Price

Company Name
Abercrombie & Fitch
$
25.30
Accenture
$
25.33
Access Pharmaceuticals5.25
Adobe
$
38.90
Aeropostale
28.7
Affiliated Computer Services
50.50
AGF Management
18.7
Akamai
$
11.50
Akamai
$
11.50
ALARIS Medical $
15.28
Amazon
$
51.56
AmBev
$610
Amer. Airlines
$12.83
American Airlines $
12.20
AMR Corp
11.63
Amylin Pharmaceuticals
$25.00
Analex
$
3.96
Apollo Group
$
66.49
Apple Computer
20.85
Apple Computers
$20.85
Aracruz Celulose S.A.R$ 8.79
Arauco (Private) $
60.44
Ballard Power Systems$11.50
Bavarian Nordic
kr 227.50
Biosite Inc.
26.12
Blockbuster
$
17.96
BMW
$36.40
BOC
794.00
Bright Horizons BFAM38.13
Canadian Tire
$
39.30
CANTV
5,700.00
Cardiac Sciences
4.65
Catellus Development
$
23.50
Cathay Pacific
$1.85
Cemex S.A. de C.V. $57.70
Cephalon Inc.
47.1
Chiquita
$
20.39
CNOOC
41.52
Colgate-Palmolive $53.86
Continental Airlines
$
15.52
Continental Airlines
$
16.05
CVS Corp.
$
35.04
Danone
127.10
Dell
$36.41
Delta Airlines
$
11.69
Dow Chemical
$35.20
Duane Reade
$
14.87

DCF Valuation
Relative Valuation
Model Used Value Per Share Multiple Used
Value
FCFE2
$
39.00
PS
$
51.01
FCFFGINZU $
19.09
PEG
$
32.01
FCFFn
1.54
PS
2.18
FCFF2
$
16.22
PBV
$
40.15
FCFF2
31.20
P
31.05
FCFF2
$48.75
PBV
$59.87
DDM2
19.42
PBV
33.099
FCFF2
$
4.74
PS
$
8.22
FCFF3
$
7.40
VS
$
2.95
FCFF3
$
21.97
VEBITDA
$
19.12
FCFF2
$
36.57
VS
$
46.06
FCFF2
$422.66
PE
$599.05
FCFF2
$17.77
VS
$16.31
FCFF2
$
8.74
VS
$
FCFF2
14.55
VBV
10.93
FCFFGen
$25.88
PBV
$16.78
FCFE2
$
3.11
PBV
$
2.51
FCFF3
$
98.25
PE
$
102.31
FCFF2
$27.06
PE
24.65
FCFFGen
$18.07
PS
$21.23
FCFF2
R$ 5.35
PS
R$ 4.63
FCFF2
$
60.44
PE
$
78.38
FCFFGen
$11.90
PS
$59.55
FCFE3
243.80
VS
311.15
FCFE3
$32.76
VS
53.00
FCFE2
$
12.70
PE
$
25.50
FCFF2
$42.33
VS
$39.00
FCFE2
848.19
PE
836.50
FCFF2
46.72
PBV
42.02
FCFESt
$
35.68
PE
$
35.25
FCFE2
2,213.00
VEBITDA
4,745.00
FCFFGen
3.67
VS
6.28
DDM2
$
22.68
PE
$
39.65
FCFF2
$16.22
Other
$1.95
FCFFGen
$64.12
VEBITDA
$64.74
FCFFGen
40.44
VS
38.03
FCFF3
$
17.37
PE
$
10.56
FCFE2
38.06
VEBITDA
30.01
FCFF2
$45.85
VS
$47.24
FCFF3
$
22.61
Average
$
23.04
FCFF
$
20.79
VEBITDA
$
18.48
FCFF2
43.98
PE
39.30
FCFE2
314.53
PE
137.60
FCFF2
$25.83
PEG
$16.41
FCFFN
6.29
PS
2.16
FCFFSt
$33.37
Other
$28.08
FCFF2
$
4.15
VS
$
16.39

