhatt Prat 03/15/17 -15672 77050 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Contr Strength Margin(%)
SVP,
Chandler Mark D 03/09/17 -16000 259997 NAS:CSCO Cisco Systems Inc 6 8 158,052 15.96 3.29 25.24 8.08 15.69
LglSrvs &
EVP, OTCPK:NOKBF Nokia Oyj 5 3 37,798 0.00 1.44 -2.19 -1.79 -4.15
Dedicoat Chris 02/24/17 -34597 229344
Worldwide
NYSE:HPE Hewlett Packard Enterprise Co 6 6 28,048 13.19 0.67 9.39 2.93 7.14
Executive
Chambers John T 02/23/17 -295538 1275k OTCPK:ERIXF LM Ericsson Telephone Co 5 3 24,038 0.00 0.96 -4.39 -3.96 -8.20
Chair
OTCPK:AACAF AAC Technologies Holdings Inc 7 9 15,514 26.72 7.04 30.02 20.29 31.82
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CSRA CSRA

CSRA Inc (NYSE:CSRA)
Industry Historical % of Price U ividend Yield(ttm) % 1.24
Median Median NCAV -26.58 -82 U ividend Yield(forward) % 1.23
Application Software - Information Technology Services
Forward P/E 16.75 22.68 N/A Median P/S 29.06 90 U ividend GrowthV5y) % N/A
CSRA Inc is a IT services provider. It is engaged in the civil, defense and
P/B 16.02 3.17 19.52 Price 32.40 Yield on CostV5y) % 1.24
intelligence sector. The U efense & Intelligence segment provides services to
P/S 1.07 2.53 0.96 Continuous U iv. since 2015
the branches of the Armed Forces and the Civil segment provides services to
various federal agencies. P/FCF 15.81 24.94 12.92 Insider Ownership % 0.35
Financial Strength
-- -- -- -- -- -- -- -- 33.02 32.7 33.05 Annual Price High
Industry Historical
Score: 4 /10 Current -- -- -- -- -- -- -- -- 26.67 22.15 27.68 Low
Median Median
Cash to U ebt 0.05 9.14 0.04 33.05

5.45
F-Score 7 5.00 7 1W 3.31 0
3M
YTU 2.39 9.1
Net-Margin (%) 6.09 3.38 6.09
ROE (%) 152.76 6.30 37.76 1Y 41.56 17.3
ROA (%) 6.29 2.86 8.88 3Y 0.00
110.39 22.55 92.24
(%)
Growth
Revenue Growth V%) N/A N/A 16.60 -- -- -- -- -- -- -- -- 4364 4781 5289 Market Cap
EBITU A Growth V%) N/A N/A 115.00 -- -- -- -- -- -- -- 139 164 165 163 Sh. Outstanding-diluted(Mil)
EBIT Growth V%) N/A N/A 230.10 -- -- -- -- -- -- -- -- 50.8 16 17.7 Year End P/E
EPS without NRI -- -- -- -- -- -- -- -- 68.1 14.5 16 P/B
N/A N/A 247.20
Growth V%) -- -- -- -- -- -- -- -- 1 1 1.1 P/S
Free Cash Flow Growth -- -- -- -- -- -- -- -- 16.8 8.7 9.3 EV/EBITU A
N/A N/A -14.40
V%)
-- -- -- -- -- 2013 2014 2015 2016 2017 TTM Per share data
Book Value Growth V%) N/A N/A 411.90
-- -- -- -- -- -- -- 29.3 26 30.3 30.3 Revenue Per Share
Quarterly -- -- -- -- -- -- -- 1.8 0.5 1.8 1.8 EPS
Mar16 Jun16 Sep16 Wec16 Mar17 -- -- -- -- -- -- -- 2.9 2.4 2.1 2.1 Free Cashflow Per Share
Revenue 1290 1254 1263 1222 1254 -- -- -- -- -- -- -- -- 0.2 0.4 0.4 U ividends Per Share
Net Income -72 65 76 126 37 -- -- -- -- -- -- -- 1.4 -19.6 -17.5 -17.5 Tang. Book Per Share
EPS -0 0 0 1 0 -- -- -- -- -- -- -- 6.9 26.9 29.1 29.1 Median P/S Value
Revenue (YoY) % 29 31 30 18 -3 -- -- -- -- -- -- -- 7.6 -- -- -- Graham Number
Net Income (YoY) % -224 3 58 163 -151 -- -- -- -- -- 2013 2014 2015 2016 2017 TTM Income Statement
EPS (YoY) % -103 -- -- 162 -150
-- -- -- -- -- 4675.7 4102.6 4070 4250 4993 4993 Revenue
-- -- -- -- -- 17.3 18.4 19.4 15.9 23.3 23.3 Gross Margin %
Guru Trades
-- -- -- -- -- 450.5 422.4 457 187 622 622 Operating Income
Impact Cur.
Guru Wate Action -- -- -- -- -- 9.6 10.3 11.2 4.4 12.5 12.5 Operating Margin %
% Shares
Sarah Ketterer 03/31/17 Add 0.37 5,686,079 -- -- -- -- -- 280.7 296.4 252 87 304 304 Net Income
-- -- -- -- -- 6 7.2 6.2 2.1 6.1 6.1 Net Margin %
-- -- -- -- -- -- 52.6 23 15.4 154.3 152.8 ROE %
-- -- -- -- -- -- 26.7 11.5 2.5 6.3 6.3 ROA %
-- -- -- -- -- 2013 2014 2015 2016 2017 Mar17 Balance Sheet
Paul Tudor Jones 03/31/17 Add 0 42,767 -- -- -- -- -- -- 4 5 130 126 126 Cash & Equivalents
-- -- -- -- -- -- 2216.4 2161.3 4846 4888 4888 Total Assets
-- -- -- -- -- -- 139.3 129.9 2765 2683 2683 Long-term U ebt
Warning Signs -- -- -- -- -- -- 1088.4 1094.2 4782 4558 4558 Total Liabilities
MEDIUM Price: Close to 2-year high -- -- -- -- -- -- -- -- -- -- -- Common Equity
MEDIUM PS Ratio: Close to 2-year high -- -- -- -- -- 2013 2014 2015 2016 2017 TTM Cashflow Statement
Good Signs -- -- -- -- -- 563.1 577.8 487 553 488 488 Cashflow from Operations
-- -- -- -- -- -115.4 75 -117 -1605 -168 -168 Cashflow from Investing
-- -- -- -- -- -- -- -- -50 -29 -- Repurchase of Stock
Insider Trades -- -- -- -- -- -- -- -- 2480 -215 -215 Net Issuance of U ebt
Cur. -- -- -- -- -- -453.6 -659.1 -369 1177 -324 -324 Cashflow from Financing
Insider Position U ate Trades
Shares -- -- -- -- -- -87 -96.8 -78 -161 -150 -150 Capital Expenditure
Prior Lawrence B Iii
President and
06/02/17 49500 76270
-- -- -- -- -- 476 481 409 392 338 338 Free Cash Flow
C
Keffer Xavid F EVP, CFO 05/31/17 -20000 8202 Competitor
EVP, Health Financial Operating
Nedzbala Paul 03/01/17 -15336 405 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
and Strength Margin(%)
EVP, Chief
Batsakis George 02/23/17 -5000 28392 NAS:SABR Sabre Corp 4 5 6,265 30.43 1.85 13.17 3.76 31.37
Grow
EVP, Chief OTCPK:CMSK Y Computershare Ltd 5 7 6,142 26.58 3.11 14.11 5.69 20.06
Reing John 02/21/17 -13107 592
HR O NYSE:CSRA CSRA Inc 4 6 5,289 17.72 1.07 12.46 6.29 152.76
NYSE:NCR NCR Corp 4 7 4,761 28.46 0.83 9.35 3.82 30.68
NYSE:EPAM EPAM Systems Inc 7 7 4,250 44.09 3.60 11.01 11.07 13.26
Stock quotes provided by InterActive Yata. Fundamental company data provided by Morningstar, updated daily.
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CSX CSX

CSX Corp (NAS:CSX)
Current
Transportation & Logistics - Railroads P/E (ttm) 29.12 18.32 14.93 DCF (FCF Based) 12.49 23 Payout 0.39
CSX Corp is a freight rail transportation company. The Company provides P/B 4.24 1.24 2.49 Graham Number 22.8 43 Yield on Cost(5y) % 2.54
rail-based transportation services including traditional rail service and the P/S 4.43 1.11 2.18 DCE (Earnings Based) 25.14 47 Continuous Div. since 2004
transport of intermodal containers and trailers. P/FCF 54.59 17.15 29.74 Median P/S 26.28 49 Insider Ownership % 0.25
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.11 0.31 0.16 54.59

23.81
F-Score 5 5.00 6 1W -0.87 0
28M
YTD 49.37 9.1
Net-Margin (%) 15.19 3.43 15.35
1Y 104.74 17.3
ROE (%) 14.77 6.32 17.53
ROA (%) 4.92 2.78 5.75 3Y 22.22
10.80 9.14 12.88
(%)
Growth
EPS without NRI Growth 2 1.6 2.2 2.8 2.6 2.2 2.8 3.2 2.2 2.9 4.2 P/B
8.9 2 -5.20
(%) 2 1.2 2.1 2.3 1.9 1.7 2.4 2.9 2.2 3.1 4.4 P/S
7.8 -4 -8.90
Quarterly 1 1.1 1 1.4 1.7 1.8 1.8 1.9 2 1.8 1.8 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 0.3 1 0.5 1.2 1.1 0.6 0.9 0.9 0.8 0.7 1 Free Cashflow Per Share
Revenue (YoY) % -14 -12 -8 9 10 12.1 13.6 12.5 15.4 17.5 19 20.7 22 23.3 22.6 22.8 Graham Number
EPS (YoY) % -18 -16 -8 2 5
10030 11255 9041 10636 11795 11763 12026 12669 11811 11069 11320 Revenue
Impact Cur.
% Shares
Steve Mandel 03/31/17 Buy 3.52 14,378,423 1336 1365 1143 1563 1854 1863 1864 1927 1968 1714 1720 Net Income
13.3 12.1 12.6 14.7 15.7 15.8 15.5 15.2 16.7 15.5 15.2 Net Margin %
Sarah Ketterer 03/31/17 Sell -3.24 0
15.2 16.3 13.6 17.9 21.6 21.2 19 17.8 17.3 14.7 14.8 ROE %
John Griffin 03/31/17 Buy 2.93 4,837,000
5.3 5.3 4.3 5.7 6.5 6.2 6 5.9 5.8 4.9 4.9 ROA %
25534 26288 26887 28141 29344 30723 31782 33053 34745 35414 35712 Total Assets
6470 7512 7895 8051 8734 9052 9022 9514 10515 10962 10963 Long-term Debt
SEVERE Days Inventory: Building up 408 391 393 370 1049 1020 1009 992 966 928 923 Common Equity
Good Signs
-2174 -1570 -- -1452 -1564 -734 -353 -517 -804 -1056 -1065 Repurchase of Stock
GOOD Revenue per Share: Consistent growth 1590 709 177 687 595 592 -280 67 971 781 -- Net Issuance of Debt
Insider Trades
Cur.
CEO &
Harrison E Hunter 04/24/17 300000 300000 Competitor
President
Financial Operating
Mantle Ridge Lp Director 03/07/17 -1729478 41405k Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Gooden Clarence W President 12/12/16 -28587 556626
NYSE:CNI Canadian National Railway Co 5 8 60,346 22.33 6.78 43.96 10.18 25.07
NAS:CSX CSX Corp 5 7 49,166 29.12 4.43 30.01 4.92 14.77
OTCPK:CRRRF CRRC Corp Ltd 5 6 39,726 16.00 0.76 6.33 3.10 10.00
OTCPK:EJPRY East Japan Railway Co 4 7 39,490 17.31 1.49 16.28 3.28 9.98
NYSE:NSC Norfolk Southern Corp 4 8 34,278 20.33 3.46 31.11 4.96 13.80
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CTAS CTAS

Cintas Corp (NAS:CTAS)
Industry Historical % of Price Z ividend Yield(ttm) % 1.05
Current
$ 127.79 Median Median NCAV -12.93 -10 Z ividend Yield(forward) % 1.04
Business Services P/E (ttm) 26.46 21.83 18.51 Tangible Book 7.37 6 Payout 0.29
Market Cap: $ 13,459 Mil Forward P/E 26.11 19.08 N/A Graham Number 27.47 21 Z ividend Growth[5y) % 16.5
Cintas Corp is a provider of corporate identity uniforms. It operates in three P/B 6.17 2.37 2.55 Peter Lynch Value 57.28 45 Yield on Cost(5y) % 2.25
segments: Rental Uniforms & Ancillary Products, Uniform Z irect Sales, First P/S 2.67 1.36 1.34 Median P/S 64.02 50 Continuous Z iv. since 1983
Aid, and Safety & Fire Protection Services. P/FCF 37.61 20.66 18 Price 127.79 Insider Ownership % 2.2
Financial Strength
Industry Historical
Median Median
Cash to Z ebt 0.13 1.36 0.22 128.28
55.07
F-Score 7 5.00 7 1W 3.33 0
2M
YTZ 10.58 9.1
Net-Margin (%) 10.25 3.77 7.98
ROE (%) 26.41 8.55 14.85 1Y 37.30 17.3
ROA (%) 12.56 3.48 7.96 3Y 27.84
43.32 22.69 34.74
(%)
Growth
Revenue Growth [%) 7.4 9.8 11.80 6088 4537 3558 3975 4520 4669 5583 7271 9616 9879 13459 Market Cap
EBITZ A Growth [%) 7.1 14.9 10.90 160 156 153 153 147 130 125 122 118 110 105 Sh. Outstanding-diluted(Mil)
EBIT Growth [%) 7.9 16.9 10.70 18.4 13.7 15.7 18.6 19.6 16.3 18.1 20.4 23.7 15.3 26.5 Year End P/E
EPS without NRI Growth 2.8 2 1.5 1.6 2 2.2 2.5 3.3 5 5.4 6.2 P/B
7.6 18 17.60
(%) 1.7 1.2 0.9 1.1 1.3 1.2 1.3 1.8 2.3 2.1 2.7 P/S
Free Cash Flow Growth 9 6.8 7.2 7.7 8.9 8.1 8.9 10.2 12 11.6 14.7 EV/EBITZA
3.6 10.3 63.40
[%)
Book Value Growth [%) 3.3 1.1 13.70
Quarterly 2.1 2.2 1.5 1.4 1.7 2.3 2.5 3.1 3.6 6.2 4.8 EPS
Feb16 May16 Aug16 Nov16 Feb17 1.7 2.3 2.4 3 1.1 2.4 2.9 3.8 3.1 1.7 3.4 Free Cashflow Per Share
Revenue 1216 1271 1294 1297 1281 0.4 0.5 0.5 0.5 0.5 0.5 0.6 0.8 0.9 1.1 1.3 Z ividends Per Share
Net Income 117 131 138 140 118 4.7 5.1 6 7 5.2 4.6 4.8 7.4 6.1 4.3 7.4 Tang. Book Per Share
EPS 1 1 1 1 1 31 33.9 33 31.1 34.9 42.3 45.7 46.2 51.1 59.8 64 Median P/S Value
Revenue (YoY) % 10 11 8 6 5 14.9 15.7 14.1 14.9 14 15.3 16.6 21.4 21.7 19.9 27.5 Graham Number
Net Income (YoY) % 24 24 38 -59 1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 31 34 43 -58 2
3706.9 3937.9 3774.7 3547.3 3810.4 4102 4246 4193.8 4476.9 4905.5 5143.6 Revenue
Impact Cur.
Guru \ate Action 15.6 14.7 10.8 11 11.6 13.2 13.3 14.4 15.6 15.9 15.7 Operating Margin %
% Shares
Paul Tudor Jones 03/31/17 Add 0.53 138,604 334.5 335.4 226.4 215.6 247 297.6 315.4 374.4 430.6 693.5 527.4 Net Income
9 8.5 6 6.1 6.5 7.3 7.4 8.9 9.6 14.1 10.3 Net Margin %
15.7 15.2 9.8 8.8 10.2 13.4 14.5 17 20.9 36.7 26.4 ROE %
9.6 9.1 6 5.6 5.9 7 7.4 8.5 10 16.7 12.6 ROA %
Columbia Wanger 03/31/17 Reduce -0.05 413,964 35.4 66.2 129.7 411.3 438.1 339.8 352.3 513.3 417.1 139.4 147.2 Cash & Equivalents
3570.5 3808.6 3721 3969.7 4351.9 4165.7 4345.6 4462.5 4192.5 4104.4 4271.2 Total Assets
877.1 942.7 786.1 785.4 1284.8 1059.2 1301 1300.5 1300 1050 745.2 Long-term Zebt
Warning Signs 1402.7 1554.5 1353.5 1435.7 2049.3 2026.6 2144.1 2269.6 2260 2261.7 2092.9 Total Liabilities
449.4 542.7 523.5 565.7 340.9 469.9 552.7 606 580.3 465.8 652.4 Cashflow from Operations
-273.7 -311 -203.2 -207.6 -298.6 -104.3 -284.2 -14.5 45 128.4 -238.9 Cashflow from Investing
Good Signs
-198.9 -191.5 -25.8 -1 -443.7 -392.3 -215.7 -370.6 -552 -780.2 -297.8 Repurchase of Stock
82.5 62.6 -157.1 -0.6 500.1 -1.3 24.4 -8.2 -0.5 -0 -150.5 Net Issuance of Z ebt
GOOD Operating Margin %: Expansion -179.2 -202.7 -254.3 -76.5 -20 -460.6 -256.1 -429.7 -712.6 -866.7 -580 Cashflow from Financing
Cur.
Insider Position Z ate Trades
Shares Competitor
Adler Paul F. Treasurer 04/19/17 -4030 11908 Financial Operating
VP, Strength Margin(%)
Frooman Thomas E 03/23/17 -11500 80275
Secretary &
NYSE:GPN Global Payments Inc 4 7 13,775 63.18 3.84 10.92 2.42 9.41
Hansen J. Michael VP & CFO 03/23/17 -5477 44544
NAS:VRSK Verisk Analytics Inc 5 7 13,765 23.42 7.08 38.04 12.52 43.80
President and
Holloman James Phillip 02/06/17 -8964 132170
C NYSE:NLSN Nielsen Holdings PLC 4 7 13,738 29.13 2.19 17.74 2.99 11.12
Adolph Gerald S ] irector 07/25/16 -2000 10590 NAS:CTAS Cintas Corp 6 8 13,459 26.46 2.67 15.70 12.56 26.41
NYSE:FLT Fleetcor Technologies Inc 5 8 13,332 29.60 7.08 39.91 5.05 14.77
Stock quotes provided by InterActive ^ata. Fundamental company data provided by Morningstar, updated daily.
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CTL CTL

CenturyLink Inc (NYSE:CTL)
Current
Communication Services - Telecom Services P/E (ttm( 26.42 19.47 15.49 Tangible Book -20.61 -76 Payout 2.12
Market Cap: $ 14,790 Mil Forward P/E 12.47 16.23 N/A Price 26.95 Dividend Growth(5y( % -6.5
CenturyLink Inc, together with its subsidiaries, is an integrated P/B 1.11 2.31 1.15 Median P/S 41.2 153 Yield on Cost(5y( % 5.73
communications company engaged in providing a broad array of P/S 0.84 1.49 1.29 Continuous Div. since 2017
communications services including local and long distance voice, data, P/FCF 13.34 18.69 8.02 Insider Ownership % 0.86
Internet access & broadband services. Shiller P/E 12.66 18.67 12.16 Institution Ownership % 61.12
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.01 0.41 0.02 49.94

14.07
F-Score 6 5.00 6 1W 3.73 0
14M YTD 17.87 9.1
Net-Margin (%( 3.20 3.49 4.60
ROE (%( 4.03 6.73 5.42 1Y 6.90 17.3
ROA (%( 1.18 2.49 1.68 3Y -3.28
12.51 14.15 14.37
(%(
Growth
Revenue Growth (%( 4.6 2.6 -1.70 4498 2737 10834 14080 23009 24476 18589 22502 13682 12997 14790 Market Cap
EBITDA Growth (%( 0.2 1.2 -9.60 113 103 199 301 534 622 601 570 555 541 549 Sh. Outstanding-diluted(Mil)
EBIT Growth (%( -5.9 4.2 -13.10 11.1 7.8 12 14.8 29.5 31.6 -- 29.3 15.9 20.5 26.4 Year End P/E
EPS without NRI Growth 1.3 0.9 1.2 1.5 1.1 1.3 1.1 1.5 1 1 1.1 P/B
N/A N/A -39.30
(%( 1.8 1.1 1.4 2 1.3 1.3 1.1 1.3 0.8 0.7 0.8 P/S
Free Cash Flow Growth 5.5 4.5 8.5 6 7.4 6.1 6.5 6.3 5 5.2 5.6 EV/EBITDA
-3.1 -3.6 -53.30
Book Value Growth (%( -1.9 -6.2 -5.70
23.5 25.3 25 23.4 28.7 29.5 30.1 31.6 32.2 32.3 31.9 Revenue Per Share
Quarterly 3.7 3.5 3.2 3.1 1.1 1.3 -0.4 1.4 1.6 1.2 1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 6.2 4.1 4.1 3.9 3.4 5.1 4.2 3.8 4.1 3 2 Free Cashflow Per Share
Revenue (YoY( % -1 -0 -4 -4 -4 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoY( % 23 37 -26 -88 -31 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 29 38 -24 -87 -32
2656.2 2599.7 4974.2 7042 15351 18376 18095 18031 17900 17470 17278 Revenue
793.1 721.4 1233.1 2060 2025 2713 1453 2410 2605 2331 2268 Operating Income
Impact Cur.
% Shares
Joel Greenblatt 03/31/17 Sell -0.26 0 418.4 365.7 647.2 948 573 777 -239 772 878 626 553 Net Income
15.8 14.1 13 13.5 3.7 4.2 -1.3 4.3 4.9 3.6 3.2 Net Margin %
Ray Dalio 03/31/17 Reduce -0.14 471,769
12.7 11.1 10.3 9.9 3.8 3.9 -1.3 4.8 6 4.6 4 ROE %
Jeff Auxier 03/31/17 Buy 0.06 12,100
5.4 4.5 4.2 4.3 1.5 1.4 -0.5 1.5 1.8 1.3 1.2 ROA %
Nwq Managers 03/31/17 Sell -0.03 0
Pioneer Investments 03/31/17 Add 0.03 315,963 34.4 243.3 161.8 172.9 128 211 168 128 126 222 214 Cash & Equivalents
8184.6 8254.2 22563 22038 56044 53940 51787 49103 47604 47017 46602 Total Assets
2734.4 3294.1 7253.7 7316 21356 19400 20181 19953 18722 18185 18180 Long-term Debt
S_VER_ Gross Margin %: Declined 108.5 100.3 299.2 304.9 619 626 584 569 544 547 549 Common Equity
M_DIUM Interest Coverage: Low 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
M_DIUM Dividend Payout Ratio: Too high 1030 853.3 1573.7 2045 4201 6065 5559 5188 5152 4608 4242 Cashflow from Operations
M_DIUM Revenue per Share: Growth slow down -619.2 -389 -678.8 -859 -3647 -2690 -3148 -3077 -2853 -2994 -3121 Cashflow from Investing
-460.7 -347.3 -15.6 -17 -31 -37 -1586 -650 -819 -16 -15 Repurchase of Stock
Good Signs 28.9 277.7 -452.6 -426 1030 -1213 376 -321 -292 -341 -159 Net Issuance of Debt
GOOD Operating Margin %: Expansion -402.1 -255.4 -976.4 -1175 -577 -3295 -2454 -2151 -2301 -1518 -1345 Cashflow from Financing
-326 -435.8 -756.5 -864 -2411 -2919 -3048 -3047 -2872 -2981 -3150 Capital Expenditure
Insider Trades 703.9 417.5 817.2 1181 1790 3146 2511 2141 2280 1627 1092 Free Cash Flow
Cur.
Shares Competitor
EVP, Chief Financial Operating
Hussain Aamir 11/10/16 14580 179075 Ticker Company Profitability Market Cap($M) P/` P/S ROA(%) RO` (%)
Tech Strength Margin(%)
Owens William Arthur Director 11/07/16 42800 95275
NYSE:SKM SK Telecom Co Ltd 5 7 15,240 10.62 1.02 7.67 5.71 10.77
Bejar Martha Helena Director 11/07/16 8250 13109
OTCPK:AVIFY Advanced Info Service PCL 5 7 15,206 17.01 3.33 23.67 11.73 75.68
EVP,
Cole David D 10/27/16 -30000 198440
Controller NYSE:CTL CenturyLink Inc 4 7 14,790 26.42 0.84 13.13 1.18 4.03
Perry Harvey P Director 10/27/16 -10000 73316 OTCPK:ILIAY Iliad SA 5 8 14,384 32.65 2.77 15.66 5.32 14.29
OTCPK:TELDF Telefonica Deutschland Holding AG 6 4 14,381 0.00 1.67 0.28 -0.68 -1.10
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CTSH CTSH

Cognizant Technology Solutions Corp
Current
(NAS:CTSH) Median Median NCAV 4.43 7 Dividend Yield(forward) % 0.9
$ 66.39 P/E (ttm) 24.25 26.85 23.83 Tangible Book 11.03 17 Payout N/A
Forward P/E 18.15 22.68 N/A Graham Number 26.08 39 Dividend Growth(5y) % N/A
Application Software - Information Technology Services
P/B 3.92 3.17 4.69 Peter Lynch Value 45.84 69 Yield on Cost(5y) % 0.23
Cognizant Technology Solutions Corp provides information technology (IT),
consulting and business process services.
PEG 1.4 2.01 0.81 DCE (Earnings Based) 78 117 Short % of Float 2.36
Financial Strength
Industry Historical
Median Median

31.21
F-Score 5 5.00 5 1W -0.72 0
14M
YTD 18.76 9.1
Net-Margin (%) 12.07 3.38 14.38
1Y 11.59 17.3
ROE (%) 16.53 6.30 23.31
ROA (%) 12.36 2.86 17.50 3Y 11.96
96.81 22.55 103.07
(%)
Growth
EBIT Growth (%) 24.3 15.5 5.60 29.3 12.5 25.5 30.9 22.6 21.5 25 22.4 22.7 22.1 24.3 Year End P/E
21.1 13.3 0.00
Growth (%) 4.8 1.9 4.2 4.9 3.3 3.1 3.5 3.2 3 2.5 2.9 P/S
27.8 20.9 -12.80
Quarterly 0.6 0.7 0.9 1.2 1.4 1.7 2 2.4 2.7 2.6 2.7 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 0.3 0.4 1 0.9 0.9 1.4 1.9 2.1 3.1 2.2 2.5 Free Cashflow Per Share
Net Income 441 252 444 415 557 2.2 3 4 5.4 5.9 7.4 9.1 7.2 9.9 11.9 11 Tang. Book Per Share
Revenue (YoY) % 10 9 8 7 11 5.4 7 9 12 13.7 16.9 20.4 19.5 24.3 26.1 26.1 Graham Number
Net Income (YoY) % 15 -40 12 -2 26 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 16 -40 12 -1 28
2135.6 2816.3 3278.7 4592.4 6121.2 7346.5 8843.2 10263 12416 13487 13831 Revenue
Impact Cur.
Guru Date Action 17.9 18.4 18.9 18.8 18.6 18.5 19 18.4 17.3 17 16.7 Operating Margin %
% Shares
Zeke Ashton 03/31/17 Sell -8.15 0 350.1 430.8 535 733.5 883.6 1051.3 1228.6 1439 1624 1553 1668.8 Net Income
16.4 15.3 16.3 16 14.4 14.3 13.9 14 13.1 11.5 12.1 Net Margin %
Jana Partners 03/31/17 Add 1.31 2,634,603
27.6 25.1 23.2 23.5 23.5 23.9 22.4 20.7 19.1 15.5 16.5 ROE %
Alan Fournier 03/31/17 Reduce -1.04 1,263,100
22.1 20.5 18.7 18.5 17.5 17.5 16.8 14.7 13.2 11.4 12.4 ROA %
Richard Pzena 03/31/17 Add 0.66 6,713,981
David Rolfe 03/31/17 Reduce -0.28 2,320,261 339.8 735.1 1100.9 1541 1310.9 1570.1 2213 2010.1 2125 2034 1308 Cash & Equivalents
1838.3 2374.6 3338.2 4583.1 5507.9 6521.6 8134.7 11479 13061 14262 13629 Total Assets
-- -- -- -- -- -- -- 937.5 877 797 772 Long-term Debt
Warning Signs 370.1 409 685.1 998.6 1555 1667.2 1998.9 3738.8 3783 3534 3646 Total Liabilities
SEVERE Gross Margin %: Declined 2.9 2.9 3 3 3 3 6.1 6.1 6 6 6 Common Equity
SEVERE Asset Growth: faster than revenue growth 344.3 429.7 672.3 764.7 875.2 1172.6 1423.8 1473 2153 1621 1826 Cashflow from Operations
-277.3 -55 -394.8 -446.9 -850.3 -570 -730.8 -3161 -1371 -963 -644 Cashflow from Investing
Good Signs
-- -27.8 -16.3 -59 -374.1 -520.8 -179 -248 -460 -512 -1769 Repurchase of Stock
GOOD Interest Coverage: Comfortable -105.4 -- -- -- -- -- -- 1635 -353 -407 185 Net Issuance of Debt
4 44 76.9 120 -255.5 -343 -30.9 1503 -648 -719 -1372 Cashflow from Financing
Insider Trades
-182.5 -169.4 -76.6 -185.5 -288.2 -334.5 -261.6 -212 -273 -300 -302 Capital Expenditure
Cur.
Shares 161.9 260.3 595.7 579.1 586.9 838.1 1162.2 1261 1880 1321 1524 Free Cash Flow
Kandiah Gajakarnan President - Competitor
06/06/17 -10000 15514
Vibushanan Dig
Financial Operating
EVP Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Shaheen Allen 06/06/17 -4186 442 Strength Margin(%)
Corporate D
Vice Chair NAS:CTSH Cognizant Technology Solutions Corp 8 8 39,104 24.25 2.93 16.67 12.36 16.53
Krishnaswamy Venkat 06/05/17 -4000 13188
Heal NYSE:INFY Infosys Ltd 9 8 33,912 15.73 3.31 25.95 17.45 21.37
Chintamaneni President OTCPK:HTHIF Hitachi Ltd 6 6 28,952 17.20 0.35 6.41 1.63 6.89
05/25/17 -5400 21682
Ramakrishna Prasa Globa
OTCPK:AMADF Amadeus IT Group SA 6 8 26,025 28.67 5.29 27.10 10.95 32.59
Vice Chair
Krishnaswamy Venkat 05/25/17 -4205 13540
NYSE:DXC DXC Technology Co 5 3 20,982 0.00 1.37 1.79 -1.45 -6.09
Heal
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:CTXS CTXS

Citrix Systems Inc (NKS:CTXS)
Industry Historical % of Price Dividend Yieldbttma % N/A
Current
$ 79.26 Median Median NCAV -11.74 -15 Dividend Yieldbforwarda % N/A
Application Software - Software - Infrastructure P/E (ttm) 26.03 26.85 28.52 Tangible Book -0.53 -1 Payout N/A
Market Cap: $ 11,980 Mil Forward P/E 17.36 22.68 N/A Peter Lynch Value 46.64 59 Dividend Growthb5ya % N/A
Citrix Systems Inc provides virtualization, networking and cloud infrastructure P/B 7.17 3.17 3.35 DCE (Earnings Baseda 51.1 64 Yield on Costb5ya % N/A
solutions. The Company designs, develops and markets technology P/S 3.83 2.53 3.69 Median P/S 76.18 96 Continuous Div. since N/A
solutions that enable information technology services. P/FCF 13.97 24.94 15.15 Price 79.26 Insider Ownership % 1.7
Shiller P/E 43.53 39.49 39.15 DCF bFCF Baseda 122.95 155 Institution Ownership % 63.84
Financial Strength
Industry Historical
Score: 6 /10 Current 21.37 15.56 16 32.77 40.06 45.66 43.77 41.98 45.38 49.6 71.24 Low
Median Median
Cash to Debt 0.97 9.14 991.00 87.48

35.96
F-Score 8 5.00 6 1W -4.75 0
Operating Margin b%a 20.30 4.83 13.80
7M
YTD 11.44 9.1
Net-Margin b%a 14.75 3.38 12.73
ROE (%a 21.82 6.30 11.87 1Y 17.80 17.3
ROA b%a 8.31 2.86 7.38 3Y 16.06
ROC bJoel Greenblatta 3.7M 5Y 4.43
200.08 22.55 124.79
b% a
Growth
Revenue Growth b%a 13.8 13.8 3.40 5671 3410 6052 10214 8984 9738 9232 8169 9266 11116 11980 Market Cap
EBITDA Growth b%a 13.7 13.3 19.60 187 187 185 190 191 189 188 171 160 157 151 Sh. Outstanding-dilutedbMila
EBIT Growth b%a 12.7 9.6 69.00 26.6 19.8 32.2 37.3 25.9 28.1 27.8 34.6 30.1 20.9 26 Year End P/E
10.7 9 44.50
Growth b%a 4.1 2.2 3.8 5.5 4.2 3.8 3.3 2.8 3 3.4 3.8 P/S
Free Cash Flow Growth 15.1 8.8 16.4 20.3 14.3 14.1 13 13.7 13 12 13 EV/EBITDA
15.9 15.2 -1.00
b% a
Book Value Growth b%a 6 -1.3 -17.40
Quarterly 1.1 1 1 1.5 1.9 1.9 1.8 1.5 2 3.4 3 EPS
Net Income 83 121 132 200 28 3.6 4.1 5.9 7.8 6.2 5.6 5.7 -0.1 -1.8 2.6 -0.5 Tang. Book Per Share
Revenue c YoYd % -13 6 3 0 1 9.6 9.4 11.7 16 16.1 15.3 15.2 -- -- 14.3 14.1 Graham Number
Net Income c YoYd % 189 17 136 52 -67 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoYd % 200 20 140 52 -69
1391.9 1583.4 1614.1 1874.7 2206.4 2586.1 2918.4 3142.9 3275.6 3418.3 3255.3 Revenue
90.1 88.9 88.4 87.6 86.7 84.4 82.8 80.3 81.2 83.6 83.9 Gross Margin %
Guru Trades
202.4 170 178.7 320.7 417 390.8 380.7 302.3 350.1 649.2 660.8 Operating Income
Impact Cur.
% Shares
Paul Singer 03/31/17 Reduce -1.75 7,091,000 214.5 178.3 191 277.1 356.3 352.5 339.5 251.7 319.4 536.1 480.3 Net Income
15.4 11.3 11.8 14.8 16.2 13.6 11.6 8 9.8 15.7 14.8 Net Margin %
13 9.5 9.3 11.7 13.5 12.1 10.5 9.2 15.4 23.4 21.8 ROE %
George Soros 03/31/17 Buy 0.39 165,000
9.4 6.8 6.6 8.2 9.1 7.9 6.8 4.7 5.8 9 8.3 ROA %
Ray Dalio 03/31/17 Sell -0.05 0
Paul Tudor Jones 03/31/17 Add 0.03 13,648 223.7 326.1 261.4 396.2 333.3 643.6 280.7 260.1 368.5 957 908 Cash & Equivalents
2534.7 2694.3 3091.1 3703.6 4099.5 4796.4 5212.2 5512 5467.5 6390.2 5360.6 Total Assets
-- -- -- -- -- -- -- 1293 1311.1 -- 1357.6 Long-term Debt
MEDIUM Price: Close to 10-year high 424.1 462.1 484 616.3 679.1 818.5 928.3 846 1034.5 1115.8 1025.1 Cashflow from Operations
-417.6 -158.6 -502.9 -457 -451.2 -357.9 -938.2 -569.5 -224.4 -484.2 -161.4 Cashflow from Investing
Good Signs
-260 -256.5 -214.9 -433.7 -424.8 -251 -406.3 -1640.9 -755.7 -28.7 -500 Repurchase of Stock
GOOD Piotroski F-Score: High -8 -0.4 -- -- -11.6 -24.3 -2.1 1411.7 -7.6 -- 96 Net Issuance of Debt
-131.8 -206.9 -45.5 -26.3 -292.6 -149.8 -352.3 -292.7 -691.5 -38 -465.3 Cashflow from Financing
Insider Trades
-89.2 -221.5 -79.5 -92.1 -127.4 -150.7 -175 -179.1 -172.2 -160.5 -131.7 Capital Expenditure
334.9 240.6 404.4 524.2 551.8 667.8 753.3 666.9 862.3 955.3 893.4 Free Cash Flow
Minahan Timothy A. CMO 04/03/17 -1753 64271
Demo Murray J Director 03/29/17 -1000 8606 Competitor
Minahan Timothy A. CMO 03/13/17 -14886 54947 Financial Operating
Strength Margin(%)
Demo Murray J Director 02/28/17 -1000 9606
Demo Murray J Director 01/30/17 -1000 10276 NAS:CA CA Inc 6 6 13,303 17.30 3.27 28.12 6.87 14.04
NYSE:DVMT Dell-VMWare Tracking Stock 6 2 12,564 0.00 0.55 -3.87 1.35 9.86
NKS:CTXS Citrix Systems Inc 6 9 11,980 26.03 3.83 20.30 8.31 21.82
NAS:DOX Amdocs Ltd 8 8 9,531 23.48 2.57 13.16 7.90 11.73
NAS:FFIV F5 Networks Inc 9 10 8,369 22.01 4.17 28.09 16.75 32.71
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CVS CVS

CVS Health Corp (NESE:CVS)
Current
Health Care Plans P/E (ttm) 16.74 19.00 17.47 Tangible Book -17.2 -21 Payout 0.37
CVS Health Corp iis an integrated pharmacy health care provider. The P/B 2.46 2.44 1.79 DCE (Earnings Based) 77.06 96 Yield on Cost(5y) % 7.87
Company has three segments: Pharmacy Services, Retail Pharmacy and P/S 0.48 0.59 0.59 Price 80.09 Continuous Div. since 2003
Corporate. P/FCF 9.35 12.79 20.53 DCF (FCF Based) 91.71 115 Insider Ownership % 0.46
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.08 1.20 0.14 113.45
44.74
F-Score 5 6.00 6 1W 2.12 0
Median Median
6M 3.58 8.7
YTD 2.76 9.1
Net-Margin (%) 2.86 3.19 3.44 28M
ROE (%) 14.42 14.32 11.33 1Y -14.66 17.3

ROA (%) 5.49 4.26 5.97 3Y 3.76
69.72 89.82 49.64
(%)
Growth
EBIT Growth (%) 11.9 15 9.70 20.8 13.2 12.6 14 15.9 16 19.1 24.3 21.1 16.1 16.7 Year End P/E
11.3 13.8 4.30
(%) 0.7 0.5 0.5 0.5 0.5 0.5 0.7 0.8 0.7 0.5 0.5 P/S
N/A 19.3 50.80
(%)
Quarterly 1.9 2.2 2.6 2.5 2.6 3 3.7 4 4.6 4.9 4.8 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1 1.2 1 2 3 3.6 3.1 5.1 5.4 7.3 8.6 Free Cashflow Per Share
Net Income 1146 924 1540 1707 952 -2.3 -1.1 -0 1.6 1.3 1.2 1.6 0 -13.4 -14.1 -17.2 Tang. Book Per Share
EPS 1 1 1 2 1 32.9 35.1 40 41.2 46.9 56.8 61 70.3 80.4 97.1 99.3 Median P/S Value
Revenue (YoY) % 19 18 15 12 3 -- -- -- 9.6 8.8 9.1 11.6 1.8 -- -- -- Graham Number
EPS (YoY) % -3 -23 29 18 -12
76330 87472 98215 95778 107080 123120 126761 139367 153290 177526 178825 Revenue
Impact Cur. 4793.3 6046 6425 6137 6331 7210 8037 8799 9454 10338 9955 Operating Income
Guru Date Action
Richard Snow 03/31/17 Add 1.05 288,876 2637 3212 3696 3427 3462 3864 4592 4644 5237 5317 5123 Net Income
Nwq Managers 03/31/17 Reduce -0.36 1,014,208 3.5 3.7 3.8 3.6 3.2 3.1 3.6 3.3 3.4 3 2.9 Net Margin %
12.7 9.7 10.5 9.3 9.1 10.2 12.2 12.2 13.9 14.4 14.4 ROE %
David Dreman 03/31/17 Add 0.26 13,849
7 5.6 6 5.5 5.5 5.9 6.7 6.4 6.3 5.7 5.5 ROA %
Charles Brandes 03/31/17 Buy 0.11 94,271
Pioneer Investments 03/31/17 Add 0.1 8,033,087 1056.6 1352 1086 1427 1413 1375 4089 2481 2459 3371 2217 Cash & Equivalents
54722 60960 61641 62169 64543 66221 71526 74187 92437 94462 92670 Total Assets
8349.7 8057 8756 8652 9208 9133 12841 11630 26267 25615 25622 Long-term Debt
SEVERE Gross Margin %: Declined 15.9 16 16 16 16 17 17 17 17 17 17 Common Equity
Good Signs 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
GOOD Revenue per Share: Consistent growth 3229.7 3947 4035 4779 5856 6671 5783 8137 8412 10069 11163 Cashflow from Operations
GOOD Operating Margin %: Expansion -3081.7 -4580 -1069 -1640 -2410 -1849 -1835 -4045 -13420 -2470 -2391 Cashflow from Investing
5420.5 954 -582 -1127 -209 -539 3274 -932 11218 -614 -106 Net Issuance of Debt
GOOD PE Ratio: Close to 5-year low 377.9 929 -3232 -2798 -3460 -4860 -1237 -5694 5006 -6689 -8335 Cashflow from Financing
-1805.3 -2180 -2548 -2005 -1872 -2030 -1984 -2136 -2367 -2224 -2083 Capital Expenditure
Insider Trades
1424.4 1767 1487 2774 3984 4641 3799 6001 6045 7845 9080 Free Cash Flow
Cur.
Shares Competitor
EVP and
Denton David M 06/12/17 -230510 154566 Financial Operating
CFO Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
EVP and
Brennan Troyen A 03/21/17 -23849 36572
Chief M NESE:CVS CVS Health Corp 5 7 81,595 16.74 0.48 5.57 5.49 14.42
EVP, Cont
Boratto Eva C
& Chi
03/17/17 -6029 16831 NYSE:ANTM Anthem Inc 6 6 50,016 18.31 0.58 5.46 4.25 11.22
EVP, NYSE:AET Aetna Inc 5 8 49,523 46.53 0.84 4.97 1.78 6.79
Sussman Andrew 03/13/17 -14104 10145
Clinical S NYSE:CI Cigna Corp 6 6 42,826 22.30 1.08 7.59 3.25 14.32
EVP and
Denton David M 03/10/17 -95618 160669 NAS:ESRX Express Scripts Holding Co 5 8 37,446 11.51 0.39 5.19 6.70 21.95
CFO
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CVX CVX

Chevron Corp (NYSE:CVX)
Current
Oil & Gas - Integrated - Oil & Gas Integrated P/E (ttm) 69.5 16.50 9.79 Graham Number 50.81 48 Payout 2.81
Chevron Corp engages in the exploration, production, and refining P/B 1.37 1.16 1.61 Tangible Book 75 71 Yield on Cost(5y) % 5.64
operations worldwide. Its oil refineries are spread across the Dnited States, P/S 1.61 0.88 0.91 Price 106.33 Continuous Div. since 1986
South Africa, and Asia with an approximate capacity of 2 million barrels of oil P/FCF N/A 14.48 17.37 Insider Ownership % 0.05
a day. Shiller P/E 11.52 11.53 12.37 Institution Ownership % 47.61
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.16 0.38 0.56 134.85
Interest Coverage 4.56 7.94 N/A Gain(%) SP500(%)
39.2
F-Score 4 5.00 6 1W 2.24 0
Median Median
6M -7.31 8.7
YTD -7.82 9.1
Net-Margin (%) 2.34 2.94 8.93 24M
ROE (%) 1.98 5.85 17.16 1Y 9.95 17.3

ROA (%) 1.12 2.24 9.85 3Y -2.16
1.57 6.39 27.01
(%)
Growth
Revenue Growth (%) -3 -13.9 -2.90 195100 148253 154574 183183 210796 210516 239028 210859 169378 222631 201449 Market Cap
EBITDA Growth (%) -3 -21.1 3.80 2132 2050 2001 2007 2001 1965 1932 1898 1875 1873 1895 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A N/A 0.00 10.6 6.3 14.7 9.6 7.9 8.1 11.3 11.1 36.7 -- 69.5 Year End P/E
N/A N/A 121.70
(%) 0.9 0.6 0.9 0.9 0.8 0.9 1.1 1 1.2 1.9 1.6 P/S
Free Cash Flow Growth 4.7 2.8 5.1 4 3.1 3.4 4.9 4.7 7.6 15 10.9 EV/EBITDA
N/A N/A 0.00
(%)
Quarterly 8.8 11.7 5.2 9.5 13.4 13.3 11.1 10.1 2.5 -0.3 1.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 3.9 4.9 -0.2 5.9 7.3 4 -1.5 -2.1 -5.4 -2.8 -0.2 Free Cashflow Per Share
Net Income -725 -1470 1283 415 2682 34.7 40.9 43.5 50 58.9 67.7 75.5 80 78.7 74.5 75 Tang. Book Per Share
EPS -0 -1 1 0 1 94.4 121 78.1 92.9 115.4 112 107.8 101.6 67.2 55.5 60.1 Median P/S Value
Revenue (YoY) % -32 -27 -12 8 42 82.7 103.7 71.6 103.3 133.5 142.5 137.3 135.1 65.9 -- 50.8 Graham Number
EPS (YoY) % -128 -360 -38 -171 -462
220904 273005 171636 204928 253706 241909 228848 211970 138477 114472 124340 Revenue
Impact Cur. 32440 43057 10447 32105 47634 46332 35905 31202 4842 -1959 1148 Operating Income
Guru Date Action
% Shares 14.7 15.8 6.1 15.7 18.8 19.2 15.7 14.7 3.5 -1.7 0.9 Operating Margin %
T Boone Pickens 03/31/17 Sell -2.36 0 18688 23931 10483 19024 26895 26179 21423 19241 4587 -497 2910 Net Income
Richard Snow 03/31/17 Reduce -1.88 2,248 8.5 8.8 6.1 9.3 10.6 10.8 9.4 9.1 3.3 -0.4 2.3 Net Margin %
25.6 29.2 11.7 19.3 23.8 20.3 15 12.7 3 -0.3 2 ROE %
John Hussman 03/31/17 Buy 1.19 50,000
13.3 15.4 6.4 10.9 13.6 11.8 8.8 7.4 1.7 -0.2 1.1 ROA %
Pioneer Investments 03/31/17 Reduce -0.63 168,640
Jim Simons 03/31/17 Sell -0.22 0 7362 9347 8716 14060 15864 20939 16245 12785 11022 6988 6983 Cash & Equivalents
148786 161165 164621 184769 209474 232982 253753 266026 264540 260078 259111 Total Assets
6070 6083 10130 11289 9812 12065 20057 24028 33622 35286 36959 Long-term Debt
MEDIUM Operating Income: loss -13933 -17081 -16572 -20915 -27489 -24796 -35609 -29893 -23808 -16852 -12582 Cashflow from Investing
-6389 -6821 168 -306 -3193 -4142 -4494 -4412 211 650 772 Repurchase of Stock
Good Signs
-3038 1682 1659 882 -2369 2047 8246 7388 10724 7470 10512 Net Issuance of Debt
GOOD PB Ratio: Close to 1-year low -14295 -10400 -3546 -5165 -11769 -8980 -3821 -4999 2815 25 -4570 Cashflow from Financing
Insider Trades
8299 9966 -470 11742 14595 7874 -2983 -3932 -10048 -5263 -274 Free Cash Flow
Cur.
Shares Competitor
Chairman
Watson John S 03/13/17 -125000 103319 Financial Operating
and CE Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Executive
Breber Pierre R 02/02/17 -45000 36468
Vice OTCPK:RYDAF Royal Dutch Shell PLC 5 4 219,861 28.55 0.83 5.22 1.91 4.16
Executive
Breber Pierre R 12/08/16 -10000 36258 NYSE:CVX Chevron Corp 5 4 201,449 69.50 1.61 0.92 1.12 1.98
Vice
Executive OTCPK:PCCYF PetroChina Co Ltd 5 5 195,805 51.53 0.86 4.72 1.14 2.31
Breber Pierre R 11/17/16 -10000 36258
Vice OTCPK:TTFNF Total SA 5 5 121,881 16.14 0.86 3.91 3.26 7.50
VP and
Pate R. Hewitt 11/16/16 -25500 25442 OTCPK:BPAQF BP PLC 5 5 112,088 50.33 0.56 0.66 0.91 2.52
General
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:CXO CXO

Concho Resources Inc (NYSE:CXO)
Industry Historical % of Price Uividend Yield)ttm) % N/A
Current
$ 116.58 Median Median NCAV -25.89 -22 Uividend Yield)forward) % N/A
Oil & Gas - E&P - Oil & Gas E&P P/E )ttm) 91.64 14.70 31.38 Graham Number 40.67 35 Payout N/A
Market Cap: $ 17,303 Mil Forward P/E 86.21 20.12 N/A Tangible Book 57.42 49 Uividend Growth)5y) % N/A
Concho Resources Inc. is an oil and natural gas company. It is engaged in P/B 2.04 1.21 2.66 Median P/S 80.72 69 Yield on Cost)5y) % N/A
the acquisition, development, exploitation and exploration of producing oil P/S 8.38 3.06 5.77 Price 116.58 Continuous Uiv. since N/A
and natural gas properties. It operates in the Uelaware Basin. P/FCF N/A 16.04 86.7 Insider Ownership % 1.65
Financial Strength
21.99 40.18 46.17 88.43 109.79 116 120.72 148 128.31 143.25 144.46 Annual Price High
Industry Historical
Median Median
Cash to Uebt 0.28 0.66 0.09 148
67.73
F-Score 7 5.00 5 1W -3.81 0
Operating Margin )%) 27.76 -22.09 32.07
4M
YTU -12.08 9.1
Net-Margin )%) 10.60 -29.01 15.53
ROE )%) 2.87 -8.89 8.93 1Y -4.57 17.3
ROA )%) 1.76 -7.11 3.78 3Y -6.33
4.89 -8.39 7.38
)%)
Growth
Revenue Growth )%) 17.7 -4.6 2.10 1563 1933 3852 9013 9722 8425 11351 11272 11992 19366 17303 Market Cap
EBITUA Growth )%) N/A N/A 7523.00 66 81 85 94 104 104 104 109 120 135 148 Sh. Outstanding-diluted)Mil)
EBIT Growth )%) N/A N/A 0.00 54.2 6.8 -- 40.2 17.7 19.4 45.2 20.7 182.1 -- 91.6 Year End P/E
EPS without NRI Growth 2 1.5 2.9 3.8 3.3 2.4 3 2.1 1.7 2.5 2 P/B
N/A N/A 0.00
)%) 4.7 3.7 7.5 9.7 6 4.6 4.8 4.1 6.2 11 8.4 P/S
Free Cash Flow Growth 11.9 4.3 25.5 20.5 9.9 8.2 11.1 7.3 9.9 -22.8 11.8 EV/EBITUA
N/A 2.1 0.00
)%)
4.4 6.2 6 9.1 15.6 17.5 22.3 24.4 15 12.1 14 Revenue Per Share
Quarterly 0.4 3.5 -0.1 2.2 5.3 4.2 2.4 4.9 0.5 -10.9 1.3 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 0.1 -6.8 -3.7 -15.8 -5.3 -14.8 -5 -7.7 -8.2 -8 -8 Free Cashflow Per Share
Net Income -1020 -266 -51 -125 650 10.2 15.2 15.1 22.8 28.4 32.9 35.5 46.5 53.6 52 57.4 Tang. Book Per Share
EPS -8 -2 -0 -1 4 25.5 36 34.6 52.4 90.3 101 128.7 140.9 87.1 69.6 80.7 Median P/S Value
Revenue )YoY) % -31 -26 -7 35 115 9.4 33.9 -- 28.4 50.9 53.9 42.7 71.5 25.5 -- 40.7 Graham Number
Net Income )YoY) % -13678 121 -128 15780 -164 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY) % -13350 100 -126 3250 -155
294.3 498.1 510.8 851.4 1617.8 1819.8 2319.9 2660.1 1803.6 1635 1963.4 Revenue
Impact Cur.
75.9 455.3 -7.2 319.4 803.7 850.6 617.4 1080.4 327.2 -2069.4 545.1 Operating Income
Guru Uate Action 25.8 91.4 -1.4 37.5 49.7 46.7 26.6 40.6 18.1 -126.6 27.8 Operating Margin %
% Shares
John Burbank 03/31/17 Reduce -1.41 39,000 25.4 278.7 -9.8 204.4 548.1 431.7 251 538.2 65.9 -1462.4 208 Net Income
T Boone Pickens 03/31/17 Reduce -0.34 27,580
8.6 56 -1.9 24 33.9 23.7 10.8 20.2 3.7 -89.5 10.6 Net Margin %
3.8 26.5 -0.7 11 20.4 13.4 6.9 11.8 1.1 -20.1 2.9 ROE %
1.8 12.9 -0.3 4.8 9 5.6 2.8 5 0.5 -11.8 1.8 ROA %
George Soros 03/31/17 Buy 0.04 11,500 30.4 17.8 3.2 0.4 0.3 2.9 0 0 228.6 53.3 771 Cash & Equivalents
Ron Baron 03/31/17 Reduce 0 205,498 1508.2 2815.2 3171.1 5368.5 6849.6 8589.4 9591.2 11752 12642 12119 13319 Total Assets
334.6 645.5 845.8 1668.5 2080.1 3101.1 3630.4 3469.1 3332.2 2740.6 2741 Long-term Uebt
732.8 1490 1835.7 2984.6 3868.8 5123.2 5833.2 6471 5699.3 4496.6 4787 Total Liabilities
SeVeRe Revenue per Share: Ueclined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SeVeRe Gross Margin %: Ueclined
169.8 391.4 359.5 651.6 1199.5 1237.5 1362 1745.8 1530.4 1384.4 1421.4 Cashflow from Operations
Good Signs -160.4 -946.1 -586.1 -2043.5 -1651.4 -2240.4 -1896.8 -2618 -2602.6 -2224.7 -1772.7 Cashflow from Investing
-- -0.1 -0.3 -1.2 -2.4 -3.2 -3.7 -15.6 -5.1 -12 -22 Repurchase of Stock
-165.5 306.2 209.7 633.7 422.5 1005.5 540.3 -54.7 -232 -600 -- Net Issuance of Uebt
GOOD PB Ratio: Close to 1-year low 19.9 542 212.1 1389 451.9 1005.5 531.9 872.2 1300.7 664.9 655.9 Cashflow from Financing
GOOD PS Ratio: Close to 1-year low -165.4 -940.7 -673.7 -2134 -1745.6 -2773.9 -1879.7 -2589.2 -2511.4 -2457.9 -2527.9 Capital Expenditure
4.3 -549.3 -314.1 -1482.4 -546.1 -1536.4 -517.7 -843.5 -981 -1073.4 -1106.4 Free Cash Flow
Insider Trades
Cur. Competitor
Ticker Company Profitability Market Cap($M) P/f P/S ROA(%) ROf (%)
SVP of Bus Strength Margin(%)
Guthrie J Steve 03/13/17 -6000 39810
Ops
OTCPK:WOPEF Woodside Petroleum Ltd 5 7 19,549 21.89 4.61 33.56 3.61 6.03
Exec VP &
Wright E Joseph 01/17/17 -28000 149084 NYSE:APA Apache Corp 3 5 18,185 0.00 2.95 -12.39 -3.72 -14.51
Chief
Leach Timothy A
Chairman,
01/03/17 -46150 763069 NYSE:CXO Concho Resources Inc 5 6 17,303 91.64 8.38 27.76 1.76 2.87
CEO a
NYSE:UVN Uevon Energy Corp 4 7 16,554 51.05 1.22 9.63 1.18 5.09
VP, CAO and
Schroer Brenda R 11/23/16 -1800 8060
Tre OTCPK:OAOFY Tatneft PJSC 7 7 14,081 6.15 1.05 22.09 11.91 14.82
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:D D

Dominion Energy Inc (NYSE:D)
Current
Utilities - Regulated - Utilities - Diversified P/E (ttm( 22.54 17.55 21.69 Tangible Book 13.56 17 Payout 0.8
Dominion Energy Inc is a producer and transporter of energy. It manages its P/B 3.38 1.62 2.6 Median P/S 40.9 51 Yield on Cost(5y( % 5.14
daily operations through three operating segments namely Dominion Virginia P/S 4.11 1.73 2.1 Price 80.18 Continuous Div. since 2003
Power of DVP, Dominion Energy and Dominion Generation. P/FCF N/A 15.65 250.63 Insider Ownership % 0.65
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.01 0.26 0.03 81.41

27.06
F-Score 7 5.00 5 1W 0.64 0
9M
YTD 6.66 9.1
Net-Margin (%( 18.29 7.70 12.24
1Y 12.77 17.3
ROE (%( 15.58 8.66 15.43
ROA (%( 3.33 2.98 3.31 3Y 8.86
8.71 10.08 10.45
(%(
Growth
EBIT Growth (%( 2.8 3.3 8.00 11.6 11.4 18 8.9 21.8 99.6 22.1 34.5 21.1 22.3 22.5 Year End P/E
0.5 5.7 11.90
Growth (%( 2 1.3 1.6 1.7 2.2 2.3 2.9 3.6 3.4 4 4.1 P/S
16.1 81 0.00
24 27.4 24.9 25.8 24 22.4 22.6 21.3 19.7 19 19.5 Revenue Per Share
Quarterly 3.9 3.2 2.2 4.8 2.5 0.5 2.9 2.2 3.2 3.4 3.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -6.4 -1.5 -0.1 -2.7 -1.2 -0 -1.1 -3.3 -1.9 -3.2 -2.8 Free Cashflow Per Share
Net Income 524 452 690 457 632 10.2 10.1 11.9 14.1 13.5 12 13.8 13.6 14.8 12.1 13.6 Tang. Book Per Share
Revenue (YoY( % -14 -5 5 21 16 30.9 25.3 23.9 40 27.8 25.9 30.9 26.2 32.6 30.6 33 Graham Number
Net Income (YoY( % -2 9 16 28 21 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % -3 4 10 20 15
15674 15895 14798 15197 13765 12835 13120 12436 11683 11737 12200 Revenue
Impact Cur.
% Shares
Jim Simons 03/31/17 Reduce -0.03 312,900 2539 1834 1287 2808 1408 302 1697 1310 1899 2123 2231 Net Income
16.2 11.5 8.7 18.5 10.2 2.4 12.9 10.5 16.3 18.1 18.3 Net Margin %
Barrow, Hanley,
03/31/17 Add 0 21,011 22.8 18.8 12.1 24.2 12 2.7 15.3 11.3 15.7 15.6 15.6 ROE %
Mewhinney & Strauss
5.7 4.5 3 6.6 3.2 0.7 3.5 2.5 3.4 3.3 3.3 ROA %
Dodge & Cox 12/31/16 Reduce 0 4,712 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Jim Simons 09/30/16 Add 0.03 725,500 283 66 48 62 102 460 936 605 607 261 486 Cash & Equivalents
Louis Moore Bacon 09/30/16 Sell -0.01 0 39139 42053 42554 42817 45614 46838 50096 54327 58648 71610 72852 Total Assets
13235 14956 15481 15758 17394 16851 19330 21805 23468 30231 31096 Long-term Debt
-- -- -- -- -- -- -- -- -- -- -- Common Equity
Warning Signs
-246 2676 3786 1825 2983 4137 3433 3439 4475 4127 4295 Cashflow from Operations
10192 -3490 -3695 419 -3321 -3840 -3458 -5181 -6503 -10703 -10872 Cashflow from Investing
Good Signs -5768 -- -- -900 -601 -- -- -- -- -- -- Repurchase of Stock
-3352 1309 513 -311 2112 823 2147 2940 3004 4858 5706 Net Issuance of Debt
-9801 598 -112 -2232 378 -151 93 1744 2317 6230 6845 Cashflow from Financing
Cur.
-4218 -878 -51 -1597 -669 -8 -632 -1906 -1100 -1958 -1728 Free Cash Flow
Shares
Competitor
Harris John W Director 03/14/17 -5697 66866 Financial Operating
Szymanczyk Michael E Director 02/03/17 10000 37490 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
President -
Leopold Diane 02/03/17 -3000 77631 OTCPK:ENLAY Enel SpA 4 6 51,282 18.05 0.67 12.52 1.68 7.46
Dom
Story Susan N Director 02/03/17 1000 1930 NYSE:NGG National Grid PLC 4 7 50,841 4.50 2.33 21.34 12.46 50.31
Jibson Ron W Director 11/10/16 3500 4642 NYSE:D Dominion Energy Inc 3 6 50,432 22.54 4.11 31.72 3.33 15.58
OTCPK:IBDRY Iberdrola SA 4 5 49,899 17.22 1.57 14.77 2.53 7.23
OTCPK:ENGIY Engie SA 4 5 37,477 0.00 0.51 3.68 -0.26 -1.35
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DAL DAL

Delta Air Lines Inc (NYSE:DAL)
Current
Airlines P/E (ttm) 9.52 12.28 9.33 Tangible Book -2.32 -4 Payout 0.14
Market Cap: $ 37,950 Mil Forward P/E 9.96 11.26 N/A Median P/S 18.08 35 Uividend Growth(5y) % N/A
Delta Air Lines Inc provides scheduled air transportation for passengers and P/B 2.92 1.84 3.55 Price 51.56 Yield on Cost(5y) % 1.57
cargo throughout the United States and around the world. The Company's P/S 0.96 0.72 0.34 Peter Lynch Value 135.25 262 Continuous Uiv. since 2013
business segments are airline and refinery. P/FCF 19.23 13.43 10.67 Insider Ownership % 0.63
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.29 0.48 0.41 53.01

24.54
F-Score 4 5.00 6 1W -2.42 0
25M YTU 5.64 9.1
Net-Margin (%) 10.19 5.97 2.59
ROE (%) 33.14 17.03 37.80 1Y 34.66 17.3
ROA (%) 7.79 4.71 2.13 3Y 10.73
26.78 13.91 10.36
(%)
Growth
EBITUA Growth (%) N/A 25.6 -8.50 341 468 827 843 844 850 858 845 804 755 736 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A 34.7 -13.50 3 -- -- 18.3 8.1 10 2.2 63.9 9 8.5 9.5 Year End P/E
EPS without NRI Growth 0.4 9.2 36.4 11.7 -- -- 2 4.6 3.6 2.9 2.9 P/B
N/A 35.5 -9.10
(%) 0.2 0.2 0.3 0.3 0.2 0.3 0.6 1 1 0.9 1 P/S
Free Cash Flow Growth 3.5 -3.5 20.1 7.2 4.9 5.4 6.1 11.8 4.6 4.5 5.3 EV/EBITUA
N/A 42.1 -47.40
Quarterly 2.1 -19.1 -1.5 0.7 1 1.2 12.3 0.8 5.6 5.8 5.4 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 0.9 -6.9 0.2 1.8 1.9 0.6 2.3 3.2 6.2 5.1 2.7 Free Cashflow Per Share
Revenue 9251 10447 10483 9458 9148 -- -- -- -- -- -- 0.1 0.3 0.5 0.7 0.7 Uividends Per Share
EPS (YoY) % 34 11 2 -31 -32
19154 22697 28063 31755 35115 36670 37773 40362 40704 39639 39536 Revenue
1096 -8314 -324 2217 1975 2175 3400 2206 7802 6952 6465 Operating Income
Impact Cur.
Guru Uate Action 5.7 -36.6 -1.2 7 5.6 5.9 9 5.5 19.2 17.5 16.4 Operating Margin %
% Shares
Uavid Tepper 03/31/17 Add 0.3 639,000 1612 -8922 -1237 593 854 1009 10540 659 4526 4373 4030 Net Income
8.4 -39.3 -4.4 1.9 2.4 2.8 27.9 1.6 11.1 11 10.2 Net Margin %
Ken Heebner 03/31/17 Sell -0.22 0
-- -162.4 -221.1 103.9 -- -- 221.6 6.4 46 37.8 33.1 ROE %
6.2 -23 -2.8 1.4 2 2.3 21.8 1.2 8.5 8.4 7.8 ROA %
Warren Buffett 03/31/17 Reduce -0.17 55,025,995
Leon Cooperman 03/31/17 Sell -0.16 0 2648 4255 4607 2892 2657 2416 2844 2088 1972 2762 1907 Cash & Equivalents
32423 45084 43789 43188 43499 44550 52252 54005 53134 51261 51459 Total Assets
7986 15411 15665 13179 11847 11082 9795 8477 6766 6201 8187 Long-term Uebt
MgDIUM PS Ratio: Close to 10-year high 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs 1359 -1707 1379 2832 2834 2476 4504 4947 7927 7205 5393 Cashflow from Operations
GOOD Uividend Yield %: Close to 5-year high -51 536 75 -2592 -1777 -2864 -1193 -1908 -1520 -1259 -1088 Net Issuance of Uebt
-120 1716 -19 -2521 -1571 -755 -1320 -3240 -4088 -4260 -1906 Cashflow from Financing
Insider Trades
Cur.
Shares 323 -3229 177 1490 1580 508 1983 2698 4982 3814 2071 Free Cash Flow
Sr. EVP &
West W Gilbert 05/26/17 -26131 89232 Competitor
COO
Financial Operating
Bastian Edward H CEO 05/22/17 -25000 285508 Ticker Company Profitability Market Cap($M) P/h P/S ROA(%) ROE(%)
Strength Margin(%)
EVP & Chief
Smith Joanne U 05/12/17 -4475 80923
HR NYSE:DAL Delta Air Lines Inc 5 6 37,950 9.52 0.96 16.35 7.79 33.14
Blake Francis S Uirector 04/17/17 5665 27540 NYSE:LUV Southwest Airlines Co 6 7 36,346 18.11 1.82 16.96 9.07 26.01
Jacobson Paul A EVP & CFO 03/03/17 -20100 365970 NAS:AAL American Airlines Group Inc 4 3 24,191 11.84 0.64 11.27 4.32 53.50
NYSE:UAL United Continental Holdings Inc 5 6 23,949 12.09 0.67 10.79 5.05 24.85
OTCPK:AIRYY Air China Ltd 4 6 18,824 22.45 1.11 6.85 2.58 8.53
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DD DD

E.I. du Pont de Nemours & Co (NYSE:DD)
Current
Agriculture - Agricultural Inputs P/E (ttm) 30.06 24.98 14.31 Tangible Book 3.92 5 Payout 0.51
Market Cap: $ 71,244 Mil Forward P/E 21.74 18.12 N/A Graham Number 16.21 20 Dividend Growth(5y) % -0.9
E.I. du Pont de Nemours & Co is a science and technology based company. It P/B 6.37 1.92 4.06 Median P/S 41.49 50 Yield on Cost(5y) % 1.78
offers products and patents applications for Agriculture, Electronics & P/S 2.82 1.23 1.42 Price 82.17 Continuous Div. since 2017
Communications, Industrial Biosciences, Nutrition & Health, Performance P/FCF 28.8 17.83 19.73 Insider Ownership % 0.41
Materials and Protection Solutions. Shiller P/E 22.87 22.18 15.68 Institution Ownership % 54.5
Financial Strength
Median Median
Cash to Debt 0.57 0.38 0.24 83.88
34.28
F-Score 7 4.00 6 1W 0.61 0
Median Median
6M 10.74 8.7
YTD 12.98 9.1
Net-Margin (%) 9.38 3.54 10.05 13M
ROE (%) 23.04 6.33 27.01 1Y 27.27 17.3

ROA (%) 5.76 2.91 6.65 3Y 10.32
23.69 10.78 23.73
(%)
Growth
EBIT Growth (%) 3 3 9.90 13 11 16.6 14.4 11.5 14.7 11.9 18 31 25.8 30.1 Year End P/E
EPS without NRI 3.5 3.2 4.1 4.8 4.8 4 3.6 4.9 6 6.5 6.4 P/B
-0.9 -3.2 26.80
Growth (%) 1.3 0.7 1.1 1.5 1.1 1.1 2 2 2.3 2.5 2.8 P/S
Free Cash Flow Growth 8 6.7 8.4 9.1 8.1 9 13.2 10.1 13.9 13.6 16.1 EV/EBITDA
-5.2 -14.7 107.20
(%)
Quarterly 3.2 2.2 1.9 3.3 3.8 2.9 5.2 3.9 2.2 2.9 2.7 EPS
Net Income 1226 1020 2 265 1113 6.6 2.3 2.5 4.1 -2.7 0.2 6.7 4.6 1.6 2.2 3.9 Tang. Book Per Share
EPS 1 1 -- 0 1 45.1 49.8 42.7 44.7 55.1 53.2 44.7 50.6 40.7 41 41.5 Median P/S Value
Revenue (YoY) % -3 -4 -1 1 3 21.9 10.6 10.5 16.4 -- 3.8 18.7 18.8 8.6 11.9 16.2 Graham Number
Net Income (YoY) % 19 9 -99 -205 -9
EPS (YoY) % 23 13 -100 -211 -9
29378 31836 27328 28899 34423 35310 29369 29683 25827 25302 25574 Revenue
Guru Trades 26 26 27.9 28.8 38.2 39.4 39.9 42.7 41.5 42.8 42.9 Gross Margin %
Guru Date Action
Mason Hawkins 03/31/17 Reduce -2.36 304,060 2988 2007 1755 3031 3559 2755 4848 3625 1953 2513 2400 Net Income
Joel Greenblatt 03/31/17 Add 0.32 342,164 10.2 6.3 6.4 10.5 10.3 7.8 16.5 12.2 7.6 9.9 9.4 Net Margin %
Barrow, Hanley,
29 22 24.5 36.6 39.7 29.2 36.6 24.5 16.7 25 23 ROE %
03/31/17 Add 0.15 9,343,994 9.1 5.7 4.7 7.7 8 5.6 9.6 7.1 4.3 6.2 5.8 ROA %
Mewhinney & Strauss
Larry Robbins 03/31/17 Buy 0.11 206,709 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Jim Simons 03/31/17 Buy 0.05 448,900 1305 3645 4021 4263 3586 4284 8941 6910 5300 4605 3347 Cash & Equivalents
Michael Price 03/31/17 Reduce -0.04 140,000 34131 36209 38185 40410 48492 49859 51499 50490 41166 39964 41850 Total Assets
5955 7638 9528 10137 11736 10465 10741 9233 7642 8107 8099 Long-term Debt
Warning Signs
296 297 297 301 304 306 304 298 288 285 286 Common Equity
-1750 -1610 -4298 -2439 -6238 -1346 2945 -337 -1828 -1514 -2876 Cashflow from Investing
Good Signs -1695 -- -- -250 -672 -400 -1000 -2000 -2353 -916 -- Repurchase of Stock
-343 2089 1391 -778 1561 -793 717 -1701 2141 -240 646 Net Issuance of Debt
-3069 878 -97 -1829 403 -2697 -1474 -5074 -1823 -2328 -1312 Cashflow from Financing
Cur. 2705 1151 3433 3051 3309 3056 1297 1692 687 2281 2490 Free Cash Flow
Shares
Executive
Competitor
Collins James C. Jr. 05/01/17 -54728 142985
Financial Operating
Vice
Ticker Company
Strength
Margin(%)
ROA(%) ROE(%)
Executive
Fanandakis Nicholas C 03/28/17 -44920 157571
Vice
NYSE:DD E.I. du Pont de Nemours & Co 5 6 71,244 30.06 2.82 16.35 5.76 23.04
Doyle Christopher
EVP 08/26/16 -5422 80751 NYSE:MON Monsanto Co 5 8 51,608 26.84 3.61 21.38 9.44 40.50
Marc
SVP - Human NYSE:SYT Syngenta AG 6 7 42,700 35.92 3.15 12.71 5.82 14.28
Cachinero Benito 08/24/16 -58958 43499
Res NYSE:POT Potash Corp of Saskatchewan Inc 4 5 13,833 34.32 3.14 12.55 2.29 4.85
Executive
Collins James C. Jr. 08/24/16 -50316 2 NYSE:AGU Agrium Inc 5 7 12,749 22.61 0.97 7.99 3.30 9.12
Vice
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DE DE

Deere & Co (NYSE:Di)
Current
Farm & Construction Machinery - Farm & Construction Equipment P/E (ttm) 22.75 26.11 13.12 Tangible Book 21.33 17 Payout 0.43
Market Cap: $ 40,421 Mil Forward P/E 22.99 25.97 N/A Graham Number 51.61 41 Dividend Growth(5yj % 9.8
Deere & Company operates in three business segments: agriculture/ turf, P/B 5.24 1.76 3.82 Median P/S 82.64 65 Yield on Cost(5yj % 3.03
construction/forestry & financial services. The Company helps customers to P/S 1.48 1.17 0.97 Price 126.37 Continuous Div. since 2017
be more productive to improve the quality of life for people around the world. P/FCF 32.67 15.75 33.18 Insider Ownership % 0.78
Financial Strength
Cash to Debt 0.14 0.59 0.13
126.43
F-Score 7 5.00 6 50.8
1W 0.29 0
Industry Historical
Score: 7 /10 Current 24.83 3M 14.60 4.2
Median Median
Operating Margin (%j 12.01 4.18 14.95 6M 25.81 8.7
Net-Margin (%j 6.52 2.73 7.39 10M
YTD 23.22 9.1
ROE (%j 24.84 4.16 31.35 1Y 51.80 17.3
ROA (%j 3.04 1.90 5.10 3Y 13.87
ROC (Joel Greenblattj
8.57 8.57 15.82 5.1M 5Y 12.78
(%j
Growth
Revenue Growth (%j 7.2 1.1 -0.60
34050 16284 19279 32423 30821 33134 30592 29554 24702 27794 40421 Market Cap
EBITDA Growth (%j 5.7 -2.9 18.10
455 436 424 429 422 402 389 366 336 317 320 Sh. Outstanding-diluted(Mil(
EBIT Growth (%j 6.8 -5.7 18.00
19.3 8.2 22.2 17.6 11.5 11.2 9 9.9 13.5 18.4 22.8 Year End P/E
EPS without NRI
8.6 -6.9 11.20 4.8 2.5 4 5.2 4.5 4.8 3 3.3 3.7 4.3 5.2 P/B
Growth (%j
1.5 0.6 0.8 1.3 1 1 0.8 0.9 0.9 1.1 1.5 P/S
N/A N/A 201.00 11.4 7 12.9 13.8 10.6 10.8 8.8 11.3 16.5 19.6 20.4 EV/EBITDA
(%j
Book Value Growth (%j 5.4 4.6 5.90 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly
4 4.7 2.1 4.4 6.6 7.6 9.1 8.6 5.8 4.8 5.6 EPS
Apr16 Jul16 Oct16 Jan17 Apr17
2.8 0.8 1.6 2.3 1.5 -2.4 2.3 2.4 2.7 2.6 3.9 Free Cashflow Per Share
Revenue 7875 6724 6520 5625 8287
0.9 1.1 1.1 1.2 1.5 1.8 2 2.2 2.4 2.4 2.4 Dividends Per Share
Net Income 495 489 285 194 802
13.2 12.2 8.6 12.3 14 15 25 23.7 18.8 17.8 21.3 Tang. Book Per Share
EPS 2 2 1 1 2
51.4 63.3 52.8 58.8 73.6 87.5 94.2 95.7 83.4 81.7 82.6 Median P/S Value
Revenue (YoYk % -4 -11 -3 2 5
34.4 35.9 20 34.6 45.7 50.7 71.5 67.9 49.4 43.9 51.6 Graham Number
Net Income (YoYk % -28 -4 -19 -24 62
EPS (YoY) % -23 1 -18 -24 60
24082 28438 23112 26005 32013 36157 37795 36067 28863 26644 27156 Revenue
Guru Date Action
% Shares 15.9 11 10.3 14.8 15.6 15.3 16.5 15.1 12 11.2 12 Operating Margin %
Andreas Halvorsen 03/31/17 Add 2.48 14,461,665 1821.7 2052.8 873.5 1865 2799.9 3064.7 3537.3 3161.7 1940 1523.9 1770.3 Net Income
Caxton Associates 03/31/17 Sell -0.47 0 7.6 7.2 3.8 7.2 8.8 8.5 9.4 8.8 6.7 5.7 6.5 Net Margin %
Jim Simons 03/31/17 Reduce -0.31 28,700 24.9 30 15.4 33.6 42.8 44.9 41.3 32.7 24.5 23 24.8 ROE %
Barrow, Hanley, 5 5.3 2.2 4.4 6.1 5.9 6.1 5.2 3.3 2.6 3 ROA %
03/31/17 Reduce -0.11 1,074,331
Mewhinney & Strauss 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Apr17 Balance Sheet
2278.6 2211.4 4651.7 3790.6 3647.2 4652.2 3504 3787 4162.2 4335.8 4525.8 Cash & Equivalents
38576 38735 41133 43267 48207 56266 59521 61336 57948 57981 58969 Total Assets
11798 13899 17392 16815 16960 22453 21578 24381 23833 23760 23253 Long-term Debt
2777 2934 2996.2 3106.3 3251.7 3352.2 3524.2 3675.4 3825.6 3911.8 4176.8 Common Equity
SlVlRl Revenue per Share: Declined
SlVlRl Operating Margin %: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SlVlRl Long-Term Debt: Keep issuing new debt 2759.4 1949 1984.8 2282.2 2326.3 1167.7 3254.3 3525.9 3740.3 3764.3 3901.7 Cashflow from Operations
MlDIUM Dividend Yield %: Close to 5-year low -1933.3 -1426 -57 -2109.1 -2620.7 -4004.1 -4820.7 -2881 -1058.7 -1177.2 -1086.7 Cashflow from Investing
-1517.8 -1677.6 -3.2 -358.8 -1667 -1587.7 -1531.4 -2731.1 -2770.7 -205.4 -103.8 Repurchase of Stock
Good Signs 1246.8 1321.8 1067.7 -298.6 2208.1 6140.9 2524.9 3112.1 1349.4 -1410.5 -1936.3 Net Issuance of Debt
GOOD Piotroski F-Score: High -281 -648.5 470.3 -1009.7 139.6 3880.2 406.5 -288.3 -2119.1 -2400.5 -2349.4 Cashflow from Financing
-1484.2 -1608.2 -1308.1 -1312.8 -1680.8 -2121 -2375.3 -2659.3 -2826.1 -2955.1 -2696.5 Capital Expenditure
Insider Trades 1275.2 340.8 676.7 969.4 645.5 -953.3 879 866.6 914.2 809.2 1205.2 Free Cash Flow
Cur.
Shares Competitor
President, Ag Financial Operating
May John C Ii 06/06/17 -19907 29334 Ticker Company Profitability Market Cap($M) P/m P/S ROA(%) ROm (%)
S Strength Margin(%)
Chairman &
Allen Samuel R 06/01/17 -62704 317991 NYSE:CAT Caterpillar Inc 4 3 62,686 0.00 1.61 1.08 -0.19 -1.00
CEO
Pres., John NYSE:Dl Deere & Co 4 7 40,421 22.75 1.48 12.01 3.04 24.84
Reed Cory J 05/25/17 -5601 4967
Dee
OTCPK:KMTUY Komatsu Ltd 6 6 23,116 24.87 1.48 9.41 3.88 6.64
Sr. V.P. &
Howze Marc A 05/19/17 -6624 2380 OTCPK:KUBTY Kubota Corp 5 7 21,503 19.15 1.49 10.71 4.97 10.96
Chie
Reed Cory J
Pres., John
05/19/17 -5840 4967 NYSE:CNHI CNH Industrial NV 4 5 15,603 45.26 0.62 13.37 0.71 6.81
Dee
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DFS DFS
Discover Financial Services (NYSE:DFS) Ratios Valuation Analysis Dividend & Ownership
Industry Historical % of Price Dividend Yieldnttmo % 1.98
Current
$ 60.72 Median Median NCAV -179.54 -296 Dividend Yieldnforwardo % 1.98
Credit Services P/E nttmo 10.34 15.91 10.49 Tangible Book 26.79 44 Payout 0.2
Market Cap: $ 23,085 Mil Forward P/E 10.09 13.05 N/A Median P/S 57.21 94 Dividend Growthn5yo % 41.7
Discover Financial Services is a direct banking and payment services P/B 2.19 1.30 1.98 Graham Number 59.43 98 Yield on Costn5yo % 11.31
company. The Company offers credit card loans, private student loans, P/S 2.63 3.79 2.47 Price 60.72 Continuous Div. since 2010
personal loans, home equity loans and deposit products. P/FCF 5.88 8.20 5.84 DCE nEarnings Insider Ownership % 1.39
113.01 186
Shiller P/E 15.47 15.44 15.94 Basedo Institution Ownership % 63.77
PEG 1.54 0.91 0.5 DCF nFCF Basedo 137.38 226 Short % of Float 1.12
Financial Strength
Cash to Debt 0.57 1.44 0.43 73.94
34.53
F-Score 0 4.00 0
1W 1.66 0
Median Median
6M -15.39 8.7
Operating Margin n%o 39.18 18.42 40.76
Net-Margin n%o 25.85 13.74 26.29 13M YTD -14.94 9.1
ROE n%o 20.55 8.63 20.37 1Y 16.57 17.3
ROA n%o 2.63 2.58 2.78 3Y 1.62
ROC nJoel Greenblatto 6.3M 5Y 14.67
0.00 15.47 0.00
n% o
Growth
Revenue Growth n%o 9 11.2 13.30 8297 4910 8394 9957 12597 20716 26422 29417 22610 27877 23085 Market Cap
EBITDA Growth n%o 13.8 6.7 7.40 479 483 508 549 543 520 487 463 438 406 380 Sh. Outstanding-dilutednMilo
EBIT Growth n%o 14.3 6 7.90 14.1 5.4 6.6 15 5.9 9.3 11.3 13.3 10.4 12.5 10.3 Year End P/E
14.1 6.4 12.50
n% o 1.8 0.9 1.2 1.5 1.8 2.8 3.3 3.6 2.7 3.2 2.6 P/S
Free Cash Flow Growth 5 -1.6 -1 15.4 7.5 9.3 9.6 11.2 9.6 10.5 8.9 EV/EBITDA
8.4 11.6 17.30
n% o
Book Value Growth n%o 11 11.9 7.40 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
9.9 11.7 13.3 12.1 13 14.7 16.9 18.3 20 22.4 23.2 Revenue Per Share
Quarterly 1.2 1.9 2.4 1.2 4.1 4.5 5 4.9 5.1 5.8 5.9 EPS
4 9.1 7 7.6 6.4 5.6 6.7 8 8.4 10.5 10.3 Free Cashflow Per Share
Revenue 2224 2216 2301 2358 2339
Revenue p YoYq % 2 2 5 7 5 22.4 23.7 26 17.4 36.7 42 48.1 49.9 53.1 58.9 59.4 Graham Number
Net Income p YoYq % -2 3 4 13 -2
EPS p YoYq % 5 11 13 22 6
4737.8 5669 6734.4 6658 7065 7653 8224 8477 8739 9099 9214 Revenue
Impact Cur. 1525.7 1657.6 2120.9 1269 3511 3753 3944 3694 3612 3656 3610 Operating Income
Guru Date Action
% Shares 32.2 29.2 31.5 19.1 49.7 49 48 43.6 41.3 40.2 39.2 Operating Margin %
Caxton Associates 03/31/17 Reduce -0.22 6,100 588.6 927.8 1276.2 765 2227 2345 2470 2323 2297 2393 2382 Net Income
Nwq Managers 03/31/17 Reduce -0.07 1,839,291 12.4 16.4 19 11.5 31.5 30.6 30 27.4 26.3 26.3 25.9 Net Margin %
Primecap Management 03/31/17 Add 0.07 6,681,700 10.4 16.1 16.8 9 30 25.7 23.5 20.7 20.1 20.7 20.6 ROE %
Jim Simons 03/31/17 Buy 0.06 581,100
1.8 2.4 3 1.4 3.4 3.3 3.2 2.9 2.7 2.7 2.6 ROA %
Jeremy Grantham 03/31/17 Add 0.02 254,600 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Paul Tudor Jones 03/31/17 Add 0.01 7,294 1803.7 10171 13021 5098.7 2850 3926 6554 7284 9572 11914 15163 Cash & Equivalents
37376 39892 46021 60785 69117 75283 79340 83126 86799 92308 94795 Total Assets
2134.1 1735.4 2428.1 17706 18287 19729 20474 22544 24650 25443 26823 Long-term Debt
Warning Signs
SrVrRr Operating Margin %: Declined 4.8 4.8 5.4 5.5 5 5 5 5 5 5 6 Common Equity
SrVrRr Long-Term Debt: Keep issuing new debt
Good Signs 2038 4504.2 3597.9 4218 3598 3041 3517 3826 3854 4425 4280 Cashflow from Operations
GOOD Revenue per Share: Consistent growth -1595.1 -6131 -6160.8 -5068 -8110 -5693 -3163 -4197 -2868 -4894 -5893 Cashflow from Investing
GOOD Dividend Yield %: Close to 1-year high -1.4 -6.8 -11.4 -8 -436 -1216 -1296 -1564 -1715 -1908 -2005 Repurchase of Stock
-3278.9 -656.9 194 -7144 -2356 2319 2525 1990 2017 773 2094 Net Issuance of Debt
GOOD PS Ratio: Close to 1-year low
7459 3035.4 5412.5 -7072 2263 3728 3616 1101 1302 2811 4641 Cashflow from Financing
-118.3 -93.5 -53.8 -55 -111 -144 -231 -145 -168 -179 -180 Capital Expenditure
Insider Trades
Cur.
1919.8 4410.6 3544.1 4163 3487 2897 3286 3681 3686 4246 4100 Free Cash Flow
Shares
Chairman &
Competitor
Nelms David W 06/01/17 -30000 1620k Financial Operating
CEO
Ticker Company
Strength
Profitability Market Cap($M) P/s P/S
Margin(%)
ROA(%) ROs (%)
President &
Hochschild Roger C 06/01/17 -15258 944877
COO
NYSE:SYF Synchrony Financial 6 4 23,901 11.24 2.15 30.20 2.52 15.61
EVP, Pres. -
Offereins Diane E 06/01/17 -15000 239047 NYSE:DFS Discover Financial Services 5 6 23,085 10.34 2.63 39.18 2.63 20.55
Pa
Minetti Carlos
EVP, Pres. -
06/01/17 -8000 213149 NYSE:IX ORIX Corp 5 5 20,863 8.27 0.87 12.63 2.49 11.44
Co
NYSE:ADS Alliance Data Systems Corp 4 8 13,921 32.94 1.95 17.35 2.12 26.44
Corley Kathryn EVP, GC &
06/01/17 -4000 162744 NYSE:TSS Total System Services Inc 5 7 10,928 32.80 2.38 12.76 5.40 16.32
Mcnamara Secre
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DG DG

