May 2017 - Raymond James Ltd. · May 2017 . 2 Raymond James Research ... Dipexium Pharmaceuticals, Inc. ... this report are generally not eligible for sale in the U.S. unless they

Global Research Published by Raymond James & Associates

© 2017 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved.

International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863

May 2017

2 Raymond James Research Register - May 2017

Contents Consumer Healthcare Real Estate

USA .......................... 19

CAN .......................... 22

EUR .......................... 23

USA .......................... 45

USA .......................... 58

CAN .......................... 61

EUR .......................... 62

Energy Industrial Technology & Communications

USA .......................... 26

CAN .......................... 31

EUR .......................... 33

USA .......................... 52

CAN ......................... 53

EUR .......................... 54

USA .......................... 64

CAN .......................... 72

EUR .......................... 73

Financial Services Mining & Natural Resources Transportation

USA .......................... 36

CAN .......................... 43

CAN ......................... 56

USA .......................... 74

CAN .......................... 76

EUR .......................... 76

Analyst Index ................................................................................3

Upcoming Events ..........................................................................4

Research Coverage Changes ........................................................4

About This Publication ..................................................................5

Company Index .............................................................................7

Companies Under Coverage .......................................................19

Research Analysts and Sales & Trading Directories

USA .......................... 77

Canada ..................... 80

Europe ..................... 81

Raymond James Research Register - May 2017 3

Analyst Index

J. Marshall Adkins (JMA) ............................... 26

Brian G. Alexander, CFA (BGA) ...................... 64

Joseph Altobello, CFA (JA) ............................. 19

Ken Avalos (KA) ............................................. 61

Michael J. Baker (MJB) .................................. 45

Frederic Bastien, CFA (FB) ................... 31,53,61

Jayson Bedford (JB) ....................................... 45

Reni Benjamin, Ph.D. (RB) ............................. 45

Stephane Beyazian (SB) ................................ 73

Mehdi Boudokhane (MB) .............................. 54

Andrew Bradford, CFA (AB) .......................... 31

Harry Breach (HB) ......................................... 54

Patrick Tyler Brown, CFA (TB) .................. 52,74

Benjamin Brownlow (BBL) ....................... 19,26

Budd Bugatch, CFA (BB) ................................ 19

Daniel E. Cardenas (DC) ................................ 36

Ben Cherniavsky (BC) ............................... 53,76

Laura Chico, Ph.D. (LC) .................................. 45

Chris Cox, CFA (CC) ........................................ 31

William A. Crow (WAC) ................................. 58

Sam Darkatsh (SD) ................................... 19,52

Hermine de Bentzmann (HB) ........................ 23

Jean-Pierre Dmirdjian (JPD) ..................... 26,33

Robert Dodd, Ph.D. (RD) ............................... 36

John Freeman, CFA (JF) ................................. 26

Brian Gesuale (BG) ........................................ 64

Steve Hansen, CFA, CPA, CMA (SH) ..... 53,56,76

Tara Hassan, P.Eng (TH) ................................ 56

Buck Horne, CFA (BH) .................................... 58

Darren Horowitz (DH) ................................... 26

Jonathan Hughes, CFA (JH) ............................ 58

Nicholas Jansen (NJ) ...................................... 45

Justin Jenkins (JJ) ........................................... 26

Wayne Johnson (WJ) ..................................... 64

Aaron Kessler, CFA (AK)................................. 64

Lawrence Keusch (LK).................................... 45

Patrick Lambert (PL) ...................................... 54

Cedric Lecasble (CL) ...................................... 23

Simon Leopold (SL) ........................................ 64

Steven Li, CFA (SLi) .............................. 31,64,72

David J. Long, CFA (DJL) ................................. 36

Frank G. Louthan IV (FGL) ............................. 64

Brian Martin, CFA (BM) ................................. 53

Tavis C. McCourt, CFA (TMC)......................... 64

Jeremy McCrea, CFA (JM) ............................. 31

Collin Mings, CFA (CM) .................................. 58

Pavel Molchanov (PM) .................................. 26

Kurt Molnar (KM) .......................................... 31

Praveen Narra, CFA (PN) ............................... 26

Patrick O'Shaughnessy, CFA (PO) .................. 36

Justin Patterson, CFA (JP) .............................. 64

C. Gregory Peters (CGP) ................................ 36

Brian Peterson, CFA (BP) ............................... 64

Brenna Phelan, CFA, CPA, CA (BP) ............ 43,53

Ric Prentiss (RP)............................................. 64

Paul D. Puryear (PDP) ............................... 58,64

David Quezada, CFA (DQ) ......................... 31,53

John W. Ransom (JWR).................................. 45

Christopher Raymond (CR) ............................ 45

Emmanuel Retif (ER) ..................................... 33

Julien Richer, CFA (JR) ......................... 23,62,76

Johann Rodrigues (JR) ................................... 61

Michael Rose (MR) ........................................ 36

Daryl Swetlishoff, CFA (DS) ....................... 53,56

Savanthi Syth, CFA (SS) .................................. 74

Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 56

Terry Tillman (TT) .......................................... 64

Adam Tindle, CFA (AT) ................................... 64

Michael Turits, Ph.D. (MT) ............................. 64

Kenric S. Tyghe, MBA (KT) ............................. 22

Brian M. Vaccaro, CFA (BV) ........................... 19

William J. Wallace IV (WW) ........................... 36

Dan Wewer, CFA (DW) .................................. 19

Elliot Wilbur, CFA (EW) .................................. 45

Donald A. Worthington (DAW) ...................... 36


Upcoming Events

FinTech Symposium (USA) May 15, 2017; New York, New York Credit Officers Symposium (USA) May 22, 2017; New York, New York Boston Spring Investors Conference (USA) June 6, 2017; Boston, Massachusetts

The New Hybrid World: A Physical and Virtual Tour In Networking and IT Infrastructure (USA)

June 7-9, 2017; San Jose, California 48 Hours in Edmonton Tour (CAN) October 18-19, 2017; Edmonton, Canada

Research Coverage Changes

Additions Deletions

USA

Alteryx, Inc. (AYX:N)

Antares Pharma, Inc. (ATRS:Q)

BioTime, Inc. (BTX:M)

Blackbaud, Inc. (BLKB:Q)

Cidara Therapeutics, Inc. (CDTX:Q)

Clipper Realty Inc. (CLPR:N)

Cullen/Frost Bankers, Inc. (CFR:N)

FS Bancorp, Inc. (FSBW:Q)

MacroGenics, Inc. (MGNX:Q)

ProPetro Holding Corp. (PUMP:N)

Snap Inc. (SNAP:N)

CAN

Atlantic Gold Corp. (AGB:V)

Blackline Safety Corp. (BLN:V)

USA

Cardinal Financial Corporation (CFNL:Q)

Clayton Williams Energy, Inc. (CWEI:N)

Diodes Incorporated (DIOD:Q)

Fifth Street Finance Corp. (FSC:Q)

GigPeak, Inc. (GIG:M)

Heritage Oaks Bancorp (HEOP:Q)

Monolithic Power Systems, Inc. (MPWR:Q)

Nimble Storage (NMBL:N)

NXP Semiconductors N.V. (NXPI:Q)

Semtech Corporation (SMTC:Q)

Universal American Corp. (UAM:N)

CAN

Savanna Energy Services (SVY:T)

Changes

Computer Sciences Corp. (CSC:N) changed its name and symbol to DXC Technology Co. (DXC:N)

Dipexium Pharmaceuticals, Inc. (DPRX:Q) changed its name and symbol to PLx Pharma Inc. (PLXP:Q)

German American Bancorp, Inc. (GABC:Q) adjusted for 3:2 split

Hewlett Packard Enterprise Company (HPE:N) adjusted for spinoff of Everett Spinco Inc.

PLxPharma Inc. (PLXP:Q) adjusted for 1:8 reverse split

Roxgold Inc. (ROG:V) has changed tickers and exchanges and now trades as ROXG:T


About This Publication The Equity Research Register is a monthly statistical summary of financial data. It is compiled from infor-mation from each of the contributing entities. Following are some general notes about the information contained in this publication.

Symbol and Exchange = the stock exchange where the largest volume of the equity trades and the company’s ticker on that exchange. Specific exchange abbreviations are defined on the following page.

Currency = U.S. dollars unless otherwise noted. Currencies are defined on the following page.

Closing Price = last price from indicated date on the indicated stock exchange.

Target Price = Raymond James & Associates (USA) has target prices only for stocks with Strong Buy 1 or Outperform 2 ratings. Raymond James Ltd. (Canada) has target prices for all stock ratings. Raymond James Euro Equities/Raymond James Financial International Limited has target prices for stocks with Strong Buy 1, Outperform 2, and Underperform 4 ratings. Projected 12-month price targets may not reflect recent stronger price action in a specific stock.

Earnings = EPS unless otherwise denoted. Currency for earnings is the same as that of the Closing Price unless otherwise denoted. In situations where the currency for the closing price differs from the currency for earnings, a currency adjustment factor has been employed. See Footnotes on the following page.

Analysts = the initials of the lead analyst on the specific stock and the secondary analyst if applicable.

Definitions of Stock and Suitability Ratings can be found in the Disclosures section at the back of this publication.

International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. This report is being provided for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for solicitation in your state.

Limited Partnerships may generate Unrelated Business Taxable Income (UBTI), which can create a tax liability that must be paid from a retirement account. You should receive a Schedule K-1 from the partnership annually that would include UBTI and other financial information. Please consult with your tax advisor to determine whether you must file and pay tax from your account.


Exchanges

AMS ---- Amsterdam Stock Exchange

BIT ---- Italy – Borsa Italiana

EBR ---- Euronext Brussels

ELI ---- Euronext Lisbon

EPA ---- Euronext Paris

ETR ---- Germany – XETRA

HEL ---- Helsinki Stock Exchange

L ---- London Stock Exchange

M ---- NYSE MKT

MAD --- Madrid Stock Exchange

MCE ---- Madrid Stock Exchange C.A.T.S.

N --- NYSE

OSL --- Oslo Stock Exchange

OTC ---- OTC

PRG --- Prague Stock Exchange

Q --- NASDAQ

STO --- Stockholm Stock Exchange

SWF --- Switzerland – Swiss Exchange

T --- TSX

V --- TSX Venture

WBAG --- Austria, Wiener Borse

Currencies

p ---- British pence

£ ---- British pound

C$ ---- Canadian dollar

CZK ---- Czech koruna

€ ---- Euro

NOK --- Norwegian krone

SEK --- Swedish krona

CHF --- Swiss franc

US$ or $ --- U.S. dollar

Footnotes

NA ---- Not Available.

NM ---- Not Meaningful.

R ---- Research Restricted.

UR ---- Under Review.

$D ---- EPS is shown in U.S. dollars.

$E ---- EPS is shown in euros.

$R ---- EPS is shown in South African rand.

ae ---- EPS is Adjusted EBITDA.

af ---- EPS is Adjusted Funds from Operations (AFFO).

ca ---- EPS is Cash Available for Distribution/Share.

cb ---- EPS is EBITDA (mil.).

cf ---- EPS is Cash Flow per Share.

co ---- EPS is Core FFO.

ct ---- EPS is EBITDA (000s).

cu --- EPS is Cash Distribution per Unit.

ed --- EPS is Earnings per ADS.

f --- Fiscal years ending before May are treated as previous year.

fa --- EPS is Adjusted Free Cash Flow/Share.

fc --- EPS is Free Cash Flow/Share.

is --- Reported figures are in accordance with International Financial Reporting Standards (IFRS).

ni --- EPS is Net Investment Income per Share.

r --- Figures are based on ADRs/ADSs.

rf --- EPS is Recurring Free Cash Flow per Share.

sa --- EPS is Sales (mil.).

x --- EPS is Funds From Operations (FFO).

y --- EPS is Distributable Cash Flow per Share.

Company Index


1st Constitution Bancorp (FCCY:Q) 36 8point3 Energy Partners L.P. (CAFD:Q) 30 AAC Holdings, Inc. (AAC:N) 45 Aaron's Inc. (AAN:N) 20 Abaxis, Inc. (ABAX:Q) 45 Abbott Laboratories (ABT:N) 49 AbbVie Inc. (ABBV:N) 46 Abertis (ABE.MC:MAD) 55 Abiomed Inc. (ABMD:Q) 49 Acadia Healthcare Company, Inc. (ACHC:Q) 45 Acadian Timber Corp. (ADN:T) 57 Accenture plc (ACN:N) 69 Access National Corporation (ANCX:Q) 36 AccorHotels (ACCP.PA:EPA) 62 ACI Worldwide, Inc. (ACIW:Q) 67 Acorda Therapeutics, Inc. (ACOR:Q) 46 Acushnet Holdings Corp. (GOLF:N) 19 Adaptimmune Therapeutics plc (ADAP:Q) 46 Adidas (ADSGn.DE:ETR) 24 ADMA Biologics, Inc. (ADMA:Q) 46 ADP (ADP.PA:EPA) 55 ADTRAN, Inc. (ADTN:Q) 66 Advance Auto Parts, Inc. (AAP:N) 20 Advanced Energy Industries, Inc. (AEIS:Q) 30 Advantage Oil & Gas Ltd. (AAV:T) 31 The Advisory Board Company (ABCO:Q) 48 Aecon Group (ARE:T) 53 Aerie Pharmaceuticals, Inc. (AERI:Q) 50 AeroVironment Inc. (AVAV:Q) 64 Aetna (AET:N) 45 Aflac, Inc. (AFL:N) 41 Agree Realty Corporation (ADC:N) 59 Agrium Inc. (AGU:N) 56 AGT Food and Ingredients Inc. (AGT:T) 56 Ahold Delhaize (AD.AS:AMS) 24 AIMIA (AIM:T) 22 Air Canada (AC:T) 76 Air France-KLM (AIRF.PA:EPA) 76 Air Liquide (AIRP.PA:EPA) 55 Airbus Group (AIR.PA:EPA) 54 Akamai Technologies, Inc. (AKAM:Q) 67 Akorn, Inc. (AKRX:Q) 50 AkzoNobel (AKZO.AS:AMS) 55 Alaris Royalty Corp. (AD:T) 53 Alarm.com Holdings (ALRM:Q) 69 Alaska Air Group (ALK:N) 74 Alcentra Capital Corporation (ABDC:Q) 42 Alere, Inc. (ALR:N) 47 Alexion Pharmaceuticals, Inc. (ALXN:Q) 46 Algonquin Power & Utilities (AQN:T) 32 Alibaba Group Holding Ltd. (BABA:N) 68 Allegiant Travel Co. (ALGT:Q) 75 Allergan plc (AGN:N) 50 Alliance Data Systems Corp. (ADS:N) 67 Allied Properties REIT (AP.UN:T) 61 Allscripts Healthcare Solutions Inc. (MDRX:Q) 48 Allstate Corporation (ALL:N) 41 Alphabet, Inc. (GOOG:Q) 68 AltaGas Ltd. (ALA:T) 33 Alterra Power Corp. (AXY:T) 32 Alteryx, Inc. (AYX:N) 67 AMAG Pharmaceuticals, Inc. (AMAG:Q) 46

Amazon.com Inc. (AMZN:Q) 68 Amber Road, Inc. (AMBR:N) 65 Amec Foster Wheeler (AMFW.L:L) 34 Amedisys (AMED:Q) 45 America Movil, S.A.B. de C.V. (AMX:N) 71 American Airlines Group, Inc. (AAL:Q) 74 American Equity Investment Life Holding Company (AEL:N) 41 American Financial Group, Inc. (AFG:N) 41 American Homes 4 Rent (AMH:N) 60 American National Bankshares, Inc. (AMNB:Q) 36 American River Bankshares (AMRB:Q) 36 American Tower (AMT:N) 70 AmeriGas Partners L.P. (APU:N) 28 AmerisourceBergen Corp. (ABC:N) 47 Amgen, Inc. (AMGN:Q) 46 Amphastar Pharmaceuticals, Inc. (AMPH:Q) 50 Anadarko Petroleum Corp. (APC:N) 26 Angie's List, Inc. (ANGI:Q) 68 AngioDynamics (ANGO:Q) 49 ANI Pharmaceuticals, Inc. (ANIP:Q) 50 Antares Pharma, Inc. (ATRS:Q) 50 Antero Midstream Partners L.P. (AM:N) 28 Antero Resources Corporation (AR:N) 26 Anthem (ANTM:N) 45 Aon plc (AON:N) 41 Apache Corporation (APA:N) 26 Apartment Investment and Management Company (AIV:N) 60 Apollo Investment Corp. (AINV:Q) 42 Apple Inc. (AAPL:Q) 69 Applied Optoelectronics, Inc. (AAOI:Q) 66 AquaVenture Holdings Ltd. (WAAS:N) 30 ARC Resources Ltd. (ARX:T) 31 Archrock Partners L.P. (APLP:Q) 29 Ares Capital Corp. (ARCC:Q) 42 Argo Group International Holdings, Ltd. (AGII:Q) 41 Arista Networks (ANET:N) 66 Arkema (AKE.PA:EPA) 55 Armada Hoffler Properties (AHH:N) 60 ARRIS (ARRS:Q) 66 Arrow Electronics, Inc. (ARW:N) 69 Arthur J. Gallagher & Co. (AJG:N) 41 Artis REIT (AX.UN:T) 61 Asanko Gold Inc. (AKG:T) 57 Associated Banc-Corp (ASB:M) 36 Asterias Biotherapeutics (AST:M) 46 AT&T Inc. (T:N) 71 Athabasca Oil Corp. (ATH:T) 31 athenahealth Inc. (ATHN:Q) 48 Atlantic Capital Bancshares, Inc. (ACBI:Q) 36 Atlantic Gold Corp. (AGB:V) 57 Atlassian (TEAM:Q) 67 ATN International, Inc. (ATNI:Q) 71 Atwood Oceanics (ATW:N) 29 Autogrill (AGL.BIT:BIT) 23 AutoZone, Inc. (AZO:N) 20 Avigilon Corporation (AVO:T) 72 Avnet, Inc. (AVT:N) 69 B2Gold Corp. (BTO:T) 57 BAE Systems (BAES.L:L) 54 Baker Hughes, Inc. (BHI:N) 29 Banc of California, Inc. (BANC:N) 36 BancFirst Corporation (BANF:Q) 36

Company Index


The Bancorp, Inc. (TBBK:Q) 36 BancorpSouth, Inc. (BXS:N) 36 Bank of America Corporation (BAC:N) 36 Bank of Commerce Holdings (BOCH:Q) 36 Bank of Marin Bancorp (BMRC:Q) 36 The Bank of N.T. Butterfield & Son Limited (NTB:N) 36 Bank of New York Mellon Corp (BK:N) 36 Bank of the Ozarks Inc. (OZRK:Q) 36 Banner Corporation (BANR:Q) 36 BASF (BASFn.DE:ETR) 55 Baxter International Inc. (BAX:N) 48 Baylin Technologies Inc. (BYL:T) 72 Baytex Energy Corporation (BTE:T) 31 BB&T Corporation (BBT:N) 36 Beacon Roofing Supply, Inc. (BECN:Q) 52 Bear Creek Mining Corp. (BCM:V) 57 Becton, Dickinson and Company (BDX:N) 48 Bed Bath & Beyond (BBBY:Q) 20 Beiersdorf (BEIG.DE:ETR) 23 Bellatrix Exploration Ltd. (BXE:T) 31 Bellicum Pharmaceuticals, Inc. (BLCM:Q) 46 Benefitfocus, Inc. (BNFT:Q) 65 Best Buy Company, Incorporated (BBY:N) 20 BGC Partners, Inc. (BGCP:Q) 40 BIC (BICP.PA:EPA) 23 Big Lots Inc. (BIG:N) 20 Biogen Inc. (BIIB:Q) 46 BioMarin Pharmaceutical Inc. (BMRN:Q) 46 BioTime, Inc. (BTX:M) 46 Bioverativ (BIVV:Q) 46 Birchcliff Energy Ltd. (BIR:T) 31 Bird Construction Inc. (BDT:T) 53 Black Diamond Group Limited (BDI:T) 32 Black Stone Minerals L.P. (BSM:N) 26 Blackbaud, Inc. (BLKB:Q) 65 BlackBerry (BBRY:Q) 72 Blackhawk Network Holdings, Inc. (HAWK:Q) 67 Blackline Safety Corp. (BLN:V) 54 BlackLine, Inc. (BL:Q) 65 Bloomin' Brands, Inc. (BLMN:Q) 21 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 41 Blueprint Medicines Corporation (BPMC:Q) 46 Boardwalk Pipeline Partners L.P. (BWP:N) 28 Boardwalk REIT (BEI.UN:T) 62 BofI Holding, Inc. (BOFI:Q) 36 BOK Financial Corp. (BOKF:Q) 36 Bombardier Inc. (BBD.B:T) 53 Bonavista Energy Corporation (BNP:T) 31 Bonterra Energy Corp. (BNE:T) 31 Booz Allen Hamilton Holding Corp. (BAH:N) 69 Boralex, Inc. (BLX:T) 32 Boston Scientific Corp. (BSX:N) 49 Bottomline Technologies (EPAY:Q) 67 Bouygues (BOUY.PA:EPA) 73 Box, Inc. (BOX:N) 65 Boyd Group Income Fund (BYD.UN:T) 54 BP (BP.L:L) 33 Brandywine Realty Trust (BDN:N) 60 Briggs & Stratton Corporation (BGG:N) 19 Brightcove Inc. (BCOV:Q) 65 Brinker International, Inc. (EAT:N) 21 Broadridge Financial Solutions, Inc. (BR:N) 40

BroadSoft, Inc. (BSFT:Q) 69 Brookfield Canada Office Properties (BOX.UN:T) 61 Brookfield Infrastructure Partners L.P. (BIP:N) 32 Brookfield Renewable Partners L.P. (BEP:N) 32 Brown & Brown, Inc. (BRO:N) 41 Brunswick Corp. (BC:N) 21 BT (BT.L:L) 73 Buffalo Wild Wings, Inc. (BWLD:Q) 21 C.H. Robinson Worldwide, Inc. (CHRW:Q) 75 C.R. Bard, Inc. (BCR:N) 48 CA Technologies (CA:Q) 67 Cabela’s Inc. (CAB:N) 20 Cabot Oil & Gas Corporation (COG:N) 26 CACI International Inc. (CACI:N) 69 CAE Inc. (CAE:T) 53 CafePress Inc. (PRSS:Q) 68 CalAtlantic Group, Inc. (CAA:N) 58 Calfrac Well Services (CFW:T) 32 California Resources Corporation (CRC:N) 26 Calix, Inc. (CALX:N) 66 Callaway Golf Company (ELY:N) 19 Calumet Specialty Products Partners, L.P. (CLMT:Q) 28 Campari (CPR.MI:BIT) 23 Canadian Apartment Properties REIT (CAR.UN:T) 62 Canadian Energy Services & Technology Corp. (CEU:T) 32 Canadian National Railway (CNR:T) 76 Canadian Natural Resources Ltd (CNQ:T) 33 Canadian Pacific Railway Limited (CP:T) 76 Canadian Tire Corporation (CTC.A:T) 22 Canam Group (CAM:T) 54 Canfor Corp. (CFP:T) 57 Canfor Pulp Products Inc. (CFX:T) 57 Cantel Medical Corp. (CMD:N) 48 CanWel Building Materials Group Ltd. (CWX:T) 76 Canyon Services Group Inc. (FRC:T) 32 Capital Power Corporation (CPX:T) 32 Capital Product Partners L.P. (CPLP:Q) 28 CapStar Financial Holdings, Inc. (CSTR:Q) 36 Cara Operations Limited (CARA:T) 22 Cardinal Health, Inc. (CAH:N) 47 CareDx, Inc. (CDNA:Q) 47 CareTrust REIT, Inc (CTRE:Q) 59 Carolina Financial Corporation (CARO:Q) 36 Carrefour (CARR.PA:EPA) 24 Carrizo Oil & Gas, Inc. (CRZO:Q) 26 Carrols Restaurant Group, Inc. (TAST:Q) 21 Cascadian Therapeutics Inc. (CASC:Q) 46 Casella Waste Systems, Inc. (CWST:Q) 52 Casey's General Stores, Inc. (CASY:Q) 20 Casino (CASP.PA:EPA) 24 Castlight Health, Inc. (CSLT:N) 65 Catalent, Inc. (CTLT:N) 49 CatchMark Timber Trust, Inc. (CTT:N) 61 CBL & Associates Properties, Inc. (CBL:N) 59 CBOE Holdings, Inc. (CBOE:Q) 40 CDW Corporation (CDW:Q) 69 Cedar Realty Trust, Inc. (CDR:N) 60 Celgene Corporation (CELG:Q) 46 Cempra, Inc. (CEMP:Q) 46 Cenovus Energy, Inc. (CVE:T) 33 Centene Corporation (CNC:N) 45 CenterState Banks, Inc. (CSFL:Q) 36

Company Index


Central Pacific Financial Corp. (CPF:N) 36 CenturyLink, Inc. (CTL:N) 71 Cerner Corporation (CERN:Q) 48 Cervus Equipment Corp. (CERV:T) 53 CEZ (CEZsp.PR:PRG) 34 CGI Group (GIB.A:T) 72 ChannelAdvisor Corporation (ECOM:N) 65 Charles River Laboratories International, Inc. (CRL:N) 49 The Charles Schwab Corporation (SCHW:N) 40 Chart Industries, Inc. (GTLS:Q) 30 Charter Communications, Inc. (CHTR:Q) 71 Check Point Software Technologies (CHKP:Q) 67 Cheesecake Factory Inc. (CAKE:Q) 21 Chegg, Inc. (CHGG:N) 68 Chemical Financial Corp. (CHFC:Q) 36 Chemtrade Logistics Income Fund (CHE.UN:T) 53 Cheniere Energy Partners, L.P. (CQP:M) 28 Cheniere Energy, Inc. (LNG:M) 28 Chesapeake Energy Corporation (CHK:N) 26 Chevron Corp. (CVX:N) 27 Chinook Energy, Inc. (CKE:T) 31 Chipotle Mexican Grill, Inc. (CMG:N) 21 Choice Properties REIT (CHP.UN:T) 62 Christian Dior (DIOR.PA:EPA) 23 Chubb Limited (CB:N) 41 Church & Dwight Co., Inc. (CHD:N) 21 Chuy's Holdings, Inc. (CHUY:Q) 21 Cidara Therapeutics, Inc. (CDTX:Q) 46 Ciena Corporation (CIEN:N) 66 Cigna Corporation (CI:N) 45 Cimarex Energy Co. (XEC:N) 26 Cincinnati Bell Inc. (CBB:N) 71 Cineplex Inc. (CGX:T) 22 Cisco Systems (CSCO:Q) 66 Citrix Systems, Inc. (CTXS:Q) 67 City Office REIT, Inc. (CIO:N) 60 Civitas Solutions, Inc. (CIVI:N) 45 Clariant (CLN.VX:SWF) 55 Clean Energy Fuels Corp. (CLNE:Q) 30 Clean Harbors, Inc. (CLH:N) 52 Clipper Realty Inc. (CLPR:N) 60 The Clorox Company (CLX:N) 21 CM Finance Inc. (CMFN:Q) 42 CME Group Inc. (CME:Q) 40 Cobham (COB.L:L) 54 Coeur Mining Inc. (CDE:N) 57 Cogent Communications Holdings, Inc. (CCOI:Q) 71 Cognex Corporation (CGNX:Q) 64 Colliers International Group Inc. (CIGI:Q) 61 Colruyt (COLR.BR:EBR) 24 Columbia Banking System, Inc. (COLB:Q) 36 Comcast Corporation (CMCSA:Q) 71 Comerica Inc. (CMA:N) 36 Commerce Bancshares, Inc. (CBSH:Q) 36 CommScope Holding Company, Inc. (COMM:Q) 66 Community Bank System, Inc. (CBU:N) 36 Community Health Systems, Inc. (CYH:N) 48 Community Trust Bancorp, Inc. (CTBI:Q) 37 CommVault Systems, Inc. (CVLT:Q) 67 Compass Diversified Holdings (CODI:N) 42 Compass Group (CPG.L:L) 23 Computer Programs and Systems, Inc. (CPSI:Q) 48

Concho Resources Inc. (CXO:N) 26 Conifer Holdings, Inc. (CNFR:Q) 41 Conifex Timber, Inc. (CFF:T) 57 Connection (CNXN:Q) 69 ConnectOne Bancorp, Inc. (CNOB:Q) 37 Connecture, Inc. (CNXR:Q) 48 ConocoPhillips (COP:N) 26 CONSOL Energy Inc. (CNX:N) 26 Consolidated Communications Holdings (CNSL:Q) 71 Constellation Software Inc. (CSU:T) 72 Continental Resources Inc. (CLR:N) 26 Control4 Corporation (CTRL:Q) 69 The Cooper Companies, Inc. (COO:N) 48 Copa Holdings, S.A. (CPA:N) 74 Core-Mark Holding Company, Inc. (CORE:Q) 20 CoreSite Realty Corporation (COR:N) 70 Corporate Office Properties Trust (OFC:N) 60 Costco Wholesale Corporation (COST:Q) 20 Cotiviti Holdings, Inc. (COTV:N) 48 Coupa Software Incorporated (COUP:Q) 65 Covanta Holding Corp. (CVA:N) 52 Covestro (1COV.DE:ETR) 55 CPI Card Group Inc. (PMTS:Q) 67 Crawford & Company (CRD.B:N) 41 Credit Acceptance Corp. (CACC:Q) 42 CREIT (REF.UN:T) 61 Crescent Point Energy (CPG:T) 31 Crestwood Equity Partners L.P. (CEQP:N) 28 Crew Energy Inc. (CR:T) 31 Criteo S.A. (CRTO:Q) 68 Crombie REIT (CRR.UN:T) 62 CrossAmerica Partners L.P. (CAPL:N) 28 Crown Capital Partners Inc. (CRWN:T) 43 Crown Castle International (CCI:N) 70 CSI Compressco Partners L.P. (CCLP:Q) 29 CSRA Inc. (CSRA:N) 69 CST Brands, Inc. (CST:N) 20 CSX Corp. (CSX:Q) 75 CT Real Estate Investment Trust (CRT.UN:T) 62 Ctrip.com International, Ltd. (CTRP:Q) 68 CU Bancorp (CUNB:Q) 37 CubeSmart (CUBE:N) 60 Cubic Corporation (CUB:N) 64 Cullen/Frost Bankers, Inc. (CFR:N) 37 Culp, Inc. (CFI:N) 19 CVB Financial Corp. (CVBF:Q) 37 CVS Health (CVS:N) 47 Cypress Energy Partners L.P. (CELP:N) 30 CyrusOne Inc. (CONE:Q) 70 D.R. Horton, Inc. (DHI:N) 58 Darden Restaurants (DRI:N) 21 Dave & Buster's Entertainment, Inc. (PLAY:Q) 21 DaVita HealthCare Partners Inc. (DVA:N) 45 Dawson Geophysical Company (DWSN:Q) 30 DCT Industrial Trust, Inc. (DCT:N) 60 DDR Corp. (DDR:N) 60 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 21 Delek Logistics Partners L.P. (DKL:N) 28 Delek US Holdings, Inc. (DK:N) 27 Delphi Energy Corp. (DEE:T) 31 Delta Air Lines, Inc. (DAL:N) 74 Dermira, Inc. (DERM:Q) 50

Company Index


The Descartes Systems Group Inc. (DSGX:Q) 72 Deutsche Telekom (DTE.DE:ETR) 73 Devon Energy Corporation (DVN:N) 26 DexCom Inc. (DXCM:Q) 49 DH Corporation (DH:T) 67 Dia (DIDA.MC:MAD) 24 Diageo (DGE.L:L) 23 Diamond Offshore (DO:N) 29 Diamondback Energy, Inc. (FANG:Q) 26 DiamondRock Hospitality Company (DRH:N) 59 Dick`s Sporting Goods Inc. (DKS:N) 20 Digi International Inc. (DGII:Q) 69 Digital Realty Trust, Inc. (DLR:N) 70 DineEquity, Inc. (DIN:N) 21 Diplomat Pharmacy, Inc. (DPLO:N) 49 DIRTT Environmental Solutions Ltd. (DRT:T) 54 DISH Network Corp. (DISH:Q) 71 The Dixie Group (DXYN:Q) 19 Dollar General Corp. (DG:N) 20 Dollar Tree, Inc. (DLTR:Q) 20 Dollarama (DOL:T) 22 Domtar (UFS:N) 57 Douglas Emmett (DEI:N) 60 DragonWave Inc. (DRWI:Q) 72 DSM (DSMN.AMS:AMS) 55 Duluth Holdings Inc. (DLTH:Q) 19 DuPont Fabros Technology Inc. (DFT:N) 70 DXC Technology Co. (DXC:N) 69 E*TRADE Financial Corporation (ETFC:Q) 40 E.On (EONGn.DE:ETR) 34 East West Bancorp, Inc. (EWBC:Q) 37 Easterly Government Properties, Inc. (DEA:N) 60 Eastern Virginia Bankshares, Inc. (EVBS:Q) 37 EastGroup Properties, Inc. (EGP:N) 60 easyJet plc (EZJ.L:L) 76 eBay Inc. (EBAY:Q) 68 EchoStar Corporation (SATS:Q) 70 ECN Capital Corp. (ECN:T) 43 Ecopetrol S.A. (EC:N) 27 Edenred (EDEN.PA:EPA) 23 EDF (EDF.PA:EPA) 34 Eiffage (FOUG.PA:EPA) 55 Element Fleet Management Corp. (EFN:T) 43 Elior (ELIOR.PA:EPA) 23 Emera Inc. (EMA:T) 32 Empire Company Limited (EMP.A:T) 22 Encore Capital Group Inc. (ECPG:Q) 42 Endeavour Mining Corp. (EDV:T) 57 Endeavour Silver Corp. (EDR:T) 57 Endo International plc (ENDP:Q) 50 Enel (ENEI.MI:BIT) 34 Enerflex Ltd. (EFX:T) 32 Energen Corp. (EGN:N) 26 Energy Transfer Equity L.P. (ETE:N) 28 Energy Transfer Partners L.P. (ETP:N) 28 EnerNOC, Inc. (ENOC:Q) 30 Enerplus Corporation (ERF:T) 31 Engie (GSZ.PA:EPA) 34 Eni (ENI.MI:BIT) 33 EnLink Midstream LLC (ENLC:N) 28 EnLink Midstream Partners L.P. (ENLK:N) 28 Enphase Energy, Inc. (ENPH:Q) 30

Ensco plc (ESV:N) 29 Ensign Energy Services Inc. (ESI:T) 32 Enterprise Products Partners L.P. (EPD:N) 28 Envestnet, Inc. (ENV:N) 40 Envision Healthcare Corporation (EVHC:N) 45 Enviva Partners L.P. (EVA:N) 30 EOG Resources, Inc. (EOG:N) 26 Equinix (EQIX:Q) 70 Equity Residential (EQR:N) 60 Ericsson (ERIC:Q) 66 Essential Energy Services Ltd. (ESN:T) 32 Essex Property Trust, Inc. (ESS:N) 60 Essilor (ESSI.PA:EPA) 23 Estee Lauder Companies (EL:N) 21 Ethan Allen Interiors (ETH:N) 19 EverBank Financial Corp (EVER:N) 37 Everbridge, Inc. (EVBG:Q) 65 Evertz Technologies Ltd. (ET:T) 72 Exchange Income Corp (EIF:T) 53 Expedia, Inc. (EXPE:Q) 68 Express Scripts (ESRX:Q) 45 Extra Space Storage (EXR:N) 60 Extreme Networks, Inc. (EXTR:Q) 66 Exxon Mobil Corp. (XOM:N) 27 F5 Networks, Inc. (FFIV:Q) 66 Facebook, Inc. (FB:Q) 68 FactSet Research Systems Inc. (FDS:N) 40 Farmers Capital Bank Corp. (FFKT:Q) 37 Farmers National Banc Corp. (FMNB:Q) 37 Fastenal Company (FAST:Q) 52 Fate Therapeutics, Inc. (FATE:Q) 46 FBL Financial Group (FFG:N) 41 FCB Financial Holdings, Inc. (FCB:N) 37 Federal Realty Investment Trust (FRT:N) 60 Federated National Holding Company (FNHC:Q) 41 FedEx Corporation (FDX:N) 75 Ferrellgas Partners L.P. (FGP:N) 28 Ferrovial (FER.MC:MAD) 55 Fidelity National Information Services (FIS:N) 67 Fidus Investment Corporation (FDUS:Q) 42 Fiesta Restaurant Group, Inc. (FRGI:Q) 21 Fifth Third Bancorp (FITB:Q) 37 Financial Engines, Inc. (FNGN:Q) 40 Finisar Corporation (FNSR:Q) 66 Finning International (FTT:T) 53 FireEye Inc. (FEYE:Q) 67 First Bancorp (FBNC:Q) 37 First Busey Corporation (BUSE:Q) 37 First Business Financial Services, Inc. (FBIZ:Q) 37 First Capital Realty (FCR:T) 62 First Commonwealth Financial Corp. (FCF:N) 37 First Community Corporation (FCCO:Q) 37 First Defiance Financial Corp. (FDEF:Q) 37 First Financial Bancorp (FFBC:Q) 37 First Financial Corporation (THFF:Q) 37 First Foundation Inc. (FFWM:Q) 37 First Horizon National Corporation (FHN:N) 37 First Industrial Realty Trust, Inc. (FR:N) 60 First Majestic Silver (FR:T) 57 First Midwest Bancorp, Inc. (FMBI:Q) 37 The First of Long Island Corporation (FLIC:Q) 37 First Potomac Realty Trust (FPO:N) 60

Company Index


First Republic Bank (FRC:N) 37 First Solar, Inc. (FSLR:Q) 30 FirstService Corporation (FSV:Q) 61 Fitbit, Inc. (FIT:N) 69 FleetCor Technologies (FLT:N) 67 Flex (FLEX:Q) 66 Flexion Therapeutics, Inc. (FLXN:Q) 50 FLIR Systems, Inc. (FLIR:Q) 64 Fnac (FNAC.PA:EPA) 23 Fortinet Inc. (FTNT:Q) 67 Fortis, Inc. (FTS:T) 32 Fortive Corporation (FTV:N) 64 Fortress Paper (FTP:T) 57 Fortress Transportation & Infrastructure Investors LLC (FTAI:N) 42 Fortum (FUM1V.HE:HEL) 34 Fortuna Silver Mines Inc. (FVI:T) 57 Forward Air Corporation (FWRD:Q) 75 Foundation Building Materials, Inc. (FBM:N) 52 Founders Advantage Capital Corp. (FCF:V) 43 Four Corners Property Trust, Inc. (FCPT:N) 59 Franklin Financial Network, Inc. (FSB:N) 37 Fraport (FRAG.DE:ETR) 55 Freehold Royalties Ltd. (FRU:T) 31 Frontier Communications Corp. (FTR:Q) 71 FS Bancorp, Inc. (FSBW:Q) 37 Fulgent Genetics, Inc. (FLGT:Q) 47 Fulton Financial (FULT:Q) 37 GAIN Capital Holdings, Inc. (GCAP:N) 40 Galena Biopharma Inc. (GALE:Q) 46 Garmin Ltd. (GRMN:Q) 69 Genesee & Wyoming Inc. (GWR:N) 75 Genesis Energy L.P. (GEL:N) 28 GenMark Diagnostics, Inc. (GNMK:Q) 47 Genomic Health (GHDX:Q) 47 German American Bancorp, Inc. (GABC:Q) 37 Gibson Energy Inc. (GEI:T) 33 Gigamon Inc. (GIMO:N) 66 Gildan Activewear (GIL:N) 22 Givaudan (GIVN.VX:SWF) 55 GKN (GKN.L:L) 54 Glacier Bancorp, Inc. (GBCI:Q) 37 Global Partners L.P. (GLP:N) 28 Global Payments Inc. (GPN:N) 67 GMS Inc. (GMS:N) 52 GoDaddy Inc. (GDDY:N) 68 goeasy Ltd. (GSY:T) 43 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 75 Golar LNG Partners L.P. (GMLP:Q) 28 Goldman Sachs BDC, Inc. (GSBD:N) 42 Golub Capital BDC, Inc. (GBDC:Q) 42 GoPro, Inc. (GPRO:Q) 69 Granite Oil Corp. (GXO:T) 31 Great Ajax Corp. (AJX:N) 42 Great Canadian Gaming (GC:T) 22 Green Plains Partners L.P. (GPP:Q) 30 GreenSpace Brands Inc. (JTR:V) 22 Grenville Strategic Royalty Corp. (GRC:V) 53 Groupon, Inc. (GRPN:Q) 68 GrubHub Inc. (GRUB:N) 68 Guaranty Federal Bancshares Inc. (GFED:Q) 37 H&M (HMb.ST:STO) 23 H&R REIT (HR.UN:T) 61