Option
Valuation

$26
2.02

21.18

$29.82

Dynegy, Inc.
4.03
FCFF3
Eastman Kodak $
23.70
FCFE2
Ebay
$
56.22
FCFFGen
Ebay
$55.90
FCFF3
Ebay
$
55.24
FCFF3
Ebay
$
55.90
FCFF3
Ebay
$
55.90
FCFFGen
Ebay
$
55.00
FCFFGen
Ebay
$55.90
FCFF Gen
Extreme CCTV Inc.
$
3.25
FCFFGen
FedEx
$72.30
FCFF2
Flextronics
$
14.83
FCFE 3
France Telecom $
21.33
FCFF2
FuelCell
13.04
FCFFGen
Galaxy Nutritional$Foods 2.72
FCFFNeg
Gateway
$4.28
FCFF2
Genentech
$
85.15
FCFE3
Given Imaging
$
18.07
FCFFGen
GlaxoSmithKline
12.79
FCFF2
Group Danone
$127.10
FCFF2
Grupo Bimbo SA de
$ CV 16.81
FCFFGen
Gucci
$
85.35
FCFF3
Gucci
$
85.35
FCFF3
Gundle Environmental 19.73
Systems
FCFF3
Halliburton
$
23.32
FCFE2
Harold's Stores $
4.03
FCFFSt
Heineken NV
$
30.85
FCFF2
Hollywood Entertainment
12.82
FCFF3
IMPSAT
$
8.40
FCFF_N
Inditex SA

18.29
FCFFGen
Infosys Technologies 4900
FCFF3
Infosys Technologies 4,912.10
FCFFGen
Infosys Technologies,4912.00
Ltd
FCFF2
Integrated Service Solutions
286.00
A/S (ISS) FCFF2
Jones Lang LaSalle $20.68
FCFF2
Journal Communications
$
17.41
DDM3
KIA Motors
10,850
FCFF2
Krispy Kreme Doughnuts
$
38.66
FCFFGen
Krispy Kreme Doughnuts
$41.47
FCFF3
LeapFrog Enterprises
$
28.04
FCFF3
Lexar Media
$
16.70
FCFF3
Limited Brands $
17.62
FCFE2
L'Oreal, all in Euros
62.21
FCFE2
Lowe's
$55.87
FCFF2
LVMH
58.00
FCFF2
LVMH
58.00
FCFF
Manchester United
2.66
DDM 2
Manchester United$
4.61
FCFE2
Manchester United
2.66
FCFF2

$
$
$
$

$
$
$
$
$
$

$
$
$
$
$
$
$

$
$
$
$
$
$

(1.69)
33.19
61.97
US$25.41
48.97
44.90
23.69
23.19
$37.78
3.47
$69.23
15.03
31.66
21.60
0.17
$5.21
32.04
9.34
25.67
$137.87
17.68
71.11
71.11
$41.13
28.76
2.03
38.13
20.17
136.27
22.37
6,533.00
8,435.00
4270.00
234.40
$23.81
19.25
13,496
39.00
$32.59
41.24
17.85
21.65
91.82
$67.31
59.76
34.69
3.26
3.35
2.70

VEBITDA
PE
PS
PS
PS
PS
PS
PS
VS
VS
VEBITDA
VS
VEBITDA
PS
PBV
PS
VEBITDA
P/S
PE
PEG
VS
VEBITDA
VEBITDA
PBV
VS
PS
PBV
PBV
VEBITDA
VS
PEG
PS
PEG
VS
VEBITDA
PE
PE
PE
PE
PEG
PEG
PE
PE
VEBITDA
VEBIT
PBV
VS
VEBITDA
PBV

-0.49
73.11
$
140.99
US$37.97
$
33.35
$
31.73
$
30.14
27.76
$24.79
$
3.35
$82.17
$
14.69
$
37.40
1.48
$
1.80
$2.00
$
36.84 $
$
5.85
35.07
$157.43
$
17.02
$
135.49
$
45.12
2.05
$
28.70
$
16.75 $
$
26.84
49.34
$
3.31 $