Dollar General Corp (NYSE:DG)
Current
Retail - Defensive - Discount Stores P/E (ttm) 16.4 20.71 18.91 Tangible Book -0.04 -0 Payout 0.23
Market Cap: $ 19,832 Mil Forward P/E 16.84 18.15 N/A DCE (Earnings Basedt 47.3 65 Dividend Growthu5yt % N/A
Dollar General Corp is a discount retailer in the United States. The Company P/B 3.61 1.86 3.49 Peter Lynch Value 47.82 66 Yield on Cost(5yt % 1.4
offers a selection of merchandise, including consumables, seasonal, home P/S 0.91 0.49 1.02 Price 72.32 Continuous Div. since 2015
products and apparel. P/FCF 18.24 19.13 25.07 Median P/S 81.59 113 Insider Ownership % 4
Shiller P/E 26.23 23.22 34.49 DCF (FCF Basedt 107.3 148 Institution Ownership % 66.15
Financial Strength
-- -- 24 33.43 41.48 55.6 61.59 71.29 81.18 96.71 78.91 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.07 0.55 0.22 96.71
37.5
F-Score 6 5.00 6 1W -1.86 0
7M YTD -2.01 9.1
Net-Margin (%) 5.53 1.94 5.41
ROE (%) 22.80 8.79 18.37 1Y -19.23 17.3
ROA (%) 10.59 3.40 8.74 3Y 7.05
ROC (Joel Greenblattt 3.7M 5Y 7.37
55.63 14.42 57.03
(%)
Growth
Revenue Growth u%) 10.7 12.8 12.50 -- -- 8000 9497 14705 15459 17857 20349 21519 20837 19832 Market Cap
EBITDA Growth u%) 19.6 11.4 8.30 316 318 325 345 345 334 324 306 295 282 274 Sh. Outstanding-diluted(Milt
EBIT Growth u%) 24.9 10.7 7.70 -- -- 22.6 15.4 19.2 16.2 17.8 19.2 19 16.7 16.4 Year End P/E
EPS without NRI -- -- 2.4 2.3 3.2 3.1 3.3 3.6 4 3.9 3.6 P/B
N/A 13.8 6.80
Growth u%) -- -- 0.7 0.7 1 1 1 1.1 1.1 1 0.9 P/S
Free Cash Flow Growth -- -- 9.7 8.1 9.9 9.2 9.8 10.7 10.6 9.6 9.3 EV/EBITDA
19.2 20.4 24.80
u%)
Book Value Growth u%) 12.4 7.5 6.80
30.1 32.9 36.3 37.8 42.9 47.9 54.1 61.9 69 77.9 80 Revenue Per Share
Quarterly -- 0.3 1 1.8 2.2 2.9 3.2 3.5 4 4.4 4.4 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 1 1.2 1.3 1.2 1.6 1.7 2.1 3.1 3 3.7 4 Free Cashflow Per Share
Revenue 5265 5392 5320 6009 5610 -- -- -- -- -- -- -- -- 0.9 1 1 Dividends Per Share
Net Income 295 307 235 414 279 -9.5 -8.9 -6.6 -4.5 -2.6 -1.7 -0.5 0.6 -0.6 -0.5 -0 Tang. Book Per Share
Revenue (YoY) % 7 6 5 14 7 -- -- -- -- -- -- -- 6.6 -- -- -- Graham Number
Net Income v YoYw % 17 9 -7 10 -5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Income Statement
EPS (YoY) % 23 14 -2 14 -1
9495.2 10458 11796 13035 14807 16022 17504 18910 20369 21987 22331 Revenue
Guru Trades 27.8 29.3 31.3 32 31.7 31.7 31.1 30.7 31 30.9 30.8 Gross Margin %
Impact Cur.
% Shares
Joel Greenblatt 03/31/17 Reduce -0.2 149,934 -12.8 108.2 339.4 627.9 766.7 952.7 1025.1 1065.3 1165.1 1251.1 1235.5 Net Income
-0.1 1 2.9 4.8 5.2 6 5.9 5.6 5.7 5.7 5.5 Net Margin %
-0.6 3.9 10.9 16.9 17.6 19.7 19.7 19.2 21 23.2 22.8 ROE %
Barrow, Hanley,
03/31/17 Buy 0.12 1,164,224 -0.2 1.2 3.8 6.8 8 9.5 9.7 9.7 10.4 10.9 10.6 ROA %
Mewhinney & Strauss
Jim Simons 03/31/17 Buy 0.09 938,600 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Apr17 Balance Sheet
Louis Moore Bacon 03/31/17 Sell -0.07 0 100.2 378 222.1 497.4 126.1 140.8 505.6 579.8 157.9 187.9 206 Cash & Equivalents
Steven Cohen 03/31/17 Add 0.05 172,977 8656.4 8889.2 8863.5 9546.2 9688.5 10368 10868 11209 11258 11672 11796 Total Assets
Manning & Napier 4278.8 4123 3399.7 3287.1 2617.9 2771.3 2742.8 2624 2969.2 2710.6 2632.1 Long-term Debt
03/31/17 Reduce -0.04 122,930 5952.6 6057.5 5473.2 5491.7 5013.9 5382.4 5465.3 5498.6 5880 6266 6267.5 Total Liabilities
Advisors, Inc
277.7 278.1 298 298.8 295.8 286.2 277.4 265.5 250.9 240.8 239.9 Common Equity
Warning Signs 441.6 575.2 672.8 824.7 1050.5 1131.4 1213.1 1326.9 1391.7 1605 1711.6 Cashflow from Operations
-6915.3 -152.6 -248 -418.9 -513.8 -569.8 -250 -371.7 -503.4 -550.9 -595.7 Cashflow from Investing
SEVxRE Operating Margin %: Declined
-0.5 -3 -- -- -186.6 -671.5 -620.1 -800.1 -1299.6 -990.5 -848.3 Repurchase of Stock
Good Signs 4032.9 -146.9 -784.2 -131.2 -727.3 123.5 46.3 -78.5 247.8 236.4 43.3 Net Issuance of Debt
6734.2 -144.8 -580.7 -130.4 -908 -546.8 -598.3 -880.9 -1310.2 -1024.1 -1097.6 Cashflow from Financing
-139.8 -205.5 -250.7 -420.4 -514.9 -571.6 -538.4 -374 -504.8 -560.3 -604.8 Capital Expenditure
301.8 369.6 422.1 404.3 535.6 559.8 674.6 952.9 886.9 1044.7 1106.7 Free Cash Flow
Competitor
Financial Operating
Ticker Company Profitability Market Cap($M) P/y P/S ROA(%) ROE(%)
Strength Margin(%)
Insider Trades
Cur. NYSE:TGT Target Corp 5 6 30,598 11.37 0.46 6.98 7.31 24.37
Shares NYSE:DG Dollar General Corp 6 8 19,832 16.40 0.91 9.21 10.59 22.80
EVP & Chief
Ravener Robert D 12/16/16 -6376 18174 NAS:DLTR Dollar Tree Inc 5 8 17,214 19.96 0.83 8.01 5.38 16.89
Peo
Calbert Michael M Director 08/30/16 13000 72692 OTCPK:DLMAF Dollarama Inc 5 8 10,575 32.87 4.96 21.95 24.83 249.90
Rhodes William C Iii Director 08/26/16 5000 33811 NYSE:BURL Burlington Stores Inc 5 8 6,800 30.25 1.25 7.12 8.88 0.00
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DGX UGX

Quest Diagnostics Inc (NYSE:DGX)
Current
Medical Diagnostics & Research - Diagnostics & Research P/E (ttm) 21.72 35.14 17.26 Tangible Book -16.8 -16 Payout 0.34
Quest Diagnostics Inc is the provider of diagnostic testing, information and P/B 3.18 3.76 2.46 DCF (FCF Based) 62.47 58 Yield on Cost(5y) % 6.72
services, providing insights that enable patients and physicians to make P/S 2.01 3.62 1.35 Median P/S 72.3 67 Continuous Div. since 2011
healthcare decisions. P/FCF 18.48 25.14 13.88 Price 107.73 Insider Ownership % 1.14
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.10 2.34 0.09 109.94

34.84
F-Score 8 4.00 6 1W -0.54 0
3M
YTD 18.20 9.1
Net-Margin (%) 9.35 -0.51 8.30
1Y 42.82 17.3
ROE (%) 15.18 -0.81 14.94
ROA (%) 6.98 -2.39 6.64 3Y 23.80
112.07 -2.64 116.04
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 5 6.8 -6.70 30.4 17.5 15.6 13.3 19.8 16.8 9.6 17.6 14.6 20.4 21.7 Year End P/E
4.7 7.7 -3.90
Growth (%) 1.5 1.4 1.5 1.3 1.3 1.3 1.2 1.3 1.4 1.7 2 P/S
1.2 -0.4 26.60
Quarterly 1.7 3 3.9 4.1 2.9 3.5 5.5 3.8 4.9 4.5 5 EPS
Revenue 1863 1906 1885 1861 1899 0.5 0.4 0.4 0.4 0.5 0.5 1.5 1 1.5 2 1.7 Dividends Per Share
Revenue (YoY) % 1 -1 0 1 2 -- -- -- -- -- -- -- -- -- -- -- Graham Number
EPS (YoY) % 69 69 -43 -16 63
6704.9 7249.4 7455.2 7368.9 7392 7383 7146 7435 7493 7515 7551 Revenue
Guru Trades 40.8 41.3 42 41.4 41 40.9 39.5 37.6 37.9 38.6 38.6 Gross Margin %
1091.3 1222.4 1359.1 1295.5 987 1201 1475 983 1399 1277 1299 Operating Income
Impact Cur.
% Shares
Scott Black 03/31/17 Sell -1.13 0 339.9 581.5 729.1 720.9 471 556 849 556 709 645 706 Net Income
5.1 8 9.8 9.8 6.4 7.5 11.9 7.5 9.5 8.6 9.4 Net Margin %
10.7 16.8 19.2 18 12.2 14.2 20.9 13.3 15.7 13.8 15.2 ROE %
John Rogers 03/31/17 Reduce -0.16 220,617
4.8 6.9 8.6 8.4 5.3 6 9.3 5.9 7.2 6.4 7 ROA %
Charles Brandes 03/31/17 Reduce -0.09 78,932
Jim Simons 03/31/17 Add 0.06 503,700 167.6 253.9 534.3 449.3 164.9 296 187 192 133 359 367 Cash & Equivalents
8565.7 8403.8 8563.6 8527.6 9313.4 9284 8948 9857 9962 10100 10109 Total Assets
3377.2 3078.1 2936.8 2641.2 3370.5 3354 3120 3224 3492 3728 3725 Long-term Debt
Warning Signs 5241.5 4798.9 4574 4494.2 5620.5 5121 5000 5556 5278 5472 5479 Total Liabilities
SEVERE Gross Margin %: Declined 2.1 2.1 2.1 2.1 2.1 2 2 2 2 2 2 Common Equity
Good Signs 926.9 1063 997.4 1118 895 1187 652 944 821 1069 1112 Cashflow from Operations
-1759.2 -198.9 -195.9 -216.5 -1243 -217 328 -1025 -362 -152 16 Cashflow from Investing
Insider Trades 1049.1 -444.7 27 -169.5 979 -654 -4 371 -84 145 -69 Net Issuance of Debt
Cur. 850.2 -777.8 -521.2 -986.5 64 -822 -1106 86 -518 -691 -889 Cashflow from Financing
Shares -219.1 -212.7 -166.9 -205.4 -161 -182 -231 -308 -263 -293 -288 Capital Expenditure
Britell Jenne K Director 04/24/17 -6111 19903 707.8 850.4 830.5 912.6 734 1005 421 636 558 776 824 Free Cash Flow
SVP &
Prevoznik Michael E 04/20/17 -29513 45119 Competitor
General C
SVP & Financial Operating
Prevoznik Michael E 03/16/17 -13987 45130 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
SVP, Group
Doherty Catherine T. 03/03/17 -7162 77922 NYSE:Q Quintiles IMS Holdings Inc 4 6 18,697 541.44 1.95 8.19 0.76 2.74
Exec
SVP & NYSE:DGX Quest Diagnostics Inc 5 8 14,740 21.72 2.01 17.20 6.98 15.18
Prevoznik Michael E 03/03/17 -4478 45130
General C NYSE:LH Laboratory Corp of America Holdings 5 8 14,363 19.43 1.51 13.86 5.26 13.89
NAS:IDXX IDEXX Laboratories Inc 5 10 14,150 59.51 8.00 20.26 16.18 0.00
OTCPK:SSMXY Sysmex Corp 9 7 12,795 36.25 5.61 20.18 14.94 20.40
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DHI DHI

DIRI Horton Inc (NYSE:DHI)
Current
Homebuilding & Construction - Residential Construction P/E (ttm) 13.22 15.70 14.4 Tangible Book 19.01 56 Payout 0.14
D.R. Horton Inc constructs and sells homes through its operating divisions in P/B 1.76 1.18 1.54 Median P/S 33.75 100 Yield on Cost(5y) % 2.88
states and metropolitan markets of the United States, under the names of P/S 0.97 0.78 0.97 Price 33I82 Continuous Div. since 2014
D.R. Horton, America's Builder, Emerald Homes, Breland Homes, Express P/FCF 36.71 13.79 7.56 Peter Lynch Value 64 189 Insider Ownership % 6.46
Homes and Regent Homes. Shiller P/E N/A 36.25 18.15 Institution Ownership % 65.74
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.31 1.16 0.16 34.41

15.04
F-Score 7 5.00 4 1W 0.83 0
15M
YTD 24.48 9.1
Net-Margin (%) 7.39 2.42 6.11
ROE (%) 14.36 5.57 10.85 1Y 11.33 17.3
ROA (%) 8.38 2.19 4.73 3Y 14.03
19.58 10.28 7.72
(%)
Growth
EBIT Growth (%) N/A 76 21.40 -- -- -- 15.2 37.7 7.5 14.5 13.6 14.5 12.9 13.2 Year End P/E
N/A 36.3 17.40
(%) 0.4 0.6 1 0.8 0.8 1.6 1.1 0.9 1 0.9 1 P/S
Free Cash Flow Growth -9.5 -2.6 -11.5 20 42.8 27 12.9 12.7 11.5 9.5 9.8 EV/EBITDA
N/A N/A -58.50
Quarterly -2.3 -8.3 -1.7 0.8 0.2 2.8 1.3 1.5 2 2.4 2.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 4.2 5.9 3.6 2.2 0 -0.9 -3.5 -2.1 1.7 1.4 0.9 Free Cashflow Per Share
Net Income 195 250 284 207 229 17.4 8.9 7.1 8.1 8.2 11.1 12.4 13.8 15.8 18 19 Tang. Book Per Share
Revenue (YoY) % 15 10 18 20 17 -- -- -- 11.9 6.5 26.3 19.3 21.6 26.8 30.9 33.1 Graham Number
EPS (YoY) % 30 10 17 31 15
11297 6646.1 3657.6 4400.2 3636.8 4354 6259.3 8024.9 10824 12157 13129 Revenue
Guru Trades 7.2 -24.6 3.3 17.6 16.9 19.8 22.5 21.9 21.1 21.8 21.9 Gross Margin %
-966.1 -2639.5 -556.8 99.5 54.4 247.4 634.4 790.9 1102.3 1334.5 1466.8 Operating Income
Impact Cur.
Guru Date Action -8.6 -39.7 -15.2 2.3 1.5 5.7 10.1 9.9 10.2 11 11.2 Operating Margin %
% Shares
Ken Heebner 03/31/17 Add 2.53 3,320,000 -712.5 -2633.6 -549.8 245.1 71.8 956.3 462.7 533.5 750.7 886.3 969.6 Net Income
-6.3 -39.6 -15 5.6 2 22 7.4 6.7 6.9 7.3 7.4 Net Margin %
Andreas Halvorsen 03/31/17 Buy 0.89 6,027,630
-11.8 -62.6 -21.6 10.1 2.7 30.8 12.1 11.6 13.6 14 14.4 ROE %
-5.4 -27.3 -7.6 3.9 1.3 15.2 5.8 5.6 7 7.8 8.4 ROA %
Ray Dalio 03/31/17 Sell -0.02 0 269.6 1387.3 1957.3 1309.3 732.6 1047.7 977.4 661.8 1383.8 1303.2 993.2 Cash & Equivalents
11556 7709.6 6756.6 5938.6 5358.4 7248.2 8856.4 10185 11151 11559 11921 Total Assets
3989 -- 3277.3 2171.8 1704.6 2493.1 2746.7 3665.7 3811.5 3271.3 3222.4 Long-term Debt
Warning Signs 5969.4 4875.3 4497 3325.4 2737.8 3656.1 4797.9 5069.6 5256.7 4766.4 4701.5 Total Liabilities
MzDIUM Price: Close to 10-year high 3.2 3.2 3.2 3.2 3.2 3.3 3.3 3.7 3.8 3.8 3.8 Common Equity
Good Signs
GOOD Piotroski F-Score: High 1355.5 1876.5 1141.2 709.4 18.9 -292.2 -1229.3 -661.4 700.4 618 450.3 Cashflow from Operations
-39.8 -3.2 -59.4 -318 -23.3 -143 180.9 -282.1 -95.4 -112.6 -179.3 Cashflow from Investing
-- -- -- -- -38.6 -- -- -- -- -- -- Repurchase of Stock
Insider Trades -1716.2 -623.1 -468.7 -1002.1 -489.3 748.4 962.8 630.7 134.5 -549.7 -451.2 Net Issuance of Debt
Cur. -1633.7 -755.6 -511.8 -1039.4 -572.3 751.5 939 627.9 117 -586 -501.9 Cashflow from Financing
Shares -39.8 -6.6 -6.2 -19.2 -16.3 -33.6 -58 -100.2 -56.1 -86.1 -103.2 Capital Expenditure
Murray Michael J
EVP and
03/13/17 -13850 20005
1315.7 1869.9 1135 690.2 2.6 -325.8 -1287.3 -761.6 644.3 531.9 347.1 Free Cash Flow
COO
Horton Donald R Chairman 03/06/17 -12513 23046k Competitor
EVP and Financial Operating
Wheat Bill W 03/06/17 -2780 109997 Ticker Company Profitability Market Cap($M) P/{ P/S ROA(%) RO{ (%)
CFO Strength Margin(%)
EVP and
Murray Michael J 03/06/17 -2780 17855 NYSE:DHI DIRI Horton Inc 6 8 12,702 13I22 0I97 11I17 8I38 14I36
COO
Allen Barbara K Director 03/06/17 -940 5650 NYSE:LEN.B Lennar Corp 5 7 12,205 15.39 1.10 11.26 5.33 12.23
OTCPK:SKHSY Sekisui House Ltd 6 7 12,120 10.27 0.66 9.27 6.27 12.62
NYSE:NVR NVR Inc 7 9 9,147 21.63 1.68 11.84 17.42 34.93
OTCPK:PSMMY Persimmon PLC 9 9 8,892 11.46 2.30 24.56 15.94 24.89
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DHR DHR

Danaher Corp (NYSE:DHR)
Current
Medical Diagnostics & Research - Diagnostics & Research P/E (ttm) 25.69 35.14 14.73 Tangible Book -17.36 -21 Payout 0.19
Danaher Corp designs, manufactures and markets professional, medical, P/B 2.45 3.76 1.87 Price 84.38 Yield on Cost(5y) % 6.1
industrial and commercial products and services. It operates in four segments P/S 3.16 3.62 1.87 Continuous Div. since 2017
including Life Sciences; Diagnostics; Dental; and Environmental & Applied P/FCF 22.01 25.14 12.85 Insider Ownership % 2.01
Solutions. Shiller P/E 25.29 45.81 22.86 Institution Ownership % 56.93
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.07 2.34 0.21 87.76

34.78
F-Score 5 4.00 6 1W -0.21 0
10M YTD 8.58 9.1
Net-Margin (%) 12.30 -0.51 13.90
ROE (%) 9.63 -0.81 13.64 1Y 13.88 17.3
ROA (%) 4.97 -2.39 7.75 3Y 12.20
68.91 -2.64 82.44
(%)
Growth
EBIT Growth (%) 4.7 -3.6 15.80 15.9 10.9 16.5 13.5 11.4 12.6 15.4 17.9 14.8 21.3 25.7 Year End P/E
EPS without NRI Growth 2.3 1.4 1.6 1.7 1.5 1.5 1.8 2 2 2.3 2.5 P/B
5.8 -2.1 4.80
(%) 2 1.1 1.7 2 1.6 1.7 2.3 3.5 2.9 3 3.2 P/S
9.1 4.8 -23.80
Quarterly 2.1 2 1.7 2.6 3.1 3.4 3.8 3.6 4.7 3.7 3.3 EPS
Net Income 758 657 392 747 506 -4.3 -3 -1.3 -0.6 -5 -4.1 0.1 0.9 -11.5 -18.3 -17.4 Tang. Book Per Share
Revenue (YoY) % -16 17 18 6 7 -- -- -- -- -- -- 3.4 6.9 -- -- -- Graham Number
EPS (YoY) % 38 -3 -72 7 -34
11026 12697 11185 12550 16091 18260 18283 12867 14434 16882 18707 Revenue
1740.7 1869.5 1542.5 2049.6 2617.2 3165.1 3120.5 2045 2162.2 2750.9 3086.1 Operating Income
Impact Cur.
Guru Date Action 15.8 14.7 13.8 16.3 16.3 17.3 17.1 15.9 15 16.3 16.5 Operating Margin %
% Shares
Paul Tudor Jones 03/31/17 Sell -0.97 0 1369.9 1317.6 1151.7 1793 2172.3 2392.2 2695 2598.4 3357.4 2553.7 2301.4 Net Income
12.4 10.4 10.3 14.3 13.5 13.1 14.7 20.2 23.3 15.1 12.3 Net Margin %
17.4 14 10.7 14.2 14.2 13.3 13 11.4 14.3 10.9 9.6 ROE %
Louis Moore Bacon 03/31/17 Add 0.2 125,201
9 7.5 6.2 8.6 8.3 7.6 8 7.3 7.9 5.5 5 ROA %
Robert Olstein 03/31/17 Add 0.11 65,000 239.1 392.9 1721.9 1633 537 1678.7 3115.2 3005.6 790.8 963.7 803.9 Cash & Equivalents
17472 17490 19595 22217 29950 32941 34672 36992 48222 45295 45245 Total Assets
3395.8 2553.2 2889 2783.9 5206.8 5287.6 3436.7 3401.5 12025 9674.2 9729.3 Long-term Debt
SEV|RE Revenue per Share: Declined 3.5 3.5 3.6 7.3 7.6 7.7 7.9 7.9 8 8.1 8.1 Common Equity
SEV|RE Operating Margin %: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Dividend Yield %: Close to 2-year low 1645.8 1859 1800.8 2084.4 2626.3 3415 3585.3 3758.4 3801.8 3521.8 3309.2 Cashflow from Operations
MEDIUM Price: Close to 10-year high -3445.8 -567.4 -942.9 -2288.9 -5847.3 -1887.6 -552.5 -3444.3 -14951 -5243 -5415 Cashflow from Investing
MEDIUM Long-Term Debt: Issuing new debt -117.5 -74.2 -- -- -- -648.4 -- -- -- -- -- Repurchase of Stock
1130.9 -1092.3 274.7 -9.4 1037.4 134.4 -1731.1 -102.5 9158.6 2978.4 3358.6 Net Issuance of Debt
Insider Trades 1712.2 -1122.3 407.2 116.8 2088.6 -388.4 -1605.8 -218.2 9050.2 2042.7 2342.6 Cashflow from Financing
Shares
1483.7 1665.2 1612.3 1867 2291.8 2956.7 3047.2 3293 3288.9 2932.2 2683.6 Free Cash Flow
SVP, Human
Lalor Angela S 05/23/17 -10815 39020
Reso Competitor
Daniel William K EVP 04/25/17 -17444 132995 Financial Operating
Joyce Thomas Patrick President and
Ticker Company Profitability Market Cap($M) P/} P/S ROA(%) ROE(%)
Strength Margin(%)
04/21/17 -54006 135668
Jr C
NYSE:TMO Thermo Fisher Scientific Inc 5 9 68,123 31.66 3.67 13.62 4.82 10.13
Ehrlich Donald J Director 04/21/17 600 119400
NYSE:DHR Danaher Corp 5 5 58,570 25.69 3.16 16.50 4.97 9.63
Senior Vice
Ellis Brian W 02/28/17 -983 6174 NYSE:A Agilent Technologies Inc 6 6 19,026 33.27 4.50 17.02 7.45 13.59
Pre
NYSE:Q Quintiles IMS Holdings Inc 4 6 18,697 541.44 1.95 8.19 0.76 2.74
NYSE:DGX Quest Diagnostics Inc 5 8 14,740 21.72 2.01 17.20 6.98 15.18
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DIS DIS

Walt Disney Co (NESE:DIS)
Current
Entertainment - Media - Diversified P/E (ttm) 18.45 44.50 17.21 Tangible Book 5.76 5 Payout 0.26
Walt Disney Co together with its subsidiaries is a diversified entertainment P/B 3.82 1.97 2.14 Median P/S 71.75 68 Yield on Cost(5y) % 5.72
company. It operates cable programming services including ESPN, Disney P/S 3.09 2.07 2.08 DCF (FCF Based) 71.88 68 Continuous Div. since 2009
Channels and Freeform networks. It also owns & operates Walt Disney World P/FCF 21.34 15.86 19.12 Peter Lynch Value 84.32 80 Insider Ownership % 1.16
Resort in Florida. Shiller P/E 29.26 23.22 28.82 DCE (Earnings Based) 100.98 95 Institution Ownership % 43.13
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.18 1.31 0.23 121.69

53.05
F-Score 5 5.00 6 1W 1.59 0
21M
YTD 1.69 9.1
Net-Margin (%) 16.63 3.55 13.32
1Y 9.36 17.3
ROE (%) 21.13 3.90 14.57
ROA (%) 10.11 1.79 7.74 3Y 9.93
55.18 14.01 44.47
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) N/A N/A 5.70 15.4 13.5 15.6 16.4 11.9 16.7 19.1 21 20.9 16.2 18.5 Year End P/E
12.7 17.6 5.70
(%) 2 1.6 1.4 1.7 1.4 2.3 2.6 3.2 3.3 2.7 3.1 P/S
Free Cash Flow Growth 8.1 7.2 7.8 8.5 6.7 9.2 11.1 12 11 9.5 10.6 EV/EBITDA
9.7 21.6 17.80
Quarterly 2.3 2.3 1.8 2 2.5 3.1 3.4 4.3 4.9 5.7 5.7 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.8 2 1.9 2.3 1.8 2.3 3.7 3.7 3.9 5.1 5 Free Cashflow Per Share
Revenue (YoY) % 4 9 -3 -3 3 5.2 15.4 14.5 14.1 15.8 19.4 21.3 23.3 24.9 26.1 27.3 Graham Number
Net Income (YoY) % 2 5 10 -14 11 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 6 10 16 -10 15
35510 37843 36149 38063 40893 42278 45041 48813 52465 55632 55539 Revenue
6781 7404 5205 6456 -- 8863 9450 11540 13224 14358 14462 Operating Income
Impact Cur.
Guru Date Action 19.1 19.6 14.4 17 -- 21 21 23.6 25.2 25.8 26 Operating Margin %
% Shares
Ms Global Franchise 4687 4427 3307 3963 4807 5682 6136 7501 8382 9391 9235 Net Income
03/31/17 Reduce -0.48 254,230 13.2 11.7 9.2 10.4 11.8 13.4 13.6 15.4 16 16.9 16.6 Net Margin %
Fund
Steven Cohen 03/31/17 Add 0.4 1,439,680
15 14 10 11.1 12.8 14.7 14.4 16.6 18.7 21.4 21.1 ROE %
7.8 7.2 5.3 6 6.8 7.7 7.9 9.1 9.7 10.4 10.1 ROA %
Jim Simons 03/31/17 Reduce -0.37 1,377,600 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Mairs And Power 03/31/17 Add 0.33 1,880,644 3670 3001 3417 2722 3185 3387 3931 3421 4269 4610 3800 Cash & Equivalents
Ray Dalio 03/31/17 Buy 0.17 129,847 60928 62497 63117 69206 72124 74898 81241 84141 88182 92033 91807 Total Assets
12166 11351 11721 10354 11210 10981 12776 12631 12773 16483 16788 Long-term Debt
Good Signs
2696 528 -1852 -181 1647 424 379 633 2705 2940 825 Net Issuance of Debt
Insider Trades
Cur.
Chairman
Iger Robert A
and CE
06/09/17 -797578 1034k Competitor
Financial Operating
Arnold Susan E Director 05/11/17 -12143 42673 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
EVP,
Woodford Brent 04/18/17 -2000 26118
Control, F NESE:DIS Walt Disney Co 6 7 165,846 18.45 3.09 26.04 10.11 21.13
Lewis Aylwin B Director 02/21/17 -1893 76685 NYSE:TWX Time Warner Inc 4 8 76,871 18.86 2.62 25.64 6.37 16.98
Sr EVP,
Braverman Alan N
General
01/30/17 -92604 118551 NAS:NFLX Netflix Inc 5 6 65,409 196.82 7.02 6.18 2.67 13.06
NAS:FOX Twenty-First Century Fox Inc 5 8 51,079 17.12 1.83 23.12 6.18 21.37
NYSE:CBS CBS Corp 4 8 25,026 52.13 2.12 19.78 2.28 11.76
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:UISCA UISCA

Discovery Communications Inc (NAS:DISCA)
Industry Historical % of Price Dividend Yield)ttm( % N/A
Current
$ 26.41 Median Median NCAV -23.31 -88 Dividend Yield)forward( % N/A
Entertainment - Media - Uiversified P/E )ttm( 13.86 44.50 21.47 Tangible Book -16.08 -61 Payout N/A
Market Cap: $ 9,959 Mil Forward P/E 11.59 16.00 N/A Peter Lynch Value 23.34 88 Dividend Growth)5y( % N/A
Uiscovery Communications Inc is a media and entertainment company. It P/B 1.95 1.97 1.83 Price 26.41 Yield on Cost)5y( % N/A
provides programming across multiple distribution platforms . The Company P/S 2.44 2.07 4.5 Median P/S 49.1 186 Continuous Div. since N/A
also provides educational products and services to schools & operates digital P/FCF 10.99 15.86 22.12 Insider Ownership % 3.93
media services. Shiller P/E 23.21 23.22 41.35 Institution Ownership % 29.46
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.03 1.31 0.25 46.21

20.48
F-Score 6 5.00 6 1W 1.30 0
13M
YTD -3.65 9.1
Net-Margin )%( 17.50 3.55 17.90
1Y 3.41 17.3
ROE )%( 16.56 3.90 12.88
ROA )%( 7.25 1.79 6.93 3Y -12.71
134.12 14.01 170.87
)%(
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth )%( 32 23.5 10.00 6548 4067 8901 12098 10925 15910 21728 15120 11152 10690 9959 Market Cap
EBITDA Growth )%( N/A 17.3 9.10 562 644 850 858 810 1518 722 687 656 610 385 Sh. Outstanding-diluted)Mil(
EBIT Growth )%( N/A 15 11.20 -- 15.1 24.7 28 15 52.3 31.1 20.8 16.9 14 13.9 Year End P/E
N/A 13.9 17.20
Growth )%( 17.6 1.3 3.8 4.9 4 6.4 6 3.8 2.7 2.6 2.4 P/S
Free Cash Flow Growth 117.1 6 6.6 11.9 7.5 10.6 12 9.1 8.3 7.8 7.9 EV/EBITDA
N/A 16.9 31.60
Quarterly -0.1 0.5 0.6 0.8 1.4 0.6 1.5 1.7 1.6 2 1.9 EPS
Net Income 263 408 219 304 215 4.8 -5.8 -3.7 -3.6 -3.2 -4.6 -9.8 -15 -15.5 -16.6 -16.1 Tang. Book Per Share
Revenue )YoY( % 2 3 -0 2 3 4.1 -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income )YoY( % 5 43 -22 39 -18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY( % 14 50 -16 53 -12
76 3443 3458 3706 4168 4487 5535 6265 6394 6497 6549 Revenue
-8 1057 1274 1377 1803 1859 1975 2061 1985 2058 2056 Operating Income
Impact Cur.
Guru Date Action -10.5 30.7 36.8 37.2 43.3 41.4 35.7 32.9 31 31.7 31.4 Operating Margin %
% Shares
Steven Cohen 03/31/17 Buy 0.06 370,198 -68 317 549 653 1132 943 1075 1139 1034 1194 1146 Net Income
-89.5 9.2 15.9 17.6 27.2 21 19.4 18.2 16.2 18.4 17.5 Net Margin %
-1.5 6.3 9.2 10.5 17.8 12 13.8 15.3 14.7 17.3 16.6 ROE %
Jeff Auxier 03/31/17 Add 0.02 211,036
-1.2 3.9 5.1 5.9 9.9 7.6 7.7 7.4 6.5 7.6 7.3 ROA %
Mario Gabelli 03/31/17 Reduce -0.02 2,149,822
Murray Stahl 03/31/17 Reduce -0.01 445,285
Jim Simons 03/31/17 Buy 0.01 296,050 8 100 623 466 1048 1201 408 367 390 300 267 Cash & Equivalents
5866 10484 10952 11019 11913 12930 14979 15970 15864 15758 15862 Total Assets
-- 3331 3457 3598 4219 5212 6482 6002 7616 7841 7970 Long-term Debt
Manning & Napier
03/31/17 Reduce 0 200,170 3 3 3 3 3 3 3 5 5 5 5 Common Equity
Advisors, Inc
Warning Signs
-15 98 238 -190 -214 -643 -1987 -568 -301 -256 -479 Cashflow from Investing
SEVERE Operating Margin %: Declined -1 -411 -371 77 639 992 1198 682 702 231 71 Net Issuance of Debt
SEVERE Short Percentage Of Float: high 12 -774 -356 -641 -297 -305 -85 -734 -902 -1177 -1106 Cashflow from Financing
Good Signs 10 467 587 619 1042 1022 1170 1198 1174 1285 1446 Free Cash Flow
GOOD Price: Close to 5-year low
Competitor
Insider Trades Financial Operating
Strength Margin(%)
Cur.
Shares NAS:VIAB Viacom Inc 4 7 14,234 12.85 1.20 16.56 5.26 28.04
Chief NAS:DISCA Discovery Communications Inc 4 8 9,959 13.86 2.44 31.39 7.25 16.56
Wehner Kurt 06/13/17 -4746 495
Accountin
Gould Paul A Director 05/10/17 -8832 451030
NYSE:LGF.B Lions Gate Entertainment Corp 4 6 5,328 249.20 1.37 -0.48 0.24 0.98
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:UISCK DISCK

Discovery Communications Inc (NAS:DISCA)
Industry Historical % of Price Uividend Yield~ttm % N/A
Current
$ 25.52 Median Median NCAV -22.5 -88 Uividend Yield~forward % N/A
Entertainment - Media - Diversified P/E )ttm( 13.85 44.50 21.47 Tangible Book -15.52 -61 Payout N/A
Market Cap: $ 9,959 Mil Forward P/E 11.59 16.00 N/A Peter Lynch Value 22.53 88 Uividend Growth~5y) % N/A
Discovery Communications Inc is a media and entertainment company. It P/B 1.94 1.97 1.83 Price 25.52 Yield on Cost~5y) % N/A
provides programming across multiple distribution platforms . The Company P/S 2.44 2.07 4.5 Median P/S 47.4 186 Continuous Uiv. since N/A
also provides educational products and services to schools & operates digital P/FCF 10.99 15.86 22.12 Insider Ownership % 3.99
media services. Shiller P/E 23.19 23.22 41.35 Institution Ownership % 37.98
Financial Strength
-- 8.44 14.08 19.67 20.9 29.44 41.93 43.61 33.44 28.66 28.9 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.03 1.31 0.25 43.61

19.36
F-Score 6 5.00 6 1W 0.95 0
Operating Margin )% 31.39 6.04 34.29
4M
YTU -4.71 9.1
Net-Margin )% 17.50 3.55 17.90
ROE )% 16.56 3.90 12.88 1Y 3.32 17.3
ROA ~% 7.25 1.79 6.93 3Y -12.62
ROC ~Joel Greenblatt 2.2M 5Y 1.42
134.12 14.01 170.87
~%
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth ~% 32 23.5 10.00 -- 3769 7532 10423 9840 14350 19724 14800 10542 10444 9959 Market Cap
EBITDA Growth ~% N/A 17.3 9.10 562 644 850 858 810 1518 722 687 656 610 385 Sh. Outstanding-diluted~Mil(
EBIT Growth ~% N/A 15 11.20 -- 15.1 24.7 28 15 52.3 31.1 20.8 16.9 14 13.9 Year End P/E
EPS without NRI -- 0.7 1.2 1.7 1.5 2.3 3.2 2.6 1.9 2 1.9 P/B
N/A 13.9 17.20
Growth ~% 17.6 1.3 3.8 4.9 4 6.4 6 3.8 2.7 2.6 2.4 P/S
N/A 16.9 31.60
~%
Book Value Growth ~% 5.3 0.9 4.70
Quarterly -0.1 0.5 0.6 0.8 1.4 0.6 1.5 1.7 1.6 2 1.9 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 0 0.7 0.7 0.7 1.3 0.7 1.6 1.7 1.8 2.1 2.4 Free Cashflow Per Share
Net Income 263 408 219 304 215 4.8 -5.8 -3.7 -3.6 -3.2 -4.6 -9.8 -15 -15.5 -16.6 -16.1 Tang. Book Per Share
EPS 0 1 0 1 0 3.4 28.3 21.1 22.4 26.9 30.6 34.8 -- -- -- 47.4 Median P/S Value
Revenue YoY % 2 3 -0 2 3 4.1 -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income )YoY % 5 43 -22 39 -18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY % 14 50 -16 53 -12
76 3443 3458 3706 4168 4487 5535 6265 6394 6497 6549 Revenue
21.1 70.3 69.8 72.7 71.8 72.9 69.5 66.1 63.4 62.6 62.6 Gross Margin %
Guru Trades
-8 1057 1274 1377 1803 1859 1975 2061 1985 2058 2056 Operating Income
Impact Cur.
Guru Uate Action -10.5 30.7 36.8 37.2 43.3 41.4 35.7 32.9 31 31.7 31.4 Operating Margin %
% Shares
Wallace Weitz 03/31/17 Reduce -0.26 1,858,584
-68 317 549 653 1132 943 1075 1139 1034 1194 1146 Net Income
-89.5 9.2 15.9 17.6 27.2 21 19.4 18.2 16.2 18.4 17.5 Net Margin %
Arnold Van Uen Berg 03/31/17 Reduce -0.11 1,141,970
-1.5 6.3 9.2 10.5 17.8 12 13.8 15.3 14.7 17.3 16.6 ROE %
Tom Gayner 03/31/17 Add 0.02 931,000
-1.2 3.9 5.1 5.9 9.9 7.6 7.7 7.4 6.5 7.6 7.3 ROA %
Mario Gabelli 03/31/17 Reduce -0.01 1,366,179 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Hotchkis & Wiley 03/31/17 Add 0 5,340,964 8 100 623 466 1048 1201 408 367 390 300 267 Cash & Equivalents
Jim Simons 03/31/17 Buy 0 118,850 5866 10484 10952 11019 11913 12930 14979 15970 15864 15758 15862 Total Assets
Ken Fisher 03/31/17 Reduce 0 30,422 -- 3331 3457 3598 4219 5212 6482 6002 7616 7841 7970 Long-term Uebt
Murray Stahl 03/31/17 Reduce 0 119,853 1371 4948 4755 4794 5396 6639 8783 10368 10413 10591 10527 Total Liabilities
3 3 3 3 3 3 3 5 5 5 5 Common Equity
Wallace Weitz 12/31/16 Reduce -0.07 2,101,499
Arnold Van Uen Berg 12/31/16 Add 0.05 1,167,515 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
-15 98 238 -190 -214 -643 -1987 -568 -301 -256 -479 Cashflow from Investing
Warning Signs
SEVERE Gross Margin %: Ueclined
-1 -411 -371 77 639 992 1198 682 702 231 71 Net Issuance of Debt
SEVERE Operating Margin %: Ueclined 12 -774 -356 -641 -297 -305 -85 -734 -902 -1177 -1106 Cashflow from Financing
SEVERE Short Percentage Of Float: high -47 -102 -55 -49 -58 -77 -115 -120 -103 -88 -120 Capital Expenditure
10 467 587 619 1042 1022 1170 1198 1174 1285 1446 Free Cash Flow
Good Signs
Competitor
GOOD Price: Close to 5-year low Financial Operating
Strength Margin(%)
NAS:DISCK Discovery Communications Inc 4 8 9,959 13.85 2.44 31.39 7.25 16.56
NYSE:LGF.B Lions Gate Entertainment Corp 4 6 5,328 249.20 1.37 -0.48 0.24 0.98
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DLPH DLPH
Delphi Automotive PLC (NESE:DLPH) Ratios Valuation Analysis Dividend & Ownership
Autos - Auto Parts
P/E (ttm) 20 17.86 15.25 Tangible Book -0.83 -1 Payout 0.27
Forward P/E 12.99 9.88 N/A Peter Lynch Value 29.19 34 Dividend Growth(5y) % N/A
Delphi Automotive PLC is engaged in the manufacturing of vehicle
components. The Company's business segments are Electrical/Electronic
Architecture, Powertrain Systems, Electronics & Safety and Eliminations.
Financial Strength
-- -- -- -- 22.13 38.25 60.13 74.14 89.16 83.99 89.18 Annual Price High
Industry Historical
Score: 6 /10 Current -- -- -- -- 19.63 22.14 37.62 58.3 66.59 57.01 67.54 Low
Median Median
Cash to Debt 0.14 0.70 0.44 89.18

34.78
F-Score 7 5.00 7 1W -0.14 0
7M
YTD 28.42 9.1
Net-Margin (%) 6.90 3.97 7.54
1Y 32.22 17.3
ROE (%) 47.91 8.92 49.84
ROA (%) 9.58 4.02 11.33 3Y 9.45
36.61 14.48 44.73
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) N/A 8 14.10 -- -- -- -- 7070 12060 18423 21207 23851 18241 23014 Market Cap
EBITDA Growth (%) N/A 10 5.40 -- -- -- 686 421 323 312 302 287 274 268 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A 11.9 19.20 -- -- -- -- 7.4 11.5 15.5 16.2 16.9 14.7 20 Year End P/E
EPS without NRI Growth -- -- -- -- 4.2 5.1 6.3 8.5 10.6 7.6 8.9 P/B
N/A 8.9 -0.50
(%) -- -- -- -- 0.5 0.8 1.3 1.4 1.6 1.1 1.4 P/S
Free Cash Flow Growth -- -- -- -- 3.9 7.1 9.5 10.2 12.8 9.5 11.7 EV/EBITDA
N/A 17 9.60
(%) -- -- 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%) N/A 8.6 16.30
-- -- -- 20.1 38.1 48 48.3 51.3 52.9 60.9 62.2 Revenue Per Share
Quarterly -- -- -- 0.9 2.7 3.3 3.9 4.5 5.1 4.6 4.3 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -- -- -- 0.9 1.8 2.4 3.7 4.5 3.5 4.1 4.3 Free Cashflow Per Share
Revenue 4051 4206 4091 4313 4292 -- -- -- -- -- -- 0.7 1 1 1.2 1.2 Dividends Per Share
Net Income 425 258 293 281 335 -- -- -- 7.3 3.3 3.4 5.5 3.9 -2.4 -1.3 -0.8 Tang. Book Per Share
EPS 2 1 1 1 1 -- -- -- 6.4 50.7 58.1 58.4 62.1 64 73.7 75.2 Median P/S Value
Revenue (YoY) % 7 9 13 11 6 -- -- -- 12.3 14.3 15.9 21.6 19.4 -- -- -- Graham Number
Net Income (YoY) % 103 -60 -27 46 -21 -- -- 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 113 -58 -25 47 -19
-- -- -- 13817 16041 15519 15051 15499 15165 16661 16902 Revenue
Guru Trades -- -- -- 14.8 16.6 17.1 18.5 19.5 19.9 21.3 21.4 Gross Margin %
-- -- -- 940 1644 1476 1627 1758 1723 1947 1970 Operating Income
Impact Cur.
Guru Date Action -- -- -- 6.8 10.3 9.5 10.8 11.3 11.4 11.7 11.7 Operating Margin %
% Shares
Bill Nygren 03/31/17 Buy 1.09 2,200,000 -- -- -- 631 1145 1077 1212 1351 1450 1257 1167 Net Income
-- -- -- 4.6 7.1 6.9 8.1 8.7 9.6 7.5 6.9 Net Margin %
-- -- -- 11.9 31.3 53.4 46.1 49.8 60.9 54.1 47.9 ROE %
-- -- -- 5.9 11.3 11.2 11.4 12.4 12.8 10.4 9.6 ROA %
Chris Davis 03/31/17 Add 0.01 3,860,504 -- -- 3107 3769 1375 1120 1389 859 535 838 547 Cash & Equivalents
-- -- 10307 11082 9128 10176 11047 10721 11973 12292 12497 Total Assets
-- -- -- -- 1996 2324 2351 2392 3956 3959 3991 Long-term Debt
Warning Signs -- -- 5369 5441 7440 7831 8136 8211 9723 9891 9918 Total Liabilities
MEDIUM Dividend Yield %: Close to 1-year low -- -- 4914 5550 3 3 3 3 3 3 3 Common Equity
MEDIUM Price: Close to 10-year high -- -- 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM PS Ratio: Close to 1-year high -- -- -98 1142 1377 1478 1750 2135 1703 1941 1963 Cashflow from Operations
-- -- -167 -911 -10 -1631 -655 -1186 -1699 -578 -624 Cashflow from Investing
Good Signs
-- -- -- -- -- -403 -457 -1024 -1159 -634 -470 Repurchase of Stock
GOOD Piotroski F-Score: High -- -- 382 -99 1689 345 -85 8 1283 -44 -369 Net Issuance of Debt
-- -- 2377 -126 -3194 -105 -822 -1398 -284 -1081 -1247 Cashflow from Financing
Insider Trades
-- -- -409 -500 -630 -705 -605 -779 -704 -828 -803 Capital Expenditure
Cur.
Shares -- -- -507 642 747 773 1145 1356 999 1113 1160 Free Cash Flow
Mahoney Sean O Director 05/26/17 -1949 11767 Competitor
SVP, GC & Financial Operating
Sherbin David M 05/17/17 -15500 70766
Secre Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
SVP &
Butterworth Liam 02/22/17 -14000 76010
President OTCPK:DNZOY Denso Corp 7 7 29,904 15.20 0.83 7.17 4.93 7.77
Chief OTCPK:PTAIF PT Astra International Tbk 5 7 27,095 20.45 1.86 13.37 6.66 15.76
Brazier Allan J 02/22/17 -4019 5406
Accountin
SVP& NESE:DLPH Delphi Automotive PLC 6 8 23,014 20.00 1.37 11.66 9.58 47.91
Abulaban Majdi 01/03/17 -12854 157954
President NYSE:MGA Magna International Inc 6 8 17,192 8.42 0.49 7.54 9.31 21.70
OTCPK:VLEEY Valeo SA 5 7 16,070 15.73 0.87 7.71 7.15 24.95
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DLR DLR

Digital Realty Trust Inc (NYSE:DLR)
Current
$ 117.75 Median Median DCF (FCF Based -54.41 -46 Dividend Yield(forward) % 3.17
REITs - REIT - Office P/E (ttm) 50.51 17.14 59.14 NCAV -51.11 -43 Payout 1.53
Market Cap: $ 19,097 Mil Forward P/E 67.11 20.62 N/A Tangible Book 12.66 11 Dividend Growth(5y % 5.3
Digital Realty Trust Inc is a real estate investment trust. It owns, acquires, P/B 4.67 1.12 3.49 Peter Lynch Value 14.28 12 Yield on Cost)5y % 3.97
develops and operates data centers. Its portfolio includes infrastructure that P/S 8.3 7.64 5.76 Graham Number 25.77 22 Continuous Div. since 2004
supports the applications & day-to-day operations of social networking and P/FCF N/A 19.65 155.02 DCE )Earnings Based 66.33 56 Insider Ownership % 0.21
mobile communications. Shiller P/E 92.91 25.35 72.34 Median P/S 81.69 69 Institution Ownership % 79.04
Financial Strength
Cash to Debt 0.00 0.06 0.01
119.77
F-Score 6 5.00 5 49.24
1W 1.65 0
Industry Historical
Score: 8 /10 Current 21.29 3M 13.56 4.2
Median Median
Operating Margin (% 23.60 48.86 25.05 6M 26.80 8.7
Net-Margin (% 20.48 39.19 14.23 3M
YTD 21.73 9.1
ROE % 7.49 6.63 4.37 1Y 20.96 17.3
ROA % 3.76 3.20 2.62 3Y 31.28
ROC )Joel Greenblatt
7.95 12.00 6.11 1.6M 5Y 12.67
(%
Growth
Revenue Growth (% 7.9 5.5 8.40
2510 2397 3862 4698 7070 8496 6310 8992 11069 15625 19097 Market Cap
EBITDA Growth (% 8.8 6.8 20.80
63 70 77 86 99 116 128 134 139 151 162 Sh. Outstanding-dilutedMil
EBIT Growth (% 5.8 -0.9 27.30
119.9 88.8 82.4 75.8 50.9 46.2 23.4 68.4 48.2 44.9 50.5 Year End P/E
35 5.7 113.80 3.5 2.9 4.3 3.2 3.6 2.9 2.2 3.2 3.5 3.8 4.7 P/B
(%
6 4.4 6.1 5.2 6.2 6.2 4.3 5.5 6 6.9 8.3 P/S
-18.4 -31.3 0.00 18.4 14.6 16.7 15.3 17 17.3 12.1 15.6 16.7 16.2 18.6 EV/EBITDA
(%
Book Value Growth (% 10.5 4.1 18.60 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly
0.3 0.4 0.6 0.7 1.3 1.5 2.1 1 1.6 2.2 2.3 EPS
-8.8 -6.1 -3.2 -15.7 -4.5 -16.1 -5.5 -1.7 -0.3 -4.8 -5.1 Free Cashflow Per Share
Revenue 504 515 546 577 551
1.2 1.3 1.5 2 2.7 2.9 3.1 3.3 3.4 3.5 3.6 Dividends Per Share
Net Income 62 50 219 95 84
10.9 7.9 8.4 12.8 15.9 19.8 18.5 17.2 10.9 12.3 12.7 Tang. Book Per Share
EPS 0 0 1 0 0
36.7 43 47.6 57.6 61.7 63.4 65.8 69.6 72.9 81.6 81.7 Median P/S Value
Revenue (YoY) % 24 23 25 15 9
3.1 8.2 10.8 14 21.8 25.7 29.7 19.6 19.5 24.7 25.8 Graham Number
Net Income YoY % -49 -63 285 -695 36
EPS (YoY) % -64 -78 346 -250 52
395.2 527.4 637.1 865.4 1062.7 1279.1 1482.3 1616.4 1763.3 2142.2 2188.6 Revenue
Guru Date Action
% Shares 22.2 24.3 27.9 28 28.6 28.6 25.8 16 22.8 23.2 23.6 Operating Margin %
Ken Heebner 03/31/17 Add 1.62 415,000 38.2 65.3 87.7 102.3 156.3 210.3 314.5 200.2 296.7 426.2 448.2 Net Income
Steven Cohen 03/31/17 Buy 0.06 93,500 9.7 12.4 13.8 11.8 14.7 16.4 21.2 12.4 16.8 19.9 20.5 Net Margin %
Paul Tudor Jones 03/31/17 Buy 0.05 15,132 2.2 2.1 3.1 3.3 5.8 5.7 7.7 3.5 5.2 6.9 7.5 ROE %
Jim Simons 03/31/17 Add 0.02 397,100 1.5 2.1 2.5 2.3 2.7 2.8 3.4 2.1 2.8 3.6 3.8 ROA %
Joel Greenblatt 03/31/17 Add 0.01 15,669 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Manning & Napier 31.4 73.3 72.3 11.7 40.6 56.3 56.8 34.8 57.1 10.5 15 Cash & Equivalents
03/31/17 Reduce -0.01 91,995
Advisors, Inc
2809.5 3279.7 3745.1 5329.5 6098.6 8819.2 9626.8 9526.8 11416 12193 12330 Total Assets
1367.7 1395.7 1784.4 2807 2940.2 4278.6 4961.9 4673.1 5899 5838.6 6201.3 Long-term Debt
0.7 0.7 0.8 0.9 1.1 1.2 1.3 1.3 1.5 1.6 1.6 Common Equity
SEVERE Financial Strength: Poor
SEVERE Operating Margin %: Declined 105.7 217.8 283.8 359 401 542.9 656.4 655.9 799.2 912.3 950.7 Cashflow from Operations
SEVERE Long-Term Debt: Keep issuing new debt -537.4 -647.8 -519.9 -1737.7 -830.8 -2475.9 -1060.6 -644.2 -2526 -1299.4 -1360.9 Cashflow from Investing
-- -- -26.3 -20.1 -- -34.5 -- -- -- -- -- Repurchase of Stock
Good Signs 221.5 52.1 318 1091 90.1 1297.5 650.5 144.8 1405.7 196.7 249.2 Net Issuance of Debt
GOOD Revenue per Share: Consistent growth 440.9 471.9 235.1 1318.1 458.8 1948.6 401.8 -27 1749 351.9 399.9 Cashflow from Financing
Insider Trades -548.3 -426.8 -249.5 -1349.7 -442.7 -1862.9 -710.7 -220.8 -37.2 -719.1 -758.8 Free Cash Flow
Cur.
Shares Competitor
SVP & Financial Operating
Mills Joshua A. 06/06/17 -9211 4166 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
SVP &
Mills Joshua A. 04/28/17 -4217 4166 NYSE:BXP Boston Properties Inc 4 7 19,583 46.97 7.79 31.05 2.26 7.26
General C
Mills Joshua A.
SVP &
04/13/17 -4189 4166
NYSE:DLR Digital Realty Trust Inc 4 8 19,097 50.51 8.30 23.60 3.76 7.49
General C
NYSE:ARE Alexandria Real Estate Equities Inc 5 5 10,830 0.00 11.17 -1.42 -0.31 -2.81
SVP &
Mills Joshua A. 04/05/17 -4217 4166 NYSE:SLG SL Green Realty Corp 4 6 10,795 47.79 6.25 2.32 1.41 3.06
General C
Mills Joshua A.
SVP &
01/05/17 -9239 4166 OTCPK:LSGOF Land Securities Group PLC 5 8 10,690 77.36 10.88 46.38 0.76 0.98
General C
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:ULTR ULTR

Dollar Tree Inc (NAS:DLTR)
Industry Historical % of Price Uividend Yield(ttm( % N/A
Current
$ 72.73 Median Median NCAV -32.9 -45 Uividend Yield(forward( % N/A
Retail - Uefensive - Uiscount Stores P/E (ttm( 19.96 20.71 19 Tangible Book -12.51 -17 Payout N/A
Market Cap: $ 17,214 Mil Forward P/E 17.09 18.15 N/A Peter Lynch Value 66.1 91 Uividend Growth(5y % N/A
Uollar Tree Inc operates discount retail stores in the United States and P/B 3.07 1.86 4.21 Price 72.73 Yield on Cost(5y % N/A
Canada. It operates the stores under the names of Uollar Tree, Family Uollar P/S 0.83 0.49 1.11 UCE (Earnings Based 85.54 118 Continuous Uiv. since N/A
and Uollar Tree Canada. P/FCF 13.32 19.13 21.16 Median P/S 97.98 135 Insider Ownership % 1.93
Shiller P/E 33.71 23.22 35.82 UCF (FCF Based 134.22 185 Institution Ownership % 66.26
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.18 0.55 0.67 98.12

45.51
F-Score 6 5.00 6 1W -2.82 0
11M
YTU -5.77 9.1
Net-Margin (% 4.13 1.94 6.44
1Y -20.12 17.3
ROE (% 16.89 8.79 25.71
ROA (% 5.38 3.40 15.92 3Y 10.49
37.87 14.42 57.03
(%
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%( 20 26.7 11.30 2516 3879 4335 6241 9801 9226 11069 14624 19108 18228 17214 Market Cap
EBITUA Growth (% 20.2 18.3 23.70 289 272 270 256 242 231 219 207 224 237 237 Sh. Outstanding-diluted(Mil
EBIT Growth (% 21.8 14.2 33.60 13.4 16.9 13.9 16.3 21.1 14.9 18.6 24.5 65.1 20.5 20 Year End P/E
17.1 2.8 92.60
(% 0.6 0.8 0.9 1.1 1.5 1.3 1.4 1.7 1.2 0.9 0.8 P/S
Free Cash Flow Growth 5.5 7.1 6 7.6 10.3 8.1 9.5 11.6 16.7 10.1 9.7 EV/EBITUA
17.8 14.8 272.20
14.7 17.1 19.4 23 27.4 32.1 35.8 41.6 69.3 87.5 88.3 Revenue Per Share
Quarterly 0.7 0.8 1.2 1.6 2 2.7 2.7 2.9 1.3 3.8 3.6 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 0.6 1 1.5 1.3 1.8 1.6 2.1 3 1.4 4.7 5.5 Free Cashflow Per Share
Revenue (YoY( % 134 66 1 5 4 7.1 8.8 11.5 13.5 15.1 19.8 16.7 22.7 -- -- -- Graham Number
Net Income (YoY( % 235 -274 110 41 -14 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Income Statement
EPS (YoY( % 188 -257 106 32 -13
4242.6 4644.9 5231.2 5882.4 6630.5 7394.5 7840.3 8602.2 15498 20719 20921 Revenue
Impact Cur.
Guru Uate Action 7.8 7.9 9.8 10.7 11.8 12.4 12.4 12.1 6.8 8.2 8 Operating Margin %
% Shares
Alan Fournier 03/31/17 Reduce -1.74 525,394 201.3 229.5 320.5 397.3 488.3 619.3 596.7 599.2 282.4 896.2 864.1 Net Income
4.7 4.9 6.1 6.8 7.4 8.4 7.6 7 1.8 4.3 4.1 Net Margin %
Steve Mandel 03/31/17 Reduce -1.12 6,544,364
18.7 20.5 23.9 27.5 34.8 41.1 42.1 40.6 9.1 18.3 16.9 ROE %
Lee Ainslie 03/31/17 Add 0.86 4,358,026
11 12 14.8 17 20.7 24.4 21.6 19.1 2.9 5.7 5.4 ROA %
Wallace Weitz 03/31/17 Buy 0.6 181,061 40.6 364.4 571.6 311.2 288.3 399.9 267.7 864.1 736.1 866.4 1154.9 Cash & Equivalents
1787.7 2035.7 2289.7 2380.5 2328.6 2752 2771.9 3492.7 15901 15702 15995 Total Assets
250 250 250 250 250 257 757 682.7 7238.4 6169.7 6131.7 Long-term Uebt
Warning Signs 799.3 782.5 860.5 921.5 984 1084.7 1601.2 1707.7 11494 10312 10386 Total Liabilities
SEVERE Gross Margin %: Ueclined 0.9 0.9 0.9 1.2 1.1 2.2 2.1 2.1 2.4 2.4 236.7 Common Equity
SEVERE Operating Margin %: Ueclined 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Cashflow Statement
SEVERE Asset Growth: faster than revenue growth 367.3 403.1 581 518.7 686.5 678.3 794.1 942.8 802.5 1673.3 1793 Cashflow from Operations
-22.7 -102 -212.5 -374.1 -86.1 -261.9 -325 -315 -6978.4 -483.6 -498.9 Cashflow from Investing
Good Signs
-473 -- -190.7 -417.1 -645.9 -340.2 -1112.1 -- -- -- -- Repurchase of Stock
GOOD Price: Close to 1-year low -0.6 -1.2 -0.4 -15.1 -2 5.5 498.5 -12.8 6203.5 -1073.7 -1080.7 Net Issuance of Uebt
-389 22.7 -161.3 -404.3 -623.2 -303.4 -597.8 -30.6 6048.8 -1060.5 -1069.3 Cashflow from Financing
Insider Trades
Cur.
Shares 171.7 271.4 416.2 339.8 436.4 365.1 462.9 617.2 322 1107.7 1293 Free Cash Flow
Sasser Bob CEO 04/24/17 -3349 61721 Competitor
Sasser Bob CEO 04/20/17 -40029 65070 Financial Operating
Chief
Rudman Robert H 04/05/17 -6731 -- Strength Margin(%)
Merchandi
Chief
NYSE:UG Uollar General Corp 6 8 19,832 16.40 0.91 9.21 10.59 22.80
Rudman Robert H 03/29/17 -2559 --
Merchandi NAS:DLTR Dollar Tree Inc 5 8 17,214 19.96 0.83 8.01 5.38 16.89
Chief
Rudman Robert H 03/21/17 -2616 -- OTCPK:ULMAF Uollarama Inc 5 8 10,575 32.87 4.96 21.95 24.83 249.90
Merchandi
NYSE:BURL Burlington Stores Inc 5 8 6,800 30.25 1.25 7.12 8.88 0.00
OTCPK:UK C
JY Uon K uij ote
Holdings Co Ltd 6 7 6,292 21.50 0.85 5.60 5.41 13.42
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:DNB DNB

Dun & Bradstreet Corp (NESE:DNB)
Current
Business Services P/E (ttm) 46.84 21.83 16.03 Tangible Book -60.01 -57 Payout 0.82
Market Cap: $ 3,893 Mil Forward P/E 14.95 19.08 N/A Price 105.52 Uividend Growth(5y) % 6.3
Dun & Bradstreet Corp is a source of commercial data, analytics and insight P/B N/A 2.37 87.29 Median P/S 118.31 112 Yield on Cost(5y) % 2.54
on businesses. Its business segments are Americas including USA, and P/S 2.27 1.36 2.55 Continuous Uiv. since 2007
Canada and Non-Americas including UK, China, India and other European P/FCF 15.19 20.66 14.9 Insider Ownership % 2.73
and Asia Pacific regions. Shiller P/E 17.77 29.44 18.91 Institution Ownership % 73.5
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.22 1.36 0.23 140.73
Equity to Asset -0.44 0.51 -0.33

40.74
F-Score 5 5.00 6 1W 1.56 0
959353
YTU -12.20 9.1
Net-Margin (%) 4.85 3.77 17.18
ROE (%) 0.00 8.55 0.00 1Y -14.57 17.3
ROA (%) 3.82 3.48 14.32 3Y 2.27
ROC (Joel Greenblatt) 479676.55Y 11.17
665.84 22.69 920.41
(%)
Growth
EBITUA Growth (%) 3 -1.7 -18.80 60 55 53 50 49 46 40 37 36 37 37 Sh. Outstanding-diluted(Mil)
EPS without NRI -- -- -- -- -- -- -- -- -- -- -- P/B
0.4 -9.4 -55.40
Growth (%) 3.3 2.5 2.6 2.5 2.1 2.2 3.1 2.8 2.3 2.6 2.3 P/S
Free Cash Flow Growth 10.9 8.9 9.5 9.9 9.2 8.9 12.2 13.6 13.4 17.7 16.7 EV/EBITUA
4.9 6.4 2.10
Quarterly 5 5.6 6 5 5.3 6.4 6.5 8 4.6 2.7 2.3 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 5.4 6.8 5.8 5 5.3 6.2 7.2 7.3 7.6 7.1 6.9 Free Cashflow Per Share
Revenue 375 399 413 517 382 1 1.2 1.4 1.4 1.4 1.5 1.6 1.8 1.9 1.9 2 Uividends Per Share
Net Income 30 19 -29 78 16 -16.5 -26.3 -27.3 -31.1 -33.2 -45.2 -48.2 -48.9 -62.3 -55.9 -60 Tang. Book Per Share
EPS 1 1 -1 2 0 67.6 79.8 81.4 84.9 91.1 92.6 100.8 111 114.7 118.4 118.3 Median P/S Value
EPS (YoY) % -27 -332 -149 0 -49
1599.2 1726.3 1687 1676.6 1758.5 1663 1558.4 1584.5 1637.1 1703.7 1710.2 Revenue
425.6 469.7 464.5 409.1 424.8 432.1 426.1 411.4 337 359.2 346.9 Operating Income
Impact Cur.
Guru Uate Action 26.6 27.2 27.5 24.4 24.2 26 27.3 26 20.6 21.1 20.3 Operating Margin %
% Shares
Joel Greenblatt 03/31/17 Add 0.07 94,774 298.1 310.6 319.4 252.1 260.3 295.5 258.5 294.4 168.8 97.4 82.9 Net Income
18.6 18 18.9 15 14.8 17.8 16.6 18.6 10.3 5.7 4.9 Net Margin %
John Rogers 03/31/17 Add 0.04 809,814
-- -- -- -- -- -- -- -- -- -- -- ROE %
19.8 19.1 19.2 13.7 13.4 14.9 13.3 15.2 7.9 4.4 3.8 ROA %
Jim Simons 03/31/17 Add 0.01 177,500
Keeley Asset 175.8 164.2 222.9 78.5 84.4 149.1 235.9 316.3 365.7 352.6 375.4 Cash & Equivalents
12/31/16 Add 0.03 16,141
1658.8 1586 1749.4 1919.5 1977.1 1991.8 1890.3 1986.2 2266.5 2209.2 2279.3 Total Assets
Management Corp
Pioneer Investments 12/31/16 Sell -0.03 0 724.8 904.3 961.8 972 963.9 1290.7 1516 1352.2 1797 1594.5 1682.2 Long-term Uebt
2098.9 2442.7 2495.1 2597.1 2721 3009.2 2938.7 3189.5 3383.3 3211.2 3274.1 Total Liabilities
0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Common Equity
Warning Signs
SVRE Operating Margin %: Ueclined
393.9 436.5 369.5 319.4 312.9 357.8 333.3 315.5 343.2 322.7 316 Cashflow from Operations
MEDIUM Uividend Payout Ratio: Too high
-217.2 -166.2 -120.7 -253.6 -73.4 -59 -61.6 -70 -376.5 -58.1 -207.3 Cashflow from Investing
MDIUM Revenue per Share: Growth slow down -408.5 -381.9 -225.6 -134.8 -185.4 -508 -420 -225 -- -- -- Repurchase of Stock
265.8 175.1 56 5 -12.6 325.8 225.7 138 171.5 -202.4 -40.6 Net Issuance of Uebt
Good Signs
-143 -242.5 -213.1 -192.9 -238 -235.9 -184.3 -144.4 110.7 -224.9 -67.8 Cashflow from Financing
GOOD Uividend Yield %: Close to 3-year high -72.1 -59.5 -65.3 -65.9 -53.4 -74.4 -49.3 -47.2 -64.8 -60.2 -60.1 Capital Expenditure
321.8 377 304.2 253.5 259.5 283.4 284 268.3 278.4 262.5 255.9 Free Cash Flow
Insider Trades
Cur. Competitor
President & Ticker Company Profitability Market Cap($M) P/ P/S ROA(%) RO (%)
Peirez Joshua L 08/03/16 -36508 14846 Strength Margin(%)
COO
NYSE:MMS Maximus Inc 7 8 4,173 21.05 1.70 12.96 15.31 27.40
Veldran Richard H CFO 08/03/16 -29158 6854
Chief Legal NESE:DNB Dun & Bradstreet Corp 4 7 3,893 46.84 2.27 20.28 3.82 0.00
Hill Christie 08/03/16 -15883 1450
Off OTCPK:PKCOY Park24 Co Ltd 6 7 3,806 31.90 2.21 10.50 8.88 20.39
PAO &
Pietrontone Anthony Jr 08/03/16 -5811 4102 NYSE:UST UST Systems Inc 6 6 3,718 6.37 2.47 15.90 22.67 56.52
Corporate
NYSE:CLGX CoreLogic Inc 4 8 3,628 40.40 1.95 12.89 2.43 8.91
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:UOV UOV

Dover Corp (NYSE:DOV)
Industry Historical % of Price Uividend Yield(ttm( % 2.14
Current
$ 82.38 Median Median NCAV -28.43 -35 Uividend Yield(forward( % 2.15
Industrial Products - Uiversified Industrials P/E (ttm( 22.16 23.19 13.46 Tangible Book -15.02 -18 Payout 0.47
Market Cap: $ 12,824 Mil Forward P/E 22.12 20.75 N/A UCE (Earnings Based 39.7 48 Uividend Growth(5y % 7.7
Uover Corp is a multi-business operator in North America. It has footprint in P/B 3.24 1.90 2.17 UCF (FCF Based 43.43 53 Yield on Cost(5y % 3.1
engineered systems, energy, fluids and refrigeration and food equipment P/S 1.84 1.28 1.35 Median P/S 60.1 73 Continuous Uiv. since 1956
businesses. P/FCF 20.27 17.80 12.01 Price 82.38 Insider Ownership % 1.41
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.11 1.12 0.26 91.07

36.39
F-Score 3 5.00 6 1W 0.00
3M
YTD 11.12 9.1
Net-Margin (% 8.33 4.33 10.73
ROE (% 15.35 6.84 16.76 1Y 20.77 17.3
ROA (% 6.11 3.38 8.28 3Y -0.65
55.10 11.81 59.52
(%
Growth
Revenue Growth (% 3.4 3.5 2.10 7418 5079 6451 9043 8840 9524 13606 11691 9503 11646 12824 Market Cap
EBITUA Growth (% 4.7 1.5 6.00 203 189 187 189 189 184 174 169 159 157 156 Sh. Outstanding-diluted(Mil)
EBIT Growth (% 3.2 -3.5 -14.50 11.7 8.8 18.1 13.1 10.2 12.4 13.8 15.6 11.3 23 22.2 Year End P/E
3.2 -2.7 1.10
(% 1.1 0.7 1.1 1.5 1.2 1.5 1.9 1.6 1.4 1.7 1.8 P/S
3.6 -1.4 -19.00
Book Value Growth (% 2.9 -3.8 6.60
35.6 40 30.9 32.3 39 36 41.2 45.9 43.7 43.4 44.5 Revenue Per Share
Quarterly 3.3 3.1 1.9 3.7 4.7 4.4 5.8 4.6 5.5 3.3 3.7 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 3.5 4.4 3.6 4.1 4.3 6.1 4.8 4.6 5 4.4 4.1 Free Cashflow Per Share
Revenue 1622 1686 1708 1778 1813 0.8 0.9 1 1.1 1.2 1.3 1.5 1.6 1.6 1.7 1.7 Dividends Per Share
Net Income 99 118 130 161 172 -1.9 -2.2 -1.2 1.3 1.3 -4.7 5.9 -7.1 -9.7 -16.5 -15 Tang. Book Per Share
EPS 1 1 1 1 1 47.9 54 41.8 44.8 52.7 48.4 55.7 62 59 58.6 60.1 Median P/S Value
Revenue (YoY % -5 -4 -4 5 12 -- -- -- 10 11 -- 24.8 -- -- -- -- Graham Number
Net Income (YoY % -53 -64 -30 14 73 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY % -50 -63 -30 13 70
7226.1 7568.9 5775.7 6109.5 7369.2 6626.6 7155.1 7752.7 6956.3 6794.3 6985.4 Revenue
36.3 36.1 36.3 39.7 38.6 38.9 38.8 38.4 36.9 36.4 36.4 Gross Margin %
Guru Trades
980.7 1029.3 588 923 1123.8 1059 1161.7 1215.5 920.8 714.4 744.5 Operating Income
Impact Cur.
Guru Uate Action 13.6 13.6 10.2 15.1 15.3 16 16.2 15.7 13.2 10.5 10.7 Operating Margin %
% Shares
Stanley Uruckenmiller 03/31/17 Sell -0.99 0 661.1 590.8 356.4 700.1 895.2 811.1 1003.1 775.2 869.8 508.9 581.8 Net Income
9.2 7.8 6.2 11.5 12.2 12.2 14 10 12.5 7.5 8.3 Net Margin %
17 15.3 9.1 16.3 18.9 16.5 19.5 17.1 23.7 13.7 15.4 ROE %
8.4 7.4 4.5 8.5 9.9 8.1 9.4 7.8 9.9 5.4 6.1 ROA %
Richard Pzena 03/31/17 Reduce -0.02 5,581,569 606.1 547.4 714.4 1187.4 1206.8 800.1 803.9 681.6 362.2 349.1 415.5 Cash & Equivalents
8069.8 7867.3 7882.4 8562.9 9500.6 10444 10855 9030.3 8606.1 10116 10238 Total Assets
1452 1860.7 1825.3 1790.9 2186.2 2189.4 2599.2 2253 2603.7 3206.6 2888 Long-term Debt
SVR Piotroski F-Score: Low 244.5 246.6 247.3 249.4 250.6 254.1 255.3 255.9 256.1 256.5 256.8 Common Equity
SVR Gross Margin %: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SVR Operating Margin %: Declined 874.9 1002.8 796.1 942.9 1079.5 1266.9 979.6 950.2 949.1 862 806.6 Cashflow from Operations
MDIUM Dividend Yield %: Close to 2-year low -336.1 -454.8 -258.8 -178.8 -1025.8 -1352.8 -361.7 -782.6 -34.6 -1503.8 -996.2 Cashflow from Investing
-596 -466.7 -- -123.6 -242.5 -749 -457.9 -601.1 -600.2 -- -- Repurchase of Stock
Good Signs 317.6 -5 -226.7 -60.9 371.3 603.9 19.5 244.9 -232.7 909.2 646.2 Net Issuance of Debt
GOOD Revenue per Share: Consistent growth -345.7 -560.9 -390 -304.8 -50.5 -342.9 -678.5 -255.5 -1091.9 633.6 361.8 Cashflow from Financing
-174.3 -175.8 -120 -169.3 -262.7 -146.5 -141.7 -166 -154.3 -165.2 -170.2 Capital Expenditure
Insider Trades 700.7 827 676.1 773.6 816.8 1120.4 837.9 784.1 794.8 696.8 636.4 Free Cash Flow
Cur.
Shares Competitor
Stubbs Michael B Director 05/19/17 -40000 297316 Financial Operating
Fincher C. Anderson 05/12/17 -15638 34934
President
OTCPK:MHVYF Mitsubishi Heavy Industries Ltd 5 6 13,130 0.00 0.37 4.93 -0.01 -0.05
Vice
Fincher C. Anderson 05/12/17 -15638 34934
NYSE:DOV Dover Corp 5 6 12,824 22.16 1.84 10.66 6.11 15.35
President
Vice OTCPK:TOSBF Toshiba Corp 4 4 12,242 0.00 0.24 -4.50 -9.81 -192.89
Spurgeon William 04/26/17 -7864 39536
President
NYSE:PNR Pentair PLC 5 5 12,092 24.20 2.28 13.17 4.27 11.83
Stubbs Michael B Director 02/27/17 -20000 388194
NYSE:ARNC Arconic Inc 4 3 11,770 0.00 0.87 9.67 8.38 30.83
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:UOW UOW

Dow Chemical Co (NYS:DOW)
Industry Historical % of Price Uividend Yieldttm % 2.87
Current
$ 64.10 Median Median NCAV -32.87 -51 Uividend Yieldforward % 2.85
Chemicals P/E ttm 16.28 19.52 15.25 Tangible Book 4.76 7 Payout 0.45
Market Cap: $ 78,311 Mil Forward P/E 15.97 17.57 N/A Graham Number 20.51 32 Uividend Growth5y % 14.7
Uow Chemical Co is an American multinational chemical corporation. It is P/B 2.89 1.99 2.24 Median P/S 33.23 52 Yield on Cost5y % 5.7
engaged in delivering products and solutions to markets such as automotive, P/S 1.49 1.34 0.77 Peter Lynch Value 41.74 65 Continuous Uiv. since 2017
agriculture, industrial, construction, health care, and consumer products. P/FCF 36.28 19.09 19.56 Price 64.10 Insider Ownership % 0.5
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.27 0.81 0.18 65.26

29.47
F-Score 4 5.00 6 1W 0.20 0
28M
YTU 12.83 9.1
Net-Margin % 9.77 5.52 4.98
1Y 27.15 17.3
ROE % 17.12 8.88 12.41
ROA % 6.33 4.69 4.71 3Y 9.76
22.00 14.40 20.23
%
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth % -2.5 -4.1 11.60 37069 13948 31781 39849 34068 38902 53513 52798 57500 69301 78311 Market Cap
EBITUA Growth % 3.4 8 -15.30 966 939 1054 1144 1158 1176 1290 1187 1241 1123 1222 Sh. Outstanding-dilutedMil
EBIT Growth % 10.2 8.1 -10.80 13.2 25.6 102.3 19.7 14 45.5 12.3 16 8.4 17 16.3 Year End P/E
11.5 29.2 -23.20
% 0.7 0.3 0.7 0.7 0.6 0.7 1 0.9 1.3 1.4 1.5 P/S
Free Cash Flow Growth 6.4 5.5 11.5 8.5 7.1 10.8 6.7 8 5.3 10.5 10.3 EV/EBITUA
N/A 10 -8.90
%
Quarterly 3 0.6 0.3 1.7 2.1 0.7 3.7 2.9 6.2 3.5 3.9 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 2.5 2.5 -0.3 1.7 1 1.2 4.3 2.5 3 1.3 1.8 Free Cashflow Per Share
Revenue 10703 11952 12483 13020 13230 1.6 1.7 0.6 0.6 0.9 1.2 1.3 1.5 1.7 1.8 1.8 Uividends Per Share
Net Income 254 3208 804 52 888 16 10 -2.3 -0.6 0.2 -0.5 4.8 1.7 5 3.9 4.8 Tang. Book Per Share
EPS 0 3 1 -0 1 42.4 46.7 32.5 35.9 39.5 36.9 35.2 37.5 30.1 32.3 33.2 Median P/S Value
Revenue YoY % -13 -7 4 14 24 32.8 11.6 -- -- 3.4 -- 19.9 10.6 26.4 17.5 20.5 Graham Number
Net Income YoY % -83 163 -42 -99 250 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS YoY % -87 169 -42 -101 380
53513 57361 44875 53674 59985 56786 57080 58167 48778 48158 50685 Revenue
13.3 9.5 12.8 14.7 14.9 15.8 16.6 18.4 22.4 21.8 21.3 Gross Margin %
Guru Trades
Impact Cur.
Guru Uate Action 6.1 1.6 1.1 5.8 6.7 7 7.5 9.5 12.2 10.6 10.1 Operating Margin %
% Shares
Jana Partners 03/31/17 Buy 4.19 3,551,908 2887 579 648 2310 2742 1182 4787 3772 7685 4318 4952 Net Income
5.4 1 1.4 4.3 4.6 2.1 8.4 6.5 15.8 9 9.8 Net Margin %
15.8 3.5 2 9.3 10.9 3.9 18.6 13.9 30.7 15.5 17.1 ROE %
6.1 1.2 1.2 3.4 4 1.7 6.9 5.5 11.3 5.9 6.3 ROA %
Larry Robbins 03/31/17 Add 1.29 11,864,132
Uaniel Loeb 03/31/17 Reduce -0.73 15,700,000
Nwq Managers 03/31/17 Add 0.22 1,209,671 1736 2800 2846 7039 5444 4318 5940 5654 8577 6607 5848 Cash & Equivalents
48801 45474 66018 69588 69224 69605 69501 68687 67938 79511 80828 Total Assets
7581 8042 19152 20605 18310 19919 16820 18741 16215 20456 20471 Long-term Uebt
Jeremy Grantham 03/31/17 Add 0.11 346,100
2453 -- 2906 2931 2961 3008 3054 3107 3107 3107 3107 Common Equity
Warning Signs
-2858 -2737 -14767 135 -1994 -2687 -1469 -3105 -1350 -3479 -3376 Cashflow from Investing
SEVERE Revenue per Share: Ueclined -1462 -898 -5 -14 -19 -- -307 -4193 -1166 -916 -- Repurchase of Stock
MEDIUM Uividend Yield %: Close to 2-year low -113 1518 6075 460 -2557 -757 -3350 1775 187 -589 -106 Net Issuance of Uebt
MEDIUM Price: Close to 10-year high -2728 -978 12659 -178 -3362 -2530 -4731 -3583 -3041 -3892 -3165 Cashflow from Financing
MEDIUM PS Ratio: Close to 10-year high -2105 -2339 -2396 -2175 -2687 -2614 -2302 -3572 -3826 -3991 -3784 Capital Expenditure
2379 2372 -321 1927 1192 1461 5521 2930 3690 1487 2031 Free Cash Flow
Good Signs Competitor
Strength Margin(%)
Insider Trades
OTCPK:BFFAF Basf SE 5 5 87,432 18.11 1.31 11.40 5.84 14.29
Insider Position Uate Trades Cur. Shares
NYSE:DOW Dow Chemical Co 5 4 78,311 16.28 1.49 10.13 6.33 17.12
Bell James A Uirector 11/01/16 -1336 32906
OTCPK:AIQUY Air Liquide SA 5 8 46,582 21.27 2.16 16.87 4.75 13.45
OTCPK:SHECY Shin-Etsu Chemical Co Ltd 9 6 38,742 25.20 3.44 18.53 6.82 8.40
OTCPK:LNEGY Linde AG 5 7 36,809 28.10 1.94 11.63 3.30 8.29
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:UPS UPS

Dr Pepper Snapple Group Inc (NYSE:DPS)
Current
Beverages - Non-Alcoholic - Beverages - Soft Urinks P/E (ttm) 20.67 24.95 16.6 Tangible Book -28.03 -30 Payout 0.48
Ur Pepper Snapple Group Inc bottles and distributes nonalcoholic beverages P/B 7.86 3.06 4.02 Peter Lynch Value 50.26 54 Yield on Cost(5y) % 4.14
in North America under various brands such as Ur Pepper, Canada Ury, P/S 2.69 1.66 1.63 DCF (FCF Based) 53 57 Continuous Div. since 2009
7DP, A&W, Schweppes, Crush, and Sunkist. P/FCF 26.14 24.25 15.6 Median P/S 56.79 61 Insider Ownership % 0.4
Financial Strength
-- 27.95 30.09 40.1 42.81 45.91 50.36 74 94.99 98.51 98.88 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.02 0.87 0.10 98.88

43.49
F-Score 6 5.00 7 1W 2.45 0
7M
YTD 4.71 9.1
Net-Margin (%) 13.03 4.83 10.34
ROE (%) 39.35 11.21 26.53 1Y 5.15 17.3
ROA (%) 9.31 4.44 6.80 3Y 19.98
123.40 15.73 88.71
(%)
Growth
Revenue Growth (%) 5.9 5.2 5.40 -- 4122 7191 7874 8375 9070 9646 13831 17507 16603 17238 Market Cap
EBIT Growth (%) N/A 10.5 7.90 -- -- 13 16.1 14.4 14.9 16 20.1 23.5 20 20.7 Year End P/E
EPS without NRI -- 1.6 2.3 3.2 3.7 4 4.2 6 8 7.8 7.9 P/B
N/A 10.7 10.20
Growth (%) -- 0.7 1.3 1.5 1.5 1.6 1.7 2.3 2.9 2.6 2.7 P/S
Free Cash Flow Growth -- 96.5 7.5 8.2 8.2 8.6 13.4 11.4 13.1 11.7 13.3 EV/EBITDA
10 20.4 -23.70
Book Value Growth (%) -2.1 1.8 6.20
Quarterly 1.8 -1.2 2.2 2.2 2.7 3 3.1 3.6 4 4.5 4.5 EPS
Revenue 1487 1695 1680 1578 1510 -- -- 0.2 0.9 1.2 1.4 1.5 1.6 1.9 2.1 2.2 Dividends Per Share
Net Income 182 260 240 165 177 -7 -12.2 -9.8 -14.4 -16 -16.5 -17.2 -17.5 -18.5 -19.2 -28 Tang. Book Per Share
Net Income (YoY) % 16 18 19 -11 -3 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 19 22 23 -7 0
5748 5710 5531 5636 5903 5995 5997 6121 6282 6440 6463 Revenue
Impact Cur.
Guru Date Action 17.5 -2.9 19.6 18.2 17.4 18.2 17.4 19.3 20.7 22.3 21.7 Operating Margin %
% Shares
Jeremy Grantham 03/31/17 Reduce -0.21 264,908 497 -312 555 528 606 629 624 703 764 847 842 Net Income
8.7 -5.5 10 9.4 10.3 10.5 10.4 11.5 12.2 13.2 13 Net Margin %
12 -8.2 19.2 18.7 25.7 27.7 27.4 30.8 34.1 39.2 39.4 ROE %
5 -3.3 6.4 6 6.7 6.9 7.3 8.5 8.9 9.1 9.3 ROA %
Jim Simons 03/31/17 Add 0.08 669,500
Louis Moore Bacon 03/31/17 Sell -0.03 0 67 214 280 315 701 366 153 237 911 1787 73 Cash & Equivalents
10528 8638 8776 8859 9283 8928 8201 8265 8869 9791 10008 Total Assets
2912 3522 2960 1687 2256 2554 2508 2580 2875 4468 4467 Long-term Debt
MDIUM Price: Close to 10-year high -- 3 3 2 2 2 2 2 2 2 2 Common Equity
MEDIUM PS Ratio: Close to 10-year high 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
GOOD Operating Margin %: Expansion -610 456 -550 -978 600 50 -185 -65 750 1059 1059 Net Issuance of Debt
GOOD PB Ratio: Close to 1-year low 515 -1625 -554 -2280 -152 -603 -880 -747 -114 130 783 Cashflow from Financing
Cur.
Shares Competitor
President & Financial Operating
Young Larry D 03/15/17 -39171 200000 Ticker Company Profitability Market Cap($M) P/ P/S ROA(%) RO (%)
CEO Strength Margin(%)
Executive
Thomas David 03/15/17 -5695 36000 NYSE:CCE Coca-Cola European Partners PLC 5 7 19,777 24.07 1.47 9.53 3.97 12.16
Vice
Rogers Ronald G. Director 03/13/17 -11000 11974 NYSE:KOF Coca-Cola Femsa SAB de CV 5 6 17,414 23.18 1.62 13.27 5.45 12.15
Executive NYSE:DPS Dr Pepper Snapple Group Inc 5 8 17,238 20.67 2.69 21.74 9.31 39.35
Hancock Philip L 03/10/17 -10295 2351
Vice
Executive
OTCPK:EMBVF Arca Continental SAB de CV 6 7 13,119 11.50 2.29 17.08 6.61 13.68
Thomas David 03/10/17 -6206 41695
Vice OTCPK:CCHBF Coca-Cola HBC AG 6 5 10,701 29.86 1.61 8.17 5.36 13.07
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:URI URI

Darden Restaurants Inc (NYSE:DRI)
Current
Restaurants P/E (ttm) 22.99 26.58 13.69 Tangible Book 4.23 5 Payout 0.55
Market Cap: $ 11,166 Mil Forward P/E 20.75 21.23 N/A Graham Number 19.33 22 Uividend Growth(5y) % 9.9
Uarden Restaurants Inc owns and operates dining restaurants. Some of its P/B 5.67 3.02 3.1 Peter Lynch Value 27.67 31 Yield on Cost(5y) % 4.02
trade names are Olive Garden, LongHorn Steakhouse, Bahama Breeze, P/S 1.61 1.11 0.98 Median P/S 54.44 61 Continuous Uiv. since 2016
Seasons 52, Eddie V's Prime Seafood, Wildfish Seafood Grille and Yard P/FCF 17.48 30.55 14.69 Price 89.80 Insider Ownership % 2.7
House. Shiller P/E 26.89 29.63 18.42 Institution Ownership % 75.43
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.89 0.67 0.07 92.12

40
F-Score 7 5.00 7 1W -2.23 0
6M
YTU 25.03 9.1
Net-Margin (%) 7.04 3.16 5.69
ROE (%) 26.05 8.54 23.90 1Y 36.38 17.3
ROA (%) 10.95 3.96 7.74 3Y 29.38
33.79 18.32 19.26
(%)
Growth
EBITUA Growth (%) 0.6 -1.2 10.20 149 145 140 142 140 133 132 133 130 129 124 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) -2.2 -3.7 20.30 30.5 11.8 12.2 13.5 13.3 12.9 14.8 20.9 10.8 23.4 23 Year End P/E
-3.5 -6.3 50.60
(%) 1.1 0.7 0.6 0.8 0.9 1.2 1 1 1.1 1.3 1.6 P/S
Free Cash Flow Growth 8.1 7.2 7 7.2 7.3 11.5 12.8 13.9 12.2 9.6 11.7 EV/EBITUA
4.7 12 0.00
37.4 45.7 51.4 50 53.5 40 45 47.2 52.2 53.6 55.5 Revenue Per Share
Quarterly 1.4 2.6 2.7 2.8 3.4 3.6 3.1 2.2 5.5 2.9 3.9 EPS
Feb16 May16 Aug16 Nov16 Feb17 1.8 2.1 1.7 3.3 2.5 2.3 3.3 1.1 4.5 4.6 5.1 Free Cashflow Per Share
Revenue 1848 1790 1714 1643 1879 0.5 0.7 0.8 1 1.3 1.7 2 2.2 2.2 2.1 2.2 Uividends Per Share
Net Income 106 140 110 80 166 7.7 3.1 4.5 6.6 7.2 6 4.4 5.4 7 4 4.2 Tang. Book Per Share
EPS 1 1 1 1 1 36.7 44.7 50.4 49 52.4 39 44.2 46.2 51.5 52.6 54.4 Median P/S Value
Revenue (YoY) % 7 -5 2 2 2 21 13.3 16.5 20.6 23.5 16.8 13.4 12.9 15.4 15.8 19.3 Graham Number
EPS (YoY) % -22 30 30 94 61
5567.1 6626.5 7217.5 7113.1 7500.2 5327.1 5921 6285.6 6764 6933.5 7025.8 Revenue
Guru Trades 23.5 22.5 21.9 22.9 24 23.3 22 20.6 21 22.2 21.9 Gross Margin %
Impact Cur.
Guru Uate Action 10.3 9.1 8.6 9.1 9.9 8.6 6.8 4.9 5.4 9 9.9 Operating Margin %
% Shares
Joel Greenblatt 03/31/17 Reduce -0.33 87,480 201.4 377.2 372.2 404.5 476.3 475.5 411.9 286.2 709.5 375 494.9 Net Income
3.6 5.7 5.2 5.7 6.4 8.9 7 4.6 10.5 5.4 7 Net Margin %
17.3 30.1 24.7 23.1 24.9 25.2 21.1 13.6 31.6 17.5 26.1 ROE %
Ray Ualio 03/31/17 Add 0.02 64,214
6.8 9.9 7.6 7.9 8.9 8.3 6.4 4.1 10.9 7.1 11 ROA %
Steven Cohen 12/31/16 Sell -0.14 0 30.2 43.2 62.9 248.8 70.5 70.5 88.2 98.3 535.9 274.8 391.4 Cash & Equivalents
Ray Ualio 12/31/16 Reduce -0.08 41,133
2880.8 4730.6 5025.2 5276.1 5466.6 5944.2 6936.9 7082.7 5994.7 4582.6 4679.8 Total Assets
491.6 1694.2 1691.2 1466.3 1463.3 1508.1 2548.7 2463.4 1452.3 440 440.7 Long-term Uebt
1786.3 3321.5 3419.2 3382.1 3530.4 4102.2 4877.4 4925.8 3661.2 2630.6 2707 Total Liabilities
Warning Signs -- -- -- -- -- -- 1207.6 1302.2 -- -- -- Common Equity
SEVR Gross Margin %: Ueclined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SVR Operating Margin %: Ueclined 606.4 734.2 782.4 902 892.6 761.7 949.3 555.4 874.3 820.4 926.4 Cashflow from Operations
MDIUM Uividend Yield %: Close to 5-year low -295.6 -1526.7 -557.9 -426.1 -549.9 -721.3 -1287 -436.3 -235.1 75.4 -283.4 Cashflow from Investing
MEDIUM Price: Close to 10-year high -371.2 -159.4 -144.9 -85.1 -385.5 -375.1 -52.4 -0.5 -502.3 -184.8 -259.5 Repurchase of Stock
17.4 991.5 -29.4 -153.1 -41.3 475.1 596 43.1 -1273.5 -1096.8 -826.8 Net Issuance of Uebt
Good Signs -322.9 805.5 -204.8 -290 -521 -40.4 355.4 -179.2 -1784.5 -1120.8 -445.2 Cashflow from Financing
GOOD Piotroski F-Score: High -345.2 -429.2 -538.9 -432.1 -547.7 -457.6 -510.1 -414.8 -296.5 -228.3 -275.5 Capital Expenditure
261.2 305 243.5 469.9 344.9 304.1 439.2 140.6 577.8 592.1 650.9 Free Cash Flow
Insider Trades
Cur.
Competitor
Ticker Company Profitability Market Cap($M) P/ P/S ROA(%) ROE(%)
President OG Strength Margin(%)
George Uavid C 04/03/17 -84283 32987
&
NYSE:CMG Chipotle Mexican Grill Inc 9 8 13,061 138.94 3.23 3.73 4.59 6.56
President and
Lee Eugene I Jr 03/31/17 -98124 104613 NYSE:DRI Darden Restaurants Inc 7 7 11,166 22.99 1.61 9.86 10.95 26.05
C
Kirgan Uanielle L. SVP, CHRO 10/11/16 -36907 14403 NYSE:UPZ Uomino's Pizza Inc 4 8 10,078 44.77 4.10 18.43 32.10 0.00
Fogarty James P Uirector 07/07/16 3000 7890 NYSE:ARMK Aramark 4 6 9,909 31.49 0.68 5.49 3.10 15.01
OTCPK:WTBCY Whitbread PLC 7 8 9,150 16.92 2.32 17.79 9.24 17.27
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:UTE UTE

DTE Energy Co (NESE:DTE)
Current
Dtilities - Regulated - Utilities - Regulated Electric P/E ttm 19.49 17.55 15.01 Tangible Book 33.81 31 Payout 0.55
Market Cap: $ 19,833 Mil Forward P/E 20.92 19.27 N/A Graham Number 65.73 59 Uividend Growth5y % 5.6
UTE Energy Co is engaged in utility operations. Its segments include electric, P/B 2.14 1.62 1.41 Median P/S 69.26 63 Yield on Cost5y % 3.74
gas, and non-utility operations. P/S 1.75 1.73 1.1 Price 110.56 Continuous Uiv. since 2009
P/FCF N/A 15.65 31.21 Insider Ownership % 0.54
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.01 0.26 0.02 110.93
43.66
F-Score 8 5.00 6 1W 2.21 0
Median Median
6M 16.05 8.7
YTU 13.91 9.1
Net-Margin % 9.04 7.70 7.20 2M
ROE % 11.34 8.66 9.46 1Y 21.85 17.3