The Habit Restaurants, Inc. (HABT:Q) 21 Haemonetics Corporation (HAE:N) 48 Halliburton (HAL:N) 29 Hallmark Financial Services Inc. (HALL:Q) 41 Halogen Software, Inc. (HGN:T) 65 Halyard Health Inc. (HYH:N) 48 Hancock Holding Company (HBHC:Q) 37 Hanmi Financial Corporation (HAFC:Q) 37 Harley-Davidson, Inc. (HOG:N) 21 Harmonic Inc. (HLIT:Q) 66 Harris Corporation (HRS:N) 64 Haverty Furniture Companies Inc. (HVT:N) 20 HCA Holdings, Inc. (HCA:N) 48 HCP, Inc. (HCP:N) 59 HD Supply Holdings Inc. (HDS:Q) 52 Health Insurance Innovations, Inc. (HIIQ:Q) 41 Healthcare Trust of America, Inc. (HTA:N) 59 HealthEquity, Inc. (HQY:Q) 41 HealthSouth Corporation (HLS:N) 45 HealthStream, Inc. (HSTM:Q) 48 Heartland Financial USA, Inc. (HTLF:Q) 37 Helix Energy Solutions Group (HLX:N) 29 Henkel (HNKG_p.DE:ETR) 23 Hercules Capital, Inc. (HTGC:N) 42 Heritage Financial Corporation (HFWA:Q) 38 Herman Miller (MLHR:Q) 19 Hermès (RMS.PA:EPA) 23 Héroux-Devtek Inc. (HRX:T) 53 Hersha Hospitality Trust (HT:N) 59 Heska Corporation (HSKA:Q) 45 Hess Corp. (HES:N) 26 Hewlett Packard Enterprise Company (HPE:N) 66 Hibbett Sports, Inc. (HIBB:Q) 20 Hi-Crush Partners L.P. (HCLP:N) 30 Hill-Rom Holdings, Inc. (HRC:N) 48 Hilltop Holdings Inc. (HTH:N) 38 Hilton (HLT:N) 59 HMS Holdings Corp. (HMSY:Q) 48 HNI Corporation (HNI:N) 19 Holly Energy Partners L.P. (HEP:N) 28 HollyFrontier Corp. (HFC:N) 27 Hologic Inc. (HOLX:Q) 49 Home Bancorp, Inc. (HBCP:Q) 38 Home BancShares, Inc. (HOMB:Q) 38 Home Capital Group Inc. (HCG:T) 43 The Home Depot Inc. (HD:N) 20 Hope Bancorp, Inc. (HOPE:Q) 38 HopFed Bancorp, Inc. (HFBC:Q) 38 Horizon Bancorp (HBNC:Q) 38 Horizon North Logistics Inc. (HNL:T) 32 Horizon Technology Finance Corporation (HRZN:Q) 42 Host Hotels & Resorts Inc. (HST:N) 59 Houston Wire & Cable Company (HWCC:Q) 52 Howard Bancorp, Inc. (HBMD:Q) 38 Hub Group, Inc. (HUBG:Q) 75 HubSpot, Inc. (HUBS:N) 65 Humana (HUM:N) 45 Huntington Bancshares Inc. (HBAN:Q) 38 Husky Energy Inc. (HSE:T) 33 Hyatt Hotels Corporation (H:N) 59 Hydro One Ltd. (H:T) 32 IAG (IAG.MC:MAD) 76

Company Index


IBERIABANK Corporation (IBKC:Q) 38 IBI Group Inc. (IBG:T) 53 ICON plc (ICLR:Q) 49 ICU Medical, Inc. (ICUI:Q) 49 IDEXX Laboratories, Inc. (IDXX:Q) 45 Iliad (ILD.PA:EPA) 73 Impax Laboratories, Inc. (IPXL:Q) 50 Imperial Oil Limited (IMO:T) 33 INC Research Holdings (INCR:Q) 49 Incyte Corporation (INCY:Q) 46 Independent Bank Group, Inc. (IBTX:Q) 38 Inditex (ITX.MC:MAD) 23 Infinera Corporation (INFN:Q) 66 Infinity Property and Casualty Corporation (IPCC:Q) 41 Innergex Renewable Energy, Inc. (INE:T) 32 Insight Enterprises, Inc. (NSIT:Q) 69 Insperity (NSP:N) 45 Instructure, Inc. (INST:N) 65 Insulet (PODD:Q) 49 Intact Financial Corporation (IFC:T) 43 Integra Gold Corporation (ICG:V) 57 Integra LifeSciences Corp. (IART:Q) 49 Intelsat S.A. (I:N) 70 Inter Parfums, Inc. (IPAR:Q) 21 Inter Pipeline Ltd. (IPL:T) 33 Intercontinental Exchange, Inc. (ICE:N) 40 Intercontinental Hotels (IHG.L:L) 62 Interface, Inc. (TILE:Q) 19 Interfor Corp. (IFP:T) 57 Internap Network Services Corp. (INAP:Q) 70 InterRent REIT (IIP.UN:T) 62 Interxion Holding NV (INXN:N) 70 Intuit Inc. (INTU:Q) 67 Intuitive Surgical, Inc. (ISRG:Q) 48 Investar Holding Corporation (ISTR:Q) 38 Invitation Homes Inc. (INVH:N) 60 InVivo Therapeutics (NVIV:Q) 46 IPG Photonics (IPGP:Q) 64 Iridium Communications Inc. (IRDM:Q) 70 iRobot Corporation (IRBT:Q) 64 J.B. Hunt Transport Services, Inc. (JBHT:Q) 75 Jabil Circuit, Inc. (JBL:N) 66 Jernigan Capital, Inc. (JCAP:N) 60 Jeronimo Martins (JMT.LS:ELI) 24 JetBlue Airways (JBLU:Q) 75 Johnson & Johnson (JNJ:N) 49 Juniper Networks, Inc. (JNPR:N) 66 Juno Therapeutics, Inc. (JUNO:Q) 46 Kansas City Southern (KSU:N) 75 Karyopharm Therapeutics Inc. (KPTI:Q) 46 KB Home (KBH:N) 58 Kelt Exploration Ltd. (KEL:T) 31 Kemper Corp. (KMPR:N) 41 Kering (KER.PA:EPA) 23 Keryx Biopharmaceuticals, Inc. (KERX:Q) 46 KeyCorp (KEY:N) 38 Keyera Corp (KEY:T) 33 Killam Apartment REIT (KMP.UN:T) 62 Kimbell Royalty Partners L.P. (KRP:N) 26 Kimco Realty Corporation (KIM:N) 60 Kinder Morgan, Inc. (KMI:N) 28 Kite Pharma, Inc. (KITE:Q) 46

Kite Realty Group Trust (KRG:N) 60 Knoll, Inc. (KNL:N) 19 KNOT Offshore Partners L.P. (KNOP:N) 28 Kona Grill, Inc. (KONA:Q) 21 Kosmos Energy Ltd. (KOS:N) 26 KPN (KPN.AS:AMS) 73 KVH Industries (KVHI:Q) 70 La Quinta Holdings, Inc. (LQ:N) 59 Laboratory Corporation of America Holdings (LH:N) 47 Lakeland Bancorp, Inc. (LBAI:Q) 38 Lakeland Financial Corporation (LKFN:Q) 38 Landmark Infrastructure Partners LP (LMRK:Q) 71 Landstar System, Inc. (LSTR:Q) 75 Lannett Company, Inc. (LCI:N) 50 Lanxess (LXSG.DE:ETR) 55 Laredo Petroleum Inc. (LPI:N) 26 LaSalle Hotel Properties (LHO:N) 59 LATAM Airlines Group S.A. (LFL:N) 74 Lazard Ltd (LAZ:N) 40 La-Z-Boy Inc. (LZB:N) 19 Leap Therapeutics, Inc. (LPTX:Q) 46 LegacyTexas Financial Group, Inc. (LTXB:Q) 38 Leggett & Platt (LEG:N) 19 Lending Club (LC:N) 67 Lennar Corporation (LEN:N) 58 Leucrotta Exploration Inc. (LXE:V) 31 Level 3 Communications Inc. (LVLT:N) 71 Life Storage Inc. (LSI:N) 60 LifePoint Health, Inc. (LPNT:Q) 48 Limelight Networks (LLNW:Q) 67 LKQ Corporation (LKQ:Q) 52 Loblaw Companies Ltd. (L:T) 22 Logitech International SA (LOGI:Q) 69 L'Oréal (OREP.PA:EPA) 23 Lowe's Companies, Inc. (LOW:N) 20 Lufthansa (LHAG.DE:ETR) 76 Lumber Liquidators Holdings, Inc. (LL:N) 20 Lumenpulse Inc. (LMP:T) 72 Lumentum Holdings, Inc. (LITE:Q) 66 Luxottica (LUX.MI:BIT) 23 LVMH (LVMH.PA:EPA) 23 MacDonald Dettwiler & Associates (MDA:T) 72 MacroGenics, Inc. (MGNX:Q) 46 MAG Silver (MAG:T) 57 Magellan Health (MGLN:Q) 45 Magellan Midstream Partners L.P. (MMP:N) 28 Main Street Capital Corp. (MAIN:N) 42 Malibu Boats, Inc. (MBUU:Q) 21 Mallinckrodt PLC (MNK:N) 50 Mammoth Energy Services, Inc. (TUSK:Q) 30 Mandalay Resources Corp. (MND:T) 57 Manhattan Associates, Inc. (MANH:Q) 65 Marathon Oil Corp. (MRO:N) 26 Marathon Petroleum Corp. (MPC:N) 27 MarineMax (HZO:N) 21 MarketAxess Holdings Inc. (MKTX:Q) 40 Marriott International, Inc. (MAR:Q) 59 Marsh and McLennan Companies, Inc. (MMC:N) 41 Martin Midstream Partners L.P. (MMLP:Q) 28 Masco Corporation (MAS:N) 19 Masimo Corp. (MASI:Q) 48 Mastercard, Inc. (MA:N) 67

Company Index


Matador Resources Company (MTDR:N) 26 MAXIMUS Inc. (MMS:N) 69 MB Financial, Inc. (MBFI:Q) 38 MCBC Holdings, Inc. (MCFT:Q) 21 McDonald's Corporation (MCD:N) 21 McKesson Corporation (MCK:N) 47 MDC Holdings (MDC:N) 58 MedEquities Realty Trust, Inc. (MRT:N) 59 MEDNAX, Inc. (MD:N) 45 MEG Energy Corp. (MEG:T) 32 Meggitt (MGGT.L:L) 54 Melia Hotels International (MEL.MC:MAD) 62 Mercantile Bank Corp. (MBWM:Q) 38 Mercer International Inc. (MERC:Q) 57 Mercury General Corporation (MCY:N) 41 Meridian Bioscience, Inc. (VIVO:Q) 47 Merit Medical Systems Inc. (MMSI:Q) 49 Meta Financial Group, Inc. (CASH:Q) 38 Methanex (MEOH:Q) 53 Metro (MEOG.DE:ETR) 24 Metro, Inc. (MRU:T) 22 The Michaels Companies, Inc. (MIK:Q) 20 Microsoft (MSFT:Q) 67 Mid-America Apartment Communities, Inc. (MAA:N) 60 MidSouth Bancorp, Inc. (MSL:N) 38 MidWestOne Financial Group, Inc. (MOFG:Q) 38 Milestone Apartments REIT (MST.UN:T) 62 MiX Telematics Limited (MIXT:N) 65 MobileIron, Inc. (MOBL:Q) 67 Mobileye N.V. (MBLY:N) 68 Model N, Inc. (MODN:N) 65 Mohawk Industries (MHK:N) 19 Molina Healthcare (MOH:N) 45 Monroe Capital Corp. (MRCC:Q) 42 Moody's Corporation (MCO:N) 40 Motorola Solutions, Inc. (MSI:N) 69 MPLX L.P. (MPLX:N) 28 MRC Global (MRC:N) 52 MSC Industrial Direct (MSM:N) 52 MSCI Inc. (MSCI:N) 40 MTU Aero Engines (MTXGn.DE:ETR) 54 Mullen Group Ltd. (MTL:T) 32 Murphy Oil Corp. (MUR:N) 26 Murphy USA Inc. (MUSA:N) 20 Mylan N.V. (MYL:Q) 50 Nabors Industries Ltd. (NBR:N) 30 NantKwest, Inc. (NK:Q) 46 NAPEC Inc. (NPC:T) 53 Nasdaq Inc. (NDAQ:Q) 40 National Commerce Corporation (NCOM:Q) 38 National Fuel Gas Company (NFG:N) 26 National Oilwell Varco Inc. (NOV:N) 29 National Retail Properties, Inc. (NNN:N) 59 Natus Medical Inc. (BABY:Q) 49 NeoGenomics, Inc. (NEO:Q) 47 NeoPhotonics Corporation (NPTN:N) 66 NetApp, Inc. (NTAP:Q) 66 Netflix Inc. (NFLX:Q) 68 NETGEAR, Inc. (NTGR:Q) 69 NeuroDerm Ltd. (NDRM:Q) 46 New Relic, Inc. (NEWR:N) 67 New York Community Bancorp, Inc. (NYCB:N) 38

Newell Brands Inc. (NWL:N) 21 Newfield Exploration Company (NFX:N) 26 Newpark Resources (NR:N) 30 Newtek Business Services Corp. (NEWT:Q) 42 Nexity (NEXI.PA:EPA) 55 NexJ Systems Inc. (NXJ:T) 72 NextEra Energy Partners, L.P. (NEP:N) 30 NGL Energy Partners L.P. (NGL:N) 28 NH Hotel Group (NHH.MC:MAD) 62 NIC Inc. (EGOV:Q) 69 Nivalis Therapeutics, Inc. (NVLS:Q) 46 Noble Corp plc (NE:N) 29 Noble Energy, Inc. (NBL:N) 26 Nokia (NOK:N) 66 Norbord Inc. (OSB:T) 57 Norfolk Southern Corp. (NSC:N) 75 North American Energy Partners (NOA:T) 53 Northern Oil & Gas Inc. (NOG:M) 26 Northern Trust Corporation (NTRS:Q) 38 Northland Power, Inc. (NPI:T) 32 NOW Inc. (DNOW:N) 52 Nuance Communications, Inc. (NUAN:Q) 69 NuStar Energy L.P. (NS:N) 28 NuStar GP Holdings, LLC (NSH:N) 28 Nutanix, Inc. (NTNX:Q) 66 NuVista Energy Ltd. (NVA:T) 31 O`Reilly Automotive, Inc. (ORLY:Q) 20 Oasis Petroleum Inc. (OAS:N) 26 Occidental Petroleum Corp. (OXY:N) 27 OceanaGold Corp. (OGC:T) 57 Oil States International, Inc. (OIS:N) 29 Old Dominion Freight Line, Inc. (ODFL:Q) 75 Old Line Bancshares Inc. (OLBK:Q) 38 Old National Bancorp (ONB:Q) 38 Old Republic International Corp. (ORI:N) 41 OnDeck Capital, Inc. (ONDK:N) 67 OneMain Holdings, Inc. (OMF:N) 42 Open Text (OTEX:Q) 72 Oracle Corp. (ORCL:N) 67 Orange (ORA.PA:EPA) 73 Orange Belgium (OBEL.BR:EBR) 73 OraSure Technologies, Inc. (OSUR:Q) 47 ORBCOMM, Inc. (ORBC:Q) 70 Orezone Gold Corp. (ORE:V) 57 Organovo Holdings, Inc. (ONVO:Q) 46 Pacific Continental Corporation (PCBK:Q) 38 Pacific Drilling (PACD:N) 29 Pacific Premier Bancorp, Inc. (PPBI:Q) 38 PacWest Bancorp (PACW:Q) 38 Painted Pony Petroleum Ltd. (PPY:T) 31 Palo Alto Networks (PANW:N) 67 Pan American Silver Corp. (PAAS:Q) 57 Pandora Media, Inc. (P:N) 68 Panera Bread Co. (PNRA:Q) 21 Paragon Commercial Corporation (PBNC:Q) 38 Paramount Resources Ltd. (POU:T) 31 PAREXEL (PRXL:Q) 49 Park Hotels & Resorts Inc. (PK:N) 59 Park Sterling Corporation (PSTB:Q) 38 Parsley Energy, Inc. (PE:N) 27 Patheon N.V. (PTHN:N) 49 Pattern Energy Group Inc. (PEGI:Q) 32

Company Index


Patterson-UTI Energy, Inc. (PTEN:Q) 30 Paylocity Holding Corporation (PCTY:Q) 65 PayPal Holdings, Inc. (PYPL:Q) 67 PBF Energy, Inc. (PBF:N) 27 PBF Logistics L.P. (PBFX:N) 28 Pebblebrook Hotel Trust (PEB:N) 59 Pembina Pipeline Corp. (PPL:T) 33 Pengrowth Energy Corporation (PGF:T) 31 Penn West Petroleum Ltd. (PWT:T) 31 PennTex Midstream Partners L.P. (PTXP:Q) 28 Peoples Bancorp Inc. (PEBO:Q) 38 Pernod Ricard (PERP.PA:EPA) 23 Perrigo Company PLC (PRGO:N) 50 Petrofac (PFC.L:L) 34 Petróleo Brasileiro S.A. (PBR:N) 27 Peyto Exploration and Development (PEY:T) 31 PGT Innovations, Inc. (PGTI:N) 19 Phillips 66 (PSX:N) 27 Phillips 66 Partners L.P. (PSXP:N) 28 Physicians Realty Trust (DOC:N) 59 Pier 1 Imports Incorporated (PIR:N) 20 Pinnacle Financial Partners, Inc. (PNFP:Q) 38 Pioneer Energy Services Corp (PES:N) 30 Pioneer Natural Resources Company (PXD:N) 27 Plains All American Pipeline L.P. (PAA:N) 28 Plains GP Holdings L.P. (PAGP:N) 28 Plantronics, Inc. (PLT:N) 69 Plaza Retail REIT (PLZ.UN:T) 62 PLx Pharma Inc. (PLXP:Q) 50 PNC Financial Services Group, Inc. (PNC:N) 38 Polaris Industries (PII:N) 21 Potash Corp. of Saskatchewan Inc. (POT:N) 56 Potlatch Corporation (PCH:Q) 61 PRA Group Inc. (PRAA:Q) 42 PrairieSky Royalty Ltd. (PSK:T) 31 Praxair, Inc. (PX:N) 55 Precision Drilling Corporation (PD:T) 32 Preferred Bank (PFBC:Q) 39 Premier, Inc. (PINC:Q) 48 Prestige Brands Holdings Inc. (PBH:N) 21 priceline.com Incorporated (PCLN:Q) 68 PrivateBancorp, Inc. (PVTB:Q) 39 ProAssurance Corp. (PRA:N) 41 The Procter & Gamble Company (PG:N) 21 Progressive Corporation (PGR:N) 41 ProPetro Holding Corp. (PUMP:N) 30 Prospect Capital Corporation (PSEC:Q) 42 Prosperity Bancshares, Inc. (PB:N) 39 Proteon Therapeutics, Inc. (PRTO:Q) 46 Proximus (PROX.BR:EBR) 73 Public Storage (PSA:N) 60 PulteGroup Inc. (PHM:N) 58 Puma (PUMG.DE:ETR) 24 Pure Gold Mining Inc. (PGM:V) 57 Pure Industrial Real Estate Trust (AAR.UN:T) 61 Pure Storage, Inc. (PSTG:N) 66 Q2 Holdings Inc. (QTWO:N) 65 QCR Holdings, Inc. (QCRH:Q) 39 QEP Resources, Inc. (QEP:N) 27 QTS Realty Trust (QTS:N) 70 QUALCOMM, Inc. (QCOM:Q) 69 Quality Systems Inc. (QSII:Q) 48

Quest Diagnostics Inc. (DGX:N) 47 Quidel Corporation (QDEL:Q) 47 Quintiles IMS Holdings (Q:N) 49 Raging River Exploration Inc. (RRX:T) 31 Rallye (GENC.PA:EPA) 24 Ramco-Gershenson Properties Trust (RPT:N) 60 Range Resources Corp. (RRC:N) 27 Rapid7, Inc. (RPD:Q) 67 Rayonier, Inc. (RYN:N) 61 RB (RB.L:L) 23 Realty Income Corporation (O:N) 59 Red Hat, Inc. (RHT:N) 67 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 21 Redknee Solutions Inc. (RKN:T) 72 Regency Centers Corp. (REG:N) 60 Regeneron Pharmaceuticals, Inc. (REGN:Q) 46 Regions Financial Corporation (RF:N) 39 Remy Cointreau (RCOP.PA:EPA) 23 Renasant Corporation (RNST:Q) 39 Rent-A-Center Inc. (RCII:Q) 20 Repsol (REP.MC:MAD) 33 Republic Services, Inc. (RSG:N) 52 Retail Opportunity Investments Corp. (ROIC:Q) 60 RH (RH:N) 20 RingCentral, Inc. (RNG:N) 65 RioCan REIT (REI.UN:T) 62 Ritchie Bros. Auctioneers (RBA:N) 53 Rite Aid Corporation (RAD:N) 47 Riverview Bancorp, Inc. (RVSB:Q) 39 RLJ Lodging Trust (RLJ:N) 59 RMP Energy Inc. (RMP:T) 31 Rocky Mountain Dealerships Inc. (RME:T) 53 Rolls-Royce (RR.L:L) 54 Roper Technologies (ROP:N) 64 Rowan Companies (RDC:N) 29 Roxgold Inc. (ROXG:T) 57 Royal Dutch Shell (RDSb.L:AMS) 33 RPC, Inc. (RES:N) 30 RSP Permian, Inc. (RSPP:N) 27 RTI Surgical Inc. (RTIX:Q) 49 Rubicon Project, Inc. (RUBI:N) 68 Russel Metals (RUS:T) 54 Ruth`s Hospitality Group, Inc. (RUTH:Q) 21 RWE (RWEG.DE:ETR) 34 Ryanair Holdings plc (RYAAY:Q) 75 Ryman Hospitality Properties Inc. (RHP:N) 59 S&P Global Inc. (SPGI:N) 40 S&T Bancorp, Inc. (STBA:Q) 39 Sabra Health Care REIT, Inc. (SBRA:Q) 59 Safran (SAF.PA:EPA) 54 Sage Therapeutics, Inc. (SAGE:Q) 47 Saia, Inc. (SAIA:Q) 75 Saint-Gobain (SGOB.PA:EPA) 55 Saipem (SPMI.MI:BIT) 34 salesforce.com, Inc. (CRM:N) 65 Sally Beauty Holdings Inc. (SBH:N) 21 Salvatore Ferragamo (SFER.MI:BIT) 23 Saul Centers, Inc. (BFS:N) 60 SBA Communications (SBAC:Q) 70 ScanSource, Inc. (SCSC:Q) 69 Schlumberger Ltd. (SLB:N) 29 The Scotts Miracle-Gro Company (SMG:N) 21

Company Index


Seacoast Banking Corporation of Florida (SBCF:Q) 39 Secure Energy Services Inc. (SES:T) 32 SEI Investments Co. (SEIC:Q) 40 Select Comfort Corp. (SCSS:Q) 19 SEMAFO Inc. (SMF:T) 57 SemGroup Corporation (SEMG:N) 28 Senior (SNR.L:L) 54 Senior Housing Properties Trust (SNH:Q) 59 Senseonics Holdings, Inc. (SENS:M) 49 Service Corporation International (SCI:N) 47 ServiceNow, Inc. (NOW:N) 67 ServisFirst Bancshares, Inc. (SFBS:Q) 39 Seven Generations Energy Ltd. (VII:T) 31 SFR Group (SFR.PA:EPA) 73 Shenandoah Telecommunications Co. (SHEN:Q) 71 Shopify Inc. (SHOP:N) 65 Shutterfly, Inc. (SFLY:Q) 68 Shutterstock, Inc. (SSTK:N) 68 Sienna Senior Living Inc. (SIA:T) 61 Sierra Bancorp (BSRR:Q) 39 Sierra Wireless (SWIR:Q) 72 Signature Bank (SBNY:Q) 39 Silver Spring Networks, Inc. (SSNI:N) 30 Silvercorp Metals Inc. (SVM:T) 57 Simmons First National Corporation (SFNC:Q) 39 Simon Property Group, Inc. (SPG:N) 59 Sky (SKY.L:L) 73 SkyWest, Inc. (SKYW:Q) 75 Slate Retail REIT (SRT.U:T) 62 Sleep Country Canada Holdings Inc. (ZZZ:T) 22 SM Energy Company (SM:N) 27 SmartFinancial, Inc. (SMBK:Q) 39 SmartREIT (SRU.UN:T) 62 Snap Inc. (SNAP:N) 68 SNC-Lavalin (SNC:T) 53 Sodexo (EXHO.PA:EPA) 23 Solvay (SOLB.BR:EBR) 55 Southcross Energy Partners L.P. (SXE:N) 29 Southwest Airlines Co. (LUV:N) 75 Southwest Bancorp, Inc. (OKSB:Q) 39 Southwestern Energy Company (SWN:N) 27 Spectra Energy Partners L.P. (SEP:N) 29 Spectranetics Corp (SPNC:Q) 49 Spectrum Brands Holdings, Inc. (SPB:N) 21 Spirit Airlines, Inc. (SAVE:Q) 75 Spirit Realty Capital, Inc. (SRC:N) 59 Splunk Inc. (SPLK:Q) 67 Sprague Resources L.P. (SRLP:N) 29 Sprint Corp. (S:N) 71 Square, Inc. (SQ:N) 67 SRC Energy Inc. (SRCI:M) 27 SS&C Technologies Holdings, Inc. (SSNC:Q) 40 St. Joe Company (JOE:N) 58 STAG Industrial Inc. (STAG:N) 60 Stanley Black & Decker (SWK:N) 19 Stantec Inc (STN:T) 53 State Street Corporation (STT:N) 39 Steelcase, Inc. (SCS:N) 19 Stellus Capital Investment Corporation (SCM:N) 42 Stericycle Inc. (SRCL:Q) 48 STERIS plc (STE:N) 48 Stock Yards Bancorp Inc. (SYBT:Q) 39

Stonegate Bank (SGBK:Q) 39 StoneMor Partners L.P. (STON:N) 47 StorageVault Canada Inc. (SVI:V) 62 STORE Capital Corporation (STOR:N) 59 Storm Resources Ltd. (SRX:V) 31 Strad Energy Services Ltd. (SDY:T) 32 Street Capital Group (SCB:T) 43 Strongco Corp. (SQP:T) 53 Stuart Olson Inc. (SOX:T) 53 Student Transportation Inc. (STB:Q) 75 Suburban Propane Partners L.P. (SPH:N) 29 Suez Environnement (SEVI.PA:EPA) 34 Summit Hotel Properties, Inc. (INN:N) 59 Suncor Energy Inc (SU:T) 33 Sunoco L.P. (SUN:N) 29 SunPower Corp. (SPWR:Q) 30 Sunstone Hotel Investors, Inc. (SHO:N) 59 SunTrust Banks, Inc. (STI:N) 39 Superior Energy Services, Inc. (SPN:N) 30 Superior Plus Corporation (SPB:T) 53 Surgery Partners, Inc. (SGRY:Q) 45 SVB Financial Group (SIVB:Q) 39 Swift Transportation Company (SWFT:N) 75 Symantec Corp. (SYMC:Q) 67 Symrise (SY1G.DE:ETR) 55 Synchronoss Technologies, Inc. (SNCR:Q) 69 Syngenta (SYNN.VX:SWF) 55 SYNNEX Corporation (SNX:N) 69 Synovus Financial Corp. (SNV:N) 39 Tahoe Resources Inc. (THO:T) 57 TalkTalk Telecom Group (TALK.L:L) 73 Tangoe Inc. (TNGO:OTC) 65 Targa Resources Corp. (TRGP:N) 29 Tarkett S.A. (TKTT.PA:EPA) 55 Taubman Centers, Inc. (TCO:N) 59 TCF Financial Corporation (TCB:N) 39 TCP Capital Corp. (TCPC:Q) 42 TD Ameritrade Holding Corporation (AMTD:Q) 40 Tech Data Corporation (TECD:Q) 69 TechnipFMC plc (FTI:N) 29 Teekay Corporation (TK:N) 29 Teekay LNG Partners L.P. (TGP:N) 29 Teekay Offshore Partners L.P. (TOO:N) 29 Telecom Italia (TLIT.MI:BIT) 73 Teleflex, Inc. (TFX:N) 48 Telefonica (TEF.MC:MCE) 73 Telenet Group (TNET.BR:EBR) 73 Telephone and Data Systems, Inc. (TDS:N) 71 Telia Company (TELIA.ST:STO) 73 Teligent, Inc. (TLGT:Q) 50 Tempur Sealy International, Inc. (TPX:N) 19 Tenet Healthcare Corporation (THC:N) 48 Territorial Bancorp Inc. (TBNK:Q) 39 Tesaro, Inc. (TSRO:Q) 47 Tesoro Corp. (TSO:N) 27 Tesoro Logistics L.P. (TLLP:N) 29 TETRA Technologies Inc. (TTI:N) 30 Teva Pharmaceutical Industries, Ltd. (TEVA:N) 50 Texas Capital Bancshares, Inc. (TCBI:Q) 39 Texas Roadhouse, Inc. (TXRH:Q) 21 TG Therapeutics, Inc. (TGTX:Q) 47 Thales (TCFP.PA:EPA) 54

Company Index


THL Credit, Inc. (TCRD:Q) 42 Timbercreek Financial Corp. (TF:T) 61 T-Mobile US Inc. (TMUS:Q) 71 Tod's Group (TOD.MI:BIT) 23 Toll Brothers, Inc. (TOL:N) 58 The Toro Company (TTC:N) 19 Toromont Industries (TIH:T) 53 Total (TOTF.PA:EPA) 33 Tourmaline Oil Corp. (TOU:T) 31 TowneBank (TOWN:Q) 39 TPG Specialty Lending, Inc. (TSLX:N) 42 TPI Composites, Inc. (TPIC:Q) 30 Tractor Supply Co. (TSCO:Q) 20 The Trade Desk, Inc. (TTD:Q) 68 TransAlta Renewables Inc. (RNW:T) 32 TransEnterix, Inc. (TRXC:M) 48 Transocean (RIG:N) 29 TravelCenters of America LLC (TA:Q) 20 The Travelers Companies, Inc. (TRV:N) 41 Tree Island Steel Ltd. (TSL:T) 54 Triangle Capital Corporation (TCAP:N) 42 Trican Well Service (TCW:T) 32 TriCo Bancshares (TCBK:Q) 39 Tricon Capital Group Inc. (TCN:T) 62 Trilogy Energy Corp. (TET:T) 31 Trimble Inc. (TRMB:Q) 64 Trinidad Drilling Ltd. (TDG:T) 32 Trinity Biotech plc (TRIB:Q) 47 TripAdvisor, Inc. (TRIP:Q) 68 True North Commercial REIT (TNT.UN:T) 61 Trustmark Corporation (TRMK:Q) 39 Twitter, Inc. (TWTR:N) 68 U.S. Bancorp (USB:N) 39 U.S. Cellular (USM:N) 71 U.S. Ecology, Inc. (ECOL:Q) 52 U.S. Geothermal (HTM:M) 32 Ubiquiti Networks, Inc. (UBNT:Q) 69 Ulta Beauty, Inc. (ULTA:Q) 21 Ultimate Software Group Inc. (ULTI:Q) 65 Ultragenyx Pharmaceutical Inc. (RARE:Q) 47 UMB Financial Corporation (UMBF:Q) 39 Umpqua Holdings Corp. (UMPQ:Q) 39 Under Armour Inc. (UAA:N) 19 Union Bankshares Corporation (UBSH:Q) 39 Union Pacific Corp. (UNP:N) 75 Uniper (UN01.DE:ETR) 34 Unit Corporation (UNT:N) 30 United Bankshares, Inc. (UBSI:Q) 39 United Community Banks, Inc. (UCBI:Q) 39 United Continental Holdings, Inc. (UAL:N) 74 United Insurance Holdings Corp. (UIHC:Q) 41 United Parcel Service (UPS:N) 75 UnitedHealth Group (UNH:N) 45 Uniti Group Inc. (UNIT:Q) 71 Universal Health Services, Inc. (UHS:N) 48 Upland Software, Inc. (UPLD:Q) 65 UrtheCast Corp. (UR:T) 72 USA Compression Partners L.P. (USAC:N) 29 Valero Energy Corp. (VLO:N) 27 Valero Energy Partners L.P. (VLP:N) 29 Vantiv, Inc. (VNTV:N) 67 VCA Inc. (WOOF:Q) 45

Veeva Systems Inc. (VEEV:N) 65 Ventas, Inc. (VTR:N) 59 Veolia Environnement (VIE.PA:EPA) 34 Verastem, Inc. (VSTM:Q) 47 Verbund (VERB.VI:WBAG) 34 Veresen Inc. (VSN:T) 33 Verifone Systems, Inc. (PAY:N) 67 Verisk Analytics Inc. (VRSK:Q) 41 Verizon Communications (VZ:N) 71 Vertex Pharmaceuticals Inc. (VRTX:Q) 47 ViaSat, Inc. (VSAT:Q) 70 Victoria Gold Corporation (VIT:V) 57 Vinci (SGEF.PA:EPA) 55 Viper Energy Partners L.P. (VNOM:Q) 27 Visa, Inc. (V:N) 67 Visteon Corporation (VC:N) 68 Vivendi (VIV.PA:EPA) 73 VMware (VMW:N) 67 Vocera Communications, Inc. (VCRA:N) 48 Vodafone (VOD.L:L) 73 W.W. Grainger, Inc. (GWW:N) 52 Wajax Corp. (WJX:T) 53 Walgreens Boots Alliance Inc. (WBA:Q) 47 Wal-Mart Stores Inc. (WMT:N) 20 Washington Federal, Inc. (WAFD:Q) 39 Washington REIT (WRE:N) 60 WashingtonFirst Bankshares, Inc. (WFBI:Q) 40 Waste Connections, Inc. (WCN:N) 52 Waste Management, Inc. (WM:N) 52 Wayfair, Inc. (W:N) 68 Weatherford (WFT:N) 29 WebMD Health Corp (WBMD:Q) 48 Webster Financial Corp. (WBS:N) 40 WellCare Health Plans (WCG:N) 45 Wells Fargo & Co. (WFC:N) 40 Welltower Inc. (HCN:N) 59 WesBanco, Inc. (WSBC:Q) 40 WESCO International (WCC:N) 52 West Fraser Timber (WFT:T) 57 Western Energy Services Corp. (WRG:T) 32 Western Forest Products Inc. (WEF:T) 57 Western Refining Logistics L.P. (WNRL:N) 29 Western Refining, Inc. (WNR:N) 27 WesternOne Inc. (WEQ:T) 54 WestJet Airlines (WJA:T) 76 Weyerhaeuser Company (WY:N) 61 Whirlpool Corp. (WHR:N) 19 Whitbread (WTB.L:L) 62 Whitecap Resources Inc. (WCP:T) 31 Whiting Petroleum Corp. (WLL:N) 27 WildHorse Resource Development Corporation (WRD:N) 27 The Williams Companies, Inc. (WMB:N) 29 Williams Partners L.P. (WPZ:N) 29 Williams-Sonoma (WSM:N) 20 Willis Towers Watson plc (WLTW:Q) 41 Windstream Holdings Inc. (WIN:Q) 71 Winpak Ltd. (WPK:T) 22 Wintrust Financial Corporation (WTFC:Q) 40 Wix.com Ltd. (WIX:Q) 68 Wood Group (WG.L:L) 34 Workiva Inc. (WK:N) 65 WPX Energy Inc. (WPX:N) 27

Company Index


WSP Global Inc. (WSP:T) 53 Xenia Hotels & Resorts, Inc. (XHR:N) 59 Xenith Bankshares, Inc. (XBKS:Q) 40 XPO Logistics, Inc. (XPO:N) 75 Yahoo! Inc. (YHOO:Q) 68 Yangarra Resources Ltd. (YGR:T) 31 Yara (YAR.OL:OSL) 55 Yelp, Inc. (YELP:N) 68

YPF S.A. (YPF:N) 27 Zayo Group Holdings, Inc. (ZAYO:N) 71 ZCL Composites (ZCL:T) 54 Zillow Group, Inc. (Z:Q) 68 Zions Bancorporation (ZION:Q) 40 ZIOPHARM Oncology, Inc. (ZIOP:Q) 47 Zodiac Aerospace (ZODC.PA:EPA) 54


Consumer

USA Canada Europe

Building Products ........................................................ 19

Appliances and Other Building Products ................. 19

Floor Covering ......................................................... 19

Tools and Outdoor Power Equipment ..................... 19

Furniture & Furnishings Suppliers .............................. 19

Office Furniture ....................................................... 19

Residential Furniture ............................................... 19

Hardline Retail ............................................................ 19

Active Lifestyle Brand .............................................. 19

Automotive Aftermarket Retailers .......................... 20

Consumer Electronics Retailers ............................... 20

Convenience Stores ................................................. 20

Hardline Retail ......................................................... 20

Sporting Goods ........................................................ 20

Value Retailers ......................................................... 20

Home & Other Retailers ............................................. 20

Big Box Retailers ...................................................... 20

Furniture & Furnishings ........................................... 20

Household & Personal Care Products ......................... 21

Leisure Products ......................................................... 21

Restaurants ................................................................. 21

Consumer & Retail...................................................... 22

Consumer Goods ......................................................... 23

Beverages ................................................................. 23

Eyecare & Eyewear .................................................. 23

Home & Personal Care ............................................. 23

Luxury Goods ........................................................... 23

Foodservices ............................................................... 23

Retail ........................................................................... 23

Apparel..................................................................... 23

Consumer Electronics .............................................. 23

Food Retail ............................................................... 24

Sporting Goods ........................................................ 24


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Consumer - USA Budd Bugatch, CFA [email protected] Joseph Altobello, CFA [email protected]

Sam Darkatsh [email protected] Brian M. Vaccaro, CFA [email protected]

Dan Wewer, CFA [email protected] Benjamin Brownlow [email protected]

Building Products Appliances and Other Building Products Masco Corporation MAS N 2 H/GRW 36.90 40.00 37.38 29.11 18.9 1.51 1.95 2.25 Dec 11,845 1.1 SD PGT Innovations, Inc. PGTI N 1 H/GRW 10.90 12.50 12.49 9.38 18.2 0.53 0.60 0.80 Dec 553 0.0 SD Whirlpool Corp. WHR N 3 M/INC 180.94 NM 194.10 145.91 12.3 14.06 14.75 16.85 Dec 13,751 2.4 SD

Floor Covering The Dixie Group DXYN Q 2 H/GRW 3.70 5.00 5.56 3.00 37.0 (0.27) 0.10 0.20 Dec 58 0.0 SD Interface, Inc. TILE Q 4 NM 19.65 NM 19.93 14.56 17.9 1.03 1.10 1.25 Dec 1,269 1.2 SD Mohawk Industries MHK N 1 H/GRW 238.42 275.00 240.20 175.52 17.9 12.61 13.35 15.10 Dec 17,786 0.0 SD

Tools and Outdoor Power Equipment Briggs & Stratton Corporation BGG N 3 M/INC 25.05 NM 25.36 17.90 17.5 1.25 1.43 1.57 Jun 1,057 2.2 SD Stanley Black & Decker SWK N 3 M/INC 136.87 NM 140.06 103.86 18.9 6.51 7.25 8.15 Dec 20,736 1.7 SD The Toro Company TTC N 3 H/GRW 64.80 NM 65.31 40.43 27.9 2.06 2.32 2.60 Oct 7,180 1.1 SD

Furniture & Furnishings Suppliers Office Furniture Herman Miller MLHR Q 3 M/GRW 32.75 NM 36.46 26.99 15.8 2.17 2.07 2.20 May 1,962 2.1 BB HNI Corporation HNI N 3 M/GRW 47.35 NM 56.96 37.24 16.0 2.62 2.96 3.34 Dec 2,107 2.3 BB Knoll, Inc. KNL N 3 H/GRW 23.18 NM 28.40 20.37 14.5 1.68 1.60 1.84 Dec 1,138 2.6 BB Steelcase, Inc. SCS N 1 M/GRW 17.00 19.00 18.14 12.67 13.8 1.04 1.08 A 1.23 Feb 2,054 2.8 BB