14.10
6163
2,993.00
5,307.00
52.30
$15.07
$
17.60
47,779
$
37.76
$28.66
$
27.65
$
10.82
$
20.73
$
102.73
14.23
48.24
23.52
1.62
$
3.57
1.41

7.33

0.55
5.23
116.93

4.21

8.16

Marks & Spencer

2.76
Marks & Spencer GBP 270.25p
MBIA
$
59.71
McKesson
$30.35
Metro AG
$
37.85
MGM
$15.99
Microsoft
$
25.98
Mid West Express $
3.82
Minsur (in sols)
4.52
Mylan
$
25.45
Nautilus Group
$13.20
Neiman Marcus $
51.81
Nera ASA
14.40
Netease.com Inc ADS
$
44.10
Netflix
$
47.47
Netflix
$
47.47
Netflix
$
47.47
Netflix
$47.47
Netflix Inc.
$
47.47
Netflix, Inc.
47.47
Netflix, Inc.
$
47.47
New York Times $
45.88
Nextel Communications
$
25.37
Nextel Partners
11.83
NMS Communications
$
4.65
Nokia
14.85
Nokia
14.96
Nokia
14.85
Nuance Communications
$
8.30
Palm Inc.
$
27.24
Pick 'N Pay Stores
16.80
Pier 1 Imports
$24.16
Pitney Bowes
$
39.43
Pixar
$
67.62
Pixar
$67.62
Pixar
$69.36
Pixar
$67.62
Polo Ralph Lauren$
28.50
Rauterau Apple Shoes(PVT)
4,274,000.00
RCN
$0.95
Red Hat
$
12.91
Regeneron Pharma.$
13.00
Revlon
$
2.34
RosBusinessConsulting 1.9
Ryanair

6.80
Samsung Electronics 451,500
Samsung Electronics

451,500
Sapient
$
5.29
Saras Lee Corp $
21.17

FCFF3
FCFF2
DDM2
FCFE3
FCFF2
FCFF2
FCFF2
FCFF3
FCFF2
FCFFSt
FCFF2
FCFF2
FCFF2
FCFF2
FCFF3
FCFFGen
FCFFGen
FCFFGen
FCFFGen
FCFF3
FCFFGen
FCFE 2
FCFF3
FCFFGen
FCFF3
FCFF3
FCFF2
FCFF2
FCFF3
FCFF3
FCFE3
FCFF2
FCFFGen
FCFF2
FCFE3
FCFE3
FCFF2
FCFE2
FCFF2
FCFFGen
FCFFGen
FCFFGen
FCFF3
FCFFGen
FCFF3
FCFF2
FCFF2
FCFFGen
FCFEST

5.96
GBP
211p
$
43.01
36.73
$
34.71
$12.74
$
27.04
$
1.22
6.56
$
28.88
$27.75
$
55.63
9.90
$
20.46
$
13.50
$
20.50
24.13
$36.17
$
47.38
25.39
$
21.70
$
50.71
33.58
$11.08
$
5.64
13.40
13.90
13.40
$
3.26
$
22.46
17.16
$22.70
$
48.63
$
68.18
$56.41
$57.08
$52.86
$
34.50
4,274,000
($4.05)
$
4.38
$
4.86
$
0.10
1.75

10.30
645,423

515,030
$
4.23
$
20.44

Average
PS
PBV
VEBITDA
VEBITDA
PBV
PE
VEBITDA
VEBITDA
P/S
Other
VS
VS
PS
PS
VS
PS
PS
PEG
PS
PS
VS
PE
VBV
VS
PBV
VEBITDA
PBV
VS
VS
PE
VS
PE
VEBITDA
PE
PEG
PEG
VS
VS
VEBITDA
VS
VS
VEBITDA
VS
VEBITDA
PBV
VEBITDA
PS
P/E