ROA % 3.38 2.98 2.57 3Y 17.07
ROC Joel Greenblatt 1M 5Y 15.82
8.97 10.08 9.95
%
Growth
EBITUA Growth % 0.2 -0.8 25.70 170 163 164 169 170 172 175 177 179 179 179 Sh. Outstanding-dilutedMil
EBIT Growth % 0.3 -0.4 41.10 7.7 10.7 13.4 12.1 13 16.9 17.7 16.9 19.8 20.4 19.5 Year End P/E
EPS without NRI Growth 1.2 1 1.2 1.1 1.3 1.4 1.5 1.8 1.6 2 2.1 P/B
4.8 3.3 46.00
% 0.9 0.6 0.9 0.9 1 1.2 1.2 1.2 1.4 1.7 1.8 P/S
Free Cash Flow Growth 5.1 6.4 6.5 6.3 7 7.6 8.2 8.5 10.7 11.7 11.6 EV/EBITUA
N/A N/A 0.00
%
Quarterly 5.7 3.3 3.2 3.7 4.2 3.6 3.8 5.1 4.1 4.8 5.7 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 -1 1.1 4.8 4.3 3.1 2.3 1.6 -1.2 -0.6 0.2 -0.3 Free Cashflow Per Share
EPS 1 1 2 1 2 55 63 53.8 55.7 57.3 56.2 60.6 76.5 63.5 65.1 69.3 Median P/S Value
Revenue YoY % -14 -0 13 16 26 49.1 41.6 43 47.5 52.4 51.4 52.6 63.4 58.2 59.7 65.7 Graham Number
Net Income YoY % -10 39 28 64 62 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS YoY % -10 38 28 66 63
8475 9329 8014 8557 8858 8791 9661 12301 10337 10630 11300 Revenue
Impact Cur.
Guru Uate Action 18.9 13.5 15.6 17.1 16 14.6 12.5 12.9 12 13.6 14.5 Operating Margin %
% Shares
Jim Simons 03/31/17 Add 0.04 1,815,800 971 546 532 630 711 610 661 905 727 868 1021 Net Income
11.5 5.9 6.6 7.4 8 6.9 6.8 7.4 7 8.2 9 Net Margin %
16.6 9.2 8.7 9.7 10.4 8.5 8.6 11.1 8.5 9.8 11.3 ROE %
4.1 2.3 2.2 2.6 2.8 2.3 2.5 3.4 2.6 2.9 3.4 ROA %
23742 24590 24195 24896 26009 26339 25935 27899 28662 32041 32149 Total Assets
6971 7741 7370 7089 7187 7014 7214 8343 8760 11269 11758 Long-term Uebt
SEVERE Gross Margin %: Ueclined -- -- -- -- -- -- -- -- -- -- -- Common Equity
SEVERE Operating Margin %: Ueclined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SEVERE Long-Term Uebt: Keep issuing new debt
SEVERE Asset Growth: faster than revenue growth 330 -1523 -1064 -1226 -1560 -1769 -1906 -2060 -2204 -3388 -3592 Cashflow from Investing
-708 -16 -- -- -18 -- -- -52 -- -33 -51 Repurchase of Stock
Good Signs
-390 286 -476 -226 -7 -59 164 766 771 1169 1365 Net Issuance of Uebt
GOOD Piotroski F-Score: High -1468 -84 -789 -586 -445 -443 -261 211 277 1359 1513 Cashflow from Financing
Insider Trades
-174 186 784 726 524 389 278 -204 -104 39 -50 Free Cash Flow
Cur.
Shares Competitor
VP, Corp Sec
Muschong Lisa A. 06/08/17 -426 2587 Financial Operating
& Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
President &
Norcia Gerardo 06/07/17 -4838 115930
COO NYSE:XEL Xcel Energy Inc 4 7 24,164 21.53 2.14 19.59 2.78 10.30
SVP/General
Peterson Bruce U 06/06/17 -5000 29617 NYSE:WEC WEC Energy Group Inc 4 7 20,159 21.45 2.67 22.55 3.22 10.64
Cou
President and NYSE:ES Eversource Energy 3 8 19,843 20.83 2.59 24.46 3.05 9.02
Lauer Trevor F 05/02/17 -3800 12748
C NESE:DTE DTE Energy Co 4 7 19,833 19.49 1.75 14.45 3.38 11.34
Chairman and
Anderson Gerard M 04/28/17 -17000 512859 OTCPK:TNABY Tenaga Nasional Bhd 6 6 19,153 11.08 1.75 20.03 5.51 14.01
CE
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:U K U K
Duke Energy Corp (NESE:DUK) Ratios Valuation Analysis Dividend & Ownership
Current
tilities
- Regulated - tilities - Regulated Electric P/E (ttm( 27.84 17.55 18.66 Tangible Book 31.08 36 Payout 0.87
Uuke Energy Corp operates regulates utilities across the S. The company P/B 1.47 1.62 1.17 Median P/S 67.14 77 Yield on Cost(5y) % 4.44
distributes electricity and gas to its customers and engages in three P/S 2.64 1.73 2.04 Price 86.95 Continuous Div. since 2007
segments: electric utilities and infrastructure; gas utilities and infrastructure; P/FCF N/A 15.65 64.07 Insider Ownership % 0.57
and commercial renewables. Shiller P/E 24.42 23.96 14.64 Institution Ownership % 41.28
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.02 0.26 0.06 89.36

26.97
F-Score 6 5.00 5 1W 1.84 0
6M
YTD 14.22 9.1
Net-Margin (%) 9.51 7.70 10.09
1Y 10.84 17.3
ROE (%) 5.37 8.66 6.15
ROA (%) 1.70 2.98 2.30 3Y 10.99
7.12 10.08 7.35
(%)
Growth
10 Yr 5 Yr 1 Yr
2.7 2.2 4.80
Growth (%) 2 1.4 1.8 1.7 2 2 2.1 2.6 2.2 2.4 2.6 P/S
Free Cash Flow Growth 7.2 7.3 8.6 8 9 13.7 10.3 11.3 10.1 11.1 11.6 EV/EBITDA
N/A N/A 0.00
Quarterly 3.5 3.2 2.5 3 3.8 3.1 3.8 2.7 4.1 3.1 3.1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 0.2 -2.7 -2.1 -0.7 -1.6 -0.4 1.2 1.7 -0.1 -1.6 -2.9 Free Cashflow Per Share
Revenue 5377 5484 6821 4816 5729 2.6 2.7 2.8 2.9 3 3 3.1 3.2 3.2 3.4 3.4 Dividends Per Share
Net Income 694 509 1176 -227 716 37.6 36.5 38.5 41.1 41.7 34.7 35.4 34.7 34.4 30.9 31.1 Tang. Book Per Share
EPS 1 1 2 -0 1 61.5 63.8 60.2 66.2 66.8 64.1 68.3 65 65.7 66.4 67.1 Median P/S Value
Revenue (YoY) % -11 -2 5 14 7 55.2 49.9 46.2 52.7 59.9 46.5 53.8 52.9 54.2 50.8 51 Graham Number
EPS (YoY) % -17 -5 26 -149 1
12720 13207 12731 14272 14529 17912 22756 22509 22371 22743 22850 Revenue
64.6 62 65.1 65.5 64.6 64 65.4 64.8 66.5 69.7 69.8 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Joel Greenblatt 03/31/17 Sell -0.03 0 1500 1362 1075 1320 1706 1768 2665 1883 2816 2152 2174 Net Income
11.8 10.3 8.4 9.3 11.7 9.9 11.7 8.4 12.6 9.5 9.5 Net Margin %
6.3 6.5 5 6 7.5 5.6 6.5 4.6 7 5.3 5.4 ROE %
Mairs And Power 03/31/17 Buy 0 2,820
2.5 2.7 2 2.3 2.8 2 2.3 1.6 2.3 1.7 1.7 ROA %
Dodge & Cox 03/31/17 Reduce 0 12,267
Barrow, Hanley,
03/31/17 Add 0 14,842
Ken Fisher 03/31/17 Sell 0 0 49686 53077 57040 59090 62526 113856 114779 120557 121156 132761 134108 Total Assets
9498 13250 16113 17935 18679 36351 38152 37061 36842 45576 47021 Long-term Debt
MEDIUM Interest Coverage: Low
MEDIUM Dividend Payout Ratio: Too high -2151 -4611 -4492 -4423 -4434 -6197 -4978 -5373 -5277 -11533 -12174 Cashflow from Investing
MEDIUM Price: Close to 10-year high -- -- -- -- -- -- -- -- -1500 -- -- Repurchase of Stock
82 2591 2328 1091 2778 1950 933 1565 1171 5868 7498 Net Issuance of Debt
Good Signs
-1327 1591 1585 40 1202 267 -1327 -678 -2578 4270 5869 Cashflow from Financing
GOOD Operating Margin %: Expansion -3125 -4448 -4389 -4817 -4363 -5501 -5526 -5384 -6766 -7901 -8416 Capital Expenditure
83 -1120 -926 -306 -691 -257 856 1202 -90 -1103 -2011 Free Cash Flow
Insider Trades
Cur. Competitor
Mckee E Marie Director 05/30/17 -1937 -- Strength Margin(%)
Herron John T Director 05/18/17 15 15221 NYSE:NEE NextEra Energy Inc 4 7 66,418 17.28 4.07 35.47 4.37 16.03
Craver Theodore F Jr Director 05/15/17 3500 5706 NYSE:DUK Duke Energy Corp 4 7 60,855 27.84 2.64 23.83 1.70 5.37
Forsgren John H Director 05/12/17 -2190 1000 NYSE:SO Southern Co 4 6 51,431 19.45 2.33 23.04 2.69 11.18
EVP &
Jamil Dhiaa M. 05/11/17 -11750 34804 NYSE:AEP American Electric Power Co Inc 4 7 35,472 50.82 2.17 8.68 1.12 3.95
COO
NYSE:PCG PG&E Corp 4 5 35,290 18.72 1.93 16.49 2.80 10.70
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:UVA UVA

DaVita Inc (NYSE:DVK)
Industry Historical % of Price Uividend Yieldttm % N/A
Current
$ 65.56 Median Median NCAV -56.27 -86 Uividend Yieldforward % N/A
Health Care Providers - Medical Care P/E ttm 10.7 9999.00 18.41 Tangible Book -29.8 -45 Payout N/A
Market Cap: $ 12,758 Mil Forward P/E 18.18 21.65 N/A Peter Lynch Value 52.51 80 Uividend Growth5y % N/A
UaVita Inc, formerly UaVita HealthCare Partners Inc operates kidney P/B 2.48 2.52 3.21 Price 65.56 Yield on Cost5y % N/A
dialysis centers and provides related lab services in dialysis centers and in P/S 0.89 1.70 1.15 UCE Earnings Based( 73.45 112 Continuous Uiv. since N/A
contracted hospitals across USA. It also operates other ancillary services P/FCF 8.58 24.50 15.64 Median P/S 84.78 129 Insider Ownership % 1.41
and strategic initiatives. Shiller P/E 23.14 28.76 29.84 UCF FCF Based( 181.6 277 Institution Ownership % 69.08
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.20 0.51 0.12 84.23
31.53
F-Score 7 5.00 6 1K 3.07 0
4M
YTU 2.12 9.1
Net-Margin % 8.28 4.39 6.54
ROE % 25.47 9.35 19.11 1Y -13.11 17.3
ROA % 6.53 4.00 4.95 3Y -2.53
72.91 16.56 56.82
%
Growth
Revenue Growth % 13 15.2 11.90 6038 5146 6054 6672 7100 11662 13508 16333 14622 12490 12758 Market Cap
EBITUA Growth % 10.6 8.3 52.00 215 212 208 206 193 196 215 217 216 205 195 Sh. Outstanding-dilutedMil
EBIT Growth % 9 5 61.10 15.8 14.1 14.5 17.6 15.3 20.2 21.5 22.7 56.7 14.9 10.7 Year End P/E
6.8 1 175.70
% 1.2 0.9 1 1.2 1.1 1.3 1.2 1.3 1.1 0.9 0.9 P/S
17.3 6.6 98.80
%
Quarterly 1.8 1.8 2 2 2.5 2.7 3 3.3 1.3 4.3 6.1 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 1.2 1.4 1.9 2.7 4 2.8 5.4 3.8 3.9 5.5 7.6 Free Cashflow Per Share
Revenue YoY % 9 8 6 5 3 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income YoY % -188 -69 165 -2729 359 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS YoY % -190 -67 176 -2800 387
5264.2 5660.2 6108.8 6219.6 6731.8 8186.3 11764 12795 13782 14745 14861 Revenue
Impact Cur.
Guru Uate Action 16.4 15.4 15.4 16 17.2 15.8 13.2 14.2 8.5 12.9 16.3 Operating Margin %
% Shares
Paul Tudor Jones 03/31/17 Buy 0.97 461,620 381.8 374.2 422.7 405.7 478 536 633.4 723.1 269.7 879.9 1230.1 Net Income
7.3 6.6 6.9 6.5 7.1 6.6 5.4 5.7 2 6 8.3 Net Margin %
25.6 21.4 21.7 19.7 23.2 18.2 15.5 15.1 5.4 18.5 25.5 ROE %
Andreas Halvorsen 03/31/17 Buy 0.11 381,597
5.7 5.3 5.7 5.2 5.6 4.3 3.8 4.2 1.5 4.7 6.5 ROA %
Manning & Napier
03/31/17 Reduce -0.05 172,000
Advisors, Inc 447 410.9 539.5 860.1 393.8 533.7 946.2 965.2 1499.1 913.2 1472.2 Cash & Equivalents
Ray Ualio 03/31/17 Add 0.04 142,304 6944 7286.1 7558.2 8114.4 8903.8 16015 17099 17617 18515 18741 19388 Total Assets
3683.9 3658.4 3532.2 4233.9 4417.6 8326.5 8141.2 8298.6 9001.3 8947.3 8918.9 Long-term Uebt
5211.7 5518.3 5423.2 6136 6762.7 12251 12666 12447 13644 14093 14248 Total Liabilities
SEVR Gross Margin %: Ueclined
SVR Operating Margin %: Ueclined
533 613.7 666.7 839.7 1180 1100.8 1773.3 1459.4 1557.2 1963.4 2399.6 Cashflow from Operations
Good Signs -426.5 -397.7 -346.1 -436.6 -1399.2 -4832.5 -876.9 -1277.7 -881.8 -1201.7 -897.4 Cashflow from Investing
GOOD Piotroski F-Score: High -6.4 -257.1 -153.5 -618.5 -323.3 -- -- -- -549.9 -1097.8 -1097.8 Repurchase of Stock
-47.3 -13.6 -61.2 674.8 127.7 3962.1 -438 -131 543 -124.6 -140.6 Net Issuance of Uebt
30.3 -252.1 -192.1 -82.4 -247.2 3872.4 -483 -165 -139 -1352 -1077.8 Cashflow from Financing
Insider Trades -274.5 -318 -274.6 -273.6 -400.2 -551 -620 -642.3 -708 -829.1 -870.4 Capital Expenditure
Cur.
258.5 295.7 392.1 566.1 779.9 549.9 1153.4 817.1 849.2 1134.3 1529.2 Free Cash Flow
Shares
Competitor
Chief
Jiganti Jeanine Marie 06/13/17 -1886 3514 Financial Operating
Complianc Ticker Company Profitability Market Cap($M) P/ P/S ROK(%) ROE(%)
Grp VP, Purch Strength Margin(%)
Zumwalt Leanne M 05/15/17 -1800 7023
& NYSE:DVK DaVita Inc 5 9 12,758 10.70 0.89 16.27 6.53 25.47
CEO-Kidney
Rodriguez Javier 05/15/17 -1294 97817 NYSE:UHS Universal Health Services Inc 5 8 11,219 15.83 1.14 12.88 7.24 16.12
Care
Hilger James K
Chief
05/15/17 -900 16605
OTCPK:RMSYF Ramsay Health Care Ltd 5 8 10,878 29.55 1.60 9.55 5.92 22.75
Accountin
OTCPK:SKHCY Sonic Healthcare Ltd 5 8 7,605 22.22 2.03 11.31 6.58 13.01
Chief
Jiganti Jeanine Marie 05/15/17 -540 3514 NAS:K OO
F VCA Inc 7 8 7,508 35.42 2.88 15.05 6.74 15.03
Complianc
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:UVN UVN

Devon Energy Corp (NYSE:DVN)
Current
Oil & Gas - E&P - Oil & Gas E&P P/E (ttm) 51.05 14.70 10.67 Tangible Book 1.73 5 Payout 0.24
Uevon Energy Corporation is an independent energy company engaged in P/B 2.57 1.21 1.64 Price 31.49 Yield on Cost(5y) % 0.6
the exploration, development and production of oil, natural gas and NGLs. P/S 1.22 3.06 2.39 Median P/S 62.57 199 Continuous Div. since 2017
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.20 0.66 0.20 124.36

52.86
F-Score 7 5.00 6 1W 0.19 0
20M
YTD -30.79 9.1
Net-Margin (%) 2.34 -29.01 -1.18
1Y -9.58 17.3
ROE (%) 5.09 -8.89 -0.54
ROA (%) 1.18 -7.11 -0.27 3Y -24.59
5.87 -8.39 1.15
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) N/A N/A 0.00 11.1 -- -- 7.6 5.5 -- -- 15.7 -- -- 51.1 Year End P/E
EPS without NRI Growth 1.8 1.7 2.1 1.8 1.2 1 1.2 1.2 1.9 4 2.6 P/B
N/A N/A 0.00
(%) 3.5 2.1 4.1 3.5 2.3 2.2 2.4 1.2 1 1.9 1.2 P/S
Free Cash Flow Growth 6.1 -57 -18.2 6.2 4 8.9 9.3 5.1 -1.6 -25 11.2 EV/EBITDA
N/A -0.2 0.00
Quarterly 8 -4.9 -5.6 10.3 11.3 -0.5 -0.1 3.9 -35.6 -6.5 0.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.1 1.3 -0.3 -2.3 -3.1 -8.2 -3.3 -18.3 -2.6 -4.4 0.1 Free Cashflow Per Share
Net Income -3056 -1570 993 331 565 35.6 26.2 21.6 30.5 38.2 37.4 36.1 37.3 3.2 0.6 1.7 Tang. Book Per Share
EPS -6 -3 2 1 1 60.4 74.7 43 53.9 65.5 56.7 61.7 121.1 77.2 57 62.6 Median P/S Value
Revenue (YoY) % -35 -27 18 16 67 74.8 -- -- 60.3 66.2 -- -- 57.3 -- -- 4.9 Graham Number
EPS (YoY) % -27 -56 -122 -106 -117
11362 13858 8015 9940 11445 9501 10397 20638 13145 12197 13618 Revenue
73.1 75 66.4 69.4 68.8 65.1 63.3 88.7 84 87 79 Gross Margin %
Guru Trades
4522 -4160 2253 4021 4632 74 567 4698 -20727 -2895 1311 Operating Income
Impact Cur.
Guru Date Action 39.8 -30 28.1 40.5 40.5 0.8 5.5 22.8 -157.7 -23.7 9.6 Operating Margin %
% Shares
John Burbank 03/31/17 Buy 0.74 235,970
3606 -2148 -2479 4550 4704 -206 -20 1607 -14454 -3302 319 Net Income
31.7 -15.5 -30.9 45.8 41.1 -2.2 -0.2 7.8 -110 -27.1 2.3 Net Margin %
David Dreman 03/31/17 Reduce -0.67 108
18.2 -11 -15.2 26.1 23.1 -1 -0.1 7.6 -101.2 -50.9 5.1 ROE %
Tweedy Browne 03/31/17 Reduce -0.47 3,208,360
9.4 -5.9 -8.1 14.5 12.7 -0.5 -0.1 3.4 -36.1 -11.9 1.2 ROA %
Arnold Van Den Berg 03/31/17 Add 0.46 295,711
John Hussman 03/31/17 Buy 0.46 50,000
Ray Dalio 03/31/17 Add 0.21 570,774 1364 195 646 2866 5555 4637 6066 1480 2310 1959 2119 Cash & Equivalents
41456 31908 29686 32927 41117 43326 42877 50637 29451 25913 26134 Total Assets
6924 6910 5847 3819 5969 8455 7956 9830 12056 10154 10381 Long-term Debt
Steven Cohen 03/31/17 Add 0.1 542,000
44 44 45 43 40 41 41 41 42 52 53 Common Equity
Warning Signs
SEVERE Revenue per Share: Declined -5714 -6873 -5354 -112 -5646 -7526 -3999 -8184 -6324 -872 945 Cashflow from Investing
-326 -665 -- -1168 -2332 -- -- -- -- -- -- Repurchase of Stock
Good Signs
79 -2480 1435 -1782 4187 1921 361 -2274 1831 -3155 -2440 Net Issuance of Debt
GOOD Piotroski F-Score: High -371 -3408 1201 -3104 1691 1629 20 -2394 1858 -1164 -2797 Cashflow from Financing
GOOD PB Ratio: Close to 1-year low -6158 -8843 -4879 -6476 -7534 -8225 -6758 -13450 -6415 -3971 -2362 Capital Expenditure
GOOD PS Ratio: Close to 1-year low 493 565 -142 -998 -1310 -3269 -1322 -7429 -1042 -2225 69 Free Cash Flow

Financial Operating
Insider Position Date Trades Cur. Shares Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Mosbacher Robert A Jr Director 04/21/17 -800 23308
NYSE:APA Apache Corp 3 5 18,185 0.00 2.95 -12.39 -3.72 -14.51
Henry Robert H. Director 06/20/16 -7100 9748
NYSE:CXO Concho Resources Inc 5 6 17,303 91.64 8.38 27.76 1.76 2.87
NYSE:DVN Devon Energy Corp 4 7 16,554 51.05 1.22 9.63 1.18 5.09
OTCPK:OAOFY Tatneft PJSC 7 7 14,081 6.15 1.05 22.09 11.91 14.82
OTCPK:IPXHY Inpex Corp 7 6 13,901 0.00 1.85 34.90 -0.06 -0.09
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:EA EA
Electronic Krts Inc (NKS:EK) Ratios Valuation Knalysis Dividend & Ownership
Current
$ 110.53 Median Median NCAV 3.71 3 Dividend Yield(forward( % N/A
Application Software - Electronic Gaming & Multimedia P/E (ttm( 36 26.85 36.71 Tangible Book 7.61 7 Payout N/A
Electronic Arts Inc operates in the technology sector. It develops, markets, P/B 8.38 3.17 3.52 Median P/S 39.97 36 Yield on Cost(5y( % N/A
publishes and distributes video game software and content of various P/S 7.05 2.53 2.55 Peter Lynch Value 76.68 69 Continuous Div. since N/A
platforms. P/FCF 26.61 24.94 30.56 Price 110.53 Insider Ownership % 0.94
Financial Strength
Median Median 46.62 15.12 14.86 14.33 15 10.95 13.7 21.54 45.96 55.5 78.64 Low
F-Score 7 5.00 6 52.21
1W -3.29 0
Industry Historical
Score: 7 /10 Current 10.95 3M 20.78 4.2
Median Median
Operating Margin (%( 25.26 4.83 0.88 6M 35.60 8.7
Net-Margin (%( 19.96 3.38 1.03 11M YTD 40.34 9.1
ROE (%( 26.38 6.30 1.69 1Y 48.58 17.3
ROA (%( 13.44 2.86 0.81 3Y 45.78
288.26 22.55 7.01 5.3M 5Y 54.79
(%(
Growth
EBITDA Growth (%( N/A 45.4 36.30 314 320 325 330 336 313 316 325 330 314 310 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( N/A 118.2 43.30 -- -- -- -- 75 59 1450.5 21.9 19.1 29.2 36 Year End P/E
N/A 102.8 -12.00
Growth (%(
4.3 1.4 1.7 1.8 1.4 1.5 2.6 4.2 4.8 5.7 7.1 P/S
N/A 67.1 17.20 -39.7 -5.3 -8.4 -45.9 15.4 9.7 27.2 13.4 15.5 16.9 21.7 EV/EBITDA
(%(
Book Value Growth (%( -0.7 12.6 16.80 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Per share data
Quarterly
-1.5 -3.4 -2.1 -0.8 0.2 0.3 0 2.7 3.5 3.1 3.1 EPS
0.8 -0.3 -0.5 0.8 0.3 0.7 1.9 3 3.4 4 4.2 Free Cashflow Per Share
Revenue 1308 1271 898 1149 1527
-- -- -- -- -- -- -- -- -- -- -- Dividends Per Share
Net Income 899 440 -38 -1 566
9.2 6.5 4.3 3.9 1.2 1 1.7 3.9 5.4 7.6 7.6 Tang. Book Per Share
EPS 3 1 -0 -0 2
29.7 33.5 28.7 27.7 31.2 30.9 28.5 35.4 35 40 40 Median P/S Value
Revenue )YoY( % 10 6 10 7 17 -- -- -- -- 2.5 2.6 1.1 15.4 20.6 23 22.9 Graham Number
Net Income (YoY( % 128 -0 -73 -98 -37
EPS (YoY( % 128 6 -71 -98 -34
3665 4212 3654 3589 4143 3797 3575 4515 4396 4845 4845 Revenue
Guru Date Action
Impact Cur. -487 -827 -686 -312 35 121 33 948 898 1224 1224 Operating Income
% Shares -13.3 -19.6 -18.8 -8.7 0.8 3.2 0.9 21 20.4 25.3 25.3 Operating Margin %
Stanley Druckenmiller 03/31/17 Buy 3.37 573,700 -454 -1088 -677 -276 76 98 8 875 1156 967 967 Net Income
Manning & Napier -12.4 -25.8 -18.5 -7.7 1.8 2.6 0.2 19.4 26.3 20 20 Net Margin %
03/31/17 Reduce -0.86 1,737,481
Advisors, Inc -10.9 -29.1 -23.1 -10.4 3 4.2 0.3 32.1 36 25.9 26.4 ROE %
Eric Mindich 03/31/17 Buy 0.78 199,579 -8.1 -20.3 -14.5 -5.8 1.5 1.9 0.2 14.8 17.5 13.1 13.4 ROA %
Louis Moore Bacon 03/31/17 Sell -0.74 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Mar17 Balance Sheet
Joel Greenblatt 03/31/17 Sell -0.04 0 6059 4678 4646 4928 5491 5070 5716 6147 7050 7718 7718 Total Assets
-- -- -- -- 539 559 580 -- 989 990 990 Long-term Debt
3 3 3 3 3 3 3 3 3 3 3 Common Equity
Warning Signs
MEDIUM PS Ratio: Close to 10-year high -429 23 -572 -15 -689 32 -301 -470 -484 -759 -759 Cashflow from Investing
-- -- -- -58 -471 -349 -- -337 -1018 -508 -508 Repurchase of Stock
Good Signs -- -- -- -- 510 -- -- -- 519 -163 649 Net Issuance of Debt
GOOD Piotroski F-Score: High 243 91 53 -23 140 -345 89 -255 -306 -534 -534 Cashflow from Financing
254 -103 -153 261 105 218 615 972 1130 1260 1260 Free Cash Flow
Insider Trades
Cur.
Competitor
Insider Position Date Trades Financial Operating
Shares
Ticker Company
Strength
Margin(%)
ROA(%) ROE(%)
Wilson Andrew CEO 06/01/17 -8000 262482
Soderlund Patrick
EVP, EA
06/01/17 -8000 159871
NAS:ATVI Activision Blizzard Inc 6 8 44,398 44.31 6.48 20.99 5.80 11.34
Worldwi
OTCPK:NTDOY Nintendo Co Ltd 9 5 39,780 55.92 11.33 4.29 5.88 6.70
EVP
Linzner Joel 06/01/17 -4000 26089 NAS:EA Electronic Arts Inc 7 7 34,267 36.00 7.05 25.26 13.44 26.38
Worldwide B
Hoag Jay C Director 05/24/17 -6769 4570k OTCPK:ARLK F Aristocrat Leisure Ltd 6 8 11,217 34.25 7.09 30.60 14.52 40.40
SVP, Chief OTCPK:KNMCY Konami Holdings Corp 7 6 7,815 35.06 3.72 15.71 7.60 11.45
Barker Kenneth A 05/23/17 -26701 12705
Acco
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:EBAY EBAY

eBay Inc (NAS:EBAY)
Current
Retail - Apparel & Specialty - Specialty Retail P/E (ttm) 4.95 20.66 10.42 Tangible Book 6.36 19 Payout N/A
eBay Inc is a commerce platform and provides online marketplace for sale of P/B 3.18 1.70 1.36 Graham Number 31.39 92 Yield on Cost(5y) % N/A
goods. The Company's Marketplace platforms include its online marketplace P/S 4.24 0.70 2.14 Price 34.09 Continuous Div. since N/A
located at www.ebay.com, its localized counterparts and the eBay mobile P/FCF 17.78 15.94 8.04 Insider Ownership % 7.6
apps. Shiller P/E 16.09 18.96 16.36 Institution Ownership % 63.64
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.75 0.97 15.51 36.14

15.91
F-Score 5 5.00 6 1W -5.67 0
60M YTD 14.82 9.1
Net-Margin (%) 86.31 2.23 20.46
ROE (%) 93.70 6.33 13.24 1Y 42.28 17.3
ROA (%) 35.95 2.80 8.40 3Y 18.21
252.62 12.77 103.58
(%)
Growth
EBIT Growth (%) 10.7 0.1 5.60 60.7 4.3 5.4 8.6 5.2 10.8 10.6 337.4 19.2 4.7 5 Year End P/E
EPS without NRI 1.6 0.7 0.9 1 0.9 1.3 1.3 1.5 5 3.1 3.2 P/B
N/A N/A 317.60
Growth (%) 2.5 0.9 1.5 1.7 1.4 2 3.7 2.3 3.9 3.8 4.2 P/S
8 4.9 -17.20
5.6 6.5 6.7 6.9 8.9 10.7 6.3 7 7 7.8 8 Revenue Per Share
Quarterly 0.3 1.4 1.8 1.4 2.5 2 2.2 0 1.4 6.4 6.9 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.6 1.8 1.8 1.5 1.8 2 3.3 4 2.8 1.9 1.9 Free Cashflow Per Share
Revenue (YoY) % 4 6 6 3 4 4.5 8.9 14.8 14.5 18.7 19.7 19.2 -- 7.9 28 31.4 Graham Number
EPS (YoY) % -20 443 -20 1200 129
7672.3 8541.3 8727.4 9156 11652 14072 8257 8790 8592 8979 9059 Revenue
Guru Trades 77 73.9 71.6 72 70.3 70 81.9 81.1 79.4 77.7 77.4 Gross Margin %
613.2 2075.7 1456.8 2054 2373 2888 2454 2476 2197 2325 2257 Operating Income
Impact Cur.
% Shares
Steve Mandel 03/31/17 Sell -1.49 0 348.3 1779.5 2389.1 1801 3229 2609 2856 46 1725 7266 7819 Net Income
4.5 20.8 27.4 19.7 27.7 18.5 34.6 0.5 20.1 80.9 86.3 Net Margin %
John Hussman 03/31/17 Buy 0.74 100,000
3.1 15.6 19.2 12.1 19.1 13.5 12.8 0.2 13 84.9 93.7 ROE %
2.4 11.5 14.1 8.7 12.8 8.1 7.3 0.1 5.5 34.9 36 ROA %
Mario Cibelli 03/31/17 Add 0.4 315,000
Robert Olstein 03/31/17 Reduce -0.18 311,199 4221.2 3188.9 3999.8 5464.6 4691 6817 4494 4105 1832 1816 1979 Cash & Equivalents
15366 15592 18408 23005 27320 37074 41488 45132 17755 23847 24808 Total Assets
-- -- -- 1494.5 1525 4106 4117 6777 6749 7509 6756 Long-term Debt
S V R Sloan Ratio: Poor quality of earnings 1.5 1.5 1.5 1.5 2 2 2 2 2 2 2 Common Equity
S V R Revenue per Share: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs 2641.1 2882 2908.1 2746 3274 3838 4995 5677 4033 2826 2767 Cashflow from Operations
-693.1 -2057.3 -1149.4 -2284 -3307 -3763 -6012 -2673 -3611 -2008 -1048 Cashflow from Investing
-1485.4 -2177.9 -- -711 -1064 -898 -1343 -4658 -2149 -2943 -2352 Repurchase of Stock
Insider Trades 200.2 411.6 -1000 1789 51 2426 -400 3482 -850 2196 2196 Net Issuance of Debt
Cur.
-693.4 -1673.9 -945.7 1235 -838 1951 -1354 -1022 -4554 -744 -2384 Cashflow from Financing
Shares -454 -565.9 -567.1 -724 -963 -1257 -678 -622 -668 -626 -603 Capital Expenditure
SVP, Chief 2187.1 2316.1 2341 2022 2311 2581 4317 5055 3365 2200 2164 Free Cash Flow
Pittman Raymond J 05/31/17 -35000 76306
Prod
SVP, Chief Competitor
Fisher Stephen 05/31/17 -6452 80100
Tech Financial Operating
SVP, eBay Ticker Company Profitability Market Cap($M) P/¡ P/S ROA(%) RO¡ (%)
Lee Jae Hyun 05/31/17 -6204 93282 Strength Margin(%)
Marke
NAS:EBAY eBay Inc 6 5 36,897 4.95 4.24 24.91 35.95 93.70
Swan Robert Holmes Director 05/25/17 -25000 286562
Mitic Kathleen C. Director 05/18/17 -11897 11456
NAS:ORLY O'Reilly Automotive Inc 5 9 21,292 21.27 2.58 19.46 14.32 61.03
NAS:ULTA Ulta Beauty Inc 9 9 18,618 42.14 3.69 13.66 18.08 30.32
OTCPK:RKUNF Rakuten Inc 7 7 17,683 38.76 2.45 11.73 1.16 8.00
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ECL ECL

Ecolab Inc (NYSE:ECL)
Current
Chemicals - Specialty Chemicals P/E (ttm( 31.62 19.52 29.23 Tangible Book -14.56 -11 Payout 0.34
Ecolab Inc produces and markets cleaning and sanitation products for the P/B 5.7 1.99 5.05 DCF (FCF Based( 64.34 48 Yield on Cost(5y( % 2.2
hospitality, healthcare, and industrial markets. It offers a variety of products P/S 2.99 1.34 2.15 DCE )Earnings Based( 67.03 50 Continuous Div. since 1986
and services, which include dish and laundry washing systems, pest control, P/FCF 35.39 19.09 29.52 Median P/S 96.11 72 Insider Ownership % 0.97
and repair services. Shiller P/E 46.8 29.57 41.74 Price 133.85 Institution Ownership % 53.6
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.03 0.81 0.12 134.49

52.32
F-Score 8 5.00 6 1W 0.84 0
Operating Margin (%¢ 14.50 7.62 11.70
5M
YTD 14.50 9.1
Net-Margin (%¢ 9.47 5.52 7.35
ROE (%¢ 1Y 14.07 17.3
18.55 8.88 17.11
ROA (%¢ 6.77 4.69 6.41 3Y 8.35
ROC (Joel Greenblatt¢ 2.6M 5Y 15.80
40.42 14.40 39.72
(%¢
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%¢ 10.1 8.1 0.50 12659 8302 10548 11723 16881 21189 31396 31346 33856 34208 38823 Market Cap
EBITDA Growth )%) 11.2 13.8 17.70 252 249 240 238 242 299 306 306 301 297 290 Sh. Outstanding-diluted(Mil(
EBIT Growth (%¢ 11 13.5 25.90 30.1 19.5 25.8 22.6 30.3 30.5 33.1 26.6 34.5 28.3 31.6 Year End P/E
EPS without NRI Growth 6.5 5.3 5.3 5.5 3 3.5 4.3 4.3 4.9 5 5.7 P/B
11.1 15.8 27.40
(%¢ 2.4 1.4 1.8 2 2.1 1.8 2.4 2.2 2.5 2.6 3 P/S
12.2 24.6 -27.70
(%¢ 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%¢ 17.3 4 4.70
Quarterly 1.7 1.8 1.7 2.2 1.9 2.4 3.2 3.9 3.3 4.1 4.2 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.7 1.4 1.7 2.7 1.3 2 2.9 3.3 3.9 4 3.8 Free Cashflow Per Share
Net Income 231 258 374 366 254 1.3 -0.1 1.2 2.2 -15.3 -13.2 -14.3 -12.9 -12.5 -11.3 -14.6 Tang. Book Per Share
Revenue (YoY( % -6 -2 -2 -2 2 7.1 -- 6.7 10.6 -- -- -- -- -- -- -- Graham Number
Net Income (YoY( % -1 -14 45 75 10 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 0 -13 48 78 12
5469.6 6137.5 5900.6 6089.7 6798.5 11839 13253 14281 13545 13153 13217 Revenue
50.8 48.8 49.5 50.5 48.9 46.1 46 46.2 46.7 47.6 47.4 Gross Margin %
Guru Trades
667.3 712.8 681.3 806.8 753.8 1289.3 1560.6 1955 1561.3 1915 1916.8 Operating Income
Impact Cur.
% Shares
Mairs And Power 03/31/17 Add 0.25 2,728,455 427.2 448.1 417.3 530.3 462.5 703.6 967.8 1202.8 1002.1 1229.6 1252.3 Net Income
7.8 7.3 7.1 8.7 6.8 5.9 7.3 8.4 7.4 9.4 9.5 Net Margin %
23.6 25.6 23.4 25.7 11.9 12 14.4 16.4 14.1 17.8 18.6 ROE %
Jim Simons 03/31/17 Buy 0.08 473,822
9.4 9.5 8.5 10.7 4 3.9 5.2 6.2 5.3 6.7 6.8 ROA %
Mario Gabelli 03/31/17 Reduce -0.05 274,345
Chris Davis 03/31/17 Reduce -0.04 1,673,872
Tom Gayner 03/31/17 Add 0.04 205,800 137.4 66.7 73.6 242.3 1843.6 1157.8 339.2 209.6 92.8 327.4 212.1 Cash & Equivalents
4722.8 4756.9 5020.9 4872.2 18185 17572 19637 19427 18642 18330 19223 Total Assets
599.9 799.3 868.8 656.4 6613.2 5736.1 6043.5 4843.4 4260.2 6145.7 5841.6 Long-term Debt
MEDIUM Revenue per Share: Growth slow down 326.5 328 329.8 333.1 336.1 342.1 345.1 347.7 350.3 352.6 353.5 Common Equity
MEDIUM PS Ratio: Close to 10-year high 797.6 753.2 695 950.4 685.5 1203 1559.8 1815.6 1999.8 1939.7 1892.9 Cashflow from Operations
Good Signs
-371.4 -337.2 -68.8 -348.8 -690 -209.9 -307.6 -428.6 -755.1 -739.6 -724.2 Repurchase of Stock
GOOD Piotroski F-Score: High -114.3 186 -250.4 -74 3725.4 -1081 110.6 -308.2 -123.1 214 733.6 Net Issuance of Debt
-482.4 -235.6 -397.8 -462.2 2933.8 -1393.6 -292.6 -1071 -1150.9 -868.2 -327.3 Cashflow from Financing
Insider Trades
-361.5 -394.5 -297.3 -297.7 -366 -607.5 -662.3 -793.9 -815.2 -756.8 -775.6 Capital Expenditure
Cur.
EVP and
Taylor Stephen M 06/09/17 -23151 44466 Competitor
Pres. -
SVP &
Financial Operating
Lavandier Bruno 06/06/17 -1000 7922 Ticker Company Profitability Market Cap($ M) P/E P/S ROA(%) ROE(%)
Corporate Strength Margin(%)
EVP & Pres. N£SE:ECL Ecolab Inc 5 9 38,823 31.62 2.99 14.50 6.77 18.55
Hickey Michael A 05/30/17 -13700 47631
Glo
EVP & Pres-
NYSE:PX Praxair Inc 5 7 38,483 25.30 3.63 21.07 7.84 29.68
Beck Christophe 05/19/17 -6959 22524
Glob NYSE:SHW Sherwin-Williams Co 6 9 32,735 27.60 2.78 15.24 18.09 77.48
Casale Carl M Director 05/05/17 5000 11495 NYSE:LYB LyondellBasell Industries NV 6 5 32,278 9.18 1.07 15.91 15.31 57.74
NYSE:PPG PPG Industries Inc 6 9 28,520 34.05 1.97 14.03 5.21 16.90
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EU EU

Consolidated Edison Inc (NYSE:ED)
Current
¤ tilities
- Regulated - ¤ tilities - Regulated Electric P/E (ttm) 19.52 17.55 15.23 Tangible Book 45.69 54 Payout 0.62
Consolidated Edison Inc, through its subsidiaries, provides regulated electric P/B 1.76 1.62 1.4 Graham Number 66.64 79 Yield on Cost(5y) % 3.62
and gas delivery, electricity to retail customers, energy-related products and P/S 2.11 1.73 1.27 Price 84.26 Continuous Div. since 1975
services, and develops, owns and operates renewable and energy P/FCF N/A 15.65 35.95 Insider Ownership % 0.33
infrastructure projects. Shiller P/E 20.76 23.96 15.11 Institution Ownership % 43.27
Financial Strength
52.63 48.6 46.13 51 62.59 64.94 63.66 68.5 71.4 81.67 83.76 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.00 0.26 0.04 83.76

25.53
F-Score 6 5.00 5 1W 1.47 0
4M
YTD 16.23 9.1
Net-Margin (%) 10.89 7.70 8.53
1Y 12.51 17.3
ROE (%) 9.42 8.66 9.12
ROA (%) 2.79 2.98 2.74 3Y 18.63
8.09 10.08 8.71
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) -2 -0.9 -3.00 13294 10652 12771 14456 18168 16266 16190 19333 18831 22472 25731 Market Cap
2.7 2.6 12.80
(%) 1 0.8 1 1.1 1.4 1.3 1.3 1.5 1.5 1.8 2.1 P/S
Free Cash Flow Growth 7.5 7.6 8.6 8.4 9 8.2 8.5 9.5 9 9.7 10.3 EV/EBITDA
N/A N/A 0.00
49.1 49.6 47.2 46.6 43.8 41.4 42 43.9 42.6 40 39.9 Revenue Per Share
Quarterly 3.5 4.4 3.1 3.5 3.6 3.9 3.6 3.7 4.1 4.1 4.3 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -1.4 -6.2 1 1.3 4 1.8 0 1.4 0.8 -0.7 -1 Free Cashflow Per Share
EPS 1 1 2 1 1 62.1 62.8 59.7 59 55.4 52.4 53.1 55.6 54 50.6 50.4 Median P/S Value
Revenue (YoY) % -13 0 -1 0 2 49.8 51.2 50.2 53.9 56 58.2 57.2 58.8 62.7 64.6 66.6 Graham Number
EPS (YoY) % -17 4 12 12 21
13120 13583 13032 13325 12886 12188 12354 12919 12554 12075 12146 Revenue
Impact Cur.
% Shares
Jim Simons 03/31/17 Add 0.08 1,178,300 929 1207 879 1003 1062 1141 1062 1092 1193 1245 1323 Net Income
7.1 8.9 6.7 7.5 8.2 9.4 8.6 8.5 9.5 10.3 10.9 Net Margin %
10.6 12.5 8.5 9.1 9.1 9.6 8.8 8.8 9.3 9.1 9.4 ROE %
Ray Dalio 03/31/17 Sell -0.02 0
3.4 3.9 2.6 2.9 2.8 2.8 2.6 2.6 2.7 2.7 2.8 ROA %
Pioneer Investments 03/31/17 Reduce 0 423,550 211 -- -- -- 648 464 674 699 944 776 67 Cash & Equivalents
28262 33498 33844 36348 39214 41209 40647 44071 45642 48255 48365 Total Assets
7633 9249 9868 10678 10145 10064 10489 11546 12006 14735 14829 Long-term Debt
MEDIUM Interest Coverage: Low 1555 640 2466 2381 3137 2599 2552 2831 3277 3459 3383 Cashflow from Operations
MEDIUM Dividend Yield %: Close to 10-year low -2086 -1071 -2360 -2175 -2150 -2523 -2659 -2759 -3657 -4976 -4695 Cashflow from Investing
-- -- -- -- -87 -9 -8 -10 1 51 51 Repurchase of Stock
Good Signs 549 886 445 84 -4 634 1122 719 1376 1380 1364 Net Issuance of Debt
GOOD Operating Margin %: Expansion 647 295 80 -128 -677 -330 387 -47 629 1345 1312 Cashflow from Financing
Insider Trades -379 -1686 273 367 1170 530 14 412 223 -221 -311 Free Cash Flow
Cur.
Shares Competitor
Mcavoy John 05/31/17 29 120721 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
President &
Cawley Timothy 05/31/17 29 13068 OTCPK:CLPHY CLP Holdings Ltd 5 6 26,936 16.50 2.64 21.59 6.18 13.31
CEO
Hoglund Robert N SVP & CFO 05/31/17 29 37871 NYSE:EIX Edison International 4 7 26,710 19.32 2.27 17.85 2.98 11.92
SVP & OTCPK:ELEZF Endesa SA 5 5 25,950 16.67 1.29 10.73 4.75 15.23
Moore Elizabeth D 05/31/17 28 37775
General C
VP, Strategic
NYSE:ED Consolidated Edison Inc 4 6 25,731 19.52 2.11 22.26 2.79 9.42
Nadkarni Gurudatta D 05/31/17 26 5801
P NYSE:KEP Korea Electric Power Corp 5 6 24,566 4.82 0.49 17.26 3.36 8.61
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EFX EFX

Equifax Inc (NESY:YFX)
Current
Business Services P/E (ttm( 31.82 21.83 20.05 Tangible Book -21.34 -15 Payout 0.31
Market Cap: $ 17,024 Mil Forward P/E 23.31 19.08 N/A Peter Lynch Value 52.64 37 Dividend Growth(5y( % 16
Equifax Inc provides information solutions and human resources business P/B 5.92 2.37 3.53 DCE (Earnings Based) 54.79 39 Yield on Cost(5y( % 2.12
process outsourcing services for businesses and consumers. P/S 5.29 1.36 3.07 DCF (FCF Based) 68.42 48 Continuous Div. since 2009
P/FCF 28.25 20.66 16.24 Median P/S 82.18 58 Insider Ownership % 1.57
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.05 1.36 0.10 141.01

60.61
F-Score 5 5.00 6 1W 4.56 0
Operating Margin (%¥ 26.43 5.86 25.38
2M
YTD 20.44 9.1
Net-Margin (%¥ 16.62 3.77 14.57
1Y 17.68 17.3
ROE (%¥ 20.26 8.55 16.48
ROA (%¥ 8.03 3.48 7.88 3Y 26.58
ROC (Joel Greenblatt¥ 1M 5Y 25.41
193.88 22.69 176.95
(%¥
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%¥ 7 10.5 17.90 4716 3350 3898 4365 4657 6516 8422 9656 13220 14247 17024 Market Cap
EBITDA Growth (%¥ 7.4 12 23.40 135 130 128 127 124 123 124 124 121 121 120 Sh. Outstanding-diluted(Mil(
EBIT Growth (%¥ 7.1 12.4 19.30 18 12.6 16.8 16.9 20.6 24.4 24.4 27.2 31.3 29.3 31.8 Year End P/E
7.2 16.8 20.90
Growth (%¥ 2.7 1.8 2.3 2.4 2.5 3.2 3.7 4.1 5.1 4.6 5.3 P/S
8.8 13.2 3.90
(%¥ 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%¥ 10.5 8.3 14.40
13.6 14.8 13.4 14.7 15.3 16.9 18.6 19.7 22 26 26.8 Revenue Per Share
Quarterly 2 2.1 1.8 2.1 1.9 2.2 2.8 3 3.6 4 4.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.5 2.6 2.7 2 2.7 3.5 3.9 4.3 4.9 5.1 5 Free Cashflow Per Share
Net Income 102 131 133 123 153 -10 -9.7 -8.9 -7.4 -7.5 -13.3 -9.5 -12.2 -10 -22.7 -21.3 Tang. Book Per Share
EPS (YoY( % 16 17 11 10 48
1843 1935.7 1716 1859.5 1893.2 2073 2303.9 2436.4 2663.6 3144.9 3248.7 Revenue
59.2 59.1 58.1 59.1 62.8 63.4 65.8 65.3 66.7 64.6 64.3 Gross Margin %
Guru Trades
486.2 477.2 381.8 430 468.6 480 611.2 638.2 693.9 817.9 858.5 Operating Income
Impact Cur.
% Shares
Steven Cohen 03/31/17 Buy 0.13 171,808
272.7 272.8 233.9 266.7 232.9 272.1 351.8 367.4 429.1 488.8 540 Net Income
14.8 14.1 13.6 14.3 12.3 13.1 15.3 15.1 16.1 15.5 16.6 Net Margin %
24.4 20.1 16.1 16.2 13.7 15 16.6 16.3 19 19.7 20.3 ROE %
10.3 8 6.9 7.6 6.7 6.8 7.8 8 9.4 8.8 8 ROA %
George Soros 03/31/17 Buy 0.01 1,500
Jeremy Grantham 03/31/17 Sell -0.01 0 81.6 58.2 103.1 119.4 127.7 146.8 235.9 128.3 93.3 129.3 123.2 Cash & Equivalents
3523.9 3260.3 3550.5 3437.5 3518.7 4520.1 4539.9 4661 4501.5 6664 6789 Total Assets
1165.2 1187.4 990.9 978.9 966 1447.4 1145.5 1145.7 1138.4 2086.8 2037.4 Long-term Debt
SYVYRY Sloan Ratio: Poor quality of earnings 235.6 236.5 236.6 236.6 236.6 236.6 236.6 236.6 236.6 236.6 236.6 Common Equity
MYDIUM Dividend Yield %: Close to 5-year low 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MYDIUM Price: Close to 10-year high 449.9 448.1 418.4 352.6 408.7 496.3 569 616.2 742.1 795.8 791.4 Cashflow from Operations
-422.3 -141.6 -270.1 1 -204.1 -1083.6 -136.3 -429.3 -147.8 -1975.9 -246.1 Cashflow from Investing
Good Signs
-718.7 -155.7 -23.8 -167.5 -142.3 -85.1 -11.9 -301.6 -196.3 -- -- Repurchase of Stock
GOOD Revenue per Share: Consistent growth 688.8 -155.3 -70.8 -159.8 7.7 718.1 -282.3 89.9 -331 1297.7 -396 Net Issuance of Debt
-17.6 -319.1 -108.3 -335.3 -195.9 606.3 -333.1 -283.4 -612 1187.5 -522.2 Cashflow from Financing
Insider Trades
-118.5 -110.5 -70.7 -99.8 -75 -66 -83.3 -86.4 -146.2 -173.5 -183.6 Capital Expenditure
Cur.
Shares
331.4 337.6 347.7 252.8 333.7 430.3 485.7 529.8 595.9 622.3 607.8 Free Cash Flow
Gamble John W Jr CVP & CFO 05/23/17 -14000 48578 Competitor
Chairman and Financial Operating
Smith Richard F 02/28/17 -74346 285126
CE Ticker Company Profitability Market Cap($M) P/Y P/S ROA(%) ROY(%)
Strength Margin(%)
Barros Paulino R Pres-USIS 02/28/17 -8849 6737
CVP, CLO &
NAS:INFO IHS Markit Ltd 5 8 19,253 89.32 5.49 9.12 1.57 3.04
Kelley John J Iii 02/28/17 -8500 11787
CS OTCPK:SGSOY SGS Ltd 6 7 18,246 32.76 2.96 13.63 9.69 30.87
Pres-Gbl
Adams J Dann 02/28/17 -8217 54182 NESY:YFX Yquifax Inc 5 8 17,024 31.82 5.29 26.43 8.03 20.26
Cons S
NYSE:FDC First Data Corp 3 8 16,883 32.80 1.46 14.57 1.44 50.76
OTCPK:FUJIY FUJIFILM Holdings Corp 7 7 16,364 15.40 0.75 7.28 3.51 5.69
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EIX EIX

Ydison International (NYSY:YIX)
Current
¦ tilities
- Regulated - ¦ tilities - Regulated Electric P/E (ttm( 19.32 17.55 13.14 Tangible Book 36.99 45 Payout 0.49
Edison International through its subsidiaries, is a generator and distributor of P/B 2.21 1.62 1.72 Graham Number 59.26 72 Yield on Cost(5y( % 3.88
electric power and an investor in infrastructure and energy assets, including P/S 2.27 1.73 1.31 Price 81.98 Continuous Div. since 2005
renewable energy. P/FCF N/A 15.65 47.83 Insider Ownership % 0.08
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.01 0.26 0.16 82.15
29.21
F-Score 6 5.00 6 1W 0.69 0
5M
YTD 14.63 9.1
Net-Margin (%( 12.84 7.70 8.57
ROE (%( 11.92 8.66 10.34 1Y 14.38 17.3
ROA (%( 2.98 2.98 2.55 3Y 16.76
6.06 10.08 7.05
(%(
Growth
Revenue Growth (%( -0.5 1.6 3.30 17388 10465 11332 12576 13489 14723 15085 21334 19291 23455 26710 Market Cap
EBIT Growth (%( -0.5 0.1 10.10 16.1 8.7 13.5 10.1 -- -- 16.7 13.4 19.1 18 19.3 Year End P/E
EPS without NRI 2.1 1.1 1.2 1.2 1.3 1.6 1.8 2 1.7 2 2.2 P/B
1.3 0.9 44.00
Growth (%( 1.4 0.7 0.9 1.3 1.3 1.3 1.2 1.6 1.7 2 2.3 P/S
N/A N/A -189.40
(%(
38.9 42.9 37.8 30.4 32.2 35.9 38.2 40.8 35 36 36 Revenue Per Share
Quarterly 3.3 3.7 2.6 3.8 -0.1 -0.6 2.8 4.9 3.1 4 4.2 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.1 -1.7 -3.3 -0.9 -0.7 -2.5 -1.9 -2 0.9 -1.4 -1.3 Free Cashflow Per Share
EPS 1 1 1 1 1 51 56.7 49.5 39.9 43.2 46.8 50.3 53.4 46 47.1 47.2 Median P/S Value
Revenue (YoY( % -3 -5 0 23 1 44 49.2 42 49.3 46.9 54.4 38.9 57.3 48.5 57.1 59.3 Graham Number
Net Income (YoY( % -5 -25 0 -854 26 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % -7 -27 -1 -529 29
12868 14112 12361 9996 10588 11862 12581 13413 11524 11869 11891 Revenue
Guru Trades 60.3 57.5 65.5 67.1 68.3 65.1 61.1 58.3 63 61.9 62 Gross Margin %
Impact Cur.
% Shares
Nwq Managers 03/31/17 Reduce -0.37 39,115 1098 1215 849 1308 22 -92 1015 1724 1133 1434 1527 Net Income
Jim Simons 03/31/17 Add 0.07 2,991,000
8.5 8.6 6.9 13.1 0.2 -0.8 8.1 12.9 9.8 12.1 12.8 Net Margin %
11.6 12.9 8.8 12.3 -0.4 -1.9 9.5 15.4 9.1 11.2 11.9 ROE %
3 3 2 3 0.1 -0.2 2.2 3.6 2.3 2.8 3 ROA %
T Rowe Price Equity
03/31/17 Reduce -0.01 2,790,000
Income Fund 1441 3916 1673 1389 169 170 146 132 161 96 150 Cash U E quivalents
Ray Dalio 03/31/17 Sell -0.01 0 37523 44615 41444 45530 48039 44394 46646 49734 50229 51319 51740 Total Assets
9016 10950 10437 12371 8834 9231 9825 10234 10883 10175 11662 Long-term Debt
Warning Signs -- -- -- -- -- -- -- -- -- -- -- Common Equity
SYVYRY Revenue per Share: Declined
SYVYRY Gross Margin %: Declined
SYVYRY Operating Margin %: Declined
SYVYRY Long-Term Debt: Keep issuing new debt -215 -66 -- -- -- -- -- -- -- -- -- Repurchase of Stock
-68 3768 1570 1121 1197 121 1183 966 86 788 1234 Net Issuance of Debt
Good Signs
-877 3159 1053 1053 1107 650 581 645 -588 95 252 Cashflow from Financing
GOOD PE Ratio: Close to 1-year low -2826 -2824 -4543 -3780 -4122 -4149 -3599 -3906 -4225 -3734 -3722 Capital Expenditure
367 -563 -1066 -303 -216 -815 -632 -658 284 -478 -442 Free Cash Flow
Insider Trades
Cur. Competitor
Senior Vice Ticker Company Profitability Market Cap($M) P/Y P/S ROA(%) ROY(%)
Vasquez Gaddi H. 06/08/17 -2500 9007 Strength Margin(%)
Pre
White W Brett Director 06/07/17 -2500 -- NYSE:PPL PPL Corp 4 6 26,944 14.78 3.60 40.51 4.71 18.16
Pres. Edison OTCPK:CLPHY CLP Holdings Ltd 5 6 26,936 16.50 2.64 21.59 6.18 13.31
Litzinger Ronald L 05/15/17 -26035 67190
En NYSY:YIX Ydison International 4 7 26,710 19.32 2.27 17.85 2.98 11.92
Senior Vice
Vasquez Gaddi H. 03/31/17 -3657 9008 OTCPK:ELEZF Endesa SA 5 5 25,950 16.67 1.29 10.73 4.75 15.23
Pre
Chang Vanessa C L Director 03/16/17 -2500 113 NYSE:ED Consolidated Edison Inc 4 6 25,731 19.52 2.11 22.26 2.79 9.42
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GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EL EL

The Estee Lauder Companies Inc (NYSE:EL)
Industry Historical % of Price Dividend Yield¨ttm© % 1.36
Current
$ 97.55 Median Median NCAV -10.02 -10 Dividend Yield¨forward© % 1.4
Consumer Packaged Goods - Household & Personal Products P/E ¨ttm© 32.63 20.52 26.68 Tangible Book 2.28 2 Payout 0.43
Market Cap: $ 35,882 Mil Forward P/E 25.84 19.88 N/A Graham Number 12.4 13 Dividend Growth¨5y© % 21.9
The Estee Lauder Companies Inc is engaged in the manufacturing & P/B 8.71 1.74 7.25 Peter Lynch Value 18.99 19 Yield on Cost¨5y© % 3.66
marketing of skin care, makeup, fragrance and hair care products. P/S 3.15 1.09 2.3 DCE ¨Earnings Based© 69.81 72 Continuous Div. since 2009
P/FCF 29.9 20.89 27.03 Median P/S 71.31 73 Insider Ownership % 0.2
Shiller P/E 43.14 27.49 42.89 DCF ¨FCF Based© 72.74 75 Institution Ownership % 41.51
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.47 0.64 0.87 97.16

43.59
F-Score 4 5.00 7 1W 1.56 0
Operating Margin ¨%( 13.87 5.88 12.94
6M
YTD 28.42 9.1
Net-Margin ¨%( 9.62 4.02 8.39
ROE ¨%( 1Y 8.64 17.3
29.38 8.42 31.37
ROA ¨%( 11.13 3.89 12.42 3Y 9.68
ROC ¨Joel Greenblatt© 3.1M 5Y 13.29
67.72 13.16 67.97
¨%(
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth ¨%( 6.9 6 5.30 8991 9007 5152 8873 16757 21047 25518 28433 32487 33474 35882 Market Cap
EBITDA Growth ¨%( 12.9 9.6 -1.10 416 394 395 401 402 397 395 393 386 377 368 Sh. Outstanding-diluted¨Mil©
EBIT Growth ¨%( 14 9.5 -4.10 21.4 19.4 29.4 23.4 30.1 25.1 25.6 24.4 30.6 30.7 32.6 Year End P/E
17 10.9 -4.20
Growth ¨%( 1.4 1.2 0.9 1.4 2.4 2.2 2.6 2.7 3.1 3 3.2 P/S
16.3 18.9 -8.50
¨%(
Book Value Growth ¨%( 12.5 5.8 8.50
16.9 20.1 18.5 19.4 21.9 24.5 25.8 27.9 28 29.9 31 Revenue Per Share
Quarterly 1.1 1.2 0.6 1.2 1.7 2.2 2.6 3.1 2.8 3 3 EPS
Revenue ª YoY« % 3 5 1 3 8 5.2 7.2 5.4 9.6 13.7 14.4 18.3 22.5 19.2 19 12.4 Graham Number
Net Income ª YoY« % -3 -39 -5 -4 12 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS ª YoY« % 0 -38 -4 -3 13
7037.5 7910.8 7323.8 7795.8 8810 9713.6 10182 10969 10780 11262 11576 Revenue
74.8 74.8 74.3 76.5 78 79.5 80.1 80.3 80.5 80.6 79.8 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Jim Simons 03/31/17 Reduce -0.19 487,100 449.2 473.8 218.4 478.3 700.8 856.9 1019.8 1204.1 1088.9 1114.6 1113.6 Net Income
6.4 6 3 6.1 8 8.8 10 11 10.1 9.9 9.6 Net Margin %
31.8 33.2 13.3 26.7 30.6 32 33.9 33.7 29 30.9 29.4 ROE %
Ray Dalio 03/31/17 Reduce -0.05 15,863
11.4 10.4 4.3 9.1 12.1 13.3 14.9 16 13.5 12.8 11.1 ROA %
Caxton Associates 03/31/17 Buy 0.02 70,000
Murray Stahl 03/31/17 Reduce 0 4,732 253.7 401.7 864.5 1120.7 1253 1347.7 1495.7 1629.1 1021.4 914.1 1139 Cash & Equivalents
4125.7 5011.2 5176.6 5335.6 6273.9 6593 7145.2 7868.8 8226.9 9223.3 11445 Total Assets
1028.1 1078.2 1387.6 1205 1080.1 1069.1 1326 1324.7 1595.1 1910 3377 Long-term Debt
Warning Signs 2926.7 3358 3536.6 3387.2 3644.5 3859.8 3858.3 4013.9 4583.7 5651.4 7326 Total Liabilities
SEVERE Asset Growth: faster than revenue growth 2.6 2.6 2.6 2.7 2.7 5.5 5.6 5.6 5.7 5.7 6 Common Equity
MEDIUM PE Ratio: Close to 10-year high 661.6 690.1 696 956.7 1027 1126.7 1226.3 1535.2 1943.3 1788.7 1724.7 Cashflow from Operations
Good Signs
GOOD Revenue per Share: Consistent growth 553.4 48.9 194.1 -234.7 -16.1 68.6 58.7 -6.7 299.2 608.2 2016.2 Net Issuance of Debt
-411.6 -78.1 125.8 -406.1 -313.1 -585.1 -611.5 -856.9 -894.8 -604.9 1143.1 Cashflow from Financing
Insider Trades
-312.1 -357.8 -279.8 -270.6 -351 -420.7 -461 -510.2 -473 -525.3 -507.3 Capital Expenditure
Cur.
Shares 349.5 332.3 416.2 686.1 676 706 765.3 1025 1470.3 1263.4 1217.4 Free Cash Flow
Group
Demsey John 06/14/17 -27524 -- Competitor
President
Financial Operating
Bravo Rose Marie Director 06/08/17 -9312 8000 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Barshefsky Charlene Director 05/22/17 -2383 44005
NYSE:KMB Kimberly-Clark Corp 5 6 46,432 21.58 2.59 18.38 14.79 1711.60
Lauder Ronald S
10% Owner 05/17/17 -16667 66971 NYSE:EL The Estee Lauder Companies Inc 6 7 35,882 32.63 3.15 13.87 11.13 29.38
Foundation
Group OTCPK:KCRPY Kao Corp 7 7 30,441 26.40 2.34 12.93 10.32 19.46
Demsey John 05/10/17 -23304 --
President
NYSE:NWL Newell Brands Inc 4 7 26,372 23.51 1.72 7.43 3.73 11.76
OTCPK:BDRFF Beiersdorf AG 8 7 24,358 31.25 12.66 15.07 9.83 16.42
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EMN EMN

Yastman Chemical Co (NYSY:YMN)
Industry Historical % of Price Dividend Yieldttm¬ % 2.41
Current
$ 82.31 Median Median NCAV -64.62 -79 Dividend Yieldforward¬ % 2.46
Chemicals P/E )ttm( 13.82 19.52 13.6 Tangible Book -15.55 -19 Payout 0.33
Market Cap: $ 12,003 Mil Forward P/E 11.17 17.57 N/A Peter Lynch Value 63.01 77 Dividend Growth)5y¬ % 14.3
Eastman Chemical Co is a specialty chemical company which manufactures P/B 2.58 1.99 2.76 Median P/S 64.37 78 Yield on Cost)5y¬ % 4.7
and sells a portfolio of chemicals, plastics and fibers. P/S 1.34 1.34 1.05 Price 82.31 Continuous Div. since 2009
P/FCF 16.59 19.09 16.95 DCE )Earnings Based¬ 117.03 142 Insider Ownership % 0.89
Shiller P/E 19.14 29.57 24.48 DCF )FCF Based¬ 141.23 172 Institution Ownership % 62.34
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.03 0.81 0.05 90.2

40.6
F-Score 5 5.00 6 1W 1.81 0
Operating Margin )%¬ 15.22 7.62 12.63
3M
YTD 10.80 9.1
Net-Margin )%¬ 9.71 5.52 7.58
1Y 17.62 17.3
ROE )%¬ 19.84 8.88 20.36
ROA )%¬ 5.65 4.69 5.44 3Y -0.46
ROC )Joel Greenblatt¬ 1.6M 5Y 13.74
20.57 14.40 20.52
)%¬
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth )%¬ 6.2 4.4 -2.90 4873 2301 4366 5949 5351 10477 12304 11277 9979 11018 12003 Market Cap
EBITDA Growth )%¬ 11.9 10 -5.20 168 152 147 148 143 149 157 151 150 148 146 Sh. Outstanding-diluted)Mil¬
EBIT Growth )%¬ 14 8.8 -5.20 17.1 7 32.4 14.6 8.7 23.2 10.9 15.3 11.9 13.1 13.8 Year End P/E
14.4 9.3 -4.20
)%¬ 0.8 0.4 1 1.1 0.8 1.3 1.4 1.2 1.1 1.2 1.3 P/S
30.5 28.8 -21.50
)%¬ 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth )%¬ 11.7 15.5 12.20
Quarterly 1.8 2.3 0.9 2.9 4.5 2.9 7.4 5 5.7 5.8 6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.2 0.1 3 2.2 1.1 4.4 5.2 5.6 6.5 5.1 5 Free Cashflow Per Share
Net Income 251 255 232 116 278 11.1 8.5 8.3 8.8 9.9 -10.1 -4.1 -26.1 -21.8 -16.4 -15.5 Tang. Book Per Share
Revenue ® YoY¯ % -8 -9 -7 -2 3 21.9 20.3 13.9 23.7 30.8 -- -- -- -- -- -- Graham Number
Net Income )YoY( % 47 -14 -9 -6 11 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY( % 48 -14 -9 -5 12
6830 6726 4396 5842 7178 8102 9350 9527 9648 9008 9075 Revenue
17.5 16.7 23.5 25 21.9 21.8 29.7 23.3 26.7 26.1 25.8 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Leon Cooperman 03/31/17 Add 0.12 464,813 300 346 136 425 646 437 1165 751 848 854 881 Net Income
4.4 5.1 3.1 7.3 9 5.4 12.5 7.9 8.8 9.5 9.7 Net Margin %
14.6 19 8.9 27.1 37 18.2 34.6 20.6 22.8 20.2 19.8 ROE %
4.9 6.1 2.5 7.4 10.6 4.9 9.9 5.4 5.4 5.5 5.7 ROA %
Diamond Hill Capital 03/31/17 Reduce -0.01 1,112,390
Steven Cohen 03/31/17 Reduce -0.01 20,000 888 387 793 516 777 249 237 214 293 181 197 Cash & Equivalents
6009 5281 5515 5986 6184 11710 11845 16072 15580 15457 15755 Total Assets
1535 1442 1604 1598 1445 4779 4254 7248 6577 6311 6578 Long-term Debt
SYVYRY Long-Term Debt: Keep issuing new debt 1 1 1 1 2 2 2 2 2 2 2 Common Equity
SYVYRY Asset Growth: faster than revenue growth 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MYDIUM Revenue per Share: Declined 732 653 758 575 625 1128 1297 1433 1624 1385 1386 Cashflow from Operations
MYDIUM Price: Close to 10-year high -335 -376 -369 -442 -142 -2962 -457 -4091 -693 -655 -665 Cashflow from Investing
-382 -501 -21 -280 -316 -- -238 -410 -103 -145 -200 Repurchase of Stock
Good Signs -22 -182 150 -122 -37 1644 -530 3250 -505 -428 -250 Net Issuance of Debt
GOOD Operating Margin %: Expansion -448 -779 18 -411 -423 1504 -859 2639 -844 -838 -720 Cashflow from Financing
Cur.
Shares Competitor
Kling Lewis M Director 05/31/17 -4000 11693 Financial Operating
Ticker Company Profitability Market Cap($M) P/Y P/S ROA(%) ROY(%)
Raisbeck David W Director 03/07/17 -4000 20002 Strength Margin(%)
Crawford Stephen NYSE:CE Celanese Corp 5 5 12,703 15.71 2.35 14.63 9.82 31.39
SVP & CTO 03/02/17 -3800 5971
Glenn NYSY:YMN Yastman Chemical Co 4 7 12,003 13.82 1.34 15.22 5.65 19.84
CAO &
King Scott V.
Controlle
02/28/17 -8000 11907 OTCPK:MTLHY Mitsubishi Chemical Holdings Corp 5 7 11,409 8.85 0.36 7.25 3.43 14.66
Senior Vice OTCPK:FUPBY Fuchs Petrolub SE 8 7 10,550 26.15 2.99 16.27 16.42 22.99
Boldea Lucian 02/28/17 -821 --
Pre NYSE:FMC FMC Corp 5 7 10,160 270.79 3.32 15.99 0.59 1.81
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EMR EMR
Ymerson Ylectric Co (NYSY:YMR) Ratios Valuation Analysis Dividend & Ownership

Industry Historical % of Price Uividend Yield°ttm± % 3.19
Current
$ 60.26 Median Median NCAV -2.65 -4 Uividend Yield°forward± % 3.2
Industrial Products - Uiversified Industrials P/E °ttm± 25.64 23.19 18.66 Tangible Book 5.04 8 Payout 0.75
Market Cap: $ 38,836 Mil Forward P/E 21.41 20.75 N/A Graham Number 16.8 28 Uividend Growth°5y± % 6.3
Emerson Electric Co is engaged in designing and supplying products and P/B 4.85 1.90 4.14 Median P/S 33.12 55 Yield on Cost°5y± % 4.33
technology, and delivering engineering services and solutions in industrial, P/S 3.33 1.28 1.83 Price 60.26 Continuous Uiv. since 1957
commercial and consumer markets. P/FCF 23.49 17.80 15.36 Insider Ownership % 0.99
Financial Strength
Cash to Uebt 1.24 1.12 0.17 70.26
F-Score 6 5.00 7 22.7
1W 1.02 0
Median Median
6M 8.97 8.7
Net-Margin (%( 13.01 4.33 9.98 9M YTU 9.81 9.1
ROE °%± 19.52 6.84 22.25 1Y 19.66 17.3
ROA (%± 7.56 3.38 9.47 3Y -0.28
ROC °Joel Greenblatt± 4.5M 5Y 8.21
55.24 11.81 62.74
°% ±
Growth
Revenue Growth °%± -0.8 -8.4 -2.30 41960 31458 30135 39637 30523 34953 45721 43594 28914 35039 38836 Market Cap
EBITUA Growth °%± 2.2 -2.5 -1.20 804 789 759 757 754 735 723 704 677 647 644 Sh. Outstanding-diluted(Mil(
EBIT Growth °%± 2.3 -5.7 -3.90 20 13.3 17.7 18.5 12.6 18.1 23.4 20.7 11.1 21.6 25.6 Year End P/E
2.1 -0.8 -3.10
Growth °%± 1.9 1.3 1.5 1.9 1.3 1.5 1.9 2.5 1.9 3 3.3 P/S
3.2 0.4 -29.00
°% ±
Book Value Growth (%( 2.2 -3.8 3.90 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly 2.7 3.1 2.3 2.8 3.3 2.7 2.8 3 4 2.5 2.4 EPS
Mar16 Jun16 Sep16 Uec16 Mar17
Revenue 3579 5126 -245 3216 3574
1.1 1.2 1.3 1.3 1.4 1.6 1.6 1.7 1.9 1.9 1.9 Uividends Per Share
Net Income 369 479 438 309 292 3 3.3 0.4 -1.3 -0.5 0.6 2 1.8 5 4.3 5 Tang. Book Per Share
Revenue ² YoY³ % -34 -7 2 -4 -0 13.4 15.2 4.8 -- -- 6 11.1 11.2 20.5 15.4 16.8 Graham Number
Net Income ² YoY³ % -62 -15 -32 -11 -21
EPS ² YoY³ % -60 -12 -31 -9 -21
22131 24807 20102 21039 24222 24412 24669 17733 16249 14522 11671 Revenue
Guru Uate Action
Stanley Uruckenmiller 03/31/17 Sell -0.95 0 2136 2412 1724 2164 2480 1968 2004 2147 2710 1635 1518 Net Income
Mairs And Power 03/31/17 Reduce -0.36 1,352,162 9.7 9.7 8.6 10.3 10.2 8.1 8.1 12.1 16.7 11.3 13 Net Margin %
Steven Cohen 03/31/17 Add 0.12 479,700 25.2 27 19.5 23.6 24.6 19 19.2 20.7 29.8 20.9 19.5 ROE %
Charles Brandes 03/31/17 Reduce -0.11 2,391,767
11.1 11.9 8.5 10.2 10.6 8.3 8.3 8.8 11.7 7.5 7.6 ROA %
Jeremy Grantham 03/31/17 Reduce -0.11 3,552,891 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Tweedy Browne 03/31/17 Reduce -0.1 1,330,159 1008 1777 1560 1592 2052 2367 3275 3149 3054 3182 5039 Cash & Equivalents
03/31/17 Reduce -0.08 3,600,000
Income Fund 3372 3297 3998 4586 4324 3787 4055 3559 4289 4062 3816 Long-term Uebt
477 477 477 477 477 477 477 477 477 477 477 Common Equity
Warning Signs
SEVERE Revenue per Share: Ueclined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Uividend Payout Ratio: Too high 3016 3293 3086 3292 3233 3053 3649 3692 2529 2881 2085 Cashflow from Operations
-870 -1072 -1309 -2517 -848 -806 -789 -1159 591 -626 4353 Cashflow from Investing
MEDIUM Uividend Yield %: Close to 2-year low
-309 660 -116 316 129 90 349 294 841 -198 -3219 Net Issuance of Uebt
Good Signs
2335 2579 2555 2768 2586 2388 2971 3041 1941 2434 1654 Free Cash Flow
Shares
Strength Margin(%)
Exec. Pres.
Train Michael H. 02/21/17 -10374 128525 OTCPK:ATLKY Atlas Copco AB 7 9 43,394 29.12 4.88 19.21 12.19 27.12
Aut
Exec VP - OTCPK:SBGSY Schneider Electric SE 6 7 41,687 21.75 1.52 11.95 4.19 8.60
Pelch Steven J. 02/10/17 -7839 67262
Org.
Exec. Vice
NESE:EMR Emerson Electric Co 6 5 38,836 25.64 3.33 22.20 7.56 19.52
Purvis Edgar M Jr 02/09/17 -14553 169697
Pres OTCPK:FANUY Fanuc Corp 9 6 37,658 32.94 7.82 29.34 8.37 9.51
Senior Exec.
Uellaquila Frank J 02/09/17 -14552 298202 NYSE:ETN Eaton Corp PLC 5 6 34,057 17.69 1.75 11.54 6.29 12.78
VP
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:ENUP ENUP

Yndo International PLC (NAS:ENDP)
Industry Historical % of Price Uividend Yield(ttm) % N/A
Current
$ 10.80 Median Median NCAV -43.13 -399 Uividend Yield(forward) % N/A
Urug Manufacturers - Urug Manufacturers - Specialty & Generic P/E (ttm) N/A 27.33 15.51 Tangible Book -35.64 -330 Payout N/A
Market Cap: $ 2,410 Mil Forward P/E 3.15 15.75 N/A Peter Lynch Value 2.11 20 Uividend Growth(5y) % N/A
Endo International PLC is a specialty healthcare company. The Company is P/B 1.1 2.96 2.48 Price 10.80 Yield on Cost(5y) % N/A
engaged in developing, manufacturing, marketing and distribution of P/S 0.59 3.11 2.22 Median P/S 40.59 376 Continuous Uiv. since N/A
branded pharmaceutical and generic products as well as medical devices. P/FCF 4.07 24.43 9.39 Insider Ownership % 1.94
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.08 2.38 1.20 95.92

43.03
F-Score 4 5.00 5 1W -21.63 0
13M
YTU -34.43 9.1
Net-Margin (%) -82.93 6.26 -9.43
1Y -35.79 17.3
ROE (%) -73.23 6.90 -12.88
ROA (%) -20.72 3.60 -2.47 3Y -46.12
-512.19 13.07 81.95
(%)
Growth
EBIT Growth (%) N/A N/A 0.00 15.7 12.6 9 16.3 22.3 -- -- -- -- -- -- Year End P/E
N/A N/A 0.00
Growth (%) 3.3 2.5 1.7 2.5 1.7 1.1 3.7 4.6 3.7 0.9 0.6 P/S
Free Cash Flow Growth 7.7 6.5 4.2 8.4 10.1 -21.4 13.6 22.6 -51.4 -4.6 -4.2 EV/EBITUA
N/A N/A 0.00
Quarterly 1.7 2.1 2.3 2.2 1.6 -6.4 -5.7 -4.6 -7.6 -15 -15.2 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 2.6 2.7 2.4 3.7 5.3 5.4 1.6 1.6 -0.3 1.6 2.7 Free Cashflow Per Share
Net Income -134 344 -219 -3338 -174 7.8 6.1 5 -4.4 -26.3 -25.5 -23.6 -18.6 -41.2 -35.4 -35.6 Tang. Book Per Share
EPS -1 2 -1 -15 -1 17.9 22.7 27.5 32.2 46.2 52.9 40.1 34.5 36.2 39.9 40.6 Median P/S Value
Revenue (YoY) % 35 25 19 16 8 17.2 16.8 16 -- -- -- -- -- -- -- -- Graham Number
EPS (YoY) % 40 -214 -80 5452 30
1085.6 1260.5 1460.8 1716.2 2524.9 2815.7 2124.7 2380.7 3268.7 4010.3 4084.3 Revenue
Guru Trades 80 78.8 74.3 70.6 62.5 59.7 58.3 48.3 36.5 34.3 36 Gross Margin %
317.2 387.5 390 465.4 465 -539.9 517.2 326.5 -933.5 -3471.5 -3446.3 Operating Income
Impact Cur.
Guru Uate Action 29.2 30.7 26.7 27.1 18.4 -19.2 24.3 13.7 -28.6 -86.6 -84.4 Operating Margin %
% Shares
Francis Chou 03/31/17 Buy 3.58 950,000 227.4 255.3 266.3 259 187.6 -740.3 -685.3 -721.3 -1495 -3347.1 -3387 Net Income
21 20.3 18.2 15.1 7.4 -26.3 -32.3 -30.3 -45.7 -83.5 -82.9 Net Margin %
19.5 20.4 19.7 16 10.1 -48.5 -85.7 -49.7 -35.8 -77.2 -73.2 ROE %
Ray Ualio 03/31/17 Add 0.29 3,825,502
14.7 14.1 12.1 8.1 3.4 -10.7 -10.4 -8.3 -9.9 -19.9 -20.7 ROA %
Arnold Schneider 03/31/17 Add 0.16 642,311
Steven Cohen 03/31/17 Buy 0.11 1,775,500 350.3 775.7 708.5 466.2 547.6 529.7 526.6 405.7 272.3 517.3 617.6 Cash & Equivalents
1702.6 1908.7 2488.8 3912.4 7292.6 6568.6 6571.9 10824 19350 14275 13219 Total Assets
-- 243.2 322.5 1045.8 3424.3 3035 3323.8 4100.6 8251.7 8141.4 8224.6 Long-term Uebt
410.3 701.6 991.4 2170.8 5314.9 5495.7 6045.8 8449.4 13382 11574 11031 Total Liabilities
1.3 1.3 1.4 1.4 1.4 1.4 1.4 0 0 0 0 Common Equity
365.7 355.6 295.4 453.6 702.1 733.9 298.5 337.8 62 524.4 738 Cashflow from Operations
SEVERE Revenue per Share: Ueclined -614.5 179.8 -245.5 -896.3 -2374.1 -88.5 -883.6 -771.9 -6244.8 125.9 87.7 Cashflow from Investing
SEVERE Gross Margin %: Ueclined -- -424.8 -- -59 -34.7 -- -- -284.5 -310.1 -- -- Repurchase of Stock
-1.1 262.5 -120.7 280 1891.6 -363.9 544.5 605.7 4228.9 -336.4 -343.4 Net Issuance of Uebt
Good Signs -29 -110.1 -117.1 200.4 1752.7 -645.5 579.5 302.9 6055.5 -394 -408.5 Cashflow from Financing
GOOD Price: Close to 10-year low -20 -17.4 -12.4 -20.3 -61.7 -105.5 -108.5 -85.4 -125.7 -158.1 -146.3 Capital Expenditure
GOOD PS Ratio: Close to 10-year low 345.7 338.2 283 433.4 640.4 628.4 190 252.4 -63.7 366.4 591.7 Free Cash Flow
Competitor
Insider Trades
Financial Operating
Cur. Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Shares
Campanelli Paul
President,
03/16/17 2300 207120
NAS:MUCO The Medicines Co 4 2 2,714 0.00 18.92 -262.15 -7.59 -18.99
CEO
NAS:IRWU Ironwood Pharmaceuticals Inc 4 5 2,602 0.00 9.88 -34.45 -17.54 -184.25
Hutson Nancy J Uirector 03/09/17 -5325 31252
NAS:ENDP Endo International PLC 2 5 2,410 0.00 0.59 -84.38 -20.72 -73.23
Kimmel Roger H Uirector 11/15/16 -14000 256362
NAS:SUPN Supernus Pharmaceuticals Inc 8 6 1,969 21.40 9.00 27.89 36.26 57.39
OTCPK:EVTCY Evotec AG 8 6 1,954 50.63 9.99 21.62 11.10 16.29
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EOG EOG

YOG Resources Inc (NYSE:EOG)
Current
Oil & Gas - E&P - Oil & Gas E&P P/E (ttm) N/A 14.70 24.37 Tangible Book 24.13 28 Payout N/A
Market Cap: $ 50,245 Mil Forward P/E 69.44 20.12 N/A Median P/S 60.69 70 Dividend Growth´5y) % 19.2
EOG Resources Inc explores for, develops, produces and markets crude oil P/B 3.61 1.21 2.78 Peter Lynch Value 63 72 Yield on Cost(5y) % 1.83
and natural gas in the USA, Trinidad & Tobago, United Kingdom, China, P/S 5.5 3.06 3.84 Price 87.04 Continuous Div. since 2017
Argentina and, from time to time, select other international areas. P/FCF 5120 16.04 121.93 Insider Ownership % 0.88
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.22 0.66 0.10 117.98

47.59
F-Score 6 5.00 6 1W -1.21 0
Operating Margin (%µ -5.38 -22.09 20.58
11M
YTD -13.58 9.1
Net-Margin (%µ -6.70 -29.01 11.10
ROE (%µ -4.65 -8.89 7.65 1Y 6.39 17.3
ROA (%µ -2.19 -7.11 3.96 3Y -7.92
ROC (Joel Greenblattµ 5.7M 5Y 13.19
-2.26 -8.39 8.62
(%µ
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth ´%µ 10.5 -6.3 11.20 22005 16617 24569 23228 26504 32813 45628 50481 38925 58304 50245 Market Cap
EBITDA Growth ´%µ N/A N/A 0.00 495 501 504 509 533 542 546 549 546 553 577 Sh. Outstanding-diluted(Mil)
EBIT Growth ´%µ N/A N/A 0.00 20.4 6.9 44.8 145.1 24.2 57.8 20.8 17.3 -- -- -- Year End P/E
EPS without NRI Growth 3.2 1.8 2.5 2.3 2.1 2.5 3 2.9 3 4.2 3.6 P/B
N/A N/A 0.00
´% µ 5.4 2.3 5.1 3.8 2.6 2.8 3.2 2.8 4.4 7.3 5.5 P/S
Free Cash Flow Growth 8.4 3.6 10.6 11.2 6.7 8.2 6.9 5.9 -13.4 28.3 19.3 EV/EBITDA
N/A N/A 0.00
´% µ
Book Value Growth ´%µ 8 0.5 7.00
8.3 14.2 9.5 12 19 21.6 26.5 32.9 16 13.8 15.8 Revenue Per Share
Quarterly 2.2 4.9 1.1 0.3 2.1 1.1 4 5.3 -8.3 -2 -1.1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -1.6 -1.1 -1.2 -5.6 -4.5 -3.9 0.5 0.7 -2.6 -0.4 0 Free Cashflow Per Share
EPS -1 -1 -0 -0 0 31.7 54.6 36.5 46.1 72.7 82.7 101.7 126 61.4 52.9 60.7 Median P/S Value
Revenue (YoY) % -42 -28 -2 34 93 26.4 44.4 22 12 32.9 24 50.7 62.2 -- -- -- Graham Number
Net Income ¶ YoY· % 178 -5653 -95 -50 -106 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 177 -5400 -95 -54 -106
4093.9 7127.1 4787 6099.9 10126 11683 14487 18035 8757.4 7650.6 8906.8 Revenue
76.4 84.3 76.2 76.9 83.4 83.7 85.5 84.7 73.3 74.5 77.3 Gross Margin %
Guru Trades
1648.4 3767.2 970.8 523.3 2113.3 1479.8 3675.2 5241.8 -6686.1 -1225.3 -479.4 Operating Income
Impact Cur.
Guru Date Action 40.3 52.9 20.3 8.6 20.9 12.7 25.4 29.1 -76.4 -16 -5.4 Operating Margin %
% Shares
Stanley Druckenmiller 03/31/17 Sell -3.75 0 1089.9 2436.9 546.6 160.7 1091.1 570.3 2197.1 2915.5 -4524.5 -1096.7 -596.4 Net Income
26.6 34.2 11.4 2.6 10.8 4.9 15.2 16.2 -51.7 -14.3 -6.7 Net Margin %
17.2 30.5 5.8 1.6 9.5 4.4 15.3 17.6 -29.5 -8.2 -4.7 ROE %
Diamond Hill Capital 03/31/17 Sell -0.74 0
10.1 17.4 3.2 0.8 4.7 2.2 7.6 8.9 -14.7 -3.9 -2.2 ROA %
Third Avenue
03/31/17 Buy 0.7 156,897 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Management
Steven Cohen 03/31/17 Add 0.41 1,333,534 54.2 331.3 685.8 788.9 615.7 876.4 1318.2 2087.2 718.5 1599.9 1546.6 Cash & Equivalents
Caxton Associates 03/31/17 Sell -0.31 0 12089 15951 18119 21624 24839 27337 30574 34763 26970 29459 29212 Total Assets
1185 1860 2760 5003.3 5009.2 5905.6 5906.6 5903.4 6648.9 6979.8 6980 Long-term Debt
Good Signs -3455.8 -4966.5 -3414.6 -4902.8 -5754.9 -6119.3 -6314.8 -7513.6 -5320.3 -1252.9 -1520.6 Cashflow from Investing
-51.2 -17.8 -11 -11.3 -23.9 -58.6 -63.8 -127.4 -48.8 -82.1 -88.1 Repurchase of Stock
451.6 712 891.1 2441.7 -220 1234.1 -400 -3.8 749.9 167.6 331.4 Net Issuance of Debt
393.7 645.1 834.2 2303.4 1008.5 1139.8 -573.9 -327.7 370.9 -242.7 -583.4 Cashflow from Financing
GOOD PS Ratio: Close to 1-year low -3679.1 -5195.5 -3503 -5581.4 -6950.8 -7355.1 -7060.6 -8246.8 -5013.2 -2582.8 -2956.2 Capital Expenditure
-785.7 -562.2 -580.6 -2872.8 -2372.4 -2118.3 268.8 402.4 -1418 -223.7 9.4 Free Cash Flow
Insider Trades
Insider Position Date Trades Cur. Shares Competitor
Wisner Frank G Director 03/27/17 -28000 114690 Financial Operating
Strength Margin(%)
Crisp Charles R Director 03/07/17 -2593 43613
Wisner Frank G Director 01/27/17 -1000 111862 NYSE:COP ConocoPhillips 4 5 56,152 0.00 2.09 -8.28 -1.67 -4.26
Wisner Frank G Director 01/05/17 -1250 112862 NYSE:EOG EOG Resources Inc 5 5 50,245 0.00 5.50 -5.38 -2.19 -4.65
Textor Donald F Director 12/16/16 -6402 130646 OTCPK:CEOHF CNOOC Ltd 5 5 49,347 0.00 2.31 -1.97 0.04 0.06
NYSE:OXY Occidental Petroleum Corp 4 4 45,416 0.00 4.10 -0.10 -1.26 -2.39
NYSE:CNU Canadian Natural Resources Ltd 4 6 33,792 287.38 3.20 0.96 0.25 0.56
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:EQIX EQIX

Yquinix Inc (NAS:YQIX)
Current
REITs - REIT - Diversified P/E )ttm) 154.99 17.14 87.54 DCF )FCF Based) -12.68 -3 Payout 2.65
Market Cap: $ 33,811 Mil Forward P/E 89.29 20.62 N/A Peter Lynch Value 16.12 4 Dividend Growth)5y) % N/A
Equinix Inc provides data center offerings services. The Company offer its P/B 5.17 1.12 3.99 DCE )Earnings Based) 29 7 Yield on Cost)5y) % 1.73
services to enterprises, financial services companies and content and P/S 8.4 7.64 4.99 Tangible Book 35.44 8 Continuous Div. since 2015
network service providers. P/FCF N/A 19.65 300.35 Graham Number 46.49 11 Insider Ownership % 0.76
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.54 0.06 0.30 444.97

