August 20, 2013

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Click HERE to Download a FREE Sample of the ValuEngine View Newsletter VALUATION WATCH: Our models find that overvaluation is at levels typically seen when market pullbacks occur. Overvalued stocks assigned a valuation now make up 75% of our universe and 42% of the stocks assigned a valuation are calculated to be overvalued by 20% or more. 15 of 16 sectors are calculated to be overvalued--14 of them by double digits.

Pick Up the Phone

--Telecom Argentina Provides 30% Return for VE View
TELECOM ARGENTINA (TEO) holds a license to provide basic telephone service and fixes telecommunications links in the northern region of the Argentine Republic. The Company contributes to the country?s economic and social development by means of incorporating the latest technological advances achieved to-date in the field of telecommunications world-wide. TELECOM ARGENTINA currently leads our long-only ValuEngine View portfolio newsletter. When originally selected for the View this month, the stock was at $15.23/share. As of yesterday's close, the stock was at $19.91/share for a gain in excess of 30%. ValuEngine continues its STRONG BUY recommendation on TELECOM ARGENTI for 2013-08-19. Based on the information we have gathered and our resulting research, we feel that TELECOM ARGENTI has the probability to OUTPERFORM average market performance for the next year. The company exhibits ATTRACTIVE P/E Ratio and Momentum.

Below is today's data on TEO:

ValuEngine Forecast
Target Price* Expected Return 1.51% 10.47% 14.96% 18.09% 48.09% 71.17%

1-Month 3-Month 6-Month 1-Year 2-Year 3-Year

20.21 21.99 22.89 23.51 29.48 34.08

Valuation 1-M Forecast Return 12-M Return Sharpe Ratio 5-Y Avg Annual Return Volatility Expected EPS Growth Market Cap (billions) Trailing P/E Ratio Forward P/E Ratio PEG Ratio Price/Sales Market/Book Beta Alpha

n/a 1.51% 62.53% 0.07 3.78% 56.92% 1.22% 3.92 6.77 6.69 5.56 0.81 2.03 1.43 0

Valuation Rank 1-M Forecast Return Rank Momentum Rank Sharpe Ratio Rank 5-Y Avg Annual Rtn Rank Volatility Rank EPS Growth Rank Size Rank Trailing P/E Rank Forward P/E Ratio Rank PEG Ratio Rank Price/Sales Rank Market/Book Rank Beta Rank Alpha Rank

80 99 89 63 67 44 22 84 98 96 5 69 48 34 59

Market Overview
Summary of VE Stock Universe
Stocks Undervalued Stocks Overvalued Stocks Undervalued by 20% Stocks Overvalued by 20% 25.02% 74.98% 9.98% 41.96%

Sector Overview
Sector
Aerospace Auto-Tires-Trucks Basic Materials Business Services Computer and Technology Construction Consumer Discretionary Consumer Staples Finance Industrial Products Medical Multi-Sector Conglomerates Oils-Energy Retail-Wholesale Transportation Utilities

Change
-2.11% -0.54% -1.26% -0.60% -0.93% -0.84% -0.67% -0.61% -1.04% -0.59% -0.39% -1.33% -1.37% -0.58% -0.63% -1.33%

MTD
-0.51% 1.71% 2.71% -1.66% -0.93% -2.45% -0.49% -2.18% -1.92% 1.23% 0.14% -0.20% -3.31% -3.29% -1.87% -1.42%

YTD
25.70% 38.44% 2.57% 69.14% 25.99% 25.84% 28.32% 14.42% 22.31% 32.70% 194.76% 5.95% 20.05% 28.87% 18.28% 11.52%

Valuation
21.80% overvalued 28.11% overvalued 3.42% undervalued 19.55% overvalued 22.01% overvalued 16.46% overvalued 23.46% overvalued 17.73% overvalued 18.70% overvalued 20.17% overvalued 19.17% overvalued 25.14% overvalued 5.77% overvalued 23.91% overvalued 19.81% overvalued 9.18% overvalued

Last 12MReturn
34.28% 43.12% -21.42% 24.01% 23.22% 31.30% 27.15% 17.97% 15.03% 29.38% 21.94% 13.39% 2.78% 34.93% 24.84% 8.55%

P/E Ratio
17.5 20.48 19.97 23.3 29.75 24.49 24.32 21.5 17.49 21.5 26.29 17.3 26.51 23.3 19.13 18.83