Residential Furniture Culp, Inc. CFI N 3 M/GRW 32.80 NM 37.80 25.57 16.8 1.86 1.95 2.07 Apr 403 1.0 BB Ethan Allen Interiors ETH N 1 H/GRW 31.10 36.00 38.80 27.75 18.5 1.92 1.68 2.10 Jun 861 2.4 BB La-Z-Boy Inc. LZB N 3 H/GRW 28.20 NM 32.90 22.09 16.9 1.62 1.67 1.88 Apr 1,376 1.6 BB Leggett & Platt LEG N 1 M/INC 53.54 54.00 54.63 44.02 20.2 2.48 2.65 2.82 Dec 7,148 2.5 BB Select Comfort Corp. SCSS Q 3 H/GRW 30.93 NM 33.29 17.95 22.1 1.10 1.40 1.70 Dec 1,290 0.0 BB Tempur Sealy International, Inc. TPX N 1 M/GRW 45.50 53.00 82.32 39.57 14.9 4.05 3.05 3.32 Dec 2,475 0.0 BB

Hardline Retail Active Lifestyle Brand Acushnet Holdings Corp. GOLF N 2 M/GRW 18.07 22.00 22.31 16.84 16.4 0.61 1.10 1.22 Dec 1,339 2.7 DW Callaway Golf Company ELY N 3 H/GRW 11.65 NM 12.56 8.96 40.2 0.24 0.29 0.34 Dec 1,107 0.3 DW Duluth Holdings Inc. DLTH Q 2 H/GRW 21.51 27.00 38.19 18.25 30.7 0.66 0.70 0.82 Feb 695 0.0 DW Under Armour Inc. UAA N 4 NM 19.53 NM 47.38 18.40 46.5 0.58 0.42 0.53 Dec 8,472 0.0 DW


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Consumer - USA Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 H/GRW 145.67 190.00 177.83 132.98 19.3 7.15 7.55 8.82 Dec 10,663 0.2 DW AutoZone, Inc. AZO N 1 M/GRW 712.06 930.00 819.54 684.48 15.6 40.70 45.58 50.55 Aug 24,139 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 M/GRW 263.96 330.00 292.84 248.02 20.9 10.73 12.64 14.46 Dec 28,692 0.0 DW

Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 1 M/GRW 51.77 51.00 52.61 28.76 13.8 2.78 3.56 A 3.75 Jan 18,233 2.2 DW

Convenience Stores Casey's General Stores, Inc. CASY Q 2 H/GRW 113.70 127.00 136.22 107.43 25.4 5.73 4.47 5.16 Apr 4,457 0.8 BBL,DW Core-Mark Holding Company, Inc. CORE Q 1 M/GRW 34.86 39.00 50.00 30.00 22.6 1.44 1.54 1.61 Dec 1,609 1.0 BBL,DW CST Brands, Inc. CST N 3 H/GRW 48.33 NM 48.52 36.02 26.6 1.35 1.82 NA Dec 3,661 5.1 BBL,DW Murphy USA Inc. MUSA N 3 H/GRW 71.17 NM 80.44 56.92 21.6 4.20 3.30 4.53 Dec 2,629 0.0 BBL,DW TravelCenters of America LLC TA Q 3 H/GRW 5.95 NM 9.23 5.60 54.1 0.00 0.11 0.27 Dec 235 0.0 BBL,DW

Hardline Retail The Michaels Companies, Inc. (f) MIK Q 3 M/GRW 23.69 NM 31.37 19.00 11.3 1.88 2.10 2.28 Jan 4,580 0.0 DW Tractor Supply Co. TSCO Q 3 M/GRW 64.96 NM 97.00 61.50 19.3 3.27 3.36 3.82 Dec 9,205 1.5 DW

Sporting Goods Cabela’s Inc. CAB N 3 H/GRW 56.65 NM 63.60 45.00 20.3 2.60 2.79 2.94 Dec 4,062 0.0 DW Dick`s Sporting Goods Inc. (f) DKS N 3 H/GRW 50.23 NM 62.88 37.96 13.6 3.11 3.70 4.02 Jan 6,289 1.4 DW Hibbett Sports, Inc. (f) HIBB Q 3 H/GRW 27.85 NM 45.85 26.80 10.2 2.72 2.74 3.00 Jan 727 0.0 DW

Value Retailers Big Lots Inc. (f) BIG N 1 H/GRW 49.57 60.00 56.54 41.61 11.9 3.64 4.17 4.44 Jan 2,761 2.0 DW Dollar General Corp. (f) DG N 1 M/GRW 71.55 90.00 96.88 66.50 15.9 4.47 4.49 4.96 Jan 22,202 1.5 DW Dollar Tree, Inc. (f) DLTR Q 3 H/GRW 80.69 NM 99.93 72.55 18.8 3.91 4.30 4.77 Jan 16,759 0.0 DW

Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 M/GRW 172.68 NM 178.71 138.57 30.3 5.33 5.69 6.32 Aug 75,796 1.0 BB The Home Depot Inc. (f) HD N 3 M/GRW 153.03 NM 154.65 119.20 21.3 6.45 7.18 8.07 Jan 184,095 2.3 BB Lowe's Companies, Inc. (f) LOW N 3 M/GRW 84.51 NM 85.31 64.87 18.2 3.99 4.65 5.32 Jan 73,186 1.7 BB Lumber Liquidators Holdings, Inc. LL N 3 H/SPEC 22.97 NM 23.76 11.07 NM (2.51) (0.50) 0.22 Dec 649 0.0 BB Wal-Mart Stores Inc. WMT N 1 M/GRW 75.05 80.00 75.40 62.72 17.4 4.59 4.32 A 4.32 Jan 230,629 2.7 BB

Furniture & Furnishings Aaron's Inc. AAN N 3 M/GRW 31.51 NM 34.22 20.51 13.8 2.30 2.28 2.69 Dec 2,294 0.3 BB Bed Bath & Beyond (f) BBBY Q 3 M/GRW 39.36 NM 50.57 37.28 9.1 4.58 4.32 4.52 Feb 5,757 1.5 BB Haverty Furniture Companies Inc. HVT N 3 H/GRW 24.25 NM 25.50 16.57 20.9 1.18 1.16 1.29 Dec 512 2.0 BB Pier 1 Imports Incorporated PIR N 3 H/GRW 7.01 NM 9.68 3.73 14.3 0.46 0.44 A 0.49 Feb 583 4.0 BB Rent-A-Center Inc. RCII Q 1 H/INC 10.86 15.00 15.94 7.76 72.4 0.77 0.15 1.23 Dec 577 2.9 BB RH RH N 3 H/GRW 48.41 NM 49.24 24.41 24.1 1.27 2.01 2.58 Jan 1,977 0.0 BB Williams-Sonoma (f) WSM N 3 M/GRW 55.02 NM 61.97 45.96 15.6 3.43 3.53 3.97 Jan 4,805 2.8 BB


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Consumer - USA Household & Personal Care Products Church & Dwight Co., Inc. CHD N 3 M/GRW 50.30 NM 53.68 42.56 26.6 1.77 1.89 2.03 Dec 12,774 1.5 JA The Clorox Company CLX N 3 M/INC 136.15 NM 140.47 111.24 25.7 4.92 5.30 5.70 Jun 17,451 2.4 JA Estee Lauder Companies EL N 2 M/GRW 87.38 89.00 97.48 75.30 26.3 3.20 3.32 3.75 Jun 31,993 1.6 JA Inter Parfums, Inc. IPAR Q 3 M/GRW 35.70 NM 38.20 27.05 28.6 1.11 1.25 1.38 Dec 1,112 1.9 JA Newell Brands Inc. NWL N 1 M/GRW 48.52 55.00 55.45 43.20 15.9 2.89 3.05 3.40 Dec 23,416 1.6 JA Prestige Brands Holdings Inc. PBH N 3 H/GRW 56.86 NM 59.63 44.64 24.1 2.17 2.36 2.80 Mar 3,010 0.0 JA The Procter & Gamble Company PG N 3 M/GRW 90.00 NM 92.00 79.10 23.5 3.67 3.83 4.10 Jun 240,120 3.1 JA Sally Beauty Holdings Inc. SBH N 4 NM 19.36 NM 32.26 19.18 10.9 1.72 1.77 1.92 Sep 2,763 0.0 JA The Scotts Miracle-Gro Company SMG N 3 H/GRW 97.12 NM 98.82 65.80 22.6 3.75 4.30 4.80 Sep 5,924 2.1 JA Spectrum Brands Holdings, Inc. SPB N 2 H/GRW 145.07 160.00 146.09 109.30 24.6 5.20 5.90 6.50 Sep 8,533 1.2 JA Ulta Beauty, Inc. (f) ULTA Q 3 H/GRW 277.99 NM 289.27 202.28 34.7 6.52 8.00 9.55 Jan 17,271 0.0 JA

Leisure Products Brunswick Corp. BC N 3 H/GRW 59.62 NM 61.74 41.19 14.9 2.98 4.00 4.45 Dec 5,437 1.1 JA Harley-Davidson, Inc. HOG N 3 M/GRW 57.21 NM 63.40 41.63 14.9 3.83 3.85 4.10 Dec 10,132 2.4 JA Malibu Boats, Inc. MBUU Q 1 H/GRW 23.01 23.00 23.30 11.38 16.4 1.07 1.40 1.49 Jun 444 0.0 JA MarineMax HZO N 1 H/GRW 23.10 26.00 23.65 15.10 18.5 0.92 1.25 1.50 Sep 575 0.0 JA MCBC Holdings, Inc. MCFT Q 1 H/GRW 16.84 18.00 17.51 10.25 14.4 0.57 1.17 1.48 Jun 315 0.0 JA Polaris Industries PII N 3 M/GRW 83.58 NM 102.32 70.14 23.2 3.27 3.60 4.75 Dec 5,357 2.8 JA

Restaurants Bloomin' Brands, Inc. BLMN Q 2 H/GRW 19.83 22.00 20.38 15.82 14.0 1.29 1.42 1.48 Dec 2,080 1.6 BV Brinker International, Inc. EAT N 3 M/GRW 44.25 NM 55.84 40.92 14.1 3.55 3.13 3.35 Jun 2,235 3.1 BV Buffalo Wild Wings, Inc. BWLD Q 3 H/GRW 162.80 NM 175.10 122.25 28.6 5.12 5.70 6.50 Dec 2,930 0.0 BV Carrols Restaurant Group, Inc. TAST Q 1 H/GRW 13.90 17.50 17.55 9.60 42.1 0.40 0.33 0.32 Dec 627 0.0 BV Cheesecake Factory Inc. CAKE Q 3 M/GRW 64.71 NM 65.09 46.93 21.6 2.83 3.00 3.23 Dec 3,158 1.5 BV Chipotle Mexican Grill, Inc. CMG N 4 NM 471.76 NM 483.50 352.96 62.5 0.77 7.55 9.60 Dec 13,681 0.0 BV Chuy's Holdings, Inc. CHUY Q 3 H/GRW 28.55 NM 37.78 25.87 25.5 1.08 1.12 1.23 Dec 485 0.0 BV Darden Restaurants DRI N 3 M/GRW 85.55 NM 85.76 59.50 21.5 3.53 3.98 4.55 May 10,771 2.6 BV Dave & Buster's Entertainment, Inc. PLAY Q 2 H/GRW 63.34 70.00 64.48 36.83 26.4 2.10 2.40 2.65 Jan 2,749 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 2 H/GRW 18.10 20.00 18.80 13.01 21.5 0.82 0.84 0.89 Dec 422 0.0 BV DineEquity, Inc. DIN N 3 M/GRW 56.64 NM 89.98 49.53 11.3 6.00 5.03 5.81 Dec 1,020 6.9 BV Fiesta Restaurant Group, Inc. FRGI Q 3 H/GRW 24.55 NM 35.21 19.40 17.9 1.28 1.37 1.60 Dec 657 0.0 BV The Habit Restaurants, Inc. HABT Q 2 H/GRW 18.70 20.00 20.01 13.20 71.9 0.31 0.26 0.30 Dec 486 0.0 BV Kona Grill, Inc. KONA Q 2 H/GRW 5.90 10.00 14.44 5.20 NM (0.85) (0.59) (0.47) Dec 62 0.0 BV McDonald's Corporation MCD N 3 M/GRW 141.70 NM 141.99 110.33 22.2 5.72 6.38 6.80 Dec 117,568 2.7 BV Panera Bread Co. PNRA Q 3 M/GRW 313.72 NM 316.21 185.69 40.7 6.74 7.70 8.93 Dec 7,184 0.0 BV Red Robin Gourmet Burgers, Inc. RRGB Q 1 H/GRW 59.45 70.00 67.05 40.85 22.0 2.78 2.70 3.20 Dec 767 0.0 BV Ruth`s Hospitality Group, Inc. RUTH Q 3 M/GRW 19.85 NM 20.55 13.74 18.4 0.95 1.08 1.13 Dec 617 1.8 BV Texas Roadhouse, Inc. TXRH Q 3 H/GRW 46.35 NM 50.51 37.23 24.8 1.67 1.87 2.08 Dec 3,300 1.8 BV


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Consumer - CAN Kenric S. Tyghe, MBA [email protected]

Consumer & Retail AIMIA (ae) AIM T 2 M/GRW C$9.01 12.50 9.49 6.91 NM 232 248 276 Dec 1,370 8.9 KT Canadian Tire Corporation CTC.A T 2 M/GRW C$167.16 175.00 168.00 128.12 16.6 9.23 10.08 11.07 Dec 11,868 1.6 KT Cara Operations Limited CARA T 3 H/GRW C$25.83 30.00 32.91 23.66 16.1 1.24 1.60 NA Dec 1,421 1.6 KT Cineplex Inc. CGX T 2 M/INC C$53.52 58.00 53.54 48.26 26.1 1.25 2.05 2.35 Dec 3,409 3.0 KT Dollarama DOL T 2 M/GRW C$119.28 120.00 119.97 87.40 27.5 3.00 3.71 A 4.34 Jan 14,075 0.3 KT Empire Company Limited EMP.A T 3 M/GRW C$20.58 18.00 22.72 14.74 29.8 1.50 0.69 0.91 Apr 5,592 2.0 KT Gildan Activewear GIL N 1 M/GRW US$27.85 36.00 32.20 23.55 16.2 1.51 1.72 1.99 Dec 6,489 1.1 KT Great Canadian Gaming GC T 3 H/GRW C$24.53 25.00 26.20 16.55 17.5 1.25 1.40 NA Dec 1,545 0.0 KT GreenSpace Brands Inc. (ct) JTR V 1 H/GRW C$1.55 2.00 1.80 0.71 NM (1,729) 1,816 4,482 Mar 82 0.0 KT Loblaw Companies Ltd. L T 2 M/GRW C$74.75 80.00 75.21 62.33 17.1 4.08 4.38 4.82 Dec 30,423 1.4 KT Metro, Inc. MRU T 2 M/GRW C$45.18 52.00 48.19 38.00 16.9 2.39 2.67 2.77 Sep 10,423 1.4 KT Sleep Country Canada Holdings Inc. ZZZ T 2 H/INC C$35.61 34.00 36.52 18.54 22.3 1.36 1.60 1.88 Dec 1,353 1.6 KT Winpak Ltd. WPK T 2 H/GRW C$54.42 56.00 54.72 42.40 31.3 1.61 1.74 1.81 Dec 3,537 0.2 KT


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Consumer - EUR Hermine de Bentzmann, RJEE [email protected] Cedric Lecasble, RJEE [email protected]

Julien Richer, CFA, RJEE [email protected]

Consumer Goods Beverages Campari CPR.MI BIT 2 €11.03 11.10 11.04 8.10 25.7 0.34 0.43 0.50 Dec 6,408 0.5 HB Diageo DGE.L L 3 2,259p NM 2,348 1,737 21.5 89.40 105.20 114.90 Jun £56,859 2.6 HB Pernod Ricard PERP.PA EPA 3 €115.00 NM 117.65 90.00 19.8 5.20 5.81 6.25 Jun 30,523 1.7 HB Remy Cointreau RCOP.PA EPA 3 €91.61 NM 94.80 69.27 35.8 2.27 2.56 3.02 Mar 4,552 2.0 HB

Eyecare & Eyewear Essilor ESSI.PA EPA 2 €118.80 132.00 124.55 93.41 29.0 3.71 4.10 4.50 Dec 25,494 1.4 CL Luxottica LUX.MI BIT 2 €53.30 60.00 56.90 39.92 27.2 1.84 1.96 2.10 Dec 25,541 1.8 CL

Home & Personal Care Beiersdorf BEIG.DE ETR 3 €90.41 NM 92.31 75.00 27.2 3.13 3.33 3.61 Dec 22,783 0.8 HB BIC BICP.PA EPA 3 €120.90 NM 141.70 112.55 18.5 6.24 6.52 7.00 Dec 5,743 3.0 HB Henkel HNKG_p.DE ETR 1 €123.60 130.00 124.20 96.25 20.6 5.36 6.01 6.41 Dec 49,868 1.5 HB L'Oréal OREP.PA EPA 2 €184.65 204.00 186.20 155.20 26.3 6.46 7.03 7.57 Dec 103,747 1.9 HB RB RB.L L 3 7,305p NM 7,786 6,496 22.3 302.00 327.00 345.00 Dec £51,179 2.3 HB

Luxury Goods Christian Dior DIOR.PA EPA 2 €252.00 245.00 256.00 133.75 21.3 9.80 11.84 13.15 Dec 45,488 1.7 HB Hermès RMS.PA EPA 2 €440.75 465.00 468.30 304.00 38.7 10.48 11.38 12.61 Dec 46,054 1.1 HB Kering KER.PA EPA 1 €259.15 300.00 260.60 136.55 20.0 10.17 12.94 15.10 Dec 32,723 2.0 HB LVMH LVMH.PA EPA 2 €223.15 239.00 225.20 130.55 22.8 8.13 9.77 10.83 Dec 113,155 1.9 HB Salvatore Ferragamo SFER.MI BIT 3 €28.19 NM 28.78 17.26 23.1 1.20 1.22 1.35 Dec 4,758 1.7 HB Tod's Group TOD.MI BIT 4 €68.75 60.00 73.80 45.62 23.4 2.61 2.94 3.12 Dec 2,275 2.6 HB

Foodservices Autogrill AGL.BIT BIT 2 €10.35 10.00 10.60 6.83 25.9 0.39 0.40 0.47 Dec 2,629 1.7 JR Compass Group CPG.L L 3 1,532p NM 1,559 1,204 22.2 60.40 69.09 74.25 Sep £25,186 2.3 JR Edenred EDEN.PA EPA 2 €24.00 24.60 24.13 15.70 21.6 0.78 1.11 1.33 Dec 5,609 3.7 JR Elior ELIOR.PA EPA 2 €22.44 24.50 22.51 17.90 18.2 1.05 1.23 1.39 Sep 3,859 2.2 JR Sodexo EXHO.PA EPA 2 €114.75 114.00 116.15 87.73 22.5 4.77 5.11 5.62 Aug 17,637 2.4 JR

Retail Apparel H&M HMb.ST STO 3 SEK220.70 NM 299.10 215.40 18.7 11.26 11.83 12.95 Nov 365,281 4.4 CL Inditex ITX.MC MAD 2 €35.15 38.00 35.24 27.18 30.0 1.01 1.17 1.32 Jan 109,552 2.2 CL

Consumer Electronics Fnac FNAC.PA EPA 1 €66.40 83.00 70.80 46.04 16.3 1.00 4.07 6.34 Dec 1,746 0.0 CL


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Consumer - EUR Food Retail Ahold Delhaize AD.AS AMS 1 €18.76 24.50 22.20 17.89 13.7 1.17 1.37 1.60 Dec 23,868 3.0 CL Carrefour CARR.PA EPA 2 €21.54 26.00 26.29 20.08 13.5 1.39 1.60 1.75 Dec 16,289 3.4 CL Casino CASP.PA EPA 2 €55.71 53.00 55.98 41.25 18.6 2.62 3.00 3.54 Dec 6,184 5.6 CL Colruyt COLR.BR EBR 4 €46.54 40.00 54.98 44.04 18.1 2.57 E 2.62 2.69 Mar 6,963 2.5 CL Dia DIDA.MC MAD 1 €5.48 6.40 5.80 4.15 12.2 0.42 0.45 0.48 Dec 3,410 4.0 CL Jeronimo Martins JMT.LS ELI 3 €16.67 NM 16.88 12.85 24.5 0.62 0.68 0.73 Dec 10,487 3.9 CL Metro MEOG.DE ETR 1 €30.30 36.00 32.27 25.71 14.6 1.88 2.07 2.32 Sep 9,902 3.4 CL Rallye GENC.PA EPA 3 €20.00 NM 22.69 13.41 13.3 0.34 1.50 2.54 Dec 976 7.0 CL

Sporting Goods Adidas ADSGn.DE ETR 4 €185.70 149.00 187.00 106.90 31.1 4.66 5.97 6.97 Dec 38,852 1.3 CL Puma PUMG.DE ETR 3 €365.00 NM 369.00 185.80 49.2 4.17 7.42 11.13 Dec 5,504 0.2 CL


Energy

USA Canada Europe

Exploration and Production ........................................ 26

Independent Refiners ................................................. 27

Integrated Oil and Gas ................................................ 27

Midstream Suppliers................................................... 28

Oilfield Services .......................................................... 29

Diversified Oilfield Services ..................................... 29

Gas Compression ..................................................... 29

Manufacturing & Fabrication .................................. 29

Offshore Construction ............................................. 29

Offshore Drillers ...................................................... 29

Onshore Drillers....................................................... 30

Production/Workover/Miscellaneous ..................... 30

Renewable Energy and Clean Technology .................. 30

Fuels and Chemicals ................................................ 30

Power ...................................................................... 30

Water....................................................................... 30

Intermediate Oil & Gas Producers .............................. 31

Junior Oil & Gas Producers ......................................... 31

Oil & Gas Energy Services ........................................... 32

Ancillary Wellsite Services ....................................... 32

Blended Production/Midstream/Wellsite ............... 32

Contract Drillers ...................................................... 32

Pressure Pumpers ................................................... 32

Workforce Accommodations .................................. 32

Oil Sands ..................................................................... 32

Power & Energy Infrastructure ................................... 32

Diversified & Utilities............................................... 32

Independent Power Producers ............................... 32

Pipelines & Midstream ............................................ 33

Senior Oil & Gas Producers ........................................ 33

Integrated Oil and Gas ................................................ 33

Oilfield Services ........................................................... 34

Diversified Oilfield Services ...................................... 34

Utilities ........................................................................ 34

Electricity & Gas ....................................................... 34

Environmental Services ............................................ 34


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Energy - USA J. Marshall Adkins [email protected] John Freeman, CFA [email protected]

Darren Horowitz [email protected] Pavel Molchanov [email protected]

Benjamin Brownlow [email protected] Justin Jenkins [email protected]

Praveen Narra, CFA [email protected] Jean-Pierre Dmirdjian* [email protected]

Exploration and Production Anadarko Petroleum Corp. APC N 3 H/GRW 60.08 NM 73.33 44.81 NM (3.07) (0.07) 0.43 Dec 33,116 0.3 JF Antero Resources Corporation AR N 1 H/GRW 21.85 30.00 30.66 21.11 42.8 0.72 0.51 1.43 Dec 6,157 0.0 JF Apache Corporation APA N 2 H/GRW 50.25 60.00 69.00 48.05 19.8 (0.66) 2.54 3.27 Dec 19,067 2.0 JF Black Stone Minerals L.P. (cu) BSM N 2 H/INC 16.34 20.00 19.86 14.24 13.3 1.13 1.23 1.33 Dec 3,119 7.5 JF Cabot Oil & Gas Corporation COG N 2 H/GRW 24.41 27.00 26.74 20.02 34.9 (0.21) 0.70 0.49 Dec 11,354 0.3 JF California Resources Corporation CRC N 3 H/GRW 12.52 NM 25.30 8.79 NM (7.84) (1.81) (0.14) Dec 523 0.0 PM Carrizo Oil & Gas, Inc. CRZO Q 1 H/GRW 26.49 38.00 43.96 25.06 18.7 1.13 1.42 2.52 Dec 1,725 0.0 JF Chesapeake Energy Corporation CHK N 4 NM 5.51 NM 8.20 3.56 7.3 (0.06) 0.76 1.04 Dec 4,932 0.0 JF Cimarex Energy Co. XEC N 3 H/GRW 120.85 NM 146.96 102.91 25.3 0.69 4.78 5.80 Dec 11,496 0.3 JF Concho Resources Inc. CXO N 1 H/GRW 130.98 163.00 147.55 110.50 73.2 0.74 1.79 2.04 Dec 19,131 0.0 JF ConocoPhillips COP N 3 M/INC 48.79 NM 53.17 38.80 31.5 (2.66) 1.55 2.07 Dec 60,807 2.2 PM CONSOL Energy Inc. CNX N 3 H/GRW 15.91 NM 22.34 12.29 93.6 (0.37) 0.17 1.46 Dec 3,650 0.0 JF Continental Resources Inc. CLR N 1 H/GRW 44.19 57.00 60.30 34.43 43.8 (0.88) 1.01 1.62 Dec 16,549 0.0 JF Devon Energy Corporation DVN N 3 H/GRW 40.59 NM 50.69 29.60 18.5 (0.07) 2.19 1.84 Dec 21,229 0.6 JF Diamondback Energy, Inc. FANG Q 2 H/GRW 103.97 120.00 114.00 82.19 21.8 1.79 4.77 7.46 Dec 9,372 0.0 JF Energen Corp. EGN N 2 H/GRW 53.24 62.00 64.44 38.11 45.9 (1.44) 1.16 1.98 Dec 5,165 0.0 JF EOG Resources, Inc. EOG N 3 H/GRW 95.27 NM 109.37 77.04 42.9 (1.63) 2.22 3.88 Dec 54,942 0.7 JF Hess Corp. HES N 2 H/GRW 48.64 75.00 65.56 45.12 NM (4.93) (1.96) (1.26) Dec 15,239 2.1 PM Kimbell Royalty Partners L.P. (cu) KRP N 1 H/INC 18.62 23.00 20.89 18.06 13.3 NA 1.40 1.64 Dec 304 0.0 JF Kosmos Energy Ltd. KOS N 1 H/GRW 5.85 8.00 7.39 4.39 NM (0.26) (0.09) (0.14) Dec 2,259 0.0 PM Laredo Petroleum Inc. LPI N 2 H/GRW 13.27 17.00 16.47 9.20 21.1 0.49 0.63 1.06 Dec 3,210 0.0 JF Marathon Oil Corp. MRO N 1 M/GRW 15.61 23.00 19.28 11.28 NM (0.85) (0.10) 0.23 Dec 13,222 1.3 PM Matador Resources Company MTDR N 2 H/GRW 22.73 31.00 28.51 18.56 18.9 (0.03) 1.20 2.42 Dec 2,262 0.0 JF Murphy Oil Corp. MUR N 3 M/INC 27.35 NM 37.48 24.39 38.5 (1.36) 0.71 0.88 Dec 4,710 3.7 PM National Fuel Gas Company NFG N 3 H/GRW 55.39 NM 61.25 50.61 17.3 3.10 3.20 2.65 Sep 4,724 2.9 JF Newfield Exploration Company NFX N 1 H/GRW 35.88 44.00 50.00 33.00 19.8 1.21 1.81 2.17 Dec 7,139 0.0 JF Noble Energy, Inc. NBL N 3 H/GRW 34.43 NM 42.03 32.33 NM (0.58) 0.13 0.59 Dec 14,823 1.2 JF Northern Oil & Gas Inc. NOG M 3 H/GRW 2.20 NM 5.85 1.55 18.3 0.19 0.12 0.44 Dec 139 0.0 JF Oasis Petroleum Inc. OAS N 1 H/GRW 12.34 19.00 17.08 6.56 NM (0.51) 0.05 0.64 Dec 2,916 0.0 JF

*Jean-Pierre Dmirdjian is a Raymond James Euro Equities SAS employee.


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Energy - USA Exploration and Production Occidental Petroleum Corp. OXY N 2 M/INC 62.50 80.00 78.48 61.01 39.3 (1.01) 1.59 2.10 Dec 47,756 4.9 PM Parsley Energy, Inc. PE N 1 H/GRW 30.46 39.00 39.82 21.73 33.5 0.12 0.91 1.56 Dec 8,358 0.0 JF Pioneer Natural Resources Company PXD N 1 H/GRW 178.35 250.00 199.83 146.08 55.0 (0.20) 3.24 8.33 Dec 30,270 0.0 JF QEP Resources, Inc. QEP N 1 H/GRW 11.79 20.00 21.12 10.92 NM (1.08) (0.71) (0.53) Dec 2,825 0.0 JF Range Resources Corp. RRC N 2 H/GRW 27.56 36.00 46.96 26.24 NM 0.03 0.21 (0.01) Dec 6,811 0.3 JF RSP Permian, Inc. RSPP N 1 H/GRW 38.69 55.00 46.92 29.15 26.9 (0.07) 1.44 1.67 Dec 5,491 0.0 JF SM Energy Company SM N 2 H/GRW 23.05 27.00 43.09 20.01 NM (1.98) (0.68) 0.69 Dec 2,564 0.4 JF Southwestern Energy Company SWN N 3 H/GRW 7.72 NM 15.59 7.20 8.2 (0.03) 0.94 0.64 Dec 3,823 0.0 JF SRC Energy Inc. SRCI M 1 H/GRW 8.11 10.00 10.38 5.34 16.6 (0.02) 0.49 0.81 Dec 1,633 0.0 JF Viper Energy Partners L.P. (cu) VNOM Q 1 H/INC 17.20 23.00 20.25 13.53 13.3 0.80 1.29 1.60 Dec 1,510 6.0 JF Whiting Petroleum Corp. WLL N 1 H/GRW 8.29 14.00 14.44 6.38 NM (2.18) (0.66) (0.40) Dec 3,001 0.0 JF WildHorse Resource Development Corporation WRD N 1 H/GRW 10.93 20.00 16.48 10.36 15.0 (0.06) 0.73 1.75 Dec 1,002 0.0 JF WPX Energy Inc. WPX N 2 H/GRW 12.39 16.00 16.17 8.03 NM (0.74) (0.51) 0.44 Dec 4,271 25.2 JF

Independent Refiners Delek US Holdings, Inc. DK N 2 H/GRW 23.98 30.00 26.06 11.41 NM (1.35) 0.20 1.30 Dec 1,484 2.5 JJ HollyFrontier Corp. HFC N 3 H/GRW 28.76 NM 37.98 22.07 19.2 0.51 1.50 2.75 Dec 5,065 4.6 JJ Marathon Petroleum Corp. MPC N 1 H/GRW 50.03 65.00 54.59 32.02 17.0 2.13 2.95 3.70 Dec 26,466 2.9 JJ PBF Energy, Inc. PBF N 3 H/GRW 22.56 NM 35.68 19.47 22.6 (1.28) 1.00 2.75 Dec 2,364 5.3 JJ Phillips 66 PSX N 2 H/GRW 78.08 93.00 89.31 73.67 18.6 2.83 4.20 7.00 Dec 41,094 3.2 JJ Tesoro Corp. TSO N 3 H/GRW 80.66 NM 93.06 69.49 15.7 4.29 5.15 7.50 Dec 9,534 2.7 JJ Valero Energy Corp. VLO N 2 H/GRW 65.83 75.00 71.40 46.88 12.4 3.72 5.30 6.50 Dec 29,689 4.3 JJ Western Refining, Inc. WNR N 3 H/GRW 34.82 NM 40.09 18.14 17.4 1.20 2.00 3.00 Dec 3,462 4.4 JJ

Integrated Oil and Gas Chevron Corp. CVX N 3 M/INC 106.73 NM 119.00 97.53 19.7 0.97 5.41 5.07 Dec 201,720 4.0 PM Ecopetrol S.A. (ed, r) EC N 3 H/GRW 9.42 NM 10.29 7.65 10.1 0.33 0.93 1.42 Dec 19,366 0.1 PM Exxon Mobil Corp. XOM N 4 NM 81.73 NM 95.55 80.30 17.8 2.36 4.59 5.10 Dec 341,304 3.7 PM Petróleo Brasileiro S.A. (ed, r) PBR N 3 H/GRW 9.27 NM 12.56 5.45 11.0 (0.12) 0.84 1.50 Dec 60,461 0.0 PM YPF S.A. (ed, r) YPF N 2 H/GRW 25.55 28.00 26.48 15.00 NM 0.00 (0.29) (0.42) Dec 10,043 1.2 PM


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Energy - USA Midstream Suppliers AmeriGas Partners L.P. APU N 3 H/INC 45.65 NM 50.11 40.81 18.6 1.79 2.45 2.76 Sep 4,242 8.2 BBL,DH Antero Midstream Partners L.P. AM N 1 H/GRW 33.09 39.00 35.74 22.86 20.1 1.24 1.65 2.16 Dec 5,919 3.2 DH Boardwalk Pipeline Partners L.P. BWP N 3 H/INC 18.58 NM 18.95 15.56 14.1 1.18 1.32 1.57 Dec 4,651 2.2 DH Calumet Specialty Products Partners, L.P. CLMT Q 4 NM 3.70 NM 6.42 2.79 NM (4.19) (1.74) (1.24) Dec 283 0.0 JJ,DH Capital Product Partners L.P. CPLP Q 3 H/INC 3.44 NM 4.05 2.41 16.4 0.34 0.21 0.18 Dec 420 9.3 BBL,DH Cheniere Energy Partners, L.P. CQP M 3 H/INC 32.56 NM 33.47 25.87 50.1 (0.28) 0.65 1.61 Dec 10,999 5.2 DH,PM Cheniere Energy, Inc. LNG M 3 H/GRW 46.34 NM 50.53 31.02 NM (1.94) (2.08) 1.25 Dec 10,607 0.0 PM,DH Crestwood Equity Partners L.P. CEQP N 2 H/INC 25.75 28.00 28.30 16.15 71.5 (3.55) 0.36 0.48 Dec 4,800 9.3 DH CrossAmerica Partners L.P. CAPL N 2 H/INC 25.52 28.00 27.94 22.50 60.8 0.32 0.42 0.46 Dec 855 9.6 BBL,DH Delek Logistics Partners L.P. DKL N 2 H/INC 32.10 37.00 36.05 21.30 12.8 2.07 2.51 2.83 Dec 783 8.5 JJ,DH Energy Transfer Equity L.P. ETE N 2 H/GRW 18.55 23.00 20.05 10.56 9.2 0.93 2.01 2.23 Dec 19,421 6.1 DH Energy Transfer Partners L.P. ETP N 2 H/INC 36.42 42.00 43.50 31.64 49.9 (2.00) 0.73 0.73 Dec 25,874 11.6 DH EnLink Midstream LLC ENLC N 2 H/GRW 19.75 22.00 20.45 12.51 NM (2.57) (0.03) (0.02) Dec 3,239 5.2 DH EnLink Midstream Partners L.P. ENLK N 2 H/INC 18.89 20.00 19.89 12.75 NM (1.99) (0.32) (0.38) Dec 4,345 8.3 DH Enterprise Products Partners L.P. EPD N 1 H/INC 27.95 33.00 30.25 24.01 20.4 1.20 1.37 1.53 Dec 52,378 5.9 DH Ferrellgas Partners L.P. FGP N 4 NM 5.78 NM 20.85 5.04 NM (6.74) (0.37) 0.13 Jul 567 6.9 BBL,DH Genesis Energy L.P. GEL N 2 H/INC 32.77 37.00 40.90 30.01 30.1 1.00 1.09 1.23 Dec 3,866 8.8 DH,JJ Global Partners L.P. GLP N 3 H/INC 18.25 NM 21.95 12.28 46.8 (5.91) 0.39 0.38 Dec 616 10.1 BBL,DH Golar LNG Partners L.P. GMLP Q 3 H/INC 22.69 NM 25.82 15.55 9.9 2.74 2.30 2.39 Dec 1,387 10.2 BBL,DH Holly Energy Partners L.P. HEP N 3 H/INC 36.71 NM 38.09 29.53 19.2 1.69 1.91 2.16 Dec 2,305 6.6 JJ,DH Kinder Morgan, Inc. KMI N 1 M/INC 20.90 27.00 23.36 16.63 27.5 0.25 0.76 0.89 Dec 46,609 2.4 DH KNOT Offshore Partners L.P. KNOP N 2 H/INC 23.95 25.00 24.68 16.56 13.4 2.07 1.79 2.13 Dec 699 8.7 BBL,DH Magellan Midstream Partners L.P. MMP N 2 H/INC 76.10 85.00 81.77 64.25 19.1 3.52 3.99 4.28 Dec 17,334 4.6 DH,JJ Martin Midstream Partners L.P. MMLP Q 2 H/INC 19.70 21.00 25.38 15.58 56.3 0.65 0.35 0.37 Dec 698 10.2 DH MPLX L.P. MPLX N 1 H/GRW 36.65 44.00 39.43 29.33 28.2 0.00 1.30 2.47 Dec 13,231 5.7 JJ,DH NGL Energy Partners L.P. NGL N 2 H/INC 16.50 20.00 25.80 11.57 30.0 (2.35) 0.55 (0.22) Mar 1,800 9.5 DH NuStar Energy L.P. NS N 3 H/INC 49.15 NM 55.64 43.41 22.1 1.27 2.22 2.60 Dec 3,864 8.9 DH,JJ NuStar GP Holdings, LLC NSH N 3 H/INC 27.45 NM 31.50 22.30 16.5 1.28 1.66 1.80 Dec 1,179 7.9 DH,JJ PBF Logistics L.P. PBFX N 2 H/INC 20.85 23.00 23.49 17.45 8.0 2.04 2.60 2.74 Dec 870 8.6 JJ,DH PennTex Midstream Partners L.P. PTXP Q 2 H/INC 16.81 18.00 18.00 10.71 25.5 0.00 0.66 0.98 Dec 672 7.0 DH Phillips 66 Partners L.P. PSXP N 2 H/INC 53.73 62.00 62.66 42.47 16.9 2.21 3.17 4.04 Dec 5,876 4.2 JJ,DH Plains All American Pipeline L.P. PAA N 3 H/INC 30.55 NM 33.95 20.53 19.2 0.93 1.59 1.89 Dec 20,444 7.2 DH,JJ Plains GP Holdings L.P. PAGP N 3 H/INC 30.78 NM 36.59 22.17 19.4 0.94 1.59 1.89 Dec 3,109 7.1 DH,JJ SemGroup Corporation SEMG N 3 H/INC 34.35 NM 43.20 26.58 20.9 (0.13) 1.64 2.31 Dec 2,271 5.2 DH,JJ


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Energy - USA Midstream Suppliers Southcross Energy Partners L.P. SXE N 4 NM 4.34 NM 4.74 1.10 NM (1.48) (4.10) (3.90) Dec 338 0.0 DH Spectra Energy Partners L.P. SEP N 2 H/INC 45.08 47.00 50.43 40.19 14.4 2.84 3.12 3.35 Dec 13,903 6.1 DH Sprague Resources L.P. SRLP N 2 H/INC 27.00 32.00 30.35 21.27 8.1 0.38 3.33 3.79 Dec 575 8.6 JJ,DH Suburban Propane Partners L.P. SPH N 3 H/INC 26.76 NM 37.10 24.00 19.1 0.23 1.40 1.59 Sep 1,634 13.3 BBL,DH Sunoco L.P. SUN N 2 H/INC 30.96 33.00 37.25 21.01 20.1 (4.93) 1.54 2.02 Dec 3,040 10.7 BBL,DH Targa Resources Corp. TRGP N 2 H/GRW 56.98 64.00 61.83 35.35 NM (1.69) (0.47) 0.16 Dec 10,525 6.4 DH Teekay Corporation TK N 3 H/GRW 8.83 NM 11.85 5.45 NM (1.70) (1.07) 1.26 Dec 761 2.5 BBL,DH Teekay LNG Partners L.P. TGP N 3 H/INC 16.95 NM 19.90 9.47 8.9 1.87 1.90 2.46 Dec 1,349 3.3 BBL,DH Teekay Offshore Partners L.P. TOO N 2 H/INC 5.61 8.00 6.94 4.06 6.4 0.18 0.88 1.35 Dec 827 7.8 BBL,DH Tesoro Logistics L.P. TLLP N 1 H/INC 55.50 65.00 60.14 42.92 20.1 1.91 2.76 3.56 Dec 5,715 6.8 JJ,DH Valero Energy Partners L.P. VLP N 2 H/GRW 48.17 55.00 51.00 38.90 12.8 2.82 3.77 4.68 Dec 3,146 3.4 JJ,DH Western Refining Logistics L.P. WNRL N 1 H/GRW 25.15 28.00 26.58 18.85 13.2 1.20 1.90 2.52 Dec 1,531 7.0 JJ,DH The Williams Companies, Inc. WMB N 2 H/GRW 30.81 31.00 32.69 18.35 17.0 (0.56) 1.81 2.69 Dec 23,107 3.9 DH Williams Partners L.P. WPZ N 1 H/INC 41.57 44.00 42.32 26.12 25.5 (0.08) 1.63 1.69 Dec 25,929 8.2 DH