204.92
F-Score 6 5.00 6 1W -1.46 0
4M
YTD 22.54 9.1
Net-Margin )%) 5.38 39.19 5.23
1Y 18.64 17.3
ROE )%) 3.99 6.63 4.46
ROA )%) 1.44 3.20 1.62 3Y 31.66
8.96 12.00 8.49
)%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth )%) 50.8 7 7.20 -- 19.1 61 97.9 58.3 71.6 95.4 -- 94.2 201.9 155 Year End P/E
N/A N/A 105.30
)%) 8 3.1 4.8 3 3.1 5.7 4.3 5 6.5 7 8.4 P/S
Free Cash Flow Growth 36.3 12.2 14.2 11.6 10.5 16 15.5 19.5 22.3 22.7 25 EV/EBITDA
N/A N/A 0.00
13.1 16.9 22.2 26.7 32.7 36.4 43 46.7 46.6 51 51.7 Revenue Per Share
Quarterly -0.2 2.8 1.8 0.8 1.7 2.8 1.9 -5 3.2 1.8 2.8 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -13 -4.3 -0.4 -4.5 -2.6 -2.6 0.6 0.2 -0.2 -1.8 -1.2 Free Cashflow Per Share
Revenue 844 901 925 943 950 -- -- -- -- -- -- -- -- 6.8 7 7.3 Dividends Per Share
Net Income -31 45 51 62 42 8.3 14 19.1 20.7 20.1 21.9 24.9 19.8 23.5 9.3 35.4 Tang. Book Per Share
Revenue )YoY) % 31 35 35 29 12 -- 29.7 27.4 19.4 27.9 35.7 32.5 -- 41.2 18.4 46.5 Graham Number
Net Income )YoY) % -141 -25 25 475 -235 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY) % -134 -38 1 569 -224
419.4 704.7 882.5 1196.2 1565.6 1887.4 2152.8 2443.8 2725.9 3612 3717.4 Revenue
Guru Trades 37.1 41.1 45.2 45.5 47.1 50 50.6 51 52.6 49.6 49.9 Gross Margin %
Impact Cur.
% Shares
Ken Heebner 03/31/17 Buy 1.24 70,000 -5.2 107.9 69.4 36.9 94.8 140 94.7 -259.5 187.8 126.8 200 Net Income
-1.2 15.3 7.9 3.1 6.1 7.4 4.4 -10.6 6.9 3.5 5.4 Net Margin %
-0.9 12.5 6.6 2.4 5 6.6 4 -11 7.5 3.6 4 ROE %
Louis Moore Bacon 03/31/17 Add 0.2 45,000
-0.4 4.7 2.5 1 1.9 2.4 1.4 -3.4 2.1 1.1 1.4 ROA %
Steven Cohen 03/31/17 Buy 0.07 29,300
Ron Baron 03/31/17 Reduce -0.07 300,900 290.6 220.2 346.1 442.8 278.8 252.2 261.9 610.9 2228.8 748.5 4923.3 Cash & Equivalents
2181.9 2434.7 3038.2 4448 5785.3 6135.8 7492.4 7782 10357 12608 17185 Total Assets
1085.8 1128 1419.6 2020.6 2753.8 2943.4 4087.9 4563.1 5564.5 6590.6 9001.4 Long-term Debt
Warning Signs 1367.4 1518.1 1855.7 2567.5 3833.1 3822.4 5033.3 5511.8 7611.3 8242.5 10667 Total Liabilities
SEVERE Operating Margin %: Declined 0 0 0 0 0 0 0.1 0.1 0.1 0.1 0.1 Common Equity
SEVERE Asset Growth: faster than revenue growth 120 267.6 355.5 392.9 587.3 632 604.6 689.4 894.8 1016.6 1159.1 Cashflow from Operations
MEDIUM Altman Z-Score: Grey -1054.7 -478 -558.2 -601 -1499.2 -442.9 -1169.3 -435.8 -1134.9 -1592.2 -117.3 Cashflow from Investing
-- -- -- -- -86.7 -13.4 -48.8 -298 -- -- -- Repurchase of Stock
Good Signs 791 119.2 346.8 297.4 812.1 -328.9 685.4 825.8 1581.8 -294.6 2228.8 Net Issuance of Debt
GOOD Revenue per Share: Consistent growth 1145 145.1 323.6 309.7 748.7 -222.7 574.9 107.4 1873.2 -894.3 3707.9 Cashflow from Financing
-537.3 -447 -369.5 -594.3 -713.5 -764.5 -572.4 -677 -906.4 -1141.5 -1246.4 Capital Expenditure
Insider Trades -417.3 -179.5 -14.1 -201.4 -126.1 -132.5 32.2 12.4 -11.6 -124.9 -87.2 Free Cash Flow
Cur.
Shares Competitor
Chief Sales Financial Operating
Campbell Michael Earl 06/09/17 -1476 141 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Off Strength Margin(%)
Paisley Christopher B Director 06/09/17 -500 36771
NAS:EQIX Equinix Inc 5 8 33,811 154.99 8.40 18.11 1.44 3.99
President -
Lee Yau Tat 06/07/17 -5875 2786 NYSE:VNO Vornado Realty Trust 5 4 17,893 18.21 7.41 25.70 5.10 14.85
Asi
Taylor Keith D CFO 05/30/17 -1000 35996 NYSE:NLY Annaly Capital Management Inc 5 5 12,574 4.63 4.24 91.45 3.31 21.52
CEO & OTCPK:GMGSF Goodman Group 5 7 11,662 16.68 8.49 52.05 7.30 11.25
Smith Stephen M 05/15/17 -5348 19667
President
NYSE:VER VEREIT Inc 6 5 8,233 0.00 5.66 13.63 -0.42 -1.68
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EQR EQR
Yquity Residential (NESE:EQR) Ratios Valuation Analysis Dividend & Ownership

Current
$ 67.77 Median Median NCAV -28.12 -41 Dividend Yield(forward( % 3
REITs - REIT - Residential P/E (ttm( 29.59 17.14 19.99 Peter Lynch Value 21.25 31 Payout 0.88
Equity Residential is a real estate investment trust which is focused on the P/B 2.43 1.12 2.43 Graham Number 37.91 56 Yield on Cost(5y( % 3.92
acquisition, development and management of rental apartment properties in P/S 10.74 7.64 8.97 Median P/S 56.62 84 Continuous Div. since 2017
urban and high-density suburban coastal gateway markets in the US. P/FCF 55.46 19.65 115.83 Price 67.77 Insider Ownership % 1.02
Financial Strength
Industry Historical 56.35 49 36 52.29 63.68 65.47 60.75 74.55 81.97 81.5 67.63 Annual Price High
Cash to Debt 0.01 0.06 0.02 81.97
32.63
F-Score 3 5.00 5
1W 0.49 0
Median Median
6M 9.17 8.7
Net-Margin (%( 35.18 39.19 39.94 10M YTD 6.08 9.1
ROE (%( 7.99 6.63 10.52 1Y 11.05 17.3
ROA (%( 4.03 3.20 4.38 3Y 11.23
6.09 12.00 2.68
(%(
Growth
Revenue Growth (%( 1 5.5 -10.80 9830 8112 9457 15076 16967 18421 18698 26068 29761 23547 24882 Market Cap
EBITDA Growth (%( 9.5 26.8 -4.20 302 270 274 283 295 320 354 378 381 382 367 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( 4.9 13.6 -16.40 10.6 20.7 26.7 55.3 19.3 21 9.9 41.3 34.7 5.5 29.6 Year End P/E
EPS without NRI Growth 2 1.7 2 3.1 3.1 2.5 1.8 2.5 2.9 2.3 2.4 P/B
N/A N/A -80.30
(%( 5.6 4.4 5.9 8.5 11.3 10 7.7 10.4 11.3 10.1 10.7 P/S
N/A N/A 0.00
(%(
Book Value Growth (%( 6.2 8.4 -7.50 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
6.4 7 6 5.9 5.2 5.5 6.7 6.9 7.2 6.4 6.3 Revenue Per Share
Quarterly 3.4 1.5 1.3 1 3 2.7 5.2 1.7 2.4 11.7 2.3 EPS
-5.4 -1.4 0 -2.6 -3.1 -0.4 0.7 0.4 0.5 0.4 1.2 Free Cashflow Per Share
Revenue 619 595 606 605 604
1.9 1.9 1.6 1.5 1.6 1.8 1.9 2 2.2 2 2 Dividends Per Share
Net Income 3588 219 208 277 144 18 17.3 17.3 16.9 18.4 22.3 29 28.4 28.6 27.9 27.9 Tang. Book Per Share
Revenue (YoY( % -7 -12 -13 -14 -2 7.5 -- -- -- -- 15 -- 33.2 39 85.6 37.9 Graham Number
Net Income (YoY( % 1866 -24 6 36 -96
EPS (YoY( % 1892 -24 6 36 -96
1947.1 1887 1640.2 1674.7 1525.2 1747.5 2387.7 2614.7 2745 2425.8 2410.8 Revenue
Guru Date Action
% Shares 27.7 22.5 26.4 20.8 26.7 29.4 21.5 35.3 36.8 35.3 35 Operating Margin %
Ron Baron 03/31/17 Buy 0.07 221,335 989.6 407.6 362.3 283.6 893.6 841.7 1830.6 631.3 870.1 4292.2 848.1 Net Income
Paul Tudor Jones 03/31/17 Buy 0.03 13,116 50.8 21.6 22.1 16.9 58.6 48.2 76.7 24.1 31.7 176.9 35.2 Net Margin %
Chris Davis 03/31/17 Reduce -0.03 221,367 17.6 7.9 7 5.3 16.4 12.8 20.5 6 8.3 41.4 8 ROE %
6.4 2.5 2.3 1.8 5.4 5 9.1 2.8 3.8 19.6 4 ROA %
Pioneer Investments 03/31/17 Reduce 0 142,500 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Manning & Napier 50.8 890.8 193.3 431.4 383.9 612.6 53.5 40.1 42.3 77.2 42.1 Cash & Equivalents
03/31/17 Reduce 0 103,490
-- 10484 9392.6 9948.1 9721.1 8529.2 5477.1 10512 10534 8967.3 8615.2 Long-term Debt
10627 11630 10370 11094 10990 9911.2 12327 12582 12640 10475 10328 Total Liabilities
Warning Signs
2.7 2.7 2.8 2.9 3 3.3 3.6 3.6 3.6 3.7 3.7 Common Equity
SEVERE Asset Growth: faster than revenue growth 793.1 755.3 670.8 726 800.5 1046.2 868.9 1324.1 1356.5 1111.5 1203.4 Cashflow from Operations
-200.6 -344 105.2 -639.5 -197.2 -261.2 -7 -644.7 -678.5 5872 47.7 Cashflow from Investing
MEDIUM Altman Z-Score: Grey
-1221.9 -12.5 -1.1 -1.9 -- -- -- -1.8 -- -- -- Repurchase of Stock
Good Signs 1180.9 1018.9 -1039 187.7 -363.6 -1311.5 -681.9 61.6 131.1 -1962.8 350.1 Net Issuance of Debt
-801.9 428.7 -1473.5 151.5 -650.7 -556.3 -1421 -692.9 -675.8 -6948.5 -1577 Cashflow from Financing
-2420.6 -1142.1 -667 -1474.7 -1723 -1177.2 -621.6 -1186.3 -1167.3 -944.9 -736.7 Capital Expenditure
Insider Trades -1627.5 -386.8 3.8 -748.7 -922.5 -131.1 247.4 137.7 189.2 166.6 466.7 Free Cash Flow
Cur.
Shares
Executive
Financial Operating
Santee David S 06/08/17 -14028 42216 Ticker Company
Strength
Margin(%)
ROA(%) ROE(%)
Vice
EVP & NYSE:AVB AvalonBay Communities Inc 5 8 27,001 26.11 13.10 27.15 5.87 10.28
Strohm Bruce C 06/07/17 -1686 14443
General C
Executive
NESE:EQR Equity Residential 4 7 24,882 29.59 10.74 35.00 4.03 7.99
George Alan W 06/02/17 -28157 86460
Vice NYSE:ESS Essex Property Trust Inc 4 8 17,303 33.82 13.17 32.70 4.19 8.31
Executive
Manelis Michael L 05/22/17 -1000 6582 NYSE:MAA Mid-America Apartment Communities Inc 4 7 12,493 44.35 7.86 22.11 2.41 4.84
Vice
White B Joseph Director 02/27/17 -5700 33774 NYSE:UDR UDR Inc 4 7 10,696 35.42 11.09 18.79 4.03 10.17
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EQT EQT

YQT Corp (NYSE:EQT)
Current
Oil & Gas - E&P - Oil & Gas E&P P/E )ttm) N/A 14.70 28.68 Tangible Book 34.73 60 Payout N/A
Market Cap: $ 10,000 Mil Forward P/E 37.88 20.12 N/A Median P/S 56.8 98 Dividend Growth)5y) % -36.6
EQT Corp is a natural gas exploration and production company. The P/B 1.66 1.21 2.51 Price 57.70 Yield on Cost)5y) % 0.02
Company produces natural gas from the proved natural gas, NGL and crude P/S 5.08 3.06 5 Continuous Div. since 2017
oil reserves; and also provides gathering, transmission and storage services P/FCF N/A 16.04 24.44 Insider Ownership % 1.41
for the Company's produced gas. Shiller P/E 35.57 16.07 32.32 Institution Ownership % 72.9
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.27 0.66 0.06 109.84

43.45
F-Score 2 5.00 6 1W 5.12 0
Operating Margin )%) -0.76 -22.09 28.89
3M
YTD -11.68 9.1
Net-Margin )%) -15.03 -29.01 15.94
1Y -22.67 17.3
ROE )%) -5.00 -8.89 8.85
ROA )%) -1.97 -7.11 3.52 3Y -18.14
0.12 -8.39 8.63
)%)
Growth
Revenue Growth )%) 1.9 6.6 -19.30 6508 4387 5750 6688 8190 8853 13546 11476 7952 11303 10000 Market Cap
EBITDA Growth )%) 6.4 -4.8 -31.50 123 128 131 144 149 151 152 153 153 167 173 Sh. Outstanding-diluted)Mil)
EBIT Growth )%) N/A N/A -106.80 25.4 16.9 36.9 28.2 17.2 48.3 35.1 29.8 91.5 -- -- Year End P/E
N/A N/A 0.00
Growth )%) 4.8 2.7 4.4 4.7 6.2 6.4 7.3 4.7 3.4 6.8 5.1 P/S
N/A 31 0.00
11.1 12.3 10 9.5 8.9 9.2 12.3 16.2 15.3 9.6 11.4 Revenue Per Share
Quarterly 2.1 2 1.2 1.6 3.2 1.2 2.6 2.5 0.6 -2.7 -1.8 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -2.9 -6.5 -1.8 -3.2 -2.4 -3.8 -4 -6.8 -8.1 -9.1 -11 Free Cashflow Per Share
Net Income 6 -259 -8 -192 164 9 15.7 16.4 20.6 24 24 26.7 30.2 33.3 33.9 34.7 Tang. Book Per Share
EPS 0 -2 -0 -1 1 55.5 61.9 50 47.7 44.1 45.8 61.3 80.9 76.5 48.3 56.8 Median P/S Value
Revenue )YoY) % -24 -71 -5 -37 65 20.6 26.6 21 27 38.9 22.1 34.4 41.5 20.5 -- -- Graham Number
Net Income )YoY) % -97 -4772 -120 43 2810 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY) % -96 -3975 -119 28 2275
1361.4 1576.5 1311.4 1374.4 1323.8 1377.2 1862 2469.7 2339.8 1608.3 1960.8 Revenue
Guru Trades 45.3 45.2 55.6 65.2 77.9 76 80 81.1 75 61 64.6 Gross Margin %
311.7 464.8 356.8 470.5 761.2 389.6 654.6 853.4 563.1 -278.3 -14.9 Operating Income
Impact Cur.
Guru Date Action 22.9 29.5 27.2 34.2 57.5 28.3 35.2 34.6 24.1 -17.3 -0.8 Operating Margin %
% Shares
Chris Davis 03/31/17 Sell -0.85 0 257.5 255.6 156.9 227.7 479.8 183.4 390.6 387 85.2 -453 -294.6 Net Income
18.9 16.2 12 16.6 36.2 13.3 21 15.7 3.6 -28.2 -15 Net Margin %
Steven Cohen 03/31/17 Buy 0.4 1,161,088
25.2 16.2 7.5 8.7 14.4 5.1 10.2 9 1.8 -8.3 -5 ROE %
T Rowe Price Equity
03/31/17 Reduce -0.09 700,000 7.2 5.5 2.8 3.5 6.1 2.1 4.2 3.6 0.7 -3.1 -2 ROA %
Income Fund
Jim Simons 03/31/17 Buy 0.05 535,200 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Nwq Managers 03/31/17 Reduce -0.03 1,761,607 81.7 -- -- -- 831.3 182.1 845.6 1077.4 1601.2 1103.5 899.4 Cash & Equivalents
Ken Fisher 03/31/17 Add 0 3,474 3937 5329.7 5957.3 7098.4 8772.7 8849.9 9792.1 12035 13976 15473 15647 Total Assets
753.5 1249.2 1949.2 1943.2 2527.6 2503 2748.8 2793.5 2793.3 3289.5 3082.9 Long-term Debt
2839.5 3279.6 3806.2 4019.7 5178.9 5246 5757.3 7452.5 8898.4 9612.6 9627.3 Total Liabilities
426.7 509.2 725.7 789.7 905 796.8 1162.9 1414.7 1216.9 1064.3 1294.2 Cashflow from Operations
-590.1 -1376 -985.5 -1239.4 -614.1 -1370.5 -999.8 -2444.2 -2525.6 -2961.5 -3206.7 Cashflow from Investing
SEVERE Long-Term Debt: Keep issuing new debt -- -- -- -- -- -- -- -32.4 -3.4 -0 -0 Repurchase of Stock
333.3 333.9 380.8 48.7 680.9 -219.3 -23.2 488.8 130 195.9 195.9 Net Issuance of Debt
Good Signs
245.1 785.1 259.8 449.7 540.3 -75.5 500.5 1261.3 1832.5 1399.5 1255.3 Cashflow from Financing
GOOD Dividend Yield %: Close to 1-year high -776.7 -1344 -963.9 -1246.9 -1264 -1375.3 -1763.4 -2451.7 -2451.1 -2590.7 -3182.2 Capital Expenditure
-349.9 -834.8 -238.2 -457.2 -359 -578.5 -600.5 -1036.9 -1234.2 -1526.4 -1887.9 Free Cash Flow
Insider Trades
Cur. Competitor
Cary A. Bray Jr. Director 04/03/17 421 12991 Strength Margin(%)
Senior Vice NYSE:COG Cabot Oil & Gas Corp 5 7 10,865 0.00 7.81 -23.06 -4.79 -9.32
Hyland M Elise 03/31/17 -3479 15941
Pre
Cary A. Bray Jr. Director 01/03/17 417 12563
NYSE:MRO Marathon Oil Corp 4 4 10,514 0.00 2.11 -4.81 -21.81 -38.21
Schlotterbeck Steven T President 11/14/16 -3628 117474 OTCPK:PTXLF PTT Exploration & Production PCL 5 6 10,270 21.50 2.54 18.33 2.90 4.81
Cary A. Bray Jr. Director 10/03/16 313 12142 NYSE:EQT EQT Corp 4 6 10,000 0.00 5.08 -0.76 -1.97 -5.00
NYSE:XEC Cimarex Energy Co 5 5 8,929 0.00 5.99 -4.94 -2.03 -4.07
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ES ES

Yversource Ynergy (NYSY:YS)
Industry Historical % of Price Dividend Yield¹ttmº % 2.95
Current
$ 62.62 Median Median NCAV -64.82 -104 Dividend Yield¹forwardº % 3.04
¸ tilities
- Regulated - ¸ tilities - Regulated Electric P/E ¹ttmº 20.83 17.55 16.98 Peter Lynch Value 16.8 27 Payout 0.6
Market Cap: $ 19,843 Mil Forward P/E 19.84 19.27 N/A Tangible Book 22.99 37 Dividend Growth)5y( % 9.5
Eversource Energy is a public utility holding company, which is engaged in P/B 1.84 1.62 1.48 Median P/S 33.09 53 Yield on Cost¹5yº % 4.64
the energy delivery business through its subsidiaries. P/S 2.59 1.73 1.37 Graham Number 39.46 63 Continuous Div. since 1999
P/FCF 471.44 15.65 60.28 Price 62.62 Insider Ownership % 0.71
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.00 0.26 0.04 62.58

21.72
F-Score 8 5.00 6 1W 0.82 0
Operating Margin ¹%( 24.46 13.88 17.80
4M
YTD 15.10 9.1
Net-Margin ¹%( 12.45 7.70 8.61
ROE ¹%( 9.02 8.66 8.63 1Y 14.05 17.3
ROA ¹%( 3.05 2.98 2.67 3Y 14.34
ROC ¹Joel Greenblatt( 1.9M 5Y 12.95
8.90 10.08 8.90
)%(
Growth
Revenue Growth )%( -6 0.4 2.60 4856 3749 4529 5625 6390 12273 13364 16965 16199 17502 19843 Market Cap
EBITDA Growth )%( 1.7 5.1 8.30 155 156 173 177 178 278 316 317 318 318 317 Sh. Outstanding-diluted¹Milº
EBIT Growth )%( 9.1 7 7.20 19.7 14.3 13.4 14.5 16.3 20.1 17.1 20.8 18.5 18.7 20.8 Year End P/E
9.6 7.7 10.30
)%( 0.8 0.7 0.8 1.2 1.4 1.7 1.8 2.2 2 2.3 2.6 P/S
N/A N/A 0.00
Book Value Growth ¹%( 7.4 6.9 3.60
37.5 37.2 31.5 27.7 25.1 22.6 23.1 24.4 25 24 24.2 Revenue Per Share
Quarterly 1.6 1.7 1.9 2.2 2.2 1.9 2.5 2.6 2.8 3 3 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -5.6 -3.8 0.5 0.8 -0.6 -1.1 0.7 0.2 -0.9 0.6 0.1 Free Cashflow Per Share
Net Income 244 204 265 229 259 16.9 17.5 18.7 20 21 18.2 19.3 20.4 21.5 22.7 23 Tang. Book Per Share
Revenue » YoY¼ % -18 -3 6 5 2 24.6 25.7 28.4 31.4 32.4 27.8 32.9 34.4 36.6 38.9 39.5 Graham Number
Net Income » YoY¼ % -4 -2 12 26 6 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS » YoY¼ % -4 -2 12 26 6
5822.2 5800.1 5439.4 4898.2 4465.7 6273.8 7301.2 7741.9 7954.8 7639.1 7688.6 Revenue
25.9 30.7 51.7 59.5 62.9 66.8 66 61 61.2 67.3 67.5 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Jim Simons 03/31/17 Add 0.04 1,626,800 246.5 266.4 330 387.9 394.7 525.9 786 819.5 878.5 942.3 957.6 Net Income
4.2 4.6 6.1 7.9 8.8 8.4 10.8 10.6 11 12.3 12.5 Net Margin %
8.1 8.6 10 10.5 10.1 7.9 8.3 8.4 8.6 9 9 ROE %
2.2 2.1 2.4 2.7 2.6 2.4 2.8 2.9 2.9 3 3.1 ROA %
Mario Gabelli 03/31/17 Reduce 0 357,997
Jim Simons 12/31/16 Add 0.03 1,068,400
Paul Tudor Jones 12/31/16 Sell -0.01 0 15.1 89.8 27 23.4 6.6 45.7 43.4 38.7 23.9 30.3 45.8 Cash & Equivalents
11582 13988 14058 14473 15647 28303 27796 29740 30580 32053 32355 Total Assets
4401 4103.2 4935.4 4814.4 4614.9 7282.3 7776.8 8568.4 8805.6 8829.4 9267.9 Long-term Debt
SYVYRY Long-Term Debt: Keep issuing new debt 879.6 881.1 977.3 978.9 980.3 1662.5 1665.4 1666.8 1669.3 1669.4 1669.4 Common Equity
MYDIUM Interest Coverage: Low 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MYDIUM Price: Close to 10-year high 248.4 655 989.1 1093.5 970.4 1161.2 1663.5 1652 1433.8 2175.1 2111.6 Cashflow from Operations
-1067.5 -1253.4 -902.5 -958 -1018.6 -1467.9 -1441.2 -1591.8 -1659.2 -2150.8 -2256 Cashflow from Investing
Good Signs
GOOD Piotroski F-Score: High 469.4 807.7 -354.9 46.5 238.6 721.4 353.1 433.5 766.2 587.5 756 Net Issuance of Debt
352.2 673.1 -149.5 -139.1 31.4 345.9 -224.7 -64.8 210.6 -17.9 139.2 Cashflow from Financing
Insider Trades
Cur.
Shares -866.4 -600.4 81 139 -106.3 -311 206.8 48.2 -290.4 198.2 42.6 Free Cash Flow
Executive VP
Schweiger Werner J 05/31/17 -36736 169418 Competitor
an
Executive VP
Financial Operating
Schweiger Werner J 05/23/17 -48544 169421 Ticker Company Profitability Market Cap($M) P/Y P/S ROA(%) ROY(%)
an Strength Margin(%)
Executive VP NYSE:XEL Xcel Energy Inc 4 7 24,164 21.53 2.14 19.59 2.78 10.30
Schweiger Werner J 03/22/17 -39360 168199
an
Chrmn of the
NYSE:WEC WEC Energy Group Inc 4 7 20,159 21.45 2.67 22.55 3.22 10.64
May Thomas J 03/06/17 -48267 166447
Bo NYSY:YS Yversource Ynergy 3 8 19,843 20.83 2.59 24.46 3.05 9.02
Chrmn of the
May Thomas J 03/03/17 -64164 243949 NYSE:DTE DTE Energy Co 4 7 19,833 19.49 1.75 14.45 3.38 11.34
Bo
OTCPK:TNABY Tenaga Nasional Bhd 6 6 19,153 11.08 1.75 20.03 5.51 14.01
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GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:ESRX ESRX

Yxpress Scripts Holding Co (N¾S:YSRX)
Current
Health Care Plans P/E (ttm) 11.51 19.00 25.96 Tangible Book -36.44 -58 Payout N/A
Market Cap: $ 37,446 Mil Forward P/E 9.06 14.51 N/A Price 63.09 Dividend Growth(5y) % N/A
Express Scripts Holding Co is a pharmacy benefit manager in the United P/B 2.35 2.44 6.46 Peter Lynch Value 90.53 143 Yield on Cost(5y) % N/A
States. It offers healthcare management and administration services such as P/S 0.39 0.59 0.6 Median P/S 96.89 154 Continuous Div. since 2017
managed care organizations, health insurers, workers' compensation plans P/FCF 7.99 12.79 14.06 DCE (Earnings Based) 118.2 187 Insider Ownership % 0.58
and government health programs. Shiller P/E 23.46 28.07 46.07 DCF (FCF Based) 224.87 356 Institution Ownership % 64.19
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.20 1.20 0.31 94.08
38.94
F-Score 9 6.00 6 1W 4.52 0
Median Median
6M -8.80 8.7
YTD -8.29 9.1
Net-Margin (%) 3.42 3.19 2.70 14M
ROE (%) 21.95 14.32 26.63 1Y -15.66 17.3

ROA (%) 6.70 4.26 7.99 3Y -4.13
414.30 89.82 454.42
(%)
Growth
EBIT Growth (%) 15.5 13.6 27.00 33.8 17.9 27.5 24.9 17.7 29.5 31.1 32 24.4 12.8 11.5 Year End P/E
15.8 18.6 44.60
Growth (%) 1.1 0.7 0.9 0.7 0.5 0.4 0.6 0.6 0.6 0.4 0.4 P/S
20.4 9.3 7.30
(%)
Quarterly 1.1 1.5 1.6 2.2 2.5 1.8 2.3 2.6 3.6 5.4 5.5 EPS
Net Income 526 721 723 1435 546 -4.6 -4.3 -7 -6.8 -9.6 -26.9 -27.8 -29.5 -33.1 -35.8 -36.4 Tang. Book Per Share
EPS 1 1 1 2 1 20.7 24.2 27.8 49.6 54.9 74 76 79.9 87.9 95.3 96.9 Median P/S Value
Revenue (YoY) % -0 -1 1 -5 -1 -- -- -- -- -- -- -- -- -- -- -- Graham Number
EPS (YoY) % 35 28 19 104 11
18274 21978 24722 44973 46128 93714 104099 100887 101752 100288 100151 Revenue
Impact Cur. 1061 1280.5 1497.5 2070.9 2314.4 2793.9 3551.7 3602.4 4339.3 5087.8 5201.6 Operating Income
Guru Date Action
% Shares 5.8 5.8 6.1 4.6 5 3 3.4 3.6 4.3 5.1 5.2 Operating Margin %
David Rolfe 03/31/17 Reduce -2.74 92,675 567.8 776.1 827.6 1181.2 1275.8 1312.9 1844.6 2007.6 2476.4 3404.4 3424.6 Net Income
Glenn Greenberg 03/31/17 Reduce -1.56 1,413,775 3.1 3.5 3.4 2.6 2.8 1.4 1.8 2 2.4 3.4 3.4 Net Margin %
62.4 87.5 35.8 33 42 10.2 8.2 9.6 13.2 20.3 22 ROE %
Robert Olstein 03/31/17 Sell -1.3 0
11 14.4 9.5 10.5 9.8 3.6 3.3 3.7 4.6 6.5 6.7 ROA %
Seth Klarman 03/31/17 Buy 0.96 1,228,619
Dodge & Cox 03/31/17 Add 0.43 28,800,496
Paul Tudor Jones 03/31/17 Add 0.35 234,995 434.7 530.7 1070.4 523.7 5620.1 2793.1 1991.4 1832.6 3186.3 3077.2 3163.8 Cash & Equivalents
5256.4 5509.2 11931 10558 15607 58111 53548 53748 53243 51745 51056 Total Assets
1760.3 1340.3 2492.5 2493.7 7076.4 14980 12363 10966 13946 14846 13906 Long-term Debt
Warning Signs 4560 4431 8379.4 6951.2 13133 34726 31711 33694 35871 35509 35133 Total Liabilities
Good Signs 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
GOOD Piotroski F-Score: High 827.3 1103 1771.5 2117.4 2193.1 4781.6 4757.5 4549 4848.3 4919.4 5168.6 Cashflow from Operations
GOOD Revenue per Share: Consistent growth -58.3 -320.6 -4822.4 -145.9 -123.9 -10392 -72.1 -411.9 -268.5 -351.9 -320.2 Cashflow from Investing
-1140.3 -494.4 -- -1276.2 -2515.7 -- -4055.2 -4493 -5500 -4746.9 -2475.1 Repurchase of Stock
569.9 -260 2071.5 -1340.1 5580.2 2590.4 -1931.6 -344.2 2109.2 54.3 -1002 Net Issuance of Debt
GOOD Price: Close to 3-year low -469.7 -680.4 3587 -2523 3029.4 2823.6 -5494.8 -4289.7 -3217 -4677.8 -3453.9 Cashflow from Financing
-75 -85.8 -147.5 -119.9 -144.4 -160.2 -423 -436.6 -295.9 -330.4 -293.6 Capital Expenditure
Insider Trades
752.3 1017.2 1624 1997.5 2048.7 4621.4 4334.5 4112.4 4552.4 4589 4875 Free Cash Flow
Cur.
Shares Competitor
Sr. VP & Ch.
Anderson Phyllis S. 05/19/17 -1100 11108 Financial Operating
Ma Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Sr VP-Supply
Neville Everett 03/01/17 -2352 8935
Ch NYSE:ANTM Anthem Inc 6 6 50,016 18.31 0.58 5.46 4.25 11.22
Sr. VP, Sup.
Neville Everett
Ch
01/03/17 -1123 12712 NYSE:AET Aetna Inc 5 8 49,523 46.53 0.84 4.97 1.78 6.79
Sr. VP & NYSE:CI Cigna Corp 6 6 42,826 22.30 1.08 7.59 3.25 14.32
Miller Steven B 11/09/16 -21798 34817
Chief NAS:ESRX Express Scripts Holding Co 5 8 37,446 11.51 0.39 5.19 6.70 21.95
Sr. VP & Ch.
Anderson Phyllis S. 11/09/16 -642 8173 NYSE:HUM Humana Inc 6 5 33,540 23.62 0.64 5.04 5.24 13.76
Ma
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ESS ESS

Yssex Property Trust Inc (NYSY:YSS)
Industry Historical % of Price Dividend YieldÀttmÁ % 2.48
Current
$ 263.77 Median Median NCAV -90.31 -34 Dividend YieldÀforwardÁ % 2.67
REITs - REIT - Residential P/E ÀttmÁ 33.82 17.14 52.63 DCF ÀFCF Based( 19.67 7 Payout 0.84
Market Cap: $ 17,303 Mil Forward P/E 64.1 20.62 N/A Peter Lynch Value 72.23 27 Dividend GrowthÀ5y) % 9
Essex Property Trust Inc owns and develops multifamily apartments. Its P/B 2.76 1.12 3.15 Tangible Book 95.53 36 Yield on CostÀ5y) % 3.82
portfolio comprises of garden-style, midrise, and high-rise multifamily assets P/S 13.17 7.64 9.58 Graham Number 129.48 49 Continuous Div. since 1994
in the ¿ nited States. P/FCF 143.51 19.65 110.4 DCE ÀEarnings Based( 144.61 55 Insider Ownership % 0.51
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.04 0.06 0.03 266.23

107.74
F-Score 7 5.00 5 1W -0.72 0
Operating Margin À%Á 32.70 48.86 28.27
2M
YTD 14.20 9.1
Net-Margin À%Á 38.94 39.19 17.32
ROE À%Á 8.31 6.63 6.55 1Y 24.93 17.3
ROA À%Á 4.19 3.20 2.00 3Y 16.22
ROC ÀJoel GreenblattÁ 0.8M 5Y 13.80
7.10 12.00 4.60
À% Á
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth À%Á 2.7 6.5 6.80 2426 2057 2413 3577 4762 5344 5370 13156 15653 15236 17303 Market Cap
EBITDA Growth À%Á 6.3 10.1 28.40 25 25 30 30 33 35 37 57 65 66 66 Sh. Outstanding-dilutedÀMilÁ
EBIT Growth À%Á 8.7 6.1 20.30 22.8 36.7 28.8 101.1 113.3 42.9 35.5 98.4 68.6 37.1 33.8 Year End P/E
EPS without NRI Growth 3.2 2.5 2.4 3.2 3.5 3.2 3 2.2 2.5 2.5 2.8 P/B
13.5 30.8 107.40
À% Á 6.4 4.8 5.9 8.3 9.8 9.6 8.8 12.1 13 11.8 13.2 P/S
N/A N/A 0.00
À% Á
Book Value Growth À%Á 15 22.3 1.80
Quarterly 4.2 2.1 2.9 1.1 1.2 3.4 4 2.1 3.5 6.3 7.8 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -14.6 -4.7 -0.6 -10.4 0.9 -7 -4.4 -3.7 -3.3 2.7 1.8 Free Cashflow Per Share
Revenue Â YoYÃ % 11 9 8 6 7 30.2 36.6 45.8 29.7 29.2 56.8 59.5 65.8 86 115.5 129.5 Graham Number
Net Income Â YoYÃ % 35 54 50 142 119 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS Â YoYÃ % 29 57 54 144 129
379 408.4 411.4 410.3 467.4 535.2 610.6 970.9 1194.4 1294 1315.2 Revenue
67.6 67.6 66 65.1 66.3 67.8 67.7 67.8 69.6 69.9 70.1 Gross Margin %
Guru Trades
49.3 138 112.5 110.6 134.6 167 188.7 201.5 331.2 420.8 430 Operating Income
Impact Cur.
Guru Date Action 13 33.8 27.4 27 28.8 31.2 30.9 20.8 27.7 32.5 32.7 Operating Margin %
% Shares
Pioneer Investments 03/31/17 Sell -0.08 0 115.6 62.1 37.1 35.9 47.1 125.3 156.3 122.2 232.1 415 512.1 Net Income
30.5 15.2 9 8.8 10.1 23.4 25.6 12.6 19.4 32.1 38.9 Net Margin %
Jim Simons 03/31/17 Add 0.04 114,000
15.2 6.5 8.7 3.1 3.1 7.5 8.3 3 3.7 6.6 8.3 ROE %
4.2 2 1.2 1 1.2 2.8 3.1 1.5 2 3.4 4.2 ROA %
Chris Davis 03/31/17 Add 0 83,251
Diamond Hill Capital 03/31/17 Reduce 0 1,160
Ken Fisher 03/31/17 Reduce 0 25,602 -- -- 20.7 13.8 12.9 18.6 18.5 25.6 29.7 64.9 84.3 Cash & Equivalents
2980.3 3164.8 3254.6 3732.9 4037 4847.2 5186.8 11527 12008 12217 12447 Total Assets
1487.9 1640.6 1847.4 2258.7 2360.9 2818.7 2814.1 5080.7 5318.8 5563.3 5602.5 Long-term Debt
Warning Signs 2190 2319.9 2201.5 2582.9 2599.4 3082.4 3302.2 5504.1 5770.7 6025.2 6183.4 Total Liabilities
SYVYRY Beneish M-Score: Possible manipulator 0 0 0 0 0 0 0 0 0 0 0 Common Equity
SYVYRY Long-Term Debt: Keep issuing new debt 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SYVYRY Asset Growth: faster than revenue growth 190.9 181.2 173.6 175.5 216.6 267.5 305 493.3 617.4 712.5 735.2 Cashflow from Operations
-377.9 -285 -219 -510.9 -425.8 -812.1 -453.7 -1147.2 -725.6 -421.4 -431.1 Cashflow from Investing
Good Signs
-32.6 -13.7 -20.3 -- -- -- 137.7 -1.4 332.1 -1 -1.4 Repurchase of Stock
GOOD Piotroski F-Score: High 188 165.1 92.5 326.2 79.5 374.5 218.2 279.4 148.5 247.3 244.5 Net Issuance of Debt
187.3 135.7 24.1 328.4 208.3 550.4 148.6 520.6 108.2 -255.9 -267.9 Cashflow from Financing
Insider Trades
-556.7 -299.4 -192.4 -486.2 -186.8 -515 -470.7 -700.6 -830.2 -536 -614.7 Capital Expenditure
Cur.
Shares -365.8 -118.1 -18.9 -310.7 29.7 -247.5 -165.8 -207.3 -212.8 176.5 120.5 Free Cash Flow
President and
Schall Michael J 06/12/17 -334 47876 Competitor
C
Executive
Financial Operating
Eudy John D 06/12/17 -167 8430 Ticker Company Profitability Market Cap($M) P/Y P/S ROA(%) ROY(%)
Executive NYSE:EK R Equity Residential 4 7 24,882 29.59 10.74 35.00 4.03 7.99
Zimmerman Craig K 06/12/17 -167 10283
Vice
Executive
NYSY:YSS Yssex Property Trust Inc 4 8 17,303 33.82 13.17 32.70 4.19 8.31
Kleiman Angela L. 06/12/17 -83 7177
Vice NYSE:MAA Mid-America Apartment Communities Inc 4 7 12,493 44.35 7.86 22.11 2.41 4.84
Sears Janice L. Director 05/22/17 -3000 698 NYSE:¿DR ÄDR Inc 4 7 10,696 35.42 11.09 18.79 4.03 10.17
NYSE:CPT Camden Property Trust 5 6 7,743 9.84 7.37 40.38 13.42 26.90
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GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:ETFC ETFC

Y*TRADE Financial Corp (NAS:ETFC)
Industry Historical % of Price Uividend YieldÆttmÇ % N/A
Current
$ 37.25 Median Median NCAV -155.06 -416 Uividend YieldÆforwardÇ % N/A
Brokers & Exchanges - Capital Markets P/E (ttm) 19.28 20.00 19.17 Tangible Book 12.26 33 Payout N/A
Market Cap: $ 10,244 Mil Forward P/E 20.37 17.89 N/A Graham Number 23.07 62 Uividend Growth(5y) % N/A
E*TRAUE Financial Corp is a financial services company. It provides P/B 1.69 1.32 0.9 Median P/S 24.84 67 Yield on Cost(5y) % N/A
brokerage and related products and services to individual retail investors. It P/S 5.1 3.95 3.4 Price 37.25 Continuous Uiv. since 2017
also provides investor-focused banking products; sweep deposits to retail P/FCF 5.7 13.03 6.64 Insider Ownership % 3.93
investors. Shiller P/E N/A 25.16 71.62 Institution Ownership % 68.33
Financial Strength
256 51.7 25.8 19 17.95 11.36 19.64 25.14 31.15 35.64 38.27 Annual Price High
Industry Historical
Median Median
Cash to Uebt 0.71 N/A 0.49 256
125.04
F-Score 0 5.00 0 1W 2.82 0
Operating Margin Æ%) 42.98 14.46 9.65
14M
YTU 7.50 9.1
Net-Margin Æ%) 26.90 10.97 1.99
ROE Æ%) 1Y 49.18 17.3
8.69 5.18 0.52
ROA Æ%) 1.08 1.69 0.06 3Y 22.69
0.00 18.59 0.00
(%)
Growth
EBITUA Growth (%) N/A 4 130.90 42 51 110 211 290 286 293 294 295 279 275 Sh. Outstanding-diluted(MilÇ
EBIT Growth (%) N/A 8.2 314.20 -- -- -- -- 15 -- 70.1 24.3 32.9 17.5 19.3 Year End P/E
N/A N/A 49.60
(%) 5.1 0.3 0.7 1.8 1.1 1.5 3.4 4.1 6.4 5 5.1 P/S
Free Cash Flow Growth -5.3 -5.9 -28.3 13.2 5.9 5 10.7 13.8 19 8.7 9.9 EV/EBITUA
N/A N/A 37.40
Book Value Growth (%) -13 4.8 7.30
7.2 37.8 20.2 9.8 7 6 5.5 5.8 4.6 7 7.3 Revenue Per Share
Quarterly -34 -10 -11.9 -0.1 0.5 -0.4 0.3 1 0.9 2 1.9 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 15.7 41.9 8.1 4.6 3.5 -0.8 3.7 2.1 2.6 5.6 6.5 Free Cashflow Per Share
Net Income 153 133 139 127 145 10.1 5 7.6 8.1 9.5 9.5 9.9 11.7 13.2 11.6 12.3 Tang. Book Per Share
Revenue È YoYÉ % 7 10 697 16 17 -- -- -- -- 10.7 -- 8 16.2 16.4 22.8 23.1 Graham Number
Net Income È YoYÉ % 283 -54 -191 43 -5 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoYÉ % 279 -52 -196 53 -9
307.6 1925.6 2217 2077.9 2036.6 1720 1609 1704 1370 1941 2022 Revenue
-2177.7 -948.3 -524.4 155.9 361.1 203 191 452 91 838 869 Operating Income
Impact Cur.
Guru Uate Action -708 -49.3 -23.7 7.5 17.7 11.8 11.9 26.5 6.6 43.2 43 Operating Margin %
% Shares
Leon Cooperman 03/31/17 Sell -1.47 0 -1441.8 -511.8 -1297.8 -28.5 156.7 -113 86 293 268 552 544 Net Income
-468.8 -26.6 -58.5 -1.4 7.7 -6.6 5.3 17.2 19.6 28.4 26.9 Net Margin %
Alan Fournier 03/31/17 Reduce -0.13 1,986,092
-41 -18.9 -40.9 -0.7 3.5 -2.3 1.8 5.7 4.8 9.2 8.7 ROE %
Lee Ainslie 03/31/17 Buy 0.04 80,980
-2.6 -1 -2.7 -0.1 0.3 -0.2 0.2 0.6 0.6 1.2 1.1 ROA %
Steven Cohen 03/31/17 Buy 0.02 79,800
Joel Greenblatt 03/31/17 Add 0.01 23,665 2113.1 3853.8 3483.2 2374.3 2099.8 2761.5 1838 1783 2233 1950 998 Cash & Equivalents
56846 48538 47366 46373 47940 47387 46280 45530 45427 48999 55879 Total Assets
10469 7104.3 5205.7 4877.6 4230.5 3025.9 3047 6337 1488 1403 1400 Long-term Uebt
SEVERE Revenue per Share: Ueclined 4.6 5.6 1.9 2.2 2.9 2.9 3 3 3 3 3 Common Equity
MEDIUM PS Ratio: Close to 1-year high 795.2 2247.3 972 1049.3 1096 -159 1117 701 832 1625 1882 Cashflow from Operations
-4785.1 4288.8 1198.2 -1072.9 -1630.2 665 286 1713 2 -4004 -8290 Cashflow from Investing
Good Signs
226.3 -- -- -- -- -- -- -- -50 -452 -452 Repurchase of Stock
GOOD Operating Margin %: Expansion 2451.9 -2954.6 -1600 -- -28.6 -1223 -- -400 -1260 -- -- Net Issuance of Uebt
4486.5 -4415.9 -2562.4 -1086.1 259.7 156 -2327 -2469 -384 2096 5779 Cashflow from Financing
Insider Trades
-129.3 -110.2 -86.2 -82.1 -89.4 -80 -47 -87 -70 -75 -78 Capital Expenditure
Cur.
Shares 665.9 2137 885.8 967.2 1006.5 -239 1070 614 762 1550 1804 Free Cash Flow
Executive
Lawson Rodger A 03/27/17 -7947 90023 Competitor
Chair
Financial Operating
Pizzi Michael A. CFO 02/10/17 -46910 120119 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Principal
Simonich Brent 02/10/17 -6968 37181
Accou NYSE:RJF Raymond James Financial Inc 6 5 11,324 20.57 1.94 13.51 1.82 11.30
Roessner Karl A CEO 02/08/17 -16476 247600 NAS:ETFC E*TRADE Financial Corp 5 3 10,244 19.28 5.10 42.98 1.08 8.69
Principal
Simonich Brent 11/14/16 -7996 35847 OTCPK:USEEY Uaiwa Securities Group Inc 5 6 10,093 10.89 2.43 24.35 0.49 8.36
Accou
NYSE:MSCI MSCI Inc 5 9 9,560 36.56 8.51 43.10 9.10 59.48
NAS:MKTX MarketAxess Holdings Inc 10 9 7,781 56.16 20.36 52.65 28.05 31.06
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ETN ETN

Yaton Corp PLC (NYSY:YTN)
Current
Industrial Products - Uiversified Industrials P/E (ttm( 17.69 23.19 15.17 Tangible Book -8 -11 Payout 0.54
Market Cap: $ 34,057 Mil Forward P/E 16.81 20.75 N/A Median P/S 48.76 64 Uividend Growth(5yÊ % 11.6
Eaton Corp PLC is a power management company. It provides energy- P/B 2.24 1.90 1.99 Price 76.14 Yield on Cost(5yÊ % 5.33
efficient solutions that help its customers effectively manage electrical, P/S 1.75 1.28 1.12 Continuous Uiv. since 2009
hydraulic and mechanical power. Eaton's products include DPS systems, P/FCF 16.3 17.80 16.05 Insider Ownership % 0.47
cylinders, circuit breakers, among others. Shiller P/E 20.78 27.32 18.95 Institution Ownership % 58.32
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.06 1.12 0.10 79.44

32.15
F-Score 8 5.00 6 1W 0.89 0
Operating Margin (%Ê 11.54 6.00 9.56
6M
YTU 15.28 9.1
Net-Margin (%Ê 9.86 4.33 7.79
ROE (%Ê 12.78 6.84 12.78 1Y 29.40 17.3
ROA (%Ê 6.29 3.38 5.84 3Y 3.28
ROC (Joel GreenblattÊ 3M 5Y 16.70
38.75 11.81 33.32
(%Ê
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%Ê 1.1 -1.4 -1.00 14205 8214 10574 17253 14556 25503 36165 31798 23876 30150 34057 Market Cap
EBITUA Growth (%Ê 4.8 2.5 2.40 301 325 336 340 343 351 477 477 467 457 447 Sh. Outstanding-diluted(MilÊ
EBIT Growth (%Ê 6 2.1 3.00 14.7 7.7 28 18.6 11.1 15.7 19.5 18 12.3 15.9 17.7 Year End P/E
EPS without NRI Growth 2.8 1.3 1.6 2.3 2 1.7 2.2 2 1.6 2 2.2 P/B
5.7 2.6 4.40
(%Ê 1.1 0.5 0.9 1.3 0.9 1.2 1.7 1.4 1.2 1.6 1.8 P/S
Free Cash Flow Growth 10.5 6.6 13 11.4 7.8 16.6 14 11.6 9.8 11.9 13.1 EV/EBITUA
2.3 14.1 0.10
(%Ê 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%Ê 9.5 5.9 0.00
Quarterly 3.3 3.3 1.1 2.7 3.9 3.5 3.9 3.8 4.2 4.2 4.3 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 2.7 3.1 3.6 2.6 2 3.1 3.5 2.6 4 4.5 4.7 Free Cashflow Per Share
Revenue 4813 5080 4987 4867 4848 0.9 1 1 1.1 1.4 1.5 1.7 2 2.2 2.3 2.3 Uividends Per Share
Net Income 404 491 523 504 432 -1.3 -4.3 -3.3 -1.1 -0.8 -14.7 -10.3 -10 -9.4 -8.5 -8 Tang. Book Per Share
EPS 1 1 1 1 1 48.6 53 39.7 45.2 52.4 52.1 51.8 53 50 48.5 48.8 Median P/S Value
Revenue (YoYË % -8 -5 -4 -4 1 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoYË % -13 -8 17 -5 7 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoYË % -11 -6 20 -2 9
13033 15376 11873 13715 16049 16311 22046 22552 20855 19747 19782 Revenue
28 27.2 26 29.8 29.8 29.8 30.3 30.6 31.5 32.1 32.2 Gross Margin %
Guru Trades
Impact Cur.
Guru Uate Action 9 8.2 3.7 8.5 10.2 9.4 9.7 10.9 11.2 11.4 11.5 Operating Margin %
% Shares
Andreas Halvorsen 03/31/17 Sell -0.76 0 994 1058 383 929 1350 1217 1861 1793 1979 1922 1950 Net Income
7.6 6.9 3.2 6.8 8.4 7.5 8.4 8 9.5 9.7 9.9 Net Margin %
21.4 18.4 5.9 13.1 18.2 10.8 11.7 11 12.8 12.8 12.8 ROE %
Steven Cohen 03/31/17 Add 0.22 639,100
8 7 2.3 5.5 7.7 4.5 5.2 5.2 6.1 6.3 6.3 ROA %
Uavid Ureman 03/31/17 Reduce -0.02 13,961
John Buckingham 03/31/17 Reduce -0.02 111,154 142 188 340 333 385 577 915 781 268 543 222 Cash & Equivalents
13430 16655 16282 17252 17873 35810 35491 33529 30996 30419 30611 Total Assets
2432 3190 3349 3382 3366 9765 8969 8024 7746 6711 6677 Long-term Uebt
SYVYRY Revenue per Share: Ueclined 73 82 166 170 167 5 5 5 5 5 5 Common Equity
MYDIUM Uividend Yield %: Close to 2-year low 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MYDIUM Price: Close to 10-year high 1161 1441 1408 1282 1248 1664 2285 1878 2371 2552 2627 Cashflow from Operations
-1460 -3190 -225 -1012 -800 -6972 -202 143 -575 -529 -599 Cashflow from Investing
Good Signs
-340 -100 -- -- -343 159 -- -650 -682 -730 -885 Repurchase of Stock
GOOD Piotroski F-Score: High 735 667 -753 -47 303 5832 -1087 -582 -602 -22 -259 Net Issuance of Uebt
327 1815 -1061 -261 -381 5480 -1736 -2130 -2267 -1720 -2106 Cashflow from Financing
Insider Trades
Cur.
See Remarks
Fearon Richard H 05/05/17 -25000 236497 Competitor
bel
See Remarks
Financial Operating
Monesmith Heath B. 05/04/17 -5000 23506 Ticker Company Profitability Market Cap($M) P/Y P/S ROA(%) ROY(%)
bel Strength Margin(%)
See Remarks NYSE:EMR Emerson Electric Co 6 5 38,836 25.64 3.33 22.20 7.56 19.52
Yadav Dday 05/04/17 -3034 30784
bel
Sr VP and
OTCPK:FANDY Fanuc Corp 9 6 37,658 32.94 7.82 29.34 8.37 9.51
Moran Thomas E. 03/14/17 -3470 11444
Secre NYSY:YTN Yaton Corp PLC 5 6 34,057 17.69 1.75 11.54 6.29 12.78
Mccoy Ueborah L Uirector 03/02/17 -5000 39936 NYSE:PHG Royal Philips NV 6 7 32,606 17.67 1.18 8.22 5.28 13.81
OTCPK:NJUCY Nidec Corp 7 8 30,806 32.07 2.90 11.64 7.44 13.55
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:ETR ETR

Yntergy Corp (NYSY:YTR)
Current
Ì tilities
- Regulated - Ì tilities - Diversified P/E (ttm) N/A 17.55 13.59 Tangible Book 42.63 53 Payout N/A
Entergy Corp is an energy company. It is engaged in electric power P/B 1.79 1.62 1.48 Price 80.03 Yield on Cost(5y) % 4.44
production and retail electric distribution operations in portions of Arkansas, P/S 1.33 1.73 1.2 Continuous Div. since 2014
Mississippi, Texas, and Louisiana, including the City of New Orleans. P/FCF N/A 15.65 23.04 Insider Ownership % 0.59
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.07 0.26 0.10 126.07

33.25
F-Score 3 5.00 6 1W 0.91 0
3M
YTD 11.30 9.1
Net-Margin (%) -6.59 7.70 8.95
1Y 6.93 17.3
ROE (%) -8.06 8.66 11.41
ROA (%) -1.55 2.98 2.74 3Y 4.87
-3.37 10.08 8.01
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) N/A N/A 0.00 21.3 13.4 13 10.6 9.7 13.4 15.9 16.8 -- -- -- Year End P/E
N/A N/A 0.00
Growth (%) 2.1 1.3 1.5 1.2 1.2 1.1 1 1.3 1.1 1.2 1.3 P/S
N/A N/A 0.00
56.6 65.1 54.9 61.2 63 58 63.8 69.3 64.3 60.6 60.3 Revenue Per Share
Quarterly 5.6 6.2 6.3 6.7 7.6 4.8 4 5.2 -1 -3.3 -4.1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.2 2.1 2.4 8.2 -1.1 -4.2 2.1 6.8 1.7 -5.8 -1.7 Free Cashflow Per Share
Revenue 2610 2463 3125 2649 2588 2.6 3 3 3.2 3.3 3.3 3.3 3.3 3.3 3.4 3.4 Dividends Per Share
Net Income 235 573 393 -1766 86 38.8 40.6 43.6 45.9 48.7 49.6 52.4 53.7 49.8 43 42.6 Tang. Book Per Share
EPS 1 3 2 -10 0 67.7 78.1 65.6 73.1 75.2 69.3 76.2 82.8 76.6 72.2 72 Median P/S Value
Revenue (YoY) % -11 -9 -7 6 -1 69.9 75.2 78.6 83 90.9 72.9 68.6 79.4 -- -- -- Graham Number
Net Income (YoY) % -22 272 -155 -1784 -63 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -22 281 -153 -1898 -64
11484 13094 10746 11488 11229 10302 11391 12495 11513 10846 10824 Revenue
57.1 52 63.3 61.4 61.6 65.7 62.6 61.5 64.4 70.1 70.1 Gross Margin %
Guru Trades
2056.4 2283.2 2284.5 2267.4 2013.2 1301.2 1355 2006.9 -299.2 -886.5 -1209.9 Operating Income
Impact Cur.
Guru Date Action 17.9 17.4 21.3 19.7 17.9 12.6 11.9 16.1 -2.6 -8.2 -11.2 Operating Margin %
% Shares
Richard Pzena 03/31/17 Reduce -0.18 371,942 1134.8 1240.5 1251.1 1270.3 1367.4 868.4 730.6 960.3 -156.7 -564.5 -713.7 Net Income
9.9 9.5 11.6 11.1 12.2 8.4 6.4 7.7 -1.4 -5.2 -6.6 Net Margin %
13.3 15 14.8 14.5 15.3 9.3 7.5 9.5 -1.8 -6.7 -8.1 ROE %
Barrow, Hanley,
03/31/17 Reduce -0.07 3,388,950 3.5 3.5 3.4 3.3 3.4 2.1 1.7 2.1 -0.3 -1.3 -1.6 ROA %
Mewhinney & Strauss
John Buckingham 03/31/17 Add 0.01 50,074 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
David Dreman 03/31/17 Sell -0.01 0 1273 1920.5 1709.6 1294.5 694.4 532.6 739.1 1422 1351 1187.8 1083.1 Cash & Equivalents
Paul Tudor Jones 03/31/17 Reduce 0 5,372 33643 36617 37562 38685 40702 43203 43406 46414 44648 45904 45318 Total Assets
9948.6 11517 10706 11359 10082 11955 12171 12416 13139 14492 13951 Long-term Debt
SYVYRY Piotroski F-Score: Low
SYVYRY Revenue per Share: Declined
-2098.5 -2590.1 -2094.4 -2574.2 -3446.9 -3639.8 -2601.6 -2954.5 -2608.8 -3850 -2783.8 Cashflow from Investing
MYDIUM Dividend Yield %: Close to 2-year low -1273.4 -512.4 -613.1 -878.6 -264.9 -- -- -183.3 -99.8 -- -- Repurchase of Stock
MYDIUM Price: Close to 2-year high 1496.2 999.9 135.3 -315.9 547 1035.8 182.2 328.3 -63.4 1409.9 504.9 Net Issuance of Debt
-221.6 -70.8 -1048.4 -1767.3 -282.3 538.2 -380.8 -252.2 -753.5 688.2 -220 Cashflow from Financing
Insider Trades -2323 -2903 -2456.7 -2382 -3327.7 -3689 -2822.7 -2656.7 -2994.5 -4044.3 -3306.7 Capital Expenditure
Cur. 236.8 421.3 476.4 1544.1 -198.8 -748.7 366.5 1232.8 296.7 -1045.6 -311.4 Free Cash Flow
Shares
Fisackerly Haley
"Officer"
05/15/17 -600 5691
Competitor
Under Financial Operating
"Officer" Ticker Company Profitability Market Cap($M) P/Y P/S ROA(%) ROY(%)
Riley Richard C 05/12/17 -1000 9823 Strength Margin(%)
Under
EVP & NYSY:YTR Yntergy Corp 3 6 14,363 0.00 1.33 -11.18 -1.55 ,8.06
Brown Marcus V 02/24/17 -4005 25526
General C OTCPK:RWEOY RWE AG 4 4 14,265 0.00 0.28 -12.20 -7.31 -106.25
"Officer"
Rainer Sallie T 02/22/17 -500 8045 OTCPK:FOJCY Fortum Oyj 5 6 14,174 34.14 3.86 13.55 1.65 2.69
Under
Fisackerly Haley
"Officer"
02/21/17 -500 6249
OTCPK:CPYYY Centrica PLC 5 7 14,018 6.53 0.40 9.17 8.16 77.40
Under
NYSE:FE FirstEnergy Corp 3 4 13,219 0.00 0.90 -59.42 -12.99 -65.96
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EW EW

Ydwards Lifesciences Corp (NYSE:EW)
Industry Historical % of Price Uividend YieldÍttmÎ % N/A
Current
$ 114.95 Median Median NCAV -2.47 -2 Uividend YieldÍforwardÎ % N/A
Medical Uevices P/E ÍttmÎ 38.08 31.88 28.21 Tangible Book 6.61 6 Payout N/A
Market Cap: $ 24,117 Mil Forward P/E 33.78 22.78 N/A Graham Number 21.15 18 Uividend GrowthÍ5yÎ % N/A
Edwards Lifesciences Corp technologies treat structural heart disease and P/B 8.82 2.86 5.66 Peter Lynch Value 63.24 55 Yield on CostÍ5yÎ % N/A
critically ill patients. It manufactures heart valves and repair products used to P/S 7.9 3.30 4.8 UCF ÍFCF BasedÎ 67.7 59 Continuous Uiv. since N/A
replace or repair a patient's diseased or defective heart valve. P/FCF 48.2 31.25 38.85 Median P/S 69.47 60 Insider Ownership % 0.55
Shiller P/E 66.43 47.60 62.11 UCE ÍEarnings BasedÎ 85.69 75 Institution Ownership % 62.54
Financial Strength
Industry Historical
Median Median
Cash to Uebt 1.08 2.88 1.11 121.36
55.36
F-Score 6 4.00 7 1W -2.69 0
Operating Margin Í%Î 28.04 2.26 22.10
4M
YTU 22.68 9.1
Net-Margin Í%Î 20.85 1.61 16.35
ROE Í%Î 25.60 1.67 20.89 1Y 17.48 17.3
ROA Í%Î 15.25 0.13 13.18 3Y 43.16
ROC ÍJoel GreenblattÎ 1.8M 5Y 18.71
85.94 4.46 57.83
Í% Î
Growth
Revenue Growth Í%Î 12.8 13.8 22.30 2604 3059 4933 9297 8067 10308 7188 13732 17012 19827 24117 Market Cap
EBITUA Growth Í%Î 18.8 22.9 28.80 251 238 235 238 239 237 228 217 220 218 210 Sh. Outstanding-dilutedÍMilÎ
EBIT Growth Í%Î 22 24.7 35.00 24.6 25 22.2 44.4 35.9 36.8 19.3 17 35.1 35.9 38.1 Year End P/E
EPS without NRI 3.1 3.5 4.3 7.1 6 7 4.7 6.3 6.8 7.6 8.8 P/B
21.6 23.7 28.10
Growth Í%Î 2.6 2.6 3.9 6.7 5 5.6 3.7 6 7 6.9 7.9 P/S
21.8 23.2 11.10
Í% Î
Book Value Growth Í%Î 14.5 18.2 19.60
4.4 5.2 5.6 6.1 7 8 9 10.7 11.3 13.6 14.5 Revenue Per Share
Quarterly 0.5 0.5 1 0.9 1 1.2 1.7 3.7 2.3 2.6 3 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 0.6 0.3 0.4 0.8 0.9 1 1.6 4.3 2 2.2 2.4 Free Cashflow Per Share
Net Income 143 127 141 159 230 1.6 2.1 3.3 4 4 4.5 5.1 8.3 7.8 8.5 6.6 Tang. Book Per Share
Revenue Ï YoYÐ % 18 23 20 14 27 4.1 5.1 8.5 9.1 9.5 11.2 14.1 26.5 19.8 22.3 21.2 Graham Number
Net Income Ï YoYÐ % 16 12 20 13 61 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS Ï YoYÐ % 18 14 20 13 61
1091.1 1237.7 1321.4 1447 1678.6 1899.6 2045.5 2322.9 2493.7 2963.7 3149.9 Revenue
Impact Cur.
Guru Uate Action 15.8 14 22.8 19.7 17.9 21.4 26.1 53.1 25.5 26.5 28 Operating Margin %
% Shares
Uavid Rolfe 03/31/17 Buy 2.75 1,137,072 113 128.9 229.1 218 236.7 291.5 389.1 811.1 494.9 569.5 656.7 Net Income
10.4 10.4 17.3 15.1 14.1 15.4 19 34.9 19.9 19.2 20.9 Net Margin %
14.3 15 22.5 17.7 17.9 20.7 25.7 43.4 21.1 22.2 25.6 ROE %
8.7 9.4 15.2 12.9 12.6 13.9 15.8 26 13.1 13.3 15.3 ROA %
Ray Ualio 03/31/17 Buy 0.05 45,415 141.8 218.7 334.1 396.1 171.2 310.9 420.4 653.8 718.4 930.1 819.3 Cash & Equivalents
1345.1 1400.2 1615.5 1767.2 1980.5 2221.5 2709.9 3523 4056.3 4510 4780.4 Total Assets
61.7 175.5 90.3 -- 150.4 189.3 593.1 598.1 596.9 822.3 847.9 Long-term Uebt
Warning Signs 510.1 521.4 457.6 459 642.6 742.2 1165.5 1331.6 1553.2 1891 2037.7 Total Liabilities
SEVERE Asset Growth: faster than revenue growth 68.6 73.7 76.1 117 120 124.2 126 128.9 239.1 242.6 243.2 Common Equity
MEDIUM Long-Term Uebt: Issuing new debt 210.2 153.2 165.3 251.4 308.2 362.1 472.7 1022.3 549.7 704.4 725.6 Cashflow from Operations
-144.5 58.8 40.1 -61.5 -406.5 -78.8 -412.7 -633 -316.1 -211.7 -107.8 Cashflow from Investing
Good Signs
-130.9 -306.5 -95.5 -200 -303.4 -344.1 -496.9 -300.9 -280.1 -662.3 -755.6 Repurchase of Stock
GOOD Revenue per Share: Consistent growth -27.9 94.2 -84.6 -48.4 104.4 39.5 409.6 226.3 31.4 253.5 621.2 Net Issuance of Uebt
GOOD Operating Margin %: Expansion -108.1 -134.1 -91.8 -103.9 -135.2 -155.6 34.9 -153 -158.6 -268.5 -290.7 Cashflow from Financing
-62.5 -78 -64 -63 -84.3 -116 -110.1 -93.7 -106.5 -217.4 -208.3 Capital Expenditure
Insider Trades 147.7 75.2 101.3 188.4 223.9 246.1 362.6 928.6 443.2 487 517.3 Free Cash Flow
Cur.
Competitor
Shares
Chairman & Financial Operating
Mussallem Michael A 06/07/17 -32900 863357 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Verguet Patrick B CVP, Europe 05/31/17 -10000 129137
NAS:ISRG Intuitive Surgical Inc 9 8 33,118 45.18 12.65 34.40 13.64 15.35
NYSE:ZBH Zimmer Biomet Holdings Inc 4 7 25,375 51.78 3.27 12.00 1.87 5.11
CVP, Heart
NYSE:EW Edwards Lifesciences Corp 7 9 24,117 38.08 7.90 28.04 15.25 25.60
Bobo Uonald E Jr 05/08/17 -19100 99159
Valv NYSE:STJ St Jude Medical Inc 5 6 22,824 35.31 3.89 15.51 5.33 15.74
NYSE:SNN Smith & Nephew PLC 6 8 15,479 19.95 3.25 17.27 11.37 21.10
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EXC EXC

Yxelon Corp (NYSY:YXC)
Current
Ñ tilities
- Regulated - Ñ tilities - Ò iversified P/E (ttm) 17.45 17.55 15.36 Tangible Book 21.45 58 Payout 0.61
Exelon Corp is a utility services holding company engaged, through P/B 1.28 1.62 1.52 Price 36.82 Yield on Cost(5y) % 1.91
Generation, in the energy generation business, and through ComEd, PECO P/S 1.05 1.73 1.41 Median P/S 49.43 134 Continuous Div. since 2015
and BGE, in the energy delivery businesses. P/FCF N/A 15.65 24.77 Insider Ownership % 0.18
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.02 0.26 0.05 91.64

33.09
F-Score 6 5.00 6 1W 1.15 0
12M
YTD 5.59 9.1
Net-Margin (%) 6.01 7.70 10.40
ROE (%) 7.53 8.66 13.62 1Y 11.47 17.3
ROA (%) 1.71 2.98 3.58 3Y 4.36
4.50 10.08 9.93
(%)
Growth
EBITDA Growth (%) -3 -2.5 27.10 676 662 662 663 665 819 860 864 893 927 926 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) -7 -5.7 8.10 20.2 13.4 12 10.8 11.6 21.1 13.7 19.8 10.9 28.9 17.5 Year End P/E
EPS without NRI 5.3 3.3 2.6 2 2 1.2 1 1.4 1 1.3 1.3 P/B
-8.6 -10.6 8.80
Growth (%) 2.9 2 1.9 1.5 1.5 1 1 1.2 0.8 1.1 1.1 P/S
Free Cash Flow Growth 9.3 6.2 5.5 4.9 6.5 6.4 6 8.4 6.4 8.9 8 EV/EBITDA
N/A N/A 0.00
(%)
28 28.5 26.2 28.1 28.7 28.7 28.9 31.7 33 33.8 35.1 Revenue Per Share
Quarterly 4.1 4.1 4.1 3.9 3.8 1.4 2 1.9 2.5 1.2 2.1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.7 5.2 4.3 2.9 0.6 0.4 1.1 -1.9 -0 -0.1 -0.3 Free Cashflow Per Share
Revenue (YoY) % -14 6 22 18 16 32.1 34.4 37.4 37.9 38.7 26.5 32.5 31.3 37.9 23.9 31.9 Graham Number
EPS (YoY) % -76 -61 -23 -31 463
18916 18859 17318 18644 19063 23489 24888 27429 29447 31360 32543 Revenue
Impact Cur.
% Shares
John Hussman 03/31/17 Buy 0.79 101,000 2736 2737 2707 2563 2495 1160 1719 1623 2269 1134 1956 Net Income
T Rowe Price Equity
14.5 14.5 15.6 13.8 13.1 4.9 6.9 5.9 7.7 3.6 6 Net Margin %
03/31/17 Reduce -0.2 4,700,000 27.2 25.8 22.9 19.6 17.9 6.4 7.7 7.1 9.4 4.4 7.5 ROE %
Income Fund
6.1 5.9 5.6 5.1 4.7 1.7 2.2 2 2.5 1.1 1.7 ROA %
Richard Pzena 03/31/17 Sell -0.1 0
Paul Tudor Jones 03/31/17 Reduce -0.09 26,633 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Richard Snow 03/31/17 Reduce -0.06 66,974 311 1271 2010 1612 1016 1486 1609 1878 6502 635 609 Cash & Equivalents
Ray Dalio 03/31/17 Reduce -0.06 53,094 45361 47546 49180 52240 54995 78561 79924 86416 95384 114904 117068 Total Assets
11965 12592 11385 12004 12189 18346 18271 19853 24286 32216 31685 Long-term Debt
-- -- -- -- -- -- -- -- -- -- -- Common Equity
Warning Signs
SYVYRY Operating Margin %: Declined
SYVYRY Asset Growth: faster than revenue growth
MYDIUM Dividend Yield %: Close to 5-year low -1208 -500 -- -- -- -- -- -- -- -- -- Repurchase of Stock
MYDIUM Price: Close to 5-year high 650 -576 -551 -391 571 685 798 2040 4102 2205 1879 Net Issuance of Debt
-1500 -2213 -1897 -1748 -846 -1085 -826 411 4830 1191 842 Cashflow from Financing
Good Signs -2674 -3117 -3273 -3326 -4429 -5789 -5395 -6077 -7624 -8553 -8465 Capital Expenditure
GOOD PE Ratio: Close to 1-year low 1822 3434 2821 1918 424 342 948 -1620 -8 -108 -292 Free Cash Flow

Insider Position Date Trades Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Shares Strength Margin(%)
Shattuck Mayo A Iii Chairman 06/12/17 -465892 26678 OTCPK:ENGIY Engie SA 4 5 37,477 0.00 0.51 3.68 -0.26 -1.35
Rogers John W Jr Director 05/11/17 3000 66637 NYSE:EXC Exelon Corp 4 7 34,099 17.45 1.05 12.05 1.71 7.53
SVP and
Desparte Duane M 02/21/17 -5000 9914 OTCPK:ECIFY Electricite de France SA 4 7 30,037 8.54 0.28 10.55 1.03 6.55
Control
Shattuck Mayo A Iii Chairman 12/13/16 -442851 24241 NYSE:SRE Sempra Energy 4 6 28,841 19.86 2.73 16.81 3.22 11.70
Shattuck Mayo A Iii Chairman 12/08/16 -68519 24241 NYSE:PEG Public Service Enterprise Group Inc 3 5 22,421 42.62 2.48 10.26 1.35 4.56
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:EXPD EXPD

Yxpeditors International of Washington Inc
Current
(NAS:EXPD) Median Median NCAV 5.79 10 Dividend Yield(forward) % 1.49
$ 57.25 P/E (ttm( 24.47 18.32 25.2 Tangible Book 10.74 19 Payout 0.34
Forward P/E 23.47 18.02 N/A Peter Lynch Value 22.96 40 Dividend Growth(5yÓ % 9.5
Transportation & Logistics - Integrated Shipping & Logistics
P/B 5.31 1.24 4.92 Graham Number 23.78 42 Yield on Cost(5yÓ % 2.3
P/S 1.68 1.11 1.53 DCE (Earnings BasedÓ 30.53 53 Continuous Div. since 1994
Expeditors International of Washington Inc is a third-party logistics provider
focused on international freight forwarding. The firm operates more than 150 P/FCF 24.24 17.15 24.85 DCF (FCF BasedÓ 33.95 59 Insider Ownership % 2
full-service office locations worldwide. Shiller P/E 30.95 21.15 37.18 Median P/S 52.2 91 Institution Ownership % 67.7
Financial Strength
Industry Historical
Median Median
Cash to Debt No Debt 0.31 No Debt 57.3

16.64
F-Score 9 5.00 7 1W 5.01 0
Operating Margin (%Ó 10.67 5.50 9.13
5M
YTD 8.89 9.1
Net-Margin (%Ó 6.87 3.43 5.76
1Y 20.35 17.3
ROE (%Ó 23.24 6.32 20.75
ROA (%Ó 15.38 2.78 13.80 3Y 10.03
ROC (Joel GreenblattÓ 2.3M 5Y 8.99
83.51 9.14 73.00
(%Ó
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%Ó 5.2 4.4 0.90 9517 7055 7372 11578 8684 8163 8963 8550 8211 9525 10314 Market Cap
EBITDA Growth (%Ó 7 7.7 -2.30 222 219 217 216 215 212 207 197 190 183 180 Sh. Outstanding-diluted(MilÓ
EBIT Growth (%Ó 8 7.7 -2.80 36.6 24.5 31.3 34.3 22.9 25.2 26.2 23.2 18.9 22.4 24.5 Year End P/E
EPS without NRI 7.8 5.2 4.8 6.7 4.3 4 4.3 4.6 4.9 5.2 5.3 P/B
8.1 8.3 -1.30
Growth (%Ó 1.9 1.3 1.8 2 1.4 1.4 1.5 1.3 1.3 1.6 1.7 P/S
9.6 11.2 -28.30
(%Ó 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%Ó 7.1 0.5 10.70
Quarterly 1.2 1.4 1.1 1.6 1.8 1.6 1.7 1.9 2.4 2.4 2.3 EPS
Revenue (YoY) % -15 -13 -5 3 9 12.4 14 13.5 17.1 19.5 18.6 19.7 20.5 22.4 23.3 23.8 Graham Number
EPS (YoY) % -4 3 -5 0 -4
5235.2 5633.9 4092.3 5967.6 6161.5 5992.2 6080.3 6564.7 6616.6 6098 6224.7 Revenue
Guru Trades 29.1 28.5 33.8 28.4 31 30.6 31 30.2 33.1 35.5 34.5 Gross Margin %
423.4 473.1 385 547.2 618.3 530.8 552.1 594.6 721.5 670.2 664.5 Operating Income
Impact Cur.
Guru Date Action 8.1 8.4 9.4 9.2 10 8.9 9.1 9.1 10.9 11 10.7 Operating Margin %
% Shares
Charles De Vaulx 03/31/17 Reduce -0.17 1,018,852 269.2 301 240.2 344.2 385.7 333.4 348.5 376.9 457.2 430.8 427.5 Net Income
5.1 5.3 5.9 5.8 6.3 5.6 5.7 5.7 6.9 7.1 6.9 Net Margin %
23.4 23.2 16.5 20.9 20.6 16.5 17 19.1 25.7 24.4 23.2 ROE %
Lee Ainslie 03/31/17 Sell -0.03 0
13.8 14.4 10.9 13.8 13.9 11.5 11.7 12.8 16.8 16.1 15.4 ROA %
Columbia Wanger 03/31/17 Reduce -0.03 421,370
Primecap Management 03/31/17 Reduce -0.02 190,300 574.6 741 925.9 1084.5 1294.4 1260.8 1247.7 927.1 807.8 974.4 1156 Cash & Equivalents
2069.1 2100.8 2323.7 2679.2 2866.8 2954.1 3014.8 2890.9 2565.6 2790.9 2902.7 Total Assets
-- -- -- -- -- -- -- -- -- -- -- Long-term Debt
Warning Signs 842.5 734.4 770.7 938.3 863.2 926.4 930 1022.5 873.6 946.2 953.8 Total Liabilities
MEDIUM Revenue per Share: Growth slow down 2.1 2.1 2.1 2.1 2.1 2.1 2 1.9 1.8 1.8 1.8 Common Equity
Good Signs
GOOD Piotroski F-Score: High 312.6 409 330.8 395.5 457.1 370.1 407.5 395 564.7 529.1 488.8 Cashflow from Operations
-88 -59.2 -41.3 -42.2 -80.3 -47 -76.8 -78.9 -7.4 -53.2 -52 Cashflow from Investing
GOOD Interest Coverage: Comfortable
-207.6 -154.2 -88.4 -246.3 -112.1 -302.4 -261.9 -550.8 -630 -337.7 -321.3 Repurchase of Stock
Insider Trades -- -- -- -- -- -- -- -- -- -- -- Net Issuance of Debt
Cur. -174.6 -160.7 -117.3 -208.6 -157.1 -363 -332 -605.5 -635 -298.4 -278.3 Cashflow from Financing
Shares -82.8 -59.7 -34.7 -42.4 -78.1 -47.6 -53.4 -37.5 -44.4 -59.3 -58 Capital Expenditure
Mcclincy Christopher J.
Senior VP -
03/13/17 -1274 17621
229.8 349.2 296.1 353.1 379 322.5 354.1 357.5 520.3 469.8 430.8 Free Cash Flow
CIO
Malone Michael J Director 03/10/17 -7000 15402 Competitor
Coughlin Philip M 03/06/17 -4146 73553 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strategy Strength Margin(%)
President and
Musser Jeffrey S 03/06/17 -4100 149460 OTCPK:BOIVF Bollore SA 5 5 13,185 27.20 1.19 6.22 1.95 4.82
C
President, OTCPK:DSDVY DSV A/S 6 6 11,344 35.98 1.07 4.98 5.30 16.62
Wall Daniel R 02/27/17 -3465 32160
Glob NAS:EXPD Expeditors International of Washington Inc 9 9 10,314 24.47 1.68 10.67 15.38 23.24
NAS:JBHT JB Hunt Transport Services Inc 5 8 9,930 23.43 1.53 10.55 11.64 31.79
NAS:CHRW C.H. Robinson Worldwide Inc 6 8 9,785 19.19 0.73 6.13 14.64 41.00
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:EXPE EXPE

Yxpedia Inc (NKS:YXPE)
Current
Travel & Leisure - Leisure P/E (ttm( 74.33 23.63 17.47 Tangible Book -41.58 -29 Payout 0.53
Expedia Inc is an online travel company. It offers holiday packages, rental P/B 5.38 1.76 1.69 Median P/S 97.47 67 Yield on Cost(5y( % 1.53
cars, cruises, as well as destination services and activities. P/S 2.47 1.92 1.65 Price 145.69 Continuous Div. since 2012
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.06 0.75 1.27 149.22

71.77
F-Score 7 5.00 7 1W -2.37 0
9M
YTD 29.10 9.1
Net-Margin (%( 3.36 4.84 8.54
1Y 40.67 17.3
ROE (%( 7.27 5.39 12.25
ROA (%( 1.84 2.57 4.43 3Y 25.97
36.81 9.48 125.06
(%(
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%( 15 18.7 13.80 4247 1112 3813 3535 3876 8315 9034 10847 17014 16995 21991 Market Cap
EBITDA Growth (%( N/A 18.3 -22.70 157 143 146 144 139 140 140 133 134 155 151 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( N/A -1 10.70 15.7 -- 11.8 8 8.5 30.9 42.2 28.4 21.9 62.6 74.3 Year End P/E
N/A 6.6 -57.60
(%( 1.8 0.4 1.2 1.1 1.2 2.1 2 2 2.5 2 2.5 P/S
Free Cash Flow Growth 6.4 -0.9 6 6.5 6 12.2 13.5 12.1 12 16 18.1 EV/EBITDA
6.5 0.6 158.10
Book Value Growth (%( -1.5 14.2 -12.40
Quarterly 1.9 -17.6 2.1 2.9 3.4 2 1.7 3 5.7 1.8 2 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 4 2.5 4 3.5 4.5 7.2 3.3 7.8 4.3 5.3 9.2 Free Cashflow Per Share
Revenue 1904 2196 2581 2093 2189 -- -- -- 0.6 0.6 0.4 0.6 0.7 0.8 1 1 Dividends Per Share
Net Income -109 32 279 79 -86 -15.1 -14.3 -11.1 -11.8 -10.6 -11.5 -20.3 -27.2 -43.3 -41.7 -41.6 Tang. Book Per Share
EPS -1 0 2 1 -1 28.1 33.2 33.4 34.7 41 47.5 57 72 82.1 94.3 97.5 Median P/S Value
EPS (YoY( % -312 -94 -15 -419 -21
2665.3 2937 2955.4 3033.6 3449 4030.3 4771.3 5763.5 6672.3 8773.6 9058.3 Revenue
78.9 78.3 79.5 77.4 77.9 77.7 78.2 79.5 80.4 81.8 82.2 Gross Margin %
Guru Trades
529.1 -2429 571.4 500.8 479.6 431.7 366.1 517.8 413.6 461.7 486.2 Operating Income
Impact Cur.
Guru Date Action 19.9 -82.7 19.3 16.5 13.9 10.7 7.7 9 6.2 5.3 5.4 Operating Margin %
% Shares
295.9 -2517.8 299.5 421.5 472.3 280.2 232.9 398.1 764.5 281.8 304.3 Net Income
11.1 -85.7 10.1 13.9 13.7 7 4.9 6.9 11.5 3.2 3.4 Net Margin %
5.5 -70.6 12 15.7 19.4 12.5 10.5 20.3 23 6.3 7.3 ROE %
3.6 -35.5 5.1 6.7 7.2 4.1 3.1 4.8 6.2 1.8 1.8 ROA %
Jim Simons 03/31/17 Add 0.09 761,459
Paul Tudor Jones 03/31/17 Sell -0.07 0 617.4 665.4 642.5 714.3 689.1 1293.2 1021 1402.7 1676.3 1796.8 2503.2 Cash & Equivalents
8295.4 5894.2 5937.2 6651 6505.3 7132.7 7739.5 9020.5 15486 15778 17669 Total Assets
1085 1544.5 895.1 1644.9 1249.3 1249.3 1249.4 1746.8 3183.1 3159.3 3170.9 Long-term Debt
Warning Signs 3477.3 3577.2 3254.5 3978.5 4305.4 4852.5 5594 7236.3 10621 11645 13580 Total Liabilities
SEVERE Operating Margin %: Declined 0.4 0.4 0.4 0.4 0 0 0 0 0 0 0 Common Equity
MEDIUM Dividend Yield %: Close to 1-year low 712.1 520.7 676 646.4 825.7 1237.2 763.2 1367 1368 1564.3 2129.5 Cashflow from Operations
MEDIUM Price: Close to 10-year high -179.5 -859.6 -47.8 -744.3 -463.5 -367.8 -525.5 -924.3 -2371.3 -718.3 -1508.7 Cashflow from Investing
-1397.2 -12.9 -8 -502 -294 -417.6 -522.9 -537.9 -60.5 -455.7 -313.9 Repurchase of Stock
Good Signs 585 457.3 -650 742.5 -- -- -- 492.9 1441.9 -403.5 -403.5 Net Issuance of Debt
GOOD Piotroski F-Score: High -790 464.8 -660.3 127.9 -353.5 -272.8 -492.5 48.1 1404.2 -690.6 -125.8 Cashflow from Financing
-86.7 -159.8 -92 -136.4 -207.8 -235.7 -308.6 -328.4 -787 -749.3 -748.6 Capital Expenditure
Insider Trades 625.4 360.9 584 510 617.9 1001.5 454.6 1038.6 581 815 1380.8 Free Cash Flow
Cur.
Shares Competitor
Soliday Lance A 05/19/17 -2544 2271 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Accountin Strength Margin(%)
Jacobson Craig A Director 05/09/17 -3000 30496
NYSE:RCL Royal Caribbean Cruises Ltd 4 8 24,103 17.32 2.82 18.56 6.35 16.19
EVP, Gen.
Dzielak Robert J 05/04/17 -31829 19277 OTCPK:OLCLY Oriental Land Co Ltd 8 7 23,304 34.82 5.60 22.76 9.58 12.10
Couns
Athey Susan C Director 05/02/17 -670 -- NAS:EXPE Expedia Inc 5 8 21,991 74.33 2.47 5.37 1.84 7.27
Khosrowshahi Dara CEO 02/21/17 -106892 464848 OTCPK:SMNNY Shimano Inc 9 7 14,473 29.32 4.93 19.87 12.79 14.62
NAS:HAS Hasbro Inc 6 8 13,624 24.20 2.73 15.49 12.20 32.92
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:EXR EXR

Yxtra Space Storage Inc (NYSY:YXR)
Industry Historical % of Price Dividend YieldÔttmÕ % 4.07
Current
$ 76.79 Median Median NCAV -37.84 -49 Dividend YieldÔforwardÕ % 4.14
REITs - REIT - Industrial P/E ÔttmÕ 26.57 17.14 36.44 Tangible Book 17.76 23 Payout 1.08
Market Cap: $ 9,673 Mil Forward P/E 27.03 20.62 N/A Graham Number 33.98 44 Dividend GrowthÔ5yÕ % 38.5
Extra Space Storage Inc is a fully integrated, self-administered and self- P/B 4.32 1.12 2.25 Median P/S 55 72 Yield on CostÔ5yÕ % 20.74
managed real estate investment trust. It owns, operates, manages, acquires, P/S 9.78 7.64 7.01 Peter Lynch Value 55.11 72 Continuous Div. since 2009
develops and redevelops professionally managed self-storage facilities. P/FCF N/A 19.65 24.85 Price 76.79 Insider Ownership % 2.71
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.01 0.06 0.04 94.38
44.64
F-Score 6 5.00 6 1W 3.19 0
Operating Margin Ô%Õ 46.85 48.86 36.38
YTD 1.44 9.1
Net-Margin Ô%Õ 35.67 39.19 19.76 2M
ROE Ô%Õ 16.73 6.63 7.41 1Y -8.48 17.3

ROA Ô%Õ 5.44 3.20 2.88 3Y 16.70
ROC ÔJoel GreenblattÕ 1.2M 5Y 24.48
7.81 12.00 7.29
Ô% Õ
Growth
Revenue Growth Ô%Õ 8.7 17 21.50 940 885 1002 1524 2297 4030 4877 6823 10949 9723 9673 Market Cap
EBITDA Growth Ô%Õ 10.8 19.9 46.20 71 82 91 92 94 104 113 121 127 126 126 Sh. Outstanding-dilutedÔMilÕ
EBIT Growth Ô%Õ 12.9 21.4 52.00 27.5 21.1 31.2 58 44.9 31.9 27.5 38.3 56.5 26.5 26.6 Year End P/E
24.4 30.7 64.20
Ô% Õ 4.2 3.1 3.8 5.7 7 9.4 9.3 11 14.4 10.2 9.8 P/S
Free Cash Flow Growth 18.7 14.2 14.7 19 20.6 23.6 22.4 24 33.6 22 20.7 EV/EBITDA
N/A 0.6 0.00
Ô% Õ
Book Value Growth Ô%Õ 7 9.5 3.70
Quarterly 0.5 0.5 0.4 0.3 0.5 1.1 1.5 1.5 1.6 2.9 2.9 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.4 1.2 0.5 0.4 -0.7 -3.8 -0.8 -1.6 -0.1 -4.6 -2.8 Free Cashflow Per Share
EPS 1 1 1 1 1 23.8 23.4 21.5 21.4 24.4 27.2 31.9 37.4 43 53.3 55 Median P/S Value
Revenue Ö YoY× % 32 31 30 16 15 10.6 10.3 9.2 8.2 11.4 18.6 22.8 22.6 24.3 34.2 34 Graham Number
Net Income Ö YoY× % 54 50 65 850 -0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS Ö YoY× % 43 40 60 1220 -3
238.9 273.3 280.1 281.5 329.8 409.4 520.6 647.2 782.3 991.9 1025.5 Revenue
Impact Cur.
Guru Date Action 35.1 33.8 25.7 32.3 35 38.4 41 43 37.7 45.4 46.9 Operating Margin %
% Shares
Paul Tudor Jones 03/31/17 Buy 0.01 3,288 36.1 35.8 32 26.3 50.4 117.3 172.1 178.4 189.5 366.1 365.8 Net Income
15.1 13.1 11.4 9.4 15.3 28.7 33.1 27.6 24.2 36.9 35.7 Net Margin %
5.5 4.8 3.6 3 5.3 9.3 10.6 10.2 9.9 16.9 16.7 ROE %
Chris Davis 03/31/17 Reduce 0 110,653
1.9 1.7 1.4 1.1 2.1 4.1 4.8 4.3 3.6 5.6 5.4 ROA %
Manning & Napier
03/31/17 Reduce 0 40,095
Advisors, Inc 17.4 64 132 46.8 26.5 30.8 126.7 47.7 75.8 43.9 29.3 Cash & Equivalents
Columbia Wanger 12/31/16 Sell -0.27 0 2054.1 2291 2407.6 2249.8 2517.5 3223.5 3977.1 4382 6071.4 7091.4 7034.4 Total Assets
1319.8 1286.8 1403 1078.7 1148.7 1492.6 1946.6 2211.8 3499.6 3941.2 3928.5 Long-term Debt
1434.2 1412.2 1523.4 1368.4 1498.6 1731.7 2218.7 2644.6 3982.3 4846.6 4798.2 Total Liabilities
SYVYRY Financial Strength: Poor
SYVYRY Altman K -Score:Distress
-253.6 -224.5 -104.4 -83.7 -251.9 -606.9 -367 -564.9 -1625.7 -1032 -773.5 Cashflow from Investing
SYVYRY Asset Growth: faster than revenue growth -- -- -- -- -- -- -- -- -- -- -- Repurchase of Stock
274.6 -17 142.3 -61.3 23.1 64.8 164.1 384.5 1371.7 777.9 615.5 Net Issuance of Debt
Good Signs
98.8 172.7 91.2 -106.3 87.5 395.4 191.7 148.3 1286.5 460.8 196.1 Cashflow from Financing
GOOD Operating Margin %: Expansion -1.1 -2.3 -39.3 -71.5 -207 -608.9 -362.9 -531.9 -384.2 -1114.8 -918.2 Capital Expenditure
100.3 96 41.8 33.3 -62.9 -393 -91.7 -194.3 -16.9 -575.5 -361.3 Free Cash Flow
Insider Trades
Cur. Competitor
EVP/Chief Ticker Company Profitability Market Cap($M) P/Y P/S ROA(%) ROY(%)
Overturf James 06/09/17 -1300 88175 Strength Margin(%)
Marke
Kirk Spencer Director 06/01/17 -20000 2761k
NYSE:DRE Duke Realty Corp 4 6 10,334 30.26 11.53 55.35 4.93 10.05
EVP/Chief NYSY:YXR Yxtra Space Storage Inc 4 8 9,673 26.57 9.78 46.85 5.44 16.73
Overturf James 05/17/17 -1300 89475
Marke NYSE:DCT DCT Industrial Trust Inc 4 8 5,075 69.90 12.41 28.65 1.91 3.89
Kirk Spencer Director 05/01/17 -20000 2780k
NAS:UNIT U nitiGroup Inc 3 4 4,716 0.00 5.13 -12.20 -0.93 0.00
EVP/Chief
Overturf James 04/21/17 -1300 90775 NYSE:GPT Gramercy Property Trust 4 6 4,631 127.05 8.13 24.11 0.80 1.35
Marke
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:F F

