Morningstar 2011/2012 - (Page 40)
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Fund, Stock, and Credit Research
Morningstar Equity Research Insightful investment ideas from independent analysts.
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A History of Proven Performance
Growth of $10,000 through September 30, 2011 $33K 27 Annualized Outperformance 22 18 16 14 12 2003 2004 2005 2006 2007 2008 2009 2010 2011 S&P 500 Index Morningstar ® Wide Moat Focus Index
SM
+ 6.96%
Morningstar Management Behind the Moat Conference November 09–10, 2011 Research Services Provides Convenient Access to Our Latest Investment Ideas Morningstar Institutional Equity
®
SM
Wednesday, November 09
Auditorium Training Room 1 Training Room 2
Thursday, November 10
Auditorium
Morningstar Equity Research
Training Room 1
Training Room Apple, Inc. AAPL (NAS) | QQQQ 2
Consider Sell Moat Trend™ Stewardship Morningstar Credit Rating Industry Group
9:30am
Morningstar Analyst Panel Discussions CBOE Holdings CBOE Alan Dean Executive VP and CFO Wellpoint WLP Brian Sassi President and CEO, Consumer Business Gen-Probe GPRO Michael Watts Investor Relations
12:45pm
10:15am Texas Instruments TXN Ron Slaymaker Investor Relations
General Mills GIS Donal Mulligan CFO iRobot IRBT Colin Angle CEO General Electric GE
1:30pm
Range Resources RRC Uncertainty Rodney Waller and RayEconomic Moat™ Walker High Narrow Regulatory Compliance Senior VP and Senior VP, Environment, Safety & Snap-on SNA Apple Delivers Innovation, Boardwalk Pipeline BWP but Not Fireworks See Page 2 Aldo Pagliarifor the full Analyst Note from 04 Oct 2011 Allison McLean Investor Relations CFO Steel Dynamics STLD Last Price Fair Value Consider Buy Dick Teets 372.50 USD 530.00 USD 318.00 USD COO
821.50 USD
Michael Holt, CFA Consolidated Edison ED Senior Stock Analyst michael.holt@morningstar.com Robert Hoglund +1 (312) 696-6279 CFO Grady Burkett, CFA Associate Director grady.burkett@morningstar.com +1 (312) 696-6420
Positive
B
—
Computer Hard
Vital Statistics
Market Cap (USD Mil) 52-Week High (USD) 52-Week Low (USD) 52-Week Total Return %
3
11:10am General Mills GIS Donal Mulligan CFO 12:00pm 1:00pm
Access to Analysts Industry Research Proprietary research on 110+ equity analysts Lunch with Morningstar Credit and Equity Analysts available in person, by phone, competitive forces, valuations, Alexandria Real Estate Equities Smith & Nephew SNN Strayer Education STRA and via email Cowdy and sector trends ARE Phil Robert Silberman
Chairman and CEO Morningstar’s 2007 CEO of the Year Joel Marcus Chairman and CEO Ventas VTR Debra Cafaro CEO AutoZone AZO TBD Head of Corporate Affairs
BB&T BBT Ricky Brown President, Community Banking
Management Simonelli Lorenzo Conferences Senior VP, Direct access to President and CEO, corporate GE Transportation executives at our conferences and events
2:15pm
YTD Total Detailed Forecasts Return % Global Company Reports Clay Williams Apple's short-term momentum looks unstoppable. Last Fiscal Year End CFO Triple-digit growth Fully we look five years 5-Yr Forward Revenue Investment thesis, scenario rates will slow, but aspopulated discounted CAGR % down the road, some of the most important drivers of 5-Yr Forward EPS CAGR % analysis, and Economic Moat estimating cash flow models Price/Fair Value valuation include how big the addressable market for smartphones will grow and how much share Valuation Summary and Forecasts rationale
The primary analyst covering this company does not own its stock. Research as of 04 Oct 2011 Estimates as of 28 Sep 2011 Pricing data through 04 Oct 2011 Rating updated as of 04 Oct 2011 Currency amounts expressed with "$" are in U.S. dollars (USD) unless otherwise denoted.
Analyst's Perspective 21 Sep 2011NOV National Oilwell Varco
30 Se
Apple can carve off. Once share is secured, we believe users become tethered to the Apple ecosystem that will drive their purchasing decisions for years to come. Apple is peaking at the perfect time, riding Steve Jobs' unparalleled insight, execution, and design skills to the front of the current product cycle. The iPhone is the cornerstone of Apple's consumer strategy, with few opportunities larger than the global handset market. Now it is positioned to ride a wave of smartphone growth that could top a billion annual unit shipments by 2015.
Fiscal Year:
2009
2010
2011(E)
1:45pm
IDEXX Laboratories IDXX Merilee Raines CFO
Price/Earnings EV/EBITDA EV/EBIT Free Cash Flow Yield % Dividend Yield %
18.8 11.5 12.2 5.4 —
18.7 12.1 12.7 6.4 —
14.4 9.3 9.8 6.0 —
Financial Summary and Forecasts (USD Mil)
Fiscal Year: 2009 2010 2011(E)
2:30pm
Regency Centers Corporation REG Parexel PRXL James Winschel Patrick Johnson and Lisa Palmer Senior Manager, Capital Markets and CFO Senior VP, Capital Markets
Contents
Revenue Revenue YoY % EBIT EBIT YoY % Net Income, Adjusted Net Income YoY %
42,905 14.4 11,740 41.0 8,945 46.2
65,225 52.0 18,385 56.6 14,013 56.7
111,261 70.6 32,230 75.3 23,965 71.0
1
Analyst's Perspective Key Investment Considerations Morningstar Analysis Analyst Note
1 1
3:10pm
Break with Morningstar Credit and Equity Analysts
2
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