Oilfield Services Diversified Oilfield Services Baker Hughes, Inc. BHI N 2 H/GRW 59.29 64.00 68.59 41.74 NM (1.47) 0.00 1.85 Dec 25,139 1.1 PN,JMA Halliburton HAL N 1 H/GRW 47.02 59.00 58.78 38.24 42.7 (0.02) 1.10 3.00 Dec 40,719 1.5 PN,JMA Schlumberger Ltd. SLB N 3 H/GRW 74.09 NM 87.84 72.00 51.1 1.16 1.45 2.90 Dec 103,059 2.7 PN,JMA Weatherford WFT N 2 H/GRW 5.61 7.00 8.49 3.73 NM (1.29) (0.75) 0.00 Dec 5,515 0.0 PN,JMA

Gas Compression Archrock Partners L.P. APLP Q 2 H/INC 16.16 19.00 18.55 10.07 23.8 0.71 0.68 1.45 Dec 965 7.1 JMA,PN CSI Compressco Partners L.P. CCLP Q 2 H/INC 8.56 10.00 13.54 6.91 NM (0.84) (0.85) 0.00 Dec 285 17.6 JMA,PN USA Compression Partners L.P. USAC N 2 H/INC 17.49 20.00 19.78 12.03 58.3 0.34 0.30 0.60 Dec 509 12.0 JMA,PN

Manufacturing & Fabrication National Oilwell Varco Inc. NOV N 2 H/GRW 35.82 45.00 43.63 29.21 NM (0.85) (0.20) 1.50 Dec 13,563 0.6 JMA,PN Oil States International, Inc. OIS N 2 H/GRW 32.40 41.00 41.75 27.07 NM (0.88) (0.65) 0.70 Dec 1,665 0.0 JMA,PN TechnipFMC plc FTI N 3 H/GRW 32.12 NM 36.14 30.61 32.1 1.00 E 0.95 1.50 Dec 7,249 3.7 PN,JPD

Offshore Construction Helix Energy Solutions Group HLX N 3 H/GRW 6.24 NM 11.87 5.95 NM (0.32) (0.20) 0.25 Dec 753 0.0 JMA,PN

Offshore Drillers Atwood Oceanics ATW N 4 NM 8.09 NM 15.37 6.12 NM 4.84 (0.50) (2.60) Sep 525 0.0 PN,JMA Diamond Offshore DO N 3 H/GRW 14.96 NM 26.72 14.48 18.7 1.24 0.80 0.35 Dec 2,081 0.0 PN,JMA Ensco plc ESV N 3 H/GRW 8.35 NM 12.36 6.50 NM 1.57 (0.15) (0.75) Dec 1,932 0.5 PN,JMA Noble Corp plc NE N 3 H/GRW 4.95 NM 12.19 4.45 NM (0.06) (1.65) (1.95) Dec 1,204 0.0 PN,JMA Pacific Drilling PACD N 4 NM 1.72 NM 11.56 1.58 NM (3.01) (18.45) (13.95) Dec 36 0.0 PN,JMA Rowan Companies RDC N 3 H/GRW 14.52 NM 21.68 12.00 NM 2.00 (1.70) (2.40) Dec 1,803 0.0 PN,JMA Transocean RIG N 4 NM 11.46 NM 16.66 8.68 NM 0.84 (0.75) (1.20) Dec 4,462 0.0 PN,JMA


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Energy - USA Onshore Drillers Nabors Industries Ltd. NBR N 1 H/GRW 11.77 19.00 18.40 7.61 NM (1.25) (0.95) 0.45 Dec 3,342 2.0 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 H/GRW 22.61 34.00 29.76 16.72 NM (2.25) (1.15) 0.45 Dec 3,349 0.4 JMA,PN Pioneer Energy Services Corp PES N 3 H/SPEC 3.50 NM 7.20 2.64 NM (1.26) (0.60) 0.00 Dec 219 0.0 JMA,PN Unit Corporation UNT N 1 H/GRW 22.57 29.00 30.63 9.95 12.9 (0.29) 1.75 1.60 Dec 1,162 0.0 JMA,PN

Production/Workover/Miscellaneous Cypress Energy Partners L.P. CELP N 3 H/INC 8.88 NM 14.27 7.80 19.7 0.67 0.45 0.80 Dec 106 18.4 JMA,PN Dawson Geophysical Company DWSN Q 1 H/SPEC 5.21 9.00 9.00 4.58 NM (1.84) (1.10) (0.25) Dec 110 0.0 JMA,PN Hi-Crush Partners L.P. HCLP N 1 H/GRW 15.10 21.00 23.30 5.50 14.4 (0.79) 1.05 2.85 Dec 961 0.0 JMA,PN Mammoth Energy Services, Inc. TUSK Q 2 H/GRW 19.16 24.00 24.54 11.91 NM (0.80) 0.15 1.60 Dec 718 0.0 PN,JMA Newpark Resources NR N 1 H/GRW 7.85 10.00 8.75 4.26 NM (0.40) 0.00 0.45 Dec 665 0.0 JMA,PN ProPetro Holding Corp. PUMP N 1 H/GRW 13.53 18.00 15.30 12.26 NM (1.72) 0.10 1.20 Dec 1,088 0.0 PN,JMA RPC, Inc. RES N 1 H/GRW 17.90 25.00 23.36 13.12 59.7 (0.72) 0.30 1.30 Dec 3,893 1.1 JMA,PN Superior Energy Services, Inc. SPN N 1 H/GRW 13.47 19.00 19.83 12.48 NM (2.49) (1.65) 0.00 Dec 2,046 0.0 JMA,PN TETRA Technologies Inc. TTI N 2 H/GRW 3.58 5.00 7.75 3.32 NM (0.59) (0.35) (0.15) Dec 412 0.0 JMA,PN

Renewable Energy and Clean Technology Fuels and Chemicals Chart Industries, Inc. GTLS Q 3 H/GRW 35.97 NM 40.87 21.80 45.5 1.18 0.79 1.33 Dec 1,119 0.0 PM Clean Energy Fuels Corp. CLNE Q 3 H/GRW 2.46 NM 4.80 2.38 NM (0.32) (0.46) (0.44) Dec 342 0.0 PM Green Plains Partners L.P. GPP Q 1 M/INC 20.00 23.00 21.75 13.40 9.7 1.75 2.07 2.13 Dec 636 8.6 PM

Power 8point3 Energy Partners L.P. CAFD Q 1 M/INC 12.23 17.00 17.34 11.51 15.7 1.27 0.78 1.03 Nov 868 8.7 PM Advanced Energy Industries, Inc. AEIS Q 3 H/GRW 72.24 NM 72.43 31.98 18.6 3.12 3.89 4.02 Dec 2,890 0.0 PM EnerNOC, Inc. ENOC Q 1 H/GRW 5.75 10.00 7.83 4.80 NM (2.00) (2.25) (1.86) Dec 170 0.0 PM Enphase Energy, Inc. ENPH Q 3 H/GRW 1.29 NM 2.78 0.95 NM (1.04) (0.28) (0.01) Dec 95 0.0 PM Enviva Partners L.P. EVA N 2 M/INC 29.50 30.00 29.98 19.31 18.4 1.57 1.60 1.78 Dec 752 7.3 PM First Solar, Inc. FSLR Q 3 H/GRW 27.54 NM 62.14 25.56 72.5 5.17 0.38 0.79 Dec 2,864 0.0 PM NextEra Energy Partners, L.P. NEP N 2 M/INC 33.19 35.00 34.20 23.90 27.2 2.05 1.22 0.71 Dec 4,733 4.4 PM Silver Spring Networks, Inc. SSNI N 1 H/GRW 11.40 16.00 15.40 10.18 45.6 0.22 0.25 0.31 Dec 620 0.0 PM SunPower Corp. SPWR Q 2 H/GRW 6.87 15.00 22.35 5.84 31.2 (0.46) 0.22 0.56 Dec 951 0.0 PM TPI Composites, Inc. TPIC Q 2 H/GRW 20.13 24.00 23.30 11.31 61.0 0.50 0.33 0.43 Dec 678 0.0 PM

Water AquaVenture Holdings Ltd. WAAS N 1 H/GRW 18.38 27.00 26.33 14.30 NM (0.83) (0.48) (0.38) Dec 474 0.0 PM


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Energy - CAN Andrew Bradford, CFA [email protected] Steven Li, CFA [email protected]

Kurt Molnar [email protected] Chris Cox, CFA [email protected]

Jeremy McCrea, CFA [email protected] Frederic Bastien, CFA [email protected]

David Quezada, CFA [email protected]

Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf) AAV T 2 H/GRW C$8.65 11.75 10.33 6.59 8.9 0.92 0.97 1.14 Dec 1,598 0.0 KM ARC Resources Ltd. (cf) ARX T 2 H/INC C$18.28 26.50 24.94 18.03 8.5 1.80 2.14 2.42 Dec 6,601 3.3 JM Athabasca Oil Corp. (cb) ATH T 2 H/GRW C$1.38 2.75 2.14 1.04 NM (149) 131 217 Dec 699 0.0 CC Baytex Energy Corporation (cf) BTE T 3 H/GRW C$4.02 6.00 9.04 3.93 NM 345 427 434 Dec 938 0.0 CC Bellatrix Exploration Ltd. (cf) BXE T 3 H/GRW C$1.00 1.25 1.68 0.96 2.9 0.20 0.34 0.33 Dec 192 0.0 JM Birchcliff Energy Ltd. (cf) BIR T 2 H/GRW C$7.14 11.50 10.50 4.88 5.7 0.73 1.25 1.45 Dec 1,885 1.4 KM Bonavista Energy Corporation (cf) BNP T 3 H/GRW C$2.93 3.75 5.58 2.52 2.4 1.10 1.21 1.20 Dec 759 1.4 JM Bonterra Energy Corp. (cf) BNE T 2 H/INC C$20.41 31.00 29.76 19.90 5.1 2.91 4.04 4.98 Dec 676 5.9 JM Crescent Point Energy (cf) CPG T 2 H/GRW C$13.36 21.00 24.01 13.23 NM 1,657 1,800 1,958 Dec 7,237 2.7 CC Crew Energy Inc. (cf) CR T 1 H/GRW C$4.29 9.00 8.10 4.26 5.4 0.55 0.80 0.92 Dec 630 0.0 KM Enerplus Corporation (cf) ERF T 2 H/GRW C$10.32 14.50 13.55 6.05 5.9 1.32 1.75 2.17 Dec 2,482 1.2 KM Freehold Royalties Ltd. (cf) FRU T 2 M/INC C$14.00 15.50 15.16 10.61 13.9 0.85 1.01 0.96 Dec 1,651 4.3 JM Kelt Exploration Ltd. (cf) KEL T 1 H/GRW C$7.07 9.50 7.70 3.92 11.2 0.33 0.63 0.95 Dec 1,357 0.0 JM NuVista Energy Ltd. (cf) NVA T 2 H/GRW C$6.51 9.00 7.80 5.33 7.3 0.87 0.89 1.12 Dec 1,125 0.0 KM Painted Pony Petroleum Ltd. (cf) PPY T 2 H/GRW C$4.91 9.00 10.50 4.70 4.7 0.56 1.04 1.70 Dec 782 0.0 JM Paramount Resources Ltd. (cf) POU T 1 H/GRW C$18.45 25.00 19.03 6.90 13.1 0.34 1.41 2.87 Dec 1,952 0.0 KM Pengrowth Energy Corporation (cf) PGF T 3 H/INC C$1.38 1.50 2.70 1.29 NM 566 241 262 Dec 756 0.0 CC Penn West Petroleum Ltd. (cf) PWT T 3 H/GRW C$2.08 2.50 2.72 0.78 5.9 (0.06) 0.35 0.50 Dec 1,046 0.0 JM Peyto Exploration and Development (cf) PEY T 2 M/GRW C$25.40 35.00 39.41 25.34 6.9 3.17 3.66 4.06 Dec 4,181 5.2 KM PrairieSky Royalty Ltd. (cf) PSK T 2 M/INC C$29.52 34.00 34.32 22.91 26.1 0.88 1.13 1.13 Dec 7,041 2.5 JM Raging River Exploration Inc. (cf) RRX T 3 H/GRW C$8.20 10.00 11.87 8.07 6.7 0.83 1.22 1.40 Dec 1,972 0.0 JM Seven Generations Energy Ltd. (cf) VII T 1 H/GRW C$25.08 36.00 32.90 21.07 7.6 2.30 3.28 4.02 Dec 8,786 0.0 KM Tourmaline Oil Corp. (cf) TOU T 2 H/GRW C$27.61 39.00 39.77 26.88 5.8 3.12 4.75 5.61 Dec 7,416 0.0 KM Trilogy Energy Corp. (cf) TET T 2 H/GRW C$4.69 10.00 8.33 4.23 5.0 0.44 0.94 1.08 Dec 591 0.0 KM Whitecap Resources Inc. (cf) WCP T 2 H/INC C$9.72 14.00 12.90 8.60 6.7 1.12 1.46 1.72 Dec 3,620 2.9 JM

Junior Oil & Gas Producers Chinook Energy, Inc. (cf) CKE T 4 H/GRW C$0.34 0.35 0.59 0.32 8.5 0.00 0.04 0.06 Dec 74 0.0 KM Delphi Energy Corp. (cf) DEE T 1 H/GRW C$1.40 2.60 1.79 0.72 4.7 0.19 0.30 0.45 Dec 218 0.0 KM Granite Oil Corp. (cf) GXO T 1 H/INC C$5.16 10.00 8.22 4.31 6.4 0.75 0.81 0.82 Dec 174 8.1 KM Leucrotta Exploration Inc. (cf) LXE V R H/GRW C$2.15 R 2.55 1.38 R R R R Dec R R KM RMP Energy Inc. (cf) RMP T 3 H/GRW C$0.82 0.70 1.97 0.62 6.3 0.20 0.13 0.17 Dec 124 0.0 KM Storm Resources Ltd. (cf) SRX V 2 H/GRW C$3.85 5.25 5.66 3.24 6.6 0.29 0.58 0.77 Dec 460 0.0 KM Yangarra Resources Ltd. (cf) YGR T 2 H/GRW C$2.61 3.50 2.94 0.85 4.3 0.21 0.60 0.98 Dec 207 0.0 JM


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Energy - CAN Oil & Gas Energy Services Ancillary Wellsite Services Essential Energy Services Ltd. (cb) ESN T 1 H/GRW C$0.63 1.50 0.90 0.52 NM (2) E 26 52 Dec 96 0.0 AB Strad Energy Services Ltd. (cb) SDY T 1 H/GRW C$1.34 2.65 1.95 1.25 NM 3 E 29 41 Dec 83 0.0 AB

Blended Production/Midstream/Wellsite Canadian Energy Services & Technology Corp. (cb) CEU T 1 H/GRW C$6.68 7.50 8.65 2.96 NM 47 E 133 189 Dec 1,884 0.4 AB Enerflex Ltd. (cb) EFX T 2 H/INC C$20.29 17.50 20.57 8.59 NM 177 E 230 260 Dec 1,828 1.7 AB Mullen Group Ltd. (cb) MTL T 3 M/INC C$15.58 16.25 20.32 13.54 NM 186 182 215 Dec 1,653 2.3 AB Secure Energy Services Inc. (cb) SES T 1 H/INC C$9.27 13.15 12.04 7.61 NM 93 154 187 Dec 1,570 2.6 AB

Contract Drillers Ensign Energy Services Inc. (cb) ESI T 2 H/INC C$7.94 9.15 10.41 6.51 NM 190 249 308 Dec 1,337 6.0 AB Precision Drilling Corporation (cb) PD T 2 H/GRW C$5.54 7.20 8.21 4.66 NM 256 332 547 Dec 1,681 0.0 AB Trinidad Drilling Ltd. (cb) TDG T 2 H/GRW C$2.16 3.45 3.77 1.96 NM 135 134 201 Dec 588 0.0 AB Western Energy Services Corp. (cb) WRG T 3 H/GRW C$1.95 2.50 3.71 1.90 NM 6 38 61 Dec 153 0.0 AB

Pressure Pumpers Calfrac Well Services (cb) CFW T 3 H/GRW C$3.45 4.95 5.34 1.58 NM (41) E 72 214 Dec 489 0.0 AB Canyon Services Group Inc. (cb) FRC T 2 H/GRW C$6.58 9.45 7.58 4.27 NM (21) E 49 105 Dec 597 0.0 AB Trican Well Service (cb) TCW T 2 H/GRW C$4.01 6.15 5.59 1.50 NM (62) E 59 139 Dec 842 0.0 AB

Workforce Accommodations Black Diamond Group Limited (cb) BDI T 2 H/INC C$3.78 5.50 6.79 2.97 NM 42 43 56 Dec 223 7.9 AB Horizon North Logistics Inc. (cb) HNL T 2 H/INC C$1.73 2.00 2.35 1.31 NM 29 40 56 Dec 268 4.6 AB

Oil Sands MEG Energy Corp. (cb) MEG T 2 H/GRW C$6.31 8.50 9.83 4.72 NM 157 582 750 Dec 1,641 0.0 CC

Power & Energy Infrastructure Diversified & Utilities Algonquin Power & Utilities AQN T 1 M/INC C$12.81 15.00 13.05 10.47 17.8 0.57 0.72 0.75 Dec 4,888 4.8 DQ Brookfield Infrastructure Partners L.P. (x) BIP N 2 M/INC US$39.62 43.00 40.31 27.17 12.6 2.72 3.15 3.50 Dec 14,640 4.4 FB Emera Inc. EMA T 3 M/INC C$47.57 51.50 50.19 43.76 17.5 2.77 2.72 3.01 Dec 9,704 4.4 DQ Fortis, Inc. FTS T 3 M/INC C$44.18 50.00 45.13 38.65 17.5 2.31 2.52 2.63 Dec 18,357 3.6 DQ Hydro One Ltd. H T 2 M/INC C$23.99 25.00 26.80 22.06 20.0 1.21 1.20 1.30 Dec 14,324 3.5 FB

Independent Power Producers Alterra Power Corp. AXY T 2 H/SPEC C$4.79 8.00 7.50 4.20 79.8 (0.24) 0.06 0.07 Dec 280 1.0 DQ Boralex, Inc. BLX T 2 M/INC C$20.85 24.50 21.85 16.06 45.3 (0.03) 0.46 0.61 Dec 1,599 2.9 DQ Brookfield Renewable Partners L.P. (x) BEP N 2 M/INC US$30.68 33.00 31.85 26.61 15.3 1.45 2.00 2.35 Dec 9,176 6.1 FB Capital Power Corporation CPX T 2 M/GRW C$24.82 28.00 26.43 17.46 17.5 1.22 1.42 1.55 Dec 2,452 6.3 DQ Innergex Renewable Energy, Inc. INE T 2 M/GRW C$13.95 17.50 15.80 12.43 26.3 0.28 0.53 0.63 Dec 1,512 4.6 DQ Northland Power, Inc. NPI T 2 M/GRW C$24.04 28.00 25.14 20.65 29.0 0.64 0.83 1.67 Dec 4,169 4.5 DQ Pattern Energy Group Inc. (ca) PEGI Q 2 H/GRW US$22.16 26.00 25.13 18.68 12.3 1.70 1.80 2.05 Dec 1,939 7.5 FB TransAlta Renewables Inc. RNW T 3 M/GRW C$15.77 17.00 16.25 12.25 16.4 (0.01) 0.96 1.04 Dec 3,534 5.6 DQ U.S. Geothermal HTM M 2 H/SPEC US$4.13 5.00 5.40 3.66 12.5 0.33 E 0.40 NA Dec 78 0.0 SLi


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Energy - CAN Pipelines & Midstream AltaGas Ltd. (af) ALA T 3 M/INC C$30.78 32.00 35.55 28.86 16.3 2.81 1.89 2.42 Dec 5,156 6.8 CC Gibson Energy Inc. (af) GEI T 2 H/INC C$18.97 22.00 20.31 13.95 17.7 0.40 1.07 1.58 Dec 2,743 7.0 CC Inter Pipeline Ltd. (af) IPL T 3 M/INC C$28.39 30.00 30.07 24.92 11.2 2.28 2.53 2.55 Dec 10,496 5.7 CC Keyera Corp (af) KEY T 2 M/INC C$38.44 45.00 43.21 36.03 11.6 2.49 3.30 3.33 Dec 7,231 4.1 CC Pembina Pipeline Corp. (af) PPL T 2 M/INC C$44.50 50.00 44.62 36.01 14.2 2.71 3.13 3.69 Dec 17,764 4.3 CC Veresen Inc. (af) VSN T 3 H/INC C$15.90 16.00 16.16 8.71 14.6 0.96 1.09 1.23 Dec 4,986 6.3 CC

Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) CNQ T 2 M/GRW C$45.33 53.00 46.74 34.63 NM 4,432 8,298 10,766 Dec 53,267 2.4 CC Cenovus Energy, Inc. (cb) CVE T 3 M/GRW C$14.26 16.00 22.06 13.77 NM 1,389 3,887 4,286 Dec 14,725 1.4 CC Husky Energy Inc. (cb) HSE T 3 M/GRW C$16.08 17.00 17.56 13.92 NM 848 3,186 3,416 Dec 16,168 0.0 CC Imperial Oil Limited (cb) IMO T 2 M/GRW C$41.41 49.00 48.72 38.41 NM 4,137 4,726 4,624 Dec 35,227 1.4 CC Suncor Energy Inc (cb) SU T 2 M/GRW C$42.22 49.00 44.90 32.69 NM 6,648 10,472 11,024 Dec 70,339 3.0 CC

Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Energy - EUR Emmanuel Retif, RJEE [email protected] Jean-Pierre Dmirdjian, RJEE [email protected]

Integrated Oil and Gas BP BP.L L 3 449p NM 521 349 NM 0.14 0.31 0.39 Dec £88,394 7.4 JPD Eni ENI.MI BIT 2 €14.48 17.00 15.92 12.18 18.6 (0.09) 0.78 1.02 Dec 52,623 5.5 JPD Repsol REP.MC MAD 3 €14.78 NM 15.07 9.35 7.7 1.30 1.92 1.89 Dec 22,103 4.1 JPD Royal Dutch Shell ($D) RDSb.L AMS 3 €24.10 NM 26.87 20.81 26.5 0.91 1.97 2.26 Dec 200,208 7.8 JPD Total ($D) TOTF.PA EPA 2 €47.83 53.00 49.50 39.03 9.8 3.38 4.86 5.40 Dec 118,290 5.2 JPD


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Energy - EUR Oilfield Services Diversified Oilfield Services Amec Foster Wheeler AMFW.L L 2 561p 590 631 353 11.0 50.80 E 44.00 52.40 Dec £2,188 1.3 JPD Petrofac PFC.L L 1 846p 1,150 979 635 NM 0.93 1.08 1.05 Dec £2,926 5.9 JPD Saipem SPMI.MI BIT 4 €0.41 0.35 0.58 0.34 20.7 0.03 0.02 0.02 Dec 4,186 0.0 JPD Wood Group WG.L L 2 789p 810 909 597 NM 0.64 0.61 0.67 Dec £3,004 3.8 JPD

Utilities Electricity & Gas CEZ CEZsp.PR PRG S CZK432.60 NM 477.20 387.00 NM UR NA NA Dec 231,008 UR ER E.On EONGn.DE ETR 4 €7.23 5.40 8.53 5.99 16.8 0.43 E 0.47 NA Dec 13,793 2.8 ER EDF EDF.PA EPA 2 €7.69 11.60 11.88 7.33 11.6 1.70 0.66 0.93 Dec 16,213 5.2 ER Enel ENEI.MI BIT 1 €4.43 4.85 4.45 3.54 12.7 0.32 0.35 0.41 Dec 45,038 5.2 ER Engie GSZ.PA EPA 1 €13.23 15.30 15.21 10.77 13.5 0.99 0.98 1.00 Dec 32,219 5.3 ER Fortum FUM1V.HE HEL 4 €13.00 11.20 15.74 12.50 18.6 0.70 E 0.61 NA Dec 11,549 5.4 ER RWE RWEG.DE ETR 2 €15.32 17.00 16.49 11.02 16.3 0.94 E 0.51 NA Dec 9,408 0.0 ER Uniper UN01.DE ETR 2 €14.96 12.00 16.22 9.80 11.2 1.34 E 0.94 1.29 Dec 5,474 3.7 ER Verbund VERB.VI WBAG S €15.34 NM 16.65 11.27 NM UR UR NA Dec 5,323 UR ER

Environmental Services Suez Environnement SEVI.PA EPA 1 €15.15 18.50 16.27 12.73 19.2 0.79 E 0.90 0.98 Dec 8,182 4.3 ER Veolia Environnement VIE.PA EPA 2 €17.50 19.10 21.67 15.01 16.5 1.03 1.06 1.26 Dec 9,559 4.7 ER


Financial Services

USA Canada

Banking ....................................................................... 36

Capital Markets .......................................................... 40

Brokerages & Exchanges ......................................... 40

Capital Markets Technology .................................... 40

Insurance .................................................................... 41

Brokerage & Technology ......................................... 41

Commercial Lines .................................................... 41

Life/Health ............................................................... 41

Personal Lines .......................................................... 41

Specialty Finance ........................................................ 42

Investment Companies ............................................ 42

Specialty Consumer Finance .................................... 42

Diversified Financials .................................................. 43


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Financial Services - USA Daniel E. Cardenas [email protected] Robert Dodd, Ph.D. [email protected]

David J. Long, CFA [email protected] Patrick O'Shaughnessy, CFA [email protected]

C. Gregory Peters [email protected] Michael Rose [email protected]

William J. Wallace IV [email protected] Donald A. Worthington [email protected]

Banking 1st Constitution Bancorp FCCY Q 3 H/GRW 18.15 NM 20.85 11.70 16.5 1.13 1.10 1.15 Dec 145 0.3 WW Access National Corporation ANCX Q 3 H/INC 28.53 NM 33.18 18.11 19.7 1.60 1.45 1.65 Dec 308 2.1 WW American National Bankshares, Inc. AMNB Q 2 M/INC 38.95 39.00 42.50 24.36 19.0 1.84 2.05 2.40 Dec 335 2.5 WW American River Bankshares AMRB Q 3 H/GRW 14.87 NM 15.99 10.01 18.4 0.94 0.81 0.92 Dec 97 1.3 DAW Associated Banc-Corp ASB M 3 H/GRW 25.30 NM 26.70 15.72 18.2 1.23 1.39 1.54 Dec 3,889 1.9 DJL Atlantic Capital Bancshares, Inc. ACBI Q 3 H/GRW 19.45 NM 20.20 13.26 28.6 0.52 0.68 0.85 Dec 488 0.0 WW Banc of California, Inc. BANC N 2 H/GRW 22.60 22.00 23.25 10.93 12.9 1.94 1.75 2.20 Dec 1,128 2.3 DAW BancFirst Corporation BANF Q 3 M/GRW 99.00 NM 103.65 56.30 20.4 4.44 4.86 4.90 Dec 1,574 1.5 DC The Bancorp, Inc. TBBK Q 3 H/SPEC 5.00 NM 8.20 4.41 16.7 (0.06) 0.30 0.55 Dec 277 0.0 WW BancorpSouth, Inc. BXS N 3 M/GRW 31.15 NM 32.40 20.50 19.1 1.50 1.63 1.88 Dec 2,875 1.6 MR Bank of America Corporation BAC N 2 M/GRW 23.98 28.00 25.80 12.05 12.8 1.50 1.88 2.08 Dec 242,771 1.3 MR Bank of Commerce Holdings BOCH Q 2 H/GRW 11.35 11.00 11.35 6.05 14.0 0.39 0.81 0.92 Dec 152 1.1 DAW Bank of Marin Bancorp BMRC Q 3 M/GRW 67.85 NM 75.05 47.16 19.8 3.78 3.42 3.68 Dec 414 1.6 DAW The Bank of N.T. Butterfield & Son Limited NTB N 2 H/GRW 32.19 36.00 34.92 23.75 11.6 1.18 2.78 3.22 Dec 1,716 4.0 DAW Bank of New York Mellon Corp BK N 1 M/GRW 47.23 57.00 49.54 35.72 13.5 3.17 3.50 3.92 Dec 49,114 1.6 DJL Bank of the Ozarks Inc. OZRK Q 1 M/GRW 49.31 64.00 56.86 33.51 16.3 2.62 3.02 3.64 Dec 5,996 1.4 MR Banner Corporation BANR Q 2 M/GRW 56.74 62.00 60.97 38.77 18.2 2.52 3.11 3.35 Dec 1,884 1.8 DAW BB&T Corporation BBT N 3 M/INC 43.65 NM 49.88 32.85 15.5 2.77 2.82 3.38 Dec 35,418 2.7 MR BofI Holding, Inc. BOFI Q 1 H/GRW 26.35 35.00 32.57 15.29 12.5 1.85 2.11 2.42 Jun 1,671 0.0 DAW BOK Financial Corp. BOKF Q 3 M/GRW 80.29 NM 85.25 56.08 17.8 3.70 4.50 5.15 Dec 5,243 2.1 MR CapStar Financial Holdings, Inc. CSTR Q 3 H/GRW 18.27 NM 22.35 15.50 19.9 0.82 0.92 1.08 Dec 205 0.0 DC Carolina Financial Corporation CARO Q 2 H/GRW 30.49 33.00 31.50 16.50 16.5 1.62 1.85 2.05 Dec 383 0.5 WW CenterState Banks, Inc. CSFL Q 2 H/GRW 26.09 28.00 26.94 14.50 19.5 1.28 1.34 1.62 Dec 1,255 0.9 MR Central Pacific Financial Corp. CPF N 3 H/GRW 31.35 NM 33.12 21.88 19.5 1.50 1.61 1.77 Dec 965 2.0 DAW Chemical Financial Corp. CHFC Q 1 H/GRW 50.36 64.00 55.55 34.82 16.0 2.90 3.14 3.45 Dec 3,555 2.1 DJL Columbia Banking System, Inc. COLB Q 3 M/GRW 40.26 NM 45.68 26.17 19.1 1.81 2.11 2.31 Dec 2,335 2.2 DAW Comerica Inc. CMA N 2 M/GRW 70.65 79.00 75.00 36.82 15.5 3.02 4.55 5.00 Dec 12,533 1.3 MR Commerce Bancshares, Inc. CBSH Q 3 H/GRW 55.93 NM 60.61 42.44 19.5 2.60 2.87 3.03 Dec 5,688 1.6 DJL Community Bank System, Inc. CBU N 3 M/INC 57.60 NM 63.04 38.12 24.0 2.31 2.40 2.50 Dec 2,650 2.2 WW


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Financial Services - USA Banking Community Trust Bancorp, Inc. CTBI Q 3 M/INC 44.90 NM 51.35 32.99 16.2 2.68 2.78 2.86 Dec 795 2.9 DC ConnectOne Bancorp, Inc. CNOB Q 1 H/GRW 24.10 31.00 26.65 15.09 14.2 0.87 1.70 1.95 Dec 770 1.2 WW CU Bancorp CUNB Q 3 H/GRW 37.90 NM 40.30 21.72 21.4 1.50 1.77 2.02 Dec 675 0.0 DAW Cullen/Frost Bankers, Inc. CFR N 3 M/GRW 92.60 NM 96.62 57.94 18.2 4.59 5.10 5.55 Dec 5,878 2.3 MR CVB Financial Corp. CVBF Q 3 M/GRW 21.80 NM 24.63 15.25 20.8 0.94 1.05 1.11 Dec 2,361 2.2 DAW East West Bancorp, Inc. EWBC Q 4 NM 56.49 NM 56.97 31.34 17.0 2.92 3.32 3.67 Dec 8,163 1.4 DJL Eastern Virginia Bankshares, Inc. EVBS Q 3 H/GRW 11.23 NM 11.35 6.70 20.8 0.43 0.54 NA Dec 147 1.1 WW EverBank Financial Corp EVER N 3 M/GRW 19.51 NM 19.52 13.37 14.5 1.35 E 1.45 NA Dec 2,361 1.2 MR Farmers Capital Bank Corp. FFKT Q 3 H/GRW 41.60 NM 44.65 24.71 19.3 1.79 2.16 2.26 Dec 312 1.0 DC Farmers National Banc Corp. FMNB Q 3 H/GRW 14.30 NM 15.50 8.54 15.9 0.77 0.90 1.03 Dec 387 1.4 DC FCB Financial Holdings, Inc. FCB N 3 M/GRW 48.30 NM 50.33 31.98 17.2 2.30 2.80 3.25 Dec 1,988 0.0 MR Fifth Third Bancorp FITB Q 3 M/GRW 25.01 NM 28.97 16.14 14.4 1.69 1.74 1.93 Dec 18,760 2.2 DJL First Bancorp FBNC Q 2 H/GRW 31.74 33.00 32.00 17.15 18.1 1.52 1.75 2.05 Dec 660 1.0 WW First Busey Corporation BUSE Q 3 H/GRW 30.58 NM 31.91 19.75 17.7 1.62 1.73 2.07 Dec 1,168 2.4 DC First Business Financial Services, Inc. FBIZ Q 3 H/GRW 27.21 NM 27.42 18.76 15.5 1.77 1.75 2.15 Dec 237 1.9 DC First Commonwealth Financial Corp. FCF N 3 H/GRW 13.30 NM 14.61 8.46 17.3 0.69 0.77 0.86 Dec 1,184 2.4 DC First Community Corporation FCCO Q 3 H/GRW 20.70 NM 23.55 13.67 19.5 0.96 1.06 1.30 Dec 139 1.7 WW First Defiance Financial Corp. FDEF Q 3 H/GRW 54.99 NM 55.36 35.90 16.1 3.20 3.42 3.59 Dec 555 1.8 DC First Financial Bancorp FFBC Q 3 H/GRW 28.40 NM 29.80 18.00 18.1 1.41 1.57 1.68 Dec 1,764 2.4 DC First Financial Corporation THFF Q 3 H/GRW 50.00 NM 53.49 34.17 18.1 2.66 2.77 2.82 Dec 610 2.0 DC First Foundation Inc. FFWM Q 2 H/GRW 16.00 18.00 17.26 10.01 17.6 0.70 0.91 1.07 Dec 523 0.0 DAW First Horizon National Corporation FHN N 3 H/GRW 18.75 NM 20.84 12.46 17.4 0.94 1.08 1.28 Dec 4,386 1.9 MR First Midwest Bancorp, Inc. FMBI Q 3 H/GRW 24.11 NM 25.83 15.86 16.0 1.21 1.51 1.64 Dec 2,479 1.5 DC The First of Long Island Corporation FLIC Q 3 M/INC 27.95 NM 29.67 18.60 18.6 1.35 1.50 1.70 Dec 662 2.0 WW First Republic Bank FRC N 2 H/GRW 93.17 104.00 97.43 63.97 20.3 3.92 4.58 5.40 Dec 14,375 0.7 DJL Franklin Financial Network, Inc. FSB N 2 H/GRW 38.90 46.00 42.80 27.80 15.7 2.27 2.48 3.10 Dec 507 0.0 DC FS Bancorp, Inc. FSBW Q 2 H/GRW 41.21 43.00 41.61 24.32 10.8 3.51 3.80 4.12 Dec 126 1.0 DAW Fulton Financial FULT Q 3 M/GRW 18.95 NM 19.75 12.66 18.0 0.93 1.05 1.15 Dec 3,303 2.3 DAW German American Bancorp, Inc. GABC Q 3 M/GRW 34.85 NM 36.31 20.23 19.9 1.64 1.75 1.86 Dec 798 2.2 DC Glacier Bancorp, Inc. GBCI Q 3 M/GRW 34.87 NM 38.17 24.55 19.5 1.63 1.79 1.97 Dec 2,671 2.3 DC Guaranty Federal Bancshares Inc. GFED Q 2 H/GRW 20.00 23.00 21.95 15.55 14.0 1.24 1.43 1.51 Dec 88 2.0 DC Hancock Holding Company HBHC Q 1 H/GRW 47.55 54.00 49.50 23.78 17.6 1.87 2.70 3.15 Dec 4,018 2.0 MR Hanmi Financial Corporation HAFC Q 2 H/GRW 29.80 33.00 35.85 21.73 15.9 1.75 1.87 2.15 Dec 965 2.6 DAW Heartland Financial USA, Inc. HTLF Q 1 H/GRW 49.75 60.00 52.65 32.41 16.2 2.97 3.07 3.63 Dec 1,328 0.9 DC


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Financial Services - USA Banking Heritage Financial Corporation HFWA Q 3 H/GRW 26.10 NM 26.98 16.40 19.2 1.30 1.36 1.52 Dec 783 1.8 DAW Hilltop Holdings Inc. HTH N 3 H/GRW 28.34 NM 30.60 18.67 16.2 1.69 1.75 1.92 Dec 2,791 0.8 MR Home Bancorp, Inc. HBCP Q 2 H/GRW 33.91 39.00 39.75 24.76 13.3 2.24 2.55 2.60 Dec 251 1.5 WW Home BancShares, Inc. HOMB Q 3 M/GRW 25.73 NM 29.69 18.32 18.9 1.28 1.36 1.60 Dec 3,690 1.4 MR Hope Bancorp, Inc. HOPE Q 2 H/GRW 19.41 23.00 22.99 13.99 14.5 1.10 1.34 1.47 Dec 2,624 2.5 DAW HopFed Bancorp, Inc. HFBC Q 3 H/GRW 14.39 NM 15.45 10.82 24.4 0.39 0.59 0.66 Dec 89 1.1 DC Horizon Bancorp HBNC Q 2 H/GRW 27.24 30.00 28.63 15.83 15.1 1.54 1.80 1.96 Dec 602 1.5 DC Howard Bancorp, Inc. HBMD Q 1 M/GRW 18.80 22.00 19.00 12.16 20.9 0.73 0.90 1.05 Dec 184 0.0 WW Huntington Bancshares Inc. HBAN Q 2 M/GRW 13.04 14.00 14.74 8.05 14.0 0.87 0.93 1.06 Dec 14,158 2.5 DJL IBERIABANK Corporation IBKC Q 2 M/GRW 79.40 90.00 91.10 55.15 17.6 4.42 4.52 5.70 Dec 3,557 1.8 MR Independent Bank Group, Inc. IBTX Q 2 M/GRW 64.30 73.00 66.85 31.84 17.9 3.08 3.60 4.25 Dec 1,215 0.6 MR Investar Holding Corporation ISTR Q 2 M/GRW 22.40 25.00 22.60 14.96 19.5 0.98 1.15 1.55 Dec 159 0.4 WW KeyCorp KEY N 3 M/GRW 18.62 NM 19.53 10.21 13.2 1.15 1.41 1.50 Dec 20,097 1.8 DJL Lakeland Bancorp, Inc. LBAI Q 3 M/GRW 20.30 NM 20.88 10.62 19.3 1.01 1.05 1.20 Dec 958 1.9 WW Lakeland Financial Corporation LKFN Q 3 M/GRW 47.97 NM 48.88 29.64 21.5 2.05 2.23 2.38 Dec 1,209 1.6 DC LegacyTexas Financial Group, Inc. LTXB Q 2 M/GRW 37.45 42.00 44.94 23.48 17.7 2.08 2.12 2.60 Dec 1,795 1.6 MR MB Financial, Inc. MBFI Q 3 H/GRW 43.00 NM 48.47 32.72 16.5 2.36 2.61 2.87 Dec 3,599 1.8 DJL Mercantile Bank Corp. MBWM Q 3 M/GRW 34.88 NM 38.68 22.52 19.5 1.81 1.79 2.07 Dec 576 2.1 DC Meta Financial Group, Inc. CASH Q 1 H/GRW 90.50 119.00 106.90 45.65 14.0 4.26 6.47 7.90 Sep 769 0.6 DC MidSouth Bancorp, Inc. MSL N 2 H/GRW 14.40 16.00 15.75 9.01 16.4 0.59 0.88 1.35 Dec 164 2.5 WW MidWestOne Financial Group, Inc. MOFG Q 2 H/GRW 35.13 38.00 39.20 26.50 13.8 1.96 2.54 2.69 Dec 400 1.9 DC National Commerce Corporation NCOM Q 3 H/GRW 39.40 NM 40.00 21.37 19.2 1.59 2.05 2.35 Dec 431 0.0 WW New York Community Bancorp, Inc. NYCB N 3 M/INC 13.74 NM 17.68 13.39 16.2 1.03 0.85 0.85 Dec 6,693 4.9 WW Northern Trust Corporation NTRS Q 1 M/GRW 90.58 106.00 91.78 61.32 18.9 4.34 4.80 5.45 Dec 20,797 1.7 DJL Old Line Bancshares Inc. OLBK Q 2 H/GRW 28.28 31.00 29.26 17.11 17.7 1.21 1.60 1.85 Dec 309 1.1 WW Old National Bancorp ONB Q 3 H/GRW 17.15 NM 18.95 11.58 16.2 1.01 1.06 1.08 Dec 2,322 3.0 DJL Pacific Continental Corporation PCBK Q 3 M/GRW 25.45 NM 26.85 14.35 19.4 0.95 1.31 1.47 Dec 575 1.7 DAW Pacific Premier Bancorp, Inc. PPBI Q 2 H/GRW 36.90 44.00 41.90 22.00 19.1 1.46 1.93 2.33 Dec 1,022 0.0 DAW PacWest Bancorp PACW Q 1 H/GRW 50.66 57.00 57.53 35.56 17.4 2.90 2.91 3.43 Dec 6,151 3.9 DJL Paragon Commercial Corporation PBNC Q 2 H/GRW 51.14 48.00 54.20 27.06 17.6 2.64 2.90 3.30 Dec 279 0.0 WW Park Sterling Corporation PSTB Q 3 H/GRW 12.29 NM 12.37 6.64 21.2 0.53 0.58 0.66 Dec 653 1.3 WW Peoples Bancorp Inc. PEBO Q 3 H/GRW 34.33 NM 34.61 19.55 18.3 1.77 1.88 2.01 Dec 628 2.3 DC Pinnacle Financial Partners, Inc. PNFP Q 3 M/GRW 65.75 NM 71.85 44.61 19.0 3.07 3.46 4.17 Dec 3,274 0.9 MR PNC Financial Services Group, Inc. PNC N 3 M/GRW 121.11 NM 131.83 77.40 14.8 7.26 8.20 8.95 Dec 58,738 1.8 MR