Ford Motor Co (NYSE:F)
Industry Historical % of Price Dividend YieldØttmÙ % 5.33
Current
$ 11.24 Median Median NCAV -40.23 -358 Dividend YieldØforwardÙ % 5.35
Autos - Auto Manufacturers P/E ØttmÙ 12.09 17.86 7.67 Tangible Book 7.69 68 Payout 0.64
Market Cap: $ 44,758 Mil Forward P/E 7.27 9.88 N/A Price 11.24 Dividend GrowthØ5yÙ % N/A
Ford Motor Co manufactures various types of automobiles primarily for the P/B 1.46 1.71 2.37 Graham Number 12.69 113 Yield on CostØ5yÙ % 5.33
US and Europe markets. The company sells its products under its Ford and P/S 0.29 0.85 0.33 Median P/S 12.78 114 Continuous Div. since 2017
Lincoln brands. P/FCF 3.5 15.69 7.61 Insider Ownership % 0.67
Financial Strength
Industry Historical 9.64 8.48 10.2 17 18.79 12.96 17.76 17.84 16.57 14.09 13.17 Annual Price High
Cash to Debt 0.27 0.70 0.22
18.79
F-Score 4 5.00 6 8.77
1W 1.26 0
Industry Historical
Score: 5 /10 Current 1.26 3M -9.96 4.2
Median Median
Operating Margin Ø%Ù 1.79 5.47 4.72 6M -7.87 8.7
Net-Margin Ø%Ù 2.43 3.97 3.62 138M
YTD -4.45 9.1
ROE Ø%Ù 12.27 8.92 27.78 1Y -8.61 17.3
ROA Ø%Ù 1.56 4.02 2.52 3Y -7.07
ROC ØJoel GreenblattÙ
9.15 14.48 11.54 69M 5Y 6.29
Ø% Ù
Growth
Revenue Growth Ø%Ù -7.8 3.2 1.00
14853 5161 33370 63433 41060 51101 61473 62140 56797 47683 44758 Market Cap
EBITDA Growth Ø%Ù N/A 3.7 -51.00
1979 2273 3312 4178 4111 4015 4087 3999 4002 3958 3982 Sh. Outstanding-dilutedØMilÙ
EBIT Growth Ø%Ù N/A -14.9 -69.70
-- -- 15.9 10.7 2.2 9.2 5.3 55.4 7.7 10.6 12.1 Year End P/E
EPS without NRI
N/A -22.1 -56.90 2.6 -- -- -- 2.7 3.2 2.4 2.5 2 1.6 1.5 P/B
Growth Ø%Ù
0.1 0 0.3 0.6 0.3 0.4 0.4 0.4 0.4 0.3 0.3 P/S
N/A 25.1 16.70 14.1 -16.8 14.3 14.7 11 14.4 9.2 73.5 14 19.7 23.7 EV/EBITDA
(%)
Book Value Growth Ø%Ù N/A 14.7 3.40 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly
-1.4 -6.5 0.9 1.7 4.9 1.4 2.9 0.3 1.8 1.2 0.9 EPS
5.6 -3 3.4 1.8 1.3 0.9 0.9 1.8 2.2 3.2 3.2 Free Cashflow Per Share
Revenue 37718 39485 35943 38654 39146
-- -- -- -- -- 0.2 0.4 0.5 0.6 0.6 0.6 Dividends Per Share
Net Income 2452 1970 957 -783 1587
1.6 -7.1 -2.4 -0.2 3.9 4 6.6 6.1 7.1 7.4 7.7 Tang. Book Per Share
EPS 1 0 0 -0 0
27.2 21.1 11.9 9.7 10.9 10.9 11.9 11.6 12.3 12.7 12.8 Median P/S Value
Revenue Ú YoYÛ % 11 6 -6 -4 4 -- -- -- -- 20.9 11.3 20.8 6.5 17.2 13.9 12.7 Graham Number
Net Income Ú YoYÛ % 113 -9 -56 -142 -35
EPS Ú YoYÛ % 110 -9 -56 -143 -34
172455 145114 116283 128954 135605 133559 146917 144077 149558 151800 153228 Revenue
Guru Trades 17.3 12.4 15 15.6 13.6 13 16.3 13.2 17.1 16.6 15.8 Gross Margin %
Guru Date Action
Impact Cur. 8699 -3418 4388 8249 7496 5876 13017 332 7647 4116 2743 Operating Income
% Shares 5 -2.4 3.8 6.4 5.5 4.4 8.9 0.2 5.1 2.7 1.8 Operating Margin %
Barrow, Hanley, -2723 -14766 2717 6561 20213 5613 11953 1231 7373 4596 3731 Net Income
03/31/17 Reduce -0.35 24,384,074
Mewhinney & Strauss -1.6 -10.2 2.3 5.1 14.9 4.2 8.1 0.9 4.9 3 2.4 Net Margin %
Jim Simons 03/31/17 Sell -0.23 0 -251.8 -- -- -- 281.6 36.2 56.8 4.9 27.8 15.9 12.3 ROE %
Joel Greenblatt 03/31/17 Add 0.19 1,258,477 -1 -5.9 1.3 3.7 11.8 3.1 6.1 0.6 3.4 2 1.6 ROA %
T Rowe Price Equity 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
03/31/17 Add 0.13 7,350,000
Income Fund
279264 218298 192040 164687 178348 189406 202179 208615 224925 237951 244094 Total Assets
Ray Dalio 03/31/17 Buy 0.03 201,176
141244 131310 114378 62324 59177 66296 76625 79999 89879 93301 96720 Long-term Debt
22 24 34 38 38 40 40 40 41 41 41 Common Equity
Warning Signs
SEVERE Long-Term Debt: Keep issuing new debt 17074 -179 15477 11477 9784 9045 10444 14507 16170 19792 19979 Cashflow from Operations
SEVERE Asset Growth: faster than revenue growth -6457 -3143 6619 6908 -3041 -14290 -19731 -21124 -26162 -25352 -22016 Cashflow from Investing
-31 -- -- -- -- -125 -213 -1964 -129 -145 -145 Repurchase of Stock
Good Signs -5399 -9256 -21710 -18558 -4333 4434 9663 7314 17148 11028 6957 Net Issuance of Debt
GOOD Dividend Yield %: Close to 10-year high -5268 -9104 -22830 -24421 -4241 3705 8133 3423 14322 7458 4299 Cashflow from Financing
Insider Trades 11052 -6875 11418 7385 5491 3557 3847 7044 8974 12800 12792 Free Cash Flow
Cur.
Shares Competitor
Farley Jr James D 06/12/17 -25000 428411 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Executive
Hinrichs Joseph R 05/05/17 -50000 573157 NYSE:GM General Motors Co 5 5 52,215 5.35 0.32 6.06 4.65 23.01
Vice
Exec. NYSE:HMC Honda Motor Co Ltd 6 7 50,057 8.99 0.40 6.01 3.42 8.96
Ford William Clay Jr 03/24/17 171379 12039k
Chairman
NYSE:F Ford Motor Co 4 5 44,758 12.09 0.29 1.79 1.56 12.27
Group Vice
OK akli z iad S 03/16/17 -50309 292815 OTCPK:HYMTF Hyundai Motor Co 5 4 42,079 8.21 0.48 5.54 3.19 8.43
Pres
Fowler Bennie W.
Group Vice
03/02/17 -92528 410902 OTCPK:NSANY Nissan Motor Co Ltd 5 6 38,387 9.00 0.38 6.16 2.82 10.66
Pres
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:FAST FAST

Fastenal Co (NAS:FAST)
Current
Industrial Distribution P/E (ttm( 24.94 16.54 29.35 Tangible Book 6.85 16 Payout 0.7
Fastenal Co is engaged in wholesale distribution of industrial & construction P/B 6.37 1.20 6.85 Graham Number 16.42 38 Yield on Cost(5y( % 5.4
supplies in North America. The Company offers bolts, nuts, screws, studs, P/S 3.14 0.53 3.5 DCE (Earnings Based( 28.65 66 Continuous Div. since 1998
and related washers, pins and machinery keys, concrete anchors, metal P/FCF 33.47 17.71 49.16 DCF (FCF Based( 35.44 81 Insider Ownership % 8.99
framing systems, and wire rope. Shiller P/E 31.9 20.49 47.67 Price 43.65 Institution Ownership % 61.33
PEG 2.96 1.70 1.77 Median P/S 48.61 111 Short % of Float 8.58
Financial Strength
Industry Historical
Median Median

20.79
F-Score 5 5.00 5 1W 2.90 0
8M
YTD -5.73 9.1
Net-Margin (%( 12.61 2.02 12.78
1Y 2.12 17.3
ROE (%( 26.67 6.14 26.43
ROA (%( 18.76 2.79 21.71 3Y -1.68
37.15 13.11 42.02
(%(
Growth
EBIT Growth (%( 11.5 7.5 -1.90 26.1 18.5 33.6 33.7 36 32.9 31.5 28.5 23.1 27.2 24.9 Year End P/E
EPS without NRI 6 4.5 5.2 6.9 8.8 8.9 8 7.4 6.6 7 6.4 P/B
11.6 7.5 -1.70
Growth (%( 3 2.2 3.2 3.9 4.7 4.4 4.3 3.8 3.1 3.4 3.1 P/S
19.3 17.8 -3.70
Quarterly 0.8 0.9 0.6 0.9 1.2 1.4 1.5 1.7 1.8 1.7 1.8 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 0.6 0.6 0.9 0.6 0.5 0.9 0.7 1 1.3 1.1 1.3 Free Cashflow Per Share
Net Income 126 132 127 115 134 3.4 3.8 4 4.4 4.9 5.3 6 6.5 6.2 6.7 6.9 Tang. Book Per Share
Revenue (YoY( % 4 2 2 3 6 7.7 9 7.5 9.4 11.6 13 14.3 15.6 15.7 16.1 16.4 Graham Number
Net Income (YoY( % -1 -6 -7 3 6 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % 2 -6 -6 3 5
2061.8 2340.4 1930.3 2269.5 2766.9 3133.6 3326.1 3733.5 3869.2 3962 4023.1 Revenue
Guru Trades 50.8 52.8 51 51.8 51.8 51.5 51.7 50.8 50.4 49.6 49.5 Gross Margin %
Impact Cur.
% Shares
Ruane Cunniff 03/31/17 Reduce -2.18 4,457,511 232.6 279.7 184.4 265.4 357.9 420.5 448.6 494.2 516.4 499.5 507.5 Net Income
11.3 12 9.6 11.7 12.9 13.4 13.5 13.2 13.4 12.6 12.6 Net Margin %
Ron Baron 03/31/17 Reduce -0.26 885,673
24.1 26 15.8 21.5 26.1 27.9 26.9 26.8 27.8 26.8 26.7 ROE %
David Rolfe 03/31/17 Reduce -0.22 2,305,493
21.1 22.7 14 19 22.7 24 23.1 22.3 21.1 19.2 18.8 ROA %
Steven Cohen 03/31/17 Add 0.17 753,800
Mairs And Power 03/31/17 Reduce -0.06 2,088,026
Jim Simons 03/31/17 Buy 0.02 337,744 57.2 85.9 164.9 143.7 117.7 79.6 58.5 114.5 129 112.7 134.3 Cash & Equivalents
1163.1 1304.1 1327.4 1468.3 1684.9 1815.8 2075.8 2359.1 2532.5 2668.9 2786.4 Total Assets
-- -- -- -- -- -- -- -- 303 379.5 354.1 Long-term Debt
SEVERE Asset Growth: faster than revenue growth 1.5 -- -- -- 3 3 3 3 2.9 2.9 2.9 Common Equity
MEDIUM Long-Term Debt: Issuing new debt 227.9 259.9 306.1 240.5 268.5 396.3 416.1 499.4 546.9 514 557.9 Cashflow from Operations
Good Signs
-87.3 -26 -41.1 -- -- -- -9.1 -52.9 -293 -59.4 -59.4 Repurchase of Stock
GOOD Dividend Yield %: Close to 10-year high -- -- -- -- -- -- -- 90 260 30 -- Net Issuance of Debt
GOOD PB Ratio: Close to 5-year low -153.5 -143.4 -148 -182.8 -181.8 -327.5 -234.4 -249.7 -337.6 -340.9 -335.1 Cashflow from Financing
-55.8 -95.3 -52.5 -73.6 -120 -138.4 -206.5 -189.5 -155.2 -189.5 -181 Capital Expenditure
Cur.
Shares Competitor
Lewis Holden CFO/EVP 05/25/17 1000 1000 Financial Operating
Jackson Darren R Director 04/28/17 5000 15000 Strength Margin(%)
Eastman Stephen L. Director 04/24/17 350 1000 OTCPK:WOSYY Wolseley PLC 6 7 15,361 20.07 0.84 4.55 7.39 20.90
Johnson Daniel L. Director 04/17/17 350 850 NAS:FAST Fastenal Co 7 8 12,626 24.94 3.14 20.06 18.76 26.67
Oberton Willard D Director 02/27/17 -10000 130390 NYSE:GWW W.W. Grainger Inc 6 7 10,324 18.00 1.05 10.79 10.14 29.41
NAS:HDS HD Supply Holdings Inc 4 5 6,493 21.79 0.86 10.48 4.89 32.33
OTCPK:ADRZY Andritz AG 6 7 6,187 19.89 0.93 6.62 4.74 23.74
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:FB FB
Facebook Inc (NAS:FB) Ratios Valuation Analysis Dividend & Ownership

Median Median NCAV 9.8 7 Dividend Yield(forward) % N/A
Online Media - Internet Content & Information
P/E (ttm) 37.31 33.47 74.16 Tangible Book 14.42 10 Payout N/A
Facebook Inc is the world's largest online social network. Its products are
P/B 6.98 3.43 6.61 Peter Lynch Value 100.25 67 Yield on Cost(5y) % N/A
Facebook, Instagram, Messenger, WhatsApp, and Oculus. Its products
P/S 14.53 2.72 16.19 Price 149.80 Continuous Div. since N/A
enable people to connect and share through mobile devices and personal
computers. P/FCF 33.84 25.29 42.28 Median P/S 166.61 111 Insider Ownership % 0.19
Financial Strength
-- -- -- -- -- 38.23 57.96 81.45 109.01 133.28 154.71 Annual Price High
Industry Historical
Score: 10 /10 Current -- -- -- -- -- 17.73 22.9 53.53 74.05 94.16 116.86 Low
Median Median
Cash to Debt No Debt 10.77 54.89 154.71

68.49
F-Score 7 5.00 7 1W -3.17 0
140M
YTD 30.20 9.1
Net-Margin (%) 38.86 2.69 23.58
1Y 30.72 17.3
ROE (%) 21.50 5.04 11.34
ROA (%) 19.54 2.21 10.16 3Y 32.43
144.91 33.02 116.21
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) N/A 33.4 49.60 -- -- -- -- -- 63143 139194 216740 296606 332725 434147 Market Cap
EBITDA Growth (%) N/A 40.6 70.50 -- -- -- -- 1508 2166 2517 2664 2853 2925 2898 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A 47.1 83.60 -- -- -- -- -- 2662 91.1 71.6 81.8 32.2 37.3 Year End P/E
EPS without NRI -- -- -- -- -- 5.4 9 6 6.7 5.6 7 P/B
N/A 106.1 135.90
Growth (%) -- -- -- -- -- 12.3 17.5 16.8 16.7 12.2 14.5 P/S
Free Cash Flow Growth -- -- -- -- -- 46.8 33.6 33.3 34.1 20.4 24.6 EV/EBITDA
N/A 67.8 42.10
(%) -- -- -- 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%) N/A 49.5 29.90
-- -- -- -- 2.5 2.3 3.1 4.7 6.3 9.4 10.3 Revenue Per Share
Quarterly -- -- -- -- 0.5 0 0.6 1.1 1.3 3.5 4 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -- -- -- -- 0.6 0.2 1.1 2.1 2.7 4 4.4 Free Cashflow Per Share
Net Income 1738 2055 2379 4273 3064 -- -- -- -- 2.7 4.4 5.4 5.1 8.1 13.3 14.4 Tang. Book Per Share
Revenue (YoY) % 52 59 56 51 49 -- -- -- -- 5.3 1 8.5 11.2 15.3 32.4 36.1 Graham Number
Net Income (YoY) % 239 186 166 174 76 -- -- -- 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 233 184 165 167 73
-- -- -- 1974 3711 5089 7872 12466 17928 27638 30288 Revenue
Guru Trades -- -- -- 75 76.8 73.2 76.2 82.7 84 86.3 86.4 Gross Margin %
-- -- -- 1032 1756 538 2804 4994 6225 12427 13746 Operating Income
Impact Cur.
Guru Date Action -- -- -- 52.3 47.3 10.6 35.6 40.1 34.7 45 45.4 Operating Margin %
% Shares
Stanley Druckenmiller 03/31/17 Buy 3.78 405,900 -- -- -- 606 1000 53 1500 2940 3688 10217 11771 Net Income
-- -- -- 30.7 27 1 19.1 23.6 20.6 37 38.9 Net Margin %
Louis Moore Bacon 03/31/17 Add 1.84 1,280,000
-- -- -- 17.2 18.9 0.4 11 11.3 9.1 19.7 21.5 ROE %
-- -- -- 20.3 21.5 0.5 9.1 10.2 8.3 17.9 19.5 ROA %
Steven Cohen 03/31/17 Add 1.6 2,100,700
-- -- -- 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
George Soros 03/31/17 Add 1.13 638,086
Leon Cooperman 03/31/17 Add 1.11 262,900 -- -- -- 1785 1512 2384 3323 4315 4907 8903 7104 Cash & Equivalents
-- -- -- 2990 6331 15103 17895 39966 49407 64961 68714 Total Assets
-- -- -- 367 398 1991 237 119 107 -- -- Long-term Debt
Warning Signs -- -- -- 828 1432 3348 2425 3870 5189 5767 6526 Total Liabilities
SEVERE Asset Growth: faster than revenue growth -- -- -- -- -- -- -- -- -- -- -- Common Equity
MEDIUM Price: Close to 10-year high -- -- -- 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs -- -- -- 698 1549 1612 4222 7326 10320 16108 17689 Cashflow from Operations
-- -- -- -324 -3023 -7024 -2624 -5913 -9434 -11739 -15954 Cashflow from Investing
-- -- -- -- -- -- -- -- -- -- -228 Repurchase of Stock
GOOD Interest Coverage: Comfortable -- -- -- 160 -250 1496 -1500 -- -- -- -- Net Issuance of Debt
-- -- -- 781 1198 6283 -667 -298 -139 -310 -992 Cashflow from Financing
Insider Trades
-- -- -- -293 -606 -1235 -1362 -1831 -2523 -4491 -4630 Capital Expenditure
Cur.
Shares -- -- -- 405 943 377 2860 5495 7797 11617 13059 Free Cash Flow
Schroepfer Michael Chief Competitor
06/13/17 -37922 790235
Todd Technolog
Financial Operating
VP and Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Stretch Colin 06/13/17 -750 88406 Strength Margin(%)
General
COB and NAS:GOOG Alphabet Inc 8 8 658,003 32.47 7.29 26.32 12.87 15.46
Zuckerberg Mark 06/09/17 -122521 2303k
CEO, 10 NAS:FB Facebook Inc 10 9 434,147 37.31 14.53 45.38 19.54 21.50
COB and
Zuckerberg Mark 06/09/17 -16325 2286k OTCPK:TCEHY Tencent Holdings Ltd 6 8 331,736 48.78 13.35 36.61 11.65 28.79
CEO, 10
COB and OTCPK:NPSNY Naspers Ltd 6 8 83,575 82.93 11.79 -4.81 5.93 10.07
Zuckerberg Mark 06/08/17 -138149 2319k
CEO, 10
NAS:BIDU Baidu Inc 6 8 61,234 38.43 5.78 13.78 8.29 16.08
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:FBHS FBHS

Fortune Brands Home & Security Inc
Current
(NYSE:FBHS) Median Median NCAV -11.67 -18 Dividend Yield(forward( % 1.1
Not Rated $ 64.80 P/E (ttm) 23.61 20.03 35.01 Tangible Book -3.26 -5 Payout 0.24
Manufacturing - Apparel & Furniture - Home Furnishings & Fixtures Forward P/E 21.14 17.92 N/A Median P/S 59.04 91 Dividend Growth(5y) % N/A
Market Cap: $ 9,969 Mil P/B 4.1 1.79 2.88 Price 64.80 Yield on Cost(5y) % 1.05
Fortune Brands Home & Security Inc is a leading home and security products P/S 2.01 1.09 1.83 Peter Lynch Value 68.25 105 Continuous Div. since 2013
company. It operates four business segments; through which it sells branded P/FCF 20.19 16.55 28.21 Insider Ownership % 1.1
products such as cabinets and vanities, sells faucets, showers, locks and Shiller P/E N/A 25.74 N/A Institution Ownership % 71.72
security devices, and doors.
Financial Strength
-- -- -- -- 17.03 30.33 45.7 47.83 56.47 64.04 65.6 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.14 1.34 0.31 65.6

26.7
F-Score 7 5.00 6 1W 3.27 0
Operating Margin (%Ü 12.87 5.41 7.43
3M
YTD 21.89 9.1
Net-Margin (%Ü 8.48 3.57 3.87
1Y 17.07 17.3
ROE (%Ü 18.52 7.09 7.79
ROA (%Ü 8.42 3.68 3.50 3Y 18.72
ROC (Joel GreenblattÜ 1.7M 5Y 25.03
56.94 14.01 28.73
(%Ü
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%( N/A 9.7 10.60 -- -- -- -- 2657 4788 7728 7159 8875 8249 9969 Market Cap
EBITDA Growth Ý%Ü N/A 46.3 24.50 -- -- -- 155 155 166 171 166 163 158 154 Sh. Outstanding-diluted(MilÜ
EBIT Growth Ý%Ü N/A N/A 28.70 -- -- -- -- -- 41.2 34.4 48.2 28.6 20.4 23.6 Year End P/E
EPS without NRI Growth -- -- -- -- 1.3 2 2.9 3.2 3.6 3.5 4.1 P/B
N/A N/A 35.80
Ý% Ü -- -- -- -- 0.8 1.6 2 1.9 2 1.7 2 P/S
N/A 27.4 53.30
(%Ü -- -- 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth Ý%Ü N/A 1.9 17.40
-- -- -- 20.8 21.4 18.9 21.6 24.1 28.1 31.6 32.3 Revenue Per Share
Quarterly -- -- -- 0.4 -0.2 0.7 1.3 1 1.9 2.6 2.7 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -- -- -- 0.5 0.7 1.3 1.2 0.8 1.8 3.2 3.2 Free Cashflow Per Share
Net Income 61 125 123 104 77 -- -- -- -14.3 0.3 1.9 3.5 0.9 -1.9 -3.8 -3.3 Tang. Book Per Share
EPS 0 1 1 1 1 -- -- -- 19.6 39.3 34.6 40.9 44.2 51.4 57.8 59 Median P/S Value
Revenue (YoY( % 16 11 3 6 7 -- -- -- -- -- 5.3 9.7 5.6 -- -- -- Graham Number
Net Income (YoY) % 53 57 15 18 27 -- -- 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 52 63 18 22 32
-- -- 3006.8 3233.5 3328.6 3134.8 3703.6 4013.6 4579.4 4984.9 5065.2 Revenue
Guru Trades -- -- 30 32.7 29.9 33.2 35 34.1 34.5 36.2 36.4 Gross Margin %
-- -- 49.4 198.4 -15.6 143.2 323 403.5 496.1 632.7 652.1 Operating Income
Impact Cur.
Guru Date Action -- -- 1.6 6.1 -0.5 4.6 8.7 10.1 10.8 12.7 12.9 Operating Margin %
% Shares
Joel Greenblatt 03/31/17 Add 0.06 447,404 -- -- -41.9 63.8 -35.6 118.7 229.7 158.1 315 413.2 429.6 Net Income
-- -- -1.4 2 -1.1 3.8 6.2 3.9 6.9 8.3 8.5 Net Margin %
-- -- -- -- -3.5 5.3 9.1 6.4 13.4 17.2 18.5 ROE %
Steven Cohen 03/31/17 Add 0.03 691,200
-- -- -1 1.5 -0.9 3.2 5.7 3.8 7.1 8.3 8.4 ROA %
Paul Tudor Jones 03/31/17 Reduce 0 25,266 -- -- 57.8 60.7 120.8 336 241.4 191.9 238.5 251.5 210.8 Cash & Equivalents
-- -- 4191.2 4259.4 3637.9 3873.9 4178.1 4052.9 4875.7 5128.5 5134.1 Total Assets
-- -- 23.9 16.8 389.3 297.5 350 643.7 1168.7 1431.1 1491.5 Long-term Debt
Warning Signs -- -- 4353.4 4317.8 1517.1 1492.8 1528.7 1793.4 2424.8 2767 2704.9 Total Liabilities
MEDIUM Price: Close to 10-year high -- -- -- -- 1.6 1.6 1.7 1.7 1.7 1.7 1.7 Common Equity
MEDIUM PB Ratio: Close to 10-year high -- -- 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM PS Ratio: Close to 3-year high -- -- 269.3 138.9 175.4 282.8 297.8 266.2 429.2 650.5 638.7 Cashflow from Operations
MEDIUM Long-Term Debt: Issuing new debt -- -- -32 -55.7 -71 -86.7 -396.7 -151.1 -766.6 -385.1 -370.9 Cashflow from Investing
-- -- -- -- -- -8.8 -52.1 -439.8 -51.7 -424.5 -27.3 Repurchase of Stock
Good Signs -- -- -3.9 -102 482.6 -84.9 31.3 313.8 499.7 258.9 -132.2 Net Issuance of Debt
GOOD Piotroski F-Score: High -- -- -221.8 -81.4 -43.5 15.7 4.1 -160 398.8 -250.4 -303.6 Cashflow from Financing
-- -- -43.3 -58.3 -68.5 -75 -96.7 -127.5 -128.5 -149.3 -135 Capital Expenditure
Insider Trades -- -- 226 80.6 106.9 207.8 201.1 138.7 300.7 501.2 503.7 Free Cash Flow
Cur.
Shares Competitor
Wesley Norman H Director 06/08/17 -18202 59028 Financial Operating
SVP and Strength Margin(%)
Wyatt E Lee 06/02/17 -40000 156440
CFO
NYSE:WHR Whirlpool Corp 5 7 14,516 16.89 0.72 6.39 4.52 18.39
Klein Christopher J CEO 05/31/17 -40063 365749
Vice
NYSE:FBHS Fortune Brands Home & Security Inc 6 7 9,969 23.61 2.01 12.87 8.42 18.52
Luburic Danny 05/04/17 -3700 8627
President NYSE:LEG Leggett & Platt Inc 6 6 6,920 19.02 1.94 12.56 12.55 35.41
President NYSE:HRG HRG Group Inc 3 5 3,802 0.00 0.73 14.42 -0.03 -1.80
Randich David 05/01/17 -72646 90703
Maste
OTCPK:HWDJF Howden Joinery Group PLC 9 7 3,460 14.31 1.99 18.14 26.04 47.65
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:FCX FCX

Freeport-McMoRan Inc (NYSE:FCX)
Industry Historical % of Price Dividend YieldÞttmß % N/A
Current
$ 11.50 Median Median NCAV -16.47 -143 Dividend YieldÞforwardß % N/A
Metals & Mining - Copper P/E Þttmß 50 18.60 11.49 Tangible Book 4.37 38 Payout N/A
Market Cap: $ 16,638 Mil Forward P/E 11.09 16.13 N/A Graham Number 6.19 54 Dividend GrowthÞ5yß % N/A
Freeport-McMoRan Inc is a U.S. natural resources company with portfolio of P/B 2.63 1.93 2.55 Price 11.50 Yield on Cost)5yß % 0.34
mineral assets and oil and natural gas resources. Its segments are North P/S 1.05 1.77 1.78 Median P/S 19.42 169 Continuous Div. since 2017
America copper mines, South America mining, Indonesia mining and P/FCF 10.01 13.67 11.02 Insider Ownership % 0.69
Molybdenum mines. Shiller P/E N/A 22.27 35.96 Institution Ownership % 55.27
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.26 109.80 0.17 62.93

29.6
F-Score 8 3.00 5 1W -4.64 0
Operating Margin Þ%ß 11.12 2.86 28.93
73M
YTD -12.81 9.1
Net-Margin Þ%ß 0.65 1.60 14.85
1Y 4.55 17.3
ROE Þ%ß 5.08 -8.34 16.08
ROA Þ%ß 0.24 -8.06 7.22 3Y -27.96
ROC )Joel Greenblattß 36.3M 5Y -13.95
5.19 -12.09 19.58
Þ% ß
Growth
2007 2008 2009 2010 2011 2012 201ã 2014 2015 2016 Current Stock Performance
10 Yr 5 Yr 1 Yr
Revenue Growth Þ%ß -2.4 -11.8 -12.90 39235 9230 34529 56747 34877 32456 39174 24271 8435 19060 16638 Market Cap
EBITDA Growth Þ%ß N/A N/A 0.00 794 764 938 949 955 954 1006 1039 1082 1318 1447 Sh. Outstanding-dilutedÞMilß
EBIT Growth Þ%ß N/A N/A 0.00 13.8 -- 28.8 13.1 7.7 10.8 14.3 -- -- -- 50 Year End P/E
N/A N/A 0.00
Þ% ß 2.4 0.6 2.6 3 1.7 1.8 1.8 1.2 0.5 1.2 1.1 P/S
Free Cash Flow Growth 6.3 -1.9 5.7 6 3.6 5.2 7.6 13.1 -3.3 -156.2 8 EV/EBITDA
N/A N/A 0.00
(%) 2007 2008 2009 2010 2011 2012 201ã 2014 2015 2016 TTM Per share data
21.3 23.3 16 20 21.9 18.9 20.8 19.3 13.5 11.3 10.9 Revenue Per Share
Quarterly 3.8 -14.9 1.5 4.6 4.8 3.2 2.6 -1.3 -11.3 -3.2 0.2 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 5.6 0.9 3 5.1 4.3 0.3 0.8 -1.5 -2.9 0.7 1.1 Free Cashflow Per Share
Revenue 3242 3334 3877 4377 3341 0.6 0.9 -- 0.5 1 1.2 1.3 1.3 0.5 -- -- Dividends Per Share
Net Income -4184 -479 217 131 228 10 2.3 6.9 12.9 16.5 18.1 18.3 17.6 6.3 4.2 4.4 Tang. Book Per Share
EPS -3 -0 0 0 0 38.2 35.7 27.5 35.6 38.9 33.6 36.9 34.1 24.8 19.9 19.4 Median P/S Value
Revenue à YoYá % -22 -15 15 24 3 28.9 -- 15 36.4 42.1 36.1 33 -- -- -- 6.2 Graham Number
Net Income à YoYá % 70 -74 -106 -103 -105 2007 2008 2009 2010 2011 2012 201ã 2014 2015 2016 TTM Income Statement
EPS à YoYá % 41 -79 -104 -108 -105
16939 17796 15040 18982 20880 18010 20921 20001 14607 14830 14929 Revenue
42.3 27.1 45.9 50.6 47.7 35.8 30 7.5 -87.7 -18.5 11.4 Gross Margin %
Guru Trades
6555 -12710 6503 9068 9140 5814 5351 -298 -13512 -2792 1660 Operating Income
Impact Cur.
Guru Date Action 38.7 -71.4 43.2 47.8 43.8 32.3 25.6 -1.5 -92.5 -18.8 11.1 Operating Margin %
% Shares
Carl Icahn 06/06/17 Add 0.02 91,587,940 2977 -11067 2749 4336 4560 3041 2680 -1268 -12195 -4315 97 Net Income
17.6 -62.2 18.3 22.8 21.8 16.9 12.8 -6.3 -83.5 -29.1 0.7 Net Margin %
Stanley Druckenmiller 03/31/17 Sell -3.71 0
26.8 -94.5 33.9 39.5 32.4 18.3 13.8 -6.7 -93.7 -59.9 5.1 ROE %
Ken Heebner 03/31/17 Buy 3.17 5,370,000
12.9 -34.6 11.1 15.7 14.8 9 5.4 -2.1 -23.2 -10.3 0.2 ROA %
Manning & Napier
03/31/17 Buy 0.66 6,335,763 2007 2008 2009 2010 2011 2012 201ã 2014 2015 2016 Mar17 Balance Sheet
Advisors, Inc
Caxton Associates 03/31/17 Sell -0.09 0 40661 23353 25996 29386 32070 35440 63473 58674 46577 37317 36576 Total Assets
7180 7284 6330 4660 3533 3525 20394 18371 19675 14795 13135 Long-term Debt
SâVâRâ Sloan Ratio: Poor quality of earnings
2007 2008 2009 2010 2011 2012 201ã 2014 2015 2016 TTM Cashflow Statement
SâVâRâ Revenue per Share: Declined
MâDIUM Interest Coverage: Low
-14861 -2318 -1601 -1869 -2535 -3463 -10908 -3801 -6246 3550 4165 Cashflow from Investing
-- -500 -- -- -- -- -- -- -- -- -- Repurchase of Stock
Good Signs
8358 124 -1050 -1654 -1265 -157 6025 -1596 1595 -3944 -4956 Net Issuance of Debt
9355 -1806 -1012 -3322 -3001 -1428 3049 -3351 2786 -3166 -4192 Cashflow from Financing
Insider Trades
4470 662 2810 4861 4086 280 853 -1584 -3133 916 1606 Free Cash Flow
Cur.
Shares Competitor
Pres & COO
Conger Harry M. Iv 02/16/17 -77500 37763 Financial Operating
FM A Ticker Company Profitability Market Cap($ M
) P/ä P/S ROA(%) ROä (%)
Strength Margin(%)
VP &
Whitmire C Donald Jr 02/16/17 -2525 75361
Controller NYSE:SCCO Southern Copper Corp 5 7 26,553 29.14 4.66 31.27 6.92 15.87
VP &
Whitmire C Donald Jr
Controller
02/09/17 -57620 80173 NYSE:FCX Freeport-McMoRan Inc 4 6 16, 6
ã8 50.00 1.05 11.12 0.24 5.08
Madonna Jon C/ Director 02/01/17 -14000 61080 OTCPK:FQ V
LF First Q uantumMinerals Ltd 5 5 5,364 128.22 1.97 9.55 0.28 0.58
Mather Courtney Director 10/27/16 150000 190523 NYSE:TRU Turquoise Hill Resources Ltd 5 5 5,075 47.44 4.99 -12.90 1.15 1.54
OTCPK:LUNCF Lundin Mining Corp 6 7 4,212 0.00 2.51 17.20 -8.46 -16.17
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:FDX FDX

FedEx Corp (NYSE:FDX)
Current
Transportation & Logistics - Integrated Shipping & Logistics P/E (ttm) 29.6 18.32 18.64 Tangible Book 30.61 15 Payout 0.2
Market Cap: $ 56,269 Mil Forward P/E 15.2 18.02 N/A Graham Number 69.98 33 Dividend Growthå5y) % 15.5
FedEx Corp provides a portfolio of transportation, e-commerce and business P/B 3.71 1.24 2.04 Median P/S 168.03 80 Yield on Cost(5y) % 1.58
services. Its operating business segments are FedEx Express, FedEx P/S 0.99 1.11 0.79 Price 210.45 Continuous Div. since 2002
Ground, FedEx Freight, FedEx Services, and TNT Express. P/FCF N/A 17.15 48.25 Insider Ownership % 6.32
Financial Strength
Cash to Debt 0.22 0.31 1.07
209.42
Gain(%) SP500(%)
F-Score 6 5.00 6 87.57
1W 2.24 0
Industry Historical
Score: 7 /10 Current 34.28 3M 8.89 4.2
Median Median
Net-Margin (%) 3.31 3.43 3.65 6M YTD 13.24 9.1
ROE å%) 13.24 6.32 11.32 1Y 32.56 17.3
ROA å%) 4.28 2.78 5.19 3Y 15.09
ROC (Joel Greenblattæ
13.22 9.14 15.12 2.8M 5Y 19.65
(%)
Growth
Revenue Growth å%) 5.1 7.5 21.10
34465 28522 17294 26216 29684 28222 30499 41146 48923 43803 56269 Market Cap
EBITDA Growth å%) 4.5 5.2 47.50
311 312 312 314 317 317 317 310 287 279 267 Sh. Outstanding-dilutedåMil)
EBIT Growth å%) 4.2 1.4 92.90
17.2 25.5 184.8 22.2 20.5 13.9 11.3 19.3 48.1 25.4 29.6 Year End P/E
7.2 -0.2 100.30 2.7 2 1.3 1.9 2 1.9 1.8 2.7 3.3 3.2 3.7 P/B
å%)
1 0.8 0.5 0.8 0.8 0.7 0.7 1 1.1 0.9 1 P/S
5.7 8.7 -168.30 7 7.1 6.4 6.7 6.7 5.1 4.2 6.7 11.7 9.5 10.8 EV/EBITDA
å%)
Book Value Growth å%) 3.3 2.2 6.40 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly
6.5 3.6 0.3 3.8 4.6 6.4 8.6 7.5 3.7 6.5 7.1 EPS
Feb16 May16 Aug16 Nov16 Feb17
2.2 1.7 0.9 1 1.9 2.6 4.1 2.4 3.6 3.2 -1.8 Free Cashflow Per Share
Revenue 12654 12979 14663 14931 14997
0.5 0.3 0.4 0.4 0.5 0.5 0.6 0.6 0.8 1 1.5 Dividends Per Share
Net Income 507 -70 715 700 562
25.7 33.6 36.5 37 40.7 39 46.3 43.8 38.9 22.7 30.6 Tang. Book Per Share
EPS 2 -0 3 3 2
89.5 95.9 90 87.7 97.9 106.5 110.4 116.3 130.8 142.6 168 Median P/S Value
Revenue (YoY) % 8 7 19 20 19
61.2 52.2 16 55.9 64.7 75 94.3 85.8 56.5 57.7 70 Graham Number
Net Income (YoY) % -19 -92 3 1 11
EPS (YoY) % -16 -94 10 6 13
35214 37953 35497 34734 39304 42680 44287 45567 47453 50365 57570 Revenue
Guru Date Action
% Shares 9.3 5.5 2.1 5.8 6.1 7.5 10 8.4 3.9 6.1 5.9 Operating Margin %
Pioneer Investments 03/31/17 Add 0.55 870,646 2016 1125 98 1184 1452 2032 2716 2324 1050 1820 1907 Net Income
Manning & Napier 5.7 3 0.3 3.4 3.7 4.8 6.1 5.1 2.2 3.6 3.3 Net Margin %
03/31/17 Buy 0.46 304,083
Advisors, Inc 16.7 8.3 0.7 8.6 10 13.6 16.9 14.2 6.9 12.6 13.2 ROE %
Chris Davis 03/31/17 Buy 0.39 460,972 8.6 4.5 0.4 4.8 5.6 7.1 8.6 7 3 4.4 4.3 ROA %
Steven Cohen 03/31/17 Buy 0.14 125,700
John Paulson 03/31/17 Add 0.1 49,500
24000 25633 24244 24902 27385 29903 33567 33070 36531 46064 46781 Total Assets
2007 1506 1930 1668 1667 1250 2739 4736 7249 13838 14713 Long-term Debt
SEVERE Asset Growth: faster than revenue growth 3557 3465 2753 3138 4041 4835 4688 4264 5366 5708 4557 Cashflow from Operations
MEDIUM Price: Close to 10-year high -4124 -2897 -2383 -2781 -3419 -4049 -3803 -3551 -5752 -9446 -9534 Cashflow from Investing
MEDIUM PB Ratio: Close to 10-year high -- -- -- -- -- -197 -246 -4857 -1254 -2722 -947 Repurchase of Stock
148 -639 499 -653 -262 -29 1322 1743 2486 6478 6409 Net Issuance of Debt
Good Signs 193 -617 400 -692 -287 -244 1184 -2719 1349 3611 5403 Cashflow from Financing
GOOD Dividend Yield %: Close to 5-year high -2882 -2947 -2459 -2816 -3434 -4007 -3375 -3533 -4347 -4818 -5046 Capital Expenditure
675 518 294 322 607 828 1313 731 1019 890 -489 Free Cash Flow
Insider Trades
Cur. Competitor
Ticker Company
Strength
Profitability Market Cap($ M
) P/E P/S
Margin(%)
ROA(%) ROE(%)
Smith Frederick W Chairman/CEO 05/02/17 -135000 19510k
Walsh Paul S Director 04/07/17 -4400 10000 NYSE:UPS United Parcel Service Inc 5 7 75,944 28.05 1.57 8.78 8.88 197.24
Cunningham David L President / NYSE:FDX FedEx Corp 5 7 56,269 29.60 0.99 5.89 4.28 13.24
04/05/17 -11499 22372
Jr CEO
OTCPK:DPSGY Deutsche Post AG 6 6 43,925 15.42 0.69 6.00 7.07 26.07
EVP CHIEF
Graf Alan B Jr 03/23/17 -25655 198513 OTCPK:KHNGY Kuehne U NagelInternational AG 8 7 19,372 26.74 1.14 5.44 11.41 33.94
FINAN
Ducker Michael L
President &
03/23/17 -12899 50393 OTCPK:BOIVF Bollore SA 5 5 13,185 27.20 1.19 6.22 1.95 4.82
CEO
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:FE FE

FirstEnergy Corp (NYSE:FE)
Current
Dtilities - Regulated - Utilities - Uiversified P/E (ttm( N/A 17.55 18.06 Tangible Book 1.17 4 Payout N/A
Market Cap: $ 13,219 Mil Forward P/E 10.42 19.27 N/A Price 29.79 Uividend Growth(5y( % -10.3
FirstEnergy Corp through its subsidiaries is a diversified energy company. P/B 2.15 1.62 1.38 Median P/S 34.03 114 Yield on Cost(5y( % 2.8
The Company is engaged in the generation, transmission and distribution of P/S 0.9 1.73 1.03 Continuous Uiv. since 2017
electricity. It operates in segments including Regulated Uistribution, P/FCF 22.59 15.65 26.79 Insider Ownership % 0.4
Regulated Transmission and CES. Shiller P/E 35.45 23.96 13.32 Institution Ownership % 61.5
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.01 0.26 0.01 83.21

27.53
F-Score 3 5.00 6 1W 3.19 0
Operating Margin (%ç -59.42 13.88 13.53
6M
YTU -1.49 9.1
Net-Margin (%ç -44.23 7.70 5.28
ROE (%ç -65.96 8.66 6.98 1Y -7.19 17.3
ROA (%ç -12.99 2.98 1.86 3Y -0.07
ROC (Joel Greenblattç 3M 5Y -4.69
-24.41 10.08 8.19
(%ç
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%ç -1.8 -2.5 -6.40 22052 14809 14160 11285 18527 17465 13806 16419 13440 13199 13219 Market Cap
EBITUA Growth (%ç N/A N/A -258.20 310 307 306 305 401 419 419 421 424 426 444 Sh. Outstanding-diluted(Milç
EBIT Growth (%ç N/A N/A -439.60 17.1 11.1 14.1 15.2 21 22.7 35.1 55.7 23.3 -- -- Year End P/E
N/A N/A -1025.00
Growth (%ç 1.8 1.1 1.1 0.9 1.1 1.2 0.9 1.1 0.9 0.9 0.9 P/S
Free Cash Flow Growth 6.6 6.4 9.3 9.6 10.4 10.2 9.8 14 9.2 -5.8 -5.5 EV/EBITUA
N/A N/A -37.10
(%ç 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%ç -2.5 -11 -52.90
Quarterly 4.2 4.4 3.3 2.4 2.2 1.8 0.9 0.7 1.4 -14.5 -14.8 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 0.2 -2.2 0.9 4.2 2.3 -0.9 -0.5 -2 1.3 0.7 1.3 Free Cashflow Per Share
Revenue 3869 3401 3917 3375 3552 2 2.2 2.2 2.2 2.2 2.2 2.2 1.4 1.4 1.4 1.4 Uividends Per Share
Net Income 328 -1089 380 -5796 205 11.1 8.9 9.8 9.7 16.4 15.9 15 14.3 14.2 1.5 1.2 Tang. Book Per Share
EPS 1 -3 1 -14 0 42.6 45.7 43.7 45 41.4 37.5 36.6 36.8 36.5 35.2 34 Median P/S Value
Revenue (YoYè % -1 -2 -5 -5 -8 32.4 29.6 26.9 23 28.3 25.4 17.4 12.8 20.9 -- -- Graham Number
Net Income (YoYè % 48 -682 -4 2465 -38 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoYè % 45 -682 -4 2417 -40
12802 13627 12973 13339 16105 15255 14892 15049 15026 14562 14245 Revenue
60.8 58.7 54.7 54.6 55.4 56 56.6 53.5 58.9 62.4 63.5 Gross Margin %
Guru Trades
2291 2759 1879 1743 1677 2134 1582 1062 2292 -8262 -8464 Operating Income
Impact Cur.
Guru Uate Action 17.9 20.3 14.5 13.1 10.4 14 10.6 7.1 15.3 -56.7 -59.4 Operating Margin %
% Shares
T Rowe Price Equity 1309 1342 1006 742 885 770 392 299 578 -6177 -6300 Net Income
03/31/17 Reduce -0.48 875,000 10.2 9.9 7.8 5.6 5.5 5.1 2.6 2 3.9 -42.4 -44.2 Net Margin %
Income Fund
14.5 15.6 12 8.7 8.1 5.8 3 2.4 4.7 -66.2 -66 ROE %
4.1 4.1 3 2.2 2.2 1.6 0.8 0.6 1.1 -13 -13 ROA %
Ray Ualio 03/31/17 Add 0.01 486,868 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Mario Gabelli 03/31/17 Reduce 0 101,273 129 545 874 1019 202 172 218 85 131 199 164 Cash & Equivalents
12/31/16 Reduce -0.31 4,225,000
Income Fund 8869 9100 12008 12579 15716 15179 15831 19176 19099 18192 17762 Long-term Uebt
Ray Ualio 12/31/16 Add 0.1 466,545 23334 25238 25745 26260 34046 37410 37732 39228 39673 36907 37073 Total Liabilities
Jim Simons 12/31/16 Add 0.05 6,742,100
31 31 31 31 42 42 42 42 42 44 44 Common Equity
Uavid Ureman 12/31/16 Add 0.05 12,703 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Warning Signs
-969 -- -- -- -- -- -- -- -- -- -- Repurchase of Stock
SEVERE Piotroski F-Score: Low 224 1827 776 -294 -2005 1779 1470 1164 341 620 340 Net Issuance of Uebt
SEVERE Revenue per Share: Ueclined -1342 1175 49 -983 -2924 807 477 513 -279 -22 -310 Cashflow from Financing
SEVERE Long-Term Uebt: Keep issuing new debt -1633 -2888 -2203 -1780 -2129 -2678 -2888 -3545 -2894 -3067 -2940 Capital Expenditure
61 -664 262 1296 934 -358 -226 -832 553 304 566 Free Cash Flow
Good Signs
Competitor
Financial Operating
Strength Margin(%)
Insider Trades
Cur. OTCPK:FOJCY Fortum OyK 5 6 14,174 34.14 3.86 13.55 1.65 2.69
Shares OTCPK:CPYYY Centrica PLC 5 7 14,018 6.53 0.40 9.17 8.16 77.40
President, FE NYSE:FE FirstEnergy Corp 3 4 13,219 0.00 0.90 $59.42 - 12.
99 $65.96
Schneider Uonald R 12/20/16 -6525 24317
S
SVP, Human OTCPK:AGLNF AGL Energy Ltd 5 6 12,712 0.00 1.53 -2.52 -2.68 -4.87
Lasky Charles U 12/20/16 -5149 61843
Reso OTCPK:EUPFY EUP - Energias de Portugal SA 4 6 12,453 12.30 1.04 19.91 2.12 10.00
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:FFIV FFIV

F5 Networks Inc (NAS:FFIV)
Current
$ 129.35 Median Median NCAV 0.75 1 Dividend Yield(forward) % N/A
Application Software - Software - Infrastructure P/E (ttm) 22.04 26.85 29.66 Tangible Book 9.81 8 Payout N/A
Market Cap: $ 8,369 Mil Forward P/E 14.33 22.68 N/A Graham Number 35.99 28 Dividend Growth(5yé % N/A
F5 Networks Inc is a developer and provider of software-defined application P/B 7 3.17 5.6 Peter Lynch Value 76.54 59 Yield on Cost(5yé % N/A
services designed to ensure that applications delivered over Internet Protocol P/S 4.16 2.53 5.11 Price 129.35 Continuous Div. since N/A
(IPé networks are available to any user, anywhere, anytime, on any device P/FCF 12.65 24.94 16.47 Median P/S 158.91 123 Insider Ownership % 0.95
and on any network. Shiller P/E 38.72 39.49 59.94 DCE (Earnings Basedé 167.11 129 Institution Ownership % 78.3
PEG 1.56 2.01 1.11 DCF (FCF Basedé 291.2 225 Short % of Float 5.87
Financial Strength
Industry Historical
Median Median

65.37
F-Score 9 5.00 7 1W -1.13 0
Operating Margin (%é 28.09 4.83 27.97
4M
YTD -10.62 9.1
Net-Margin (%é 18.87 3.38 18.16
ROE (%é 32.71 6.30 20.37 1Y 8.56 17.3
ROA (%é 16.75 2.86 13.75 3Y 4.82
ROC (Joel Greenblatté 2.2M 5Y 4.83
480.19 22.55 652.64
(%é
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%é 20.2 15.8 11.50 3138 1849 3134 8342 5624 8237 6701 8714 8122 8141 8369 Market Cap
EBITDA Growth (%é 25.3 14.1 15.20 85 83 80 81 81 80 79 76 73 68 65 Sh. Outstanding-diluted(Mil)
EBIT Growth (%é 26.4 13.3 15.10 41.1 26.3 34.5 55.8 24 30.3 24.5 29.1 23 23.1 22 Year End P/E
24.2 13 16.50
Growth (%é 6 3 4.9 9.5 5 6.1 4.6 5.2 4.4 4.2 4.2 P/S
Free Cash Flow Growth 25 13.5 19 31.2 13.7 16.7 13.1 15 12.1 12 11.6 EV/EBITDA
22.6 14.7 16.20
(%é 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%é 10.6 4.6 4.80
Quarterly 0.9 0.9 1.1 1.9 3 3.5 3.5 4.1 5 5.4 5.9 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.8 2 2.4 3.7 4.7 5.8 6 6.9 8.5 9.5 10.2 Free Cashflow Per Share
Net Income 75 92 109 94 93 6.4 6.2 7.2 9.6 11 12.2 12.2 10.2 10 8.9 9.8 Tang. Book Per Share
Revenue (YoYê % 2 3 5 5 7 11.4 11.1 13.6 20 27.1 30.8 31 30.6 33.7 32.8 36 Graham Number
Net Income (YoYê % -12 -1 12 5 24 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoYê % -6 6 20 13 29
525.7 650.2 653.1 882 1151.8 1377.2 1481.3 1732 1919.8 1995 2056.1 Revenue
77.5 77.1 78.2 80.5 81.9 82.9 82.9 82.1 82.7 83.1 83.3 Gross Margin %
Guru Trades
Impact Cur.
Guru Date Action 18.9 15.3 18.7 26.1 30.4 31 29.1 28.5 28.8 27.4 28.1 Operating Margin %
% Shares
John Hussman 03/31/17 Buy 1.1 35,000
77 74.3 91.5 151.2 241.4 275.2 277.3 311.2 365 365.9 388.1 Net Income
14.7 11.4 14 17.1 21 20 18.7 18 19 18.3 18.9 Net Margin %
11.1 10 12.1 16.8 22.9 22.6 19.3 21.4 27.2 29.3 32.7 ROE %
9.2 7.9 9.1 12.4 16.5 15.8 13.4 14.1 16.2 15.8 16.8 ROA %
George Soros 03/31/17 Buy 0.01 2,700 54.3 78.3 110.8 168.8 216.8 211.2 189.7 281.5 390.5 514.6 655.8 Cash & Equivalents
944.3 939.2 1068.6 1362.2 1568.5 1911.2 2230.6 2185 2312.3 2306.3 2387.9 Total Assets
-- -- -- -- -- -- -- -- -- -- -- Long-term Debt
SEVERE Operating Margin %: Declined -- -- -- -- -- -- -- -- -- -- -- Common Equity
Good Signs
GOOD Piotroski F-Score: High 169.7 193.7 202 313.6 416.9 495.4 499.7 549 684.5 711.5 739.2 Cashflow from Operations
-188.1 13.7 -99.1 -238.2 -139.7 -352.3 -352.5 150.6 -10.7 62.7 68.2 Cashflow from Investing
-- -200 -87.4 -75 -271.5 -184.8 -200 -650.5 -606.9 -700.1 -600.1 Repurchase of Stock
GOOD Revenue per Share: Consistent growth -- -- -- -- -- -- -- -- -- -- -- Net Issuance of Debt
GOOD PB Ratio: Close to 1-year low 35.5 -181.7 -70.7 -16.8 -226.7 -149.2 -166.3 -605 -556.9 -652.6 -548.5 Cashflow from Financing
Insider Trades 153.2 165.8 189.6 301 380.8 465.3 473.1 526.3 617.5 643.3 676.3 Free Cash Flow
Cur.
Shares Competitor
Mcadam John Director 05/10/17 -10000 66953 Financial Operating
Reinland Andrew EVP, CFO 05/02/17 -6235 15684 Strength Margin(%)
Dilullo John D
EVP,
05/02/17 -3420 3326 NAS:DOX Amdocs Ltd 8 8 9,531 23.48 2.57 13.16 7.90 11.73
Worldwide
NAS:FFIV F5 Networks Inc 9 10 8,369 22.04 4.16 28.09 16.75 32.71
Eames Edward Julian EVP, COO 05/01/17 -4645 29253
EVP and
OTCPK:WCAGY Wirecard AG 6 8 8,223 26.52 6.76 22.81 8.30 19.76
Rogers Scot Frazier 05/01/17 -2402 8883
General NAS:SSNC SS&C Technologies Holdings Inc 4 8 7,987 45.98 5.15 20.96 3.02 7.74
OTCPK:WDDYF Worldpay Group PLC 4 6 7,958 44.83 5.56 24.60 2.47 17.64
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:FIS FIS

Fidelity National Information Services Inc
Industry Historical % of Price Dividend Yieldìttmí % 1.28
Current
(NYSë:FIS) Median Median NCAV -40.44 -47 Dividend Yieldìforwardí % 1.35
$ 86.03 P/E ìttmí 43.89 21.83 25.07 Tangible Book -31.87 -37 Payout 0.55
Forward P/E 20.33 19.08 N/A Peter Lynch Value 13.35 16 Dividend Growthì5yí % 29.8
Business Services
P/B 2.87 2.37 1.5 DCE ìEarnings Basedí 30.06 35 Yield on Costì5yí % 4.72
P/S 3.06 1.36 1.95 Median P/S 54.83 64 Continuous Div. since 2016
Fidelity National Information Services Inc offers a range of solutions in retail &
institutional banking, payments, capital markets, asset & wealth P/FCF 20.84 20.66 19.6 DCF (FCF Basedí 77.54 90 Insider Ownership % 1.06
management, risk & compliance, treasury & insurance and provides Shiller P/E 47.72 29.44 31.86 Price 86.03 Institution Ownership % 63.09
consulting & outsourcing services. PEG 6.36 2.06 2.53 Short % of Float 0.74
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.07 1.36 0.12 86.77

37.15
F-Score 5 5.00 6 1W 1.21 0
Operating Margin ì%í 14.75 5.86 15.94
10M
YTD 14.50 9.1
Net-Margin ì%í 6.99 3.77 8.05
1Y 18.35 17.3
ROE ì%í 6.76 8.55 7.15
ROA ì%í 2.50 3.48 3.23 3Y 18.31
ROC ìJoel Greenblattí 5M 5Y 22.46
146.50 22.69 126.48
ì% í
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth ì%í 6.7 7.9 16.90 4511 3091 8778 8269 7788 10238 15599 17721 19665 24810 28440 Market Cap
EBITDA Growth ì%í 7.2 6.9 16.50 197 194 239 352 307 298 294 289 289 330 331 Sh. Outstanding-dilutedìMilí
EBIT Growth ì%í 15.9 3 14.40 8.1 14.7 53.3 23.6 17.4 22.6 31.8 26.5 27.7 44 43.9 Year End P/E
10.6 4.1 -1.00
Growth ì%í 1.2 0.9 1.5 1.9 1.4 1.8 2.6 2.8 2.7 2.7 3.1 P/S
Free Cash Flow Growth 6.5 7.2 16.1 9.5 7.5 8.5 12 12.1 16 14 14.3 EV/EBITDA
13.7 5.1 51.00
ì% í
Book Value Growth ì%í 4.9 6.5 3.90
Quarterly 2.9 1.1 0.4 1.2 1.5 1.6 1.7 2.4 2.2 1.7 2 EPS
Revenue 2181 2305 2309 2446 2255 0.2 0.2 0.2 0.2 0.2 0.8 0.9 1 1 1 1.1 Dividends Per Share
Revenue î YoYï % 40 45 46 30 3 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income î YoYï % -50 -50 6 95 151 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS î YoYï % -56 -56 -10 82 141
2921 3427.7 3711.1 5145.6 5625.6 5795.8 6063.4 6413 6596 9241 9315 Revenue
22.4 21.5 26.1 30.9 30.3 31.7 32.5 32.5 33.4 32.6 32.8 Gross Margin %
Guru Trades
281.9 323.8 285.6 783 1049.5 1076.3 1062.9 1271 1099 1298 1374 Operating Income
Impact Cur.
% Shares
Louis Moore Bacon 03/31/17 Sell -1.74 0 561.2 214.8 105.9 404.5 469.6 461.2 493.1 679 632 568 651 Net Income
19.2 6.3 2.9 7.9 8.4 8 8.1 10.6 9.6 6.2 7 Net Margin %
16.2 5.9 1.8 5.5 7.3 7 7.5 10.3 8 6 6.8 ROE %
6.4 2.5 1 2.9 3.4 3.4 3.6 4.8 3.1 2.2 2.5 ROA %
David Swensen 03/31/17 Sell -0.04 0
Jim Simons 03/31/17 Add 0.01 1,284,801
Steven Cohen 03/31/17 Add 0.01 56,200 355.3 220.9 430.9 338 415.5 517.6 547.5 492.8 682 683 705 Cash & Equivalents
9794.6 7500.4 13998 14162 13873 13550 13960 14521 26200 26031 25086 Total Assets
4003.4 2409 3016.6 4935.2 4550.6 4231.6 4339.8 5054.6 11429 10146 9154 Long-term Debt
Warning Signs 6013.4 3967.6 5688.7 7758.6 7370.2 6908.8 7379.6 7963.8 16879 16290 15208 Total Liabilities
SEVðRð Operating Margin %: Declined 2 2 3.8 3.8 3.8 3.8 3.9 3.9 4 4 4 Common Equity
SðVðRð Asset Growth: faster than revenue growth 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MðDIUM Dividend Yield %: Close to 5-year low 463.6 596.4 714.1 1071.3 1171.5 1046.7 1060.3 1165 1131 1925 1994 Cashflow from Operations
MEDIUM Price: Close to 10-year high -1545.9 -273.1 248.8 -644.2 -299.2 -23.2 -464.7 -985 -1898 -619 198 Cashflow from Investing
-80.3 -236.1 -- -2539.7 -364.2 -511.3 -475.9 -522 -320 -40 -39 Repurchase of Stock
Good Signs 4300.3 -177.3 -989.1 1932.9 -413.9 -427.1 72.6 572 1655 -1004 -1914 Net Issuance of Debt
GOOD Revenue per Share: Consistent growth 1224.4 -438.4 -770 -519 -784.7 -920.8 -546 -198 1015 -1309 -2184 Cashflow from Financing
-343.3 -255.4 -212.5 -314 -300.3 -296.1 -336.2 -372 -415 -616 -626 Capital Expenditure
Insider Trades 120.3 341 501.6 757.3 871.2 750.6 724.1 793 716 1309 1368 Free Cash Flow
Cur.
Shares Competitor
Stallings James B Jr Director 05/26/17 -1000 14498 Financial Operating
Ticker Company Profitability Market Cap($M) P/ñ P/S ROA(%) ROñ (%)
President Strength Margin(%)
Norcross Gary 05/10/17 -158122 721610
and C
NYSð:FIS Fidelity National Information Services Inc 4 7 28,440 43.89 3.06 14.75 2.50 6.76
Corporate
Woodall James W. 05/10/17 -70667 62842 NAS:FISV Fiserv Inc 5 9 26,647 31.37 5.00 26.42 9.22 34.53
EVP -
President NAS:PAYX Paychex Inc 7 9 21,817 27.42 7.08 39.17 12.24 42.17
Norcross Gary 05/09/17 -250000 721610
and C
Corp EVP-
Oates Michael P 05/05/17 -266712 83616
Chief OTCPK:EXPGY Experian PLC 6 8 19,399 22.61 4.39 24.86 11.85 35.78
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:FISV FISV

Fiserv Inc (NAS:FISV)
Current
Business Services P/E (ttm) 31.37 21.83 19.9 Tangible Book -22.68 -18 Payout N/A
Fiserv Inc is a provider of financial services technology. It provides account P/B 11.06 2.37 3.38 Median P/S 61.25 49 Yield on Cost(5y) % N/A
processing systems; and electronic payments processing products & services P/S 5 1.36 2.44 DCE (Earnings Based) 76.63 61 Continuous Div. since N/A
to banks, thrifts, credit unions, leasing and finance, retailers, merchants, and P/FCF 25.4 20.66 18.44 DCF (FCF Based) 116.84 93 Insider Ownership % 3.33
building societies. Shiller P/E 50.25 29.44 28.23 Price 125.47 Institution Ownership % 69.08
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.07 1.36 0.22 125.71

55.62
F-Score 7 5.00 6 1W 1.39 0
6M
YTD 18.06 9.1
Net-Margin (%) 15.95 3.77 12.93
1Y 18.64 17.3
ROE (%) 34.53 8.55 18.41
ROA (%) 9.22 3.48 6.56 3Y 27.94
367.20 22.69 346.78
(%)
Growth
10 Yr 5 Yr 1 Yr
EPS without NRI 3.7 2.3 2.5 2.7 2.5 3.1 4.2 5.2 7.8 9 11.1 P/B
14 17.6 13.30
Growth (%) 2.2 1.3 1.9 2.2 2 2.5 3.3 3.5 4.1 4.3 5 P/S
Free Cash Flow Growth 15.4 7.8 8.3 8.6 9 9.6 12.7 12.7 15 14.6 16.4 EV/EBITDA
17.2 16.6 -1.80
Quarterly 1.3 1.7 1.5 1.6 1.6 2.2 2.4 3 3 4.2 4 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1.2 0.8 2.1 2.6 2.6 2.3 3 4 4.1 5.1 4.9 Free Cashflow Per Share
EPS 1 1 1 1 1 30.2 34.3 32 33.3 36.3 39.4 44.2 49 53.9 60 61.3 Median P/S Value
Net Income (YoY) % 62 67 -2 14 -15 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 74 77 4 20 -11
3897 4587 4077 4133 4289 4436 4814 5066 5254 5505 5568 Revenue
Impact Cur.
Guru Date Action 19 19.8 23.2 24.4 23.1 23.6 22 23.9 25 26.3 26.4 Operating Margin %
% Shares
Jeremy Grantham 03/31/17 Reduce -0.07 247,564 439 569 476 496 472 611 648 754 712 930 888 Net Income
11.3 12.4 11.7 12 11 13.8 13.5 14.9 13.6 16.9 16 Net Margin %
17.9 22.5 16.9 15.9 14.6 18.3 18.5 21.9 23.9 35.8 34.5 ROE %
4.9 5.4 5.4 6 5.6 7.2 7.2 8 7.6 9.8 9.2 ROA %
Joel Greenblatt 03/31/17 Sell 0 0
Mairs And Power 03/31/17 Add 0 1,126,097
Mario Gabelli 03/31/17 Reduce 0 10,350 297 230 363 563 337 358 400 294 275 300 308 Cash & Equivalents
11846 9331 8378 8281 8548 8497 9513 9308 9340 9743 9696 Total Assets
4895 3850 3382 3353 3216 3228 3756 3698 4288 4467 4547 Long-term Debt
MEDIUM Price: Close to 10-year high 2 -- 2 2 2 4 4 4 4 4 4 Common Equity
Insider Trades 4462 -1303 -375 -312 -37 -173 -338 -49 414 263 182 Net Issuance of Debt
Cur. 4024 -1670 -601 -671 -498 -706 -873 -1126 -1005 -852 -989 Cashflow from Financing
Yabuki Jeffery W
President and
05/22/17 -17000 380365
409 256 652 783 755 633 803 1015 987 1141 1091 Free Cash Flow
C
President and Competitor
Yabuki Jeffery W 04/26/17 -2000 397365
C Financial Operating
President and Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Yabuki Jeffery W 04/18/17 -15000 399365 Strength Margin(%)
C
President and NYSE:FIS Fidelity National Information Services Inc 4 7 28,440 43.89 3.06 14.75 2.50 6.76
Yabuki Jeffery W 03/15/17 -17000 414365
C NAS:FISV Fiserv Inc 5 9 26,647 31.37 5.00 26.42 9.22 34.53
Chief Legal
Mccreary Lynn S.
Off
03/01/17 -4309 20793 NAS:PAYX Paychex Inc 7 9 21,817 27.42 7.08 39.17 12.24 42.17
OTCPK:EXPGY Experian PLC 6 8 19,399 22.61 4.39 24.86 11.85 35.78
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:FITB FITB
Fifth Third Bancorp (NòS:FITB) Ratios Valuation ô nalysis Dividend & Ownership
Industry Historical % of Price Dividend Yieldõttmö % 2.12
Current
$ 25.48 Median Median NCAV -161.64 -634 Dividend Yieldõforwardö % 2.19
Banks - Banks - Regional - ó S P/E (ttm) 13.34 14.59 12 Tangible Book 15.85 62 Payout 0.28
Market Cap: $ 19,117 Mil Forward P/E 14.2 15.22 N/A Median P/S 18.89 74 Dividend Growthõ5y) % 13.3
Fifth Third Bancorp along with its subsidiaries provides financial products P/B 1.27 1.19 1.08 Price 25.48 Yield on Costõ5y) % 3.96
and services such as checking, savings & money market accounts and credit P/S 3.11 3.42 2.31 Graham Number 26.1 102 Continuous Div. since 2010
products such as credit cards, installment loans, mortgage loans and leases. P/FCF 9.53 11.57 6.56 Insider Ownership % 1
Financial Strength
Cash to Debt 0.14 2.12 0.18 43.06
F-Score 0 4.00 0 21.02
1W 4.73 0
Industry Historical
Score: 5 /10 Current 1.03 3M -3.14 4.2
Median Median
Operating Margin (%ö 32.53 31.76 31.59 6M -5.29 8.7
Net-Margin (%ö 24.78 22.78 22.74 57M YTD -5.01 9.1
ROE (%) 8.76 8.51 9.24 1Y 44.32 17.3
ROA (%ö 1.08 0.91 1.10 3Y 8.19
ROC õJoel Greenblattö
0.00 18.06 0.00 28.4M 5Y 16.21
(%ö
Growth
Revenue Growth õ%ö -3.2 5 -1.00 13386 4770 7752 11689 11700 13409 17987 16794 15780 20240 19117 Market Cap
EBITDA Growth õ%ö N/A 5.7 -6.60 538 553 726 799 950 946 895 843 808 764 750 Sh. Outstanding-diluted(Milö
EBIT Growth õ%ö N/A 6.4 -8.20
12.6 -- 15.2 23.3 10.9 9.2 10.5 12.2 10 14 13.3 Year End P/E
EPS without NRI
N/A 8.5 -4.50 1.5 0.6 0.8 1.1 0.9 1 1.3 1.2 1.1 1.4 1.3 P/B
Growth õ%ö
2.4 0.7 0.9 1.9 2 2.2 2.8 2.8 2.5 3.3 3.1 P/S
Free Cash Flow Growth 14.6 -9.9 15.9 16.3 9 8.2 7 9.7 10.4 13.7 13.1 EV/EBITDA
N/A 2 -0.80
õ% ö
Book Value Growth õ%ö 2 7.3 3.40 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly
2 -3.9 0.7 0.6 1.2 1.7 2 1.7 2 1.9 1.9 EPS
-2.4 4.9 5 3.9 2.1 2.3 4.8 2.2 2.8 2.5 2.7 Free Cashflow Per Share
Revenue 1540 1501 1747 1524 1456
1.7 0.8 0 0 0.3 0.4 0.5 0.5 0.5 0.5 0.5 Dividends Per Share
Net Income 326 333 516 389 305
Revenue ÷ YoYø % 4 4 8 -24 -5 22.4 -- 11.2 11.2 16.7 20.8 23.2 22.3 25.5 26 26.1 Graham Number
Net Income (YoYø % -10 6 35 -41 -6
EPS (YoYø % -5 11 44 -39 -5
5476 6460 8136 6333 6012 6594 6788 6052 6536 6311 6228 Revenue
Impact Cur. 1537 -2664 767 940 1831 2210 2598 2028 2365 2065 2026 Operating Income
Guru Date Action
% Shares 28.1 -41.2 9.4 14.8 30.5 33.5 38.3 33.5 36.2 32.7 32.5 Operating Margin %
Eric Mindich 03/31/17 Sell -1.23 0 1076 -2113 737 753 1297 1576 1836 1481 1712 1564 1543 Net Income
George Soros 03/31/17 Sell -0.46 0 19.7 -32.7 9.1 11.9 21.6 23.9 27.1 24.5 26.2 24.8 24.8 Net Margin %
Paul Tudor Jones 03/31/17 Add 0.23 307,508 11.2 -20.5 4 3.7 8 11.5 12.6 9.3 10.3 9.2 8.8 ROE %
Barrow, Hanley, 1 -1.8 0.6 0.7 1.1 1.3 1.5 1.1 1.2 1.1 1.1 ROA %
03/31/17 Reduce -0.14 6,049,477
Mewhinney & Strauss 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
T Rowe Price Equity
03/31/17 Add 0.09 8,275,000 2660 2739 2318 2159 2663 2441 3178 3091 2540 2392 2205 Cash & Equivalents
Income Fund
110962 119764 113380 111007 116967 121894 130443 138706 141048 142177 140200 Total Assets
Hotchkis & Wiley 03/31/17 Reduce -0.04 344,950 12857 13585 10507 9558 9682 7085 9633 14967 15810 14388 13658 Long-term Debt
Warning Signs 1295 1295 1779 -- -- -- -- -- -- -- -- Common Equity
MEDIUM Revenue per Share: Growth slow down -686 3093 3794 3305 2366 2557 4595 2076 2418 2114 2255 Cashflow from Operations
MEDIUM Dividend Yield %: Close to 5-year low -6029 -5904 1076 1708 -5285 -6533 -10184 -8938 -3931 -2887 -396 Cashflow from Investing
MEDIUM Price: Close to 5-year high -1084 -- -2 -- -- -650 -1320 -654 -850 -661 -661 Repurchase of Stock
1258 4363 -11082 -2421 1558 405 -2081 5347 837 644 -3012 Net Issuance of Debt
Good Signs 6670 2890 -5291 -5172 3423 3754 6326 6775 962 625 -1952 Cashflow from Financing
-1317 2683 3621 3081 1988 2195 4321 1860 2254 1928 2029 Free Cash Flow
Insider Trades
Competitor
Cur.
Insider Position Date Trades Financial Operating
Shares Ticker Company Profitability Market Cap($M) P/E P/S ROù(%) ROE(%)
EVP and Strength Margin(%)
Tanner Teresa J. 05/04/17 -26010 44204
CAO
NYSE:KEY KeyCorp 5 5 20,475 21.72 3.45 20.99 0.76 6.41
EVP &
Leonard James C. 05/04/17 -15000 75927 Nô S:FITB Fifth Third Bancorp 6 5 19,117 13.34 3.11 32.53 1.08 8.76
Treasurer
Anderson Lars C EVP & COO 04/28/17 -10079 214268 NYSE:CFG CitiK ensFinancial Group Inc 5 4 18,595 16.90 3.52 30.27 0.78 5.64
Hoover Jewell D Director 04/28/17 -2000 48687 NYSE:RF Regions Financial Corp 5 5 17,310 16.19 3.21 30.76 0.95 6.60
EVP and NYSE:FRC First Republic Bank 6 6 15,837 25.12 6.87 36.85 1.01 9.55
Tanner Teresa J. 04/27/17 -54984 44204
CAO
GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. únder no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:FL FL

Foot Locker Inc (NYSE:FL)
Current
Manufacturing - Apparel & Furniture - Footwear & Accessories P/E (ttm( 10.83 20.03 15.97 Tangible Book 19.99 38 Payout 0.23
Foot Locker Inc is a retailer of athletically inspired shoes and apparel, P/B 2.46 1.79 1.88 Graham Number 46.85 89 Yield on Cost(5y( % 3.59
operating mall-based stores in the United States, Canada, Europe, Australia P/S 0.91 1.09 0.73 Price 52.83 Continuous Div. since 2010
and New Zealand. P/FCF 14.86 16.55 15.13 Peter Lynch Value 79.1 150 Insider Ownership % 2.39
Financial Strength
Industry Historical
Median Median
Cash to Debt 8.26 1.34 1.08 79.2

36.86
F-Score 8 5.00 6 1W -1.95 0
4M
YTD -24.65 9.1
Net-Margin (%( 8.39 3.57 5.68
1Y -0.51 17.3
ROE (%( 24.33 7.09 15.53
ROA (%( 17.25 3.68 10.86 3Y 4.18
56.26 14.01 44.33
(%(
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth (%( 26.6 18 18.50 155 154 156 157 154 154 151 146 141 135 131 Sh. Outstanding-diluted(Mil(
EBIT Growth (%( N/A 20.5 7.60 48.9 -- 37.6 16.7 14.6 13.3 13.5 15 17.6 14 10.8 Year End P/E
N/A 20.2 24.20
(%( 0.4 0.2 0.4 0.6 0.7 0.9 0.9 1.1 1.3 1.2 0.9 P/S
Free Cash Flow Growth 13.5 21.3 7 5.8 5.9 5.9 6.1 7 8.4 6.9 5.3 EV/EBITDA
28.3 18.4 -5.50
35 34 31.1 32.2 36.4 40.1 43.2 49 52.6 57.5 58.2 Revenue Per Share
Quarterly 0.3 -0.5 0.3 1.1 1.8 2.6 2.9 3.6 3.8 4.9 4.9 EPS
Revenue (YoY( % 4 5 5 5 1 8.8 -- 8.6 16.8 22.6 28.8 31.1 36.1 38.5 46 46.9 Graham Number
Net Income (YoY( % 4 7 96 20 -6 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Income Statement
EPS (YoY( % 8 12 105 25 -2
5437 5237 4854 5049 5623 6182 6505 7151 7412 7766 7780 Revenue
Impact Cur.
Guru Date Action 1.4 -2 1.7 5.2 7.9 10.1 10.2 11.3 12.7 13 12.6 Operating Margin %
% Shares
Leon Cooperman 03/31/17 Buy 0.45 150,000 45 -80 48 169 278 397 429 520 541 664 653 Net Income
0.8 -1.5 1 3.4 4.9 6.4 6.6 7.3 7.3 8.6 8.4 Net Margin %
2 -3.8 2.5 8.5 13.5 17.7 17.6 20.8 21.4 25.2 24.3 ROE %
Fpa Capital Fund 03/31/17 Reduce -0.1 68,870
1.4 -2.6 1.7 5.9 9.4 12.4 12.5 14.7 14.7 17.4 17.3 ROA %
3248 2877 2816 2896 3050 3367 3487 3577 3775 3840 3877 Total Assets
221 142 138 137 135 133 136 132 129 127 127 Long-term Debt
Good Signs 977 953 868 871 940 990 991 1081 1222 1130 1055 Total Liabilities
GOOD Piotroski F-Score: High -- -- 709 735 779 856 921 979 1108 900 914 Common Equity
GOOD Interest Coverage: Comfortable 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Cashflow Statement
GOOD Operating Margin %: Expansion 283 383 346 326 497 416 530 712 745 816 751 Cashflow from Operations
GOOD Dividend Yield %: Close to 5-year high 117 -272 -72 -87 -149 -212 -248 -176 -230 -266 -276 Cashflow from Investing
GOOD PE Ratio: Close to 5-year low -50 -- -- -50 -104 -129 -229 -305 -419 -432 -382 Repurchase of Stock
-21 -94 -3 -- -- -2 -1 -3 -2 -3 -- Net Issuance of Debt
Insider Trades -138 -185 -94 -127 -178 -181 -309 -401 -456 -529 -484 Cashflow from Financing
Shares
135 237 257 229 345 253 324 522 517 550 475 Free Cash Flow
Gilbert Jarobin Jr Director 05/24/17 -5600 8964
SVP & Competitor
Alviti Paulette 04/20/17 -8000 36689
CHRO Financial Operating
Peters Lauren B EVP & CFO 03/08/17 -25000 121385 Strength Margin(%)
Turpin Cheryl N Director 03/02/17 -2000 42855 NYSE:FL Foot Locker Inc 8 8 6,937 10.83 0.91 12.57 17.25 24.33
Mckenna Matthew M Director 03/01/17 -5000 43189 OTCPK:BELLY Belle International Holdings Ltd 9 7 6,564 17.42 1.06 8.86 7.63 9.61
OTCPK:YUEIY Yue Yuen Industrial (Holdings( Ltd 7 5 6,121 11.51 0.72 9.50 7.25 11.61
OTCPK:SMSEY Samsonite International SA 5 8 5,655 22.76 2.06 11.78 7.71 18.35
NYSE:SKX Skechers USA Inc 8 7 4,416 18.10 1.17 9.70 10.53 15.24
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:FLIR FLIR
Ratios Valuation ý nalysis Dividend & Ownership

FLûR Systems ûnc (NüS:FLûR)
Current
Computer Hardware - Scientific & Technical Instruments P/E (ttm) 23.63 21.45 21.36 Tangible Book 4.62 13 Payout 0.34
Market Cap: $ 4,869 Mil Forward P/E 19.05 17.70 N/A Graham Number 12.53 35 Dividend Growthþ5yÿ % 15.1
FLIR Systems Inc is engaged in designing, developing, marketing & P/B 2.83 1.73 2.94 Price 35.68 Yield on Cost(5yÿ % 3.07
distributing solutions that detect people & objects. Its technologies include P/S 2.92 1.13 3.21 Median P/S 39.2 110 Continuous Div. since 2011
thermal imaging systems, visible-light imaging systems, locater systems, and P/FCF 16.35 17.31 21.28 Insider Ownership % 1.68
measurement & diagnostic systems. Shiller P/E 24.1 31.23 28.67 Institution Ownership % 72.97
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.78 1.51 0.99 45.1

15.04
F-Score 7 5.00 5 1W -4.47 0
Operating Margin (%ÿ 17.60 4.18 20.93
3M
YTD -0.58 9.1
Net-Margin (%ÿ 12.32 2.98 15.68
1Y 16.39 17.3
ROE (%) 12.43 5.78 14.56
ROA (%) 7.97 2.95 10.66 3Y 1.23
ROC (Joel Greenblattÿ 1.5M 5Y 13.60
39.26 11.10 43.36
(%ÿ
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth þ%ÿ 10.7 5 7.40 4281 4262 5002 4736 3885 3254 4237 4510 3855 4934 4869 Market Cap
EBITDA Growth þ%ÿ 6 1.6 -0.80 154 163 162 162 161 154 145 144 141 138 136 Sh. Outstanding-diluted(Milÿ
EBIT Growth þ%ÿ 4.4 2.4 1.30 35.2 23.8 22.4 19.3 18.2 15.3 24.7 23.2 16.3 29.9 23.6 Year End P/E
5.1 -0.3 8.60
þ% ÿ 6.1 4.6 4.6 3.5 2.6 2.4 2.9 3 2.5 3 2.9 P/S
12.3 5 68.10
þ% ÿ
Book Value Growth þ%ÿ 13.3 3.6 4.00
Quarterly 0.9 1.3 1.5 1.5 1.4 1.5 1.2 1.4 1.7 1.2 1.5 EPS
Revenue YoY % 10 2 6 8 7 7.6 10.8 13.7 13.7 13.6 14 13.1 14.4 16 11.9 12.5 Graham Number
Net Income )YoY % -98 -10 -20 -12 3684 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM ncome Statement

EPS (YoY % -97 -8 -17 -12 3000

779.4 1077 1147.1 1388.4 1544.1 1405.4 1496.4 1530.7 1557.1 1662.2 1689.5 Revenue
55.6 56.3 57.4 55 53.7 52.3 49.3 49 48.4 46.2 46.2 Gross Margin %
Guru Trades
Impact Cur.
% Shares
John Hussman 03/31/17 Sell -0.48 0 136.7 200.9 230.2 248.1 221.5 222.4 177 200.3 241.7 166.6 208.1 Net Income
17.5 18.7 20.1 17.9 14.3 15.8 11.8 13.1 15.5 10 12.3 Net Margin %
Wallace Weitz 03/31/17 Reduce -0.11 756,315
26.8 27.4 22.5 18.2 14.3 14 11 12.4 14.8 10 12.4 ROE %
Manning & Napier
03/31/17 Reduce -0.05 800,326 15 17.7 16.8 14.8 11.1 10.3 7.8 8.5 10.2 6.6 8 ROA %
Advisors, Inc
Chuck Royce 03/31/17 Reduce -0.03 1,300,200 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Paul Tudor Jones 03/31/17 Buy 0.02 18,073 203.7 289.4 422 193.1 440.8 321.7 542.5 531.4 472.8 361.3 397.4 Cash & Equivalents
Jim Simons 03/31/17 Add 0.02 1,365,560 1024.3 1241.1 1494.5 1857.4 2149.1 2190.7 2343.4 2349.3 2406.4 2619.7 2630.4 Total Assets
207.9 182.8 58 -- 247.9 248.3 372.5 358 93.8 501.9 494.7 Long-term Debt
401 396.4 290.8 334.8 570.1 590.8 730 739.5 756.9 941.4 910.8 Total Liabilities
Warning Signs 197.5 282.8 389.3 465.5 352.2 171.5 43 1.4 1.4 12.1 17.9 Common Equity
116.1 218.3 271.8 255.3 243.9 285.5 355 226.2 275.8 312.3 341.5 Cashflow from Operations
MEDUM Price: Close to 5-year high
-87.5 -114 -107.7 -465.4 -67.1 -167 -72.1 -49.3 -134.8 -447.8 -456.3 Cashflow from Investing
Good Signs
-26.5 -22.4 -- -- 247.7 -- 138.8 -15 -15 157.1 153.4 Net Issuance of Debt
27.1 2.6 -43.5 -6.5 75.4 -244.3 -66.1 -152 -166.5 38.6 26.1 Cashflow from Financing
nsider Trades

72.1 190.7 229.9 189.5 201.9 227.5 302.9 165 207.6 276.3 301.9 Free Cash Flow
Cur.
Shares Competitor
Crouch William Wright Director 06/14/17 -38800 10806 Financial Operating
Vice Ticker Company Profitability Market Cap($M) P/E P/S RO(%) ROE(%)
Frank Jeffrey 05/18/17 -13971 18862 Strength Margin(%)
President,
Lewis Earl R Director 05/12/17 -15000 551234 NYSE:KEYS Keysight Technologies Inc 6 6 6,771 16.54 2.13 14.16 8.11 20.23
Sr VP, Chief NAS:COHR Coherent Inc 6 6 5,773 47.55 4.67 15.18 8.05 13.42
Merrill Travis D 05/02/17 -4000 16813
Ma Ný S:FLR FL R Systems nc 7 7 4,869 23.63 2.92 17.60 7.97 12.43
Sr VP, Corp
Harrison Shane R 05/02/17 -2600 18501 NYSE:TDY Teledyne Technologies Inc 5 7 4,645 25.91 2.18 11.45 6.14 11.91
Dev
NAS:MX S
I MKS Instruments Inc 6 7 3,958 26.23 2.56 14.09 7.46 12.45
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:FLR FLR

Fluor Corp (NYSE:FLR)
Current
Engineering & Construction P/E (ttm( 26.6 16.21 21.01 Tangible Book 19.19 43 Payout 0.5
Market Cap: $ 6,247 Mil Forward P/E 16.61 16.31 N/A Graham Number 26.94 60 Dividend Growth(5y % 11.1
Fluor Corp through its subsidiaries is engaged in professional services P/B 1.93 1.33 2.86 Price 44.69 Yield on Cost(5y % 3.18
providing engineering, procurement, construction and maintenance as well P/S 0.32 0.67 0.42 Median P/S 57.96 130 Continuous Div. since 2017
as project management services. P/FCF 10.37 12.15 21.26 Insider Ownership % 1.44
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.30 0.93 4.24 98.64

34.54
F-Score 5 5.00 6 1W -1.17 0
6M YTD -14.11 9.1
Net-Margin (% 1.22 3.48 2.41
ROE (% 7.58 8.13 16.06 1Y -10.13 17.3
ROA (% 2.59 3.02 6.84 3Y -15.28
46.25 18.03 90.83
(%
Growth
Revenue Growth (% 4.8 -2.9 10.80 12922 8144 8054 11690 8491 9537 12950 9011 6565 7314 6247 Market Cap
EBITDA Growth (% 5.9 -1 -13.60 182 183 181 181 175 168 164 160 147 141 140 Sh. Outstanding-diluted(Mil
EBIT Growth (% 7.3 -0.7 -40.70 24.9 11.4 12 33.5 14.8 21.7 19.8 19 16.9 26.4 26.6 Year End P/E
2.1 -6.6 -36.10
(% 0.8 0.4 0.4 0.6 0.4 0.4 0.5 0.5 0.4 0.4 0.3 P/S
15 5.7 -12.00
Quarterly 2.9 3.9 3.8 2 3.4 2.7 4.1 3.2 2.8 2 1.7 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 3.4 3.6 3.7 1.6 3.2 2.1 3 2 4.2 3.3 4.3 Free Cashflow Per Share
Net Income 104 102 5 70 61 12.4 14.2 18 19.3 19.5 20 22.6 20.2 20.6 17.3 19.2 Tang. Book Per Share
Revenue (YoY( % -3 1 9 14 9 28.6 35.5 39 29.3 38.7 34.9 45.4 45.1 36.3 27.9 26.9 Graham Number
Net Income (YoY % -28 -31 -97 -237 -42 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -23 -28 -97 -252 -42
16691 22326 21990 20849 23381 27577 27352 21532 18114 19037 19449 Revenue
Guru Trades 4.8 5.4 5.9 3.4 4.9 3.2 5 6.5 6 4.2 3.5 Gross Margin %
608.6 980.5 1122.6 549 985.5 734 1190 1216.3 926.4 599.2 503.5 Operating Income
Impact Cur.
% Shares
Joel Greenblatt 03/31/17 Buy 0.25 376,717 533.3 720.5 684.9 357.5 593.7 456.3 667.7 510.9 412.5 281.4 237.7 Net Income
3.2 3.2 3.1 1.7 2.5 1.7 2.4 2.4 2.3 1.5 1.2 Net Margin %
Ray Dalio 03/31/17 Buy 0.05 91,450
26.6 29.1 22.9 10.5 17.2 13.6 18.8 14.9 13.5 9.2 7.6 ROE %
John Buckingham 03/31/17 Add 0.04 80,370
10 11.8 10.1 4.8 7.5 5.5 8 6.2 5.2 3.3 2.6 ROA %
Paul Tudor Jones 03/31/17 Add 0 8,900 1175.1 1834.3 1687 2135 2161.4 2154.5 2283.6 1993.1 1949.9 1850.4 1967.6 Cash & Equivalents
5796.2 6423.7 7178.5 7614.9 8268.4 8276 8323.9 8194.4 7625.4 9216.4 9160.3 Total Assets
17.7 17.7 17.7 17.8 513.5 520.2 496.6 991.7 986.6 1517.9 1526 Long-term Debt
3521.7 3752.6 3873 4117.9 4872.8 4934.7 4566.9 5083.6 4628.1 6091.2 5939.5 Total Liabilities
0.9 1.8 1.8 1.8 1.7 1.6 1.6 1.5 1.4 1.4 1.4 Common Equity
SVRE Revenue per Share: Declined
905 951.1 905 550.9 889.8 603.8 788.9 642.6 849.1 705.9 861.5 Cashflow from Operations
Good Signs -793.4 22.5 -818.1 218.4 -436.4 -13.7 -234.6 -199.1 -66.5 -741.4 -277.7 Cashflow from Investing
-- -- -125.4 -175.1 -658.2 -389.2 -200.1 -906.1 -509.7 -9.7 -9.7 Repurchase of Stock
36.4 -173.6 -23.8 -45.3 418.4 -7.5 -26.4 494.5 -28.4 184.4 -95.7 Net Issuance of Debt
GOOD Dividend Yield %: Close to 10-year high 33.7 -229.7 -323 -389.9 -395.8 -616.6 -369.6 -666.4 -728.2 -10.4 -258.7 Cashflow from Financing
GOOD PB Ratio: Close to 10-year low -284.2 -299.6 -233.1 -265.4 -338.2 -254.7 -288.5 -324.7 -240.2 -235.9 -254.2 Capital Expenditure
GOOD PS Ratio: Close to 5-year low 620.8 651.5 671.9 285.5 551.6 349 500.4 317.9 608.9 470 607.3 Free Cash Flow
Competitor
Insider Trades
Financial Operating
Cur. Ticker Company Profitability Market Cap( M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Shares
Chopra Robin K
Sr Vice
03/14/17 -1800 8562
OTCPK:CCOHY China State Construction International Holdings Lt 5 7 7,101 10.44 1.16 13.28 6.45 20.95
Preside
NYSE:JEC Jacobs Engineering Group Inc 7 6 6,479 31.30 0.64 3.43 2.85 4.92
Executive
Barnard Ray F. 03/01/17 -7490 61321 NYSE:FLR Fluor Corp 6 4 6,247 26.60 0.32 2.59 2.59 7.58
Vice
Olivera Armando J Director 09/26/16 -277 7472 OTCPK:SNCAF SNC-Lavalin Group Inc 6 5 5,972 35.44 0.95 5.16 2.36 5.83
NYSE:ACM AECOM 5 7 5,071 22.92 0.30 2.65 1.63 6.48
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:FLS FLS