4.30
$
GBP
261p
$
101.40
30.37
$
34.72
$13.08
$10.91
$
30.52
$
2.93 $
11.88
5.86
$
20.71
$16.00
$
36.49
18.90
$
48.10
$
67.56
$
56.82
19.64
2.161
$
16.10
39.1
$
19.69
$
51.90
$
35.65
8.82
9.09
$
2.85
14.1
14.17
13.71
$
6.19
$
56.32
17.86
$35.13
$
48.33
$
57.39
$81.30
$50.90
24.29
$
32.25
27,711,000
$1.83
$0.68
$
0.68
$
11.62
$
1.56

2.20
989,342

468,277
$
1.60
$
27.55

Satyam
INR 330
Select Medical
$
35.10
SFCG
\12,500
Six Flags, Inc.
$
6.65
Sony (JPN Yen) Y
3,690.00
Sony Corporation
3,690.00
Southwest Airlines $15.59
Stada (Euro)
$
47.80
Starbucks
$
31.84
Starbucks
$31.84
Starbucks Corp
$31.95
Sun Microsystems $
4.39
Surmodics
$20.32
Systems Plus (Private
$ company)
529.30
Target
$
39.19
TeliaSonera AB
34.70 kr
Tivo
$
6.48
TV Azteca
8.3
Tyson Foods
$
14.59
Ubiquitel
$
2.19
UnitedHealth Group
$
53.99
US Airways Group, Inc.$6.75
UTStarcom
$
37.16
Valence Technology $3.80
Vodafone
GBP 136.00p
Walgreen
$35.95
Washington Mutual $44.26
Western Oil Sands $27.32
XM Satellite Radio $22.95
Yahoo
$
42.85

FCFF3
FCFF2
DDM2
FCFF3
FCFFGen
FCFE St
FCFF2
FCFFSt
FCFE3
FCFE3
FCFF3
FCFF
FCFF2
FCFF2
FCFF 2
FCFF2
FCFF 2
FCFF2
FCFF3
FCFF3
FCFF2
FCFFGen
FCFF3
FCFFGen
FCFFGen
FCFF2st
DDM2
FCFFGen
FCFF3
FCFF3

INR 200
28.29
\18,341
$
5.58
Y
3,151.40

2,037.42
$13.26
$
24.07
$
23.94
$23.74
$26.05
$
2.71
$27.42
529.30
$
25.09
41.06
$
2.59
9.30
$
16.57
$
$
69.91
$13.58
$
44.55
(7.06)
GBP
116p
$26.00
$51.80
$29.53
$13.63
$
14.00

PS
Other
PBV
VEBITDA
Other
PE
VEBITDA
VEBITDA
VS
VS
PE
PBV
PBV
PBV
VS
VEBITDA
VS
PBV
PBV
PS
P/S
VS
PS
Other
PS
VEBITDA
PBV
VEBITDA
PS
VFCFF

INR 289
23.7
\12,980
$
15.08
Y
6,202.00

1,669.68
$6.90
$
38.72
$
24.23
$24.17
$25.69
$
4.24
$34.63
629.7
$
41.72
27.92
$
3.50
19.8
$
24.60
$
$
37.52
$10.46
$
43.30
0.35
GBP
78p
$19.00
$74.20
$73.32
$17.38
$
4.63