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Financial Services - USA Banking Preferred Bank PFBC Q 2 H/GRW 54.60 58.00 58.12 27.07 18.2 2.56 3.00 3.45 Dec 792 1.3 DAW PrivateBancorp, Inc. PVTB Q 3 H/GRW 58.71 NM 60.43 34.00 19.2 2.64 3.05 3.44 Dec 4,697 0.1 DJL Prosperity Bancshares, Inc. PB N 3 M/GRW 70.30 NM 77.87 44.87 17.2 3.94 4.08 4.42 Dec 4,886 1.9 MR QCR Holdings, Inc. QCRH Q 2 H/GRW 46.55 48.00 47.30 24.85 17.2 2.29 2.71 2.90 Dec 614 0.4 DC Regions Financial Corporation RF N 2 M/GRW 13.86 15.00 16.03 7.80 14.3 0.87 0.97 1.05 Dec 16,701 1.9 MR Renasant Corporation RNST Q 2 M/GRW 43.10 45.00 44.65 30.21 18.0 2.47 2.40 2.76 Dec 1,909 1.7 MR Riverview Bancorp, Inc. RVSB Q 2 H/GRW 7.45 8.50 8.16 4.25 22.6 0.28 0.33 0.52 Mar 168 1.1 DAW S&T Bancorp, Inc. STBA Q 3 H/GRW 36.66 NM 39.84 23.06 16.4 1.99 2.24 2.42 Dec 1,282 2.2 DC Seacoast Banking Corporation of Florida SBCF Q 2 M/GRW 25.23 27.00 25.88 15.21 20.3 1.00 1.24 1.45 Dec 961 0.0 MR ServisFirst Bancshares, Inc. SFBS Q 3 M/GRW 38.35 NM 42.66 22.56 23.0 1.39 1.67 1.90 Dec 2,025 0.5 WW Sierra Bancorp BSRR Q 3 H/GRW 26.58 NM 29.50 15.61 17.8 1.29 1.49 1.59 Dec 367 2.1 DAW Signature Bank SBNY Q 2 H/GRW 141.47 161.00 164.23 113.53 15.1 7.38 9.35 10.72 Dec 7,781 0.0 DJL Simmons First National Corporation SFNC Q 4 NM 54.10 NM 67.00 42.54 16.7 3.28 3.23 4.05 Dec 1,699 1.8 MR SmartFinancial, Inc. SMBK Q 2 H/GRW 22.31 23.00 23.20 14.21 25.4 0.78 0.88 1.02 Dec 132 0.0 DC Southwest Bancorp, Inc. OKSB Q 4 NM 25.75 NM 29.70 14.96 21.5 0.97 1.20 1.30 Dec 482 1.2 DC State Street Corporation STT N 3 M/GRW 80.62 NM 83.49 50.60 14.1 5.14 5.70 6.40 Dec 30,789 1.9 DJL Stock Yards Bancorp Inc. SYBT Q 3 M/GRW 42.30 NM 48.05 26.20 21.8 1.80 1.94 2.04 Dec 952 1.8 DC Stonegate Bank SGBK Q 3 M/GRW 46.13 NM 48.53 29.54 18.2 2.19 2.53 3.00 Dec 658 0.7 MR SunTrust Banks, Inc. STI N 2 M/GRW 57.19 64.00 61.69 37.71 14.7 3.60 3.90 4.35 Dec 27,777 1.7 MR SVB Financial Group SIVB Q 1 H/GRW 190.19 224.00 198.83 82.90 21.6 7.31 8.80 10.72 Dec 9,947 0.0 DJL Synovus Financial Corp. SNV N 3 M/GRW 42.61 NM 44.09 26.90 17.8 1.90 2.40 2.65 Dec 5,211 1.4 MR TCF Financial Corporation TCB N 3 H/GRW 17.03 NM 20.03 11.72 14.1 1.16 1.21 1.33 Dec 2,910 1.8 DJL Territorial Bancorp Inc. TBNK Q 3 M/GRW 32.38 NM 34.00 25.39 16.9 1.76 1.92 2.05 Dec 317 2.5 DAW Texas Capital Bancshares, Inc. TCBI Q 3 M/GRW 77.30 NM 93.35 41.47 19.6 3.11 3.95 4.75 Dec 3,834 0.0 MR TowneBank TOWN Q 3 M/GRW 33.55 NM 34.55 20.10 20.1 1.38 1.67 1.90 Dec 2,097 1.5 WW TriCo Bancshares TCBK Q 2 H/GRW 36.33 40.00 37.45 23.90 17.7 1.94 2.05 2.26 Dec 832 1.7 DAW Trustmark Corporation TRMK Q 3 M/INC 32.97 NM 36.79 22.95 18.1 1.69 1.82 1.98 Dec 2,229 2.8 MR U.S. Bancorp USB N 3 M/GRW 52.13 NM 56.61 38.48 15.0 3.22 3.47 3.77 Dec 88,204 2.1 DJL UMB Financial Corporation UMBF Q 3 H/GRW 77.08 NM 81.55 48.87 21.3 3.20 3.62 4.02 Dec 3,838 1.3 DJL Umpqua Holdings Corp. UMPQ Q 2 H/GRW 17.83 20.00 19.50 14.61 16.7 1.13 1.07 1.23 Dec 3,928 3.6 DJL Union Bankshares Corporation UBSH Q 2 H/INC 35.74 38.00 39.37 23.28 17.9 1.77 2.00 2.35 Dec 1,561 2.2 WW United Bankshares, Inc. UBSI Q 3 M/INC 41.60 NM 49.35 34.50 19.8 2.03 2.10 2.20 Dec 3,370 3.2 WW United Community Banks, Inc. UCBI Q 2 H/GRW 27.84 32.00 30.47 17.07 16.9 1.48 1.65 1.86 Dec 1,974 1.3 MR Washington Federal, Inc. WAFD Q 3 H/GRW 34.35 NM 35.95 22.74 18.4 1.78 1.87 2.01 Sep 3,081 1.7 DAW


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Financial Services - USA Banking WashingtonFirst Bankshares, Inc. WFBI Q 3 M/GRW 28.24 NM 30.58 18.57 18.2 1.36 1.55 1.70 Dec 364 0.8 WW Webster Financial Corp. WBS N 3 H/GRW 51.98 NM 57.50 31.29 21.2 2.08 2.45 2.90 Dec 4,793 1.9 WW Wells Fargo & Co. WFC N 4 NM 54.56 NM 59.99 43.55 13.5 3.99 4.05 4.40 Dec 272,620 2.8 DJL WesBanco, Inc. WSBC Q 3 M/GRW 40.89 NM 44.19 29.44 16.2 2.34 2.52 2.73 Dec 1,799 2.5 DC Wintrust Financial Corporation WTFC Q 1 H/GRW 72.35 83.00 76.71 46.62 17.5 3.58 4.14 4.55 Dec 3,798 0.8 DJL Xenith Bankshares, Inc. XBKS Q 2 H/GRW 26.48 31.00 30.13 16.70 24.1 0.41 1.10 1.50 Dec 612 0.0 WW Zions Bancorporation ZION Q 3 H/GRW 40.49 NM 48.33 23.02 15.9 2.04 2.55 2.82 Dec 8,203 0.8 DJL

Capital Markets Brokerages & Exchanges BGC Partners, Inc. BGCP Q 1 H/INC 11.43 14.00 11.85 8.18 11.4 0.83 1.00 1.15 Dec 4,954 5.6 PO CBOE Holdings, Inc. CBOE Q 3 M/GRW 84.16 NM 84.63 61.22 26.9 2.42 3.13 3.50 Dec 6,842 1.2 PO The Charles Schwab Corporation SCHW N 3 M/GRW 39.62 NM 43.65 23.83 24.9 1.31 1.59 1.80 Dec 53,527 0.7 PO CME Group Inc. CME Q 3 M/GRW 119.94 NM 127.60 90.69 24.0 4.55 5.00 5.40 Dec 40,696 2.0 PO E*TRADE Financial Corporation ETFC Q 2 H/GRW 35.50 43.00 38.61 21.52 18.1 1.87 1.96 2.35 Dec 9,809 0.0 PO GAIN Capital Holdings, Inc. GCAP N 3 H/GRW 7.23 NM 8.75 4.54 13.1 0.92 0.55 0.95 Dec 353 3.3 PO Intercontinental Exchange, Inc. ICE N 2 M/GRW 60.97 63.00 61.98 47.62 20.0 2.78 3.05 3.50 Dec 36,582 1.3 PO Lazard Ltd LAZ N 2 H/GRW 44.54 53.00 47.09 26.21 13.1 3.09 3.39 3.75 Dec 5,440 3.4 PO MarketAxess Holdings Inc. MKTX Q 2 M/GRW 184.67 196.00 200.90 117.60 46.4 3.34 3.98 4.75 Dec 6,962 0.7 PO Nasdaq Inc. NDAQ Q 2 M/GRW 70.53 75.00 72.52 61.19 17.0 3.68 4.15 4.55 Dec 11,694 1.8 PO TD Ameritrade Holding Corporation AMTD Q 2 M/GRW 39.04 45.00 47.41 26.37 24.0 1.58 1.63 1.95 Sep 20,691 1.8 PO

Capital Markets Technology Broadridge Financial Solutions, Inc. BR N 3 M/GRW 69.72 NM 71.74 57.92 22.5 2.73 3.10 3.55 Jun 8,241 1.9 PO Envestnet, Inc. ENV N 1 H/GRW 35.05 42.00 41.47 27.59 27.0 0.98 1.30 1.60 Dec 1,516 0.0 PO FactSet Research Systems Inc. FDS N 4 NM 163.12 NM 183.64 147.37 22.1 6.40 7.37 8.05 Aug 6,430 1.2 PO Financial Engines, Inc. FNGN Q 3 M/GRW 42.40 NM 45.75 23.56 30.9 1.13 1.37 1.55 Dec 2,654 0.7 PO Moody's Corporation MCO N 3 M/GRW 118.07 NM 118.88 87.30 21.9 4.81 5.38 5.60 Dec 22,515 1.3 PO MSCI Inc. MSCI N 3 M/GRW 99.45 NM 109.29 71.51 27.0 3.03 3.69 4.35 Dec 9,078 1.1 PO S&P Global Inc. SPGI N 2 M/GRW 135.61 145.00 136.75 97.65 21.9 5.35 6.19 6.75 Dec 35,123 1.2 PO SEI Investments Co. SEIC Q 3 M/GRW 50.80 NM 52.60 42.12 22.8 2.03 2.23 2.55 Dec 8,061 1.1 PO SS&C Technologies Holdings, Inc. SSNC Q 2 H/GRW 37.44 39.00 37.61 26.15 19.5 1.64 1.92 2.15 Dec 7,758 0.7 PO


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Financial Services - USA Insurance Brokerage & Technology Aon plc AON N 4 NM 120.07 NM 121.05 100.55 19.8 6.59 6.05 7.60 Dec 31,530 1.2 CGP Arthur J. Gallagher & Co. AJG N 2 M/INC 56.44 58.00 57.82 43.90 19.1 2.74 2.95 3.20 Dec 10,063 2.8 CGP Brown & Brown, Inc. BRO N 2 H/GRW 43.08 47.00 45.77 34.27 23.3 1.86 1.85 2.05 Dec 6,044 1.3 CGP Crawford & Company CRD.B N 2 H/GRW 10.87 13.00 14.37 6.14 14.5 0.71 0.75 0.90 Dec 609 1.8 CGP Health Insurance Innovations, Inc. HIIQ Q 3 H/SPEC 15.90 NM 21.00 3.72 11.8 1.13 1.35 1.60 Dec 231 0.0 CGP HealthEquity, Inc. HQY Q 2 H/GRW 44.38 48.00 49.25 22.26 87.0 0.28 0.44 A 0.51 Jan 2,641 0.0 CGP Marsh and McLennan Companies, Inc. MMC N 2 M/GRW 73.06 75.00 75.52 60.04 19.7 3.42 3.70 4.05 Dec 37,553 1.9 CGP Verisk Analytics Inc. VRSK Q 3 H/GRW 82.97 NM 87.40 75.72 25.5 3.11 3.25 3.60 Dec 13,848 0.0 CGP Willis Towers Watson plc WLTW Q 1 H/GRW 131.79 145.00 133.40 112.76 15.7 7.99 8.40 9.90 Dec 18,187 1.6 CGP

Commercial Lines American Financial Group, Inc. AFG N 2 H/GRW 98.17 98.00 98.49 68.25 15.7 6.03 6.25 6.30 Dec 8,531 1.3 CGP Argo Group International Holdings, Ltd. AGII Q 1 H/GRW 66.65 77.00 69.03 49.10 17.8 4.03 3.75 4.30 Dec 2,000 1.3 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 3 H/INC 19.50 NM 20.83 17.01 12.2 1.63 1.60 1.70 Dec 172 11.0 CGP Chubb Limited CB N 2 H/GRW 137.12 145.00 140.56 116.65 13.5 10.10 10.15 10.45 Dec 63,894 2.0 CGP Conifer Holdings, Inc. CNFR Q 2 H/GRW 7.90 9.00 9.02 6.02 31.6 (1.21) 0.25 0.80 Dec 60 0.0 CGP Hallmark Financial Services Inc. HALL Q 3 H/GRW 10.85 NM 12.09 9.50 10.9 0.35 1.00 1.15 Dec 202 0.0 CGP Old Republic International Corp. ORI N 2 M/INC 20.07 23.00 21.19 16.51 13.8 1.47 1.45 1.60 Dec 5,212 3.8 CGP ProAssurance Corp. PRA N 3 H/GRW 61.35 NM 63.53 47.19 27.3 2.43 2.25 2.15 Dec 3,270 2.0 CGP The Travelers Companies, Inc. TRV N 3 M/INC 121.32 NM 125.49 103.45 13.1 10.12 9.25 9.65 Dec 33,897 2.2 CGP

Life/Health Aflac, Inc. AFL N 2 M/GRW 75.01 80.00 75.22 66.50 11.6 6.79 6.45 6.75 Dec 30,439 2.3 CGP American Equity Investment Life Holding Company AEL N 2 H/GRW 24.63 30.00 28.00 13.03 10.3 1.43 2.40 2.50 Dec 2,167 1.0 CGP FBL Financial Group FFG N 4 NM 68.50 NM 82.60 56.41 16.7 4.25 4.10 4.10 Dec 1,706 2.6 CGP

Personal Lines Allstate Corporation ALL N 1 M/GRW 81.22 94.00 83.09 64.36 13.9 4.89 5.85 6.80 Dec 29,653 1.8 CGP Federated National Holding Company FNHC Q 2 H/GRW 16.03 24.00 22.93 14.03 8.9 (0.21) 1.80 2.50 Dec 216 2.0 CGP Infinity Property and Casualty Corporation IPCC Q 3 H/GRW 99.45 NM 100.40 73.80 21.9 3.68 4.55 5.30 Dec 1,104 2.1 CGP Kemper Corp. KMPR N 3 M/INC 40.50 NM 45.95 29.62 31.2 0.24 1.30 2.35 Dec 2,078 2.4 CGP Mercury General Corporation MCY N 3 H/INC 61.30 NM 64.52 49.69 29.9 1.73 2.05 2.45 Dec 3,390 4.1 CGP Progressive Corporation PGR N 2 H/GRW 39.92 42.00 40.74 30.54 18.1 1.71 2.20 2.40 Dec 23,190 1.7 CGP United Insurance Holdings Corp. UIHC Q 1 H/GRW 15.27 20.00 18.29 9.52 8.7 0.25 1.75 1.95 Dec 330 1.6 CGP


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 1 H/INC 14.25 16.00 14.73 11.00 9.3 1.66 1.53 1.69 Dec 192 9.5 RD Apollo Investment Corp. (ni) AINV Q 3 H/INC 6.70 NM 6.74 5.03 10.2 0.83 0.66 0.64 Mar 1,472 9.0 RD Ares Capital Corp. (ni) ARCC Q 2 H/INC 17.45 19.00 17.87 13.85 10.6 1.57 1.64 1.81 Dec 5,479 8.7 RD CM Finance Inc. (ni) CMFN Q 2 H/INC 10.15 11.00 10.80 7.75 8.5 1.45 1.19 1.26 Jun 139 13.9 RD Compass Diversified Holdings (y) CODI N 2 H/INC 16.80 18.00 19.50 15.41 10.1 1.40 1.67 1.78 Dec 1,006 8.6 RD Fidus Investment Corporation (ni) FDUS Q 1 H/INC 17.94 20.00 18.21 14.33 10.6 1.46 1.70 1.81 Dec 395 8.7 RD Fortress Transportation & Infrastructure Investors LLC FTAI N 2 H/INC 15.15 17.00 15.91 8.92 30.9 (0.15) 0.49 1.01 Dec 1,148 8.7 RD Goldman Sachs BDC, Inc. (ni) GSBD N 3 H/INC 24.85 NM 25.60 19.30 13.1 2.10 1.90 2.09 Dec 902 7.2 RD Golub Capital BDC, Inc. (ni) GBDC Q 2 H/INC 20.21 19.50 20.33 16.70 15.9 1.25 1.27 1.33 Sep 1,116 6.3 RD Great Ajax Corp. AJX N 2 H/INC 13.68 16.00 14.48 12.61 8.1 1.66 1.69 1.66 Dec 248 7.3 RD Hercules Capital, Inc. (ni) HTGC N 3 H/INC 15.49 NM 15.64 11.55 12.2 1.36 1.27 1.39 Dec 1,232 8.0 RD Horizon Technology Finance Corporation (ni) HRZN Q 3 H/INC 11.36 NM 13.95 9.64 9.2 1.48 1.24 1.29 Dec 132 10.6 RD Main Street Capital Corp. (ni) MAIN N 3 H/INC 39.80 NM 39.98 30.57 17.5 2.23 2.27 2.30 Dec 2,093 5.6 RD Monroe Capital Corp. (ni) MRCC Q 2 H/INC 16.05 18.00 16.37 13.29 10.4 1.55 1.54 1.52 Dec 266 8.7 RD Newtek Business Services Corp. (ni) NEWT Q 2 H/SPEC 16.69 18.50 17.58 11.83 9.3 1.60 1.79 1.87 Dec 244 9.2 RD Prospect Capital Corporation (ni) PSEC Q 4 NM 9.39 NM 9.58 7.07 10.2 1.04 0.92 0.97 Jun 3,335 10.6 RD Stellus Capital Investment Corporation (ni) SCM N 2 H/INC 14.28 15.00 14.82 9.62 10.5 1.39 1.36 1.47 Dec 178 9.5 RD TCP Capital Corp. (ni) TCPC Q 2 H/INC 16.94 19.00 17.47 14.11 11.0 1.51 1.54 1.64 Dec 893 8.5 RD THL Credit, Inc. (ni) TCRD Q 2 H/INC 10.04 11.00 11.84 8.75 9.0 1.35 1.12 1.25 Dec 331 10.8 RD TPG Specialty Lending, Inc. (ni) TSLX N 2 H/INC 20.74 21.00 20.92 15.91 11.0 1.83 1.89 1.90 Dec 1,239 7.5 RD Triangle Capital Corporation (ni) TCAP N 3 H/INC 18.90 NM 21.35 16.00 10.5 1.62 1.80 1.99 Dec 764 9.5 RD

Specialty Consumer Finance Credit Acceptance Corp. CACC Q 4 NM 203.15 NM 221.10 160.63 10.9 16.34 18.57 18.39 Dec 4,038 0.0 RD Encore Capital Group Inc. ECPG Q 3 H/GRW 33.25 NM 35.93 17.66 8.8 3.46 3.78 3.83 Dec 851 0.0 RD OneMain Holdings, Inc. OMF N 3 H/GRW 24.75 NM 33.31 16.03 6.6 3.60 3.75 4.43 Dec 3,338 0.0 RD PRA Group Inc. PRAA Q 3 H/GRW 33.20 NM 42.70 21.93 15.0 1.98 2.22 2.89 Dec 1,539 0.0 RD


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Financial Services - CAN Brenna Phelan, CFA, CPA, CA [email protected]

Diversified Financials Crown Capital Partners Inc. CRWN T 2 H/INC C$10.00 11.00 11.90 8.55 13.2 0.52 0.76 1.27 Dec 97 4.8 BP ECN Capital Corp. ECN T 2 H/GRW C$3.72 4.40 3.84 2.60 6.2 0.31 0.60 0.34 Dec 1,455 1.1 BP Element Fleet Management Corp. EFN T 1 M/GRW C$11.65 17.00 14.42 10.42 11.2 1.15 1.04 1.15 Dec 4,510 2.6 BP Founders Advantage Capital Corp. (ae) FCF V 2 H/INC C$3.20 4.50 6.70 2.25 NM 7 E 32 62 Dec 121 1.6 BP goeasy Ltd. GSY T 2 H/INC C$34.99 36.00 36.78 16.25 11.9 2.43 2.95 3.80 Dec 479 2.1 BP Home Capital Group Inc. HCG T 3 H/INC C$17.09 23.00 38.47 16.76 4.7 3.95 3.64 3.84 Dec 1,102 6.1 BP Intact Financial Corporation IFC T 3 M/INC C$94.92 98.00 97.56 84.88 14.8 4.53 6.43 7.23 Dec 12,444 2.7 BP Street Capital Group SCB T 2 H/GRW C$1.33 1.85 2.44 1.18 9.5 0.13 0.14 0.23 Dec 162 0.0 BP


Healthcare

USA

Alternate Site Healthcare Providers ........................... 45

Animal Health ............................................................. 45

Benefits Management ................................................ 45

Health Benefits Management ................................. 45

Pharmacy Benefits Management ............................ 45

Biotechnology ............................................................. 46

Clinical Laboratories ................................................... 47

Death Care .................................................................. 47

Diagnostics.................................................................. 47

Drug Distributors ........................................................ 47

Drug Stores ................................................................. 47

Healthcare Information Technology ........................... 48

Hospital Supplies & Equipment .................................. 48

Hospitals ..................................................................... 48

Medical Devices .......................................................... 49

Pharma Services ......................................................... 49

Specialty Pharmaceuticals .......................................... 50


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Healthcare - USA John W. Ransom [email protected] Michael J. Baker [email protected]

Jayson Bedford [email protected] Reni Benjamin, Ph.D. [email protected]

Nicholas Jansen [email protected] Lawrence Keusch [email protected]

Christopher Raymond [email protected] Elliot Wilbur, CFA [email protected]

Laura Chico, Ph.D. [email protected]

Alternate Site Healthcare Providers AAC Holdings, Inc. AAC N 3 H/SPEC 7.06 NM 24.38 6.01 13.3 0.71 0.53 0.70 Dec 163 0.0 JWR Acadia Healthcare Company, Inc. ACHC Q 1 H/GRW 43.58 60.00 65.00 32.54 17.7 2.44 2.46 2.99 Dec 3,787 0.0 JWR,NJ Amedisys AMED Q 3 H/GRW 53.32 NM 55.16 34.58 26.3 1.55 2.03 2.36 Dec 1,808 0.0 JWR,NJ Civitas Solutions, Inc. CIVI N 3 H/GRW 18.00 NM 23.20 15.90 23.4 0.59 0.77 0.88 Sep 671 0.0 JWR DaVita HealthCare Partners Inc. DVA N 2 H/GRW 68.50 75.00 78.77 54.50 18.7 3.85 3.67 4.28 Dec 13,474 0.0 JWR,NJ Envision Healthcare Corporation EVHC N 1 H/GRW 54.99 90.00 83.27 53.12 13.0 4.23 4.22 4.94 Dec 6,819 0.0 JWR,NJ HealthSouth Corporation HLS N 2 H/GRW 43.81 50.00 44.37 36.97 16.2 2.67 2.71 2.85 Dec 3,969 2.2 JWR,NJ MEDNAX, Inc. MD N 3 H/GRW 61.54 NM 76.96 59.36 15.6 3.99 3.94 4.60 Dec 5,767 0.0 JWR,NJ Surgery Partners, Inc. SGRY Q 1 H/GRW 17.90 25.00 22.85 12.25 25.2 0.66 0.71 0.96 Dec 863 0.0 JWR

Animal Health Abaxis, Inc. ABAX Q 4 NM 48.94 NM 55.95 41.89 37.9 1.36 1.29 1.42 Mar 1,116 1.1 NJ Heska Corporation HSKA Q 2 H/GRW 107.58 100.00 109.17 26.26 72.2 1.43 1.49 1.82 Dec 756 0.0 NJ IDEXX Laboratories, Inc. IDXX Q 3 H/GRW 162.43 NM 163.29 80.57 55.1 2.44 2.95 3.40 Dec 14,716 0.0 NJ VCA Inc. WOOF Q 3 H/GRW 91.56 NM 91.96 59.51 28.6 2.89 3.20 3.55 Dec 7,490 0.0 NJ

Benefits Management Health Benefits Management Aetna AET N 3 M/GRW 133.83 NM 136.50 104.59 14.9 8.23 8.97 9.80 Dec 47,068 1.5 MJB Anthem ANTM N 3 M/GRW 172.46 NM 173.28 114.85 15.0 11.00 11.50 12.80 Dec 65,414 1.5 MJB Centene Corporation CNC N 3 H/GRW 73.45 NM 75.57 50.00 15.7 4.43 4.68 5.35 Dec 12,627 0.0 MJB Cigna Corporation CI N 3 H/GRW 157.18 NM 159.08 115.03 16.5 8.10 9.50 10.90 Dec 43,617 0.0 MJB Humana HUM N 3 M/GRW 217.97 NM 220.49 150.00 19.9 9.57 10.93 11.64 Dec 32,544 0.7 MJB Insperity NSP N 3 H/GRW 90.80 NM 91.80 51.39 21.1 3.59 4.30 4.95 Dec 2,324 1.1 MJB Magellan Health MGLN Q 3 H/GRW 71.70 NM 84.71 49.50 17.7 3.38 4.05 4.50 Dec 1,986 0.0 MJB Molina Healthcare MOH N 3 H/GRW 49.18 NM 67.87 42.56 23.9 1.28 2.06 3.05 Dec 2,803 0.0 MJB UnitedHealth Group UNH N 1 M/GRW 174.04 194.00 174.74 128.53 17.8 8.05 9.80 10.70 Dec 188,485 1.4 MJB WellCare Health Plans WCG N 3 H/GRW 153.52 NM 155.20 86.75 24.4 5.96 6.30 7.35 Dec 6,601 0.0 MJB

Pharmacy Benefits Management Express Scripts ESRX Q 3 H/GRW 60.01 NM 80.02 57.80 8.6 6.39 6.97 7.55 Dec 36,336 0.0 MJB


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Healthcare - USA Biotechnology AbbVie Inc. ABBV N 2 H/GRW 65.10 84.00 68.12 55.06 11.8 4.82 5.53 6.37 Dec 103,673 3.9 CR,LC Acorda Therapeutics, Inc. ACOR Q 3 H/GRW 16.50 NM 33.00 15.60 13.2 0.16 1.25 1.85 Dec 754 0.0 CR,LC Adaptimmune Therapeutics plc ADAP Q 2 H/SPEC 5.48 16.00 11.59 3.76 NM (1.01) (1.06) (1.18) Dec 388 0.0 RB ADMA Biologics, Inc. ADMA Q 3 H/SPEC 4.53 NM 8.00 4.29 NM (1.61) (0.87) (0.73) Dec 58 0.0 RB Alexion Pharmaceuticals, Inc. ALXN Q 1 H/GRW 120.55 176.00 158.08 109.12 22.9 4.62 5.26 7.05 Dec 27,003 0.0 CR,LC AMAG Pharmaceuticals, Inc. AMAG Q 4 NM 24.10 NM 36.83 17.92 3.5 5.97 6.84 6.23 Dec 827 0.0 CR,LC Amgen, Inc. AMGN Q 3 M/GRW 164.70 NM 184.21 133.64 13.2 11.65 12.45 12.85 Dec 121,582 2.8 CR,LC Asterias Biotherapeutics AST M 2 H/SPEC 3.75 5.00 5.80 2.30 NM (0.83) (0.63) (0.63) Dec 178 0.0 RB Bellicum Pharmaceuticals, Inc. BLCM Q 2 H/SPEC 13.86 29.00 23.11 8.61 NM (2.57) (2.96) (3.18) Dec 456 0.0 RB Biogen Inc. BIIB Q 1 H/GRW 286.89 333.00 307.33 205.43 14.0 20.22 20.46 22.95 Dec 61,940 0.0 CR,LC BioMarin Pharmaceutical Inc. BMRN Q 2 H/GRW 94.19 102.00 102.49 73.45 NM (0.21) 0.27 0.68 Dec 16,262 0.0 CR,LC BioTime, Inc. BTX M 2 H/SPEC 3.43 6.00 4.01 2.26 NM 0.34 (0.35) (0.44) Dec 353 0.0 RB Bioverativ BIVV Q 1 H/GRW 57.78 59.00 58.75 40.00 22.2 NA 2.60 3.05 Dec 6,237 0.0 CR,LC Blueprint Medicines Corporation BPMC Q 2 H/SPEC 46.40 50.00 47.40 13.27 NM (2.64) (2.92) (3.72) Dec 1,537 0.0 CR,LC Cascadian Therapeutics Inc. CASC Q 2 H/SPEC 4.21 13.00 10.98 3.49 NM (3.13) (1.21) (1.35) Dec 207 0.0 RB Celgene Corporation CELG Q 1 H/GRW 125.52 152.00 127.64 94.42 17.3 5.94 7.24 8.72 Dec 97,730 0.0 CR,LC Cempra, Inc. CEMP Q 3 H/SPEC 3.80 NM 26.95 2.55 NM (2.34) (1.34) (0.61) Dec 199 0.0 LC,CR Cidara Therapeutics, Inc. CDTX Q 1 H/SPEC 7.45 14.00 14.43 6.10 NM (3.32) (3.18) (3.02) Dec 125 0.0 LC,CR Fate Therapeutics, Inc. FATE Q 2 H/SPEC 4.71 7.00 5.68 1.47 NM (1.05) (0.81) (0.76) Dec 195 0.0 RB Galena Biopharma Inc. GALE Q 3 H/SPEC 0.61 NM 49.80 0.53 NM (2.36) (0.58) (0.73) Dec 9 0.0 RB Incyte Corporation INCY Q 3 H/GRW 124.39 NM 153.15 68.03 NM 0.54 (0.35) 0.36 Dec 23,491 0.0 RB InVivo Therapeutics NVIV Q 1 H/SPEC 4.00 10.00 7.94 3.30 NM (0.76) (0.80) (0.88) Dec 128 0.0 RB Juno Therapeutics, Inc. JUNO Q 3 H/SPEC 24.95 NM 49.72 17.52 NM (2.42) (2.77) (3.48) Dec 2,580 0.0 RB Karyopharm Therapeutics Inc. KPTI Q 2 H/SPEC 10.41 20.00 14.63 6.27 NM (2.92) (2.95) (3.01) Dec 436 0.0 CR,LC Keryx Biopharmaceuticals, Inc. KERX Q 2 H/SPEC 5.90 7.00 7.80 4.03 NM (1.52) (0.69) (0.28) Dec 624 0.0 RB Kite Pharma, Inc. KITE Q 2 H/SPEC 80.57 82.00 88.58 39.82 NM (5.46) (8.87) (9.52) Dec 4,011 0.0 RB Leap Therapeutics, Inc. LPTX Q 2 H/SPEC 7.35 13.00 10.10 6.01 NM (2.70) (2.49) (2.69) Dec 69 0.0 RB MacroGenics, Inc. MGNX Q 2 H/SPEC 21.50 26.00 33.30 16.28 NM (1.69) (4.55) (4.30) Dec 750 0.0 RB NantKwest, Inc. NK Q 3 H/SPEC 3.42 NM 9.63 2.83 NM (1.47) (1.42) (1.90) Dec 280 0.0 RB NeuroDerm Ltd. NDRM Q 2 H/SPEC 28.35 37.00 30.45 15.10 NM (1.48) (1.95) (2.11) Dec 613 0.0 CR,LC Nivalis Therapeutics, Inc. NVLS Q 3 H/SPEC 2.15 NM 9.35 2.00 NM (2.03) (1.86) NA Dec 33 0.0 LC,CR Organovo Holdings, Inc. ONVO Q 2 H/SPEC 2.78 5.00 4.99 2.41 NM (0.43) (0.40) (0.41) Mar 289 0.0 RB Proteon Therapeutics, Inc. PRTO Q 3 H/SPEC 1.50 NM 11.63 1.40 NM (1.72) (1.32) (1.18) Dec 25 0.0 CR,LC Regeneron Pharmaceuticals, Inc. REGN Q 2 H/GRW 372.32 420.00 452.96 325.35 25.7 11.32 14.50 18.25 Dec 39,469 0.0 CR,LC


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Healthcare - USA Biotechnology Sage Therapeutics, Inc. SAGE Q 1 H/SPEC 73.37 84.00 75.49 26.55 NM (4.75) (6.95) (6.38) Dec 2,731 0.0 LC,CR Tesaro, Inc. TSRO Q 3 H/SPEC 138.44 NM 192.94 36.68 NM (8.13) (7.72) (3.38) Dec 7,423 0.0 CR,LC TG Therapeutics, Inc. TGTX Q 1 H/SPEC 12.00 15.00 15.05 4.10 NM (1.60) (1.69) (1.64) Dec 681 0.0 RB Ultragenyx Pharmaceutical Inc. RARE Q 2 H/SPEC 65.02 91.00 91.35 46.52 NM (6.21) (6.84) (5.95) Dec 2,681 0.0 CR,LC Verastem, Inc. VSTM Q 2 H/SPEC 1.79 3.00 2.25 1.05 NM (0.99) (1.05) (0.94) Dec 66 0.0 RB Vertex Pharmaceuticals Inc. VRTX Q 3 H/GRW 117.27 NM 118.79 71.46 83.8 0.85 1.40 2.94 Dec 28,895 0.0 LC,CR ZIOPHARM Oncology, Inc. ZIOP Q 3 H/SPEC 7.09 NM 8.72 4.45 NM (1.32) (0.78) (0.96) Dec 939 0.0 RB

Clinical Laboratories Laboratory Corporation of America Holdings LH N 2 H/GRW 138.89 155.00 146.63 119.51 14.9 8.83 9.35 10.10 Dec 14,264 0.0 NJ NeoGenomics, Inc. NEO Q 2 H/GRW 8.51 10.50 9.88 6.90 47.3 0.15 0.18 0.26 Dec 669 0.0 NJ Quest Diagnostics Inc. DGX N 2 M/GRW 105.87 116.00 105.99 74.04 19.1 5.15 5.55 5.80 Dec 14,504 1.7 NJ

Death Care Service Corporation International (rf) SCI N 1 H/GRW 31.67 37.00 32.21 24.90 19.8 1.66 1.60 1.85 Dec 6,112 1.6 JWR,NJ StoneMor Partners L.P. (y) STON N 2 H/SPEC 9.14 13.00 26.90 7.65 NM UR UR UR Dec 345 14.4 JWR,NJ

Diagnostics Alere, Inc. ALR N 3 H/GRW 49.12 NM 49.42 31.47 28.1 1.75 E 1.55 1.90 Dec 4,318 0.0 NJ CareDx, Inc. CDNA Q 3 H/SPEC 0.99 NM 6.08 0.95 NM (0.86) E (1.08) (0.83) Dec 21 0.0 NJ Fulgent Genetics, Inc. FLGT Q 2 H/SPEC 10.59 13.50 13.90 7.59 31.1 0.01 0.34 0.60 Dec 189 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 H/GRW 12.86 13.50 13.62 5.13 NM (1.15) (0.90) (0.45) Dec 598 0.0 NJ Genomic Health GHDX Q 2 H/GRW 32.78 34.00 33.96 23.57 NM (0.42) (0.04) 0.30 Dec 1,134 0.0 NJ Meridian Bioscience, Inc. VIVO Q 4 NM 14.00 NM 21.49 10.75 21.5 0.80 0.65 0.70 Sep 595 3.6 NJ OraSure Technologies, Inc. OSUR Q 2 H/GRW 12.86 13.00 13.03 5.57 34.8 0.35 0.37 0.20 Dec 736 0.0 NJ Quidel Corporation QDEL Q 2 H/GRW 24.50 26.00 26.98 15.15 54.4 (0.42) 0.45 0.44 Dec 833 0.0 NJ Trinity Biotech plc TRIB Q 2 H/GRW 5.87 7.00 13.68 5.20 97.8 0.22 0.06 0.12 Dec 137 0.0 NJ

Drug Distributors AmerisourceBergen Corp. ABC N 3 M/GRW 81.49 NM 94.50 68.38 13.9 5.62 5.86 6.55 Sep 18,091 1.8 JWR,NJ Cardinal Health, Inc. CAH N 3 M/GRW 72.36 NM 87.16 62.70 13.5 5.24 5.37 5.25 Jun 23,083 2.5 JWR,NJ McKesson Corporation MCK N 3 M/GRW 135.00 NM 199.43 114.53 10.8 12.08 12.45 11.72 Mar 29,970 0.8 JWR,NJ

Drug Stores CVS Health CVS N 2 M/GRW 82.17 85.00 106.67 69.30 14.1 5.84 5.81 6.35 Dec 87,182 2.4 JWR,MJB Rite Aid Corporation RAD N 3 H/GRW 3.97 NM 8.77 3.70 79.4 0.16 0.05 UR Feb 4,214 0.0 JWR,NJ Walgreens Boots Alliance Inc. WBA Q 2 M/GRW 85.92 95.00 88.00 75.74 17.3 4.59 4.97 5.67 Aug 93,266 1.7 JWR,NJ