Flowserve Corp (NYSE:FLS)
Current
Industrial Products - Diversified Industrials P/E (ttm( 51.02 23.19 18.12 Tangible Book 1.94 4 Payout 0.82
Flowserve Corp is a manufacturer and aftermarket service provider of P/B 3.68 1.90 3.42 Median P/S 42.69 90 Yield on Cost(5y % 2.93
comprehensive flow control systems. It develops and manufactures P/S 1.59 1.28 1.43 Price 47.45 Continuous Div. since 2017
precision-engineered flow control equipment integral to the movement, P/FCF 40.94 17.80 24.68 Insider Ownership % 0.63
control and protection of the flow of materials. Shiller P/E 17.9 27.32 32.66 Institution Ownership % 75.91
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.21 1.12 0.24 81.55

34.46
F-Score 5 5.00 6 1W 1.65 0
8M
YTD -0.85 9.1
Net-Margin (%( 3.12 4.33 9.57
1Y -3.43 17.3
ROE (%( 7.19 6.84 21.83
ROA (%( 2.52 3.38 9.48 3Y -13.74
14.82 11.81 47.66
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) 5.8 3 -11.80 5418 2912 5195 6564 5355 7066 10812 8038 5432 6237 6198 Market Cap
EBITDA Growth (%) 6 -5.1 -38.70 172 172 169 169 168 158 142 138 134 131 131 Sh. Outstanding-diluted(Mil
EBIT Growth (%) 6 -8.1 -50.00 21.5 6.7 12.5 17.4 13 17.2 23.1 15.9 21 43.3 51 Year End P/E
5.3 -13.6 -55.50
(%) 1.5 0.7 1.2 1.7 1.2 1.6 2.3 1.7 1.2 1.6 1.6 P/S
5.8 5 -60.30
Quarterly 1.5 2.6 2.5 2.3 2.6 2.8 3.4 3.8 2 1.1 0.9 EPS
Net Income 38 63 -21 65 15 1.8 2.5 4.9 5.7 6.6 4.8 4.4 5.3 1.7 1.8 1.9 Tang. Book Per Share
EPS 0 0 -0 1 0 31.4 37.3 36.8 34.1 38.3 43.2 49.8 50.6 48.8 43.6 42.7 Median P/S Value
Revenue (YoY
% -7 -12 -14 -17 -9 7.8 12 16.7 17.2 19.4 17.4 18.4 21.3 8.6 6.6 6.4 Graham Number
Net Income (YoY) % 37 -16 -122 -9 -61 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY
% 45 -14 -123 -7 -62
3762.7 4473.5 4365.3 4032 4510.2 4751.3 4954.6 4877.9 4561 3991.5 3907.8 Revenue
33.2 35.3 35.5 35 33.6 33.3 34.1 35.2 32.6 30.9 30.4 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Sarah Ketterer 03/31/17 Buy 1.2 1,606,831 255.8 442.4 427.9 388.3 428.6 448.3 485.5 518.8 267.7 145.1 122 Net Income
6.8 9.9 9.8 9.6 9.5 9.4 9.8 10.6 5.9 3.6 3.1 Net Margin %
Manning & Napier
03/31/17 Reduce -1.15 109,071 22.1 33.3 27.1 19.9 19.6 21.6 25.8 27.3 14.9 8.8 7.2 ROE %
Advisors, Inc
8 11.7 10.3 8.9 9.4 9.5 9.9 10.4 5.4 3 2.5 ROA %
Steven Cohen 03/31/17 Sell -0.1 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
First Eagle Investment 03/31/17 Add 0.06 12,543,436 370.6 471.8 654.3 557.6 337.4 304.3 363.8 450.4 366.4 367.2 325.8 Cash & Equivalents
Joel Greenblatt 03/31/17 Buy 0.05 83,639 3520.4 4023.7 4248.9 4459.9 4622.6 4811 5036.7 4968 4980.7 4742.8 4696.8 Total Assets
550.8 545.6 539.4 476.2 451.6 869.1 1127.6 1101.8 1560.6 1485.3 1477.5 Long-term Debt
2227.4 2655.9 2452.8 2356.9 2352.8 2920.7 3166.4 3036.5 3314.2 3094.5 3016.5 Total Liabilities
73.4 73.5 73.6 73.7 73.7 221 221 221 221 221 221 Common Equity
Warning Signs
417.4 406 431.3 355.8 218.2 517.1 487.8 570.2 418.1 227.6 237.2 Cashflow from Operations
-77.1 -117.2 -138.6 -286.7 -194.2 -126.4 -168 -84.1 -525.3 -91.5 -86.9 Cashflow from Investing
SEVERE Operating Margin %: Declined -44.8 -165 -41 -46 -150 -771.9 -458.3 -246.5 -303.7 -- -- Repurchase of Stock
MEDIUM Dividend Payout Ratio: Too high -2.8 9.3 -6.4 -41.6 -23.4 418.1 273.6 -40 481.3 -60 -60 Net Issuance of Debt
MEDIUM Price: Close to 1-year high -49.8 -182.7 -107.1 -142.9 -239 -428.9 -255.8 -366.9 60.3 -130.8 -131.8 Cashflow from Financing
-89 -126.9 -108.4 -102 -108 -135.5 -139.1 -132.6 -181.9 -89.7 -85.3 Capital Expenditure
Cur.
Shares
Blinn Mark A 02/28/17 -42500 93552 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Pajonas Thomas L EVP, COO 02/28/17 -25000 48273 NYSE:HUBB Hubbell Inc 6 8 6,545 22.41 1.88 13.63 8.51 18.53
SVP, GC
Oconnor Carey 02/28/17 -10500 43548 NYSE:GGG Graco Inc 6 7 6,233 111.10 4.69 10.17 4.51 9.77
and Sec
President & NYSE:FLS Flowserve Corp 5 6 6,198 51.02 1.59 6.40 2.52 7.19
Blinn Mark A 11/02/16 -119232 194194
CEO
OTCPK:GCTAY Gamesa Corporacion Tecnologica SA 6 7 6,126 16.45 1.06 10.44 6.38 19.47
Rusnack William C Director 08/03/16 -2169 2783
NYSE:DCI Donaldson Co Inc 6 8 6,116 27.77 2.73 14.07 12.31 28.57
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:FMC FMC
Ratios Valuation nalysis Dividend & Ownership

FMC Corp (NYSE:FMC)
Current
Chemicals P/E (ttm( 270.79 19.52 20.83 Tangible Book 4.79 6 Payout 0.34
Market Cap: $ 10,160 Mil Forward P/E 29.76 17.57 N/A Graham Number 13.65 18 Dividend Growth5y % 17.1
FMC Corp is a diversified chemical company serving agricultural, consumer P/B 5.41 1.99 4 Median P/S 42.97 57 Yield on Cost5y % 1.94
and industrial markets internationally with solutions, applications and P/S 3.32 1.34 1.88 Price 75.82 Continuous Div. since 2017
products. Its business segments are FMC Agricultural Solutions, FMC Health P/FCF 39.51 19.09 30.06 Insider Ownership % 0.98
& Nutrition, and FMC Lithium. Shiller P/E 36.07 29.57 37.49 Institution Ownership % 69.87
PEG N/A 2.02 1.79 Short % of Float 2
Financial Strength
29.43 39.83 29 40.7 46.43 58.59 75.46 83.1 64.59 59 76.77 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.05 0.81 0.08 83.1

34.05
F-Score 6 5.00 6 1W -0.56 0
5M
YTD 34.34 9.1
Net-Margin % 1.19 5.52 9.42
1Y 57.43 17.3
ROE % 1.81 8.88 21.60
ROA % 0.59 4.69 6.79 3Y 0.22
15.16 14.40 21.51
%
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth % 4.6 2.2 -4.80 4099 3244 4044 5712 6009 8056 10028 7603 5230 7562 10160 Market Cap
EBITDA Growth % -2.2 -20.6 129.40 155 152 147 146 143 139 136 134 134 135 134 Sh. Outstanding-dilutedMil
EBIT Growth % 6.1 -10.2 39.10 32 11.2 17.9 33.9 16.9 19.5 35.4 24.9 10.8 36.3 270.8 Year End P/E
N/A N/A 0.00
Growth % 1.6 1.1 1.5 1.9 2 2.3 3.3 2.4 1.6 2.5 3.3 P/S
N/A N/A 0.00
%
Book Value Growth % 9.2 9.9 -4.40
17 20.6 19.3 21.3 21.2 24.6 23 24.3 24.5 24.4 22.9 Revenue Per Share
Quarterly 0.9 2 1.6 1.2 2.6 3 2.2 2.3 3.7 1.6 0.3 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 1 0.9 1 1.5 1.6 1.3 1.2 1.4 -3.5 2.7 1.9 Free Cashflow Per Share
Net Income 48 65 80 16 -124 5.9 4.9 6 6.6 5.8 7 6.5 7 1.9 2.9 4.8 Tang. Book Per Share
EPS 0 0 1 0 -1 31.9 38.6 36.3 40.1 40.2 48.6 43.2 45.6 46 43.2 43 Median P/S Value
Revenue YoY % -8 -9 -3 -4 -2 11.6 15.4 15.1 14.4 19.1 22.5 19.7 18.7 -- 10.9 13.7 Graham Number
Net Income YoY % -203 -91 -3421 -108 -357 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % -203 -91 -3050 -108 -356
2632.9 3115.3 2826.2 3116.3 3036.3 3409.9 3130.7 3258.7 3276.5 3282.4 3079.6 Revenue
Impact Cur.
% Shares
Michael Price 03/31/17 Buy 2.16 250,000 132.4 304.6 228.5 172.5 365.9 416.2 293.9 307.5 489 209.1 36.6 Net Income
5 9.8 8.1 5.5 12.1 12.2 9.4 9.4 14.9 6.4 1.2 Net Margin %
Richard Snow 03/31/17 Reduce -0.65 455,382
12.8 31 23.1 15.6 30.9 30.6 19.5 20.1 28.8 10.9 1.8 ROE %
4.8 10.6 7.5 5.3 10.4 10.3 6.1 5.8 8.4 3.4 0.6 ROA %
David Einhorn 03/31/17 Reduce -0.38 332,987
Steven Cohen 03/31/17 Buy 0.11 283,711
Joel Greenblatt 03/31/17 Reduce -0.1 54,035 75.5 52.4 76.6 161.5 158.9 77.1 123.2 109.5 78.6 64.2 96.1 Cash & Equivalents
Barrow, Hanley,
2733.4 2993.9 3136.2 3319.9 3743.5 4373.9 5235.2 5326 6325.9 6139.3 6036.3 Total Assets
03/31/17 Reduce -0.09 4,844,875 419.6 592.9 588 503 790.4 940.6 1154.1 1138.9 2036.3 1798.8 1790.4 Long-term Debt
Mewhinney & Strauss
1669.1 2091 2059.8 2188.4 2502.9 2893.6 3715.4 3795.5 4460.2 4181.6 4159 Total Liabilities
9.3 9.3 9.3 9.3 18.6 18.6 18.6 18.6 18.6 18.6 18.6 Common Equity
Warning Signs
269.6 307.6 301.5 354.5 381.3 359.7 328.7 373.7 -357.7 497.8 362.9 Cashflow from Operations
MEDIUM Revenue per Share: Declined
-120.6 -191.7 -200.7 -154 -358 -393.6 -653.2 -35.3 348.8 -135.2 -122.1 Cashflow from Investing
MEDIUM Dividend Yield %: Close to 2-year low -116.4 -186.9 -36.6 -137.7 -169.3 -149 -367 -4.7 -3.7 -13 -11.7 Repurchase of Stock
MEDIUM Price: Close to 10-year high -101 83.2 1.3 -5.9 187.9 138.1 888.9 -171.2 66.1 -259.2 -91.9 Net Issuance of Debt
MEDIUM PE Ratio: Close to 10-year high -243.4 -137.5 -77.8 -116.6 -25.3 -48.2 371.2 -349.9 -16.7 -377 -209.5 Cashflow from Financing
Insider Trades 154.2 132.8 140.3 212.2 224.5 182.4 163.7 191.5 -466.2 367 258.3 Free Cash Flow
Cur.
Shares
Pres. Financial Operating
Douglas Mark 06/08/17 -5066 86708 Ticker Company Profitability Market Cap( M) P/E P/S RO(%) ROE(%)
Agricultu Strength Margin(%)
President
Norris Eric
Healt
05/17/17 -11358 29608 OTCPK:MTLHY Mitsubishi Chemical Holdings Corp 5 7 11,409 8.85 0.36 7.25 3.43 14.66
Exec. VP, OTCPK:FUPBY Fuchs Petrolub SE 8 7 10,550 26.15 2.99 16.27 16.42 22.99
Utecht Andrea E 05/15/17 -14434 131063
Gener NYSE:FMC FMC Corp 5 7 10$ 1
60 270.79 3.32 15.99 0.59 1.81
Powell William Howard Director 05/12/17 -3000 17554
NYSE:SK M Sociedad K uimica YMinera De Chile SA 6 8 9,070 27.99 4.34 24.26 7.42 14.22
OTCPK:SOMMY Sumitomo Chemical Co Ltd 5 6 8,748 18.45 0.51 6.85 1.93 6.86
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:FOX FOX

Twenty-First Century Fox Inc (NAS:FOX)
Current
Entertainment - Media - Uiversified P/E (ttm) 17.12 44.50 14.63 Tangible Book -2.28 -8 Payout 0.22
Market Cap: $ 51,079 Mil Forward P/E 13.11 16.00 N/A Peter Lynch Value 21.77 79 Uividend Growth(5y % 15.8
Twenty-First Century Fox Inc is a diversified media & entertainment company. P/B 3.44 1.97 1.84 Price 27.41 Yield on Cost(5y % 2.75
It operates in five business segments: Cable Network Programming, P/S 1.83 2.07 1.98 Median P/S 29.61 108 Continuous Uiv. since 2009
Television, Filmed Entertainment, Uirect Broadcast Satellite Television, and P/FCF 16.57 15.86 19.1 Insider Ownership % 0.08
Other, Corporate and Eliminations. Shiller P/E 17.64 23.22 32.43 Institution Ownership % 17.06
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.28 1.31 0.46 37.5

16.3
F-Score 7 5.00 5 1W 1.52 0
11M
YTU 1.25 9.1
Net-Margin (%) 10.72 3.55 11.63
ROE (%) 21.37 3.90 14.21 1Y -4.14 17.3
ROA % 6.18 1.79 5.68 3Y -6.24
123.08 14.01 104.45
(%)
Growth
EBITUA Growth (%) N/A 13.7 14.50 3178 2971 2613 2628 2633 2504 2341 2269 2130 1945 1851 Sh. Outstanding-dilutedMil
N/A 16.3 35.50
Growth (%) 2 1.2 0.7 0.8 1.7 2 2.4 2.5 2.4 1.9 1.8 P/S
Free Cash Flow Growth 9 4.6 -8.3 5.9 9.9 9.3 12.7 14.1 6.3 10.2 9.4 EV/EBITUA
7.2 11.2 19.90
9 11.1 11.6 12.5 9.2 10 11.8 14 13.6 14 15.2 Revenue Per Share
Quarterly 1.1 1.8 -1.3 1 1 0.5 3 2 3.9 1.4 1.6 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 0.9 0.8 0.4 1.1 0.9 0.9 1 1 1.5 1.4 1.7 Free Cashflow Per Share
Net Income 841 567 821 856 799 2.4 -1.7 -0 1.2 2.4 1.8 -2.3 -3.9 -0.8 -3.1 -2.3 Tang. Book Per Share
EPS 0 0 0 0 0 21.1 18.1 18.7 20.1 14.8 15.9 19.1 22.6 21.9 -- 29.6 Median P/S Value
Revenue (YoY % 6 7 7 4 5 7.8 -- -- 5.1 6.8 7.3 -- -- -- -- -- Graham Number
Net Income (YoY % -14 552 22 27 -5 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS YoY % -4 275 29 35 -2
28655 32996 30423 32778 24232 25051 27675 31867 28987 27326 28398 Revenue
34.9 37.8 35.7 35.9 35 37.5 36.8 33.8 36 37.3 37.7 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Wallace Weitz 03/31/17 Reduce -0.16 164,490 3426 5387 -3378 2539 2739 1179 7097 4514 8306 2755 3043 Net Income
12 16.3 -11.1 7.8 11.3 4.7 25.6 14.2 28.7 10.1 10.7 Net Margin %
10.9 17.5 -13 10.5 10 4.4 34.1 26.2 48 17.8 21.4 ROE %
Leucadia National 03/31/17 Reduce -0.08 16,873
5.8 8.6 -5.9 4.7 4.7 2 13.2 8.5 15.9 5.6 6.2 ROA %
Steven Cohen 03/31/17 Buy 0.07 418,428
Uiamond Hill Capital 03/31/17 Reduce -0.06 6,665,209
Uonald Yacktman 03/31/17 Add 0.05 26,584,495 7654 4662 6540 8709 12680 9626 6659 5415 8428 4424 5572 Cash & Equivalents
62343 62308 53121 54384 61980 56663 50944 54793 50039 48365 50684 Total Assets
12147 13230 12204 13191 15463 15182 16321 18259 18795 19298 19789 Long-term Uebt
MEDIUM Long-Term Uebt: Issuing new debt 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
-2076 -6354 -627 -313 -1369 -766 86 -935 6736 -1638 -626 Cashflow from Investing
-1294 -939 -- -- -103 -4589 -2026 -3772 -5939 -4904 -2321 Repurchase of Stock
998 564 697 -1053 1914 -35 523 859 316 673 321 Net Issuance of Uebt
GOOD Uividend Yield %: Close to 5-year high -273 -636 315 -1445 1383 -5102 -4571 -3776 -7102 -5330 -2195 Cashflow from Financing
GOOD PB Ratio: Close to 3-year low -1308 -1443 -1101 -914 -622 -564 -622 -678 -424 -263 -309 Capital Expenditure
2802 2482 1147 2940 2416 2270 2380 2286 3193 2785 3145 Free Cash Flow
Insider Trades
Cur. Competitor
Ubben Jeffrey W 12/16/16 3000000 53326k Strength Margin(%)
Ubben Jeffrey W 08/18/16 3000000 50326k NYSE:TWX Time Warner Inc 4 8 76,871 18.86 2.62 25.64 6.37 16.98
Murdoch Q eithRupert
Executive
08/15/16 -53349 -- NAS:NFLX Netflix Inc 5 6 65,409 196.82 7.02 6.18 2.67 13.06
Chair
NAS:FOX Twenty-First Century Fox Inc 5 8 51,079 17.12 1.83 23.12 6.18 21.37
Uevoe Uavid F Uirector 08/15/16 -31260 4080
NYSE:CBS CBS Corp 4 8 25,026 52.13 2.12 19.78 2.28 11.76
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:FOXA FOXA

Twenty-First Century Fox Inc (NAS:FOXA)
Current
Entertainment - Media - Uiversified P/E (ttm) 17.07 44.50 14.63 Tangible Book -2.32 -8 Payout 0.22
Market Cap: $ 51,079 Mil Forward P/E 13.11 16.00 N/A Peter Lynch Value 22.11 80 Uividend Growth(5y % 15.8
Twenty-First Century Fox Inc is a diversified media & entertainment company. P/B 3.43 1.97 1.84 Price 27.74 Yield on Cost(5y % 2.69
It operates in five business segments: Cable Network Programming, P/S 1.82 2.07 1.98 Median P/S 30.07 108 Continuous Uiv. since 2009
Television, Filmed Entertainment, Uirect Broadcast Satellite Television, and P/FCF 16.52 15.86 19.1 Insider Ownership % 0.08
Other, Corporate and Eliminations. Shiller P/E 17.61 23.22 32.43 Institution Ownership % 41.05
Financial Strength
Industry Historical
Median Median
Cash to Uebt 0.28 1.31 0.46 39.01

17.34
F-Score 7 5.00 5 1W 1.24 0
61M YTU -0.43 9.1
Net-Margin (%) 10.72 3.55 11.63
ROE (%) 21.37 3.90 14.21 1Y -2.97 17.3
ROA % 6.18 1.79 5.68 3Y -6.89
123.08 14.01 104.45
(%)
Growth
EBITUA Growth (%) N/A 13.7 14.50 3178 2971 2613 2628 2633 2504 2341 2269 2130 1945 1851 Sh. Outstanding-dilutedMil
N/A 16.3 35.50
Growth (%) 2 1.2 0.7 0.8 1.7 2 2.4 2.5 2.4 1.9 1.8 P/S
Free Cash Flow Growth 9 4.6 -8.3 5.9 9.9 9.3 12.7 14.1 6.3 10.2 9.4 EV/EBITUA
7.2 11.2 19.90
9 11.1 11.6 12.5 9.2 10 11.8 14 13.6 14 15.2 Revenue Per Share
Quarterly 1.1 1.8 -1.3 1 1 0.5 3 2 3.9 1.4 1.6 EPS
Mar16 Jun16 Sep16 Uec16 Mar17 0.9 0.8 0.4 1.1 0.9 0.9 1 1 1.5 1.4 1.7 Free Cashflow Per Share
Net Income 841 567 821 856 799 2.4 -1.7 -0 1.2 2.4 1.8 -2.3 -3.9 -0.8 -3.1 -2.3 Tang. Book Per Share
Revenue (YoY % 6 7 7 4 5 7.8 -- -- 5.1 6.8 7.3 -- -- -- -- -- Graham Number
Net Income (YoY % -14 552 22 27 -5 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS YoY % -4 275 29 35 -2
28655 32996 30423 32778 24232 25051 27675 31867 28987 27326 28398 Revenue
34.9 37.8 35.7 35.9 35 37.5 36.8 33.8 36 37.3 37.7 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Yacktman Focused 3426 5387 -3378 2539 2739 1179 7097 4514 8306 2755 3043 Net Income
03/31/17 Reduce -3.57 8,200,000 12 16.3 -11.1 7.8 11.3 4.7 25.6 14.2 28.7 10.1 10.7 Net Margin %
Fund
10.9 17.5 -13 10.5 10 4.4 34.1 26.2 48 17.8 21.4 ROE %
5.8 8.6 -5.9 4.7 4.7 2 13.2 8.5 15.9 5.6 6.2 ROA %
Uonald Yacktman 03/31/17 Reduce -1.93 35,975,997
Andreas Halvorsen 03/31/17 Add 1.14 20,283,586 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Louis Moore Bacon 03/31/17 Buy 0.81 925,000 7654 4662 6540 8709 12680 9626 6659 5415 8428 4424 5572 Cash & Equivalents
Wallace Weitz 03/31/17 Reduce -0.71 2,520,950 62343 62308 53121 54384 61980 56663 50944 54793 50039 48365 50684 Total Assets
Yacktman Fund 03/31/17 Reduce -0.62 21,500,000 12147 13230 12204 13191 15463 15182 16321 18259 18795 19298 19789 Long-term Uebt
Steven Cohen 03/31/17 Add 0.48 2,653,649
31 26 26 26 26 23 23 22 20 19 19 Common Equity
Manning & Napier
03/31/17 Reduce -0.31 9,714,566
Advisors, Inc 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Joel Greenblatt 03/31/17 Reduce -0.28 1,050,809 4110 3925 2248 3854 3038 2834 3002 2964 3617 3048 3454 Cashflow from Operations
Warren Buffett 03/31/17 Sell -0.17 0 -2076 -6354 -627 -313 -1369 -766 86 -935 6736 -1638 -626 Cashflow from Investing
998 564 697 -1053 1914 -35 523 859 316 673 321 Net Issuance of Uebt
Warning Signs -273 -636 315 -1445 1383 -5102 -4571 -3776 -7102 -5330 -2195 Cashflow from Financing
MEDIUM Long-Term Uebt: Issuing new debt -1308 -1443 -1101 -914 -622 -564 -622 -678 -424 -263 -309 Capital Expenditure
2802 2482 1147 2940 2416 2270 2380 2286 3193 2785 3145 Free Cash Flow
Good Signs
Competitor
Financial Operating
GOOD Operating Margin %: Expansion Ticker Company Profitability Market Cap($M) P/E P/S RO(%) ROE(%)
Strength Margin(%)
GOOD Uividend Yield %: Close to 5-year high NYSE:TWX Time Warner Inc 4 8 76,871 18.86 2.62 25.64 6.37 16.98
GOOD PB Ratio: Close to 3-year low NAS:NFLX Netflix Inc 5 6 65,409 196.82 7.02 6.18 2.67 13.06
N S:FOXA Twenty-First Century Fox Inc 5 8 51,079 17.07 1.82 23.12 6.18 21.37
NYSE:CBS CBS Corp 4 8 25,026 52.13 2.12 19.78 2.28 11.76
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:FRT FRT

Federal Realty Investment Trust (NYSE:FRT)
Current
REITs - REIT - Retail P/E (ttm) 40.35 17.14 41.93 DCF FCF Based) -33.18 -26 Payout 1.25
Market Cap: $ 9,270 Mil Forward P/E 40.49 20.62 N/A Tangible Book 27.32 21 Dividend Growth(5y % 6.8
Federal Realty Investment Trust is an equity real estate investment trust P/B 4.7 1.12 5.11 DCE )Earnings Based) 35.8 28 Yield on Cost)5y % 4.2
specializing in the ownership, management, development and P/S 11.33 7.64 10.63 Graham Number 43.65 34 Continuous Div. since 1968
redevelopment of retail and mixed-use properties. P/FCF N/A 19.65 88.26 Median P/S 120.34 94 Insider Ownership % 1.07
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.01 0.06 0.02 170.35

65.77
F-Score 3 5.00 5 1W 4.43 0
3M
YTD -9.01 9.1
Net-Margin (%) 28.27 39.19 25.30
1Y -15.87 17.3
ROE (%) 11.79 6.63 11.98
ROA (%) 4.28 3.20 4.12 3Y 5.17
6.60 12.00 7.42
(%)
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth (%) 2.6 4.2 8.30 57 59 60 61 63 64 65 67 69 71 72 Sh. Outstanding-diluted(Mil
EBIT Growth (%) 2 4.2 3.40 23.9 28.4 41.8 39.4 40 44.1 41.2 55.6 48.2 40.6 40.4 Year End P/E
6.2 8.8 15.70
)%) 9.6 7 7.6 8.8 10.3 11 10.4 13.1 13.6 12.6 11.3 P/S
N/A N/A 0.00
Quarterly 3.5 2.2 1.6 2 2.3 2.4 2.5 2.4 3 3.5 3.2 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 0.1 -0.2 2.4 1.8 -0 0.5 -1 -0.4 -1.1 -2.3 -3.1 Free Cashflow Per Share
EPS 1 1 1 1 1 90.8 93.9 94.2 94 93.5 100.7 103.4 108 114.6 119.9 120.3 Median P/S Value
Revenue (YoY) % 7 9 9 6 5 26.4 28.6 26.2 28.4 29 30.8 31.2 35 37.5 43.4 43.7 Graham Number
Net Income )YoY) % 67 28 12 -15 -27 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % 64 24 9 -18 -29
483.1 520.2 530.5 541.8 551.1 605.8 637.4 686.1 744 801.6 810.6 Revenue
69.7 68.2 68.6 79.6 80.2 70.4 70.1 69.1 68.6 68.4 65.8 Gross Margin %
Guru Trades
208.6 217.2 210.6 229.2 226.5 253.9 254.2 271 300.2 321 325.6 Operating Income
Impact Cur.
% Shares
Columbia Wanger 03/31/17 Add 0.03 152,204 195.5 129.8 98.3 122.8 143.9 151.9 162.7 164.5 210.2 249.9 229.1 Net Income
40.5 25 18.5 22.7 26.1 25.1 25.5 24 28.3 31.2 28.3 Net Margin %
Jim Simons 03/31/17 Add 0.01 56,000
20.6 11.6 8.5 10.5 12.1 12.1 11.9 10.7 12.8 13.7 11.8 ROE %
Ray Dalio 03/31/17 Sell -0.01 0
6.9 4.3 3.1 3.9 4.2 4 4 3.8 4.5 4.8 4.3 ROA %
Chris Davis 03/31/17 Reduce 0 85,014
Columbia Wanger 12/31/16 Reduce -0.23 137,584 50.7 15.2 135.4 15.8 67.8 37 88.9 48 21 23.4 20.1 Cash & Equivalents
Chris Davis 12/31/16 Add 0.01 85,025
2989.3 3092.8 3222.3 3159.6 3666.2 3898.6 4219.3 4546.9 4896.6 5423.3 5656.2 Total Assets
1638.5 1745.8 930.2 1767.1 2110.4 2208.6 2321.9 2409.7 2627.2 2798.5 3013.4 Long-term Debt
1874.7 1978.2 2045 2009.7 2450.1 2611.8 2771.1 2942.5 3232.8 3446.5 3674.5 Total Liabilities
SEVERE Financial Strength: Poor 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SEVERE Altman Z-Score: Distress
SEVERE Piotroski F-Score: Low -151.4 -207.6 -127.3 -187.1 -196.4 -273.6 -345.2 -396.2 -353.8 -590.2 -666.8 Cashflow from Investing
SEVERE Gross Margin %: Declined -- -- -- -- -- -- -- -- -- -- -- Repurchase of Stock
-56.1 84.2 37.6 -27.4 24.1 21.8 96.2 15.9 109.1 135.3 352.8 Net Issuance of Debt
Good Signs -23.6 -56.2 -9.3 -189.2 3.7 -53.9 82.6 9 -33 173.3 231.8 Cashflow from Financing
GOOD Revenue per Share: Consistent growth -206.8 -237.6 -112.6 -146.2 -246 -261.5 -377.4 -370.1 -436.8 -580.2 -658.2 Capital Expenditure
7.4 -9.3 144.2 110.5 -1.3 35.1 -62.9 -24 -77 -161 -222.8 Free Cash Flow
Insider Trades
Cur. Competitor
Trustee, Strength Margin(%)
Wood Donald C 02/27/17 -11107 333921
Presid
NYSE:REG Regency Centers Corp 4 7 10,895 94.21 10.50 23.17 1.58 1.95
Trustee,
Wood Donald C 02/23/17 -20000 333921 NYSE:FRT Federal Realty Investment Trust 4 6 9,270 40.35 11.33 40.17 4.28 11.79
Presid
Wood Donald C
Trustee,
02/21/17 -20000 333921 NYSE:MAC Macerich Co 4 8 8,328 51.09 8.22 24.85 1.66 3.89
Presid
Trustee,
NYSE:KIM Kimco Realty Corp 4 7 8,322 30.55 7.07 25.21 2.80 5.10
Wood Donald C 02/21/17 -14186 333921
Presid OTCPK:BRLAF British Land Co PLC 5 8 8,281 43.13 11.98 44.14 1.42 2.11
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:FSLR FSLR

First Solar nc (NAS:FSLR)
Industry Historical % of Price Dividend Yieldttm % N/A
Current
$ 35.73 Median Median Peter Lynch Value -13.25 -37 Dividend Yieldforward % N/A
Semiconductors - Solar P/E (ttm) N/A 23.31 17.96 NCAV 13.92 39 Payout N/A
Market Cap: $ 3,726 Mil Forward P/E 138.89 18.98 N/A Price 35.73 Dividend Growth5y % N/A
First Solar Inc is a provider of solar energy solutions. It designs, P/B 0.71 1.97 1.36 Tangible Book 49.17 138 Yield on Cost5y % N/A
manufactures and sells PV solar modules with a thin-film semiconductor P/S 1.26 1.80 1.98 Median P/S 57 160 Continuous Div. since N/A
technology. It also manufactures crystalline silicon solar modules. P/FCF 11.57 20.45 24.83 Insider Ownership % 0.93
Financial Strength
Industry Historical
Median Median
Cash to Debt 8.82 1.69 5.11 311.14

149.69
F-Score 3 5.00 5 1W -5.48 0
Operating Margin )%( -22.57 5.29 13.44
10M YTD 11.34 9.1
Net-Margin )%( -17.34 3.88 13.48
ROE (% -9.30 4.82 9.51 1Y -25.87 17.3
ROA % -7.08 2.58 6.81 3Y -17.86
-35.15 9.53 27.18
%
Growth
Revenue Growth % 22.9 -2.5 -26.20 20992 11187 11537 11171 2919 2689 5437 4473 6716 3334 3726 Market Cap
EBITDA Growth % N/A N/A -139.20 78 82 85 86 86 87 95 102 102 103 104 Sh. Outstanding-dilutedMil(
EBIT Growth % N/A N/A -186.70 132.3 32.6 18 17 -- -- 15.4 11.3 12.4 -- -- Year End P/E
N/A N/A -164.60
% 41.9 9.1 5.6 4.4 1.1 0.8 1.6 1.3 1.9 1.1 1.3 P/S
Free Cash Flow Growth 112 20.2 13.3 11.4 16 9.5 6.3 4 6.6 -7.6 -3.7 EV/EBITDA
N/A N/A 1445.30
%
Book Value Growth % 20 5.3 -10.70
Quarterly 2 4.2 7.5 7.7 -0.5 -1.1 3.7 3.9 5.4 -3.5 -5.1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -0.5 0 4.6 1.3 -8.9 4.4 6 4.7 -4.8 -0.2 3.1 Free Cashflow Per Share
Net Income 196 13 154 -696 9 13.5 18.2 27.8 35.2 41.4 40.6 43.2 47.7 52.6 49.2 49.2 Tang. Book Per Share
EPS 2 0 1 -7 0 12.6 30 48 58.7 63 76.4 68 66.1 69.7 57 57 Median P/S Value
Revenue ! YoY" % 87 4 -46 -49 2 24.9 41.7 68.6 78 -- -- 59.7 64.7 79.7 -- -- Graham Number
Net Income ! YoY" % -421 -86 -56 -524 -95 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS ! YoY" % -411 -86 -56 -519 -95
504 1246.3 2066.2 2563.5 2766.2 3368.5 3309.6 3391.2 3579 2951.3 2994.6 Revenue
49.9 54.4 50.6 46.2 35.1 25.3 26.1 24.3 25.7 23.9 17.5 Gross Margin %
Guru Trades
137.2 438.3 679.6 748.9 -68.7 -37.6 370.4 422 516.7 -502.6 -675.8 Operating Income
Impact Cur.
Guru Date Action 27.2 35.2 32.9 29.2 -2.5 -1.1 11.2 12.4 14.4 -17 -22.6 Operating Margin %
% Shares
158.4 348.3 640.1 664.2 -39.5 -96.3 350.7 396 546.4 -358 -519.4 Net Income
31.4 28 31 25.9 -1.4 -2.9 10.6 11.7 15.3 -12.1 -17.3 Net Margin %
Jeremy Grantham 03/31/17 Add 0 32,800
21 26.7 30.7 21.8 -1.1 -2.7 8.7 8.3 10.4 -6.7 -9.3 ROE %
Pioneer Investments 03/31/17 Reduce 0 1,101,184
16.2 20 23.4 17.2 -0.8 -1.6 5.3 5.8 7.8 -5.1 -7.1 ROA %
Jeremy Grantham 12/31/16 Buy 0.01 31,700
Pioneer Investments 12/31/16 Add 0 1,101,992 404.3 716.2 664.5 765.7 605.6 901.3 1325.1 1482.1 1126.8 1347.2 1656.2 Cash & Equivalents
1371.3 2114.5 3349.5 4380.4 5777.6 6348.7 6883.5 6721 7316.3 6867.2 6604.5 Total Assets
68.9 163.5 146.4 210.8 619.1 500.2 162.8 162.1 251.3 160.4 265.8 Long-term Debt
Warning Signs 274 601.5 696.7 925.5 2133.8 2743.2 2380.4 1729.5 1767.8 1654.5 1376.7 Total Liabilities
SEVERE Piotroski F-Score: Low 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Common Equity
SEVERE Gross Margin %: Declined 206 463.1 675.2 705.5 -33.5 762.2 856.1 735.5 -325.2 206.8 615.7 Cashflow from Operations
SEVERE Long-Term Debt: Keep issuing new debt -547.3 -308.4 -701.7 -742.1 -676.5 -383.7 -537.1 -387.8 -156.2 144.5 -3.6 Cashflow from Investing
Insider Trades 14.6 97.2 -33.5 72.1 436.3 -108.8 -335 5.5 98.9 -110.6 -39.1 Net Issuance of Debt
Cur. 430.4 177.5 -22 150.5 571.2 -89.1 101.2 -46.9 101.2 -136.4 -16.3 Cashflow from Financing
Shares
Presby J Thomas Director 05/11/17 4000 26410
-36.4 3.8 395.3 116.6 -765.3 383 573.6 478 -491.6 -22.7 325 Free Cash Flow
Schumaker Bryan Chief
05/03/17 -2747 1235
Robert Accountin Competitor
Bradley Alexander R. CFO 03/15/17 -1706 -- Financial Operating
Bradley Alexander R. CFO 03/10/17 -571 1706 Strength Margin(%)
Bradley Alexander R. CFO 03/09/17 -905 571 NAS:FSLR First Solar Inc 7 4 3,726 0.00 1.26 -22.57 -7.08 -9.30
NYSE:TSL Trina Solar Ltd 4 6 1,068 8.88 0.35 7.61 2.87 12.57
NAS:SPWR SunPower Corp 4 3 1,058 0.00 0.42 -19.89 -10.82 -45.08
NAS:SEDG SolarEdge Technologies Inc 7 4 802 14.97 1.76 13.19 17.39 26.44
NAS:CSIQ Canadian Solar Inc 4 5 732 26.34 0.27 1.87 0.57 3.26
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:FTR FTR

Frontier Communications Corp (NAS:FTR)
Current
Communication Services - Telecom Services P/E (ttm) N/A 19.47 26.81 Tangible Book -6.84 -522 Payout N/A
Market Cap: $ 1,543 Mil Forward P/E N/A 16.23 N/A Price 1.31 Dividend Growth(5y) % -7.6
Frontier Communications Corp provides communications services to P/B 0.36 2.31 1.6 Median P/S 9.44 721 Yield on Cost#5y) % 18.26
residential and business customers. The Company offers a variety of voice, P/S 0.15 1.49 1.11 Continuous Div. since 2017
data, and video services and products on a standalone basis and as bundled P/FCF 2.72 18.69 7 Insider Ownership % 1.17
or packaged solutions. Shiller P/E 8.19 18.67 21.61 Institution Ownership % 48.53
Financial Strength
Industry Historical 16 12.94 8.81 9.73 9.77 5.33 4.98 7.13 8.42 5.79 3.75 Annual Price High
Median Median
Cash to Debt 0.02 0.41 0.04 16
7.4
F-Score 6 5.00 5 1W 10.20 0
Median Median
6M -58.31 8.7
Operating Margin #%) 11.12 7.56 20.02
YTD -56.95 9.1
Net-Margin #%) -2.65 3.49 2.82 69M
ROE (%) -10.01 6.73 3.28 1Y -65.74 17.3

ROA (%) -0.92 2.49 0.82 3Y -23.80
ROC #Joel Greenblatt) 34.3M 5Y -3.46
7.25 14.15 12.11
(%)
Growth
EBITDA Growth (%) -7.2 -0.1 68.40 315 318 310 651 992 992 994 998 1085 1164 1178 Sh. Outstanding-diluted(Mil%
EBIT Growth (%( -11.9 -6 65.40 19.6 15.3 20 29.5 36.8 30.6 38.8 51.3 -- -- -- Year End P/E
EPS without NRI 4.2 5.2 7.5 1.9 1.2 1 1.2 1.8 1 0.9 0.4 P/B
N/A N/A 0.00
Growth (%) 1.7 1.2 1.1 1.5 1 0.9 1 1.4 0.9 0.4 0.2 P/S
-16.7 -21 617.90
(%(
Book Value Growth (%) 7 -1.1 -17.60
Quarterly 0.7 0.6 0.4 0.2 0.2 0.1 0.1 0.1 -0.3 -0.5 -0.4 EPS
Revenue 1355 2608 2524 2409 2356 1 1 1 0.9 0.8 0.4 0.4 0.4 0.4 0.4 0.4 Dividends Per Share
Net Income -186 -27 -80 -80 -75 -6.7 -8 -8.2 -3.6 -3.9 -3.8 -3.5 -5 -2.3 -6.7 -6.8 Tang. Book Per Share
EPS -0 -0 -0 -0 -0 8.1 7.8 7.6 7 5.9 5.6 5.3 5.3 5.7 8.5 9.4 Median P/S Value
Revenue $ YoY) % -1 91 77 70 74 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income $ YoY) % 265 -4 471 -22 -60
EPS (YoY) % 304 159 71 -14 -48
2288 2237 2117.9 3797.7 5243 5011.9 4762 4772 5576 8896 9897 Revenue
Guru Trades 90 90.1 88 86.3 90.1 68.6 68.2 66.8 65.4 62.3 61.9 Gross Margin %
Impact Cur. 705.4 642.5 606.2 772 899.6 987.2 981 820 745 888 1101 Operating Income
Guru Date Action
% Shares 30.8 28.7 28.6 20.3 17.2 19.7 20.6 17.2 13.4 10 11.1 Operating Margin %
Bernard Horn 03/31/17 Sell -0.8 0 214.7 182.7 120.8 152.7 149.6 136.6 113 133 -196 -373 -262 Net Income
Alan Fournier 03/31/17 Buy 0.43 4,193,371 9.4 8.2 5.7 4 2.9 2.7 2.4 2.8 -3.5 -4.2 -2.7 Net Margin %
Joel Greenblatt 03/31/17 Buy 0.12 4,485,829 19.9 24.1 28.5 5.5 3.1 3.2 2.7 3.4 -6.9 -11.7 -10 ROE %
3.1 2.6 1.8 1.2 0.9 0.8 0.7 0.8 -0.9 -1.3 -0.9 ROA %
Steven Cohen 03/31/17 Buy 0.04 3,423,800
Paul Tudor Jones 03/31/17 Add 0.01 142,872 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Barrow, Hanley, 226.5 163.6 358.7 251.3 326.1 1326.5 880 682 936 522 341 Cash & Equivalents
03/31/17 Buy 0 412
Mewhinney & Strauss 7256.1 6888.7 6878.3 17890 17448 17734 16635 18810 27084 29013 28449 Total Assets
4736.9 4721.7 4794.1 7983.7 8224.4 8381.9 7873.7 9393 15508 17560 17526 Long-term Debt
Warning Signs
87.4 87.4 87.4 257 257 257 257 257 298 298 298 Common Equity
SEVERE Interest Coverage: Extremely low
SEVERE Gross Margin %: Declined 821.7 739.3 742.7 1222.2 1572.7 1552.5 1496 1270 1301 1666 2018 Cashflow from Operations
-1034.7 -282.8 -255.3 -774 -762.7 -634.9 -543 -2687 -878 -11259 -11243 Cashflow from Investing
-250 -200 -- -- -- -- -- -- 799 -- -- Repurchase of Stock
Good Signs -16.3 -14.6 23.2 -7.2 22.6 531.4 -972 1651 6305 1487 1473 Net Issuance of Debt
-601.6 -519.3 -292.4 -555.7 -735.2 82.9 -1400 1208 8275 735 714 Cashflow from Financing
-315.8 -288.3 -256 -577.9 -824.8 -802.5 -635 -688 -863 -1401 -1458 Capital Expenditure
Insider Trades 505.9 451 486.8 644.3 747.8 750 861 582 438 265 560 Free Cash Flow
Cur.
Shares Competitor
EVP,
Arndt Kenneth 05/25/17 13000 498235 Financial Operating
Commercial Ticker Company
Strength
Profitability Market Cap(3M) P/E P/S
Margin(%)
ROA(%) ROE(%)
EVP, Chief
Weslock Kathleen 05/16/17 50000 427057
Peop OTCPK:HTHKY Hutchison Telecommunications Hong Kong Holdings Lt 5 6 1,600 17.20 1.03 8.68 3.32 6.09
EVP, Field
Lass John 05/16/17 8000 628310 NAS:FTR Frontier Communications Corp 3 7 1,543 0.00 0.15 11.12 -0.92 -10.01
Oper
EVP, Chief NYSE:VG Vonage Holdings Corp 5 5 1,543 115.84 1.71 3.16 1.75 3.72
Gable Steve 05/15/17 10000 439945
Tech OTCPK:JASMY Jasmine International PCL 5 7 1,543 17.71 3.99 30.86 7.82 33.13
EVP, Chief
Gable Steve 05/08/17 7300 429945 NAS:SHEN Shenandoah Telecommunications Co 4 7 1,540 0.00 2.61 2.14 -0.96 -4.14
Tech
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:FTV FTV
Fortive Corp (NYSE:FTV) Ratios Valuation Analysis Dividend & Ownership

Industry Historical % of Price Dividend Yield&ttm' % 0.44
Median Median NCAV -10.2 -16 Dividend Yield&forward' % 0.44
Computer Hardware - Scientific & Technical Instruments
Forward P/E 23.04 17.70 N/A Median P/S 58.38 93 Dividend Growth(5y) % N/A
Fortive Corp is a United States based company diversified industrial growth
P/B 7.57 1.73 7.2 Price 63.04 Yield on Cost(5y) % 0.44
company. It has two business segments namely, Professional
Instrumentation and Industrial Technologies.
Financial Strength
-- -- -- -- -- -- -- -- -- 55.97 63.7 Annual Price High
Industry Historical
Score: 5 /10 Current -- -- -- -- -- -- -- -- -- 46 53.66 Low
Median Median
Cash to Debt 0.25 1.51 N/A 63.7

8.85
F-Score 0 5.00 8 1W -1.04 0
4M
YTD 17.81 9.1
Net-Margin (%) 14.16 2.98 13.94
1Y 34.72 17.3
ROE &%) 28.24 5.78 19.63
ROA &%) 11.25 2.95 11.98 3Y 0.00
154.83 11.10 156.56
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) N/A N/A 108.50 -- -- -- -- -- -- -- -- -- 18551 21850 Market Cap
EBITDA Growth (%) N/A N/A 112.20 -- -- -- -- -- -- -- -- 353 347 347 Sh. Outstanding-diluted&Mil'
EBIT Growth (%) N/A N/A 115.20 -- -- -- -- -- -- -- -- -- 27.1 24.7 Year End P/E
EPS without NRI -- -- -- -- -- -- -- -- -- 6.9 7.6 P/B
N/A N/A 0.00
Growth (%) -- -- -- -- -- -- -- -- -- 3 3.5 P/S
Free Cash Flow Growth -- -- -- -- -- -- -- -- -- 14.8 16.8 EV/EBITDA
N/A N/A 97.10
(%) -- -- -- -- -- 2012 2013 2014 2015 2016 TTM Per share data
-- -- -- -- -- -- -- -- 17.5 17.9 18 Revenue Per Share
Quarterly -- -- -- -- -- -- -- -- 2.3 2.5 2.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -- -- -- -- -- -- -- -- 2.5 2.9 2.8 Free Cashflow Per Share
Net Income 182 239 227 225 200 -- -- -- -- -- -- -- -- 1.3 -5.9 -5.3 Tang. Book Per Share
EPS -- 1 1 1 1 -- -- -- -- -- -- -- -- 14.5 57.8 58.4 Median P/S Value
Revenue ( YoY) % -3 -1 3 3 4 -- -- -- -- -- -- -- -- 8.3 -- -- Graham Number
Net Income ( YoY) % -11 5 15 -5 10 -- -- -- -- -- 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -- -- -- -143 --
-- -- -- -- -- 5785.3 5961.9 6337.2 6178.8 6224.3 6284.8 Revenue
Guru Trades -- -- -- -- -- 47.8 48 48.1 48.6 48.7 49 Gross Margin %
-- -- -- -- -- 1127.8 1143.2 1245.3 1269.7 1246 1277.9 Operating Income
Impact Cur.
Guru Date Action -- -- -- -- -- 19.5 19.2 19.7 20.6 20 20.3 Operating Margin %
% Shares
First Eagle Investment 03/31/17 Add 0.14 4,718,316 -- -- -- -- -- 763.7 830.9 883.4 863.8 872.3 890 Net Income
-- -- -- -- -- 13.2 13.9 13.9 14 14 14.2 Net Margin %
-- -- -- -- -- -- 32.4 17.1 16.6 22.2 28.2 ROE %
Jim Simons 03/31/17 Buy 0.03 325,800
-- -- -- -- -- -- 23 12.1 11.9 11.3 11.3 ROA %
Ray Dalio 03/31/17 Sell -0.01 0
-- -- -- -- -- 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Steven Cohen 03/31/17 Add 0.01 80,500
Murray Stahl 03/31/17 Reduce 0 20,070 -- -- -- -- -- -- -- -- -- 803.2 817.6 Cash & Equivalents
John Griffin 12/31/16 Sell -0.68 0
-- -- -- -- -- -- 7240.1 7355.6 7210.6 8189.8 8234.3 Total Assets
-- -- -- -- -- -- -- -- -- 3358 3262.7 Long-term Debt
-- -- -- -- -- -- 2116.7 2126.3 2031.1 5501.9 5345.9 Total Liabilities
Warning Signs -- -- -- -- -- -- -- -- -- 3.5 3.5 Common Equity
S*V*R* Days Inventory: Building up -- -- -- -- -- 2012 2013 2014 2015 2016 TTM Cashflow Statement
M*DIUM Price: Close to 1-year high
-- -- -- -- -- 944 1030.2 946.7 1009 1136.9 1108 Cashflow from Operations
-- -- -- -- -- -348.4 -511.4 -291.1 -174.1 -310.8 -299 Cashflow from Investing
Good Signs
GOOD Dividend Yield %: Close to 1-year high -- -- -- -- -- -- -- -- -- 3353.3 3257.8 Net Issuance of Debt
GOOD PE Ratio: Close to 1-year low -- -- -- -- -- -595.6 -518.8 -655.6 -834.9 3.8 22.4 Cashflow from Financing
-- -- -- -- -- -69.6 -81.1 -102.6 -120.1 -129.6 -128 Capital Expenditure
Insider Trades
-- -- -- -- -- 874.4 949.1 844.1 888.9 1007.3 980 Free Cash Flow
Cur.
Shares Competitor
VP - Chief Financial Operating
Weaver Emily A. 05/31/17 -3749 -- Ticker Company Profitability Market Cap($M) P/+ P/S ROA(%) RO+ (%)
Acco
Strength Margin(%)
VP -
Ratnakar Raj 05/23/17 -11642 -- NYSE:FTV Fortive Corp 5 4 21,850 24.68 3.51 20.33 11.25 28.24
Strategic
President OTCPK:HXGBY Hexagon AB 6 8 16,908 28.35 4.83 21.84 7.12 12.65
Lico James A 05/01/17 -131994 64153
and C
NAS:GRMN Garmin Ltd 9 8 9,728 14.81 3.23 20.98 14.58 19.27
Mclaughlin Charles E SVP - CFO 02/23/17 -3294 3557
NAS:TRMB Trimble Inc 7 8 9,203 56.88 3.84 8.68 4.34 7.04
NAS:CGNX Cognex Corp 10 8 7,775 43.75 14.06 32.51 17.92 19.37
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:GD GD

General Dynamics Corp (NESE:GD)
Current
General Dynamics Corp is an aerospace and defense company. It offers P/B 5.79 2.57 2.68 DCE (Earnings Based) 107.23 53 Yield on Cost(5y) % 2.39
products and services in business aviation including combat vehicles, P/S 2.01 1.40 1.18 Median P/S 118.71 59 Continuous Div. since 2013
weapons systems and munitions, shipbuilding, and communication and P/FCF 33.49 21.23 13.39 Price 202.03 Insider Ownership % 1.41
information technology services and solutions. Shiller P/E 29.31 31.33 20.23 Peter Lynch Value 222.44 110 Institution Ownership % 71.07
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.56 0.54 0.58 203.7

83.7
F-Score 7 5.00 6 1W 1.20 0
5M YTD 17.94 9.1
Net-Margin (%) 9.66 3.68 7.91
ROE (%) 27.56 6.95 19.82 1Y 46.42 17.3
ROA (%) 9.25 2.31 8.15 3Y 20.90
93.98 9.70 99.61
(%)
Growth
EBIT Growth (%) 4.8 21.6 9.60 17.5 9.3 11.1 10.4 9.7 -- 14.3 18.5 15.1 18.6 20.8 Year End P/E
EPS without NRI 3.1 2.2 2.1 2 1.8 2.2 2.3 3.9 4 4.8 5.8 P/B
N/A N/A 11.00
Growth (%) 1.3 0.8 0.8 0.8 0.8 0.8 1.1 1.5 1.4 1.7 2 P/S
Free Cash Flow Growth 10 6 6.6 6 5.6 20.6 7.6 10.3 9.3 11.6 13.2 EV/EBITDA
2.7 -2.9 7.80
Quarterly 5.1 6.2 6.2 6.8 6.9 -0.9 6.7 7.4 9.1 9.5 9.7 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 6 6.6 6.3 6.8 7.6 6.1 7.6 9.7 6.2 5.8 6 Free Cashflow Per Share
Revenue 7476 7665 7731 8233 7441 1.1 1.3 1.5 1.6 1.8 2.5 1.7 2.4 2.7 3 3.1 Dividends Per Share
Net Income 641 758 683 797 763 4.6 -7.6 -5 -3.6 -6.1 -5.7 4.3 -2.5 -4.7 -3.8 -5.4 Tang. Book Per Share
EPS 2 2 2 3 2 78.9 86.8 97.3 99.5 105 103 103.5 106.8 113.8 118.3 118.7 Median P/S Value
Revenue (YoY) % -4 -3 -3 5 -0 23 -- -- -- -- -- 26.1 -- -- -- -- Graham Number
EPS (YoY) % -5 7 -3 8 22
27240 29300 31981 32466 32677 30992 30930 30852 31469 31353 31070 Revenue
Impact Cur.
% Shares
Caxton Associates 03/31/17 Sell -0.31 0 2072 2459 2394 2624 2526 -332 2357 2533 2965 2955 3001 Net Income
7.6 8.4 7.5 8.1 7.7 -1.1 7.6 8.2 9.4 9.4 9.7 Net Margin %
19.2 22.5 21.3 20.4 19 -2.7 18.2 19.2 26.3 27.2 27.6 ROE %
Barrow, Hanley,
03/31/17 Reduce -0.13 4,337,334 8.6 9.1 8.1 8.3 7.5 -1 6.8 7.2 8.8 9.1 9.3 ROA %
Mewhinney & Strauss
Daniel Loeb 03/31/17 Reduce -0.08 1,250,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Jeremy Grantham 03/31/17 Add 0.06 68,640 2891 1621 2263 2613 2649 3296 5301 4388 2785 2334 2168 Cash & Equivalents
First Eagle Investment 03/31/17 Reduce -0.03 664,090 25733 28373 31077 32545 34883 34309 35494 35337 31997 32872 33211 Total Assets
2118 3113 3159 2430 3907 3908 3908 3392 2898 2988 2988 Long-term Debt
M,DIUM Dividend Yield %: Close to 5-year low
M,DIUM Price: Close to 10-year high
Good Signs -852 -3663 -1392 -408 -1974 -642 -363 -1102 200 -426 -393 Cashflow from Investing
-- 1399 -157 -700 747 -18 -- -- -500 492 -- Net Issuance of Debt
Vice
Marzilli Christopher 05/30/17 -43890 64991 Competitor
President
Lyles Lester L Director 05/19/17 -2551 7336 Financial Operating
Ticker Company Profitability Market Cap($M) P/- P/S ROA(%) RO- (%)
Burns Mark Lagrand 03/29/17 -19075 30408
President NYSE:LMT Lockheed Martin Corp 5 8 81,313 16.28 1.71 11.63 10.50 224.83
Barra Mary T Director 03/24/17 -9860 6356
OTCPK:EADSY Airbus SE 5 8 62,909 47.25 0.85 3.57 1.09 20.41
Fricks William P Director 03/02/17 -10146 50400
NESE:GD General Dynamics Corp 6 8 60,950 20.81 2.01 13.81 9.25 27.56
NYSE:RTN Raytheon Co 6 8 47,329 20.98 1.97 13.86 7.77 22.28
NYSE:NOC Northrop Grumman Corp 5 8 45,152 20.18 1.86 13.24 9.27 40.95
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:GE GE
Ratios Valuation / nalysis Dividend & Ownership

General Electric Co (NYSE:GE)
Current
Industrial Products - . iversified Industrials P/E (ttm) 29.84 23.19 17.51 Tangible Book -1.42 -5 Payout 0.88
General Electric Co is a digital industrial company that transforms industry P/B 3.37 1.90 1.98 Price 28.94 Yield on Cost(5y) % 5.01
with software-defined machines & solutions offering aircraft engines, P/S 2.1 1.28 1.86 Continuous Div. since 2010
locomotives, power generation & oil & gas equipment to medical imaging, P/FCF N/A 17.80 11.59 Insider Ownership % 0.15
financing & industrial products. Shiller P/E 23.6 27.32 15.37 Institution Ownership % 40.18
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.65 1.12 0.28 42.12

17.73
F-Score 6 5.00 6 1W 5.76 0
270M
YTD -6.90 9.1
Net-Margin (%) 7.48 4.33 9.45
1Y -1.54 17.3
ROE (%) 10.82 6.84 10.72
ROA (%) 2.35 3.38 1.95 3Y 5.71
18.30 11.81 9.95
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) -10.6 -10.8 17.60 17.2 9.4 14.8 17.4 14.6 16.3 22.1 16.7 -- 35.5 29.8 Year End P/E
EPS without NRI 3.2 1.5 1.4 1.6 1.6 1.8 2.2 2 3 3.6 3.4 P/B
-13.3 -18.3 66.20
Growth (%) 2.2 0.9 1 1.3 1.3 1.5 2.6 2.1 2.7 2.3 2.1 P/S
Free Cash Flow Growth 13.5 10 13.3 13.1 10.8 12 25.4 21.6 25 18.8 17.4 EV/EBITDA
N/A N/A -220.30
Book Value Growth (%) -0.5 -4.4 -13.40
16.9 18 14.6 14 13.8 13.9 11 11.6 11.7 13.5 13.8 Revenue Per Share
Quarterly 2.2 1.7 1 1.1 1.2 1.3 1.3 1.5 -0.6 0.9 1 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.5 3.2 1.5 2.5 2 1.5 2.1 2 1.3 -0.8 -0.8 Free Cashflow Per Share
Net Income 228 2890 2027 3667 653 1.8 0.8 3.8 4.2 3 3.6 3.8 6.1 1.6 -1.3 -1.4 Tang. Book Per Share
Revenue (YoY) % 6 15 4 -2 -1 9.5 5.7 9.2 10.4 9.1 10.6 8 11.4 2.5 -- -- Graham Number
EPS (YoY) % -99 -331 -12 -38 -800
172488 181581 155278 149567 146542 146684 113245 117184 117386 123693 123509 Revenue
Impact Cur.
% Shares
Ken Fisher 03/31/17 Reduce -0.54 22,322,947 22208 17410 11025 11644 14151 13641 13057 15233 -6126 8831 9237 Net Income
12.9 9.6 7.1 7.8 9.7 9.3 11.5 13 -5.2 7.1 7.5 Net Margin %
19.6 15.7 9.7 9.6 11.2 11.4 10.3 11.8 -5.4 9.4 10.8 ROE %
T Rowe Price Equity
03/31/17 Reduce -0.27 12,140,000 3 2.2 1.4 1.5 1.9 1.9 2 2.3 -1.1 2.1 2.4 ROA %
Income Fund
Pioneer Investments 03/31/17 Reduce -0.2 1,273,011 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Ray Dalio 03/31/17 Buy 0.2 604,856 15731 48187 70488 78943 84501 77268 88555 70025 70483 48129 41564 Cash & Equivalents
Robert Olstein 03/31/17 Add 0.18 251,000 795683 797769 781901 747793 718189 684999 656560 654954 493071 365183 351643 Total Assets
319013 322847 337631 312842 262003 258500 242742 190226 147742 105497 99674 Long-term Debt
43322 48653 24417 36124 33359 31331 28510 27709 19891 -244 -579 Cashflow from Operations
-69504 -34768 42378 32436 19882 11302 29117 -5034 59488 49202 20068 Cashflow from Investing
-12319 -1249 623 -1263 -2165 -4164 -9278 -4060 -1099 -21429 -16681 Repurchase of Stock
Good Signs
50962 19743 -32077 -48915 49798 60788 -29316 -30190 -57546 -58411 -53035 Net Issuance of Debt
27937 19136 -43513 -61586 -46863 -51074 -45575 -16956 -76054 -89131 -77290 Cashflow from Financing
Insider Trades
25519 32643 15783 26324 20722 16212 21756 20575 12582 -7443 -7692 Free Cash Flow
Cur.
Shares Competitor
Beattie William G Director 05/17/17 4000 881047 Financial Operating
Chairman Ticker Company Profitability Market Cap($M) P/E P/S RO0(%) ROE(%)
Immelt Jeffrey R 05/15/17 100000 2608k Strength Margin(%)
and CE
Beattie William G Director 05/15/17 16000 877047 NYSE:GE General Electric Co 5 6 251,314 29.84 2.10 14.37 2.35 10.82
Dekkers Marijn E Director 04/24/17 20000 41000 NYSE:MMM 3M Co 6 7 126,191 25.54 4.27 23.73 15.31 44.79
Vice OTCPK:SIEGY Siemens AG 5 7 113,916 17.76 1.26 10.60 4.69 16.52
Joyce David Leon 02/03/17 -159662 508921
Chairman
NYSE:HON Honeywell International Inc 6 7 102,512 21.30 2.64 17.25 9.25 25.47
NYSE:ABB ABB Ltd 6 7 53,497 24.27 1.54 9.57 5.21 15.47
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:GGP GGP

GGP Inc (NYSE:GGP)
Current
REITs - REIT - Retail P/E (ttm( 19.41 17.14 39.65 Tangible Book 9.01 37 Payout 0.64
GGP Inc is an S&P 500, retail real estate company engaged in owning, P/B 2.59 1.12 2.77 Median P/S 15.78 65 Yield on Cost(5y) % 7.25
managing, leasing, and redeveloping high-quality retail properties P/S 10.02 7.64 6.52 Graham Number 15.92 66 Continuous Div. since 2009
throughout the United States. It is a REIT owning & operating approximately P/FCF 591.71 19.65 65.36 Price 24.26 Insider Ownership % 0.12
126 retail properties in 40 states. Shiller P/E N/A 25.35 40.77 Institution Ownership % 79.12
Financial Strength
51.66 33.79 10.02 15.82 16.88 20.99 23.33 28.66 31.46 31.97 26 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.02 0.06 0.03 51.66

25.71
F-Score 6 5.00 5 1W 5.20 0
32M
YTD -2.00 9.1
Net-Margin (%) 52.21 39.19 8.83
1Y -9.43 17.3
ROE (%) 13.96 6.63 3.67
ROA (%) 5.23 3.20 1.07 3Y 4.37
9.00 12.00 4.65
(%)
Growth
Revenue Growth (%) N/A -0.1 -4.90 7745 266 2783 14166 13646 18640 18288 24893 24010 22085 21412 Market Cap
EBITDA Growth (%) N/A 9.6 29.20 245 262 312 -- 981 938 934 945 951 952 883 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A 5.9 -8.60 27.1 33 -- -- -- -- 66.9 41.4 19 18.6 19.4 Year End P/E
N/A N/A 28.90
(%) 2.5 0.1 1 2.3 5.9 7.7 7.7 10.5 10.8 10.1 10 P/S
N/A N/A -82.60
(%)
13.3 11.7 9.1 -- 2.4 2.6 2.7 2.7 2.5 2.5 2.4 Revenue Per Share
Quarterly 1.2 0 -4.1 -- -0.4 -0.5 0.3 0.7 1.4 1.3 1.3 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -3.2 -3.3 2 -1.9 0.3 0.1 -0.1 -0.2 -0 0 0 Free Cashflow Per Share
Revenue 607 575 554 610 566 1.9 1.5 0.2 -- 0.4 0.4 0.5 0.6 0.7 0.8 0.8 Dividends Per Share
Net Income 192 186 674 236 107 4.4 5.6 2 10.7 9.1 7 7.8 7.7 8.6 9.1 9 Tang. Book Per Share
Revenue (YoY) % 2 -1 -5 -5 -7 10.8 -- -- -- -- -- 7.5 8.2 16.7 16.6 15.9 Graham Number
EPS (YoY) % -70 -57 438 25 -45
3261.8 3059.1 2830 -- 2397 2426.3 2486 2535.6 2403.9 2346.4 2305.7 Revenue
Guru Trades 77 72.3 71.3 -- 72.1 67 73.8 75.2 75.6 75.8 81.6 Gross Margin %
Impact Cur.
1077.9 1191.6 609 -- 618.4 781.3 840.4 941.5 923.9 800.3 819.1 Operating Income
Guru Date Action 33 39 21.5 -- 25.8 32.2 33.8 37.1 38.4 34.1 35.5 Operating Margin %
% Shares
Steven Cohen 03/31/17 Buy 0.06 486,800 288 4.7 -1284.7 -- -313.2 -481.2 302.5 665.9 1374.6 1288.4 1203.7 Net Income
Ron Baron 03/31/17 Sell -0.05 0
8.8 0.2 -45.4 -- -13.1 -19.8 12.2 26.3 57.2 54.9 52.2 Net Margin %
18.5 0.3 -96.6 -- -3.4 -6 3.7 8.3 17.1 15.1 14 ROE %
Ray Dalio 03/31/17 Reduce -0.03 50,389
1.1 0 -4.5 -- -1 -1.7 1.1 2.6 5.6 5.5 5.2 ROA %
Murray Stahl 03/31/17 Reduce -0.01 110,775 99.5 169 654.4 1021.3 572.9 806.3 577.3 372.5 356.9 474.8 252.7 Cash & Equivalents
28814 29557 28150 32367 29518 27282 25762 25282 24074 22733 22467 Total Assets
24282 24757 7300.8 18048 17143 15967 15672 16150 14422 12637 12774 Long-term Debt
SEVERE Financial Strength: Poor 2.5 2.7 3.1 9.4 9.4 9.4 9.4 9.4 9.4 9.4 9.4 Common Equity
707.4 556.4 871.3 -317.6 502.8 807.1 889.5 949.7 1064.9 1132.8 1133.7 Cashflow from Operations
-1780.9 -1209 -334.6 -25.8 485.4 -221.5 166.9 -677.9 -312.8 550 334.9 Cashflow from Investing
Good Signs
-643.5 -- -- -- -553.5 -- -566.9 -555.8 -109.6 -34 -71.1 Repurchase of Stock
1764 418.7 20.4 -2812.1 -651.7 -174.1 345.6 641.4 5.8 -834.7 -349 Net Issuance of Debt
1075.9 722 -51.3 710.3 -1436.7 -533.7 -1103.9 -476.6 -767.7 -1565 -1412.2 Cashflow from Financing
Insider Trades
Cur.
Shares -787.9 -858.9 618.4 -595 249.5 104.8 -60.8 -212.5 -14 7.6 39.3 Free Cash Flow
Berman Michael B EVP, CFO 02/16/17 -150000 87347 Competitor
SVP, Chief Financial Operating
Marszewski Tara 01/09/17 -242 7258
Acco Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Berman Michael B CFO 08/19/16 -189474 38046
OTCPK:UNRDY Unibail-Rodamco SE 6 7 25,721 9.03 13.78 200.70 6.84 16.53
Mathrani Sandeep CEO 08/17/16 -400000 606269
SVP, Chief NYSE:GGP GGP Inc 4 6 21,412 19.41 10.02 35.53 5.23 13.96
Marszewski Tara 08/05/16 -10419 2573
Acco OTCPK:LKREF Link Real Estate Investment Trust 6 8 18,010 9.99 16.42 163.17 8.71 11.26
NYSE:O Realty Income Corp 4 8 15,540 49.91 13.00 26.45 2.64 4.38
OTCPK:WFGPY Westfield Corp 5 4 13,621 9.80 11.87 103.13 7.72 14.77
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:GILD GILD

Gilead Sciences Inc (NAS:GILD)
Current
Biotechnology P/E (ttm) 6.84 31.50 15.79 Tangible Book 8.04 12 Payout 0.2
Gilead Sciences Inc is a research-based biopharmaceutical company that P/B 4.14 3.92 8.18 Price 64.81 Yield on Cost(5y) % 3.07
discovers, develops and commercializes new medicines for different medical P/S 2.97 11.91 6.5 Median P/S 141.55 218 Continuous Div. since 2015
sectors. P/FCF 5.86 27.07 16.2 Peter Lynch Value 236.75 365 Insider Ownership % 0.55
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.54 45.46 1.74 122.21
53.27
F-Score 5 4.00 5 1W 1.89 0
35M
YTD -8.04 9.1
Net-Margin (%) 43.42 -84.10 37.34
1Y -19.57 17.3
ROE (%) 74.22 -37.24 50.37
ROA (%) 23.49 -30.78 29.12 3Y -5.10
561.81 -369.38 183.96
(%)
Growth
Revenue Growth (%) 29.8 40 -1.70 42747 46528 38941 29064 30832 55799 115234 141296 143892 93809 84689 Market Cap
EBITDA Growth (%) N/A 53 -10.50 1929 1918 1868 1747 1580 1583 1695 1647 1521 1358 1307 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A 53.3 -13.40 27.3 25.1 15.4 11 11.5 22.4 41.3 12.8 8.5 7.2 6.8 Year End P/E
EPS without NRI 12.4 10.9 6.1 5 4.6 6 10.1 9.2 7.8 5 4.1 P/B
N/A 57.9 -19.00
Growth (%) 10.5 9.2 5.8 4 3.8 6 11.3 6.2 4.7 3.2 3 P/S
33.5 56.8 -8.70
(%)
Quarterly 0.8 1 1.4 1.7 1.8 1.6 1.8 7.4 11.9 9.9 9.5 EPS
Revenue 7794 7776 7500 7320 6505 -- -- -- -- -- -- -- -- 1.3 1.8 1.9 Dividends Per Share
Net Income 3566 3497 3330 3108 2702 1.9 2.3 2.7 2.8 3.1 -2.3 -1.1 2.1 5 6.7 8 Tang. Book Per Share
Revenue (YoY) % 3 -6 -10 -14 -17 5.9 7.3 9.2 10.2 11.1 -- -- 18.7 36.6 38.6 41.4 Graham Number
EPS (YoY) % -8 -12 -19 -26 -19
4230 5335.8 7011.4 7949.4 8385.4 9702 11202 24890 32639 30390 29101 Revenue
Impact Cur.
2164.5 2678.5 3529.2 3962.2 3789.8 4010 4524 15265 22193 17633 16749 Operating Income
Guru Date Action 51.2 50.2 50.3 49.8 45.2 41.3 40.4 61.3 68 58 57.6 Operating Margin %
% Shares
Zeke Ashton 03/31/17 Sell -3.24 0 1615.3 1978.9 2635.8 2901.3 2803.6 2592 3075 12101 18108 13501 12637 Net Income
John Hussman 03/31/17 Buy 0.75 50,000
38.2 37.1 37.6 36.5 33.4 26.7 27.5 48.6 55.5 44.4 43.4 Net Margin %
61.2 51.2 49.6 47.4 44.5 32.3 29.8 90.3 106.6 72.2 74.2 ROE %
T Rowe Price Equity
03/31/17 Add 0.35 2,560,000 32.6 31 31.7 27.3 19.4 13.5 14 42.3 41.9 24.8 23.5 ROA %
Income Fund
Jeremy Grantham 03/31/17 Reduce -0.33 37,400 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Ronald Muhlenkamp 03/31/17 Add 0.27 225,725 968.1 1459.3 1273 907.9 9883.8 1803.7 2113 10027 12851 8229 10285 Cash & Equivalents
Jim Simons 03/31/17 Add 0.23 7,707,248 5834.7 6936.8 9698.6 11593 17303 21240 22579 34664 51716 56977 57701 Total Assets
1311.6 1154.6 1242.8 2838.6 7605.7 7054.6 3939 11921 21073 26346 26321 Long-term Debt
2374.7 2664.3 3331.5 5728.9 10564 11937 11209 19238 33182 38090 37260 Total Liabilities
Good Signs 0.9 0.9 0.9 0.8 0.8 1.5 2 2 1 1 1 Common Equity
1765.4 2143.4 3080.1 2833.9 3639 3195 3105 12818 20329 16669 15464 Cashflow from Operations
-1302.5 -178.8 -2215.9 -1937.8 3589.8 -11846 -254 -1823 -12475 -11985 -9569 Cashflow from Investing
GOOD PE Ratio: Close to 10-year low -487.5 -1969.6 -998.5 -4022.6 -2383.1 -667 -582 -5349 -10002 -11001 -3566 Repurchase of Stock
-99.5 -4.3 -311.1 2094.1 4010.7 519 -1666 5670 9689 4268 4269 Net Issuance of Debt
Insider Trades
-267.3 -1474.6 -1051.4 -1338.7 1763.6 563 -2544 -3025 -4963 -9347 -1978 Cashflow from Financing
Cur.
Shares
-78.6 -115 -230.1 -61.9 -131.9 -397 -190 -557 -747 -748 -689 Capital Expenditure
Executive 1686.8 2028.4 2850 2772 3507.1 2798 2915 12261 19582 15921 14775 Free Cash Flow
Martin John C 06/01/17 -73333 3200k
Chair
Competitor
EVP
Alton Gregg H Comm&Acs 06/01/17 -5000 107988 Financial Operating
Ticker Company Profitability Market Cap(3M) P/E P/S ROA(%) ROE(%)
AL Strength Margin(%)
Cogan John Francis Director 05/09/17 -9943 52619 NYSE:NVO Novo Nordisk A/S 8 9 109,649 18.51 6.34 43.90 42.94 93.41
Executive
Martin John C
Chair
05/01/17 -73333 3127k NAS:CELG Celgene Corp 6 8 94,175 45.34 8.30 28.05 7.86 35.05
EVP NAS:GILD Gilead Sciences Inc 5 8 84,689 6.84 2.97 57.55 23.49 74.22
Alton Gregg H Comm&Acs 05/01/17 -5000 112988 NAS:BIIB Biogen Inc 6 9 54,094 15.97 4.82 41.59 16.05 30.27
AL
NAS:REGN Regeneron Pharmaceuticals Inc 7 7 49,903 56.50 10.92 28.76 14.28 22.24
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:GIS GIS

General Mills Inc (NYSE:GIS)
Current
Consumer Packaged Goods - Packaged Foods P/E (ttm) 21.79 20.52 17.66 Tangible Book -15.87 -27 Payout 0.7
General Mills Inc is a global manufacturer and marketer of branded P/B 8.34 1.74 4.02 DCF (FCF Based) 31.86 54 Yield on Cost(5y) % 5.34
consumer foods, such as ready-to-eat breakfast cereals, refrigerated dough P/S 2.26 1.09 1.7 Median P/S 44.34 75 Continuous Div. since 2003
and other baking items, snack foods, ice cream, and yogurt. P/FCF 22.16 20.89 17.55 Price 58.83 Insider Ownership % 1.16
Shiller P/E 22.94 27.49 22 Institution Ownership % 48.89
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.09 0.64 0.07 72.64

24.52
F-Score 7 5.00 6 1W 2.85 0
12M
YTD -3.21 9.1
Net-Margin (%) 10.34 4.02 9.84
ROE (%) 35.44 8.42 26.07 1Y -6.38 17.3
ROA (%) 7.50 3.89 7.84 3Y 5.73
68.65 13.16 68.01
(%)
Growth
Revenue Growth (%) 6 4 -5.60 20221 21330 16787 23385 25644 24825 30169 33634 33617 37467 33894 Market Cap
EBITDA Growth (%) 4.8 1 -1.20 720 694 687 683 665 667 666 646 619 612 576 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) 4.5 -0.1 -2.80 19.2 17.1 13.5 16 14.8 16.3 16.9 19.4 28.5 22.7 21.8 Year End P/E
5.8 -1.1 10.20
(%) 1.8 1.6 1.2 1.7 1.8 1.5 1.8 2 2 2.3 2.3 P/S
Free Cash Flow Growth 11 10.4 8.4 9.7 9.9 10.4 11 11.8 16 13.7 13.8 EV/EBITDA
6.8 13.6 -24.20
Quarterly 1.6 1.9 1.9 2.2 2.7 2.4 2.8 2.8 2 2.8 2.7 EPS
Feb16 May16 Aug16 Nov16 Feb17 1.8 1.7 1.8 2.2 1.3 2.6 3.5 2.9 3 3.1 2.7 Free Cashflow Per Share
Net Income 362 380 409 482 358 -7.9 -6.4 -8 -7.5 -6.5 -10 -10.9 -11.6 -14.3 -14 -15.9 Tang. Book Per Share
EPS 1 1 1 1 1 29.4 33.5 36.4 36.4 38 42.5 45.4 47.2 48.4 46 44.3 Median P/S Value
EPS (YoY) % 5 107 -3 -8 3
12442 13652 14691 14636 14880 16658 17774 17910 17630 16563 15741 Revenue
Impact Cur.
% Shares
Ray Dalio 03/31/17 Sell -0.15 0 1143.9 1294.7 1304.4 1530.5 1798.3 1567.3 1855.2 1824.4 1221.3 1697.4 1628.2 Net Income
9.2 9.5 8.9 10.5 12.1 9.4 10.4 10.2 6.9 10.3 10.3 Net Margin %
Jeff Auxier 03/31/17 Buy 0.1 7,836
20.6 22.5 22.9 29 30.6 24.5 28.3 27.6 21.2 34.2 35.4 ROE %
Jim Simons 03/31/17 Add 0.1 2,004,300
6.3 7 7.1 8.6 9.9 7.9 8.5 8 5.4 7.8 7.5 ROA %
Mairs And Power 03/31/17 Add 0.07 3,293,752 417.1 661 749.8 673.2 619.6 471.2 741.4 867.3 334.2 763.7 899.1 Cash & Equivalents
18184 19042 17875 17679 18675 21097 22658 23146 21832 21712 21670 Total Assets
3217.7 4348.7 5754.8 5268.5 5542.5 6161.9 5926.1 6423.5 7575.3 7057.7 7176.4 Long-term Debt
S1V1R1 Gross Margin %: Declined 50.2 37.7 75.5 75.5 75.5 75.5 75.5 75.5 75.5 75.5 75.5 Common Equity
S1V1R1 Operating Margin %: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
S1V1R1 Long-Term Debt: Keep issuing new debt 1751.2 1729.9 1828.2 2181.2 1531.1 2407.2 2926 2541 2542.8 2629.8 2326 Cashflow from Operations
-597.1 -442.4 -288.9 -721.2 -715.1 -1870.8 -1515.4 -561.8 -1602.2 93.4 -665.7 Cashflow from Investing
Good Signs
-1320.7 -1432.4 -1296.4 -691.8 -1163.5 -313 -1044.9 -1745.3 -1161.9 -606.7 -1655.8 Repurchase of Stock
GOOD Piotroski F-Score: High 326.8 773.2 89.2 -671.1 450 168.3 414.3 801.1 597.6 -781.7 1049.2 Net Issuance of Debt
-1398.1 -1093 -1404.5 -1503.8 -940.9 -666.6 -1140.2 -1824.1 -1384.8 -2285.6 -1547.9 Cashflow from Financing
Insider Trades
-460.2 -522 -562.6 -649.9 -648.8 -675.9 -613.9 -663.5 -712.4 -729.3 -726.9 Capital Expenditure
Cur.
Shares 1291 1207.9 1265.6 1531.3 882.3 1731.3 2312.1 1877.5 1830.4 1900.5 1599.1 Free Cash Flow
Group
Nudi Jonathon 04/12/17 -2729 35877 Competitor
President
Group
Financial Operating
Nudi Jonathon 04/12/17 1800 35877 Ticker Company Profitability Market Cap($M) P/2 P/S ROA(%) RO2 (%)
Ryan Robert L Director 01/11/17 -20000 34676 OTCPK:DANOY Danone SA 5 7 47,168 24.02 1.87 13.32 4.71 13.71
Rose Michael D Director 08/18/16 -10000 69954 N3S1:GIS General Mills Inc 4 8 33,894 21.79 2.26 15.81 7.50 35.44
Executive
Church John R 08/15/16 -99373 68985 OTCPK:ASBFF Associated British Foods PLC 8 7 29,897 21.39 1.84 8.72 9.63 15.22
Vice
NYSE:K Kellogg Co 4 6 25,605 33.23 2.00 10.23 5.10 38.58
NYSE:HRL Hormel Foods Corp 8 8 18,288 21.19 2.01 13.96 14.00 19.77
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:GLW GLW

Corning Inc (NYSE:GLW)
Current
Computer Hardware - Electronic Components P/E (ttm( 8.09 22.05 11.97 Tangible Book 14.74 50 Payout 0.15
Corning Inc is the leading manufacturer and supplier of specialty glass and P/B 1.67 1.80 1.45 Price 29.30 Yield on Cost(5y( % 4.48
ceramics. Its segments are 4 isplay Technologies, Optical Communications, P/S 3.2 1.18 3.28 Median P/S 29.91 102 Continuous Div. since 2010
Environmental Technologies, Specialty Materials and Life Sciences. P/FCF 20.74 18.59 18.63 Graham Number 34.65 118 Insider Ownership % 0.45
Shiller P/E 14.9 30.99 12.81 DCF (FCF Based( 35.01 119 Institution Ownership % 54.57
PEG 0.95 1.92 2 DCE (Earnings Based( 38.74 132 Short % of Float 2.59
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.24 1.51 0.63 29.69

10.94
F-Score 8 5.00 6 1W -1.25 0.2
25M
YTD 22.00 9.1
Net-Margin (%( 42.69 2.97 36.20
1Y 42.42 14.8
ROE (%( 22.15 5.73 13.89
ROA (%( 14.45 2.92 10.20 3Y 12.64
31.51 10.95 26.09
(%(
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%( 8.4 4.8 79.60 18 2.9 15.1 8.6 7.3 11.6 13.3 13.3 18.7 7.6 8.1 Year End P/E
EPS without NRI Growth 4 1.1 1.9 1.6 0.9 0.9 1.2 1.5 1.3 1.4 1.7 P/B
1.2 8.9 997.00
(%( 6.6 2.5 5.6 4.6 2.6 2.4 3.3 3.2 2.6 2.9 3.2 P/S
Free Cash Flow Growth 18 3.8 10.1 5.4 3.8 5.2 6.4 5.9 8.2 4.7 5 EV/EBITDA
17.9 18.9 102.40
Quarterly 1.3 3.3 1.3 2.3 1.8 1.1 1.3 1.7 1 3.2 3.6 EPS
Net Income -368 2207 284 1572 86 5.9 8.5 9.6 12 13.3 13.6 14 13.8 12.7 14.3 14.7 Tang. Book Per Share
EPS -0 2 0 1 0 12 12.3 11.3 13.8 16.3 17.1 17.5 23.2 22.8 27.7 29.9 Median P/S Value
Revenue (YoY( % -10 1 10 11 16 13.3 25.1 16.6 24.6 23.1 18.3 20.6 23.2 16.9 32.2 34.7 Graham Number
Net Income (YoY( % -190 345 34 602 -123 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY( % -224 419 73 689 -119
5860 5948 5395 6632 7890 8012 7819 9715 9111 9390 9718 Revenue
Guru Trades 46.9 46 38.8 46 45.3 41.4 42.5 41.7 40.1 39.9 40.5 Gross Margin %
Impact Cur.
% Shares
Charles Brandes 03/31/17 Sell -1.69 0 2150 5257 2008 3558 2817 1636 1961 2472 1339 3695 4149 Net Income
36.7 88.4 37.2 53.7 35.7 20.4 25.1 25.5 14.7 39.4 42.7 Net Margin %
25.7 45.8 13.9 20.4 13.9 7.7 9.2 11.1 6.2 19.6 22.2 ROE %
Yacktman Fund 03/31/17 Reduce -0.4 1,500,000
15.2 30.5 9.9 15.1 10.5 5.7 6.8 8.5 4.6 13.1 14.5 ROA %
Hotchkis & Wiley 03/31/17 Reduce -0.3 25,151,163
Donald Yacktman 03/31/17 Reduce -0.27 1,843,783
Jeff Auxier 03/31/17 Reduce -0.24 242,851 2216 1873 2541 4598 4661 4988 4704 5309 4500 5291 4844 Cash & Equivalents
15215 19256 21295 25833 27848 29375 28478 30063 28527 27899 28305 Total Assets
1514 1527 1930 2262 2364 3382 3272 3227 3890 3646 3669 Long-term Debt
S5V5R5 Gross Margin %: Declined 799 804 808 813 818 825 831 836 840 846 850 Common Equity
S5V5R5 Operating Margin %: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
M5DIUM Dividend Yield %: Close to 2-year low 2077 2128 2077 3835 3189 3206 2787 4709 2809 2521 2792 Cashflow from Operations
Good Signs
GOOD Piotroski F-Score: High -258 -24 250 241 96 1056 -321 -23 1217 -566 -566 Net Issuance of Debt
Insider Trades
Cur.
Chairman,
Weeks Wendell P 06/05/17 -153500 767749 Competitor
CEO &
Executive
Financial Operating
Kinlin Clark S 06/01/17 -40717 52068 Ticker Company Profitability Market Cap(, M
) P/6 P/S ROA(%) RO6 (%)
Senior Vice OTCPK:MIELY Mitsubishi Electric Corp 7 6 31,416 16.59 0.82 6.34 5.37 11.48
Ferrero Lisa 05/22/17 -56500 16308
Pre
Senior Vice
OTCPK:MRAAY Murata Manufacturing Co Ltd 8 7 30,961 22.37 3.04 18.15 10.18 12.30
Steverson Lewis A 05/19/17 -30000 3859
Pre NYSE:TEL TE Connectivity Ltd 6 8 28,384 13.73 2.25 15.13 11.79 25.03
Senior VP &
Evenson Jeffrey W 05/15/17 -54750 17990 NYSE:GLW Corning Inc 7 9 26,963 8.09 3.20 16.86 14.45 22.15
Chi
NYSE:APH Amphenol Corp 6 9 23,282 27.04 3.77 20.01 10.74 24.74
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:GM GM
General Motors Co (NYSE:GM) Ratios Valuation 9 nalysis Dividend & Ownership

Industry Historical % of Price Dividend Yield7ttm8 % 4.4
Median Median NCAV -85.62 -247 Dividend Yield7forward8 % 4.39
Autos - Auto Manufacturers
P/E 7ttm8 5.35 17.86 9.7 Tangible Book 26.56 77 Payout 0.24
Forward P/E 5.72 9.88 N/A Price 34.60 Dividend Growth75y8 % N/A
General Motors Company is an American multinational corporation. It
P/B 1.13 1.71 1.39 Median P/S 34.98 101 Yield on Cost75y8 % 4.4
designs, builds and sells cars, trucks and automobile parts. The company
P/S 0.32 0.85 0.32 Graham Number 62.13 180 Continuous Div. since 2017
also provides automotive financing services through General Motors
Financial Company, Inc. P/FCF N/A 15.69 16.61 Insider Ownership % 0.17
PEG 0.65 1.60 N/A Short % of Float 2.15
Financial Strength
-- -- -- 36.86 38.98 28.83 41.53 40.95 38.87 37.66 38.28 Annual Price High
Industry Historical
Score: 5 /10 Current -- -- -- 33.25 19.05 18.8 26.33 29.69 27.28 26.9 32.42 Low
Median Median
Cash to Debt 0.25 0.70 1.46 41.53