15.49

2.28
9.72
3.19

EVA in
Recommendation DCF ValuationsRelative Valuation
last year
% Under or Over% Under or Over
$
172.55
Buy
-35.13%
-50.40%
$
307.00
Sell
32.69%
-20.87%
-40.48
Sell
240.91%
140.83%
$
57.50
Sell
139.83%
-3.11%
21,746
Buy
-8.01%
-7.57%
55.61
Sell
3.59%
-15.65%
6.0
Buy
-3.71%
-43.50%
$
(117.85)
Sell
$1.43
$0.40
$
(145)
Sell
55.41%
289.83%
$
12.70
Sell
-30.45%
-20.08%
$
5.25
Sell
40.99%
11.94%
R$ 260 M
Sell
44.32%
1.83%
($3,839)
Buy
-27.80%
-21.34%
$
(1,620.00)
Sell
39.59%
100.00%
-4757
Buy
-20.07%
6.40%
($626.51)
Sell
-3.40%
48.99%
1.8MM
Sell
27.33%
57.77%
$
182.00
Buy
-32.33%
-35.01%
58.09
Buy
-22.95%
-15.42%
-$339.00
Hold
15.38%
-1.79%
-R$ 148.05
Sell
64.30%
89.85%
$ 142 M
Hold
0.00%
-22.89%
($175.80)
Hold
-3.36%
-80.69%
978.10
Buy
-6.69%
-26.88%
4,103
Buy
-20.27%
-50.72%
$
774.00
Sell
41.42%
-29.57%
$638.42
Buy
-14.01%
-6.67%
GBP .625M
Buy
-6.39%
-5.08%
7
Buy
-18.39%
-9.26%
$
44.55
Sell
10.15%
11.49%
465,929.00
Sell
157.57%
20.13%
-13.12
Hold
26.70%
-25.96%
$
(56.71)
Sell
3.62%
-40.73%
$210.00
Hold
-88.60%
-5.13%
$45.00
Buy
-10.01%
-10.87%
132.18
Sell
16.47%
23.85%
$ (89,000,000)
Sell
17.37%
93.03%
802.7
Sell
9.09%
38.35%
$906.28
Sell
17.47%
14.01%
$
(1,047.80)
Buy
-31.36%
-32.64%
$
204.00
Buy
-22.80%
-13.15%
$
63.00
Buy
-20.33%
-10.84%
446.12m
Buy
-59.59%
-7.63%
$1,117.21
Sell
40.96%
121.88%
$
(1,389.26)
Sell
85.85%
441.20%
$1,212.86
Sell
5.48%
25.36%
$ (13.77) M
Sell
258.31%
-9.27%

(1,350.0)
498.49
75.89
US$19.61
$
69
$
560.30
$
(410.64)
-299MM
$14,244.00
$
2,432.00
$850
$
(25.33)
$
(147.50)
-77.9
$
(4.19)
-$793.58
$
$

$
(41.27)
3,896,800,000
$203.70
$
(874.00)
$
(293.71)
$
(293.71)
8.5
$
(193.50)
$
(16.41)
$
552.51
$86.02 M
NA

137.20
6310
6,104.30
482.40
(312.12)
$8.30
17.45M
39,441
$
26.46
$42.88
$
61.30
$
15.66
$ 89,913.00
$
395.67
$803.00
550.00
0.32
23.51
$
20.15
15

Sell
Buy
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Buy
Hold
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Sell
Buy
Sell
Sell

100.00%
-28.59%
-9.28%
119.99%
12.80%
24.50%
135.96%
137.17%
47.96%
-6.34%
4.43%
-1.33%
-32.63%
-39.63%
1500.00%
-17.85%
165.76%
93.47%
-50.18%
-7.81%
-4.92%
20.03%
20.03%
-52.03%
-18.92%
98.52%
-19.09%
-36.44%
-93.84%
-18.24%
-25.00%
-41.77%
15.04%
22.01%
-13.15%
-9.56%
-19.61%
-0.87%
27.25%
-32.01%
-6.44%
-18.61%
-32.24%
-17.00%
-2.95%
67.20%
-18.40%
37.61%
-1.48%

100.00%
-67.58%
-60.12%
47.22%
65.64%
76.17%
85.47%
98.13%
125.49%
-2.99%
-12.01%
0.95%
-42.97%
781.08%
51.11%
114.00%
131.13%
208.89%
-63.53%
-19.27%
-1.23%
-37.01%
89.16%
862.44%
-18.75%
-75.94%
14.94%
-74.02%
153.78%
29.72%
-20.49%
64.12%
-7.44%
446.85%
37.23%
-1.08%
-77.29%
2.38%
44.70%
1.41%
54.34%
-15.00%
-39.44%
292.62%
20.23%
146.60%
64.20%
29.13%
88.65%