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Healthcare - USA Healthcare Information Technology The Advisory Board Company ABCO Q 3 H/GRW 47.00 NM 51.23 24.85 23.7 2.24 1.98 2.17 Dec 1,889 0.0 NJ Allscripts Healthcare Solutions Inc. MDRX Q 3 H/GRW 11.99 NM 15.17 9.80 19.7 0.55 0.61 0.70 Dec 2,227 0.0 NJ athenahealth Inc. ATHN Q 2 H/GRW 119.63 140.00 143.85 90.11 49.4 1.90 2.42 2.88 Dec 4,725 0.0 NJ Cerner Corporation CERN Q 3 H/GRW 59.45 NM 67.50 47.01 23.8 2.30 2.50 2.75 Dec 19,597 0.0 NJ Computer Programs and Systems, Inc. CPSI Q 3 H/INC 26.95 NM 53.99 18.25 15.9 1.71 1.70 2.00 Dec 365 3.7 NJ Connecture, Inc. CNXR Q 3 H/GRW 0.82 NM 3.24 0.80 NM (1.31) (0.67) (0.49) Dec 36 0.0 NJ Cotiviti Holdings, Inc. COTV N 3 H/GRW 41.71 NM 43.00 17.00 27.3 1.40 1.53 1.68 Dec 3,785 0.0 NJ HealthStream, Inc. HSTM Q 3 H/GRW 27.81 NM 28.84 19.95 NM 0.12 0.17 0.31 Dec 883 0.0 NJ HMS Holdings Corp. HMSY Q 2 H/GRW 20.35 23.00 24.00 14.26 26.1 0.75 0.78 0.91 Dec 1,700 0.0 NJ Premier, Inc. PINC Q 2 H/GRW 33.45 36.00 34.94 28.27 18.0 1.61 1.86 2.06 Jun 4,726 0.0 NJ Quality Systems Inc. QSII Q 3 H/GRW 14.07 NM 15.90 10.61 17.6 0.72 0.80 0.82 Mar 878 0.0 NJ Vocera Communications, Inc. VCRA N 2 H/GRW 24.80 24.00 25.16 10.46 NM 0.07 0.20 0.60 Dec 684 0.0 NJ WebMD Health Corp WBMD Q 2 H/GRW 54.96 60.00 67.55 48.10 27.2 1.97 2.02 2.00 Dec 2,099 0.0 NJ

Hospital Supplies & Equipment Baxter International Inc. BAX N 3 M/GRW 53.21 NM 53.71 42.22 24.6 1.96 2.16 2.36 Dec 28,712 1.0 LK Becton, Dickinson and Company BDX N 2 M/GRW 179.07 195.00 186.40 157.60 18.9 8.59 9.45 10.40 Sep 38,111 1.6 LK C.R. Bard, Inc. BCR N 3 M/GRW 303.51 NM 305.66 203.63 25.7 10.29 11.81 12.95 Dec 24,281 0.3 LK Cantel Medical Corp. CMD N 3 H/GRW 74.08 NM 88.81 64.52 36.3 1.68 2.04 2.32 Jul 3,091 0.2 LK The Cooper Companies, Inc. COO N 2 H/GRW 201.32 220.00 203.48 152.09 21.9 8.44 9.20 10.12 Oct 9,845 0.0 LK Haemonetics Corporation HAE N 4 NM 42.08 NM 42.48 25.98 27.0 1.64 1.56 1.61 Mar 2,181 0.0 LK Halyard Health Inc. HYH N 3 H/GRW 38.99 NM 41.84 26.05 20.9 1.97 1.87 2.08 Dec 1,820 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 M/GRW 72.73 NM 73.14 46.79 19.1 3.34 3.80 4.12 Sep 4,752 1.0 LK Intuitive Surgical, Inc. ISRG Q 2 H/GRW 827.24 850.00 833.05 610.71 35.9 22.36 23.04 26.81 Dec 30,442 0.0 LK Masimo Corp. MASI Q 3 H/GRW 99.90 NM 101.00 41.83 43.4 2.22 2.30 2.45 Dec 5,014 0.0 LK Stericycle Inc. SRCL Q 3 H/GRW 86.79 NM 124.32 71.52 18.7 4.52 4.65 4.79 Dec 7,390 0.0 LK STERIS plc STE N 2 M/GRW 72.29 78.00 74.63 63.26 19.4 3.39 3.72 4.05 Mar 6,139 1.7 LK Teleflex, Inc. TFX N 1 M/GRW 201.80 215.00 203.27 136.53 24.9 7.34 8.09 9.30 Dec 8,894 0.7 LK TransEnterix, Inc. TRXC M 3 H/SPEC 1.11 NM 2.33 1.03 NM (1.07) (0.41) (0.20) Dec 70 0.0 LK

Hospitals Community Health Systems, Inc. CYH N 4 NM 8.60 NM 17.60 4.15 19.1 0.46 0.45 0.96 Dec 955 0.0 JWR,NJ HCA Holdings, Inc. HCA N 1 H/GRW 84.61 95.00 91.03 67.00 11.6 6.87 7.28 8.08 Dec 32,152 0.0 JWR,NJ LifePoint Health, Inc. LPNT Q 2 H/GRW 61.50 70.00 75.70 50.60 15.0 3.61 4.11 4.75 Dec 2,528 0.0 JWR,NJ Tenet Healthcare Corporation THC N 3 H/GRW 15.60 NM 34.08 14.06 15.4 1.05 1.01 1.82 Dec 1,576 0.0 JWR,NJ Universal Health Services, Inc. UHS N 3 M/GRW 121.42 NM 139.77 99.72 15.0 7.32 8.09 9.58 Dec 11,887 0.3 JWR,NJ


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Healthcare - USA Medical Devices Abbott Laboratories ABT N 2 M/GRW 43.76 48.00 45.84 36.76 17.8 2.20 2.46 2.75 Dec 75,924 2.4 JB Abiomed Inc. ABMD Q 2 H/GRW 129.16 118.00 132.95 92.03 NM 0.85 1.16 1.38 Mar 5,619 0.0 JB AngioDynamics ANGO Q 3 H/GRW 15.76 NM 18.18 11.52 22.8 0.58 0.69 0.66 May 585 0.0 JB Boston Scientific Corp. BSX N 1 H/GRW 25.74 29.00 25.91 19.59 20.8 1.11 1.24 1.42 Dec 35,061 0.0 JB DexCom Inc. DXCM Q 2 H/GRW 74.94 92.00 96.38 57.68 NM (0.78) (0.81) 0.13 Dec 6,332 0.0 JB Hologic Inc. HOLX Q 3 H/GRW 44.43 NM 44.58 32.64 23.1 1.96 1.92 2.02 Sep 12,627 0.0 JB ICU Medical, Inc. ICUI Q 1 H/GRW 150.75 177.00 159.95 98.10 41.5 4.93 3.63 6.04 Dec 3,090 0.0 JB Insulet PODD Q 3 H/GRW 43.03 NM 48.23 26.50 NM (0.33) (0.49) (0.12) Dec 2,472 0.0 JB Integra LifeSciences Corp. IART Q 2 H/GRW 43.74 47.00 45.87 32.77 23.0 1.76 1.90 2.22 Dec 3,407 0.0 JB Johnson & Johnson JNJ N 2 M/INC 123.43 129.00 129.00 109.32 17.5 6.73 7.07 7.80 Dec 339,988 2.6 JB Merit Medical Systems Inc. MMSI Q 1 H/GRW 30.68 34.00 31.70 18.22 27.4 1.01 1.12 1.30 Dec 1,549 0.0 JB Natus Medical Inc. BABY Q 3 H/GRW 40.40 NM 44.39 31.19 22.3 1.62 1.81 2.16 Dec 1,333 0.0 JB RTI Surgical Inc. RTIX Q 3 H/GRW 4.10 NM 4.65 2.50 58.6 0.04 0.07 0.11 Dec 239 0.0 JB Senseonics Holdings, Inc. SENS M 2 H/SPEC 1.70 4.00 4.24 1.56 NM (0.49) (0.52) (0.51) Dec 159 0.0 JB Spectranetics Corp SPNC Q 2 H/GRW 28.65 31.00 29.70 15.69 NM (1.02) (1.12) (0.49) Dec 1,241 0.0 JB

Pharma Services Catalent, Inc. (ae) CTLT N 3 H/GRW 29.00 NM 30.28 20.94 NM 401 443 481 Jun 3,618 0.0 MJB,JWR Charles River Laboratories International, Inc. CRL N 3 H/GRW 88.37 NM 91.57 67.20 17.4 4.56 5.07 5.65 Dec 4,185 0.0 MJB Diplomat Pharmacy, Inc. DPLO N 3 H/GRW 15.49 NM 38.94 12.25 22.8 0.75 0.68 0.76 Dec 1,033 0.0 JWR ICON plc ICLR Q 3 H/GRW 77.37 NM 88.90 62.31 15.2 4.77 5.08 5.69 Dec 4,219 0.0 MJB INC Research Holdings INCR Q 2 H/GRW 44.30 51.00 56.88 36.70 16.8 2.50 2.64 3.05 Dec 2,382 0.0 MJB PAREXEL PRXL Q 4 NM 62.35 NM 72.32 51.16 19.4 3.43 3.22 3.80 Jun 3,174 0.0 MJB Patheon N.V. (ae) PTHN N 2 H/GRW 25.50 31.00 32.95 23.72 NM 395 432 533 Oct 3,701 0.0 MJB,JWR Quintiles IMS Holdings Q N 3 M/GRW 82.65 NM 83.97 61.21 18.5 4.00 4.46 5.17 Dec 19,456 0.0 MJB


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Healthcare - USA Specialty Pharmaceuticals Aerie Pharmaceuticals, Inc. AERI Q 3 H/SPEC 42.30 NM 51.85 12.56 NM (2.82) (2.50) (2.45) Dec 1,415 0.0 EW Akorn, Inc. AKRX Q 3 H/GRW 33.09 NM 35.40 17.61 20.3 2.25 1.63 1.93 Dec 4,116 0.0 EW Allergan plc AGN N 2 M/GRW 238.22 265.00 261.27 184.50 14.9 13.51 16.03 18.48 Dec 79,780 1.2 EW Amphastar Pharmaceuticals, Inc. AMPH Q 2 H/GRW 15.00 18.00 21.75 11.41 44.1 0.48 0.34 0.93 Dec 694 0.0 EW ANI Pharmaceuticals, Inc. ANIP Q 1 H/GRW 51.91 69.00 70.92 42.37 13.2 2.96 3.94 4.81 Dec 602 0.0 EW Antares Pharma, Inc. ATRS Q 1 H/SPEC 3.06 4.30 3.13 0.79 NM (0.16) (0.11) (0.11) Dec 475 0.0 EW Dermira, Inc. DERM Q 4 NM 33.29 NM 38.75 23.33 NM (2.70) (3.73) (3.75) Dec 1,402 0.0 EW Endo International plc ENDP Q 3 H/GRW 11.00 NM 30.72 9.70 2.3 4.73 E 3.62 3.63 Dec 2,452 0.0 EW Flexion Therapeutics, Inc. FLXN Q 1 H/SPEC 25.96 35.00 29.41 8.16 NM (2.84) (2.98) (2.64) Dec 820 0.0 EW Impax Laboratories, Inc. IPXL Q 3 H/GRW 13.55 NM 35.68 7.75 15.4 1.17 0.88 1.32 Dec 999 0.0 EW Lannett Company, Inc. LCI N 2 H/GRW 25.20 29.00 39.99 16.75 7.4 3.42 3.42 3.62 Jun 928 0.0 EW Mallinckrodt PLC MNK N 2 M/GRW 45.91 68.00 85.83 41.57 6.1 7.79 7.48 8.44 Dec 4,805 0.0 EW Mylan N.V. MYL Q 1 H/GRW 36.85 57.00 50.40 33.60 6.9 4.89 5.32 5.72 Dec 19,727 0.0 EW Perrigo Company PLC PRGO N 3 M/GRW 67.81 NM 111.00 65.47 9.5 7.11 E 4.35 5.12 Dec 9,724 0.9 EW PLx Pharma Inc. PLXP Q 3 H/SPEC 7.55 NM 142.01 6.60 NM (14.48) E (3.60) (3.60) Dec 84 0.0 EW Teligent, Inc. TLGT Q 1 H/GRW 8.15 11.00 8.66 5.01 22.0 0.08 0.37 0.68 Dec 433 0.0 EW Teva Pharmaceutical Industries, Ltd. (r) TEVA N 3 M/GRW 30.76 NM 56.91 30.22 6.1 5.14 5.02 5.43 Dec 31,221 4.4 EW


Industrial

USA Canada Europe

Specialty/Industrial Distribution ................................. 52

Waste and Industrial Services ..................................... 52

Industrial Services.................................................... 52

Waste Services ........................................................ 52

Aerospace & Aviation ................................................. 53

Chemicals ................................................................... 53

Diversified Income Corps. ........................................... 53

Infrastructure & Construction .................................... 53

Construction ............................................................ 53

Engineering ............................................................. 53

Machinery ............................................................... 53

Related Products & Services.................................... 54

Special Situations ....................................................... 54

Aerospace & Defence .................................................. 54

Commercial Aerospace ............................................ 54

Defence .................................................................... 54

Chemicals .................................................................... 55

Agrochemicals .......................................................... 55

Consumer Chemicals ................................................ 55

Diversified Chemicals ............................................... 55

Industrial Chemicals ................................................. 55

Industrial Gases ........................................................ 55

Infrastructure & Construction ..................................... 55

Building Products ..................................................... 55

Construction Groups ................................................ 55

House Builders ......................................................... 55

Infrastructure Operators .......................................... 55


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Industrial - USA Patrick Tyler Brown, CFA [email protected] Sam Darkatsh [email protected]

Specialty/Industrial Distribution Beacon Roofing Supply, Inc. BECN Q 1 H/GRW 51.56 54.00 51.90 39.50 21.9 2.10 2.35 2.80 Sep 3,145 0.0 SD Fastenal Company FAST Q 2 H/GRW 45.72 50.00 52.74 37.70 24.2 1.73 1.89 2.10 Dec 13,236 2.8 SD Foundation Building Materials, Inc. FBM N 2 H/GRW 16.22 20.00 17.91 15.05 42.7 NA 0.38 0.71 Dec 701 0.0 SD GMS Inc. GMS N 2 H/GRW 36.20 35.00 36.71 19.28 21.0 1.43 1.72 2.15 Apr 1,506 0.0 SD HD Supply Holdings Inc. HDS Q 2 H/GRW 40.40 44.00 44.73 30.05 12.2 2.63 3.32 3.96 Jan 8,112 0.0 SD Houston Wire & Cable Company HWCC Q 2 H/GRW 6.25 8.00 8.05 5.10 NM (0.21) 0.00 0.12 Dec 101 1.9 SD LKQ Corporation LKQ Q 2 H/GRW 29.77 36.00 36.35 27.85 16.0 1.69 1.86 2.10 Dec 9,229 0.0 SD MRC Global MRC N 2 H/GRW 18.59 21.00 22.52 11.50 93.0 (1.10) 0.20 0.82 Dec 1,768 0.0 SD MSC Industrial Direct MSM N 1 H/GRW 91.96 103.00 105.70 67.74 22.7 3.77 4.05 4.40 Aug 5,260 2.0 SD NOW Inc. DNOW N 3 H/GRW 17.09 NM 23.53 15.47 NM (1.39) (0.26) 0.56 Dec 1,829 0.0 SD W.W. Grainger, Inc. GWW N 3 M/GRW 193.36 NM 262.72 190.38 19.1 11.58 10.15 10.50 Dec 11,447 2.5 SD WESCO International WCC N 2 H/GRW 67.40 70.00 76.15 49.67 17.7 3.80 3.80 4.40 Dec 3,282 0.0 SD

Waste and Industrial Services Industrial Services Clean Harbors, Inc. CLH N 4 NM 59.12 NM 59.45 43.03 71.2 0.03 0.83 1.01 Dec 3,393 0.0 TB

Waste Services Casella Waste Systems, Inc. CWST Q 1 H/SPEC 14.66 15.00 14.91 6.64 38.6 0.14 0.38 0.48 Dec 609 0.0 TB Covanta Holding Corp. CVA N 1 H/INC 15.10 17.50 17.22 13.45 NM (0.12) 0.04 0.16 Dec 1,978 6.6 TB Republic Services, Inc. RSG N 1 M/GRW 63.89 67.00 64.11 45.89 27.1 2.22 2.36 2.62 Dec 21,850 2.0 TB U.S. Ecology, Inc. ECOL Q 3 H/GRW 48.60 NM 54.00 38.00 26.7 1.53 1.82 1.96 Dec 1,059 1.5 TB Waste Connections, Inc. WCN N 1 H/GRW 90.25 100.00 90.95 63.70 30.3 2.57 2.98 3.46 Dec 15,875 0.8 TB Waste Management, Inc. WM N 3 M/INC 74.23 NM 74.58 56.07 23.3 2.91 3.18 3.38 Dec 32,610 2.3 TB


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Industrial - CAN Ben Cherniavsky [email protected] Frederic Bastien, CFA [email protected]

Steve Hansen, CFA, CPA, CMA [email protected] Daryl Swetlishoff, CFA [email protected]

David Quezada, CFA [email protected] Brian Martin, CFA (Associate Analyst) [email protected]

Brenna Phelan, CFA, CPA, CA [email protected]

Aerospace & Aviation Bombardier Inc. BBD.B T 3 H/GRW C$2.26 2.50 2.76 1.56 NM (0.16) (0.01) 0.08 Dec 5,008 0.0 SH,BC CAE Inc. (f) CAE T 3 M/GRW C$20.90 20.75 20.99 14.56 20.1 0.86 1.04 1.15 Mar 5,643 1.5 BC Héroux-Devtek Inc. (f) HRX T 3 M/GRW C$12.14 13.00 16.05 11.06 17.3 0.77 0.70 0.73 Mar 437 0.0 BC

Chemicals Chemtrade Logistics Income Fund CHE.UN T R M/INC C$18.95 R 19.38 16.10 R R R R Dec R R SH Methanex MEOH Q 2 H/INC US$45.95 60.00 53.35 26.83 9.6 (0.35) 4.80 4.10 Dec 4,131 2.4 SH Superior Plus Corporation SPB T 2 H/INC C$13.14 15.00 13.25 10.10 23.9 0.79 0.55 0.59 Dec 1,876 5.5 SH

Diversified Income Corps. Alaris Royalty Corp. AD T 3 H/INC C$22.20 23.00 31.20 17.80 24.9 1.81 0.89 1.86 Dec 815 7.3 BP Exchange Income Corp EIF T 1 M/INC C$37.46 48.00 45.28 28.05 16.1 1.88 2.32 2.63 Dec 1,487 5.6 SH Grenville Strategic Royalty Corp. GRC V 3 H/SPEC C$0.14 0.25 0.80 0.10 4.7 (0.10) 0.03 0.03 Dec 15 0.0 DQ

Infrastructure & Construction Construction Aecon Group ARE T 2 H/INC C$16.21 19.00 19.19 13.07 19.1 0.76 0.85 0.95 Dec 1,136 3.1 FB Bird Construction Inc. BDT T 2 H/INC C$9.71 11.00 14.19 7.26 21.6 0.65 0.45 0.65 Dec 413 4.0 FB NAPEC Inc. (cb) NPC T 2 H/GRW C$1.13 1.40 1.27 0.86 NM 25 38 44 Dec 117 0.0 FB,BM North American Energy Partners NOA T 2 H/INC C$6.58 9.00 7.48 2.58 36.6 (0.01) 0.18 0.28 Dec 193 1.2 BC Stuart Olson Inc. SOX T 3 H/INC C$5.41 6.00 7.13 5.06 21.6 (0.18) 0.25 0.35 Dec 146 8.9 FB

Engineering IBI Group Inc. IBG T 3 H/GRW C$7.22 6.50 7.29 3.60 18.0 0.11 0.40 0.50 Dec 271 NM FB SNC-Lavalin SNC T R M/GRW C$54.54 R 59.63 44.84 R R R R Dec R R FB Stantec Inc STN T 2 M/GRW C$34.74 39.00 36.85 28.74 23.2 1.22 1.50 2.00 Dec 3,960 1.4 BC,FB WSP Global Inc. WSP T 1 M/INC C$50.25 55.00 50.37 37.00 19.7 2.15 2.55 2.95 Dec 5,090 3.0 FB

Machinery Cervus Equipment Corp. CERV T 3 M/GRW C$12.52 13.25 16.52 10.85 11.4 0.69 1.10 1.38 Dec 209 2.2 BC Finning International FTT T 3 M/GRW C$25.70 25.50 28.02 20.21 21.4 0.88 1.20 1.55 Dec 4,320 2.8 BC Ritchie Bros. Auctioneers RBA N 3 M/GRW US$32.09 37.50 39.96 27.13 25.7 1.24 1.25 1.50 Dec 3,472 2.1 BC Rocky Mountain Dealerships Inc. RME T 2 H/GRW C$9.76 11.50 11.25 6.24 10.3 0.83 0.95 1.05 Dec 189 4.7 BC Strongco Corp. SQP T 3 H/GRW C$1.30 1.40 1.80 1.30 NM (2.70) (0.35) (0.05) Dec 17 0.0 BC Toromont Industries TIH T 3 M/GRW C$47.41 43.00 48.86 34.47 22.1 1.98 2.15 2.35 Dec 3,726 1.6 BC Wajax Corp. WJX T 3 H/GRW C$24.61 24.00 25.76 13.34 18.2 1.01 1.35 1.60 Dec 500 4.1 BC


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Industrial - CAN Related Products & Services Canam Group CAM T 3 H/INC C$6.31 7.50 13.54 5.57 15.8 (0.28) 0.40 0.80 Dec 288 2.5 FB Russel Metals RUS T 2 H/INC C$26.52 30.00 29.78 19.81 17.1 1.01 1.55 2.00 Dec 1,650 5.7 FB WesternOne Inc. WEQ T R H/GRW C$1.49 R 18.55 1.20 R R R R Dec R R FB ZCL Composites ZCL T 2 H/GRW C$14.91 14.50 15.11 7.60 17.5 0.68 0.85 0.98 Dec 462 3.2 BC

Special Situations Blackline Safety Corp. BLN V 1 H/SPEC C$3.60 4.50 3.65 1.80 NM (0.26) (0.23) (0.13) Oct 124 NA BC Boyd Group Income Fund (cb) BYD.UN T 2 M/GRW C$88.67 90.00 92.75 71.60 NM 124 146 170 Dec 1,596 0.1 SH DIRTT Environmental Solutions Ltd. DRT T 1 H/GRW C$6.84 9.00 7.51 4.58 22.1 0.09 0.31 0.40 Dec 627 0.0 DQ,DS Tree Island Steel Ltd. TSL T 2 H/GRW C$4.40 5.75 6.55 3.06 9.8 0.45 E 0.47 0.54 Dec 137 1.8 DQ

Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Industrial - EUR Harry Breach, RJFI [email protected] Mehdi Boudokhane, RJEE [email protected]

Patrick Lambert, RJFI [email protected]

Aerospace & Defence Commercial Aerospace Airbus Group AIR.PA EPA 1 €74.10 85.00 74.20 48.07 20.6 3.31 3.60 4.80 Dec 57,259 2.2 HB GKN GKN.L L 1 366p 480 379 249 10.3 31.00 35.50 38.00 Dec £6,277 2.5 HB Meggitt MGGT.L L 1 466p 625 485 362 12.3 34.80 38.00 40.50 Dec £3,613 3.4 HB MTU Aero Engines MTXGn.DE ETR 4 €127.20 85.00 128.10 78.74 17.4 6.74 7.00 A 7.30 Dec 6,532 1.5 HB Rolls-Royce RR.L L 3 813p NM 870 584 23.9 30.10 34.00 24.00 Dec 1,494,023 1.6 HB Safran SAF.PA EPA 3 €75.77 NM 77.12 53.00 20.2 4.34 3.75 4.00 Dec 31,506 2.1 HB Senior SNR.L L 3 214p NM 245 161 14.9 14.40 E 13.50 15.50 Dec £898 3.3 HB Zodiac Aerospace ZODC.PA EPA 3 €22.49 NM 28.85 18.87 38.1 0.59 E 0.45 0.95 Aug 6,236 1.4 HB

Defence BAE Systems BAES.L L 4 631p 540 657 465 14.7 40.30 43.00 44.50 Dec £20,022 3.5 HB Cobham COB.L L 4 131p 80 155 89 21.8 8.00 6.00 6.20 Dec 256,473 0.0 HB Thales TCFP.PA EPA 3 €94.37 NM 96.55 67.65 19.7 4.25 4.80 5.45 Dec 19,954 1.4 HB


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Industrial - EUR Chemicals Agrochemicals Syngenta (sa) SYNN.VX SWF 3 CHF456.80 NM 465.30 360.50 NM 12,790 13,130 13,783 Dec 42,126 0.0 PL Yara (sa) YAR.OL OSL 3 NOK335.60 NM 362.00 256.10 NM 97,170 104,682 108,746 Dec 91,692 3.0 PL

Consumer Chemicals AkzoNobel (sa) AKZO.AS AMS 2 €82.64 87.00 83.09 52.58 NM 14,197 15,015 15,445 Dec 20,874 2.0 PL Givaudan (sa) GIVN.VX SWF 2 CHF1920.00 2275.00 2116.00 1710.00 NM 4,663 4,982 5,188 Dec 17,668 3.1 PL Symrise (sa) SY1G.DE ETR 3 €64.40 NM 69.32 53.00 NM 2,893 E 3,005 3,138 Dec 8,360 1.3 PL

Diversified Chemicals BASF (sa) BASFn.DE ETR 3 €92.16 NM 94.32 63.00 NM 57,550 63,883 66,665 Dec 84,647 3.3 PL DSM (sa) DSMN.AMS AMS 1 €66.20 80.00 66.70 48.16 NM 7,920 8,419 8,579 Dec 11,585 2.6 PL

Industrial Chemicals Arkema (sa) AKE.PA EPA 1 €96.80 109.00 97.57 63.40 NM 7,535 8,259 8,642 Dec 7,323 3.2 PL Clariant (sa) CLN.VX SWF 2 CHF19.26 24.00 19.43 15.59 NM 5,847 6,240 6,421 Dec 6,241 2.3 PL Covestro (sa) 1COV.DE ETR 2 €72.40 91.00 76.46 33.47 NM 11,904 14,161 14,714 Dec 14,661 1.9 PL Lanxess (sa) LXSG.DE ETR 2 €65.86 75.00 68.84 37.28 NM 7,717 E 9,067 10,177 Dec 6,028 1.1 PL Solvay (sa) SOLB.BR EBR 1 €115.85 125.00 116.95 79.10 NM 11,767 E 12,315 13,004 Dec 11,959 2.8 PL

Industrial Gases Air Liquide (sa) AIRP.PA EPA 2 €110.95 130.00 111.95 85.96 NM 18,135 20,952 22,133 Dec 43,146 3.5 PL Praxair, Inc. PX N 1 $124.70 135.00 125.00 106.31 21.2 5.48 5.87 6.58 Dec 35,527 2.4 PL

Infrastructure & Construction Building Products Saint-Gobain SGOB.PA EPA S €49.57 NM 49.75 32.15 NM NA NA NA Dec 27,776 2.6 MB Tarkett S.A. TKTT.PA EPA 2 €40.73 43.00 42.13 26.50 19.8 1.87 2.06 2.18 Dec 2,595 1.6 MB

Construction Groups Eiffage FOUG.PA EPA 3 €77.99 NM 77.99 58.58 18.6 4.20 E 4.87 5.59 Dec 7,443 1.9 MB Vinci SGEF.PA EPA 2 €77.72 82.00 78.68 49.93 16.9 4.52 4.61 4.86 Dec 45,801 2.9 MB

House Builders Nexity NEXI.PA EPA 2 €49.70 54.00 50.15 42.03 16.3 2.54 3.05 3.46 Dec 2,724 4.8 MB

Infrastructure Operators Abertis ABE.MC MAD 2 €16.00 16.50 16.61 12.12 15.8 0.88 1.01 1.13 Dec 14,539 4.6 MB ADP ADP.PA EPA 3 €121.20 NM 122.40 83.50 29.3 4.13 E 4.60 5.12 Dec 11,994 2.0 MB Ferrovial FER.MC MAD 1 €19.32 22.40 19.62 14.83 32.2 0.51 0.60 0.66 Dec 14,150 3.9 MB Fraport FRAG.DE ETR 4 €71.70 60.00 72.19 44.96 20.9 4.06 3.43 3.71 Dec 6,611 2.1 MB


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Mining & Natural Resources - CAN Daryl Swetlishoff, CFA [email protected] Steve Hansen, CFA, CPA, CMA [email protected]

Chris Thompson, M.Sc. (Eng), P.Geo [email protected] Tara Hassan, P.Eng [email protected]

Agribusiness AGT Food and Ingredients Inc. AGT T 2 H/INC C$29.85 42.00 42.16 28.81 11.5 1.96 2.59 3.15 Dec 719 0.5 SH

Fertilizers Agrium Inc. AGU N 3 M/GRW US$92.49 110.00 111.88 83.15 18.5 4.88 5.00 6.15 Dec 12,764 3.8 SH Potash Corp. of Saskatchewan Inc. POT N 3 M/GRW US$16.61 17.00 20.27 15.21 36.9 0.41 0.45 0.60 Dec 13,942 2.4 SH

Mining & Natural Resources

Canada

Agribusiness ............................................................... 56

Fertilizers .................................................................... 56

Forest Products .......................................................... 57

Building Materials ................................................... 57

Pulp & Paper ........................................................... 57

Mining ........................................................................ 57

Precious Metals - Gold ............................................ 57

Precious Metals - Silver ........................................... 57


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. ADN T 1 M/INC C$18.05 23.00 19.00 15.70 19.8 0.96 0.91 1.45 Dec 301 6.1 DS Canfor Corp. CFP T 1 H/GRW C$19.61 24.00 20.03 11.96 12.8 1.10 1.53 1.72 Dec 2,604 0.0 DS Conifex Timber, Inc. CFF T 2 H/SPEC C$3.15 6.00 3.74 2.51 9.8 3.09 0.32 1.00 Dec 67 0.0 DS Interfor Corp. IFP T 1 H/GRW C$20.07 24.00 20.16 10.21 12.3 0.94 1.63 1.88 Dec 1,405 0.0 DS Norbord Inc. OSB T 1 H/GRW C$41.65 47.00 41.83 23.11 14.5 2.13 2.87 3.32 Dec 3,615 1.0 DS West Fraser Timber WFT T 2 H/GRW C$61.30 67.00 62.28 35.35 13.1 4.11 4.69 5.44 Dec 4,843 0.5 DS Western Forest Products Inc. WEF T 2 H/GRW C$2.11 2.75 2.35 1.79 7.5 0.24 0.28 0.33 Dec 858 3.8 DS

Pulp & Paper Canfor Pulp Products Inc. CFX T 2 H/GRW C$11.74 14.50 12.65 9.45 8.7 0.86 1.35 1.02 Dec 780 2.1 DS Domtar UFS N 2 M/INC US$39.32 52.00 44.58 32.74 14.8 2.04 2.66 3.24 Dec 2,465 4.1 DS Fortress Paper FTP T 2 H/GRW C$7.85 9.00 8.70 2.84 15.1 0.45 0.52 0.76 Dec 112 0.0 DS Mercer International Inc. MERC Q 2 H/INC US$12.35 13.50 12.98 7.03 7.9 0.54 1.56 1.86 Dec 805 3.7 DS

Mining Precious Metals - Gold Asanko Gold Inc. AKG T 1 H/GRW C$3.19 4.60 6.09 3.01 10.3 0.37 0.31 0.42 Dec 708 0.0 CT Atlantic Gold Corp. (cf) AGB V 2 H/SPEC C$1.43 1.60 1.45 0.55 NM (0.02) E (0.07) 0.08 Dec 248 0.0 TH B2Gold Corp. (cf) BTO T 2 H/GRW C$3.42 5.00 4.74 2.28 21.4 0.31 0.16 0.41 Dec 3,504 0.0 CT Coeur Mining Inc. (cf) CDE N 2 H/GRW US$9.08 10.80 16.41 6.70 6.7 0.98 1.35 1.42 Dec 1,643 0.0 CT Endeavour Mining Corp. (cf) EDV T 2 H/GRW C$22.46 29.75 28.81 15.12 10.1 2.39 2.22 3.58 Dec 2,107 0.0 CT Integra Gold Corporation (cf) ICG V 2 H/SPEC C$0.82 1.35 0.96 0.52 NM (0.01) E (0.01) NA Dec 397,283 0.0 TH Mandalay Resources Corp. (cf) MND T 2 H/INC C$0.59 0.70 1.35 0.56 4.5 0.12 0.13 NA Dec 266 3.4 CT OceanaGold Corp. (cf) OGC T 2 H/GRW C$4.13 5.75 5.56 3.24 7.0 0.45 0.59 0.57 Dec 2,523 0.5 CT Orezone Gold Corp. ORE V 2 H/SPEC C$0.57 0.95 1.28 0.42 NM (0.03) (0.02) (0.02) Dec 88 0.0 CT Pure Gold Mining Inc. (cf) PGM V 2 H/SPEC C$0.55 1.00 0.77 0.40 NM (0.04) (0.14) (0.02) Mar 112 0.0 TH Roxgold Inc. ROXG T 2 H/GRW C$1.21 1.95 1.76 1.06 5.8 0.04 0.21 0.20 Dec 449 0.0 CT SEMAFO Inc. SMF T 2 H/GRW C$3.12 4.80 7.46 3.05 12.0 0.45 0.26 0.52 Dec 1,014 0.0 CT Tahoe Resources Inc. (cf) THO T 1 H/INC C$10.77 16.00 22.13 9.58 10.5 1.09 1.03 1.09 Dec US$3,383 2.2 CT Victoria Gold Corporation (cf) VIT V 2 H/SPEC C$0.69 0.95 0.80 0.32 NM (0.01) E (0.01) NA Feb 347 0.0 CT

Precious Metals - Silver Bear Creek Mining Corp. (cf) BCM V 2 H/SPEC C$2.19 4.25 3.77 1.72 NM (0.10) (0.17) (0.15) Dec 242 0.0 CT Endeavour Silver Corp. EDR T 2 H/GRW C$3.92 6.00 7.75 3.75 18.7 0.20 0.21 0.27 Dec 515 0.0 CT First Majestic Silver (cf) FR T 3 H/GRW C$10.99 10.30 24.96 8.89 17.7 0.65 0.62 0.73 Dec 1,873 0.0 CT Fortuna Silver Mines Inc. (cf) FVI T 1 H/GRW C$6.19 10.00 12.73 6.01 15.9 0.39 E 0.60 NA Dec 992 0.0 CT MAG Silver (cf) MAG T 1 H/SPEC C$15.83 25.00 23.32 12.75 NM (0.05) (0.10) (0.10) Dec US$1,279 0.0 CT Pan American Silver Corp. (cf) PAAS Q 2 H/INC US$16.76 22.50 21.59 13.40 12.2 1.59 1.37 1.73 Dec 2,581 0.3 CT Silvercorp Metals Inc. (cf) SVM T 2 H/GRW C$4.27 5.80 5.90 2.03 10.2 0.19 0.42 0.32 Mar 745 0.5 CT


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Real Estate - USA Paul D. Puryear [email protected] William A. Crow [email protected]

Buck Horne, CFA [email protected] Collin Mings, CFA [email protected]

Jonathan Hughes, CFA [email protected]

Housing CalAtlantic Group, Inc. CAA N 2 M/GRW 37.08 42.00 40.94 30.18 9.9 3.60 3.75 4.30 Dec 4,935 0.4 BH,PDP D.R. Horton, Inc. DHI N 3 M/GRW 32.65 NM 34.56 26.69 11.9 2.36 2.75 3.00 Sep 12,371 1.2 BH,PDP KB Home KBH N 3 M/GRW 20.44 NM 20.91 12.38 12.9 1.12 1.58 1.95 Nov 1,968 0.5 BH,PDP Lennar Corporation LEN N 1 M/GRW 50.70 60.00 53.79 39.68 12.4 3.93 4.10 4.90 Nov 11,889 0.3 BH,PDP MDC Holdings MDC N 3 H/INC 30.95 NM 31.93 20.52 12.6 2.01 2.45 2.70 Dec 1,591 3.2 BH,PDP PulteGroup Inc. PHM N 3 M/GRW 22.20 NM 24.43 17.58 10.3 1.75 2.15 2.45 Dec 7,106 1.6 BH,PDP St. Joe Company JOE N 3 M/GRW 17.95 NM 21.90 16.30 NM 0.15 E 0.03 NA Dec 1,334 0.0 BH,PDP Toll Brothers, Inc. TOL N 1 M/GRW 35.63 43.00 37.37 25.29 11.0 2.18 3.25 3.70 Oct 6,071 0.9 BH,PDP

Real Estate

USA Canada Europe

Housing ....................................................................... 58

Lodging ....................................................................... 59

REITs ........................................................................... 59

Healthcare ............................................................... 59

Hotels ...................................................................... 59

Malls ........................................................................ 59

Net Lease ................................................................. 59

Office/Industrial ...................................................... 60

Residential ............................................................... 60

Self Storage ............................................................. 60

Shopping Centers .................................................... 60

Timber ..................................................................... 61

Real Estate .................................................................. 61

Healthcare ............................................................... 61

Industrial ................................................................. 61

Mortgage Investment Corporations ........................ 61

Office/Diversified .................................................... 61

Real Estate Services ................................................. 61

Residential ............................................................... 62

Retail ....................................................................... 62

Self-Storage ............................................................. 62

Hotels .......................................................................... 62


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Real Estate - USA Lodging Hilton HLT N 2 M/GRW 58.54 65.00 60.49 42.81 33.8 2.68 1.73 2.05 Dec 19,280 1.4 WAC,PDP Hyatt Hotels Corporation H N 3 H/GRW 55.97 NM 58.05 44.30 46.3 1.65 1.21 1.39 Dec 7,321 0.0 WAC,PDP La Quinta Holdings, Inc. LQ N 3 H/GRW 14.07 NM 15.05 9.73 32.7 0.49 0.43 0.43 Dec 1,643 0.0 WAC,PDP Marriott International, Inc. MAR Q 3 M/GRW 94.57 NM 95.42 60.87 24.4 3.63 3.87 4.26 Dec 36,551 1.3 WAC,PDP

REITs Healthcare CareTrust REIT, Inc (x) CTRE Q 2 M/INC 17.77 17.00 17.99 12.53 14.4 1.10 1.23 1.33 Dec 1,176 4.2 JH,PDP HCP, Inc. (x) HCP N 4 NM 32.04 NM 36.54 27.61 16.8 2.74 1.91 1.95 Dec 15,245 4.6 JH,PDP Healthcare Trust of America, Inc. (x) HTA N 2 M/INC 32.26 33.00 34.64 26.34 18.9 1.61 1.71 1.82 Dec 4,710 3.7 JH,PDP MedEquities Realty Trust, Inc. (x) MRT N 2 M/INC 12.00 13.00 12.07 10.28 10.5 1.22 1.14 1.29 Dec 382 7.0 JH,PDP Physicians Realty Trust (x) DOC N 1 M/INC 20.11 23.00 22.03 17.12 17.5 0.99 1.15 1.25 Dec 3,155 4.5 JH,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 3 M/INC 28.45 NM 29.10 18.80 12.3 2.39 2.32 2.43 Dec 1,875 5.9 JH,PDP Senior Housing Properties Trust (x) SNH Q 4 NM 21.79 NM 23.85 17.14 11.8 1.88 1.85 1.88 Dec 5,175 7.2 JH,PDP Ventas, Inc. (x) VTR N 3 M/INC 64.68 NM 76.80 56.20 15.4 4.13 4.19 4.33 Dec 23,084 4.8 JH,PDP Welltower Inc. (x) HCN N 3 M/INC 72.67 NM 80.19 59.39 17.1 4.55 4.25 4.40 Dec 26,350 4.8 JH,PDP