11.37
F-Score 5 5.00 5 1W 1.44 0
Operating Margin 7%8 6.06 5.47 3.21
95M
YTD 1.49 9.1
Net-Margin 7%8 5.92 3.97 4.55
ROE 7%8 23.01 8.92 16.26 1Y 25.16 17.3
ROA 7%8 4.65 4.02 4.49 3Y 2.93
ROC 7Joel Greenblatt8 47.3M 5Y 12.66
23.60 14.48 20.13
7% 8
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth 7%8 N/A 2.5 14.50 -- -- -- 55295 31717 39392 61305 55856 51015 52260 52215 Market Cap
EBITDA Growth 7%8 N/A 8.2 39.90 -- 579 925 1624 1668 1675 1676 1687 1640 1570 1509 Sh. Outstanding-diluted7Mil8
EBIT Growth 7%8 N/A N/A 73.70 -- -- -- 31 4.4 9.8 17.5 21.3 5.8 5.8 5.4 Year End P/E
EPS without NRI Growth -- -- -- 2.1 1.1 1.5 1.6 1.6 1.3 1.2 1.1 P/B
N/A 9.3 -2.00
7% 8 -- -- -- 0.3 0.2 0.3 0.4 0.4 0.4 0.3 0.3 P/S
Free Cash Flow Growth -- -- -- 7.6 2.5 -1.4 9.9 16.1 5.6 5 5 EV/EBITDA
N/A N/A 0.00
7% 8
-- 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth 7%8 N/A 10 12.50
-- 257.3 113.1 83.5 90.1 90.9 92.7 92.4 92.9 106 109.3 Revenue Per Share
Quarterly -- -53.5 113.2 2.9 4.6 2.9 2.4 1.7 5.9 6 6.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -- -33.8 -24.5 1.6 1.1 1.5 3 -1.1 -6.9 -8 -6.5 Free Cashflow Per Share
Net Income 1953 2866 2773 1835 2608 -- -148.2 -25.9 -11.9 -7.2 12.5 21.5 18.2 22.6 25.1 26.6 Tang. Book Per Share
EPS 1 2 2 1 2 -- -- 49 46.4 28.3 29.1 30.4 29.6 29.8 33.9 35 Median P/S Value
Revenue : YoY; % 4 11 10 11 11 -- -- -- -- -- 28.7 33.9 26 54.8 58.2 62.1 Graham Number
Net Income : YoY; % 107 157 104 -71 34 -- 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS : YoY; % 121 170 110 -69 37
-- 148979 104589 135592 150276 152256 155427 155929 152356 166380 170315 Revenue
-- -0.2 -7.3 12.3 12.7 7.1 11.6 8.9 12 12.8 12.9 Gross Margin %
Guru Trades
-- -21230 -21023 5108 5656 -30363 5131 1530 4897 9545 10318 Operating Income
Impact Cur.
Guru Date Action -- -14.3 -20.1 3.8 3.8 -19.9 3.3 1 3.2 5.7 6.1 Operating Margin %
% Shares
David Einhorn 03/31/17 Add 20.44 54,755,000 -- -30943 104821 6172 9190 6188 5346 3949 9687 9427 10082 Net Income
-- -20.8 100.2 4.6 6.1 4.1 3.4 2.5 6.4 5.7 5.9 Net Margin %
David Tepper 03/31/17 Buy 3.01 5,181,277
-- -- -- 16.3 20.4 13.1 9.6 7.2 25.7 22.5 23 ROE %
Robert Bruce 03/31/17 Buy 1.89 200,000
-- -34 92.2 4.5 6.5 4.2 3.4 2.3 5.2 4.5 4.7 ROA %
-- 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Jeremy Grantham 03/31/17 Add 0.19 2,563,200 -- 14053 22679 21061 16071 18422 20021 18954 15238 12960 12864 Cash & Equivalents
-- 91039 136295 138898 144603 149422 166344 177501 194338 221690 230793 Total Assets
-- 29018 5562 9974 8033 10532 22025 31721 43549 55600 57200 Long-term Debt
Warning Signs -- 176599 115046 102718 106483 113178 123737 142044 154467 177854 184821 Total Liabilities
MEDIUM Dividend Yield %: Close to 1-year low -- 1017 15 15 16 14 15 16 15 15 15 Common Equity
MEDIUM Price: Close to 2-year high -- 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
MEDIUM Long-Term Debt: Issuing new debt -- -12065 -17239 6780 8166 10605 12630 10061 11691 16545 18694 Cashflow from Operations
-- -1764 -18978 1233 -12740 -3505 -14362 -15359 -27710 -35643 -35808 Cashflow from Investing
Good Signs
-- -- -- -1462 -- -5098 -2438 -3277 -3520 -2500 -2500 Repurchase of Stock
GOOD PB Ratio: Close to 3-year low -- 1828 46055 -11422 697 1412 8006 12240 19551 22124 20466 Net Issuance of Debt
-- 3843 44574 -9770 -358 -4741 3731 5675 13686 17139 15759 Cashflow from Financing
Insider Trades
-- -7530 -5379 -4213 -6249 -8068 -7565 -11867 -23032 -29166 -28886 Capital Expenditure
Cur.
Shares -- -19595 -22618 2567 1917 2537 5065 -1806 -11341 -12621 -10192 Free Cash Flow
Executive
Batey Alan S. 05/30/17 -29000 74892 Competitor
Vice
Financial Operating
Mendillo Jane L Director 05/26/17 1520 3120 Ticker Company Profitability Market Cap($M) P/E P/S RO<(%) ROE(%)
Strength Margin(%)
Executive
Neumann Karl-thomas 05/22/17 -46472 --
Vice NAS:TSLA Tesla Inc 5 6 61,653 0.00 6.80 -7.91 -4.44 -22.72
Executive OTCPK:BMWYY Bayerische Motoren Werke AG 5 6 60,807 7.43 0.57 9.90 4.02 16.04
Jacoby Stefan 05/08/17 -2686 80379
Vice
Executive NYSE:GM General Motors Co 5 5 52,215 5.35 0.32 6.06 4.65 23.01
Reuss Mark L 05/03/17 -75000 133052
Vice NYSE:HMC Honda Motor Co Ltd 6 7 50,057 8.99 0.40 6.01 3.42 8.96
NYSE:F Ford Motor Co 4 5 44,758 12.09 0.29 1.79 1.56 12.27
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:GOOG GOOG

Alphabet Inc (NAS:GOOG)
Current
Online Media - Internet Content & Information P/E )ttm) 32.47 33.47 29.13 NCAV 105.58 11 Payout N/A
Market Cap: $ 658,003 Mil Forward P/E 23.98 24.57 N/A Tangible Book 177.62 19 Dividend Growth)5y) % N/A
Alphabet Inc is a provider of internet content products and portals. Its suite of P/B 4.58 3.43 4.09 Graham Number 340.55 36 Yield on Cost)5y) % N/A
brands includes Search, Android, YouTube, Apps, Maps & Ads. P/S 7.29 2.72 6.5 Peter Lynch Value 346.5 37 Continuous Div. since N/A
P/FCF 25.04 25.29 25.13 DCE )Earnings Insider Ownership % 5.79
733.41 78
Shiller P/E 55.9 45.55 51.24 Based)
PEG 2.37 1.82 1.07 Median P/S 840.27 89
Short % of Float N/A
Price 942.31
DCF )FCF Based) 1071.22 114
Financial Strength
-- -- -- -- -- -- -- 594.45 776.6 813.11 983.68 Annual Price High
Industry Historical
Score: 8 /10 Current -- -- -- -- -- -- -- 494.03 491.2 668.26 786.14 Low
Median Median
Cash to Debt 23.48 10.77 130.42 983.68

246.24
F-Score 6 5.00 6 1W -4.18 0
3M
YTD 22.09 9.1
Net-Margin )%) 21.84 2.69 23.13
1Y 31.07 17.3
ROE )%) 15.46 5.04 16.57
ROA )%) 12.87 2.21 13.86 3Y 19.64
75.92 33.02 113.43
)%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth )%) 17.5 12.5 22.70 52.1 23.1 30.4 22.6 21.7 21.9 34.4 25.7 34.1 28.4 32.5 Year End P/E
18.2 12 24.50
Growth )%) 13.2 4.5 8.4 6.6 5.6 5.1 6.9 5.5 7.3 6.3 7.3 P/S
22.4 13.6 52.30
Quarterly 6.7 6.7 10.2 13.2 14.9 16.2 18.8 20.6 22.8 27.9 29.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 5.3 8.7 13.3 10.9 17 20.1 16.7 17.5 24 37 38.3 Free Cashflow Per Share
EPS 6 7 7 8 8 153.7 205.2 253.8 310.9 358.7 517.3 558.9 657.9 -- -- 840.3 Median P/S Value
Revenue )YoY) % 17 21 20 22 22 69.1 73.1 104.8 134.1 159.4 178.5 213.1 234 274.3 328.8 347 Graham Number
Net Income )YoY) % 20 24 27 8 29 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY) % 18 42 27 7 28
16594 21796 23651 29321 37905 46039 55519 66001 74989 90272 94765 Revenue
Impact Cur.
Guru Date Action 30.6 30.4 35.1 35.4 31 30.1 27.7 25 25.8 26.3 26.3 Operating Margin %
% Shares
Zeke Ashton 03/31/17 Buy 3.74 2,125 4203.7 4226.9 6520 8505 9737 10737 12733 14136 16348 19478 20697 Net Income
25.3 19.4 27.6 29 25.7 23.3 22.9 21.4 21.8 21.6 21.8 Net Margin %
John Burbank 03/31/17 Add 3.32 55,469
21.2 16.6 20.3 20.7 18.7 16.5 16 14.8 14.1 15 15.5 ROE %
Steve Mandel 03/31/17 Sell -2.53 0
19.2 14.8 18 17.3 14.9 12.9 12.4 11.8 11.8 12.4 12.9 ROA %
Alan Fournier 03/31/17 Sell -1.94 0
Lee Ainslie 03/31/17 Add 1.04 367,842
Robert Olstein 03/31/17 Buy 0.9 8,500 6081.6 8656.7 10198 13630 9983 14778 18898 18347 16549 12918 18132 Cash & Equivalents
25336 31768 40497 57851 72574 93798 110920 129187 147461 167497 172756 Total Assets
-- -- -- -- 2986 2988 2236 3228 1995 3935 3937 Long-term Debt
SEVERE Operating Margin %: Declined 0.3 0.3 15817 18235 20264 22835 25922 28767 32982 36307 37698 Common Equity
MEDIUM Price: Close to 10-year high 5775.4 7852.9 9316 11081 14565 16619 18659 23024 26572 36036 37926 Cashflow from Operations
Good Signs -- -- -- -801 -- -- -- -- -1780 -3693 -2722 Repurchase of Stock
GOOD Interest Coverage: Comfortable -- -- -- 3463 726 1328 -557 -18 -23 -1335 -1347 Net Issuance of Debt
403.1 87.6 233 3050 807 1229 -857 -2087 -4225 -8332 -7095 Cashflow from Financing
Insider Trades -2402.8 -2358.5 -810 -4018 -3438 -3273 -7358 -11014 -9950 -10212 -10292 Capital Expenditure
Cur. 3372.6 5494.4 8506 7063 11127 13346 11301 12010 16622 25824 27634 Free Cash Flow
Shares
Drummond David C
SVP,
06/12/17 -2000 72878 Competitor
Corporate
Financial Operating
CEO, Google Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Pichai Sundar 06/07/17 -4000 353939 Strength Margin(%)
Inc
VP, Alphabet NAS:GOOG Alphabet Inc 8 8 658,003 32.47 7.29 26.32 12.87 15.46
Campbell James Grier 06/01/17 -183 3843
Co
NAS:FB Facebook Inc 10 9 434,147 37.31 14.53 45.38 19.54 21.50
Mather Ann Director 06/01/17 -22 389
OTCPK:TCEHY Tencent Holdings Ltd 6 8 331,736 48.78 13.35 36.61 11.65 28.79
CEO, Google
Pichai Sundar 05/17/17 -4000 30319 OTCPK:NPSNY Naspers Ltd 6 8 83,575 82.93 11.79 -4.81 5.93 10.07
Inc
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:GOOGL GOOGL

Alphabet Inc (NAS:GOOGL)
Current
Online Media - Internet Content & Information P/E (ttm) 32.47 33.47 29.13 NCAV 107.58 11 Payout N/A
Market Cap: $ 658,003 Mil Forward P/E 23.98 24.57 N/A Tangible Book 180.99 19 Dividend Growth)5y) % N/A
Alphabet Inc is a provider of internet content products and portals. Its suite of P/B 4.58 3.43 4.09 Graham Number 347.01 36 Yield on Cost)5y) % N/A
brands includes Search, Android, YouTube, Apps, Maps & Ads. P/S 7.29 2.72 6.5 Peter Lynch Value 353.07 37 Continuous Div. since N/A
P/FCF 25.04 25.29 25.13 DCE (Earnings Insider Ownership % 5.79
747.32 78
Shiller P/E 55.9 45.55 51.24 Based=
PEG 2.37 1.82 1.07 Median P/S 856.2 89
Price 960.18
DCF (FCF Based = 1091.53 114
Financial Strength
Industry Historical
Median Median
Cash to Debt 23.48 10.77 130.42 1004.28

437.72
F-Score 6 5.00 6 1W -4.39 0
18M YTD 21.17 9.1
Net-Margin (%) 21.84 2.69 23.13
1Y 31.14 17.3
ROE (%) 15.46 5.04 16.57
ROA >%= 12.87 2.21 13.86 3Y 19.66
75.92 33.02 113.43
)%)
Growth
EBITDA Growth )%) 18.9 13.7 25.80 632 634 638 646 654 665 678 687 693 699 692 Sh. Outstanding-diluted>Mil=
EBIT Growth )%) 17.5 12.5 22.70 52.1 23.1 30.4 22.6 21.7 21.9 34.4 25.7 34.1 28.4 32.5 Year End P/E
18.2 12 24.50
Growth )%) 13.2 4.5 8.4 6.6 5.6 5.1 6.9 5.5 7.3 6.3 7.3 P/S
22.4 13.6 52.30
Quarterly 6.7 6.7 10.2 13.2 14.9 16.2 18.8 20.6 22.8 27.9 29.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 5.3 8.7 13.3 10.9 17 20.1 16.7 17.5 24 37 38.3 Free Cashflow Per Share
Revenue ? YoY) % 17 21 20 22 22 69.1 73.1 104.8 134.1 159.4 178.5 213.1 234 274.3 328.8 347 Graham Number
EPS (YoY) % 18 42 27 7 28
16594 21796 23651 29321 37905 46039 55519 66001 74989 90272 94765 Revenue
59.9 60.4 62.6 64.5 65.2 62.7 60.4 61.1 62.4 61.1 60.7 Gross Margin %
Guru Trades
Impact Cur.
Guru Date Action 30.6 30.4 35.1 35.4 31 30.1 27.7 25 25.8 26.3 26.3 Operating Margin %
% Shares
4203.7 4226.9 6520 8505 9737 10737 12733 14136 16348 19478 20697 Net Income
Andreas Halvorsen 03/31/17 Reduce -1.4 1,419,562 25.3 19.4 27.6 29 25.7 23.3 22.9 21.4 21.8 21.6 21.8 Net Margin %
Chase Coleman 03/31/17 Reduce -0.97 88,350 21.2 16.6 20.3 20.7 18.7 16.5 16 14.8 14.1 15 15.5 ROE %
David Rolfe 03/31/17 Add 0.85 298,664 19.2 14.8 18 17.3 14.9 12.9 12.4 11.8 11.8 12.4 12.9 ROA %
Larry Robbins 03/31/17 Reduce -0.7 633,368 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Leon Cooperman 03/31/17 Add 0.66 158,835 6081.6 8656.7 10198 13630 9983 14778 18898 18347 16549 12918 18132 Cash & Equivalents
Louis Moore Bacon 03/31/17 Add 0.56 98,892 25336 31768 40497 57851 72574 93798 110920 129187 147461 167497 172756 Total Assets
Eric Mindich 03/31/17 Sell -0.48 0 -- -- -- -- 2986 2988 2236 3228 1995 3935 3937 Long-term Debt
Manning & Napier 2646.1 3528.7 4493 11610 14429 22083 23611 25327 27130 28461 27807 Total Liabilities
03/31/17 Reduce -0.44 175,794
Advisors, Inc 0.3 0.3 15817 18235 20264 22835 25922 28767 32982 36307 37698 Common Equity
Daniel Loeb 03/31/17 Add 0.25 455,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
David Winters 03/31/17 Reduce -0.25 13,150
5775.4 7852.9 9316 11081 14565 16619 18659 23024 26572 36036 37926 Cashflow from Operations
-- -- -- -801 -- -- -- -- -1780 -3693 -2722 Repurchase of Stock
Warning Signs
-- -- -- 3463 726 1328 -557 -18 -23 -1335 -1347 Net Issuance of Debt
SEVERE Operating Margin %: Declined 403.1 87.6 233 3050 807 1229 -857 -2087 -4225 -8332 -7095 Cashflow from Financing
SEVERE Asset Growth: faster than revenue growth -2402.8 -2358.5 -810 -4018 -3438 -3273 -7358 -11014 -9950 -10212 -10292 Capital Expenditure
MEDIUM Price: Close to 10-year high 3372.6 5494.4 8506 7063 11127 13346 11301 12010 16622 25824 27634 Free Cash Flow
Competitor
Good Signs Financial Operating
GOOD Interest Coverage: Comfortable Strength Margin(%)
NAS:GOOGL Alphabet Inc 8 8 658,003 32.47 7.29 26.32 12.87 15.46
NAS:FB Facebook Inc 10 9 434,147 37.31 14.53 45.38 19.54 21.50
OTCPK:TCEHY Tencent Holdings Ltd 6 8 331,736 48.78 13.35 36.61 11.65 28.79
OTCPK:NPSNY Naspers Ltd 6 8 83,575 82.93 11.79 -4.81 5.93 10.07
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:GPC GPC

Genuine Parts Co (NYSE:GPC)
Current
Market Cap: $ 13,979 Mil Forward P/E 19.46 15.15 N/A Graham Number 33.74 36 Dividend Growth(5y@ % 7.8
Genuine Parts Co sells automotive parts, industrial and electrical P/B 4.34 1.70 3.23 DCE (Earnings Based) 55.21 58 Yield on Cost(5y@ % 4.13
components, and office products in North America and Australia. The P/S 0.91 0.70 0.78 DCF )FCF Based) 75.75 80 Continuous Div. since 1957
company sells bearings, power transmission, hydraulic and other products to P/FCF 19.2 15.94 15.28 Median P/S 81.05 85 Insider Ownership % 1.16
its commercial and retail customers. Shiller P/E 23.4 18.96 21.82 Price 94.84 Institution Ownership % 55.73
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.17 0.97 0.43 108.31

41.63
F-Score 5 5.00 6 1W 4.35 0
Operating Margin A%@ 6.87 3.50 7.32
2M
YTD 0.68 9.1
Net-Margin A%@ 4.44 2.23 4.58
ROE A%@ 21.27 6.33 20.90 1Y 1.61 17.3
ROA A%@ 7.86 2.80 9.27 3Y 6.37
ROC (Joel Greenblatt@ 1M 5Y 11.67
43.71 12.77 36.14
(%@
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%@ 6.1 5.7 3.30 7819 6036 6033 8093 9526 9845 12792 16317 12890 14179 13979 Market Cap
EBITDA Growth (%@ 6.3 5.4 -1.40 170 163 160 158 158 156 156 154 152 150 147 Sh. Outstanding-diluted(Mil@
EBIT Growth (%@ 5.8 4.5 -3.30 15.8 12.9 15.2 17.2 17.1 15.3 18.9 23.1 18.5 20.8 20.5 Year End P/E
6.7 4.8 -0.20
(%@ 0.7 0.6 0.6 0.7 0.8 0.8 0.9 1.1 0.9 0.9 0.9 P/S
10.6 8.6 -29.60
(%@ 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%@ 4.3 3.6 1.10
63.7 67.6 63 70.7 79 83.2 90.4 99.4 100.2 102.4 103.9 Revenue Per Share
Quarterly 3 2.9 2.5 3 3.6 4.1 4.4 4.6 4.6 4.6 4.6 EPS
Revenue (YoY) % -0 -1 1 3 5 32.6 29.9 29.5 33.3 35.7 38.8 36.4 36 35.2 33.6 33.7 Graham Number
EPS (YoY) % 0 0 0 -4 3
10843 11015 10058 11208 12459 13014 14078 15342 15280 15340 15527 Revenue
Guru Trades 29.7 29.7 29.9 29 28.9 29 30 29.9 29.8 30 30 Gross Margin %
Impact Cur.
Guru Date Action 7.7 7.3 6.7 7 7.3 7.8 7.5 7.3 7.4 7 6.9 Operating Margin %
% Shares
Steven Cohen 03/31/17 Add 0.21 478,000 506.3 475.4 399.6 475.5 565.1 648 685 711.3 705.7 687.2 689.4 Net Income
4.7 4.3 4 4.2 4.5 5 4.9 4.6 4.6 4.5 4.4 Net Margin %
19.2 18.9 16.2 17.6 20.4 22.6 21.6 21.4 21.9 21.7 21.3 ROE %
10.9 10 8.2 9.1 9.7 10 9.5 8.9 8.6 8.1 7.9 ROA %
Chuck Royce 03/31/17 Add 0.01 108,969
Jeremy Grantham 03/31/17 Reduce 0 457,214
Dodge & Cox 03/31/17 Reduce 0 20,562 231.8 67.8 336.8 530 525.1 403.1 196.9 137.7 211.6 242.9 177.9 Cash & Equivalents
Manning & Napier
4774.1 4786.4 5004.7 5465 6202.8 6807.1 7680.3 8246.2 8144.8 8859.4 9166.8 Total Assets
03/31/17 Add 0 30,280 263.7 500 500 250 500 250 500 500 250 550 550 Long-term Debt
Advisors, Inc
2057.4 2462 2383.4 2671.2 3458.8 3809.2 4331.2 4945 4998.2 5665.7 5947.9 Total Liabilities
166.1 159.4 158.9 157.6 155.7 154.8 153.8 153.1 150.1 148.4 147.4 Common Equity
Steven Cohen 12/31/16 Buy 0.05 77,100
Jeremy Grantham 12/31/16 Add 0.05 465,287 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
-87.6 -214.3 -264.4 -172.3 -231.5 -651.9 -825.6 -386.7 -263.6 -594 -639.7 Cashflow from Investing
Warning Signs
-241.2 -273 -26 -75 -122.1 -81.8 -120.7 -95.9 -292.3 -181.4 -227 Repurchase of Stock
SEVERE Operating Margin %: Declined -- 52 -52 -- -- -- 24.6 -7.9 -143 250 325 Net Issuance of Debt
SEVERE Asset Growth: faster than revenue growth -469.5 -472.6 -330.4 -320.6 -394.1 -378.8 -425.1 -455.4 -806.1 -322.4 -299.1 Cashflow from Financing
-115.6 -105 -142.3 -85.4 -103.5 -102 -124.1 -107.7 -109.5 -160.6 -173.8 Capital Expenditure
Good Signs 525.8 425.3 703 593.3 521.5 804.5 932.7 682.5 1049.8 785.4 739.1 Free Cash Flow
Competitor
Strength Margin(%)
Gallagher Thomas Chairman 10/20/16 3000 564498 NYSE:GPC Genuine Parts Co 5 7 13,979 20.48 0.91 6.87 7.86 21.27
NYSE:VIPS Vipshop Holdings Ltd 7 6 12,915 23.11 0.83 4.72 9.51 40.26
OTCPK:ZLNDY Zalando SE 8 4 11,791 65.49 3.21 4.84 7.35 12.77
NAS:MELI MercadoLibre Inc 6 9 11,627 75.27 12.07 22.26 12.21 38.21
NAS:K VCA K VC Group 5 7 10,995 24.86 1.12 10.13 3.23 9.41
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:GPN GPN

Global Payments Inc (NYSE:GPN)
Industry Historical % of Price Dividend YieldBttmC % 0.05
Current
$ 90.34 Median Median NCAV -37.83 -42 Dividend YieldBforwardC % 0.06
Business Services P/E BttmC 63.17 21.83 21.8 Tangible Book -27.06 -30 Payout 0.02
Market Cap: $ 13,775 Mil Forward P/E 23.64 19.08 N/A DCF BFCF BasedC 0.1 0 Dividend GrowthB5yC % N/A
Global Payments Inc is a provider of payment solutions for merchants, value- P/B 5.04 2.37 3.76 DCE BEarnings BasedC 22.37 25 Yield on CostB5yC % 0.05
added resellers, enterprise software providers, financial institutions, P/S 3.85 1.36 2.27 Peter Lynch Value 24.07 27 Continuous Div. since 2016
government agencies, multi-national corporations and independent sales P/FCF 10038 20.66 18.62 Median P/S 53.3 59 Insider Ownership % 1.08
organizations. Shiller P/E 62.69 29.44 32.38 Price 90.34 Institution Ownership % 79.5
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.27 1.36 1.05 93.31

39.76
F-Score 3 5.00 6 1W -0.81 0
Operating Margin B%C 10.92 5.86 18.76
4M
YTD 30.19 9.1
Net-Margin B%C 6.22 3.77 10.64
ROE B%C 9.41 8.55 18.64 1Y 22.04 17.3
ROA B%C 2.42 3.48 7.60 3Y 36.25
ROC BJoel GreenblattC 2M 5Y 34.51
88.39 22.69 165.56
B% C
Growth
Revenue Growth B%C 15.4 15.2 7.60 3718 3241 3761 2893 3361 4174 3337 3617 4720 6814 13775 Market Cap
EBITDA Growth B%C 11.8 12.9 13.40 164 163 162 162 164 161 159 156 145 135 152 Sh. Outstanding-dilutedBMilC
EBIT Growth B%C 11.1 11.4 -29.30 30.6 22.8 23.5 79.9 17 20 17.9 17.4 20.3 25.5 63.2 Year End P/E
EPS without NRI Growth 4.8 3.4 3.3 4.3 3.9 3.5 2.9 3.2 4.7 9 5 P/B
10.9 10.2 -37.30
B% C 4.2 3.1 3 2 2.1 2.3 1.5 1.6 2 2.5 3.9 P/S
N/A N/A -99.90
B% C
Book Value Growth B%C 5 0.9 175.60
5.5 6.5 7.9 9 10 11.6 13.9 15.2 17.6 20.6 23.5 Revenue Per Share
Quarterly 0.8 0.9 1 0.2 1.2 1.3 1.2 1.4 1.7 2.1 1.4 EPS
Feb16 May16 Aug16 Nov16 Mar17 1.3 1 1.4 2.1 2.5 3.8 -1.8 0.9 0.8 2.5 0 Free Cashflow Per Share
Revenue 680 747 939 942 920 0 0 0 0 0 0 0 0 0 0 0 Dividends Per Share
Net Income 69 37 85 49 49 1.4 2 2.9 -1.3 1.8 0.4 1 0.7 -6.4 -9.9 -27.1 Tang. Book Per Share
Revenue D YoYE % 2 6 25 30 35 4.8 6.3 8 -- 7.2 3.4 5.2 4.6 -- -- -- Graham Number
Net Income D YoYE % 10 -43 -2 -37 -29 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Income Statement
EPS D YoYE % 15 -51 -17 -47 -40
908.1 1061.5 1274.2 1462.3 1642.5 1859.8 2203.8 2375.9 2554.2 2773.7 3548.1 Revenue
60.6 60.9 62.7 65.5 64.4 64.2 64.4 63.7 62.7 63.2 51.2 Gross Margin %
Guru Trades
Impact Cur.
Guru Date Action 22.1 20.5 19.7 20 19.7 17.8 14 15 15.9 16.5 10.9 Operating Margin %
% Shares
Columbia Wanger 03/31/17 Sell -0.28 0 125.5 143 162.8 37.2 203.3 209.2 188.2 216.1 245.3 278 220.5 Net Income
13.8 13.5 12.8 2.6 12.4 11.3 8.5 9.1 9.6 10 6.2 Net Margin %
18.6 16.6 15.6 4.2 26.6 20.5 16 18.7 22.9 31.7 9.4 ROE %
13.4 12.9 12.3 2.4 10.9 7.8 6.2 7.4 6.9 5.7 2.4 ROA %
George Soros 03/31/17 Buy 0.01 3,300
John Hussman 12/31/16 Sell -1.27 0 218.5 308.9 456.1 426.9 769.9 1354.3 781.3 680.5 581.9 650.7 1261.8 Cash & Equivalents
1018.7 1200.6 1445.9 1676.8 2039.3 3350.5 2688.1 3125.1 4018.7 5779.3 9959.7 Total Assets
-- -- -- 167.6 273 268.2 236.6 891.1 1376 1678.3 4221.3 Long-term Debt
Warning Signs 248.5 242.9 319.1 1009.4 1178.1 2166 1516 1979 3021.4 5021.3 7228.8 Total Liabilities
SEVERE Piotroski F-Score: Low -- -- -- -- -- -- -- -- -- -- -- Common Equity
SEVERE Long-Term Debt: Keep issuing new debt 234.8 191.1 272.4 383 465.8 709.8 -173.5 240.5 194.1 424.7 194.5 Cashflow from Operations
SEVERE Asset Growth: faster than revenue growth -30 -116.6 -63.2 -559.3 -25.2 -267 -150.4 -528.6 -501.7 -440.9 -1955.2 Cashflow from Investing
-- -- -87 -- -98.1 -14.9 -104.5 -185.5 -453 -388.1 -246.5 Repurchase of Stock
Good Signs -61.6 -0.7 1.5 191.9 299.6 116.7 -93.2 625 682.1 546.8 2343.2 Net Issuance of Debt
GOOD Revenue per Share: Consistent growth -54.3 10.9 -76.4 161.5 -95.8 114.1 -218.2 183.5 218.9 141.4 2042.7 Cashflow from Financing
-25 -35.4 -45 -40.9 -56.1 -98.5 -109.9 -98.6 -81.4 -92.6 -163.5 Capital Expenditure
Insider Trades 209.7 155.8 227.4 342 409.7 611.2 -283.4 142 112.7 332.2 31 Free Cash Flow
Cur.
Shares Competitor
Jacobs William I Director 06/13/17 -600 41875 Financial Operating
Sloan Jeffrey Steven CEO 06/12/17 -153453 194154 Strength Margin(%)
Baldwin Robert H B Jr Director 06/06/17 -7500 210233 NYSE:GPN Global Payments Inc 4 7 13,775 63.17 3.85 10.92 2.42 9.41
Marshall Ruth Ann Director 06/02/17 -5402 36074 NAS:VRSK Verisk Analytics Inc 5 7 13,765 23.42 7.08 38.04 12.52 43.80
Baldwin Robert H B Jr Director 05/18/17 -10000 217733 NYSE:NLSN Nielsen Holdings PLC 4 7 13,738 29.13 2.19 17.74 2.99 11.12
NAS:CTAS Cintas Corp 6 8 13,459 26.46 2.67 15.70 12.56 26.41
NYSE:FLT Fleetcor Technologies Inc 5 8 13,332 29.60 7.08 39.91 5.05 14.77
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:GPS GPS

Gap Inc (NYSE:GPS)
Industry Historical % of Price Dividend Yield(ttm) % 4
Current
Retail - Apparel & Specialty - Apparel Stores P/E (ttm) 13.42 20.66 14.43 Tangible Book 7.23 31 Payout 0.53
Market Cap: $ 9,138 Mil Forward P/E 11.83 15.15 N/A Graham Number 16.72 72 Dividend Growth(5yF % 17.5
Gap Inc is a global apparel and accessories retailer. The company offers P/B 3.19 1.70 3.38 Price 23.09 Yield on Cost(5yF % 8.96
products for men, women, and children under various brands such as Gap, P/S 0.6 0.70 0.95 DCE (Earnings BasedF 23.47 102 Continuous Div. since 2013
Banana Republic, Old Navy, Athleta, and Intermix. P/FCF 8.08 15.94 12.05 Median P/S 36.83 160 Insider Ownership % 10.23
Shiller P/E 11.1 18.96 18.26 DCF (FCF BasedF 41.09 178 Institution Ownership % 42.11
Financial Strength
Industry Historical
Median Median
Cash to Debt 1.20 0.97 1.43 46.59

18.54
F-Score 6 5.00 6 1W 3.59 0
Operating Margin (%F 7.88 3.50 11.54
12M
YTD 3.92 9.1
Net-Margin (%F 4.46 2.23 6.96
1Y 24.21 17.3
ROE (%F 25.49 6.33 25.83
ROA (%F 9.04 2.80 13.37 3Y -14.35
ROC (Joel GreenblattF 5.9M 5Y 0.29
40.11 12.77 57.26
(%F
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%F 9 7 1.10 14012 8110 12898 11331 9205 15948 17783 17341 9814 9189 9138 Market Cap
EBITDA Growth (%F 9 2.4 -5.70 794 719 699 641 533 488 467 440 413 400 396 Sh. Outstanding-diluted(Mil)
EBIT Growth (%F 10 0.9 -8.50 18 8.4 12 10.3 12.1 14.1 13.9 14.3 11.1 13.7 13.4 Year End P/E
8.8 0.9 -13.60
(%F 1 0.6 0.9 0.8 0.7 1 1.1 1.1 0.6 0.6 0.6 P/S
9.6 9.2 38.70
(%F 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Per share data
Book Value Growth (%F 1.1 4.5 14.00
Quarterly 1.1 1.3 1.6 1.9 1.6 2.3 2.7 2.9 2.2 1.7 1.7 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 1.8 1.4 2.3 1.9 1.5 2.6 2.2 3.2 2.1 3 2.9 Free Cashflow Per Share
Net Income 127 125 204 220 143 5.8 5.9 7 6.7 5.3 5.3 6 6.4 5.7 6.8 7.2 Tang. Book Per Share
Revenue (YoY) % -6 -1 -2 1 0 12 13.3 15.8 16.8 13.7 16.6 19.2 20.4 17 16 16.7 Graham Number
EPS (YoY) % -43 -40 -16 0 13
15763 14526 14197 14664 14549 15651 16148 16435 15797 15516 15518 Revenue
36.1 37.5 40.3 40.2 36.3 39.4 39 38.3 36.2 36.4 37 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Edward Lampert 03/31/17 Sell -0.98 0
833 967 1102 1204 833 1135 1280 1262 920 676 692 Net Income
5.3 6.7 7.8 8.2 5.7 7.3 7.9 7.7 5.8 4.4 4.5 Net Margin %
17.6 22.3 23.8 26.8 24.4 40.2 43 41.8 33.3 24.8 25.5 ROE %
10.2 12.6 14.2 16 11.5 15.2 16.7 16.2 12.1 9 9 ROA %
Ray Dalio 03/31/17 Reduce -0.02 278,000
03/31/17 Add 0 91,713
7838 7564 7985 7065 7422 7470 7849 7690 7473 7610 7411 Total Assets
Advisors, Inc
50 -- 963 890 1606 1246 1369 1332 1310 1248 1248 Long-term Debt
Good Signs -274 -398 -537 -429 -454 -844 -624 -596 -730 -529 -488 Cashflow from Investing
-1700 -705 -547 -1959 -2092 -1030 -979 -1179 -1015 -- -106 Repurchase of Stock
-326 -138 -50 3 1662 -419 144 -21 379 -421 -- Net Issuance of Debt
President &
Kirwan Jeff 06/01/17 -1000 29562 Competitor
CEO
Kirwan Jeff 05/16/17 -5000 30224 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Director,
Fisher Robert J 03/31/17 -500000 38376k NYSE:LB L Brands Inc 4 8 14,936 13.74 1.22 15.24 14.22 0.00
10% O
Global NYSE:GPS Gap Inc 7 7 9,138 13.42 0.60 7.88 9.04 25.49
Owen Andi 02/09/17 -38278 --
Pres., B
NAS:LULU Lululemon Athletica Inc 9 9 7,263 25.17 3.10 17.26 19.13 23.31
Kirwan Jeff President 11/21/16 -11406 8763
OTCPK:MRPLY Mr Price Group Ltd 7 8 3,312 16.46 2.07 15.49 27.28 37.95
NAS:URBN Urban Outfitters Inc 8 8 2,105 10.70 0.60 8.72 10.66 15.88
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:GRMN GRMN

Garmin Ltd (NAS:GRMN)
Current
$ 51.89 Median Median NCAV 4 8 Dividend Yield(forward( % 3.93
Computer Hardware - Scientific & Technical Instruments P/E (ttm( 14.87 22.05 14.67 Tangible Book 18.04 35 Payout 0.58
Market Cap: $ 9,763 Mil Forward P/E 20.28 18.62 N/A Graham Number 37.63 73 Dividend Growth(5yG % 4.9
Garmin Ltd, and its subsidiaries, designs, develops, manufactures, markets P/B 2.65 1.80 2.54 Median P/S 45.68 88 Yield on Cost(5yG % 4.99
and distributes hand-held, wrist-based, portable, fixed-mount , positioning P/S 3.24 1.18 2.85 Price 51.89 Continuous Div. since 2017
system enabled & other navigation, communication and sensor-based P/FCF 16.68 18.59 15.72 Insider Ownership % 20.83
products. Shiller P/E 15.91 30.99 15.16 Institution Ownership % 33.13
Financial Strength
Industry Historical
Median Median

54.32
F-Score 9 5.00 6 1W -1.61 0.2
8M
YTD 8.06 9.1
Net-Margin (%( 21.78 2.97 20.47
1Y 24.78 14.8
ROE (%( 19.27 5.73 16.78
ROA (%( 14.58 2.92 12.47 3Y -1.14
ROC (Joel GreenblattG 4M 5Y 8.04
80.46 10.95 79.36
(%(
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth (%( -1.2 1.6 17.40 220 211 201 198 195 196 196 194 191 189 188 Sh. Outstanding-diluted(MilG
EBIT Growth (%( -1.1 2.1 18.30 24.9 5.5 8.8 10.4 14.9 14.8 14.8 28.3 15.5 18 14.9 Year End P/E
EPS without NRI 9 1.7 2.2 2 2.4 2.3 2.5 3 2.1 2.7 2.7 P/B
-3 -2.5 39.00
Growth (%( 6.7 1.2 2.1 2.3 2.8 2.9 3.5 3.6 2.5 3 3.2 P/S
Free Cash Flow Growth 19.5 3.2 5.6 7 9.8 9.5 11.8 11.4 9.6 11.3 12 EV/EBITDA
-0.9 -12.8 138.50
Quarterly 3.9 3.5 3.5 3 2.7 2.8 3.1 1.9 2.4 2.7 3.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.4 3.5 5.2 3.7 4 3.3 2.9 2.3 1 3.2 3.1 Free Cashflow Per Share
Revenue 624 812 722 861 639 0.8 0.8 0.8 1.5 1.6 1.8 1.8 1.9 2 2 2 Dividends Per Share
EPS (YoY( % 31 18 5 3 174
3180.3 3494.1 2946.4 2689.9 2758.6 2715.7 2631.9 2870.7 2820.3 3018.7 3033.2 Revenue
Guru Trades 46 44.5 49 50.1 48.5 53 53.5 55.9 54.6 55.6 56.4 Gross Margin %
907.4 862 786 636.7 553.8 604.2 574 690.6 549.6 623.9 636.5 Operating Income
Impact Cur.
% Shares
Joel Greenblatt 03/31/17 Add 0.06 658,598 855 732.8 704 584.6 520.9 542.4 612.4 364.2 456.2 510.8 660.5 Net Income
26.9 21 23.9 21.7 18.9 20 23.3 12.7 16.2 16.9 21.8 Net Margin %
Jim Simons 03/31/17 Add 0.05 820,142
43.8 32 27.8 19.9 16.5 16 17 10.3 13.5 15.1 19.3 ROE %
33 23.5 20.8 15 12.3 11.7 12.6 7.6 9.9 11.3 14.6 ROA %
Primecap Management 03/31/17 Reduce 0 74,731
Jim Simons 12/31/16 Reduce -0.06 198,477 707.7 696.3 1091.6 1260.9 1287.2 1231.2 1179.1 1196.3 833.1 846.9 833.6 Cash & Equivalents
3291.5 2934.4 3828.1 3988.7 4471.3 4819.1 4879.6 4693.3 4499.4 4525.1 4600.7 Total Assets
-- -- -- -- -- -- -- -- -- -- -- Long-term Debt
MEDIUM Dividend Yield %: Close to 2-year low 1.1 1 1 1797.4 1797.4 1797.4 1797.4 1797.4 1797.4 18 18 Common Equity
Good Signs
GOOD Piotroski F-Score: High 682.1 862.2 1094.5 770.6 822.3 684.7 630.1 522.7 280.5 705.7 696.7 Cashflow from Operations
-175.7 -56.3 -547.9 -72.9 -488.2 -496.2 -274.4 131.3 -112 -121.5 -143.4 Cashflow from Investing
Insider Trades -0.2 -- -- -- -- -- -- -- -- -- -- Net Issuance of Debt
Cur. -136.1 -808.1 -161.2 -510.8 -307.4 -249.8 -406.8 -599.6 -500.1 -561.7 -572.8 Cashflow from Financing
Burrell Jonathan 10% Owner 05/31/17 -200000 22101k 522.4 735.6 1037.7 734.5 777 639.5 572.9 444.7 196 609 588.9 Free Cash Flow
Burrell Jonathan 10% Owner 05/26/17 -100000 24319k Competitor
VP, General
Etkind Andrew R 02/22/17 -6524 44039 Financial Operating
Cou Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
VP, General
Etkind Andrew R 12/16/16 -2116 50484
Cou NAS:GRMN Garmin Ltd 9 8 9,763 14.87 3.24 20.98 14.58 19.27
President
Pemble Clifton A
and C
11/25/16 -175 99801 NAS:TRMB Trimble Inc 7 8 9,302 57.49 3.95 8.68 4.34 7.04
NAS:CGNX Cognex Corp 10 8 8,311 46.77 15.04 32.51 17.92 19.37
NYSE:ST Sensata Technologies Holding N.V. 5 7 7,391 26.71 2.25 15.55 4.35 14.67
NYSE:KEYS Keysight Technologies Inc 6 6 7,100 17.33 2.21 16.08 10.28 24.87
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:GS GS

Goldman Sachs Group Inc (NYSE:GS)
Industry Historical % of Price Dividend YieldHttmI % 1.19
Current
$ 223.23 Median Median NCAV -1657.65 -743 Dividend YieldHforwardI % 1.32
Brokers & Exchanges - Capital Markets P/E HttmI 11.87 20.00 11.07 Median P/S 177.99 80 Payout 0.14
Market Cap: $ 87,871 Mil Forward P/E 11.92 17.89 N/A Tangible Book 181.47 81 Dividend GrowthH5yI % 13
Goldman Sachs Group Inc is a investment banking, securities and investment P/B 1.16 1.32 1.1 Price 223.23 Yield on CostH5yI % 2.19
management firm. Its segments include Investment Banking, Institutional P/S 2.96 3.95 2.36 Graham Number 277.06 124 Continuous Div. since 2011
Client Services, Investing & Lending and Investment Management. P/FCF 68.83 13.03 10.15 Insider Ownership % 4.63
Financial Strength
Industry Historical
Score: 5 /10 Current 164.9 52 59.2 131.08 87.7 91 130.94 152.72 171.86 139.51 211.26 Low
Median Median
Cash to Debt 0.48 N/A 0.09 252.89

100.45
F-Score 0 5.00 0 1W 2.04 0
Industry Historical 52 3M -9.24 4.2
Operating Margin H%I 34.89 14.46 33.29
31M
YTD -6.19 9.1
Net-Margin H%I 26.37 10.97 22.69
1Y 54.58 17.3
ROE H%I 9.27 5.18 10.00
ROA H%I 0.97 1.69 0.87 3Y 11.66
ROC HJoel GreenblattI 15.7M 5Y 19.70
0.00 18.59 0.00
H% I
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth H%I -0.9 5.7 16.30 88544 31236 86971 85346 43901 59335 79122 83397 75603 94022 87871 Market Cap
EBITDA Growth H%I -0.9 7.6 75.90 461 456 551 585 557 516 500 473 459 435 394 Sh. Outstanding-dilutedHMilI
EBIT Growth H%I N/A 10.6 86.80 9.2 18.8 7.7 12.8 20.7 9 11.5 11.4 14.9 14.7 11.9 Year End P/E
-0.4 18.9 112.20
H% I 2.3 1.6 2.1 2.5 1.8 1.9 2.6 2.7 2.5 3.4 3 P/S
N/A N/A 0.00
H% I
Book Value Growth H%I 7.9 6.7 6.20
Quarterly 24.7 4.5 22.1 13.2 4.5 14.1 15.5 17.1 12.1 16.3 18.8 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -152.3 -0.3 85.9 -11.2 38.3 23.1 7.7 -18.2 13.2 6.2 3.2 Free Cashflow Per Share
EPS 3 4 5 5 5 235.2 117.1 193.7 157.8 121.7 156.2 161.4 172 173.8 166.3 178 Median P/S Value
Revenue J YoYK % -40 -13 19 12 27 222 104.4 238.5 194.7 113.7 209.8 228.3 249 215.6 258.5 277.1 Graham Number
Net Income J YoYK % -60 74 47 207 99 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS J YoYK % -55 88 68 288 92
45987 22222 45173 39161 28811 34163 34206 34528 33820 30608 32296 Revenue
100 100 100 100 100 100 100 100 100 100 100 Gross Margin %
Guru Trades
Impact Cur.
% Shares
11599 2322 13385 8354 4442 7475 8040 8477 6083 7398 8518 Net Income
25.2 10.5 29.6 21.3 15.4 21.9 23.5 24.6 18 24.2 26.4 Net Margin %
Daniel Loeb 03/31/17 Sell -0.94 0
29 3.8 18.1 10.4 3.4 10 10 10 6.6 8.2 9.3 ROE %
1.2 0.2 1.5 1 0.5 0.8 0.9 1 0.7 0.9 1 ROA %
Ruane Cunniff 03/31/17 Reduce -0.21 620,624
George Soros 03/31/17 Add 0.16 86,800
Ken Heebner 03/31/17 Add 0.15 335,000 11882 122404 38291 39788 56008 72669 61133 57600 93439 121711 123035 Cash & Equivalents
1120k 884547 848942 911332 923225 938555 911507 855842 861395 860165 894069 Total Assets
164174 168220 185085 212776 210909 199315 185779 190111 200175 210609 221746 Long-term Debt
Warning Signs 1077k 820178 778228 833976 852846 862839 833040 773045 774667 773272 807152 Total Liabilities
SEVLRL Long-Term Debt: Keep issuing new debt 6 7 8 8 8 8 8 9 9 9 9 Common Equity
Good Signs
GOOD Operating Margin %: Expansion -68197 1894 48875 -5357 22501 12879 4543 -7932 7870 5570 4748 Cashflow from Operations
396 -4337 -1561 -985 629 -3734 -8728 -14909 -18574 9270 10837 Cashflow from Investing
Insider Trades 72083 -23987 -25796 -529 -2867 -16002 -2584 11805 17686 8703 8074 Net Issuance of Debt
Cur. 73390 7901 -22828 7839 -6910 7516 -7351 18999 29118 13432 9499 Cashflow from Financing
Salame Pablo J
Vice
02/21/17 -10000 185747
-70234 -133 47319 -6584 21317 11918 3837 -8610 6037 2694 1607 Free Cash Flow
Chairman
President and Competitor
Solomon David M 02/21/17 -7954 200014
C Financial Operating
EVP, Global Ticker Company Profitability Market Cap($M) P/M P/S ROA(%) ROM (%)
Cohen Alan M 02/16/17 -5599 67719 Strength Margin(%)
Hea
EVP-Chief of NYSE:GS Goldman Sachs Group Inc 5 5 87,871 11.87 2.96 34.89 0.97 9.27
Rogers John F.w. 02/15/17 -32325 120027
St NYSE:MS Morgan Stanley 5 5 82,667 13.26 2.28 27.11 0.83 8.19
Viniar David A Director 02/13/17 -5954 980368 NYSE:SCHW Charles Schwab Corp 7 6 56,320 30.09 7.25 40.84 0.97 11.99
NYSE:SPGI S&P Global Inc 6 8 38,268 17.70 6.79 60.70 25.98 442.38
NYSE:TRI Thomson Reuters Corp 5 7 33,259 11.06 3.06 13.61 11.22 25.80
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:GT GT

Goodyear Tire & Rubber Co (NAS:GT)
Current
Autos - Rubber & Plastics P/E (ttm( 7.36 17.86 13.46 Median P/S 13.87 40 Payout 0.07
Market Cap: $ 8,729 Mil Forward P/E 8.7 9.88 N/A Tangible Book 16.09 46 Dividend Growth(5y( % N/A
Goodyear Tire & Rubber Co is engaged in manufacturing of tires. The P/B 1.84 1.71 3.76 Peter Lynch Value 28.07 81 Yield on Cost(5y( % 1.06
Company develops, manufactures, markets and distributes tires for various P/S 0.6 0.85 0.24 Price 34.65 Continuous Div. since 2013
applications. It also manufactures and markets rubber-related chemicals for P/FCF 15.98 15.69 12.96 Graham Number 41.3 119 Insider Ownership % 0.86
various applications. Shiller P/E 16.31 24.46 23.95 Institution Ownership % 74.22
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.16 0.70 0.21 36.88

16.69
F-Score 7 5.00 5 1W -1.48 0
Operating Margin (%N 10.41 5.47 4.99
10M
YTD 12.89 9.1
Net-Margin (%N 8.22 3.97 1.69
ROE (%N 1Y 30.53 17.3
28.31 8.92 31.36
ROA (%N 7.37 4.02 1.92 3Y 10.63
ROC (Joel GreenblattN 4.9M 5Y 26.49
19.16 14.48 12.17
(%N
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%N -4.4 -8.4 -2.40 6776 1441 3415 2880 3472 3383 5915 7685 8723 7779 8729 Market Cap
EBITDA Growth (%N 5.2 5.5 45.30 232 241 241 242 271 247 277 279 273 266 252 Sh. Outstanding-diluted(MilN
EBIT Growth (%N N/A 8.9 0.70 12.6 -- -- -- 11.3 20 10.7 3.3 29.7 6.5 7.4 Year End P/E
EPS without NRI Growth 2.4 1.4 4.7 4.5 14 -- 5.4 2.1 2.2 1.7 1.8 P/B
N/A 30.1 390.60
(%N 0.3 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.5 0.5 0.6 P/S
N/A N/A 8.20
(%N 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Book Value Growth (%N N/A N/A 21.80
84.7 80.9 67.6 77.8 84 85 70.5 65 60.2 57 57.8 Revenue Per Share
Quarterly 2.7 -0.3 -1.6 -0.9 1.3 0.7 2.3 8.8 1.1 4.7 4.7 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -2.7 -7.4 2.3 -0.1 -1 -0.4 -0.8 -2.1 2.6 1.9 2.2 Free Cashflow Per Share
Net Income 184 202 317 561 166 8.2 0.7 -0.6 -0.8 -2.3 -3.8 1.2 10.7 12.1 15.2 16.1 Tang. Book Per Share
Revenue (YoY( % -8 -7 -8 -8 0 11 -- -- -- -- -- 7.9 45.9 17.5 40.3 41.3 Graham Number
EPS (YoY( % -17 7 20 -250 -4
19644 19488 16301 18832 22767 20992 19540 18138 16443 15158 15166 Revenue
Guru Trades 19 17.2 16.1 18 17.3 18.2 21.1 23.3 26 27.6 27.2 Gross Margin %
Impact Cur.
Guru Date Action 4.7 2.9 -0 2.7 4.5 5.3 7 7.8 9.4 10.4 10.4 Operating Margin %
% Shares
Scott Black 03/31/17 Sell -1.34 0 602 -77 -375 -216 343 212 629 2452 307 1264 1246 Net Income
3.1 -0.4 -2.3 -1.2 1.5 1 3.2 13.5 1.9 8.3 8.2 Net Margin %
57.6 -4 -42.7 -31.3 46.1 32.7 60.7 93.8 8.2 30 28.3 ROE %
Robert Olstein 03/31/17 Buy 0.52 113,000
3.5 -0.5 -2.5 -1.4 2.1 1.2 3.7 13.8 1.8 7.7 7.4 ROA %
Caxton Associates 03/31/17 Sell -0.15 0 3463 1894 1922 2005 2772 2281 2996 2161 1476 1132 961 Cash & Equivalents
17191 15226 14410 15630 17629 16973 17527 18044 16391 16511 17194 Total Assets
4329 4132 4182 4319 4789 4888 6162 6216 5074 4798 5257 Long-term Debt
SEVERE Revenue per Share: Declined -- -- -- -- -- -- -- -- -- -- -- Common Equity
Good Signs 105 -739 1297 924 773 1038 938 340 1687 1504 1590 Cashflow from Operations
GOOD Operating Margin %: Expansion -2245 387 -619 212 562 -265 1143 309 -477 -256 -105 Net Issuance of Debt
-1435 264 -654 179 994 -426 1082 -11 -985 -860 -666 Cashflow from Financing
Insider Trades
Cur.
Shares -634 -1788 551 -20 -270 -89 -230 -583 704 508 576 Free Cash Flow
President,
Mcclellan Stephen R 06/09/17 -6250 79222 Competitor
Amer
President,
Financial Operating
Mcclellan Stephen R 05/09/17 -6250 85468 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Amer Strength Margin(%)
President, NAS:GT Goodyear Tire & Rubber Co 5 5 8,729 7.36 0.60 10.41 7.37 28.31
Mcclellan Stephen R 04/10/17 -6250 91718
Amer
SVP,
NYSE:CSL Carlisle Companies Inc 6 8 6,175 25.84 1.66 15.04 6.03 9.81
Noechel Richard J 03/15/17 -4721 49889
Business T OTCPK:NKRKY Nokian Tyres PLC 8 6 5,586 19.43 3.46 22.13 13.81 18.82
Sr Vice Pres,
Bialosky David L 02/14/17 -25000 78762 OTCPK:SMTUF Sumitomo Rubber Industries Ltd 6 6 4,512 12.22 0.66 9.30 4.78 10.28
G
NYSE:TSE Trinseo SA 6 4 2,820 8.26 0.76 13.43 14.94 78.49
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:GWW GWW

WOWO Grainger Inc (NYSE:GWW)
Industry Historical % of Price Dividend YieldPttmQ % 2.79
Current
$ 176.76 Median Median NCAV -35.1 -20 Dividend YieldPforwardQ % 2.89
Industrial Distribution P/E PttmQ 18 16.54 19.2 Tangible Book 11.49 7 Payout 0.5
Market Cap: $ 10,324 Mil Forward P/E 16.92 15.67 N/A Graham Number 50.37 28 Dividend GrowthP5yQ % 14.1
W.W. Grainger Inc is a distributor of maintenance, repair and operating P/B 5.79 1.20 4.66 Peter Lynch Value 53.62 30 Yield on CostP5yQ % 5.4
supplies and other related products and services used by businesses and P/S 1.05 0.53 1.36 DCE PEarnings BasedQ 152.59 86 Continuous Div. since 1972
institutions in the United States and Canada, with expanding operations. P/FCF 14.91 17.71 23.16 Price 176R76 Insider Ownership % 14.42
Shiller P/E 18.84 20.49 27.41 DCF PFCF BasedQ 209.96 119 Institution Ownership % 62.96
PEG 3 1.70 1.48 Median P/S 230.11 130 Short % of Float 13.94
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.10 0.96 0.77 274.01

107.05
F-Score 5 5.00 7 1W 3.61 0
Operating Margin P%Q 10.79 3.35 12.31
2M
YTD -22.82 9.1
Net-Margin P%Q 5.84 2.02 7.41
ROE P%Q 29.41 6.14 24.47 1Y -17.33 17.3
ROA P%Q 10.14 2.79 14.00 3Y -9.77
ROC PJoel GreenblattQ 0.9M 5Y 1.87
34.48 13.11 43.22
P% Q
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth P%Q 9.7 7.6 8.30 6911 5896 6999 9582 13096 14061 17586 17187 12567 13656 10324 Market Cap
EBITDA Growth P%Q 11.4 6 -4.70 85 78 75 72 71 71 71 69 66 61 58 Sh. Outstanding-dilutedPMilQ
EBIT Growth P%Q 12.2 5.3 -7.20 17.7 13.3 17.2 19.9 20.6 21.3 23 22.2 17.5 23.5 18 Year End P/E
10.8 3 -14.50
P% Q 1.2 0.9 1.2 1.4 1.7 1.6 1.9 1.8 1.3 1.4 1.1 P/S
Free Cash Flow Growth 8.4 6.5 8.3 9.7 11.1 11 12 11.3 9.5 11.8 9.5 EV/EBITDA
12.8 7.2 14.60
P% Q
Book Value Growth P%Q 4.7 -4.3 -17.00
Quarterly 4.9 6 5.6 6.9 9.1 9.5 11.1 11.5 11.6 9.9 9.8 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 3.2 4.5 7.9 6.5 7.7 8 10.1 8.3 9.4 11.8 11.9 Free Cashflow Per Share
EPS 3 3 3 1 3 102.7 118.9 113 135.5 154.3 171 181.9 195.9 206.5 226.6 230.1 Median P/S Value
Revenue S YoYT % 3 2 3 -0 1 51.2 55.4 53 59.8 71.8 80.6 90.5 96.5 66 50.9 50.4 Graham Number
Net Income S YoYT % -12 -22 -3 -58 -6 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY( % -3 -14 4 -55 -2
6418 6850 6222 7182.2 8078.2 8950 9437.8 9965 9973.4 10137 10172 Revenue
Guru Trades 40.6 41 41.8 41.9 43.5 43.8 43.8 43.3 42.4 40.6 40.2 Gross Margin %
Impact Cur.
Guru Date Action 10.5 11.4 10.7 12 13 12.6 13.7 13.5 13 11 10.8 Operating Margin %
% Shares
First Eagle Investment 03/31/17 Sell -0.25 0 420.1 475.4 430.5 510.9 658.4 689.9 797 801.7 769 605.9 594 Net Income
6.6 6.9 6.9 7.1 8.2 7.7 8.5 8.1 7.7 6 5.8 Net Margin %
19.7 23 20.5 23.4 27.2 24.4 25 24.5 27.8 29.6 29.4 ROE %
Jim Simons 03/31/17 Buy 0.1 300,700
13.7 14.4 11.9 13.4 15.3 14.2 15.5 15.2 13.8 10.5 10.1 ROA %
Steven Cohen 03/31/17 Buy 0.03 25,000
Ray Dalio 03/31/17 Add 0.03 23,226
John Hussman 03/31/17 Buy 0.02 325 113.4 396.3 459.9 313.5 335.5 452.1 430.6 226.6 290.1 274.1 238.8 Cash & Equivalents
3094 3515.4 3726.3 3904.4 4716.1 5014.6 5266.3 5283 5857.8 5694.3 5782.5 Total Assets
4.9 488.2 437.5 420.4 175.1 467 445.5 403.3 1388.4 1840.9 1847.7 Long-term Debt
SUVERU Gross Margin %: Declined 54.8 54.8 54.8 54.8 54.8 54.8 54.8 54.8 54.8 54.8 54.8 Common Equity
SUVERU Operating Margin %: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs 468.9 530.1 732.4 596.4 746.1 816.2 986.5 959.8 989.9 1003 1023.3 Cashflow from Operations
-197 -202.6 -262.6 -169.2 -535.1 -305.7 -399.4 -384.1 -843.4 -262.3 -254.4 Cashflow from Investing
Insider Trades 102.3 418.6 -16.3 -33.6 17.7 36.2 -26.3 -24 1555.6 292.2 234.7 Net Issuance of Debt
Cur. -513.9 -36.8 -413.5 -578.6 -177.4 -394.4 -590.9 -758.1 -62.6 -754.5 -799.5 Cashflow from Financing
Brown Laura D
Sr. VP, Inv
03/06/17 -695 11235
271.5 348.7 591.7 469.3 549.2 566.3 714.4 572.4 616 718.7 712.1 Free Cash Flow
Rel
Sr. VP & Competitor
Jadin Ronald L 03/02/17 -31186 26005
Chairman of Ticker Company Profitability Market Cap($M) P/V P/S ROA(%) ROV (%)
Ryan James T 02/16/17 -2369 163478 Strength Margin(%)
the
Sr. VP and OTCPK:WOSYY Wolseley PLC 6 7 15,361 20.07 0.84 4.55 7.39 20.90
Howard John L 02/16/17 -926 38406
Gene NAS:FAST Fastenal Co 7 8 12,626 24.94 3.14 20.06 18.76 26.67
Sr. VP &
High Joseph C 02/16/17 -690 6038 NYSE:GWW WW WW Grainger Inc 6 7 10B324 18 R00 1R05 10 R79 10 R14 29 R41
Chief
NAS:HDS HD Supply Holdings Inc 4 5 6,493 21.79 0.86 10.48 4.89 32.33
OTCPK:ADRK Y Andritz A
G 6 7 6,187 19.89 0.93 6.62 4.74 23.74
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HAL HAL

Halliburton Co (NYSE:HAL)
Current
Oil & Gas - Services - Oil & Gas Equipment & Services P/E (ttm) N/A 20.00 14.69 Tangible Book 7.53 17 Payout N/A
Market Cap: $ 38,256 Mil Forward P/E 48.31 27.93 N/A Median P/S 31.52 72 Dividend GrowthX5yY % 17.8
Halliburton Co is a provider of services and products to the upstream oil and P/B 4.28 1.09 3.13 Price 44.08 Yield on CostX5yY % 3.72
natural gas industry throughout the lifecycle of the reservoir, from locating P/S 2.4 1.08 1.71 Continuous Div. since 2017
hydrocarbons and managing geological data, to drilling and formation P/FCF N/A 11.80 44.19 Insider Ownership % 0.46
evaluation. Shiller P/E 28.21 15.39 25.74 Institution Ownership % 63.5
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.19 0.49 0.44 74.02

30.28
F-Score 1 4.00 5 1W -0.11 0
Operating Margin X%) -21.89 -6.55 15.05
30M
YTD -17.84 9.1
Net-Margin X%) -21.19 -10.90 9.73
ROE (%) -33.30 -7.94 18.71 1Y 1.86 17.3
ROA (%) -12.06 -4.31 10.43 3Y -11.90
ROC XJoel GreenblattY 15.1M 5Y 9.90
-26.60 -4.45 28.01
(%)
Growth
Revenue Growth X%) 7.5 -5.6 -23.90 33367 16248 27141 37155 31784 32227 43087 33352 29138 46842 38256 Market Cap
EBITDA Growth X%) N/A N/A 0.00 950 909 902 911 922 928 902 852 853 861 868 Sh. Outstanding-diluted(MilY
EBIT Growth X%) N/A N/A 0.00 10.2 7.5 23.7 20.2 11.2 12.2 21.4 9.6 -- -- -- Year End P/E
EPS without NRI Growth 4.9 2.1 3.1 3.6 2.4 2 3.2 2.1 1.9 5 4.3 P/B
N/A N/A 0.00
X%) 2.4 0.9 1.9 2.1 1.3 1.1 1.6 1 1.2 2.9 2.4 P/S
Free Cash Flow Growth 8.1 3.7 9.8 9.5 5.6 6 9.7 5.4 25.3 -10.2 -22.9 EV/EBITDA
N/A N/A -1212.10
X%)
Book Value Growth X%) 8.6 -2.9 -31.90
Quarterly 3.7 2.5 1.3 2 3.1 2.8 2.4 4.1 -0.8 -6.7 -3.9 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 0.6 0.9 0.6 0.2 0.8 0.1 1.7 0.9 0.8 -2.9 -2.7 Free Cashflow Per Share
Net Income -2412 -3208 6 -149 -32 6.9 7.4 8.5 10 12.4 14.7 13.4 16.4 15.3 8.1 7.5 Tang. Book Per Share
EPS -3 -4 0 -0 -0 27.5 34.3 27.7 33.6 45.9 52.4 55.8 65.8 47.2 31.4 31.5 Median P/S Value
Revenue (YoY) % -40 -35 -31 -21 2 20.3 22.1 15.6 21 30.2 30.3 26.6 38.6 -- -- -- Graham Number
EPS (YoY) % 270 -6317 -117 433 -99
15264 18279 14675 17973 24829 28503 29402 32870 23633 15887 15968 Revenue
Guru Trades 24.5 23.1 15 18 20.2 16.6 15.2 16.8 10.7 5.4 5.3 Gross Margin %
3498 4010 1994 3009 4737 4159 3138 5097 -165 -6778 -3496 Operating Income
Impact Cur.
Guru Date Action 22.9 21.9 13.6 16.7 19.1 14.6 10.7 15.5 -0.7 -42.7 -21.9 Operating Margin %
% Shares
Stanley Druckenmiller 03/31/17 Reduce -3.9 301,600 3499 2224 1145 1835 2839 2635 2125 3500 -671 -5763 -3383 Net Income
22.9 12.2 7.8 10.2 11.4 9.2 7.2 10.7 -2.8 -36.3 -21.2 Net Margin %
Ronald Muhlenkamp 03/31/17 Sell -1.71 0
49.1 30.5 13.9 19.2 24.1 18.2 14.5 23.5 -4.2 -46.3 -33.3 ROE %
23.3 16.2 7.4 10.5 13.5 10.3 7.5 11.4 -1.9 -18 -12.1 ROA %
Bill Nygren 03/31/17 Sell -1.02 0
John Hussman 03/31/17 Buy 0.82 75,000
Jim Chanos 03/31/17 Add 0.72 90,204 1847 1124 2082 1398 2698 2484 2356 2291 10077 4009 2107 Cash & Equivalents
13135 14385 16538 18297 23677 27410 29223 32165 36942 27000 24885 Total Assets
2627 2586 3824 3824 4820 4820 7816 7765 14687 12214 10812 Long-term Debt
SEVERE Piotroski F-Score: Low 2657 2666 2669 2674 2683 2682 2680 2679 2677 2674 2674 Common Equity
SEVERE Gross Margin %: Declined 2726 2674 2406 2212 3684 3654 4447 4062 2906 -1703 -1527 Cashflow from Operations
Good Signs
-1374 -507 -17 -141 -- -- -4356 -800 -- -- -- Repurchase of Stock
GOOD Dividend Yield %: Close to 1-year high -7 -861 1944 -790 978 -- 2968 -4 7432 -3097 -4663 Net Issuance of Debt
-1570 -1523 1670 -1114 833 -172 -1754 -1030 7081 -3540 -5122 Cashflow from Financing
Insider Trades
Cur.
Shares 580 850 542 143 731 88 1513 779 722 -2501 -2356 Free Cash Flow
Albrecht William E Director 05/15/17 8000 8000 Competitor
Director and Financial Operating
Miller Jeffrey Allen 04/05/17 -725 299777
Pr Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
Strength Margin(%)
Senior Vice
Jones Myrtle L 03/08/17 -726 15418
Pre NYSE:HAL Halliburton Co 4 3 38,256 0.00 2.40 -21.89 -12.06 -33.30
Mccollum Mark A EVP - CFO 02/27/17 -89300 204993 NYSE:BHI Baker Hughes Inc 5 5 23,962 0.00 2.57 -11.60 -9.39 -13.97
Gerber Murry Director 02/10/17 5390 51451 NYSE:NOV National Oilwell Varco Inc 5 4 12,469 0.00 1.82 -34.09 -10.71 -16.07
OTCPK:TKPPY Technip 6 7 8,438 11.66 0.85 6.03 3.51 9.81
OTCPK:CHOLF China Oilfield Services Ltd 5 4 6,462 0.00 3.72 -75.00 -13.41 -28.96
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:HAS HAS

Hasbro Inc (NAS:HAS)
Current
Travel & Leisure - Leisure P/E (ttm) 24.2 23.63 17.83 Tangible Book 8.34 8 Payout 0.45
Hasbro Inc provides children's and family leisure time and entertainment P/B 7.34 1.76 3.79 Peter Lynch Value 40.91 38 Yield on Cost(5y) % 3.07
products and services, which includes manufacturing and marketing of P/S 2.73 1.92 1.52 Median P/S 60.84 56 Continuous Div. since 2013
games and toys. P/FCF 19.05 19.73 17.72 DCE (Earnings Based) 62.21 57 Insider Ownership % 1.57
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.91 0.75 0.50 110.1

44.39
F-Score 7 5.00 6 1W 0.44 0
4M YTD 41.50 9.1
Net-Margin (%) 11.34 4.84 9.11
1Y 29.14 17.3
ROE (%) 32.92 5.39 24.95
ROA (%) 12.20 2.57 9.68 3Y 29.86
72.83 9.48 61.15
(%)
Growth
10 Yr 5 Yr 1 Yr
9 10.7 20.30
(%) 1.1 1.1 1.2 1.7 1 1.2 1.8 1.7 1.9 2 2.7 P/S
8.1 12.5 76.10
22.4 25.9 26.6 27.5 32.9 31 31 33.3 35.6 40.1 40 Revenue Per Share
Quarterly 2 2 2.5 2.7 2.8 2.6 2.2 3.2 3.6 4.3 4.5 EPS
Revenue 831 879 1680 1630 850 0.6 0.8 0.8 1 1.2 1.7 1.2 1.7 1.8 2 2 Dividends Per Share
Revenue (YoY) % 16 10 14 11 2 11.5 10.6 15.2 16.9 15.3 16.6 16.3 17.8 22.6 28.7 29.1 Graham Number
EPS (YoY) % 81 24 24 9 42
3837.6 4021.5 4067.9 4002.2 4285.6 4089 4082.2 4277.2 4447.5 5019.8 5038.3 Revenue
58.9 57.9 50.7 51.6 49.2 51.7 50.7 53.2 53.8 53.9 53.9 Gross Margin %
Guru Trades
519.4 494.3 588.6 587.9 594 551.8 467.1 635.4 691.9 788 780.5 Operating Income
Impact Cur.
% Shares
333 306.8 374.9 397.8 385.4 336 286.2 415.9 451.8 551.4 571.2 Net Income
8.7 7.6 9.2 9.9 9 8.2 7 9.7 10.2 11 11.3 Net Margin %
Jim Simons 03/31/17 Add 0.04 601,900
22.8 22.1 25.1 24.8 25.4 23 18 26.4 28.9 31.3 32.9 ROE %
10.5 9.6 10.6 10 9.4 8 6.6 9.3 9.8 11.2 12.2 ROA %
Jim Simons 12/31/16 Buy 0.04 326,500
Paul Tudor Jones 12/31/16 Buy 0.03 17,367 774.5 630.4 636 727.8 641.7 849.7 682.4 893.2 976.8 1282.3 1463.1 Cash & Equivalents
3237.1 3168.8 3896.9 4093.2 4130.8 4325.4 4402.3 4518.1 4720.7 5091.4 4645.9 Total Assets
709.7 709.7 1132 1397.7 1400.9 1396.4 959.9 1545.9 1547.1 1198.7 1198.9 Long-term Debt
1852 1778 2302.1 2477.8 2713.3 2818 2719.9 3052.4 3056.8 3228.6 2794.2 Total Liabilities
Manning & Napier
12/31/16 Buy 0 7,443 104.8 104.8 104.8 104.8 104.8 104.8 104.8 104.8 104.8 104.8 104.8 Common Equity
Advisors, Inc
601.8 593.2 265.6 368 396.1 534.8 401.1 454.4 552.4 774.9 873.5 Cashflow from Operations
Warning Signs
-584.3 -360.2 -88.1 -639.6 -423 -98 -103.5 -459.6 -87.2 -150.1 -135.7 Repurchase of Stock
MEDIUM Dividend Yield %: Close to 5-year low 344.9 -135.7 425.4 492 167.3 43.1 -215.3 381 -87.3 9 -22.8 Net Issuance of Debt
MEDIUM Price: Close to 10-year high -433.9 -457.4 236.8 -170.6 -375.7 -219.4 -341 -231 -346.5 -333.1 -373.4 Cashflow from Financing
-91.5 -117.1 -104.1 -112.6 -99.4 -112.1 -112 -113.4 -142 -154.9 -153.9 Capital Expenditure
Good Signs 510.3 476 161.5 255.4 296.7 422.7 289.1 341 410.4 620 719.6 Free Cash Flow
Competitor
Strength Margin(%)
Cur.
Shares OTCPK:SMNNY Shimano Inc 9 7 14,473 29.32 4.93 19.87 12.79 14.62
EVP, CGO &
Billing Duncan 11/14/16 -18751 51603 NAS:HAS Hasbro Inc 6 8 13,624 24.20 2.73 15.49 12.20 32.92
New
NYSE:CUK Carnival PLC 5 8 12,294 16.89 3.02 18.16 7.75 13.33
NAS:NCLH Norwegian Cruise Line Holdings Ltd 4 8 12,059 19.39 2.45 18.47 4.83 14.30
OTCPK:TUIFY TUI AG 6 5 8,468 6.49 0.45 5.97 7.96 54.29
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:HBAN HBAN

Huntington Bancshares Inc (NKS:HBKN)
Current
Banks - Banks - Regional - Z S P/E (ttm( 19.83 14.59 12.92 Peter Lynch Value 3.36 25 Payout 0.45
Market Cap: $ 14,448 Mil Forward P/E 14.12 15.22 N/A Tangible Book 6.22 47 Dividend Growth[5y\ % 21.3
Huntington Bancshares Inc is a multi-state financial holding company. It P/B 1.55 1.19 1.17 Median P/S 8.88 67 Yield on Cost(5y\ % 5.99
provides full-service commercial, small business, consumer, and mortgage P/S 3.45 3.42 2.31 Graham Number 9.68 73 Continuous Div. since 2010
banking services, as well as automobile financing, investment management P/FCF 10.92 11.57 7.12 Price 13.29 Insider Ownership % 0.94
services, & among others. Shiller P/E N/A 20.80 19.02 Institution Ownership % 61.49
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.13 2.12 0.20 24.05

11.52
F-Score 0 4.00 0 1W 3.48 0
Operating Margin (%\ 25.18 31.76 26.62
37M
YTD 1.74 9.1
Net-Margin (%\ 19.61 22.78 20.51
ROE (%\ 7.34 8.51 8.66 1Y 43.76 17.3
ROA (%\ 0.84 0.91 0.92 3Y 14.31
0.00 18.06 0.00
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth [%\ -6.7 4.7 2.90 5406 2804 2613 5937 4746 5386 8019 8536 8792 14353 14448 Market Cap
EBITDA Growth [%\ N/A 4.9 -7.00 303 366 533 730 868 863 844 833 817 919 1087 Sh. Outstanding-diluted(Mil\
EBIT Growth [%\ N/A 4.3 -14.70 61.5 -- -- 36.2 9.2 9.1 13.4 14.4 13.7 18.9 19.8 Year End P/E
N/A 3.9 -18.30
[% \ 2.3 1.3 0.8 1.9 1.8 2 3 3.1 3 3.5 3.5 P/S
Free Cash Flow Growth 89.7 -230 -1.7 17.5 7.1 6.7 10.1 12.1 12.7 20 17.1 EV/EBITDA
N/A -3.9 -14.30
Book Value Growth [%\ -6.1 7.6 7.50
Quarterly 0.3 -0.4 -6.1 0.2 0.6 0.7 0.7 0.7 0.8 0.7 0.7 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -1.5 3.2 3.6 1.1 1.7 1 1.1 1 1.2 1.2 1.2 Free Cashflow Per Share
Revenue (YoY) % 7 1 24 39 40 6.2 -- -- 4.4 8.2 9.4 10 10.3 11 9.8 9.7 Graham Number
EPS (YoY) % 5 -17 -39 -5 -15
1978.1 2238.8 2429.9 2660.7 2609.8 2816.8 2716.8 2816.3 2989.5 3519 3816.6 Revenue
22.6 -296 -3678.2 352.3 707.2 833.6 868.8 853 913.6 919.8 960.9 Operating Income
Impact Cur.
Guru Date Action 1.1 -13.2 -151.4 13.2 27.1 29.6 32 30.3 30.6 26.1 25.2 Operating Margin %
% Shares
Paul Tudor Jones 03/31/17 Reduce -0.23 1,011,965 75.2 -113.8 -3094.2 312.3 542.6 631.3 641.3 632.4 693 711.8 748.6 Net Income
3.8 -5.1 -127.3 11.7 20.8 22.4 23.6 22.5 23.2 20.2 19.6 Net Margin %
1.7 -2.4 -52 2.7 9.8 10.7 10.3 9.7 10.2 7.7 7.3 ROE %
0.2 -0.2 -5.8 0.6 1 1.1 1.1 1 1 0.8 0.8 ROA %
Ray Dalio 03/31/17 Add 0.02 132,196
Diamond Hill Capital 03/31/17 Add 0 13,614 1756.7 1099.3 1840.7 982.9 1206.9 1333.7 1058.2 1285.1 899 1443 1371.9 Cash & Equivalents
54697 54353 51555 53820 54451 56153 59467 66298 71018 99714 100046 Total Assets
6954.9 6870.7 3802.7 3813.8 3097.9 2364.8 4258.3 4336 7041.4 8309.2 9279.1 Long-term Debt
SEVERE Long-Term Debt: Keep issuing new debt 3.7 3.7 7.2 8.6 8.7 8.4 8.3 8.1 8 10.9 10.9 Common Equity
MEDIUM Dividend Yield %: Close to 1-year low -342.8 1237.3 1966.3 840.8 1594.8 1002.1 1013.2 888.8 1033.4 1215.3 1419.3 Cashflow from Operations
MEDIUM Price: Close to 5-year high -1405.4 -2699.7 -1595.4 -2776.8 -1304.7 -1083 -4240.3 -5004.8 -4928.7 -3445.4 -2593 Cashflow from Investing
MEDIUM PE Ratio: Close to 5-year high -- -- -- -- -- -148.9 -125 -334.4 -251.8 -- -- Repurchase of Stock
2675 -1541 -3227 557.7 -1297.7 -1715.1 2002.5 1919.8 376.6 2752.5 620 Net Issuance of Debt
Insider Trades 2236.6 297.8 305.8 1262.5 -22 227.7 2965.4 4335.4 3521.9 2767.7 1666.3 Cashflow from Financing
Shares
-452.2 1177.4 1916.9 772.6 1451 872.5 911 829 940.3 1094.9 1255.5 Free Cash Flow
President,
Steinour Stephen D 05/18/17 50000 560157
CEO Competitor
Sr. EVP of
Harmening Andrew J 05/15/17 15490 35543 Financial Operating
Prin Ticker Company Profitability Market Cap($M) P/E P/S ROK(%) ROE(%)
Strength Margin(%)
Sr. EVP &
Heller Paul G 05/09/17 -35720 410963
Chief NYSE:CFG CitiK ensFinancial Group Inc 5 4 18,595 16.90 3.52 30.27 0.78 5.64
Sr. EVP of
Remiker Richard 05/04/17 -1722 266910 NYSE:RF Regions Financial Corp 5 5 17,310 16.19 3.21 30.76 0.95 6.60
Prin
Sr. EVP of NYSE:FRC First Republic Bank 6 6 15,837 25.12 6.87 36.85 1.01 9.55
Remiker Richard 05/01/17 -6833 268632
Prin NKS:HBKN Huntington Bancshares Inc 5 5 14,448 19.83 3.45 25.18 0.84 7.34
NYSE:CMA Comerica Inc 6 5 13,107 21.47 4.55 29.42 0.86 7.91
GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. ]nder no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HBI HBI

Hanesbrands Inc (NYSE:HBI)
Industry Historical % of Price Dividend Yield^ttm_ % 2.32
Current
$ 22.63 Median Median NCAV -10.83 -48 Dividend Yield^forward_ % 2.61
Manufacturing - Apparel & Furniture - Apparel Manufacturing P/E ^ttm_ 16.29 20.03 20.33 Tangible Book -3.97 -18 Payout 0.35
Market Cap: $ 8,241 Mil Forward P/E 11.59 17.92 N/A Median P/S 12.03 53 Dividend Growth^5y_ % N/A
Hanesbrands Inc is a consumer goods company with a portfolio of apparel P/B 8.81 1.79 6.75 Peter Lynch Value 17.96 79 Yield on Cost^5y_ % 2.32
brands. It designs, manufactures, sources and sells apparel essentials such P/S 1.39 1.09 0.74 Price 22.63 Continuous Div. since 2013
as t-shirts, innerwear, casualwear, activewear, socks and hosiery. P/FCF 10.89 16.55 16.51 Insider Ownership % 1.17
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.11 1.34 0.08 34.58

16.57
F-Score 7 5.00 6 1W 6.19 0
Operating Margin ^%_ 12.51 5.41 9.90
10M
YTD 6.31 9.1
Net-Margin ^%_ 8.56 3.57 5.56
ROE ^%_ 49.32 7.09 31.72 1Y -11.34 17.3
ROA ^%_ 7.86 3.68 6.38 3Y 3.89
ROC ^Joel Greenblatt_ 5.2M 5Y 27.25
33.11 14.01 22.50
^% _
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth ^%_ 2.8 7.5 13.00 2587 1193 2295 2433 2134 3522 6990 11152 11546 8152 8241 Market Cap
EBITDA Growth ^%_ 5 10.5 26.90 387 381 383 391 397 401 407 408 404 385 364 Sh. Outstanding-diluted^Mil_
EBIT Growth ^%_ 6.8 11.8 29.20 21 9.5 44.7 11.7 8.1 22 21.6 28.2 27.8 15.3 16.3 Year End P/E
EPS without NRI Growth 9 6.4 6.9 4.3 3.1 4 5.7 8 9.1 6.7 8.8 P/B
13.9 19.3 21.90
^% _ 0.6 0.3 0.6 0.6 0.5 0.8 1.6 2.1 2.1 1.4 1.4 P/S
N/A 15.1 696.90
^% _
Book Value Growth ^%_ 9.4 13.1 5.80
Quarterly 0.3 0.3 0.1 0.5 0.7 0.4 0.8 1 1.1 1.4 1.4 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 0.7 -0 0.8 0.1 0.2 1.3 1.3 1.1 0.3 1.4 2.1 Free Cashflow Per Share
Net Income 80 128 174 157 71 -0.5 -0.8 -0.3 -0.1 0.2 0.8 0.6 -0.1 -0.7 -3.1 -4 Tang. Book Per Share
Revenue ` YoYa % 1 -3 11 12 13 -- -- -- -- 1.7 3.3 3.2 -- -- -- -- Graham Number
Net Income ` YoYa % 52 35 7 32 -12 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS ` YoYa % 62 48 13 37 -10
4474.5 4248.8 3891.3 4146 4434.3 4525.7 4627.8 5324.7 5731.5 6028.2 6189.4 Revenue
32.2 32.4 32.5 33.2 33.7 31.4 34.8 35.8 37.3 37.8 38.1 Gross Margin %
Guru Trades
388.6 317.5 270.9 380.9 447.1 440.1 515.2 564 595.1 775.6 774.5 Operating Income
Impact Cur.
% Shares
Louis Moore Bacon 03/31/17 Sell -0.24 0 126.1 127.2 51.3 211.3 266.7 164.7 330.5 404.5 428.9 539.4 529.7 Net Income
2.8 3 1.3 5.1 6 3.6 7.1 7.6 7.5 9 8.6 Net Margin %
Ronald Muhlenkamp 03/31/17 Add 0.21 499,296
7.2 53.7 19.7 47.1 42.9 21 31.2 30.9 32.2 43.2 49.3 ROE %
Columbia Wanger 03/31/17 Reduce -0.15 1,090,435
3 3.7 1.5 5.9 6.8 4.3 8.6 8.7 7.9 8.6 7.9 ROA %
Joel Greenblatt 03/31/17 Reduce -0.06 1,188,086 174.2 67.3 38.9 43.7 35.3 42.8 115.9 239.9 319.2 460.2 463.6 Cash & Equivalents
3439.5 3534 3326.6 3790 4034.7 3631.7 4090 5208.2 5597.6 6907.7 7055.9 Total Assets
2315.3 2130.9 1727.5 1990.7 1807.8 1317.5 1467 1614 2232.7 3507.7 3763.1 Long-term Debt
SbVbRb Long-Term Debt: Keep issuing new debt 1 0.9 1 1 1 1 1 4 3.9 3.8 3.6 Common Equity
SbVbRb Asset Growth: faster than revenue growth 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs 359 177.4 414.5 133.1 173.5 553.6 591.3 508.1 227 605.6 867.6 Cashflow from Operations
-44.5 -30.3 -- -- -- -- -- -- -351.5 -379.9 -299.9 Repurchase of Stock
GOOD Operating Margin %: Expansion -202.7 -94.2 -354.5 158.2 105.9 -520.5 167.6 109.6 674.4 1073.2 695.9 Net Issuance of Debt
GOOD Dividend Yield %: Close to 5-year high -243.4 -104.7 -354.2 155.7 -95 -517.8 93.8 -23.8 133 511.1 200.9 Cashflow from Financing
-96.6 -187 -126.8 -106.2 -90.1 -41 -43.6 -64.3 -99.4 -83.4 -71.6 Capital Expenditure
Insider Trades 262.4 -9.6 287.7 26.8 83.4 512.6 547.7 443.8 127.6 522.2 796 Free Cash Flow
Cur.
Shares Competitor
Group Financial Operating
Upchurch W Howard Jr 06/14/17 -55850 439239 Ticker Company Profitability Market Cap($M) P/c P/S ROA(%) ROc (%)
Group
Marsh John T. 06/13/17 -11100 182082 NYSE:UAA Under Armour Inc 6 8 9,254 55.54 1.95 7.97 6.71 9.30
President
Evans Gerald CEO 05/09/17 -42109 947740 NYSE:HBI Hanesbrands Inc 4 8 8,241 16.29 1.39 12.51 7.86 49.32
Evans Gerald CEO 03/15/17 -41033 947740 NYSE:PVH PVH Corp 5 7 8,225 21.91 1.02 8.52 3.52 8.03
Nelson Ronald L Director 03/10/17 5000 110652 NYSE:GIL Gildan Activewear Inc 6 8 6,939 19.90 2.74 14.82 11.93 17.54
OTCPK:MONRF Moncler SpA 7 6 5,900 61.97 189.82 19.42 8.42 16.18
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HCA HCA

HCA Healthcare Inc (NYSE:HCA)
Industry Historical % of Price Dividend Yielddttme % N/A
Current
$ 84.02 Median Median NCAV -94.65 -113 Dividend Yielddforwarde % N/A
Health Care Providers - Medical Care P/E dttme 11.41 9999.00 13.39 Tangible Book -37.18 -44 Payout N/A
Market Cap: $ 30,827 Mil Forward P/E 11.55 21.65 N/A Peter Lynch Value 53.73 64 Dividend Growth(5ye % N/A
HCA Healthcare Inc, formerly HCA Holdings Inc is a health care services P/B N/A 2.52 0.94 Median P/S 74.43 89 Yield on Costd5ye % 0.3
company. It operates general acute care hospitals, psychiatric hospitals; and P/S 0.78 1.70 0.69 Price 84.02 Continuous Div. since N/A
rehabilitation hospitals. It also operates freestanding surgery centers. P/FCF 11.98 24.50 11.57 Insider Ownership % 0.68
Financial Strength
-- -- -- -- 35.24 33.87 48.54 75 94.81 82.02 90.49 Annual Price High
Industry Historical
Median Median
Cash to Debt 0.02 0.51 0.02 94.81
38.58
F-Score 6 5.00 6 1W 1.47 0
Operating Margin d%) 14.70 7.34 13.99
8M
YTD 13.51 9.1
Net-Margin d%) 6.82 4.39 4.71
ROE d%) 0.00 9.35 0.00 1Y 7.98 17.3
ROA d%) 8.57 4.00 5.66 3Y 15.18
ROC dJoel Greenblatt) 4.2M 5Y 27.06
34.21 16.56 30.35
(%)
Growth
Revenue Growth (%) 4.4 11.1 12.60 -- -- -- -- 9638 13371 20973 30859 26967 27427 30827 Market Cap
EBITDA Growth (%) 6.6 8.5 22.00 -- -- 432 437 496 459 462 450 427 396 367 Sh. Outstanding-diluteddMile
EBIT Growth (%) 8.2 23.2 11.40 -- -- -- -- 4.4 8.6 14.2 17.6 13.6 10.1 11.4 Year End P/E
EPS without NRI Growth -- -- -- -- -- -- -- -- -- -- -- P/B
N/A 9.6 38.40
(%) -- -- -- -- 0.4 0.4 0.6 0.9 0.7 0.7 0.8 P/S
N/A 8.8 9.40
d%)
65.5 69.2 69.5 64.1 59.9 71.9 74 82 93 104.8 107.9 Revenue Per Share
Quarterly -- -- 2.4 2.8 5 3.5 3.4 4.2 5 7.3 7.4 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -0.1 0.5 3.3 4 4.5 5 3.8 5 5.5 7.3 7 Free Cashflow Per Share
Net Income 694 658 618 920 659 -32.1 -31.3 -26.8 -33.4 -30.9 -34.3 -32.2 -34 -35.9 -37.8 -37.2 Tang. Book Per Share
Revenue f YoYg % 6 4 4 4 4 -- -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income f YoYg % 17 30 38 58 -5 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS f YoYg % 24 40 51 71 3
26858 28374 30052 28035 29682 33013 34182 36918 39678 41490 41853 Revenue
Impact Cur.
% Shares
Larry Robbins 03/31/17 Reduce -1.96 14,265,265 874 673 1054 1207 2465 1605 1556 1875 2129 2890 2855 Net Income
3.3 2.4 3.5 4.3 8.3 4.9 4.6 5.1 5.4 7 6.8 Net Margin %
Glenn Greenberg 03/31/17 Reduce -1.83 3,097,983
-- -- -- -- -- -- -- -- -- -- -- ROE %
David Tepper 03/31/17 Reduce -0.86 487,711
3.7 2.8 4.4 5 9.7 5.8 5.5 6.3 6.7 8.7 8.6 ROA %
Vanguard Health Care 393 465 312 411 373 705 414 566 741 646 753 Cash & Equivalents
03/31/17 Reduce -0.14 11,321,278
Fund 24025 24280 24131 23852 26898 28075 28831 30980 32744 33758 33795 Total Assets
27000 26585 24824 27633 25645 27495 27590 29088 30255 31160 31302 Long-term Debt
ShVERh Long-Term Debt: Keep issuing new debt
MhDIUM Interest Coverage: Low
MhDIUM Price: Close to 10-year high
Good Signs -- -- -- -- -1503 -- -500 -1750 -2397 -2751 -2554 Repurchase of Stock
-1270 -260 -1459 2533 -1589 1724 -692 778 778 815 873 Net Issuance of Debt
Cur.
-48 197 1430 1760 2254 2313 1737 2272 2359 2893 2712 Free Cash Flow
Shares
Competitor
SVP - Mktg. &
Davis Jana Joustra 05/23/17 -54689 55775 Financial Operating
C Ticker Company Profitability Market Cap($M) P/i P/S ROA(%) ROi (%)
SVP-Provider Strength Margin(%)
Morgan Sandra L. 05/17/17 -5915 2420
Re OTCPK:FSNUY Fresenius SE & Co KGaA 4 7 48,611 25.44 1.41 15.01 3.65 14.04
SVP-
Torres Kathryn A. 05/17/17 -1729 556 NYSE:HCA HCA Healthcare Inc 4 7 30,827 11.41 0.78 14.70 8.57 0.00
Employer&P
Cuffe Michael S.
President-
05/15/17 -2150 10104
NYSE:FMS Fresenius Medical Care AG & Co. KGaA 5 9 30,048 20.99 1.50 15.02 5.26 13.36
Physi
NYSE:DVA DaVita Inc 5 9 12,758 10.70 0.89 16.27 6.53 25.47
SVP - Mktg. &
Davis Jana Joustra 05/11/17 -8302 88539 NYSE:UHS Universal Health Services Inc 5 8 11,219 15.83 1.14 12.88 7.24 16.12
C
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HCN HCN