48.68
GBP 102.66
$
230.34
408.73
$
154.00
($476.76)
$
2,795.00
$
(21.21)
88.9
$
(241.87)
$27.30
$
36.48
(415.00)
$
(9.73)
$
(9,526.00)
$
15.70
-11.5MM
-24
$
(0.80)
42
$
(12.60)
$
265.48
$ 37,000,000
-625
$
(53.08)
2577
2086.52 E
2,577.65
$
(84.36)
$
(376.83)
359.19
$55.48
$
178.07
$
54.90
$50.14
$6
$232.20
$
63
-104,000
($172.11)
$
1.17
$
(51.75)
$
(30.43)
4.9

61.80
29,778
4,096,328
$
(45.80)
$
624.88

Buy
Sell
Buy
Buy
Hold
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Buy
Sell
Buy
Sell
Sell
Sell
Sell
Sell
Hold
Hold
Buy
Buy
Sell
Sell
Sell
Buy
n/a
Sell
Sell
Sell
Sell
Sell
Buy
Buy
Buy
Sell
Hold

-53.69%
28.08%
38.83%
-17.37%
9.05%
25.51%
-3.92%
213.11%
-31.10%
-11.88%
-52.43%
-6.87%
45.45%
115.54%
251.63%
131.56%
96.73%
31.24%
0.19%
86.96%
118.76%
-9.52%
-24.45%
6.77%
-17.55%
10.82%
7.63%
10.86%
154.60%
21.28%
-2.10%
6.43%
-18.92%
-0.82%
19.87%
21.51%
27.92%
-17.39%
0.00%
100.00%
194.75%
167.49%
2240.00%
8.57%
-33.98%
-30.05%
-12.34%
25.06%
3.57%

-35.81%
3.55%
-41.11%
-0.07%
9.01%
22.25%
-14.88%
30.38%
-22.87%
22.89%
-17.50%
41.98%
-23.81%
-8.32%
-29.74%
-16.46%
141.70%
2096.67%
194.84%
21.41%
141.09%
-11.60%
-28.84%
34.13%
63.16%
5.32%
5.58%
8.31%
34.09%
-51.63%
-5.94%
-31.23%
-18.42%
17.83%
-16.83%
36.27%
178.39%
-11.63%
-84.58%
-48.09%
1798.53%
11.88%
100.00%
21.79%
209.09%
-54.36%
-3.58%
230.63%
-23.16%

(INR 162)
34
\28,768
$
(158.04)
Y
(218.30)
- 154,065.00
$11.58
$
(3.40)
$
8.66
$8.66
$179,485.00
$
(0.24)
$6.43
23.7
$
159.86
-847.66
$
(6.88)
-46.2
$
118.00
$
(89.02)
$
1,042.85
-$1,415.00
$ 45,713.00
(34.85)
GBP (5,751.00)
$374.00
$2.49
($26)
($1,192)
$
(333.47)

Sell
Sell
Hold
Sell
Hold
sell
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Hold
Sell
Buy
Sell
Hold
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Buy
Buy
Sell
Sell

65.00%
24.07%
-31.85%
19.18%
17.09%
81.11%
17.57%
98.59%
33.00%
34.12%
22.65%
61.99%
-25.89%
0.00%
56.20%
-15.49%
150.19%
-10.75%
-11.95%
100.00%
-22.77%
-50.29%
-16.59%
100.00%
17.24%
38.27%
-14.56%
-7.48%
68.38%
206.07%

14.19%
48.10%
-3.70%
-55.90%
-40.50%
121.00%
125.94%
23.45%
31.41%
31.73%
24.37%
3.54%
-41.32%
-15.94%
-6.06%
24.28%
85.14%
-58.08%
-40.69%
100.00%
43.90%
-35.47%
-14.18%
985.71%
75.03%
89.21%
-40.35%
-62.74%
32.05%
825.49%