Hotels DiamondRock Hospitality Company (x) DRH N 3 M/INC 11.51 NM 12.00 8.22 11.7 1.02 0.98 0.99 Dec 2,315 4.3 WAC,PDP Hersha Hospitality Trust (x) HT N 3 M/INC 18.79 NM 22.14 15.36 8.4 2.41 2.23 2.18 Dec 838 6.0 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 3 M/INC 19.05 NM 20.21 14.30 11.5 1.69 1.65 1.65 Dec 14,221 4.2 WAC,PDP LaSalle Hotel Properties (x) LHO N 2 M/INC 30.05 32.00 31.87 21.56 11.7 2.90 2.57 2.50 Dec 3,414 6.0 WAC,PDP Park Hotels & Resorts Inc. (x) PK N 2 M/INC 26.61 29.00 33.40 25.40 9.7 2.97 2.75 2.77 Dec 5,721 6.5 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 M/INC 31.01 31.00 31.85 23.46 13.2 2.78 2.35 2.32 Dec 2,242 4.9 WAC,PDP RLJ Lodging Trust (x) RLJ N 3 M/INC 22.79 NM 25.10 18.86 9.6 2.67 2.38 2.39 Dec 2,846 5.8 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 2 M/INC 64.29 71.00 67.97 47.16 11.9 5.49 5.39 5.66 Dec 3,298 5.0 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 M/INC 17.08 17.00 17.16 11.27 12.6 1.41 1.36 1.37 Dec 1,604 3.8 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 2 M/GRW 15.79 16.00 16.05 11.26 13.6 1.21 1.16 1.18 Dec 3,475 4.3 WAC,PDP Xenia Hotels & Resorts, Inc. (x) XHR N 3 M/INC 17.70 NM 19.87 14.83 9.5 2.21 1.87 1.85 Dec 1,890 6.2 WAC,PDP

Malls CBL & Associates Properties, Inc. (x) CBL N 3 M/INC 9.68 NM 14.30 8.72 4.3 2.41 2.24 2.27 Dec 1,653 11.0 CM,PDP Simon Property Group, Inc. (x) SPG N 2 M/INC 168.04 220.00 229.10 163.55 14.3 10.49 11.75 12.40 Dec 52,609 4.2 CM,PDP Taubman Centers, Inc. (x) TCO N 3 M/INC 65.53 NM 81.68 62.67 17.4 3.92 3.77 4.26 Dec 3,960 3.8 CM,PDP

Net Lease Agree Realty Corporation (x) ADC N 2 M/INC 50.39 54.00 51.50 38.59 18.3 2.54 2.75 2.99 Dec 1,318 3.9 CM,PDP Four Corners Property Trust, Inc. (x) FCPT N 3 M/INC 23.54 NM 23.96 16.71 17.2 1.35 1.37 1.42 Dec 1,411 4.1 CM,PDP National Retail Properties, Inc. (x) NNN N 3 M/INC 44.04 NM 53.60 39.86 18.6 2.28 2.37 2.62 Dec 6,480 4.1 CM,PDP Realty Income Corporation (x) O N 4 NM 59.83 NM 72.30 52.72 19.6 2.88 3.05 3.15 Dec 15,454 4.2 CM,PDP Spirit Realty Capital, Inc. (x) SRC N 3 M/INC 10.08 NM 13.97 9.83 11.3 0.84 0.89 0.91 Dec 4,875 7.1 CM,PDP STORE Capital Corporation (x) STOR N 2 M/INC 24.81 26.00 31.44 22.27 14.5 1.55 1.71 1.80 Dec 3,953 4.7 CM,PDP


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Real Estate - USA Office/Industrial Armada Hoffler Properties (x) AHH N 2 M/INC 14.53 15.00 15.50 11.58 14.4 0.96 1.01 1.05 Dec 804 5.2 WAC,PDP Brandywine Realty Trust (x) BDN N 2 M/INC 17.14 18.00 17.40 14.04 12.4 0.94 1.38 1.52 Dec 3,047 3.5 WAC,PDP City Office REIT, Inc. (co) CIO N 3 M/INC 12.53 NM 13.93 11.07 12.0 1.01 1.04 1.12 Dec 381 7.5 WAC,PDP Corporate Office Properties Trust (x) OFC N 3 M/INC 33.42 NM 34.56 24.92 16.5 2.01 2.03 2.21 Dec 3,412 3.3 WAC,PDP DCT Industrial Trust, Inc. (x) DCT N 2 M/INC 50.69 49.00 51.70 39.93 21.1 2.26 2.40 2.53 Dec 4,639 2.4 WAC,PDP Douglas Emmett (x) DEI N 2 M/INC 38.81 42.00 40.79 31.95 20.2 1.82 1.92 2.04 Dec 7,001 2.3 WAC,PDP Easterly Government Properties, Inc. (x) DEA N 3 M/GRW 20.42 NM 21.38 17.58 16.0 1.21 1.28 1.38 Dec 1,039 4.7 WAC,PDP EastGroup Properties, Inc. (x) EGP N 3 M/INC 79.00 NM 79.99 59.23 18.7 4.02 4.22 4.46 Dec 2,678 3.1 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 2 M/INC 27.99 29.00 29.75 22.66 18.4 1.45 1.52 1.61 Dec 3,390 3.0 WAC,PDP First Potomac Realty Trust (x) FPO N 3 M/INC 11.09 NM 11.17 8.01 13.5 0.97 0.82 0.80 Dec 675 3.6 WAC,PDP STAG Industrial Inc. (co) STAG N 2 M/INC 26.55 26.50 26.78 19.79 15.7 1.58 1.69 1.78 Dec 2,238 5.3 WAC,PDP Washington REIT (x) WRE N 2 M/INC 32.33 35.50 34.61 27.65 17.9 1.74 1.81 1.92 Dec 2,422 3.7 WAC,PDP

Residential American Homes 4 Rent (x) AMH N 1 M/GRW 23.48 26.00 23.98 15.64 26.7 0.88 E 1.09 NA Dec 6,903 0.9 BH,PDP Apartment Investment and Management Company (x) AIV N 1 M/INC 44.65 50.00 47.91 39.14 19.3 2.31 E 2.50 NA Dec 7,367 3.2 BH,PDP Clipper Realty Inc. (co) CLPR N 2 M/GRW 10.99 15.00 15.00 10.50 39.2 0.28 E 0.46 0.52 Dec 486 3.6 BH,PDP Equity Residential (x) EQR N 4 NM 64.93 NM 73.05 58.28 21.1 3.08 E 3.10 NA Dec 24,829 3.1 BH,PDP Essex Property Trust, Inc. (x) ESS N 2 M/INC 238.40 236.00 238.57 200.01 21.6 11.04 E 11.90 NA Dec 16,187 2.9 BH,PDP Invitation Homes Inc. (x) INVH N 1 M/GRW 21.72 25.00 22.15 19.80 19.1 1.14 E 0.99 1.13 Dec 6,741 0.0 BH,PDP Mid-America Apartment Communities, Inc. (x) MAA N 2 M/INC 101.47 105.00 110.01 85.04 17.3 5.85 E 5.90 NA Dec 8,087 3.4 BH,PDP

Self Storage CubeSmart (x) CUBE N 2 M/INC 27.10 29.00 32.78 23.65 17.5 1.44 1.55 1.65 Dec 4,935 4.0 JH,PDP Extra Space Storage (x) EXR N 2 M/INC 78.58 85.00 94.81 68.09 18.7 3.85 4.20 4.45 Dec 10,600 4.0 JH,PDP Jernigan Capital, Inc. JCAP N 2 H/GRW 23.35 25.00 24.71 10.10 11.3 3.11 2.06 4.70 Dec 210 6.0 JH,PDP Life Storage Inc. (x) LSI N 3 M/INC 82.89 NM 116.22 77.00 15.1 5.19 5.50 5.85 Dec 3,871 4.8 JH,PDP Public Storage (x) PSA N 3 M/INC 225.54 NM 267.34 200.65 21.7 9.79 10.40 10.75 Dec 39,221 3.5 JH,PDP

Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 3 M/INC 5.33 NM 8.08 4.86 10.2 0.48 0.52 0.52 Dec 437 3.8 CM,PDP DDR Corp. (x) DDR N 2 M/INC 12.39 17.00 19.92 12.01 10.8 1.28 1.15 1.09 Dec 4,527 6.1 CM,PDP Federal Realty Investment Trust (x) FRT N 3 M/INC 134.61 NM 171.08 126.02 22.9 5.65 5.88 6.27 Dec 9,691 2.9 CM,PDP Kimco Realty Corporation (x) KIM N 2 M/INC 21.71 27.00 32.24 21.43 13.9 1.50 1.56 1.67 Dec 9,227 5.0 CM,PDP Kite Realty Group Trust (x) KRG N 1 M/INC 21.35 29.00 30.45 19.91 10.5 2.00 2.04 2.16 Dec 1,784 5.7 CM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 M/INC 14.23 17.50 20.24 13.26 10.5 1.35 1.36 1.37 Dec 1,128 6.2 CM,PDP Regency Centers Corp. (x) REG N 3 M/INC 65.16 NM 85.35 61.90 18.8 3.29 3.47 3.75 Dec 6,786 3.1 CM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 1 M/INC 21.52 26.00 23.05 18.45 18.9 1.08 1.14 1.20 Dec 2,352 3.3 CM,PDP Saul Centers, Inc. (x) BFS N 3 M/INC 63.64 NM 68.75 52.42 19.4 3.03 3.28 3.43 Dec 1,381 3.2 CM,PDP


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Real Estate - USA Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 M/INC 11.78 13.00 12.58 10.05 16.6 0.71 0.71 0.73 Dec 457 4.6 CM,PDP Potlatch Corporation PCH Q 2 M/INC 45.25 46.00 48.85 31.29 29.2 0.27 1.55 1.85 Dec 1,860 3.3 CM,PDP Rayonier, Inc. RYN N 2 M/INC 28.59 30.00 29.86 24.37 81.7 1.73 0.35 0.46 Dec 3,514 3.5 CM,PDP Weyerhaeuser Company WY N 1 M/INC 34.00 36.00 35.18 26.55 33.3 1.39 1.02 1.35 Dec 25,595 3.6 CM,PDP

Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Real Estate - CAN Ken Avalos* [email protected] Frederic Bastien, CFA [email protected]

Johann Rodrigues, (Associate Analyst) [email protected]

Real Estate Healthcare Sienna Senior Living Inc. (x) SIA T 3 H/INC C$17.29 NM 18.14 15.23 13.7 1.26 E 1.30 1.37 Dec 795 5.2 KA

Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 3 M/INC C$6.56 NM 6.61 4.81 15.3 0.40 0.43 0.46 Dec 1,614 4.7 KA

Mortgage Investment Corporations Timbercreek Financial Corp. TF T 2 M/INC C$9.17 10.00 9.54 7.86 12.6 0.70 0.73 0.75 Dec 678 7.4 JR,KA

Office/Diversified Allied Properties REIT (x) AP.UN T 2 M/INC C$37.29 38.00 39.70 32.37 16.6 2.15 2.24 2.39 Dec 3,158 3.9 KA Artis REIT (x) AX.UN T 3 M/INC C$13.63 NM 13.82 11.37 9.3 1.50 1.47 1.51 Dec 2,053 7.9 KA Brookfield Canada Office Properties (x) BOX.UN T 3 M/INC C$32.61 NM 32.69 24.97 19.4 1.66 1.68 1.77 Dec 3,043 4.0 KA CREIT (x) REF.UN T 3 M/INC C$49.49 NM 51.49 43.78 15.3 3.17 3.23 3.30 Dec 3,623 3.7 JR,KA H&R REIT (x) HR.UN T 2 M/INC C$23.25 24.00 23.83 20.96 12.1 1.93 1.92 2.00 Dec 7,256 5.9 KA True North Commercial REIT (x) TNT.UN T 2 M/INC C$6.25 6.75 6.73 5.60 9.8 0.62 0.64 0.66 Dec 209 9.4 JR,KA

Real Estate Services Colliers International Group Inc. CIGI Q 2 H/GRW US$48.65 57.00 52.70 32.93 17.7 2.44 2.75 3.05 Dec 1,892 0.2 FB FirstService Corporation FSV Q 3 M/GRW US$60.52 61.00 61.93 39.05 31.0 1.62 1.95 2.30 Dec 2,197 0.8 FB

*Ken Avalos is a Raymond James & Associates employee.


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Real Estate - CAN Residential Boardwalk REIT (x) BEI.UN T 2 M/INC C$46.45 48.50 59.76 41.00 19.1 2.84 2.43 2.56 Dec 2,355 4.8 KA Canadian Apartment Properties REIT (x) CAR.UN T 2 M/INC C$34.56 35.00 34.79 28.14 18.9 1.75 1.83 1.89 Dec 4,724 3.7 KA InterRent REIT (x) IIP.UN T 2 M/INC C$7.90 8.25 8.65 6.97 18.0 0.38 0.44 0.48 Dec 569 3.0 KA Killam Apartment REIT (x) KMP.UN T 2 M/INC C$13.04 13.25 13.30 11.53 14.7 0.86 0.89 0.92 Dec 1,018 4.8 KA Milestone Apartments REIT (x) MST.UN T 3 M/INC C$22.04 NM 22.16 16.80 18.4 1.12 1.20 1.30 Dec 2,019 2.5 KA,JR Tricon Capital Group Inc. TCN T 1 M/GRW C$10.95 13.00 11.27 8.10 18.6 0.56 0.59 0.65 Dec 1,358 2.4 KA

Retail Choice Properties REIT (x) CHP.UN T 3 M/INC C$13.97 NM 14.69 12.55 13.3 1.00 1.05 1.08 Dec 5,742 5.3 KA Crombie REIT (x) CRR.UN T 3 M/INC C$14.60 NM 15.79 13.02 12.0 1.17 1.22 1.27 Dec 2,170 6.1 KA CT Real Estate Investment Trust (x) CRT.UN T 3 M/INC C$14.78 NM 15.76 14.33 13.2 1.07 1.12 1.16 Dec 3,057 4.7 KA First Capital Realty (x) FCR T 1 M/INC C$19.94 23.00 23.31 19.19 17.3 1.10 1.15 1.20 Dec 4,855 4.3 KA,JR Plaza Retail REIT (x) PLZ.UN T 3 M/INC C$4.92 NM 5.28 4.65 14.1 0.33 0.35 0.37 Dec 497 5.5 JR,KA RioCan REIT (x) REI.UN T 2 M/INC C$26.37 29.00 30.35 25.10 15.6 1.68 1.69 1.74 Dec 8,612 5.3 KA Slate Retail REIT (x) SRT.U T 2 M/INC US$11.03 11.50 11.37 9.94 8.4 1.32 1.31 1.35 Dec 452 7.3 JR,KA SmartREIT (x) SRU.UN T 3 M/INC C$32.73 NM 38.91 29.22 14.7 2.17 2.23 2.29 Dec 5,096 5.2 KA

Self-Storage StorageVault Canada Inc. SVI V 1 H/GRW C$2.44 2.75 2.66 0.68 30.5 0.02 0.08 0.10 Dec 763 0.4 JR,KA

Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Real Estate - EUR Julien Richer, CFA, RJEE [email protected]

Hotels AccorHotels ACCP.PA EPA 1 €41.53 43.00 42.13 32.12 22.3 0.88 1.86 2.01 Dec 11,836 2.2 JR Intercontinental Hotels ($D) IHG.L L 2 3,985p 3,300 4,029 2,504 NM 2.22 E 2.38 2.60 Dec $10,359 2.0 JR Melia Hotels International MEL.MC MAD 1 €13.46 14.50 13.47 7.16 35.4 0.38 E 0.47 0.57 Dec 3,095 0.6 JR NH Hotel Group NHH.MC MAD 2 €4.71 4.80 4.84 3.41 52.3 0.09 E 0.16 0.25 Dec 1,649 0.0 JR Whitbread WTB.L L 3 4,000p NM 4,402 3,283 16.7 240.00 E 264.00 275.00 Feb £7,335 2.4 JR


Technology & Communications

USA Canada Europe

Advanced Industrial Technology ................................. 64

Application Software .................................................. 65

Communications Equipment ...................................... 66

Electronic Manufacturing Services ............................. 66

FinTech & Transaction Processing .............................. 67

Infrastructure Software .............................................. 67

Internet ....................................................................... 68

eCommerce ............................................................. 68

Internet & Advertising Technology .......................... 68

Online Advertising ................................................... 68

Online Travel ........................................................... 68

Internet of Things ....................................................... 68

Auto Technology...................................................... 68

Connected Devices .................................................. 69

IoT Software ............................................................ 69

IT Hardware and Distribution ..................................... 69

IT Services ................................................................... 69

Satellite & Space ......................................................... 70

Telecommunications Services .................................... 70

Data Centers ............................................................ 70

Towers ..................................................................... 70

Wireless ................................................................... 71

Wireline ................................................................... 71

IT Hardware ................................................................ 72

Software/IT Services ................................................... 72

Telecoms ..................................................................... 73


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Technology & Communications - USA Brian G. Alexander, CFA [email protected] Ric Prentiss [email protected]

Brian Gesuale [email protected] Wayne Johnson [email protected]

Aaron Kessler, CFA [email protected] Simon Leopold [email protected]

Steven Li, CFA* [email protected] Frank G. Louthan IV [email protected]

Tavis C. McCourt, CFA [email protected] Terry Tillman [email protected]

Michael Turits, Ph.D. [email protected] Justin Patterson, CFA [email protected]

Brian Peterson, CFA [email protected] Adam Tindle, CFA [email protected]

Paul D. Puryear [email protected]

Advanced Industrial Technology AeroVironment Inc. AVAV Q 3 H/GRW 29.58 NM 32.44 22.16 NM 0.39 0.19 0.39 Apr 683 0.0 BG Cognex Corporation CGNX Q 3 H/GRW 85.53 NM 86.88 35.15 43.4 1.72 1.97 2.18 Dec 7,350 0.4 BG Cubic Corporation CUB N 2 H/GRW 52.40 53.00 55.65 37.24 30.5 1.36 1.72 2.76 Sep 1,420 0.5 BG FLIR Systems, Inc. FLIR Q 3 H/GRW 37.51 NM 37.74 28.26 20.6 1.69 1.82 2.05 Dec 5,206 1.3 BG Fortive Corporation FTV N 2 M/GRW 62.33 60.00 62.54 43.00 23.1 2.52 2.70 2.89 Dec 21,560 0.4 BG Harris Corporation HRS N 2 H/GRW 111.21 119.00 113.00 73.32 20.2 5.12 5.51 6.12 Jun 13,821 1.9 BG IPG Photonics IPGP Q 3 H/GRW 125.75 NM 126.72 76.22 23.2 4.85 5.43 6.36 Dec 6,696 0.0 BG iRobot Corporation IRBT Q 3 H/GRW 69.14 NM 70.34 33.90 42.4 1.49 1.63 2.32 Dec 2,040 0.0 BG Roper Technologies ROP N 1 M/GRW 216.36 240.00 217.14 159.28 23.9 7.84 9.04 9.99 Dec 21,998 0.6 BG Trimble Inc. TRMB Q 2 H/GRW 32.74 33.00 32.92 22.69 23.7 1.19 1.38 1.54 Dec 8,228 0.0 BG

*Steven Li is a Raymond James Ltd. employee.


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Technology & Communications - USA Application Software Amber Road, Inc. AMBR N 2 H/GRW 7.78 12.00 12.30 4.50 NM (0.44) (0.34) (0.19) Dec 218 0.0 TT,BP Benefitfocus, Inc. BNFT Q 2 H/GRW 29.20 34.00 44.98 24.55 NM (0.73) (0.33) 0.10 Dec 940 0.0 BP,TT Blackbaud, Inc. BLKB Q 2 M/GRW 78.83 90.00 79.97 55.88 37.0 1.93 2.13 2.43 Dec 3,745 0.6 BP,TT BlackLine, Inc. BL Q 2 H/GRW 32.65 33.00 33.34 21.66 NM (0.39) (0.31) (0.16) Dec 1,789 0.0 TT,BP Box, Inc. BOX N 3 H/GRW 17.00 NM 18.36 9.86 NM (1.12) (0.56) A (0.47) Jan 2,511 0.0 TT,BP Brightcove Inc. BCOV Q 3 H/GRW 8.65 NM 13.80 5.83 86.5 0.00 0.10 0.23 Dec 308 0.0 TT,BP Castlight Health, Inc. CSLT N 3 H/GRW 4.10 NM 5.50 3.05 NM (0.30) (0.25) (0.12) Dec 472 0.0 BP,TT ChannelAdvisor Corporation ECOM N 3 H/GRW 11.70 NM 15.91 10.20 NM 0.20 0.00 0.18 Dec 323 0.0 TT,BP Coupa Software Incorporated COUP Q 2 H/GRW 28.50 33.00 41.61 22.50 NM (7.08) (1.39) A (0.55) Jan 1,721 0.0 TT,BP Everbridge, Inc. EVBG Q 2 H/GRW 23.24 24.00 23.54 11.76 NM (0.33) (0.31) (0.27) Dec 631 0.0 TT,BP Halogen Software, Inc. (is) HGN T 3 H/GRW C$12.47 NM 13.09 7.75 NM 0.08 E 0.18 NA Dec 272 0.0 TT,SLi HubSpot, Inc. HUBS N 2 H/GRW 65.80 73.00 66.35 41.63 NM (0.36) (0.27) 0.08 Dec 2,645 0.0 TT,BP Instructure, Inc. INST N 1 H/GRW 23.00 29.00 26.92 16.55 NM (1.55) (1.33) (0.85) Dec 725 0.0 TT,BP Manhattan Associates, Inc. MANH Q 3 M/GRW 46.51 NM 68.53 45.47 24.4 1.87 1.91 2.14 Dec 3,265 0.0 TT,BP MiX Telematics Limited ($R) MIXT N 2 H/GRW 6.35 9.50 8.14 4.00 NM 0.23 0.14 0.20 Mar 194 2.2 BP,TT Model N, Inc. MODN N 3 H/GRW 10.70 NM 13.98 6.98 NM (0.64) (0.69) (0.37) Sep 310 0.0 BP,TT Paylocity Holding Corporation PCTY Q 2 H/GRW 39.86 45.00 49.65 29.69 94.9 0.30 0.42 0.55 Jun 2,148 0.0 TT,BP Q2 Holdings Inc. QTWO N 2 H/GRW 38.55 41.00 38.60 21.81 NM (0.32) (0.20) 0.04 Dec 1,719 0.0 TT,BP RingCentral, Inc. RNG N 1 H/GRW 30.50 32.00 31.20 17.92 NM 0.09 0.16 0.32 Dec 2,367 0.0 TT,BP salesforce.com, Inc. CRM N 1 H/GRW 84.75 105.00 86.42 66.43 65.7 0.75 1.01 A 1.29 Jan 60,257 0.0 TT,BP Shopify Inc. SHOP N 2 H/GRW 76.65 66.00 78.19 24.96 NM (0.12) (0.19) 0.05 Dec 7,535 0.0 TT,BP Tangoe Inc. TNGO OTC S NM 5.45 NM 10.39 4.50 NM UR UR NA Dec 224 0.0 BP,TT Ultimate Software Group Inc. ULTI Q 2 H/GRW 210.91 260.00 224.07 180.29 53.4 3.19 3.95 5.00 Dec 6,433 0.0 TT,BP Upland Software, Inc. UPLD Q 2 H/GRW 19.88 22.00 20.39 6.79 27.2 0.30 0.73 0.91 Dec 348 0.0 TT,BP Veeva Systems Inc. VEEV N 3 H/GRW 52.20 NM 53.37 26.53 66.1 0.51 0.73 A 0.79 Jan 7,715 0.0 BP,TT Workiva Inc. WK N 2 H/GRW 16.80 16.00 19.04 11.14 NM (0.73) (0.75) (0.44) Dec 722 0.0 TT,BP


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Technology & Communications - USA Communications Equipment ADTRAN, Inc. ADTN Q 3 M/GRW 20.10 NM 23.75 17.06 34.1 0.72 0.59 0.75 Dec 975 1.8 SL Applied Optoelectronics, Inc. AAOI Q 1 H/GRW 49.40 74.00 60.19 8.08 12.3 1.39 4.03 4.65 Dec 914 0.0 SL Arista Networks ANET N 3 H/GRW 139.42 NM 140.32 60.51 36.3 3.29 3.84 4.40 Dec 10,373 0.0 SL ARRIS ARRS Q 1 H/GRW 25.92 36.00 31.52 20.05 10.4 2.87 2.49 2.73 Dec 4,987 0.0 SL Calix, Inc. CALX N 3 H/GRW 6.80 NM 8.20 6.15 NM (0.14) (0.13) 0.21 Dec 337 0.0 SL Ciena Corporation CIEN N 2 H/GRW 23.08 29.00 26.84 15.62 12.8 1.37 1.81 2.22 Oct 4,027 0.0 SL Cisco Systems CSCO Q 2 M/GRW 33.42 36.00 34.53 25.81 13.9 2.36 2.41 2.55 Jul 168,437 3.5 SL CommScope Holding Company, Inc. COMM Q 3 H/GRW 41.82 NM 42.34 26.21 14.4 2.64 2.91 3.18 Dec 8,067 0.0 SL Ericsson ERIC Q 3 M/GRW 6.25 NM 8.31 4.83 NM 0.31 0.00 0.32 Dec 20,450 1.8 SL Extreme Networks, Inc. EXTR Q 3 H/GRW 7.66 NM 8.11 3.07 17.4 0.28 0.44 0.46 Jun 772 0.0 SL F5 Networks, Inc. FFIV Q 3 H/GRW 138.19 NM 149.50 99.29 16.6 7.32 8.34 8.94 Sep 8,927 0.0 SL Finisar Corporation FNSR Q 1 H/GRW 23.27 39.00 36.85 15.21 11.5 1.03 2.02 2.41 Apr 2,674 0.0 SL Gigamon Inc. GIMO N 3 H/GRW 36.30 NM 61.25 28.43 31.6 1.26 1.15 1.51 Dec 1,325 0.0 SL Harmonic Inc. HLIT Q 4 NM 5.75 NM 6.18 2.51 30.3 (0.03) 0.19 0.36 Dec 450 0.0 SL Hewlett Packard Enterprise Company HPE N 2 H/GRW 18.52 22.00 18.64 11.52 12.5 1.92 1.48 1.32 Oct 31,484 1.4 SL Infinera Corporation INFN Q 3 H/GRW 10.14 NM 15.71 7.23 NM 0.34 (0.18) 0.08 Dec 1,470 0.0 SL Juniper Networks, Inc. JNPR N 3 H/GRW 27.78 NM 29.21 21.18 12.9 2.10 2.16 2.25 Dec 10,712 1.4 SL Lumentum Holdings, Inc. LITE Q 1 H/GRW 47.35 55.00 55.93 20.80 22.8 1.30 2.08 3.11 Jun 2,969 0.0 SL NeoPhotonics Corporation NPTN N 1 H/GRW 8.05 10.00 18.51 6.90 NM 0.50 (0.18) 0.66 Dec 379 0.0 SL NetApp, Inc. NTAP Q 3 H/GRW 39.97 NM 43.14 22.50 14.8 2.15 2.70 3.16 Apr 11,232 1.9 SL Nokia (r) NOK N 3 M/GRW 5.43 NM 5.99 4.04 22.6 0.24 0.24 0.27 Dec 31,376 3.3 SL Nutanix, Inc. NTNX Q 3 H/SPEC 16.30 NM 46.78 15.82 NM (1.25) (1.45) (0.97) Jul 3,064 0.0 SL Pure Storage, Inc. PSTG N 2 H/GRW 10.49 15.00 15.20 9.12 NM (0.89) (0.50) A (0.36) Jan 2,021 0.0 SL

Electronic Manufacturing Services Flex FLEX Q 1 H/GRW 16.26 19.00 16.99 11.39 13.8 1.14 1.18 1.35 Mar 8,862 0.0 AT,BGA Jabil Circuit, Inc. JBL N 3 H/GRW 29.44 NM 29.75 16.78 14.2 1.86 2.08 2.40 Aug 5,532 1.1 AT,BGA


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Technology & Communications - USA FinTech & Transaction Processing ACI Worldwide, Inc. ACIW Q 2 M/GRW 21.61 25.00 22.96 15.11 54.0 0.41 0.40 0.59 Dec 2,536 0.0 WJ Alliance Data Systems Corp. ADS N 3 H/GRW 263.01 NM 266.25 185.02 14.2 16.93 18.57 21.31 Dec 15,097 0.8 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 H/GRW 41.15 46.00 42.00 28.88 25.2 1.42 1.63 2.00 Dec 2,346 0.0 WJ Bottomline Technologies EPAY Q 3 H/GRW 22.60 NM 31.10 18.48 24.0 1.52 0.94 1.11 Jun 855 0.0 WJ CPI Card Group Inc. PMTS Q 2 H/GRW 3.65 6.00 8.51 3.25 8.9 0.28 0.41 0.53 Dec 202 4.9 WJ DH Corporation DH T 3 M/INC C$25.34 NM 37.80 14.06 11.3 2.01 2.25 2.46 Dec 2,708 1.9 WJ Fidelity National Information Services FIS N 2 M/GRW 83.86 81.00 84.04 64.84 19.8 3.83 4.23 4.72 Dec 27,506 1.4 WJ FleetCor Technologies FLT N 2 H/GRW 148.86 180.00 176.42 133.64 18.2 6.90 8.20 9.32 Dec 14,171 0.0 WJ Global Payments Inc. GPN N 3 M/GRW 81.98 NM 82.37 64.63 21.6 3.19 3.80 4.29 Dec 12,699 0.0 WJ Intuit Inc. INTU Q 3 M/GRW 119.08 NM 128.45 99.20 27.4 3.78 4.35 5.02 Jul 30,485 1.1 WJ Lending Club LC N 3 H/GRW 5.90 NM 8.41 3.44 NM (0.10) 0.03 0.22 Dec 2,348 0.0 WJ Mastercard, Inc. MA N 3 M/GRW 116.13 NM 116.48 86.65 27.1 3.77 4.28 4.93 Dec 125,537 0.8 WJ OnDeck Capital, Inc. ONDK N 3 H/GRW 4.73 NM 8.94 3.64 NM (0.94) (0.11) 0.20 Dec 338 0.0 WJ PayPal Holdings, Inc. PYPL Q 2 H/GRW 44.71 47.00 45.01 34.00 25.7 1.50 1.74 2.06 Dec 53,965 0.0 WJ Square, Inc. SQ N 3 H/GRW 18.22 NM 18.30 8.42 NM 0.04 0.15 0.30 Dec 6,642 0.0 WJ Vantiv, Inc. VNTV N 2 M/GRW 65.74 67.00 66.24 50.52 20.7 2.73 3.17 3.57 Dec 12,964 0.0 WJ Verifone Systems, Inc. PAY N 1 H/GRW 18.34 25.00 29.53 14.94 13.2 1.66 1.39 1.65 Oct 2,046 0.0 WJ Visa, Inc. V N 3 M/GRW 92.11 NM 92.80 73.25 27.4 2.84 3.36 3.90 Sep 212,482 0.7 WJ

Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 H/GRW 61.80 NM 71.64 47.80 23.6 2.70 2.62 2.92 Dec 10,707 0.0 MT Alteryx, Inc. AYX N 2 H/GRW 15.36 20.00 17.50 14.61 NM NA (0.50) (0.36) Dec 865 0.0 MT Atlassian TEAM Q 3 H/GRW 32.57 NM 35.16 20.51 NM 0.35 0.32 0.43 Jun 7,696 0.0 MT CA Technologies CA Q 3 H/INC 32.60 NM 34.99 29.12 13.4 2.43 2.44 2.41 Mar 13,473 3.1 MT Check Point Software Technologies CHKP Q 3 H/GRW 105.36 NM 105.73 74.34 20.5 4.72 5.15 5.49 Dec 18,428 0.0 MT Citrix Systems, Inc. CTXS Q 3 H/GRW 84.05 NM 87.99 60.72 18.2 5.32 4.63 4.93 Dec 13,137 0.0 MT CommVault Systems, Inc. CVLT Q 3 H/GRW 51.00 NM 57.55 41.33 51.0 0.91 1.00 1.11 Mar 2,292 0.0 MT FireEye Inc. FEYE Q 3 H/GRW 12.66 NM 18.73 10.35 NM (0.99) (0.66) (0.15) Dec 2,117 0.0 MT Fortinet Inc. FTNT Q 2 H/GRW 40.27 41.00 40.64 28.51 45.8 0.73 0.88 1.03 Dec 6,970 0.0 MT Limelight Networks LLNW Q 4 NM 2.69 NM 3.04 1.17 53.8 0.01 0.05 0.07 Dec 288 0.0 MT Microsoft MSFT Q 1 M/GRW 67.92 73.00 68.04 48.04 23.5 2.79 2.89 3.13 Jun 525,022 2.3 MT MobileIron, Inc. MOBL Q 2 H/GRW 4.50 5.00 5.00 2.56 NM (0.36) (0.18) (0.04) Dec 401 0.0 MT New Relic, Inc. NEWR N 2 H/GRW 39.52 41.00 40.13 23.55 NM (0.85) (0.53) (0.31) Mar 2,083 0.0 MT Oracle Corp. ORCL N 2 M/GRW 44.72 48.00 46.99 37.62 17.0 2.61 2.63 2.83 May 184,023 1.7 MT Palo Alto Networks PANW N 2 H/GRW 110.40 145.00 165.69 107.31 44.5 1.67 2.48 3.08 Jul 10,157 0.0 MT Rapid7, Inc. RPD Q 2 H/SPEC 16.96 16.00 19.29 10.63 NM (0.71) (0.66) (0.40) Dec 711 0.0 MT Red Hat, Inc. RHT N 2 H/GRW 87.59 97.00 88.05 68.54 33.4 1.91 2.27 A 2.62 Feb 15,654 0.0 MT ServiceNow, Inc. NOW N 1 H/GRW 90.24 105.00 94.72 63.51 82.8 0.70 1.09 1.50 Dec 15,575 0.0 MT Splunk Inc. SPLK Q 2 H/GRW 63.85 73.00 66.46 45.07 NM 0.18 0.41 A 0.63 Jan 8,758 0.0 MT Symantec Corp. SYMC Q 3 M/INC 31.25 NM 31.25 16.25 26.3 1.03 1.19 1.70 Mar 19,329 1.0 MT VMware VMW N 2 H/GRW 93.00 98.00 93.57 54.44 19.1 4.39 4.87 5.30 Dec 37,977 0.0 MT


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Technology & Communications - USA Internet eCommerce Alibaba Group Holding Ltd. BABA N 1 H/GRW 115.48 138.00 115.82 73.30 32.7 2.61 3.53 4.20 Mar 296,899 0.0 AK,JP Amazon.com Inc. AMZN Q 3 M/GRW 907.62 NM 923.72 599.20 68.8 10.05 13.20 18.73 Dec 451,087 0.0 AK,JP CafePress Inc. PRSS Q 4 NM 2.85 NM 3.82 2.75 NM (1.58) (0.25) (0.21) Dec 48 0.0 AK,JP Chegg, Inc. CHGG N 3 H/GRW 8.39 NM 8.78 4.26 NM (0.46) (0.32) (0.05) Dec 842 0.0 AK,JP eBay Inc. EBAY Q 3 H/GRW 32.81 NM 34.74 22.30 16.5 1.88 1.99 2.20 Dec 36,157 0.0 AK,JP Groupon, Inc. GRPN Q 3 H/GRW 3.91 NM 5.94 2.92 32.6 0.04 0.12 0.20 Dec 2,262 0.0 AK,JP GrubHub Inc. GRUB N 2 H/GRW 34.78 46.00 44.58 21.41 32.8 0.89 1.06 1.28 Dec 3,015 0.0 AK,JP Netflix Inc. NFLX Q 2 H/GRW 152.16 165.00 153.52 84.50 NM 0.43 1.01 2.26 Dec 66,707 0.0 JP,AK Shutterfly, Inc. SFLY Q 3 H/GRW 51.46 NM 54.60 41.91 NM 0.46 0.46 1.13 Dec 1,734 0.0 AK,JP Shutterstock, Inc. SSTK N 3 H/GRW 43.10 NM 65.16 38.64 28.5 1.54 1.51 1.68 Dec 1,513 0.0 AK,JP Wayfair, Inc. W N 3 H/GRW 44.22 NM 49.34 27.60 NM (1.67) (1.49) (0.99) Dec 3,795 0.0 AK,JP

Internet & Advertising Technology Criteo S.A. CRTO Q 3 H/GRW 52.51 NM 53.45 32.83 21.2 2.08 2.48 3.24 Dec 3,359 0.0 JP,AK GoDaddy Inc. GDDY N 2 H/GRW 38.80 42.00 39.00 28.11 NM (0.20) 0.21 1.16 Dec 6,484 0.0 AK,JP The Trade Desk, Inc. TTD Q 2 H/GRW 36.20 50.00 46.21 22.00 62.4 0.53 0.58 0.83 Dec 1,417 0.0 AK,JP Wix.com Ltd. WIX Q 3 H/GRW 82.25 NM 83.25 23.72 NM (0.42) 0.47 1.20 Dec 3,644 0.0 AK,JP

Online Advertising Alphabet, Inc. GOOG Q 2 M/GRW 872.30 950.00 875.00 663.28 26.3 27.83 33.13 37.91 Dec 610,610 0.0 AK,JP Angie's List, Inc. ANGI Q 2 H/SPEC 6.04 9.00 10.76 5.22 NM (0.13) (0.28) (0.17) Dec 363 0.0 AK,JP Facebook, Inc. FB Q 1 H/GRW 146.49 180.00 147.15 106.31 25.8 4.24 5.68 7.22 Dec 430,388 0.0 AK,JP Pandora Media, Inc. P N 3 H/GRW 10.87 NM 14.98 8.58 NM (0.51) (0.24) 0.07 Dec 2,546 0.0 JP,AK Rubicon Project, Inc. RUBI N 3 H/GRW 5.90 NM 19.99 5.37 NM 1.18 (0.36) (0.50) Dec 291 0.0 AK,JP Snap Inc. SNAP N 3 H/GRW 21.34 NM 29.44 18.90 NM (0.57) (0.31) (0.24) Dec 24,696 0.0 AK,JP Twitter, Inc. TWTR N 4 NM 14.66 NM 25.25 13.73 50.6 0.57 0.29 0.21 Dec 10,672 0.0 AK,JP Yahoo! Inc. YHOO Q 2 H/GRW 48.40 58.00 48.46 35.05 61.3 0.62 0.79 NA Dec 46,619 0.0 AK,JP Yelp, Inc. YELP N 2 H/GRW 34.21 47.00 43.41 20.25 NM 0.20 0.08 0.28 Dec 2,887 0.0 AK,JP Zillow Group, Inc. Z Q 3 H/GRW 37.59 NM 39.88 23.33 NM (1.22) (0.03) 0.28 Dec 7,507 0.0 AK,JP

Online Travel Ctrip.com International, Ltd. (r) CTRP Q 2 H/GRW 49.10 55.00 50.77 37.36 50.6 0.58 0.97 1.56 Dec 28,282 0.0 JP,AK Expedia, Inc. EXPE Q 2 H/GRW 135.43 145.00 136.27 96.58 26.7 4.50 5.07 6.71 Dec 21,127 0.8 JP,AK priceline.com Incorporated PCLN Q 2 H/GRW 1799.09 1915.00 1807.78 1148.06 24.2 65.66 74.39 87.14 Dec 89,954 0.0 JP,AK TripAdvisor, Inc. TRIP Q 3 H/GRW 43.65 NM 71.69 40.45 32.3 1.40 1.35 1.49 Dec 6,373 0.0 JP,AK

Internet of Things Auto Technology Mobileye N.V. MBLY N 3 H/GRW 61.91 NM 61.95 33.69 60.1 0.73 1.03 1.45 Dec 14,766 0.0 TMC Visteon Corporation VC N 2 M/GRW 98.08 105.00 103.20 63.04 18.1 5.37 5.41 5.91 Dec 3,237 0.0 TMC