Welltower Inc (NYSE:HCN)
Current
REITs - REIT - Healthcare Facilities P/E (ttm( 22.98 17.14 36.87 Tangible Book 38.13 51 Payout 1.06
Market Cap: $ 27,342 Mil Forward P/E 37.04 20.62 N/A Graham Number 52.8 71 Dividend Growth(5yj % 3.9
Welltower Inc is engaged in the transformation of healthcare infrastructure. It P/B 1.94 1.12 1.73 Price 74.67 Yield on Costk5yj % 5.62
invests in seniors housing operators, post-acute providers and health P/S 6.29 7.64 7.36 Median P/S 87.21 117 Continuous Div. since 2007
systems to improve people's wellness and overall health care experience. P/FCF 27.51 19.65 24.87 Insider Ownership % 0.43
Financial Strength
Industry Historical
Score: 4 /10 Current 35.87 31.32 27.27 40 41.11 52.4 52.58 53.05 58.21 53.68 65.27 K ow
Median Median
Cash to Debt 0.03 0.06 0.03 84.31
28.52
F-Score 5 5.00 5 1W 2.43 0
Operating Margin (%j 17.82 48.86 14.67
4M YTD 14.16 9.1
Net-Margin (%j 29.08 39.19 22.56
ROE (%j 8.04 6.63 4.25 1Y 6.30 17.3
ROA (%j 4.32 3.20 2.52 3Y 10.29
ROC kJoel Greenblattj 1.9M 5Y 9.85
4.50 12.00 4.12
(%j
Growth
10 Yr 5 Yr 1 Yr 2007 2008 2009 2010 2011 2012 201n 2014 2015 2016 Current Stock Performance
Revenue Growth (%j 11.3 9.9 4.60 3821 4418 5469 7008 10485 15958 15512 24880 24136 24269 27342 Market Cap
EBITDA Growth (%j 3.2 4.5 0.90 79 94 115 128 174 226 279 308 349 360 366 Sh. Outstanding-diluted(Milj
EBIT Growth (%j 0.7 32.5 4.10 31.3 15.3 29.6 57.4 62 63.2 191.3 52.6 29.1 23.8 23 Year End P/E
4.6 66.4 47.70
(%j 8.1 7.5 9.6 10.4 7.2 7.6 5.2 7 6.2 5.6 6.3 P/S
N/A 16.7 -10.60
(%j 2007 2008 2009 2010 2011 2012 201n 2014 2015 2016 TTM Per share data
Book Value Growth (%j 5.6 3.3 1.00
5.4 5.6 4.6 4.5 7.5 8 10.3 10.9 11 11.9 11.9 Revenue Per Share
Quarterly 1.4 2.8 1.5 0.8 0.9 1 0.3 1.5 2.3 2.8 3.3 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 -4.5 -7.8 -2.3 -13.5 1.1 2.3 2.1 2.6 2.7 2.7 2.7 Free Cashflow Per Share
Revenue 1047 1077 1079 1078 1062 2 2.7 2.7 2.7 2.8 3 3.1 3.2 3.3 3.4 3.5 Dividends Per Share
EPS 0 1 1 1 1 40.5 41.4 34.1 33.6 55.5 59 75.9 80 81.2 87.4 87.2 Median P/S Value
Revenue (YoYl % 17 12 10 5 1 23.3 27.9 26.3 10.2 15.7 18.8 9 34.4 44.8 48.9 52.8 Graham Number
Net Income (YoYl % -20 -36 77 134 104 2007 2008 2009 2010 2011 2012 201n 2014 2015 2016 TTM Income Statement
EPS (YoYl % -25 -39 79 149 105
429.5 526.4 523.3 578.6 1313.2 1805 2880.6 3343.5 3859.8 4281.2 4296.4 Revenue
Guru Trades 92.2 91.9 91.9 86.6 71.4 68.5 58.1 58 58 56.2 54.9 Gross Margin %
Impact Cur.
Guru Date Action 24 26.3 32.5 12.2 8.5 10.2 3.7 12 17.1 18.1 17.8 Operating Margin %
% Shares
Steven Cohen 03/31/17 Sell -0.04 0 138.4 283.3 193.3 128.5 217.6 297.3 145.1 512.2 883.8 1077.8 1249.3 Net Income
32.2 53.8 36.9 22.2 16.6 16.5 5 15.3 22.9 25.2 29.1 Net Margin %
5.2 9.2 4.9 2.5 2.7 2.6 0.7 3.6 5.9 6.9 8 ROE %
2.9 5 3.1 1.6 1.8 1.7 0.7 2.1 3.3 3.7 4.3 ROA %
Manning & Napier
03/31/17 Add 0.01 117,870 2007 2008 2009 2010 2011 2012 201n 2014 2015 2016 Mar17 Balance Sheet
Advisors, Inc
Chris Davis 03/31/17 Add 0 252,046 30.3 23.4 35.5 131.6 163.5 1033.8 158.8 473.7 360.9 419.4 380.4 Cash & Equivalents
Pioneer Investments 03/31/17 Reduce 0 116,500 5213.9 6215 6367.2 9451.7 14925 19549 23084 24963 29024 28865 27767 Total Assets
2704.7 2847.7 2414 4469.7 7240.8 8531.9 10652 10777 12968 12358 11454 K ong-termDebt
2809.5 2987.3 2570.1 4848.9 7799.8 9254.3 11669 11788 14433 14059 13131 Total K iabilities
SmVmRm Altman Z-Score: Distress
2007 2008 2009 2010 2011 2012 201n 2014 2015 2016 TTM Cashflow Statement
SmVmRm Gross Margin %: Declined
284 360.7 381.3 364.7 588.2 818.1 988.5 1138.7 1373.5 1628.7 1633.6 Cashflow from Operations
SmVmRm Asset Growth: faster than revenue growth
-905.4 -1035.5 -270.1 -2312 -4520.1 -3593 -3531.6 -2126.2 -3484.2 -309.5 997.7 Cashflow from Investing
MmDIUM Dividend Payout Ratio: Too high -- -- -- -- -- -- -- -- -- -- 560.4 Repurchase of Stock
380.7 162.1 -462.5 1422.7 1726.1 796.4 783.7 46.5 1382.9 -466 -1442.3 Net Issuance of Debt
Good Signs
615.5 667.9 -99.1 2043.4 3963.8 3645.1 1667.7 1303.2 2006.4 -1240.4 -2589.1 Cashflow from Financing
GOOD Operating Margin %: Expansion -643.7 -1097.4 -640.1 -2095 -404 -296.2 -390.1 -337.8 -441 -639.2 -650 Capital Expenditure
-359.7 -736.7 -258.9 -1730.2 184.2 521.9 598.4 800.9 932.5 989.5 983.6 Free Cash Flow
Insider Trades
Cur. Competitor
Principal Ticker Company Profitability Market Cap(, M
) P/o P/S ROA(%) ROo (%)
Nungester Paul D Jr 03/28/17 -6452 30598 Strength Margin(%)
Accou
Klipsch Fred S Director 03/08/17 -2606 15907 NYSE:HCN Welltower Inc 4 8 27,342 22.98 6.29 17.82 4.n 2 8.04
EVP and NYSE:VTR Ventas Inc 4 8 24,500 35.04 7.00 16.92 3.04 6.89
Estes Scott A 03/01/17 -26968 117607
CFO NYSE:HCP HCP Inc 4 6 15,074 15.71 7.66 8.02 5.17 12.42
Naughton Timothy J Director 11/10/16 2000 9158
NYSE:OHI Omega Healthcare Investors Inc 5 7 6,388 15.19 7.19 60.07 4.72 10.94
EVP and
Estes Scott A 10/03/16 -3192 129934 NYSE:HTA Healthcare Trust of America Inc 4 8 6,329 93.81 9.57 21.75 1.37 3.05
CFO
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GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HCP HCP

HCP Inc (NYSE:HCP)
Industry Historical % of Price Dividend Yieldpttmq % 5.24
Current
$ 32.17 Median Median NCAV -17.56 -55 Dividend Yieldpforwardq % 4.63
REITs - REIT - Healthcare Facilities P/E pttmq 15.71 17.14 20.82 Tangible Book 11.45 36 Payout 1.15
Market Cap: $ 15,074 Mil Forward P/E 46.73 20.62 N/A Graham Number 19.52 61 Dividend Growthp5yq % 2.4
HCP Inc is a real estate investment trust. The Company invests in real estate P/B 2.58 1.12 1.62 Price 32.17 Yield on Cost)5yq % 5.9
serving the healthcare industry in the Dnited States. Its business segments P/S 7.66 7.64 7.93 Median P/S 33.37 104 Continuous Div. since 2017
are senior housing, post-acute/skilled nursing, life science, medical office P/FCF 55.71 19.65 26.82 Insider Ownership % 0.81
and hospital. Shiller P/E 21.77 25.35 20.56 Institution Ownership % 69.11
Financial Strength
Cash to Debt 0.09 0.06 0.01
49.91
F-Score 7 5.00 5 17.83
1W 3.91 0
Industry Historical
Score: 6 /10 Current 14.26 3M 8.18 4.2
Median Median
Operating Margin p%q 8.02 48.86 33.84 6M 15.84 8.7
Net-Margin p%q 49.11 39.19 35.26 11M
YTD 10.73 9.1
ROE p%q 12.42 6.63 8.36 1Y 7.75 17.3
ROA p%q 5.17 3.20 3.59 3Y 0.79
ROC )Joel Greenblattq
9.23 12.00 6.91 5.3M 5Y 1.91
p% q
Growth
Revenue Growth p%q 0.4 -0.1 5.50
6808 6334 8093 12322 15283 18477 14983 18275 16069 13911 15074 Market Cap
EBITDA Growth p%q 1.5 -5 10.90
209 238 275 307 400 428 456 459 463 467 469 Sh. Outstanding-dilutedpMilq
EBIT Growth p%q -6.2 -27.3 -63.70
11.6 14.2 64.1 33.2 29.5 21.5 15.4 19.9 -- 22.4 15.7 Year End P/E
5.4 -22.8 59.10 1.8 1.3 1.5 1.6 1.8 1.8 1.4 1.7 1.7 2.5 2.6 P/B
p% q
7.2 5.2 6.6 8.2 8.9 9.2 7.1 11.1 8.2 6.9 7.7 P/S
N/A N/A 0.00 16.3 13.9 19.7 16.8 18.5 17.7 13.7 24 24.3 18.2 13.9 EV/EBITDA
p% q
Book Value Growth p%q 0.4 -9.3 -36.90 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
4.3 4.8 4.2 4 4.2 4.4 4.6 3.6 4.2 4.6 4.2 Revenue Per Share
Quarterly
2.7 1.8 0.4 1 1.3 1.9 2.1 2 -1.2 1.3 2.1 EPS
-0.1 1.5 1.5 1.3 1.2 1.5 2.1 1.1 -1.1 0.5 0.6 Free Cashflow Per Share
Revenue 520 662 654 172 492
1.8 1.8 1.8 1.9 1.9 2 2.1 2.2 2.3 2.1 1.9 Dividends Per Share
Net Income 116 302 151 59 461
EPS 0 1 0 0 1
34.6 38.3 33.3 32.1 33.5 35 36.5 28.3 33.3 34 33.4 Median P/S Value
Revenue r YoYs % -15 9 -0 163 -5
12.2 17.5 9.4 20.1 23.9 29.9 31.4 16.7 11.2 13.6 19.5 Graham Number
Net Income r YoYs % -148 83 31 -110 297
EPS r YoYs % -148 78 28 -109 288
907.4 1153.2 1148.9 1240.2 1694.4 1880 2099.9 1636.8 1940.5 2129.3 1980.9 Revenue
Impact Cur. 404.8 554.7 91.8 576.6 477.7 742.1 833.8 261.9 113.7 245 158.9 Operating Income
Guru Date Action
% Shares 44.6 48.1 8 46.5 28.2 39.5 39.7 16 5.9 11.5 8 Operating Margin %
Jim Simons 03/31/17 Reduce -0.07 2,064,931 589 446.5 131.7 330.7 538.9 832.5 970.8 922.2 -559.2 627.7 972.8 Net Income
Steven Cohen 03/31/17 Buy 0.05 308,300 64.9 38.7 11.5 26.7 31.8 44.3 46.2 56.3 -28.8 29.5 49.1 Net Margin %
George Soros 03/31/17 Buy 0.01 6,400 15.4 9.1 2 4.5 6.1 8.3 9.1 8.6 -5.6 8.4 12.4 ROE %
Ray Dalio 03/31/17 Sell -0.01 0 5.2 3.7 1.1 2.6 3.5 4.5 4.9 4.5 -2.6 3.4 5.2 ROA %
Manning & Napier 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
03/31/17 Reduce -0.01 167,285
Advisors, Inc
96.3 57.6 112.3 1036.7 33.5 247.7 300.6 183.8 340.4 94.7 764.1 Cash & Equivalents
12522 11850 12210 13332 17408 19916 20076 21331 21450 15759 14856 Total Assets
7510.9 5737.5 5656.1 4646.3 7673.1 8695.5 8661.6 9721.3 11069 9189.5 8141.5 Long-term Debt
Warning Signs 8418.1 6648.6 6429.2 5374.6 8375 9364.3 9352.6 10596 12106 10212 9014.5 Total Liabilities
Financial Strength: Poor 216.8 -- 293.5 370.9 408.6 453.2 457 459.7 465.5 468.1 468.4 Common Equity
StVtRt
StVtRt Altman Z-Score: Distress 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
StVtRt Interest Coverage: Extremely low 453.1 568.7 515.6 580.5 724.2 1034.9 1149 1248.6 1222.1 1214.1 1138.6 Cashflow from Operations
StVtRt Gross Margin %: Declined -2888.1 427.3 -61.4 -430.9 -4580.5 -2314.2 -196.6 -1511.9 -1672 -410.6 1470.4 Cashflow from Investing
-- -- -9.1 -- -- -- -- -12.7 -8.7 -8.7 -8.6 Repurchase of Stock
Good Signs 2271.1 -1590.1 -709.9 -1042.5 2392 905.2 -45.3 1095.9 1398.4 -1748.4 -2694.6 Net Issuance of Debt
GOOD Piotroski F-Score: High 2472.9 -1034.7 -399.5 774.9 2853.1 1493.4 -900.4 144.8 614.1 -1054.3 -1938.8 Cashflow from Financing
Insider Trades -22.1 353.2 419.1 389.7 472.9 653.4 954 494.9 -526.7 234.2 274.2 Free Cash Flow
Cur.
Shares Competitor
Senior Financial Operating
Klaritch Thomas 06/13/17 -2651 176830 Ticker Company Profitability Market Cap(B M
) P/u P/S ROA(%) ROu (%)
Managing Strength Margin(%)
EVP and
Anderson Scott A 03/16/17 -10000 27345 NYSE:VTR Ventas Inc 4 8 24,500 35.04 7.00 16.92 3.04 6.89
CAO
Executive NYSE:HCP HCP Inc 4 6 15,074 15.71 7.66 8.02 5.17 12.42
Kirby Thomas D 09/07/16 -3000 40481
Vice
NYSE:OHI Omega Healthcare Investors Inc 5 7 6,388 15.19 7.19 60.07 4.72 10.94
Senior
Klaritch Thomas 09/06/16 -16519 185275 NYSE:HTA Healthcare Trust of America Inc 4 8 6,329 93.81 9.57 21.75 1.37 3.05
Managing
Kowalske Darren A
Executive
08/31/16 -2250 13615 NAS:SNH Senior Housing Properties Trust 4 8 5,095 34.60 4.77 28.90 1.97 4.37
Vice
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HD HD

The Home Depot Inc (NYSE:HD)
Industry Historical % of Price Dividend Yieldvttmw % 2.04
Current
$ 156.77 Median Median NCAV -24.1 -15 Dividend Yieldvforwardw % 2.27
Retail - Apparel & Specialty - Home Improvement Stores P/E vttmw 23.45 20.66 19.58 Tangible Book 1.55 1 Payout 0.44
Market Cap: $ 187,427 Mil Forward P/E 21.69 15.15 N/A Graham Number 15.27 10 Dividend Growthv5yw % 22.8
The Home Depot Inc is a home improvement specialty retailer. Its stores sell P/B 47.59 1.70 3.95 Median P/S 81.52 52 Yield on Costv5yw % 5.7
an assortment of building materials, home improvement and lawn and P/S 1.99 0.70 1.04 Peter Lynch Value 124.92 80 Continuous Div. since 2009
garden products and provide a number of services. P/FCF 21.31 15.94 18.68 Price 156.77 Insider Ownership % 2.59
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.16 0.97 0.27 158.26

70.13
F-Score 6 5.00 7 1W 2.13 0
Operating Margin v%w 14.31 3.50 9.93
32M
YTD 18.25 9.1
Net-Margin v%w 8.53 2.23 5.88
1Y 26.40 17.3
ROE v%w 151.77 6.33 23.27
ROA v%w 18.46 2.80 10.37 3Y 28.23
ROC vJoel Greenblattw 16.2M 5Y 26.45
59.50 12.77 26.23
v% w
Growth
2007 2008 2009 2010 2011 2012 201{ 2014 2015 2016 Current Stock Performance
10 Yr 5 Yr 1 Yr
Revenue Growth v%w 7.1 11.5 10.10 51782 36300 47561 59678 68227 101116 110203 140549 157452 165509 187427 Market Cap
EBITDA Growth v%w 11.5 19 14.20 1856 1686 1692 1658 1570 1511 1434 1346 1283 1234 1196 Sh. Outstanding-dilutedvMilw
EBIT Growth v%w 12.9 20.9 16.20 13 16.2 17.8 18.2 18 22.3 20.4 22.1 23 21.3 23.5 Year End P/E
13.6 21.5 17.40
Growth v%w 0.7 0.5 0.7 0.9 1 1.4 1.4 1.7 1.8 1.8 2 P/S
16.6 14.9 15.00
v% w
2008 2009 2010 2011 2012 201{ 2014 2015 2016 2017 TTM Per share data
Book Value Growth v%w -9.5 -21.9 -34.80
41.7 42.3 39.1 41 44.8 49.5 55 61.8 69 76.7 78.4 Revenue Per Share
Quarterly 2.4 1.3 1.6 2 2.5 3 3.8 4.7 5.5 6.5 6.7 EPS
Revenue 22762 26472 23154 22207 23887 0.9 0.9 0.9 0.9 1 1.2 1.6 1.9 2.4 2.8 3 Dividends Per Share
Revenue x YoYy % 9 7 6 6 5 22.3 17.4 19.4 22.2 24.6 27.2 25.7 25.1 20.3 16.4 15.3 Graham Number
Net Income x YoYy % 14 9 14 19 12 2008 2009 2010 2011 2012 201{ 2014 2015 2016 2017 TTM Income Statement
EPS x YoYy % 19 14 19 23 16
77349 71288 66176 67997 70395 74754 78812 83176 88519 94595 95720 Revenue
33.6 33.7 33.9 34.3 34.5 34.6 34.2 34.1 34.2 34.2 34.1 Gross Margin %
Guru Trades
Impact Cur.
% Shares
Joel Greenblatt 03/31/17 Reduce -0.4 32,488 4395 2260 2661 3338 3883 4535 5385 6345 7009 7957 8168 Net Income
5.7 3.2 4 4.9 5.5 6.1 6.8 7.6 7.9 8.4 8.5 Net Margin %
20.6 12.7 14.3 17.4 21.1 25.4 35.6 58.1 89.6 149.4 151.8 ROE %
9.1 5.3 6.5 8.2 9.6 11.1 13.2 15.8 17.1 18.7 18.5 ROA %
2008 2009 2010 2011 2012 201{ 2014 2015 2016 2017 Apr17 Balance Sheet
Jim Simons 03/31/17 Add 0.14 1,246,100
44324 41164 40877 40125 40518 41084 40518 39946 41973 42966 44944 Total Assets
11383 9667 8662 8707 10758 9475 14691 16869 20789 22349 22393 Long-term Debt
MzDIUM Price: Close to 10-year high 85 85 86 86 87 88 88 88 88 88 89 Common Equity
MzDIUM PE Ratio: Close to 10-year high 2008 2009 2010 2011 2012 201{ 2014 2015 2016 2017 TTM Cashflow Statement
MzDIUM PB Ratio: Close to 10-year high 5727 5528 5125 4585 6651 6975 7628 8242 9373 9783 10711 Cashflow from Operations
Good Signs
GOOD Operating Margin %: Expansion 1714 -2045 -1774 -31 966 -32 3933 2232 4012 2274 1926 Net Issuance of Debt
Insider Trades
Cur.
EVP, Outside
Lennie William G. 05/18/17 -31239 46294 Competitor
Sa
Chairman,
Financial Operating
Menear Craig A 05/17/17 -90661 149436 Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) RO| (%)
CEO & Strength Margin(%)
EVP-Supply NYSE:HD The Home Depot Inc 6 7 187,427 2{ .45 1.99 14.{ 1 18.46 151.77
Holifield Mark 05/17/17 -48769 32974
Chai
NYSE:LOW Lowe's Companies Inc 5 7 67,867 25.28 1.05 8.73 7.76 42.54
Roseborough Teresa EVP, Gen.
05/17/17 -29076 27982 OTCPK:KGFHY Kingfisher PLC 7 6 8,507 11.22 0.62 6.89 6.04 9.40
Wynn Couns
Carey Matt EVP & CIO 05/17/17 -14680 65525 NYSE:FND Floor & Decor Holdings Inc 4 3 3,546 0.00 6.55 6.90 5.34 19.15
NAS:TTS Tile Shop Holdings Inc 7 7 1,063 53.94 3.23 10.46 7.82 14.58
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HES HES

Hess Corp (NYSE:HES)
Current
Oil & Gas - E&P - Oil & Gas E&P P/E (ttm) N/A 14.70 11.13 Median P/S 16.6 38 Payout N/A
Market Cap: $ 13,826 Mil Forward P/E N/A 20.12 N/A Tangible Book 43.32 100 Dividend Growth(5y) % 24.6
Hess Corp is an Exploration and Production }E&P~ company that develops, P/B 0.98 1.21 1.19 Price 43.49 Yield on Cost(5y) % 6.85
produces, purchases, transports and sells crude oil and natural gas. The P/S 2.66 3.06 1.02 Continuous Div. since 2017
Company operates in two segments: E&P and Bakken Midstream. P/FCF N/A 16.04 55.68 Insider Ownership % 1.51
Financial Strength
Industry Historical 104.4 133.8 68.04 76.54 87.03 67 84.06 101.1 78.09 65.14 62.82 Annual Price High
Cash to Debt 0.40 0.66 0.10
133.8
Gain(%) SP500(%)
F-Score 2 5.00 6 49.71
1W 0.57 0
Industry Historical
Score: 3 /10 Current 34.38 3M -11.01 4.2
Median Median
Operating Margin (%) -54.17 -22.09 11.98 6M -29.82 8.7
Net-Margin (%) -116.02 -29.01 6.04 9M
YTD -29.38 9.1
ROE (%) -33.58 -8.89 10.06 1Y -22.15 17.3
ROA (%) -18.56 -7.11 5.31
3Y -21.46
-12.03 -8.39 12.72 4.7M 5Y 1.34
(%)
Growth
Revenue Growth (%) -17.5 -21 -22.00
32336 17494 19797 25846 19311 18087 27001 21100 13868 19716 13826 Market Cap
EBITDA Growth (%) N/A N/A 0.00
319 326 326 328 340 340 341 308 284 310 318 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A N/A 0.00
17.6 7.4 26.5 11.8 11.4 8.9 5.6 9.8 -- -- -- Year End P/E
EPS without NRI
N/A N/A 0.00 3.3 1.4 1.5 1.6 1 0.9 1.1 1 0.7 1.4 1 P/B
Growth (%)
1 0.4 0.7 0.7 0.9 1.5 2 2 2.1 4 2.7 P/S
N/A -0.1 0.00 6.5 3 5.6 5 5 3.9 4 4.1 493.7 -91.4 157.1 EV/EBITDA
(%)
Book Value Growth (%) 9.2 -1.6 -31.60 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Per share data
Quarterly
5.7 7.2 2.3 6.5 5 6 14.8 7.5 -10.8 -19.9 -19.3 EPS
-0.2 0.8 0.4 -2.9 -5.8 -5.9 -2.5 -2.5 -8.3 -4.7 -2.6 Free Cashflow Per Share
Revenue 993 1269 1196 1386 1275
0.4 0.4 0.4 0.4 0.4 0.4 0.7 1 1 1 1 Dividends Per Share
Net Income -509 -392 -339 -4892 -324
26.7 34 37.2 42.3 47.7 55.3 70.2 71.2 66.5 44.7 43.3 Tang. Book Per Share
EPS -2 -1 -1 -16 -1
100.6 128.1 92.5 104.7 64.1 36.5 43.2 37.8 23.4 15.8 16.6 Median P/S Value
Revenue (YoY) % -35 -34 -29 -0 28
58.7 74.4 43.6 78.5 70.1 80.9 133.8 93.9 -- -- -- Graham Number
Net Income (YoY) % 31 -31 22 169 -36
EPS (YoY) % 26 -35 14 146 -38
31647 41134 29614 33862 21451 12245 11905 11439 6561 4844 5126 Revenue
Impact Cur. 3683 5065 1981 3453 3576 3066 3173 2759 -2301 -3301 -2777 Operating Income
Guru Date Action
% Shares
11.6 12.3 6.7 10.2 16.7 25 26.7 24.1 -35.1 -68.2 -54.2 Operating Margin %
Leon Cooperman 03/31/17 Add 0.44 1,164,400 1832 2360 740 2125 1703 2025 5052 2317 -3056 -6132 -5947 Net Income
Nwq Managers 03/31/17 Add 0.13 2,021,883 5.8 5.7 2.5 6.3 7.9 16.5 42.4 20.3 -46.6 -126.6 -116 Net Margin %
Jim Chanos 03/31/17 Reduce -0.13 30,817 20.5 21.4 5.8 14.1 9.7 10.2 22.1 9.9 -14.7 -36.4 -33.6 ROE %
Caxton Associates 03/31/17 Sell -0.1 0 7.5 8.6 2.6 6.6 4.6 4.9 11.7 5.7 -8.4 -19.5 -18.6 ROA %
Steven Cohen 03/31/17 Reduce -0.09 25,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Barrow, Hanley, 607 908 1362 1608 351 642 1814 2444 2716 2732 2686 Cash & Equivalents
03/31/17 Add 0.07 3,832,180
Mewhinney & Strauss
26131 28589 29465 35396 39136 43441 42754 38407 34157 28621 28100 Total Assets
3918 3812 4319 5537 6005 7324 5420 5919 6506 6694 6669 Long-term Debt
321 326 327 338 340 342 325 286 286 317 318 Common Equity
SVR Piotroski F-Score: Low
SVR Revenue per Share: Declined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SVR Gross Margin %: Declined 3507 4688 3046 4530 4984 5660 5098 4457 1981 795 1204 Cashflow from Operations
-3474 -4444 -2924 -5259 -6566 -7051 350 8 -4206 -2090 -1767 Cashflow from Investing
Good Signs -- -- -- -- -- -- -1493 -3715 -142 -- -- Repurchase of Stock
GOOD Dividend Yield %: Close to 1-year high 208 -32 447 1098 422 1845 -2484 8 643 84 75 Net Issuance of Debt
GOOD PS Ratio: Close to 1-year low 191 57 332 975 325 1682 -4276 -3835 2497 1311 -308 Cashflow from Financing
Insider Trades -71 250 128 -962 -1957 -2022 -839 -757 -2340 -1456 -817 Free Cash Flow
Cur.
Shares Competitor
CEO, 10% Financial Operating
Hess John B 03/07/17 -24331 1886k Ticker Company Profitability Market Cap(B M
) P/ P/S ROA(%) RO (%)
Owner Strength Margin(%)
COO and
Hill Gregory P. 03/07/17 -5668 81599 OTCPK:OAOFY Tatneft PJSC 7 7 14,081 6.15 1.05 22.09 11.91 14.82
Preside
Goodell Timothy B.
SVP, Gen.
03/07/17 -2904 93317
OTCPK:IPXHY Inpex Corp 7 6 13,901 0.00 1.85 34.90 -0.06 -0.09
Couns
NYSE:HES Hess Corp 4 3 13,826 0.00 2.66 ,54.17 -18.56 ,33.58
Senior Vice
Rielly John P 03/07/17 -2205 199744 NYSE:NBL Noble Energy Inc 3 6 12,822 0.00 3.37 -22.09 -3.06 -7.05
Pre
Truelove Brian D.
Senior Vice
03/07/17 -2128 26483 NYSE:CLR Continental Resources Inc 3 7 12,400 0.00 5.55 1.30 -1.42 -4.63
Pre
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HIG HIG

The Hartford Financial Services Group Inc
Current
(NYSE:HIG) Median Median NCAV -543.4 -1048 Dividend Yield(forward) % 1.77
$ 51.87 P/E (ttm) 20.99 12.50 12.34 Median P/S 41.89 81 Payout 0.35
Forward P/E 12.41 10.74 N/A Tangible Book 44.53 86 Dividend Growth(5y) % 19.1
Insurance - Insurance - Uiversified
P/B 1.13 1.24 0.83 Graham Number 49.75 96 Yield on Cost(5y) % 4.15
Hartford Financial Services Group Inc is an insurance & financial services
P/FCF 11.77 8.38 5.02 Peter Lynch Value 61.75 119 Insider Ownership % 0.37
company. Its segments are Commercial Lines, Personal Lines, Property &
Casualty Other Operations, Group Benefits, Mutual Funds & Talcott Shiller P/E 73.89 17.32 11.97 Institution Ownership % 69.82
Resolution and Corporate category. PEG 1.23 1.29 0.55 Short % of Float 0.81
Financial Strength
Industry Historical
Median Median

51.2
F-Score 0 4.00 5 1W 2.27 0
33M
YTD 9.82 9.1
Net-Margin (%) 5.12 6.99 3.79
1Y 21.79 17.3
ROE (%) 5.33 10.04 3.73
ROA (%) 0.42 2.43 0.27 3Y 14.99
0.00 56.20 0.00
(%)
Growth
Revenue Growth (%) -5 -0.6 10.20 27379 4935 8909 11776 7191 9791 16423 17694 17463 17819 19055 Market Cap
EBITDA Growth (%) N/A 17.1 -27.50 319 307 346 482 478 466 491 460 425 395 367 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A N/A -43.40 9.4 -- -- 11.8 11.8 -- 134.2 24.1 11 21.1 21 Year End P/E
EPS without NRI Growth 1.4 0.5 0.6 0.6 0.3 0.5 0.9 1 1 1.1 1.1 P/B
N/A 35.9 -32.10
(%) 1.1 0.6 0.3 0.6 0.4 0.5 0.7 1 1 1 1.1 P/S
Free Cash Flow Growth 5.6 -0.2 -8.2 2.6 2.9 12.4 13.3 7.9 7.6 12.2 11.7 EV/EBITDA
-14.7 1.3 -22.00
Quarterly 9.2 -9 -2.9 2.4 1.4 -0.2 0.4 1.7 4 2.3 2.5 EPS
Revenue 4410 4677 4695 4537 4655 2 1.9 0.2 0.2 0.4 0.4 0.5 0.7 0.8 0.9 0.9 Dividends Per Share
Net Income 323 216 438 -81 378 55.7 27.3 35.8 42.1 45 48.7 40.6 42.9 42.7 43.7 44.5 Tang. Book Per Share
EPS 1 1 1 -0 1 71 25.8 62.8 41.1 39.3 41.3 43.8 35.4 37.8 40.6 41.9 Median P/S Value
Revenue (YoY) % -4 -0 3 1 6 107.6 -- -- 48.9 33.5 20.4 47.8 53.2 61.4 47.2 49.8 Graham Number
EPS (YoY) % -27 -44 24 -119 27
25916 9219 24701 22049 21733 22086 20673 18614 18377 18300 18564 Revenue
4005 -4591 -1728 2272 200 -89 1471 1699 1978 804 910 Operating Income
Impact Cur.
Guru Date Action 15.5 -49.8 -7 10.3 0.9 -0.4 7.1 9.1 10.8 4.4 4.9 Operating Margin %
% Shares
Andreas Halvorsen 03/31/17 Buy 0.35 1,663,469 2949 -2749 -887 1636 712 -38 176 798 1682 896 951 Net Income
11.4 -29.8 -3.6 7.4 3.3 -0.2 0.9 4.3 9.2 4.9 5.1 Net Margin %
15.5 -19.4 -7.5 5.9 3.2 -0.4 0.8 4.2 9.3 5.2 5.3 ROE %
Steven Cohen 03/31/17 Buy 0.24 881,360 0.9 -0.9 -0.3 0.5 0.2 -0 0.1 0.3 0.7 0.4 0.4 ROA %
Pioneer Investments 03/31/17 Add 0.09 2,503,525 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Arnold Schneider 03/31/17 Add 0.04 10,745 2011 1811 2142 2062 2581 2421 1428 399 448 882 337 Cash & Equivalents
360361 287583 307717 318346 302609 298513 277884 245013 228348 223432 225388 Total Assets
3142 7033 6632 6589 6530 6967 6106 5653 5084 4636 4817 Long-term Debt
Warning Signs
3 3 4 5 5 5 5 5 5 4 4 Common Equity
Insider Trades 5991 4192 2974 3309 2274 2681 1237 1886 2756 2066 1893 Cashflow from Operations
Cur. -6176 -8827 -3123 -434 -1182 -2557 3745 1696 485 949 -453 Cashflow from Investing
Shares -1193 -1000 -- -- -46 -454 -633 -1796 -1250 -1330 -1305 Repurchase of Stock
Allardice Robert B. Iii Director 05/01/17 -9000 4057 1121 1678 -17611 -14074 -473 -163 -882 -213 -806 -292 -210 Net Issuance of Debt
SVP and
Lewis Scott R. 03/09/17 -2423 12350 499 4274 523 -2955 -609 -228 -5820 -4476 -3144 -2541 -1540 Cashflow from Financing
Control
-275 -282 -- -- -- -66 -64 -121 -307 -224 -181 Capital Expenditure
Roseborough Teresa
Director 03/01/17 1005 4038 5716 3910 2974 3309 2274 2615 1173 1765 2449 1842 1712 Free Cash Flow
Wynn
Executive Competitor
Gervasi Martha 02/28/17 -14217 28834
Allardice Robert B. Iii Director 02/28/17 -12000 4038 Strength Margin(%)
OTCPK:ARZGY Assicurazioni Generali 4 4 25,197 11.63 0.52 2.67 0.37 7.98
OTCPK:MSADY MS&AD Insurance Group Holdings Inc 6 4 21,435 10.63 0.43 6.51 1.10 8.27
NYSE:SLF Sun Life Financial Inc 6 6 20,935 11.24 1.06 13.86 1.01 11.52
NYSE:HIG The Hartford Financial Services Group Inc 5 3 19,055 20.99 1.08 4.90 0.42 5.33
OTCPK:BBSEY BB Seguridade Participacoes SA 8 4 17,585 14.37 10.60 89.25 34.78 47.00
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HOG HOG

Harley-Davidson Inc (NYSY:HOG)
Current
Autos - Recreational Vehicles P/E (ttm) 15.52 17.86 15.77 Tangible Book 11.04 20 Payout 0.4
Harley-Davidson Inc produces and sells heavyweight motorcycles, as well as P/B 4.83 1.71 4.2 Graham Number 29.57 54 Yield on Cost(5y) % 7.84
offers motorcycle parts, accessories, and related services. It operates in two P/S 1.73 0.85 1.9 Price 54.89 Continuous Div. since 2010
segments, Motorcycles and Related Products, and Financial Services. P/FCF 9.38 15.69 15.17 Median P/S 60.21 110 Insider Ownership % 0.83
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.12 0.70 0.37 73.94

32.87
F-Score 5 5.00 6 1W 3.86 0
8M
YTD -4.66 9.1
Net-Margin (%) 10.93 3.97 11.41
1Y 27.57 17.3
ROE (%) 31.98 8.92 27.46
ROA (%) 6.13 4.02 7.34 3Y -5.23
27.04 14.48 32.95
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 4.5 10.2 0.90 12.5 6.1 -- 55.9 15.2 18 21.1 17 12.3 15.2 15.5 Year End P/E
5.9 10.7 -6.60
(%) 2 0.7 1.2 1.7 1.7 2 2.6 2.3 1.6 1.9 1.7 P/S
N/A 12.8 71.70
Quarterly 3.7 2.8 -0.2 0.6 2.6 2.7 3.3 3.9 3.7 3.8 3.5 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.2 -3.9 1.8 3.9 3 2.7 3.4 4.2 4.1 5.1 5.8 Free Cashflow Per Share
Revenue (YoY) % 5 2 -3 -6 -14 28.6 24.1 7.7 15.2 23.3 26.2 31.6 34.5 28.3 30.2 29.6 Graham Number
EPS (YoY) % 7 8 -7 0 -23
5726.8 5955.4 4781.9 4859.3 5311.7 5580.5 5899.9 6228.5 5995.4 5996.5 5748.4 Revenue
36.9 38.8 33.4 37.8 37.2 38.7 39.6 40.5 41.3 40.1 39.9 Gross Margin %
Guru Trades
1425.6 1059.2 196.1 560.6 830 1000.2 1153.7 1281 1155.7 1048.9 951.6 Operating Income
Impact Cur.
% Shares
Caxton Associates 03/31/17 Reduce -0.25 35,000 933.8 654.7 -55.1 146.5 599.1 623.9 734 844.6 752.2 692.2 628 Net Income
16.3 11 -1.2 3 11.3 11.2 12.4 13.6 12.6 11.5 10.9 Net Margin %
36.4 29.2 -2.6 6.8 25.9 25.1 26.4 28.5 31.7 36.8 32 ROE %
16.7 9.7 -0.7 1.6 6.3 6.6 7.9 8.9 7.7 7 6.1 ROA %
Nwq Managers 03/31/17 Reduce -0.01 121,992
Dodge & Cox 03/31/17 Reduce -0.01 8,772,012
Manning & Napier 402.9 568.9 1630.4 1021.9 1527 1068.1 1066.6 906.7 722.2 760 839.7 Cash & Equivalents
03/31/17 Add 0 32,778
5656.6 7828.6 9155.5 9430.7 9674.2 9170.8 9405 9528.1 9973 9890.2 10282 Total Assets
Advisors, Inc
980 2176.2 4114 4520.6 3843.9 4370.5 3416.7 3761.5 4832.5 4667 5320.8 Long-term Debt
3281.1 5713 7047.4 7223.9 7253.9 6613.1 6395.6 6618.8 8133.3 7970.1 8288.4 Total Liabilities
Good Signs 798.1 -683.1 537.7 1092.3 885.3 801.5 977.1 1146.7 1100.1 1174.3 1293.1 Cashflow from Operations
GOOD Operating Margin %: Expansion 391.2 -394.8 -882.3 145.4 -63.5 -261.3 -568.9 -744.7 -915.8 -392.7 -397.5 Cashflow from Investing
Insider Trades 351.9 1844.6 1990.7 -1771 -46.8 -595.8 203.2 245.7 1397.2 -78.3 -147.1 Net Issuance of Debt
Cur. -1037.8 1293.4 1381.9 -1856.1 -308.9 -990.1 -393.2 -536.1 -354.1 -734.4 -744.7 Cashflow from Financing
Shares -242.1 -229 -116.7 -170.8 -189 -189 -208.3 -232.3 -260 -256.3 -241.2 Capital Expenditure
Alstead Troy Director 05/25/17 -10 1663 556 -912 421 921.5 696.3 612.5 768.8 914.4 840.1 918.1 1051.9 Free Cash Flow
Alstead Troy Director 05/22/17 10 1673
VP & Chief
Competitor
Jones Paul J 02/22/17 -3394 1599 Financial Operating
Lega
VP-Human Strength Margin(%)
Rocker Tchernavia 02/14/17 -1377 594
Resour
NYSE:HOG Harley-Davidson Inc 5 7 9,608 15.52 1.73 16.55 6.13 31.98
James Donald A Director 02/10/17 -100000 217311
NYSE:THO Thor Industries Inc 7 7 5,553 16.51 0.85 7.67 14.76 25.44
NYSE:PII Polaris Industries Inc 5 7 5,496 34.76 1.22 6.28 6.05 18.18
OTCPK:BRPIF BRP Inc 5 7 3,256 35.93 1.09 8.11 5.33 227.14
NYSE:CWH Camping World Holdings Inc 5 3 2,498 0.00 0.65 8.12 3.70 0.00
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NAS:HOLX HOLX

Hologic Inc (NAS:HOLX)
Current
$ 44.72 Median Median Peter Lynch Value -22.51 -50 Dividend Yield(forward) % N/A
Medical Instruments & Equipment - Medical Instruments & Supplies P/E (ttm) 16.14 30.66 54.31 NCAV -14.76 -33 Payout N/A
Market Cap: $ 12,522 Mil Forward P/E 20.79 27.03 N/A Tangible Book -11.44 -26 Dividend Growth(5y) % N/A
Hologic Inc is a developer, manufacturer and supplier of diagnostics P/B 4.59 3.39 2.01 Median P/S 29.88 67 Yield on Cost(5y) % N/A
products, medical imaging systems and surgical products with an emphasis P/S 4.37 3.22 2.93 Price 44.72 Continuous Div. since N/A
on women's health. It operates in four segments: Diagnostics, Breast Health, P/FCF 20.29 29.91 15.25 Insider Ownership % 1.22
GYN Surgical and Skeletal Health. Shiller P/E N/A 50.06 334.98 Institution Ownership % 77.96
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.35 1.55 5.04 45.96

18.29
F-Score 7 5.00 5 1W -0.97 0
13M
YTD 11.47 9.1
Net-Margin (%) 27.30 4.21 -1.50
1Y 34.98 17.3
ROE (%) 35.10 5.90 -0.73
ROA (%) 10.41 2.67 -0.35 3Y 22.11
180.62 12.30 25.23
(%)
Growth
10 Yr 5 Yr 1 Yr 2007 2008 2009 2010 2011 2012 201 2014 2015 2016 Current Stock PerforB anc
e
EBIT Growth (%) N/A N/A 190.90 35.3 -- -- -- 25.8 -- -- 405.5 87 33.5 16.1 Year End P/E
EPS without NRI 4.2 1.1 1.5 1.5 1.4 1.8 2.9 3.3 5.3 5 4.6 P/B
N/A N/A 290.10
Growth (%) 4.5 2.9 2.6 2.5 2.3 2.7 2.2 2.7 4.2 3.9 4.4 P/S
Free Cash Flow Growth 18 -331.8 -3.1 12.1 7.4 23.2 -24.2 13 16.2 13.1 7.8 EV/EBITDA
N/A 14.6 -8.20
Quarterly 0.9 -1.6 -8.6 -0.2 0.6 -0.3 -4.4 0.1 0.5 1.2 2.8 EPS
Net Income 69 85 92 87 527 2 -9.5 -7 -5.9 -5.5 -19.9 -17.6 -15 -13.3 -11.9 -11.4 Tang. Book Per Share
Revenue (YoY) % 6 3 3 6 3 6.3 -- -- -- -- -- -- -- -- -- -- Graham Number
Net Income (YoY) % 44 188 267 2 665 2007 2008 2009 2010 2011 2012 201 2014 2015 2016 TTM IncoB e StateB ent
EPS (YoY) % 41 200 313 3 667
738.4 1674.5 1637.1 1679.6 1789.3 2002.6 2492.3 2530.7 2705 2832.7 2894.1 Revenue
Guru Trades 46.8 53.3 52.4 43.9 51.6 49.7 46.6 49.2 53 55.2 55 Gross Margin %
147.8 -197.5 -2016.7 69.9 374.4 113.7 -906.2 279.7 455.1 548.6 1432.2 Operating Income
Impact Cur.
Guru Date Action 20 -11.8 -123.2 4.2 20.9 5.7 -36.4 11.1 16.8 19.4 49.5 Operating Margin %
% Shares
Kahn Brothers 03/31/17 Reduce -1.89 918,399 94.6 -385.6 -2216.6 -62.8 157.2 -73.6 -1172.8 17.3 131.6 330.8 790.2 Net Income
12.8 -23 -135.4 -3.7 8.8 -3.7 -47.1 0.7 4.9 11.7 27.3 Net Margin %
13.4 -14.2 -60.2 -2.3 5.6 -2.5 -47.8 0.9 6.4 15.7 35.1 ROE %
9.8 -8.4 -32.1 -1.1 2.7 -0.9 -12 0.2 1.6 4.4 10.4 ROA %
2007 2008 2009 2010 2011 2012 201 2014 2015 2016 Mar17 , alanc
e Sheet
Jim Simons 03/31/17 Reduce 0 1,456,318
Pioneer Investments 03/31/17 Reduce 0 172,100 100.4 95.7 293.2 515.6 712.3 560.4 822.5 736.1 491.3 548.4 1134.6 Cash & Equivalents
1066.3 8134.6 5684.2 5625.8 6008.8 10477 9000.8 8414.7 7642.5 7317 8706.6 Total Assets
9.2 2162.4 1513.9 1447.1 1488.6 4971.2 4242.1 4153.2 3221 3049.4 2257.4 Long-term Debt
MEDIUM Price: Close to 10-year high 1.1 2.6 2.6 2.6 2.6 2.7 2.7 2.8 2.8 2.9 2.9 Common Equity
MEDIUM PS Ratio: Close to 5-year high 2007 2008 2009 2010 2011 2012 201 2014 2015 2016 TTM Cashflow StateB ent
Good Signs 153.3 361.6 550.5 456.7 456 370.2 493.8 508.4 786.1 787.2 726.2 Cashflow from Operations
-59.2 -2676.5 -65.6 -67 -266.6 -3850.8 18.8 -67 -86.1 -68.4 369.9 Cashflow from Investing
-1 -- -- -- -- 0 -- 81.4 70 -250 -238.9 Repurchase of Stock
GOOD PE Ratio: Close to 10-year low -54 1647.6 -10.8 -177 -1.4 3476.3 -265 -595 -968.6 -642.8 -396.3 Net Issuance of Debt
-22.5 2311.1 -288.6 -167.6 7.7 3328.1 -248.8 -525.1 -936.7 -659.7 -271.6 Cashflow from Financing
Insider Trades
-22.8 -81.6 -69.8 -52.5 -64 -78.7 -90.1 -80.2 -89.4 -98.5 -102.6 Capital Expenditure
Cur.
Shares 130.4 280 480.7 404.2 392 291.5 403.7 428.2 696.7 688.7 623.6 Free Cash Flow
Levy Lawrence M Director 06/07/17 -2960 43714 CoB petitor
Ullian Elaine Director 06/02/17 -8938 25172 Financial Operating
Ticker CoB pany Profitability Market Cap(, M
) P/E P/S ROA(%) ROE(%)
Levy Lawrence M Director 05/31/17 -9146 42674 Strength Margin(%)
Division NAS:XRAY Dentsply Sirona Inc 6 6 14,513 40.82 3.85 12.04 3.13 4.41
Valenti Peter J. Iii 05/30/17 -10005 13228
Pres.,
Levy Lawrence M Director 05/24/17 -9193 39820
NAS:HOLX Hologic Inc 5 7 12,522 16.14 4. 7 49.49 10.41 5.10
OTCPK:OCPNY Olympus Corp 6 5 12,286 21.98 1.79 11.47 6.18 15.98
NYSE:COO The Cooper Companies Inc 6 8 11,718 35.90 5.74 18.72 7.13 11.82
NYSE:RMD ResMed Inc 6 8 10,802 33.28 5.33 20.56 10.27 18.60
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HON HON

Honeywell International Inc (NYSE:HON)
Current
$ 134.47 Median Median NCAV -21.54 -16 ividend Yield(forward) % 1.98
Industrial Products - iversified Industrials P/E (ttm) 21.3 23.19 18.41 Tangible Book -2.75 -2 Payout 0.4
Market Cap: $ 102,512 Mil Forward P/E 19.08 20.75 N/A Median P/S 67.04 50 ividend Growth(5y) % 12.2
Honeywell International Inc is a technology & manufacturing company, P/B 5.06 1.90 3.99 Peter Lynch Value 100.58 75 Yield on Cost(5y) % 3.43
serving customers with aerospace products & services, control, sensing and P/S 2.64 1.28 1.32 Price 134.47 Continuous iv. since 2010
security technologies for buildings, homes and industry, turbochargers, P/FCF 20.58 17.80 17.94 Insider Ownership % 0.27
automotive products, chemicals. Shiller P/E 30.43 27.32 26.27 Institution Ownership % 52.34
Financial Strength
Industry Historical
Median Median
Cash to ebt 0.61 1.12 0.40 134.39
55.65
F-Score 6 5.00 6 1W 0.69 0
10M
YT 17.22 9.1
Net-Margin (%) 12.43 4.33 7.71
ROE (%) 25.47 6.84 25.08 1Y 19.33 17.3
ROA (%) 9.25 3.38 7.81 3Y 14.88
89.92 11.81 67.95
(%)
Growth
EBIT A Growth (%) 7.4 16.2 1.90 773 744 755 781 792 792 797 795 789 775 762 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) 9.1 20.2 -0.30 19.4 8.7 19 20.5 20.7 17.1 18.5 18.6 17 18.8 21.3 Year End P/E
EPS without NRI 5 3.3 3.4 3.9 3.9 3.8 4.1 4.4 4.3 4.6 5.1 P/B
9.8 20.1 1.80
Growth (%) 1.4 0.7 1 1.3 1.2 1.3 1.9 2 2.1 2.3 2.6 P/S
Free Cash Flow Growth 11.2 5.8 10 11 12.7 10.2 11 11 11.1 12.3 13.8 EV/EBIT A
4.5 17.7 19.00
(%)
Quarterly 3.2 3.8 2.1 2.6 2.6 3.7 4.9 5.3 6 6.2 6.3 EPS
Mar16 Jun16 Sep16 ec16 Mar17 4.1 3.9 4.4 4.5 2.6 3.3 4.2 5 5.6 5.7 6.5 Free Cashflow Per Share
Revenue 9522 9991 9804 9985 9492 1 1.1 1.2 1.2 1.4 1.5 1.7 1.9 2.1 2.5 2.5 ividends Per Share
Net Income 1216 1282 1240 1034 1326 -1.9 -7.2 -5 -4.5 -4.6 -2.4 2.4 3.4 -2.8 -3.9 -2.7 Tang. Book Per Share
EPS 2 2 2 1 2 59.1 65 54 55.1 60.9 62.8 64.7 66.9 64.6 67 67 Median P/S Value
Revenue (YoY) % 3 2 2 0 -0 -- -- -- -- -- -- 16.4 20.2 -- -- -- Graham Number
EPS (YoY) % 11 10 0 -12 10
34589 36556 30908 32350 36529 37665 39055 40306 38581 39302 39272 Revenue
Impact Cur.
Guru ate Action 10.8 9.7 7.9 9.6 7.1 11 14.1 14.5 17.7 17 17.3 Operating Margin %
% Shares
iamond Hill Capital 03/31/17 Add 0.38 909,967 2444 2792 1548 2022 2067 2926 3924 4239 4768 4809 4882 Net Income
7.1 7.6 5 6.3 5.7 7.8 10.1 10.5 12.4 12.2 12.4 Net Margin %
25.8 34 19.3 20.7 19.3 24.6 25.8 24.1 26.5 25.5 25.5 ROE %
7.6 8.1 4.3 5.5 5.3 7.2 9 9.3 10.1 9.3 9.3 ROA %
Barrow, Hanley,
03/31/17 Reduce -0.11 7,312,872
Steven Cohen 03/31/17 Reduce -0.08 135,000 33805 35490 35993 37834 39808 41853 45435 45451 49316 54146 54779 Total Assets
5419 5865 6246 5755 6881 6395 6801 6046 5554 12182 11181 Long-term ebt
MDIUM ividend Yield %: Close to 5-year low
MDIUM Price: Close to 10-year high
MDIUM PS Ratio: Close to 10-year high
MDIUM Long-Term ebt: Issuing new debt -3986 -1459 -- -- -1085 -317 -1073 -924 -1884 -2079 -1233 Repurchase of Stock
2490 733 -1272 -1311 716 -76 1386 -203 3445 3942 2370 Net Issuance of ebt
Good Signs
-1574 -1370 -2152 -2047 -1114 -1206 -433 -2328 37 346 -49 Cashflow from Financing
3144 2907 3337 3552 2035 2633 3388 3986 4446 4403 5050 Free Cash Flow
Insider Trades
Cur. Competitor
Insider Position ate Trades
Vice Ticker Company Profitability Market Cap($M) P/ P/S ROA(%) RO (%)
Mak Jennifer H 05/23/17 -5510 2007 Strength Margin(%)
President
SVP and NYSE:MMM 3M Co 6 7 126,191 25.54 4.27 23.73 15.31 44.79
Adams Katherine L. 05/22/17 -116021 173006
General OTCPK:SIEGY Siemens AG 5 7 113,916 17.76 1.26 10.60 4.69 16.52
Sheares Bradley T irector 05/19/17 -3430 5301 NYSE:HON Honeywell International Inc 6 7 102,512 21.30 2.64 17.25 9.25 25.47
Senior VP &
Szlosek Thomas A 05/08/17 -36080 2995 NYSE:ABB ABB Ltd 6 7 53,497 24.27 1.54 9.57 5.21 15.47
CFO
avis Scott irector 05/05/17 -6535 19926 NYSE:ITW Illinois Tool Works Inc 6 8 51,199 24.92 3.81 22.84 13.64 44.37
Stock quotes provided by InterActive ata. Fundamental company data provided by Morningstar, updated daily.
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HP HP

Helmerich & Payne Inc (NESE:HP)
Industry Historical % of Price ividend Yield(ttm) % 5.22
Current
$ 53.65 Median Median NCAV -9.88 -18 ividend Yield(forward) % 5.2
Oil & Gas - rilling - Oil & Gas rilling P/E (ttm) N/A 7.02 11.52 Median P/S 31.89 59 Payout N/A
Market Cap: $ 5,825 Mil Forward P/E 185.19 10.00 N/A Tangible Book 39.91 74 ividend Growth(5y) % 76.6
Helmerich & Payne Inc is engaged in contract drilling of oil & gas wells for P/B 1.35 0.55 1.65 Price 53.65 Yield on Cost(5y) % 89.67
others in the ownership, development & operation of commercial real P/S 3.95 0.88 2.35 Continuous iv. since 1973
estates. Its business comprises of three reportable segments: D.S. Land, P/FCF 37.38 3.33 36.38 Insider Ownership % 3.28
Offshore & International Land. Shiller P/E 13.59 5.95 20.03 Institution Ownership % 85.85
Financial Strength
Industry Historical
Median Median
Cash to ebt 1.60 0.34 1.48 118.29

50.1
F-Score 3 4.00 6 1W 6.45 0
Operating Margin (%) -15.02 -3.07 28.29
3M
YT -28.88 9.1
Net-Margin (%) -12.09 -13.30 18.73
ROE %) 1Y -13.63 17.3
-3.93 -6.45 14.67
ROA %) -2.61 -3.82 10.11 3Y -18.17
-4.45 -2.63 19.78
(%)
Growth
10 Yr 5 Yr 1 Yr
EBIT A Growth (%) 4.5 -8.5 -55.10 105 106 107 107 109 108 108 109 109 108 109 Sh. Outstanding-dilutedMil
EBIT Growth (%) N/A N/A -216.20 7.7 10 11.9 27.9 10.2 8.9 10.2 15.2 12.3 -- -- Year End P/E
EPS without NRI Growth 1.9 2 1.6 1.5 1.3 1.3 1.7 2.2 1 1.6 1.4 P/B
N/A N/A -272.90
(%) 2.1 2.3 2.2 2.3 1.7 1.6 2.2 2.9 1.6 4.5 4 P/S
Free Cash Flow Growth 4.4 5.3 5.5 6.4 4.3 4 4.5 6.4 3.8 12.4 15.5 EV/EBITA
N/A N/A -72.00
Book Value Growth (%) 12.7 7 -9.80
Quarterly 4.3 4.3 3.3 1.5 4 5.3 6.8 6.4 3.9 -0.5 -1.7 EPS
Mar16 Jun16 Sep16 ec16 Mar17 -3.2 -0.9 0.2 1.2 2.6 -0.9 1.7 1.6 2.7 4.6 1.4 Free Cashflow Per Share
Revenue 438 366 332 369 405 0.2 0.2 0.2 0.2 0.3 0.3 0.9 2.4 2.8 2.8 2.8 ividends Per Share
Net Income 21 -21 -73 -35 -49 17.5 21.5 25.4 26.5 30.5 36.3 41.6 45.2 45.4 42.2 39.9 Tang. Book Per Share
EPS 0 -0 -1 -0 -0 36.4 44.9 41.5 40.9 55 68.2 73.7 79.9 68.3 35.2 31.9 Median P/S Value
Revenue (YoY) % -51 -45 -40 -24 -8 41.1 45.9 45.1 39.9 52.4 65.6 78.9 80.9 62.7 -- -- Graham Number
Net Income (YoY) % -86 -123 164 -319 -330 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -87 -124 172 -320 -337
1629.7 2036.5 1843.7 1875.2 2543.9 3151.8 3387.6 3716 3161.7 1624.2 1472.1 Revenue
47.1 46.6 48.8 42.8 43.7 44.5 45.3 46 46.1 44.7 35.8 Gross Margin %
Guru Trades
632.3 692.8 608.9 451.8 702.5 909.6 956.7 1053.2 672 -26 -221.1 Operating Income
Impact Cur.
Guru ate Action 38.8 34 33 24.1 27.6 28.9 28.2 28.3 21.3 -1.6 -15 Operating Margin %
% Shares
Steven Cohen 03/31/17 Buy 0.08 221,200
449.3 461.7 353.5 156.3 434.2 581 736.6 706.6 420.4 -56.8 -177.9 Net Income
27.6 22.7 19.2 8.3 17.1 18.4 21.8 19 13.3 -3.5 -12.1 Net Margin %
28.1 22.6 14.3 5.7 14.3 16.4 17.8 15.1 8.6 -1.2 -3.9 ROE %
Chuck Royce 03/31/17 Reduce -0.04 486,269
17.9 14.3 9.1 3.7 9.4 10.8 12.3 10.9 6.1 -0.8 -2.6 ROA %
Joel Greenblatt 03/31/17 Sell 0 0
First Pacific Advisors 03/31/17 Reduce 0 404,569 89.2 121.5 96.1 63 364.2 96.1 447.9 360.9 729.4 905.6 741.7 Cash & Equivalents
2885.4 3588 4161 4265.4 5003.9 5721.1 6264.8 6721 7147.2 6832 6538.2 Total Assets
445 475 420 360 235 195 80 39.5 492.4 491.8 492.4 Long-term ebt
Warning Signs 1069.9 1322.6 1478 1457.9 1733.8 1886.1 1821.1 1830 2251.4 2271.1 2190.8 Total Liabilities
SEVERE Piotroski F-Score: Low 10.7 10.7 10.7 10.7 10.7 10.8 10.9 11.1 11.1 11.1 11.2 Common Equity
SEVERE Revenue per Share: eclined 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Cashflow Statement
SEVERE ays Inventory: Building up 561.1 610.8 895.9 462.3 977.6 1000.3 997.2 1129.1 1428.6 753.6 407.4 Cashflow from Operations
-698.6 -655.3 -884 -309.3 -667.5 -1050.3 -533.8 -872.2 -1154.4 -234.2 -229 Cashflow from Investing
Good Signs
-17.6 -- -- -- -- -77.6 -- -- -59.7 -- -- Repurchase of Stock
GOOD ividend Yield %: Close to 1-year high 223.8 56.7 25.3 -167 -10 -115 -40 -115 457.1 -40 -- Net Issuance of ebt
GOOD PB Ratio: Close to 1-year low 192.9 76.8 6.7 -186.2 -8.8 -218.2 -111.6 -332.6 94.9 -343.2 -334.7 Cashflow from Financing
Insider Trades -333.1 -94.8 19.1 132.7 283.3 -97.3 188.1 177.5 297.1 496.4 155.4 Free Cash Flow
Cur.
Insider Position ate Trades
Shares Competitor
Petrie Thomas A. irector 03/10/17 1990 9823 Financial Operating
Stauder Robert L. Sr. VP, drillin 12/29/16 -7807 14936 Strength Margin(%)
Lindsay John W
President &
12/12/16 -25000 151938 NESE:HP Helmerich & Payne Inc 5 4 5,825 0.00 3.95 -15.02 -2.61 -3.93
CEO
NYSE:RSPP RSP Permian Inc 5 6 4,961 156.40 8.14 21.55 0.81 1.20
Tardio Juan Pablo VP & CFO 12/09/16 -36000 30250
NAS:PTEN Patterson-DTI Energy Inc 5 4 4,233 0.00 3.15 -47.64 -7.60 -12.82
Stauder Robert L. Sr. VP, drillin 12/08/16 -44501 22743
NYSE:RIG Transocean Ltd 5 5 3,347 5.25 0.88 24.72 2.35 3.95
NYSE:NBR Nabors Industries Ltd 4 4 2,329 0.00 1.09 -16.48 -9.22 -22.77
Stock quotes provided by InterActive ata. Fundamental company data provided by Morningstar, updated daily.
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HPE HPE
Hewlett Packard Enterprise Co (NYSE:HPE) Ratios Valuation Analysis Dividend & Ownership
Communication Equipment
P/E (ttm) 12.86 26.30 11.11 Tangible Book 1.2 7 Payout 0.19
Hewlett Packard Enterprise Co provides servers, storage, networking and
technology services. The Company's business segments are Enterprise
Group, Software, Enterprise Services, Financial Services, and Corporate
Investments. P/FCF N/A 17.95 62.54 Insider Ownership % 0.09
Financial Strength
-- -- -- -- -- -- -- -- 12.77 18.54 19.11 Annual Price High
Industry Historical
Score: 6 /10 Current -- -- -- -- -- -- -- -- 9.93 9.06 16.64 Low
Median Median
Cash to Debt 0.58 2.14 1.24 19.11

5.03
F-Score 6 5.00 6 1W -2.73 0
27M
YTD -4.21 9.1
Net-Margin (%) 5.12 2.23 3.57
1Y 18.76 17.3
ROE (%) 7.14 4.25 8.37
ROA (%) 2.93 2.06 3.68 3Y 0.00
46.50 8.94 36.54
(%)
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth (%) N/A N/A -2.00 -- -- -- -- -- -- -- -- 20771 28122 27136 Market Cap
EBITDA Growth (%) N/A N/A 57.30 -- -- -- -- -- -- -- 1834 1834 1739 1643 Sh. Outstanding-diluted(Mil)
EBIT Growth (%) N/A N/A 243.60 -- -- -- -- -- -- -- -- 15 9.2 12.9 Year End P/E
EPS without NRI Growth -- -- -- -- -- -- -- -- 0.6 0.9 0.9 P/B
N/A N/A 28.00
(%) -- -- -- -- -- -- -- -- 0.4 0.6 0.7 P/S
Free Cash Flow Growth -- -- -- -- -- -- -- -- 4.8 3.7 4.2 EV/EBITDA
N/A N/A 0.00
(%) -- -- -- -- -- 2012 2013 2014 2015 2016 TTM Per share data
-- -- -- -- -- -- -- 30.1 28.4 28.8 25.6 Revenue Per Share
Quarterly -- -- -- -- -- -- -- 0.9 1.3 1.8 1.3 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 -- -- -- -- -- -- -- 1.8 0.2 1 -0.2 Free Cashflow Per Share
Net Income 320 2272 302 267 -612 -- -- -- -- -- -- -- 4.8 2.3 3.7 1.2 Tang. Book Per Share
EPS 0 1 0 0 -0 -- -- -- -- -- -- -- 4.7 17.1 16.1 15.6 Median P/S Value
Revenue (YoY) % -32 -6 -7 -10 -13 -- -- -- -- -- -- -- 9.8 8.4 12.3 6.1 Graham Number
Net Income (YoY) % 5 914 -78 0 -291 -- -- -- -- -- 2012 2013 2014 2015 2016 TTM Income Statement
EPS (YoY) % -- -- -76 7 -306
-- -- -- -- -- 61042 57371 55123 52107 50123 43540 Revenue
Guru Trades -- -- -- -- -- 27.7 27.4 28.4 28.7 29.2 30.3 Gross Margin %
-- -- -- -- -- -14139 2952 2335 1523 4150 3919 Operating Income
Impact Cur.
Guru Date Action -- -- -- -- -- -23.2 5.2 4.2 2.9 8.3 9 Operating Margin %
% Shares
Jana Partners 03/31/17 Buy 1.39 4,442,033 -- -- -- -- -- -14761 2051 1648 2461 3161 2229 Net Income
-- -- -- -- -- -24.2 3.6 3 4.7 6.3 5.1 Net Margin %
George Soros 03/31/17 Add 1.01 3,201,009
-- -- -- -- -- -- 10.8 4.4 7 9.7 7.1 ROE %
Daniel Loeb 03/31/17 Buy 0.99 6,000,000
-- -- -- -- -- -- 6 2.5 3.4 4 2.9 ROA %
-- -- -- -- -- 2012 2013 2014 2015 2016 Apr17 Balance Sheet
John Paulson 03/31/17 Sell -0.88 0
Louis Moore Bacon 03/31/17 Add 0.66 1,850,000 -- -- -- -- -- -- 2182 2319 9842 12987 8101 Cash & Equivalents
-- -- -- -- -- -- 68775 65071 79916 79679 67470 Total Assets
-- -- -- -- -- -- 617 485 15103 12608 11904 Long-term Debt
Warning Signs -- -- -- -- -- -- 30787 28295 46381 48231 38459 Total Liabilities
MEDIUM Long-Term Debt: Issuing new debt -- -- -- -- -- -- -- -- -- 17 16 Common Equity
-- -- -- -- -- 2012 2013 2014 2015 2016 TTM Cashflow Statement
Good Signs
GOOD Dividend Yield %: Close to 2-year high -- -- -- -- -- 7240 8739 6911 3661 4958 3098 Cashflow from Operations
-- -- -- -- -- -3159 -2227 -2974 -5413 419 -2270 Cashflow from Investing
Insider Trades -- -- -- -- -- -- -- -- -- -2662 -2761 Repurchase of Stock
Cur. -- -- -- -- -- -11 -1238 -265 14296 170 -1543 Net Issuance of Debt
Shares -- -- -- -- -- -4521 -6464 -3800 9275 -2232 -1774 Cashflow from Financing
EVP, GM -- -- -- -- -- -3475 -2497 -3620 -3344 -3280 -3409 Capital Expenditure
Hsu Christopher P 05/31/17 -11515 --
Softwar
-- -- -- -- -- 3765 6242 3291 317 1678 -311 Free Cash Flow
SVP,
Ricci Jeff T 05/25/17 -6460 --
Controller
Competitor
SVP,
Karros Kirt P 05/15/17 -20344 -- Financial Operating
Finance & Ticker Company Profitability Market Cap($M) P/E P/S ROA(%) ROE(%)
EVP, GM
Strength Margin(%)
Hsu Christopher P 05/10/17 -145088 --
Softwar NYSE:NOK Nokia Oyj 5 3 37,232 0.00 1.45 -2.19 -1.79 -4.15
SVP,
Karros Kirt P 05/10/17 -63447 20344 NYSE:HPE Hewlett Packard Enterprise Co 6 6 27,136 12.86 0.65 9.00 2.93 7.14
Finance &
NAS:ERIC LM Ericsson Telephone Co 5 3 22,929 0.00 0.93 -4.39 -3.96 -8.20
OTCPK:AACAF AAC Technologies Holdings Inc 7 10 15,265 26.14 6.91 30.02 20.29 31.82
NYSE:MSI Motorola Solutions Inc 4 8 13,805 23.40 2.36 18.67 7.24 0.00
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HPQ HPQ

HP Inc (NYSE:HPQ)
Current
Computer Hardware - Computer Systems P/E ttm 12.17 21.45 6.08 Tangible Book -5.66 -33 Payout 0.35
Market Cap: $ 29,071 Mil Forward P/E 10.55 17.70 N/A Median P/S 12.36 72 Dividend Growth5y % 6
HP Inc provides products, technologies, software, solutions & services to P/B N/A 1.73 1.02 Price 17.27 Yield on Cost5y % 4.05
individual consumers, small- and medium-sized businesses including P/S 0.6 1.13 0.43 Continuous Div. since 2016
customers in the government, health and education sectors. P/FCF 11.58 17.31 5.29 Insider Ownership % 0.3
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.91 1.51 0.83 24.75

9.72
F-Score 7 5.00 6 1W -4.80 0
84M
YTD 18.16 9.1
Net-Margin % 4.94 2.98 6.82
ROE % 0.00 5.78 19.12 1Y 36.86 17.3
ROA % 8.82 2.95 5.19 3Y 5.97
200.70 11.10 83.71
%
Growth
10 Yr 5 Yr 1 Yr
Revenue Growth % -2.5 -17.8 6.20 60527 41973 50966 42074 24051 12347 21102 29957 22081 24807 29071 Market Cap
EBITDA Growth % N/A N/A -33.10 2716 2567 2437 2372 2128 1974 1950 1912 1836 1743 1683 Sh. Outstanding-dilutedMil
EBIT Growth % N/A N/A -2.40 8.8 5.4 6.9 5.2 3.7 -- 4.2 6.2 4.9 10.2 12.2 Year End P/E
EPS without NRI 1.6 1.1 1.3 1 0.6 0.6 0.8 1.1 0.8 -- -- P/B
N/A N/A -24.10
Growth % 0.6 0.4 0.5 0.4 0.2 0.1 0.2 0.6 0.4 0.5 0.6 P/S
Free Cash Flow Growth 4.6 3.6 3.6 3.3 3.2 -5 2.7 4 3 6.7 8.1 EV/EBITDA
-4.3 -17.4 -27.50
%
Book Value Growth % N/A N/A 0.00
38.4 46.1 47 53.1 59.8 61 57.6 29.6 28 27.7 28.7 Revenue Per Share
Quarterly 2.7 3.3 3.1 3.7 3.3 -6.4 2.6 2.6 2.5 1.4 1.4 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 2.4 4.5 4 3.3 3.8 3.5 4.3 4.4 1.6 1.6 1.5 Free Cashflow Per Share
Net Income 629 783 492 611 559 4.9 -0.6 0.3 -2.7 -8.5 -6.7 -3.7 -3.6 12.2 -5.6 -5.7 Tang. Book Per Share
Revenue YoY % -11 -4 2 4 7 17.2 -- 4.9 -- -- -- -- -- 23.6 -- -- Graham Number
Net Income YoY % -38 -8 -63 3 -11 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS YoY % -35 -4 -62 9 -8
104286 118364 114552 126033 127245 120357 112298 56651 51463 48238 49473 Revenue
24.9 24.2 23.6 24 23.4 23.2 23.1 19.8 19.3 18.7 18.4 Gross Margin %
Guru Trades
Impact
8719 10473 10136 11479 9677 -11057 7131 4256 3920 3549 3334 Operating Income
Guru Date Action Cur. Shares 8.4 8.9 8.9 9.1 7.6 -9.2 6.4 7.5 7.6 7.4 6.7 Operating Margin %
%
John Hussman 03/31/17 Reduce -0.59 6,500 7264 8329 7660 8761 7074 -12650 5113 5013 4554 2496 2445 Net Income
Richard Pzena 03/31/17 Reduce -0.51 6,263,058 7 7 6.7 7 5.6 -10.5 4.6 8.9 8.9 5.2 4.9 Net Margin %
19 21.5 19.3 21.6 17.9 -41.4 20.6 18.6 16.7 20.9 -- ROE %
Dodge & Cox 03/31/17 Reduce -0.28 118,064,074
8.5 8.3 6.7 7.3 5.6 -10.6 4.8 4.8 4.3 3.7 8.8 ROA %
Joel Greenblatt 03/31/17 Reduce -0.15 1,886,168
Jim Simons 03/31/17 Buy 0.09 3,513,631
Steven Cohen 03/31/17 Sell -0.08 0 11293 10153 13279 10929 8043 11301 12163 15133 7584 6288 6223 Cash & Equivalents
88699 113331 114799 124503 129517 108768 105676 103206 106882 29010 28686 Total Assets
4997 7676 13980 15258 22551 21789 16608 16039 6677 6758 6710 Long-term Debt
Insider Trades 2550 6293 -2766 5989 8336 -1954 -5596 -3014 4965 -2087 63 Net Issuance of Debt
Cur. -5599 -2020 -6673 -2913 -1566 -3860 -7943 -6571 1344 -14423 -1450 Cashflow from Financing
Lores Enrique
President,
05/31/17 -59000 122895
6575 11601 9684 7789 8100 6865 8409 8480 2887 2797 2572 Free Cash Flow
PSS
Flaxman Jon E COO 05/26/17 -35000 62203 Competitor
Lesjak Catherine A CFO 05/02/17 -52387 306 Financial Operating
Strength Margin(%)
Lesjak Catherine A CFO 05/01/17 -67997 306
President, NYSE:HPQ HP Inc 5 5 29,071 12.17 0.60 6.74 8.82 0.00
Coughlin Ron 05/01/17 -10000 51745
Pers NYSE:ANET Arista Networks Inc 8 5 10,890 49.10 9.26 21.85 15.00 22.56
OTCPK :SEK EY Seiko Epson Corp 7 6 7,684 21.93 0.82 6.80 4.04 8.11
OTCPK LNVGF
: Lenovo Group Ltd 5 7 7,221 13.24 0.17 1.56 2.03 17.10
NAS:LOGI Logitech International SA 9 5 5,880 29.24 2.72 9.54 14.34 26.45
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HRB HRB

H&R Block Inc (NYSE:HRB)
Current
Personal Services P/E (ttm) 14.92 21.42 17.47 Tangible Book -4.61 -15 Payout 0.81
H&R Block Inc provides tax return preparation and related services and P/B N/A 2.36 6.09 Median P/S 26.12 87 Yield on Cost(5y) % 3.45
products to the general public in the U.S., Canada, Australia, and their P/S 2.08 1.43 1.8 Price 30.01 Continuous Div. since 2015
respective territories. It also offers financial products to support its tax P/FCF 12.68 19.84 15.74 Insider Ownership % 1.53
business through H&R Block Bank. Shiller P/E 22.8 37.75 22.77 Institution Ownership % 71.77
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.68 0.76 1.02 37.4

13.39
F-Score 8 5.00 6 1W 13.76 0
11M
YTD 31.49 9.1
Net-Margin (%) 13.47 5.15 12.92
1Y 30.45 17.3
ROE (%) 0.00 10.28 33.52
ROA (%) 16.52 4.31 9.25 3Y -0.21
191.89 18.79 223.16
(%)
Growth
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Current Stock PerforB anc
e
10 Yr 5 Yr 1 Yr
EBIT Growth (%) 4 7.4 32.40 -- 10.5 12.8 13.2 16.3 17.5 16.5 17.6 13.6 12.4 14.9 Year End P/E
EPS without NRI 7.2 3.7 4.1 3.6 3.2 6 5 4.5 192.8 -- -- P/B
3.9 6.8 28.10
Growth (%) 1.8 1.3 1.6 1.7 1.5 2.6 2.7 2.8 1.6 1.7 2.1 P/S
N/A 13.8 24.80
Quarterly -0.9 1.5 1.4 1.3 0.9 1.6 1.7 1.7 1.5 1.9 2 EPS
Net Income 701 -124 -146 -105 783 0 0.5 0.7 0.8 2.1 2 2.8 3.5 -4 -4.5 -4.6 Tang. Book Per Share
EPS 3 -1 -1 -1 4 22.2 21.6 21 18.2 17.6 18.9 19.3 19.7 23.5 26.1 26.1 Median P/S Value
Revenue (YoY) % -0 -9 2 -5 1 0.9 4.1 4.9 4.7 7.5 8.7 10.7 11.7 -- -- -- Graham Number
Net Income (YoY) % -5 24 1 28 12 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM IncoB e StateB ent
EPS (YoY) % 3 56 24 43 36
4086.6 4083.6 3874.3 2945 2893.8 2905.9 3024.3 3078.7 3038.2 3036.3 3036.3 Revenue
36.7 36.4 36.3 39.7 41.2 47.3 48 47 44.5 45.8 45.8 Gross Margin %
Guru Trades
709.5 838.9 774.8 616.3 566.3 771 818.5 794.7 633.2 716 716 Operating Income
Impact Cur.
% Shares
-308.6 485.7 479.2 406.1 265.9 433.9 475.2 473.7 374.3 408.9 408.9 Net Income
-7.6 11.9 12.4 13.8 9.2 14.9 15.7 15.4 12.3 13.5 13.5 Net Margin %
-25.7 40.6 33.7 28.1 19.2 33.5 33.7 28 40.3 -- -- ROE %
-4.7 8.8 9.1 7.8 5.4 9.5 10.3 10.3 10.2 14.7 16.5 ROA %
Jim Simons 03/31/17 Sell 0 0
David Dreman 12/31/16 Buy 0.22 16,996 664.9 1654.7 1804 1677.8 1944.3 1747.6 2185.3 2007.2 896.8 1011.3 1011.3 Cash & Equivalents
5623.4 5359.7 5234.3 5208 4649.6 4537.8 4693.5 4515.4 2857.8 2694.1 2694.1 Total Assets
Richard Snow 12/31/16 Reduce -0.09 12,000
1031.8 1107.1 1060.1 1049.8 409.1 906 505.8 505.3 1501.9 1493 1493 Long-term Debt
4635.6 3953.9 3793.7 3758.4 3323.7 3274.2 3137 2682.5 2834.7 2755 2755 Total Liabilities
MDIUM Dividend Payout Ratio: Too high 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Cashflow StateB ent
MEDIUM Dividend Yield %: Close to 1-year low 258.8 1024.4 587.5 512.5 362 497.1 809.6 626.6 532.4 550.1 550.1 Cashflow from Operations
MEDIUM Price: Close to 1-year high 2207 5.6 31.4 -110.2 351.9 -110.9 10.7 -148.9 329.5 99.3 99.3 Cashflow from Investing
Good Signs -942.7 -29 -7.5 -61.4 -51.1 -139.4 -- -400 996.8 -- -- Net Issuance of Debt
GOOD Piotroski F-Score: High -1558.1 -40.2 -481.1 -534.4 -445.1 -584.5 -364.9 -645.8 -1961.7 -530.4 -530.4 Cashflow from Financing
-101.6 -97.9 -90.5 -63 -82.5 -113.2 -147 -123.2 -99.9 -89.3 -89.3 Capital Expenditure
Insider Trades 157.2 926.6 497 449.5 279.6 383.9 662.6 503.5 432.5 460.8 460.8 Free Cash Flow
Cur.
Shares CoB petitor
SVP, U.S. Financial Operating
Macfarlane Gregory J 09/01/16 4618 121707 Ticker CoB pany Profitability Market Cap($M) P/ P/S ROA(%) RO (%)
Retai
Strength Margin(%)
Chief
Brown Jeffrey 06/30/16 -16067 102820 NYSE:HRB H&R Block Inc 4 7 6-217 14.92 2.08 23.58 16.52 0.00
Accountin
Chief NYSE:SCI Service Corp International 4 9 6,091 20.64 2.03 17.25 2.54 26.65
Brown Jeffrey 06/27/16 -105896 106880
Accountin
NYSE:BFAM Bright Horizons Family Solutions Inc 4 5 4,600 42.01 2.90 12.45 5.01 15.83
Gerard Robert A Director 06/16/16 2000 13000
NAS:MATW Matthews International Corp 4 7 2,094 29.53 1.43 8.48 3.37 10.15
NYSE:WTW Weight Watchers International Inc 4 6 1,848 21.30 1.60 18.32 6.97 0.00
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HRL HRL

Hormel Foods Corp (NYSE:HRL)
Industry Historical % of Price Dividend Yield)ttm( % 1.81
Current
$ 34.60 Median Median NCAV -0.5 -1 Dividend Yield)forward( % 1.96
Consumer Packaged Goods - Packaged Foods P/E )ttm( 21.19 20.52 17.79 Tangible Book 3.74 11 Payout 0.38
Market Cap: $ 18,288 Mil Forward P/E 20.79 19.88 N/A Graham Number 11.74 34 Dividend Growth)5y( % 18
Hormel Foods Corp is engaged in manufacturing and sale of variety of food P/B 3.92 1.74 2.87 Median P/S 17.03 49 Yield on Cost)5y( % 4.14
products primarily, pork and turkey and the marketing of those products P/S 2.01 1.09 0.98 Peter Lynch Value 20.93 60 Continuous Div. since 1967
throughout the United States and internationally. P/FCF 30.71 20.89 23.39 DCF )FCF Based( 26.58 77 Insider Ownership % 0.87
Shiller P/E 33.31 27.49 24.45 DCE )Earnings Based( 27.92 81 Institution Ownership % 29.69
Financial Strength
10.43 10.62 9.75 12.95 15.19 15.77 23 27.65 40.26 44.47 37.87 Annual Price High
Industry Historical
Median Median
Cash to Debt 2.20 0.64 1.30 44.47

19.11
F-Score 7 5.00 6 1W 1.23 0
4M
YTD 0.37 9.1
Net-Margin )%( 9.42 4.02 6.01
ROE )%( 19.77 8.42 17.46 1Y 3.07 17.3
ROA )%( 14.00 3.89 11.23 3Y 14.59
77.81 13.16 46.74
)%(
Growth
EBITDA Growth )%( 9.5 11 8.60 557 549 542 541 544 538 540 540 541 542 529 Sh. Outstanding-diluted)Mil(
EBIT Growth )%( 11.1 12.8 9.10 16.8 13.6 14.4 15.6 16.9 15.9 22.4 24.1 26.6 23.5 21.2 Year End P/E
12.2 12.9 13.10
Growth )%( 0.8 0.6 0.8 0.9 1 1 1.3 1.6 2 2.2 2 P/S
17.1 17.3 -20.10
Quarterly 0.5 0.5 0.6 0.7 0.9 0.9 1 1.1 1.3 1.6 1.6 EPS
Apr16 Jul16 Oct16 Jan17 Apr17 0.4 0.3 0.9 0.7 0.7 0.7 1 1.1 1.6 1.4 1.1 Free Cashflow Per Share
EPS 0 0 0 0 0 10.9 12.1 11.8 13.1 14.2 15 15.9 16.9 16.8 17.2 17 Median P/S Value
Revenue )YoY( % 1 5 9 -1 -5 5 5.2 6 7.1 8.4 9.1 9.1 9.3 8.9 10.9 11.7 Graham Number
Net Income )YoY( % 20 33 30 0 -2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS )YoY( % 21 33 29 2 -3
6193 6754.9 6533.7 7220.7 7895.1 8230.7 8751.7 9316.3 9263.9 9523.2 9397.9 Revenue
Impact Cur.
Guru Date Action 7.8 7.7 8.2 9 9.1 9.3 9.2 10 11.5 13.9 14 Operating Margin %
% Shares
Robert Olstein 03/31/17 Buy 0.67 152,000 301.9 285.5 342.8 395.6 474.2 500.1 526.2 602.7 686.1 890.1 885.7 Net Income
4.9 4.2 5.3 5.5 6 6.1 6 6.5 7.4 9.4 9.4 Net Margin %
Mairs And Power 03/31/17 Add 0.48 6,035,544
16.4 14.7 16.6 17.5 18.8 18.3 17.2 17.4 18.1 21.1 19.8 ROE %
9.4 8.2 9.4 10.2 11.4 11.4 11.1 11.6 11.8 14.2 14 ROA %
Chuck Royce 03/31/17 Add 0.02 225,157 149.7 154.8 385.3 467.8 463.1 682.4 434 334.2 347.2 415.1 548.9 Cash & Equivalents
3393.7 3616.5 3692.1 4053.9 4244.4 4564 4915.9 5455.6 6139.8 6370.1 6385.7 Total Assets
350 350 350 -- 250 250 250 250 250 250 250 Long-term Debt
SVER Asset Growth: faster than revenue growth 8 7.9 7.8 7.8 7.7 7.7 7.7 7.7 7.7 7.7 7.7 Common Equity
Good Signs
GOOD Piotroski F-Score: High 331.9 271.6 558.8 485.5 490.5 517.8 637.8 746.9 992 992.8 844.9 Cashflow from Operations
-260.8 -154.2 -85.2 -258.5 -171 -106.8 -691.1 -616.8 -900.9 -409 -261.2 Cashflow from Investing
GOOD Revenue per Share: Consistent growth 61.1 29.9 -100 -- -102.4 -- -- -- 185 -185 -- Net Issuance of Debt
GOOD Operating Margin %: Expansion -93.8 -112.4 -243.1 -145.8 -325.5 -192.7 -195.5 -229.4 -70.6 -509.6 -406.7 Cashflow from Financing
-125.8 -125.9 -97 -89.8 -96.9 -132.3 -106.8 -159.1 -144.1 -255.5 -232.6 Capital Expenditure
Insider Trades 206.1 145.7 461.8 395.7 393.6 385.5 531 587.7 847.9 737.3 612.2 Free Cash Flow
Cur.
Shares Competitor
Group Vice Financial Operating
Marconi Luis G 06/14/17 -1300 27757 Ticker Company Profitability Market Cap($M) P/ P/S ROA(%) RO (%)
Pres Strength Margin(%)
Group Vice
Day Thomas R 04/11/17 -11650 112625 NYSE:HRL Hormel Foods Corp 8 8 18,288 21.19 2.01 13.96 14.00 19.77
Pres
Pippins Dakota A Director 04/11/17 -3000 96166 NYSE:CPB Campbell Soup Co 5 7 17,263 35.82 2.22 16.14 6.26 31.52
Group Vice NYSE:CAG Conagra Brands Inc 6 6 16,705 28.47 1.47 10.78 4.94 15.30
Splinter James M 04/10/17 -35785 121953
Pres
NYSE:MJN Mead Johnson Nutrition Co 5 7 16,524 28.30 4.54 22.48 14.40 0.00
Murano Elsa A Director 04/05/17 -7500 74991
GuruFocus Manual of Stocks™ www.gurufocus.com/stock/NYSE:HRS HRS

Harris Corp (NYSE:HRS)
Current
Communication Equipment P/E ttm 23.55 26.30 18.08 Tangible Book -29.48 -27 Payout 0.75
Market Cap: $ 13,138 Mil Forward P/E 17.89 16.58 N/A Median P/S 85.01 78 Dividend Growth5y % 15
Harris Corp together with its subsidiaries develops, manufactures and sells P/B 4.57 1.96 2.99 Price 109.50 Yield on Cost5y % 3.88
technology-based solutions that serve government and commercial P/S 1.73 1.45 1.34 Continuous Div. since 2001
customers' mission-critical challenges. P/FCF 18.1 17.95 12.12 Insider Ownership % 1.44
Financial Strength
Industry Historical
Median Median
Cash to Debt 0.07 2.14 0.21 113.82

43.75
F-Score 7 5.00 6 1W -1.54 0
3M
YTD 7.89 9.1
Net-Margin % 7.32 2.23 8.12
1Y 37.45 17.3
ROE % 18.72 4.25 17.03
ROA % 4.98 2.06 6.77 3Y 14.98
44.84 8.94 64.56
%
Growth
10 Yr 5 Yr 1 Yr
EBITDA Growth % 7.9 -2.5 -3.10 140 137 133 130 126 115 111 107 107 125 120 Sh. Outstanding-dilutedMil
EBIT Growth % 10.5 1.3 15.50 15.1 14.7 105 9.7 9.8 279 48.3 15.3 24.7 32.3 23.6 Year End P/E
4.2 -10.3 -15.70
Growth % 1.7 1.4 0.8 1 1.1 0.9 1.1 1.6 1.6 1.3 1.7 P/S
14.7 8.2 -15.00
%
Book Value Growth % 6.5 9.5 -11.50
30.3 33.7 37.6 40 42.9 47.5 46 46.7 47.6 59.7 63.4 Revenue Per Share
Quarterly 3.4 3.3 0.3 4.3 4.6 0.3 1 5 3.1 2.6 4.6 EPS
Mar16 Jun16 Sep16 Dec16 Mar17 2.2 3 4.1 4.7 4 5.4 5.9 6 6.6 6.2 6 Free Cashflow Per Share
Revenue 1550 3008 1754 1700 1489 0.4 0.6 0.8 0.9 1 1.2 1.5 1.7 1.9 2 2.1 Dividends Per Share
Net Income 168 160 160 177 85 -0.3 5.8 0.2 2.5 -3 -1.6 -4.1 -1.4 -45.3 -35.8 -29.5 Tang. Book Per Share
EPS 1 1 1 1 1 40.7 45 50.5 53.7 57.5 63.9 61.6 62.6 63.6 86.9 85 Median P/S Value
Revenue YoY % 31 96 -3 -3 -4 -- 20.8 3.2 15.4 -- -- -- -- -- -- -- Graham Number
Net Income YoY % 33 -386 8 -216 -49 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Income Statement
EPS YoY % 12 -321 8 -215 -49
4243 4596.1 5005 5206.1 5418.4 5451.3 5112 5012 5083 7467 7951 Revenue
32.3 31.6 31.7 36 34.8 34.5 33.8 34 34.1 31.3 30.7 Gross Margin %
Guru Trades
541.2 704 538 912.8 995 941.1 813 882 759 1149 1173 Operating Income
Impact Cur.
% Shares
Jana Partners 03/31/17 Sell -1.98 0 480.4 444.2 37.9 561.6 588 30.6 113 535 334 324 582 Net Income
11.3 9.7 0.8 10.8 10.9 0.6 2.2 10.7 6.6 4.3 7.3 Net Margin %
26.9 21.3 1.8 27.7 25.1 1.4 6.5 31.6 12.8 10 18.7 ROE %
12.7 9.8 0.8 12.2 10.8 0.5 2.2 10.9 3.7 2.6 5 ROA %
T Rowe Price Equity
03/31/17 Reduce -0.05 3,000,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar17 Balance Sheet
Income Fund
Steven Cohen 03/31/17 Buy 0.03 53,700 368.3 274.5 281.2 455.2 366.9 356 321 561 481 487 302 Cash & Equivalents
George Soros 03/31/17 Buy 0.03 9,600 4406 4627.5 4465.1 4743.6 6172.8 5592.8 4858.4 4919 13127 11996 11107 Total Assets
408.9 828 1177.3 1176.6 1887.2 1883 1577.1 1564 5053 4120 3859 Long-term Debt
2502.2 2353.5 2596 2554 3670.8 3653.9 3297.1 3093 9730 8940 8193 Total Liabilities
Warning Signs 129.6 133.6 131.4 127.5 123.1 112.1 106.9 106 124 125 122 Common Equity
SVR Gross Margin %: Declined
SVR Operating Margin %: Declined
438.6 555.5 666.8 802.7 833.1 852.9 833 849 854 924 906 Cashflow from Operations
SVR Asset Growth: faster than revenue growth
-382.9 -134.6 -864.6 -250.1 -1417.5 -248.9 -20 -162 -3284 -1 382 Cashflow from Investing
-246.9 -243.4 -132.3 -208 -256.1 -473.5 -415 -300 -150 -- -460 Repurchase of Stock
Good Signs
402.7 -138.9 450.4 -76.8 851.4 -24.9 -346 -100 2729 -669 -590 Net Issuance of Debt
133.3 -418.6 117.1 -380.9 492.8 -609.8 -840 -448 2373 -893 -1275 Cashflow from Financing
-129.1 -146.2 -121.8 -198 -324.9 -233.8 -178 -204 -148 -152 -149 Capital Expenditure
Insider Trades
309.5 409.3 545 604.7 508.2 619.1 655 645 706 772 757 Free Cash Flow
Cur.
Shares Competitor
SVP-Human
Duffy Robert L 05/31/17 -33600 16817 Financial Operating
Resou Ticker Company Profitability Market Cap(B M) P/ P/S ROA(%) RO (%)
Strength Margin(%)
Sr VP-General
Mikuen Scott T 03/10/17 -20600 47713
C OTCPK:AACAF AAC Technologies Holdings Inc 7 10 15,265 26.14 6.91 30.02 20.29 31.82
Albaugh James F Director 02/09/17 1000 1725 NYSE:MSI Motorola Solutions Inc 4 8 13,805 23.40 2.36 18.67 7.24 0.00
SVP-Human
Duffy Robert L 02/08/17 -21050 16711 NYSE:HRS Harris Corp 5 7 13,138 23.55 1.73 14.75 4.98 18.72
Resou
SVP, Chief OTCPK:KTCOF KTE Corp 4 4 12,401 0.00 0.80 1.54 -1.54 -7.14
Mehnert Dana A 02/03/17 -99400 70690
Glob
NYSE:JNPR Juniper Networks Inc 6 7 11,027 18.25 2.18 17.55 6.57 12.67
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