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Technology & Communications - USA Connected Devices Apple Inc. AAPL Q 2 M/GRW 144.53 159.00 145.46 89.47 16.5 8.31 8.76 10.24 Sep 808,501 1.6 TMC Control4 Corporation CTRL Q 2 H/GRW 16.87 17.00 17.25 7.01 17.8 0.84 0.95 1.07 Dec 420 0.0 TMC Digi International Inc. DGII Q 3 H/GRW 12.40 NM 14.15 9.00 30.2 0.49 0.41 0.44 Sep 327 0.0 TMC Fitbit, Inc. FIT N 2 H/GRW 5.79 9.00 18.85 5.31 NM (0.15) (0.28) 0.22 Dec 1,307 0.0 TMC Garmin Ltd. GRMN Q 3 M/GRW 50.74 NM 56.19 39.24 19.1 2.83 2.65 2.69 Dec 9,568 4.0 TMC GoPro, Inc. GPRO Q 4 NM 9.18 NM 17.68 7.15 38.3 (1.57) 0.24 UR Dec 1,341 0.0 TMC Logitech International SA LOGI Q 3 H/GRW 31.79 NM 32.17 14.36 25.0 0.98 1.27 1.42 Mar 5,144 1.8 TMC Motorola Solutions, Inc. MSI N 3 M/GRW 85.39 NM 87.55 62.76 16.8 4.96 5.08 5.50 Dec 14,064 2.2 TMC NETGEAR, Inc. NTGR Q 3 M/GRW 52.90 NM 60.82 39.02 16.3 3.10 3.24 3.72 Dec 1,867 0.0 TMC Plantronics, Inc. PLT N 3 M/GRW 54.37 NM 57.79 38.09 17.4 2.84 3.13 3.45 Mar 1,812 1.1 TMC QUALCOMM, Inc. QCOM Q 3 M/GRW 53.00 NM 71.62 50.11 11.4 4.45 4.64 4.30 Sep 78,281 4.0 TMC Ubiquiti Networks, Inc. UBNT Q 3 H/GRW 51.74 NM 64.62 34.40 17.2 2.42 3.01 3.31 Jun 4,254 0.0 TMC

IoT Software Alarm.com Holdings ALRM Q 3 H/GRW 32.53 NM 34.43 19.91 44.6 0.64 0.73 0.83 Dec 1,501 0.0 TMC BroadSoft, Inc. BSFT Q 1 H/GRW 38.25 51.00 48.40 35.01 16.9 2.29 2.26 2.55 Dec 1,161 0.0 TMC Nuance Communications, Inc. NUAN Q 1 H/GRW 17.94 24.00 18.01 13.44 11.4 1.53 1.57 1.66 Sep 5,640 0.0 TMC Synchronoss Technologies, Inc. SNCR Q 1 H/GRW 24.64 50.00 49.94 23.05 9.9 1.98 2.50 3.30 Dec 1,175 0.0 TMC

IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 M/GRW 73.26 NM 75.88 58.09 10.6 6.63 6.90 7.35 Dec 6,645 0.0 BGA,AT Avnet, Inc. AVT N 1 M/GRW 44.85 52.00 51.50 38.16 13.6 4.21 3.30 3.75 Jun 5,830 1.6 BGA,AT CDW Corporation CDW Q 3 H/GRW 59.33 NM 61.00 37.80 15.9 3.43 3.73 4.08 Dec 9,689 1.1 BGA,AT Connection CNXN Q 3 M/GRW 29.59 NM 30.48 21.59 15.6 1.85 1.90 2.10 Dec 796 0.0 AT,BGA Insight Enterprises, Inc. NSIT Q 4 NM 42.82 NM 46.00 23.31 15.1 2.52 2.84 3.00 Dec 1,542 0.0 AT,BGA ScanSource, Inc. SCSC Q 2 H/GRW 39.55 44.00 44.95 29.05 14.0 2.71 2.82 3.00 Jun 999 0.0 AT,BGA SYNNEX Corporation SNX N 3 H/GRW 110.05 NM 129.24 77.54 13.8 7.04 7.95 8.40 Nov 4,369 0.9 AT,BGA Tech Data Corporation TECD Q 3 M/GRW 97.31 NM 97.95 61.99 10.6 5.77 6.36 A 9.20 Jan 3,455 0.0 BGA,AT

IT Services Accenture plc ACN N 3 M/GRW 118.69 NM 126.53 108.66 20.4 5.34 5.82 6.41 Aug 76,090 2.0 BG Booz Allen Hamilton Holding Corp. BAH N 2 H/GRW 35.90 36.00 38.54 27.02 20.9 1.65 1.72 1.95 Mar 5,371 1.7 BG CACI International Inc. CACI N 2 H/GRW 118.75 133.00 135.35 87.31 18.8 5.76 6.33 6.67 Jun 2,933 0.0 BG CSRA Inc. CSRA N 2 H/GRW 29.09 36.00 33.54 21.95 14.5 1.96 2.01 2.12 Mar 4,771 1.4 BG DXC Technology Co. DXC N 3 H/GRW 76.13 NM 77.99 32.51 27.6 2.52 2.76 3.17 Mar 10,780 0.7 BG MAXIMUS Inc. MMS N 3 H/GRW 61.58 NM 62.78 43.69 20.5 2.64 3.00 3.28 Sep 3,982 0.3 BG NIC Inc. EGOV Q 3 H/GRW 21.35 NM 25.90 17.43 30.5 0.84 0.70 0.77 Dec 1,409 1.5 BG


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Technology & Communications - USA Satellite & Space EchoStar Corporation (cb) SATS Q 2 H/GRW 58.14 67.00 58.39 36.43 NM 884 748 852 Dec 5,488 0.0 RP Intelsat S.A. (ae) I N 4 NM 3.81 NM 5.87 2.12 NM 1,651 1,674 NA Dec 411 0.0 RP Iridium Communications Inc. (ae) IRDM Q 1 H/GRW 10.20 11.00 11.54 6.80 NM 254 261 297 Dec 978 0.0 RP KVH Industries KVHI Q 2 H/GRW 8.30 9.00 12.75 7.31 NM 16 9 17 Dec 139 0.0 RP ORBCOMM, Inc. (ae) ORBC Q 1 H/GRW 9.85 11.00 10.98 7.15 NM 47 57 70 Dec 700 0.0 RP ViaSat, Inc. (ae) VSAT Q 2 H/GRW 65.52 75.00 82.19 61.85 NM 331 347 367 Mar 3,773 0.0 RP

Telecommunications Services Data Centers CoreSite Realty Corporation (af) COR N 3 H/GRW 92.81 NM 94.48 64.81 24.1 3.28 3.85 4.17 Dec 4,427 3.4 FGL,PDP CyrusOne Inc. (af) CONE Q 1 H/GRW 53.58 61.00 57.00 38.80 19.6 2.53 2.73 3.24 Dec 4,720 3.1 FGL,PDP Digital Realty Trust, Inc. (af) DLR N 3 M/INC 112.09 NM 113.72 85.63 20.1 5.28 5.57 5.96 Dec 18,428 3.1 FGL,PDP DuPont Fabros Technology Inc. (af) DFT N 2 M/INC 50.42 54.00 52.15 37.54 15.8 2.81 3.19 3.34 Dec 4,553 4.0 FGL,PDP Equinix (af) EQIX Q 1 H/GRW 406.55 430.00 407.55 314.55 21.8 16.14 18.61 21.76 Dec 29,272 2.0 FGL,PDP Internap Network Services Corp. INAP Q 2 H/GRW 3.17 4.00 3.86 0.80 NM (2.40) (0.31) (0.27) Dec 183 0.0 FGL Interxion Holding NV ($E) INXN N 2 H/GRW 40.57 44.00 41.17 32.21 NM 0.51 0.53 0.56 Dec 2,837 0.0 FGL,PDP QTS Realty Trust (af) QTS N 2 H/GRW 52.54 58.00 59.41 43.01 19.6 2.49 2.68 3.12 Dec 2,921 3.0 FGL,PDP

Towers American Tower (af) AMT N 1 H/GRW 123.94 138.00 125.42 99.72 18.9 5.80 6.56 7.35 Dec 52,935 2.0 RP Crown Castle International (af) CCI N 2 M/INC 94.27 104.00 102.82 79.38 18.7 4.72 5.03 5.22 Dec 33,268 4.0 RP SBA Communications (af) SBAC Q 1 H/GRW 124.02 150.00 126.19 95.66 17.3 5.95 7.16 7.91 Dec 15,007 0.0 RP


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Technology & Communications - USA Wireless America Movil, S.A.B. de C.V. (cb, is, r) AMX N 3 M/GRW 14.95 NM 15.93 11.02 NM 13,776 E 14,133 NA Dec 53,611 2.0 RP ATN International, Inc. (cb) ATNI Q 2 M/GRW 71.96 79.00 87.82 62.70 NM 149 165 185 Dec 1,161 1.9 RP DISH Network Corp. DISH Q 3 H/GRW 62.54 NM 64.74 43.86 22.4 3.05 2.79 2.95 Dec 29,097 0.0 RP Landmark Infrastructure Partners LP (y) LMRK Q 1 M/INC 15.93 20.00 18.44 12.55 11.3 1.21 1.41 1.62 Dec 240 8.8 RP Shenandoah Telecommunications Co. SHEN Q 2 M/GRW 31.65 31.00 42.66 22.05 NM 246 269 277 Dec 1,549 0.8 RP Sprint Corp. (cb, f) S N 3 H/GRW 8.95 NM 9.65 3.37 NM 9,987 E 11,371 12,080 Mar 35,299 0.0 RP Telephone and Data Systems, Inc. TDS N 3 H/GRW 27.61 NM 32.98 24.12 NM 916 908 905 Dec 3,230 2.1 RP T-Mobile US Inc. (cb) TMUS Q 2 H/GRW 67.35 74.00 67.45 38.47 NM 10,389 10,739 11,442 Dec 51,321 0.0 RP U.S. Cellular USM N 3 H/GRW 39.00 NM 46.01 33.30 NM 618 590 583 Dec 3,315 0.0 RP

Wireline AT&T Inc. T N 2 M/INC 39.94 44.00 43.89 36.10 14.0 2.85 2.86 2.97 Dec 247,069 4.9 FGL CenturyLink, Inc. CTL N 3 M/INC 25.93 NM 33.45 22.33 13.0 2.45 1.99 1.53 Dec 14,172 8.3 FGL Charter Communications, Inc. (fc) CHTR Q 1 H/GRW 344.50 375.00 345.30 214.06 26.0 13.09 13.23 18.71 Dec 107,036 0.0 FGL Cincinnati Bell Inc. CBB N 4 NM 19.00 NM 25.65 16.75 100.0 0.20 0.19 0.44 Dec 799 0.0 FGL Cogent Communications Holdings, Inc. (fa) CCOI Q 3 H/GRW 44.65 NM 45.03 34.23 26.3 1.29 1.70 2.22 Dec 2,031 3.8 FGL Comcast Corporation CMCSA Q 1 M/GRW 38.49 43.00 38.63 29.81 21.4 1.74 1.80 2.03 Dec 185,522 1.6 FGL Consolidated Communications Holdings CNSL Q 2 M/INC 24.10 26.00 30.23 21.85 43.8 0.65 0.55 0.62 Dec 1,220 6.4 FGL Frontier Communications Corp. FTR Q 2 M/INC 1.96 4.50 5.70 1.84 NM (0.09) (0.23) (0.15) Dec 2,282 21.4 FGL Level 3 Communications Inc. (fc) LVLT N 3 H/GRW 60.96 NM 61.02 44.01 20.8 2.91 2.93 3.16 Dec 21,947 0.0 FGL Uniti Group Inc. (af) UNIT Q 1 H/INC 27.64 35.00 32.73 22.50 10.6 2.61 2.60 2.70 Dec 4,288 8.7 FGL Verizon Communications VZ N 3 M/INC 46.70 NM 56.95 46.01 12.5 3.86 3.74 3.88 Dec 190,863 4.9 FGL Windstream Holdings Inc. WIN Q 4 NM 5.67 NM 10.46 5.16 NM (3.93) (1.67) (1.21) Dec 1,015 10.6 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 1 H/GRW 35.05 40.00 35.65 25.45 NM 0.05 0.27 1.09 Jun 8,608 0.0 FGL


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Technology & Communications - CAN Steven Li, CFA [email protected]

IT Hardware Avigilon Corporation AVO T 2 H/GRW C$16.13 20.00 17.30 7.76 22.7 0.61 0.71 0.90 Dec 715 0.0 SLi Baylin Technologies Inc. BYL T 2 H/GRW C$2.26 3.25 2.60 1.75 32.3 (0.19) 0.07 0.22 Dec 49 0.0 SLi DragonWave Inc. DRWI Q UR H/GRW US$1.10 NM 6.89 1.00 NM (0.28) E (0.14) NA Feb 83 0.0 SLi Evertz Technologies Ltd. (f) ET T 2 M/GRW C$16.71 18.00 19.24 15.72 21.2 0.92 0.79 1.00 Apr 1,255 4.3 SLi Lumenpulse Inc. LMP T 3 H/GRW C$11.49 14.00 19.14 11.30 26.1 0.25 0.44 0.70 Apr 308 0.0 SLi Sierra Wireless SWIR Q 3 H/GRW US$25.65 30.00 30.60 12.30 31.7 0.79 0.81 1.02 Dec 831 0.0 SLi UrtheCast Corp. UR T 2 H/GRW C$1.66 3.00 2.17 0.69 NM (0.28) (0.10) (0.06) Dec 195 0.0 SLi

Software/IT Services BlackBerry (f) BBRY Q 2 H/GRW US$9.19 9.50 9.33 6.23 NM (0.20) 0.06 A 0.00 Feb 5,430 0.0 SLi CGI Group GIB.A T 2 M/GRW C$63.85 72.00 67.14 53.55 17.1 3.46 3.74 3.97 Sep 19,749 0.0 SLi Constellation Software Inc. CSU T 3 M/GRW C$637.24 615.00 659.21 457.67 29.8 18.64 21.38 24.21 Dec 13,509 0.8 SLi The Descartes Systems Group Inc. DSGX Q 2 M/GRW US$23.25 24.50 23.75 18.09 27.7 0.64 0.75 A 0.84 Jan 1,781 0.0 SLi MacDonald Dettwiler & Associates MDA T 3 M/GRW C$71.00 84.00 92.92 63.52 12.9 5.78 5.52 6.10 Dec 2,584 2.1 SLi NexJ Systems Inc. NXJ T 2 H/GRW C$4.60 4.50 4.90 1.71 17.0 0.02 0.27 0.32 Dec 96 0.0 SLi Open Text OTEX Q 2 M/GRW US$34.89 40.00 35.21 25.92 16.7 3.54 2.09 2.51 Jun 8,635 2.6 SLi Redknee Solutions Inc. RKN T 2 H/GRW C$0.99 1.65 2.54 0.94 NM (0.11) 0.00 0.06 Sep 161 0.0 SLi


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Technology & Communications - EUR Stephane Beyazian, RJFI [email protected]

Telecoms Bouygues BOUY.PA EPA 3 €39.18 NM 39.44 24.75 19.1 2.05 E 2.26 2.15 Dec 13,515 4.1 SB BT BT.L L 4 313p 370 456 298 10.1 33.00 31.00 32.00 Mar £31,173 4.8 SB Deutsche Telekom DTE.DE ETR 2 €16.40 17.80 16.65 13.37 19.1 0.86 E 1.02 1.27 Dec 76,698 3.7 SB Iliad ILD.PA EPA 3 €225.95 NM 225.95 166.70 33.6 6.73 E 7.48 7.80 Dec 13,331 0.2 SB KPN KPN.AS AMS 4 €2.80 2.70 3.61 2.51 25.5 0.11 E 0.11 0.12 Dec 11,956 9.3 SB Orange ORA.PA EPA 2 €14.64 17.70 15.66 12.38 15.9 0.92 E 1.00 0.98 Dec 38,942 4.8 SB Orange Belgium OBEL.BR EBR 1 €19.06 25.00 22.44 18.45 17.2 0.94 1.11 1.22 Dec 1,143 3.9 SB Proximus PROX.BR EBR 2 €29.34 31.00 30.47 25.13 15.6 1.88 E 1.99 1.96 Dec 9,447 5.1 SB SFR Group SFR.PA EPA 3 €29.94 NM 30.10 19.51 71.3 0.42 E 1.24 1.49 Dec 13,204 0.0 SB Sky SKY.L L 3 983p NM 1,050 748 17.1 63.10 57.30 56.80 Jun £16,889 3.7 SB TalkTalk Telecom Group TALK.L L 1 199p 240 280 145 14.2 8.40 14.00 14.30 Mar £1,882 8.1 SB Telecom Italia TLIT.MI BIT 1 €0.83 1.00 0.89 0.63 13.8 0.06 0.06 0.08 Dec 16,724 0.0 SB Telefonica TEF.MC MCE 3 €10.52 NM 10.63 7.16 15.0 0.70 E 0.67 0.74 Dec 52,954 7.1 SB Telenet Group TNET.BR EBR 4 €55.74 47.00 56.24 38.15 31.9 1.75 E 2.06 2.56 Dec 6,522 0.0 SB Telia Company TELIA.ST STO 4 SEK36.72 34.00 41.30 33.93 10.8 3.40 E 3.46 3.51 Dec 158,998 5.4 SB Vivendi VIV.PA EPA 3 €18.67 NM 20.09 14.87 31.6 0.59 E 0.70 0.83 Dec 24,028 2.1 SB Vodafone VOD.L L 3 203p NM 240 187 31.6 6.90 6.40 8.30 Mar £56,578 6.9 SB


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Transportation - USA Patrick Tyler Brown, CFA [email protected] Savanthi Syth, CFA [email protected]

Airlines Hybrid Carriers Alaska Air Group ALK N 2 H/GRW 91.42 110.00 101.43 54.51 12.2 7.32 7.50 8.35 Dec 11,275 1.3 SS Copa Holdings, S.A. (is) CPA N 2 H/INC 113.51 125.00 117.00 48.57 15.5 4.89 7.30 8.50 Dec 4,813 1.8 SS LATAM Airlines Group S.A. (is, r) LFL N 3 H/GRW 13.12 NM 13.72 5.81 27.3 (0.02) 0.48 0.65 Dec 7,956 0.0 SS

Legacy Carriers American Airlines Group, Inc. AAL Q 3 H/GRW 46.61 NM 50.64 24.85 10.2 5.70 4.55 5.00 Dec 24,144 0.9 SS Delta Air Lines, Inc. DAL N 2 H/GRW 46.73 60.00 52.76 32.60 9.3 5.31 5.03 5.45 Dec 34,371 1.7 SS United Continental Holdings, Inc. UAL N 2 H/GRW 70.97 87.00 76.80 37.41 10.6 8.73 6.70 7.80 Dec 22,081 0.0 SS

Transportation

USA Canada Europe

Airlines ........................................................................ 74

Hybrid Carriers ........................................................ 74

Legacy Carriers ........................................................ 74

Low Cost Carriers ..................................................... 75

Regional Carriers ..................................................... 75

Transportation Services .............................................. 75

Intermodal and Asset-Light Logistics ....................... 75

Parcel Carriers ......................................................... 75

Railroad ................................................................... 75

Transportation & Logistics ....................................... 75

Trucking (Truckload and LTL) ................................... 75

Airlines ........................................................................ 76

Railroads ..................................................................... 76

Transportation & Logistics .......................................... 76

Airlines ........................................................................ 76


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 3 H/GRW 163.85 NM 182.25 121.70 17.0 13.20 9.65 11.10 Dec 2,687 1.7 SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 H/GRW 31.84 NM 33.46 6.00 NM (2.97) (0.35) 0.95 Dec 1,102 0.0 SS JetBlue Airways JBLU Q 3 H/GRW 22.47 NM 23.15 14.76 12.1 2.22 1.85 1.92 Dec 7,685 0.0 SS Ryanair Holdings plc (is, r) RYAAY Q 2 M/GRW 91.02 96.00 93.53 66.09 15.7 5.06 5.78 6.38 Mar 22,691 0.0 SS Southwest Airlines Co. LUV N 3 H/GRW 57.09 NM 59.68 35.42 15.6 3.74 3.65 4.60 Dec 36,972 0.7 SS Spirit Airlines, Inc. SAVE Q 1 H/GRW 57.87 67.00 60.40 37.17 13.9 4.13 4.15 4.65 Dec 4,028 0.0 SS

Regional Carriers SkyWest, Inc. SKYW Q 1 H/GRW 35.80 42.00 39.60 19.88 11.4 2.73 3.14 3.50 Dec 1,853 0.9 SS

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide, Inc. CHRW Q 3 M/GRW 77.70 NM 81.16 65.57 21.5 3.59 3.62 3.90 Dec 11,049 2.3 TB Forward Air Corporation FWRD Q 3 H/GRW 50.39 NM 51.51 40.07 22.1 2.09 2.28 2.60 Dec 1,532 1.2 TB Hub Group, Inc. HUBG Q 3 H/GRW 40.40 NM 52.50 34.35 23.8 2.28 1.70 2.10 Dec 1,368 0.0 TB J.B. Hunt Transport Services, Inc. JBHT Q 3 H/GRW 92.13 NM 102.38 75.71 23.3 3.76 3.95 4.50 Dec 10,346 1.0 TB Landstar System, Inc. LSTR Q 4 NM 86.55 NM 90.80 64.18 25.6 3.24 3.38 3.80 Dec 3,621 0.4 TB XPO Logistics, Inc. XPO N 2 H/GRW 50.00 60.00 54.70 22.23 28.6 1.02 1.75 2.76 Dec 6,210 0.0 TB

Parcel Carriers FedEx Corporation FDX N 2 M/GRW 188.97 220.00 201.57 145.00 15.9 10.80 11.90 13.45 May 51,211 0.8 TB United Parcel Service UPS N 3 M/INC 107.36 NM 120.44 100.05 18.0 5.75 5.97 6.55 Dec 94,047 3.1 TB

Railroad CSX Corp. CSX Q 2 M/GRW 50.94 55.00 51.66 24.43 22.1 1.81 2.30 2.65 Dec 47,323 1.4 TB Genesee & Wyoming Inc. GWR N 1 H/GRW 68.30 85.00 80.73 52.21 21.1 3.65 3.23 3.80 Dec 4,016 0.0 TB Kansas City Southern KSU N 1 H/GRW 90.36 103.00 100.69 79.05 17.5 4.49 5.15 6.00 Dec 9,605 1.5 TB Norfolk Southern Corp. NSC N 3 M/GRW 116.78 NM 125.00 78.73 19.0 5.64 6.15 6.75 Dec 34,298 2.1 TB Union Pacific Corp. UNP N 1 M/GRW 110.48 126.00 111.38 80.68 19.5 5.07 5.68 6.27 Dec 90,132 2.0 TB

Transportation & Logistics Student Transportation Inc. STB Q 2 M/INC 6.03 6.50 6.13 4.66 NM 0.07 0.05 0.12 Jun 556 7.3 TB

Trucking (Truckload and LTL) Old Dominion Freight Line, Inc. ODFL Q 3 H/GRW 86.06 NM 94.97 56.74 22.3 3.56 3.86 4.35 Dec 7,093 0.5 TB Saia, Inc. SAIA Q 2 H/GRW 47.55 54.00 50.80 23.27 21.8 1.87 2.18 2.60 Dec 1,204 0.0 TB Swift Transportation Company SWFT N 3 H/GRW 24.96 NM 27.18 14.31 25.7 1.22 0.97 1.30 Dec 3,321 0.0 TB


Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Transportation - CAN Ben Cherniavsky [email protected] Steve Hansen, CFA, CPA, CMA [email protected]

Airlines Air Canada AC T 3 H/GRW C$13.49 12.50 14.85 8.17 6.1 4.06 2.20 2.61 Dec 3,764 0.0 BC WestJet Airlines WJA T 3 H/INC C$22.87 24.50 24.98 19.63 9.9 2.45 2.30 2.50 Dec 2,744 2.4 BC

Railroads Canadian National Railway CNR T 2 M/GRW C$99.15 112.00 102.69 72.78 19.3 4.59 5.15 5.75 Dec 75,483 1.7 SH Canadian Pacific Railway Limited CP T 2 M/GRW C$209.99 230.00 211.06 156.01 17.7 10.32 11.85 13.30 Dec 30,764 1.0 SH

Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 2 H/INC C$6.03 7.25 7.09 4.92 13.4 0.42 0.45 0.50 Dec 341 9.3 SH

Sym

bo

l

Exch

ange

Rat

ing

Suit

abili

ty

Clo

se

Ap

r-2

5-1

7

Targ

et

Pri

ce

52 Week

Cu

rren

t

Year

P/E

EPS

FY E

nd

Mkt

. Cap

. (M

il)

Div

. %

An

alys

t/s

Hig

h

Low

20

16

A

20

17

E 2

01

8E

Transportation - EUR Julien Richer, CFA, RJEE [email protected]

Airlines Air France-KLM AIRF.PA EPA 2 €7.95 7.00 8.20 4.61 5.4 1.68 1.47 1.57 Mar 2,385 0.0 JR easyJet plc EZJ.L L 3 1,161p NM 1,566 851 15.5 108.40 75.10 98.30 Sep £4,609 3.3 JR IAG IAG.MC MAD 3 €6.60 NM 7.29 3.95 7.4 0.93 0.89 0.92 Mar 13,930 3.3 JR Lufthansa LHAG.DE ETR 4 €16.64 10.00 16.71 9.10 6.3 2.65 E 2.28 2.47 Dec 7,804 2.6 JR


U.S. Equity Research (800) 248-8863

Management

Robert P. Anastasi, CFA

(727) 567-2286

Chairman, Global Equity Research

Brian G. Alexander, CFA

(727) 567-2312

Senior Managing Director,

Director of Equity Research

Shawn Borgeson (727) 567-2571

Managing Director,

Product Development

Mercedes S. van Woerkom (727) 567-2601

Managing Director, Equity Research

Consumer

Budd Bugatch, CFA (727) 567-2527

Director of Furnishings Research

Joseph Altobello, CFA

(212) 883-4606

Household, Personal Care,

and Leisure Products

Sam Darkatsh (727) 567-2537

Building Products

Brian M. Vaccaro, CFA

(404) 442-5866

Restaurants

Dan Wewer, CFA (404) 442-5846

Hardline Retailers

Benjamin P. Brownlow

(404) 442-5859

Convenience Stores

Energy (800) 945-6275

J. Marshall Adkins

Director of Energy Research

John Freeman, CFA

Exploration & Production

Darren Horowitz

Midstream Suppliers

Pavel Molchanov

Integrated Oil & Gas/ Renewable

Energy & Clean Technology/

Exploration & Production

Benjamin P. Brownlow

(404) 442-5859

Midstream Suppliers

Justin Jenkins

Independent Refiners/

Midstream Suppliers

Praveen Narra, CFA

Oilfield Services

Financial Services

Daniel E. Cardenas (312) 655-2986

Banking

Robert J. Dodd, Ph.D. (901) 579-4560

Specialty Finance

David J. Long, CFA (312) 612-7685

Banking

Patrick J. O'Shaughnessy, CFA

(312) 612-7687

Capital Markets

C. Gregory Peters (727) 567-1534

Insurance/Insurance Brokerage & Technology

Michael Rose (312) 655-2940

Banking

William J. Wallace IV (301) 657-1548

Banking

Donald A. Worthington (415) 538-5733

Banking

Healthcare

John W. Ransom (727) 567-2593

Director of Healthcare Research

Michael J. Baker (727) 567-2499

Benefits Management/Pharma Services

Jayson Bedford (727) 567-2565

Medical Devices

Reni Benjamin, Ph.D. (212) 883-4615

Biotechnology

Nicholas Jansen (727) 567-2446

Healthcare Information

Technology/Diagnostics

Lawrence S. Keusch (617) 897-8992

Hospital Supplies & Equipment

Christopher Raymond (312) 655‐2672

Biotechnology

Elliot Wilbur, CFA (212) 856-4897

Specialty Pharmaceuticals

Laura Chico, Ph.D. (312) 655-2701

Biotechnology

Industrial

Patrick Tyler Brown, CFA (404) 442-5803

Waste & Industrial Services

Sam Darkatsh (727) 567-2537

Specialty/Industrial Distribution

Macro Research

Scott J. Brown, Ph.D. (727) 567-2603

Chief Economist

Jeffrey D. Saut (727) 567-2644

Chief Investment Strategist

Real Estate

Paul D. Puryear (727) 567-2253

Director of Real Estate Research

William A. Crow (727) 567-2594

Lodging/REITs

Buck Horne, CFA (727) 567-2561

Housing/REITs

Collin Mings, CFA (727) 567-2585

REITs

Jonathan Hughes, CFA (727) 567-2438 REITs

Technology & Communications

Brian G. Alexander, CFA

(727) 567-2312

Director of Technology Research

Ric Prentiss (727) 567-2567

Director of Telecommunications

Services Research

Brian Gesuale (727) 567-2287

IT Services/

Advanced Industrial Technology

Wayne Johnson (404) 442-5837

FinTech & Transaction Processing

Aaron Kessler, CFA (415) 616-8959

Internet

Simon M. Leopold (212) 856-5464

Communications Equipment

Frank G. Louthan IV (404) 442-5867

Telecommunications Services

Tavis C. McCourt, CFA (615) 645-6811

Internet of Things

Terry Tillman (404) 442-5825

Application Software

Michael Turits, Ph.D. (212) 297-5617

Infrastructure Software

Justin Patterson, CFA (415) 616-8035

Internet

Brian Peterson, CFA (404) 442-5888

Application Software

Adam Tindle, CFA (727) 567-2693

IT Hardware & Distribution

Transportation

Patrick Tyler Brown, CFA

(404) 442-5803

Transportation Services

Savanthi Syth, CFA

(727) 567-5274

Airlines


U.S. Equity Capital Markets – Sales & Trading

Dan H. McMahon (212) 599-6800, Senior Managing Director – Director, Equity Trading

Paul G. Steinhauser (727) 567-2513, Senior Managing Director – Director, Institutional Sales

Collie Krausnick (901) 529-5321, Senior Managing Director – Director, Agency/Retail Equity Trading and Equity Advisory Group

Institutional Sales St. Petersburg (800) 237-5643

Shawn Borgeson (727) 567-2571

Sarah Concannon (727) 567-2686

Ken Corn (727) 567-2282

Nick Digirolamo (727) 567-2280

Mark Fote (727) 567-2439

Peter L. Gairing (727) 567-2530

Eric Kirby (727) 567-2570

Kevin McElligott (727) 567-2597

Ted Mortonson (727) 567-2285

Mark Ranney (727) 567-1850

David Schaffer (727) 567-2598

Patrick Sauve (727) 567-2526

Dana Williams (727) 567-2278

Jamie Zingaretti (727) 567-2576

Atlanta

Brian Mylod (404) 442-5822 Mark Starner (404) 442-5862

Dudley Stephens (404) 442-5828

Boston

Ryan Bagley (617) 897-8965

Grant Hall (617) 897-8966

Dave Hodges (617) 897-8961

John Leffel (617) 897-8967

Chicago

Bill Sammon, Manager (312) 655-2959

Lou Coines (312) 655-2964

Rick Glaisner (312) 612-7672

Lonnie Hatcher (312) 612-7673

Chris Lambert (312) 655-2974

Anthony LanFranca (312) 655-2961

Tony Montemurro (312) 655-2948

Tim Murnane (312) 655-2988

Andrew K. Northwick (312) 612-7675

Chris Palermo (312) 655-2967

Leigh Pollak (312) 612-7744

Bob Stocking (312) 612-7674

Los Angeles

Mark Hamilton (310) 414-5209

Rob Marckel (310) 414-5201

New York

Tom Healy, Head of New York Sales

(212) 856-5406

Alastair Barnes (212) 856-5417 George Billington (212) 297-5607 Jason Gefaell (212) 672-6828

Tom Hartigan (212) 856-5474 Brian Hicks (212) 297-5618 Jeff Karish (212) 297-5604

Institutional Sales (continued) New York

Susan Lione (212) 856-4886

Carol McCarthy (212) 297-5605

Tom Nevitt (212) 297-5608

Gene Pennell (212) 297-5606

Paul Salmore (212) 856-4368

Craig Sapuppo (212) 297-5602

Kelly Schaeffer (212) 856-4887

Rod Spiegel (212) 297-5610

San Francisco

John Cavender (415) 538-5725

Douglas Deubel (888) 734-0540

Jacob Forney (415) 616-8080

Zachary Taylor (415) 616-8944

International Institutional

Sales & Trading Desk Byron Mitson, Head of Agency/

Retail Trading (800) 564-3678

St. Petersburg (727) 567-2100

Sharon Agudio

James Nielsen

Mike Tagliarini

Memphis (800) 564-3678

Tony Johnson

Kenny McClain

Corporate &

Executive Services (727) 567-2092

Jeff Fordham, Head of

Corporate & Executive Services

Jeanna Bryan

Nicole Castillo

Rachel Jallick

Brandon Moore

Scott Warnock

Principal Trading

(212) 599-6800

Eric Braunstein

Brendan Dooley Jesse Lubarsky

Adam Lustig

Ray Moore

Greg Mulvaney

Christian O’Brien

Kevin Prunty

Owen Rice

Doug Shapiro

Brandon Veldman

Institutional Sales Trading Paul Powers, Head of U.S. Sales Trading

(212) 856-5477


Ross Barone

Jake Shumacker

Tom Del Zoppo

Boston (617) 423-5607

Brendan Moses

Steve Svensen

Thomas Ward

Chicago (312) 655-2990

Michael Barone

Ken Goldberger

Jeff Grimm

Randy Mrozek

Jeff Snower

New York (212) 599-6800

Craig Bugniazet

Michael Cannon

Brian Cohan

Paul Cornette

Michael Dalfonzo

John Gilmartin

Robert Hyde

Mark Koczan

Gary Muehlemann

Vincent Sgherza

Nick Shepard

Eric Siefert

Neil Vankawala

San Francisco

Michael Christian (415) 616-8933

Michael Schwarz (415) 616-8096

Agency/Retail Trading Byron Mitson, Head of Agency/

Retail Trading (800) 564-3678


Scott Brown

Tyson Bryant

Renee Hollingsworth

Allen Spence

Sara Zampell

Memphis (800) 564-3678

Darin Butler

Krystal Butler

Kevin Floyd

Marilyn Hiner

Tony Johnson

Kenny McClain


Strategic Options Desk (212) 856-5400

Ryan Sylvester, Co-head

Adam Templeton, Co-head

Colin Drowica

Geoff Gaiss

Corrin Jackson

Jeffrey Jacobson

Darius Kirksey

Andrew Kramer

Alec Levine

Rob Mabry

Brad Manuilow

Johnny Martin

James “Hector” Murphy

Brian Werner

U.S. Equity Portfolio & Technical Strategy (901) 529-3776

J. Michael Gibbs, Director,

Equity Portfolio & Technical Strategy Jeff Harvey

David Hydrick

Joey Madere

Barbara Metcalf

Andrew Rumbelow

Equity Advisory Group (727) 567-2520

Suzi Fiorini, Vice President

Equity Advisory Group

Phil Cox

John Messina

Michael Saut

Daniel Sprusansky

Justin Wai

Spencer Williams

Julie Lachman, International (727) 567-5559

ECM International Office Locations

Raymond James Financial International Limited Raymond James Euro Equities

London, England 011-44-203-798-5600

Robert Nugent, Manager

Nicole Baker

Charles Cooper

Benjamin Gilbert

Cara McPhillips

Matt Patterson

Ricky Pilgrim

G. Eric Rowe

Anthony White

Adam Wood

Brussels, Belgium 011-322-626-1060

Henri de Liedekerke, Manager

Diego de Fierlant

Carine R. Van Pellecon

Stéphane Roffler

Dusseldorf, Germany

011-49-213-293-070

Hans J. Klisch, Manager

Falk G. Reissland, Manager

Marcel Daun

Sebastian Sattelberger

Vaduz, Liechtenstein

011-423-233-44-54

Johann Kasamas Warsaw, Poland

011-48 (22) 276 2300

Homan Haghighi, Manager

Janusz Dancewicz

George Jovanovich

Paris, France 011-33-1-456-40520

Emmanuel Laussinotte, Manager

Gregoire M. Alexandre Nicholas de Posson Thierry Guille Thomas Guille Hubert Le Bret Alexandre Stamatiou

Raymond James & Associates, Inc.

Geneva, Switzerland 011-41-22-818-2828

Jean Wilhelm, Manager Paul Anderson Philip Burgisser Albert Fregosi Eric Moïa Rudi Moser

Lausanne, Switzerland 011-41-21-343-2222

Homan Haghighi Jad Hobeiche


Canadian Equity Research Daryl Swetlishoff, CFA 604.659.8246, Head of Equity Research

Ken Avalos, MBA 727.567.1756 Real Estate & REITs

Frederic Bastien, CFA 604.659.8232 Infrastructure & Construction

Andrew Bradford, CFA 403.509.0503 Oil & Gas Energy Services

Ben Cherniavsky 604.659.8244 Industrial / Aerospace & Aviation

Chris Cox, CFA 416.777.7175 Sr. Oil & Gas Producers / Energy

Infrastructure

Steve Hansen, CFA, CPA, CMA 604.659.8208

Transportation / Agribusiness

Tara Hassan, P. Eng 416.777.6372 Precious Metals

Steven Li, CFA 416.777.4918 Technology

Jeremy McCrea 403.509.0518 Oil & Gas Producers

Kurt Molnar 403.221.0414 Oil & Gas Producers

Brenna Phelan, CFA, CPA, CA 416.777.7042

Diversified Financials

David Quezada, CFA 604.659.8257 Special Situations / Power & Utilities

Johann Rodrigues 416.777.7189 Real Estate & REITs

Daryl Swetlishoff, CFA 604.659.8246 Forest Products

Chris Thompson, M.Sc. (Eng), P.Geo 604.659.8439 Precious Metals

Kenric Tyghe, MBA 416.777.7188 Consumer & Retail

Canadian Sales & Trading

Raymond James Ltd. Sales Mike Westcott 416.777.4935, Head of Sales

Toronto 888.601.6105 Canada 800.290.4847 USA Sean Boyle 416.777.4927 Jeff Carruthers, CFA 416.777.4929 Richard Eakins 416.777.4926 Jonathan Greer 416.777.4930 Dave MacLennan 416.777.4934 Robert Mills, CFA 416.777.4945 Brady Pimlott 416.777.4993 Neil Weber 416.777.4931

U.S. Equities Toronto Nicole Svec Griffis, CFA 416.777.4942 Vancouver 800.667.2899 Scot Atkinson, CFA 604.659.8225 Nick Pocrnic 604.659.8230

Montreal 514.350.4450, 866.350.4455 John Hart 514.350.4462 David Maislin, CFA 514.350.4460 London Adam Wood 0.207.426.5612

Raymond James Ltd. Trading Bob McDonald, CFA 604.659.8222, Co-Head of Trading Andrew Foote, CFA 416.777.4924, Co-Head of Trading

Toronto 888.601.6105 Canada 800.290.4847 USA Mark Armstrong 416.777.4981 Pam Banks 416.777.4923 Oliver Herbst 416.777.4947 Andy Herrmann 416.777.4937 Matt Malowney 416.777.4937 Eric Munro, CFA 416.777.4983 Bob Standing 416.777.4921

Vancouver 800.667.2899 Nav Cheema 604.659.8224 Fraser Jefferson 604.659.8218 Derek Oram 604.659.8223

Montreal 866.350.4455 Joe Clement 514.350.4470 Patrick Sanche 514.350.4465


European Equity Research

Emmanuel Rétif, RJEE +33 (1) 45 64 05 47 Managing Director – European Research Utilities Hermine de Bentzmann, RJEE +33 (1) 45 64 05 53 Premium Consumer Goods Stéphane Beyazian, RJFI +44 (0) 203 798 5643 Telecom Services

Mehdi Boudokhane, RJEE +33 (1) 45 64 05 55 Infrastructure & Construction Harry Breach, RJFI +44 (0) 203 798 5641 Aerospace & Defence Jean-Pierre Dmirdjian, RJEE + 33 (1) 45 64 05 46 Energy

Patrick Lambert, RJFI +44 (0) 203 798 5645 Chemicals Cédric Lecasble, RJEE +33 (1) 45 64 05 40 Retail Julien Richer, CFA, RJEE +33 (1) 45 64 05 44 Hotels/Tourism/Foodservices

European Sales & Trading

Paris +33 (1) 45 64 05 00 Sales

Philippe Andrieu Eric Blain Mikael Certner Bruno Chabroux Cedric Danon Julien David Caroline David-Tracaz Wilfred Dechanaud Frederic LeBoulenger Sebastien Manzoni Laurent Thomasset

Sales Trading

Laurent Lagneau Trading +33 (1) 45 64 05 15

Jacques Perez Philippe Vialle

London +44 (0) 203 798 5600 Sales

Cara McPhillips Matt Patterson

Sales Trading

Jason Keogh Ken Wesson

New York (212) 856-4884 Sales

Benoit Piussan Joe Campo


Important Investor Disclosures

Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in the United States. Raymond James & Associates is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716, (727) 567-1000. Non-U.S. affiliates, which are not FINRA member firms, include the following entities that are responsible for the creation and distribution of research in their respective areas: in Canada, Raymond James Ltd. (RJL), Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; in Europe, Raymond James Euro Equities SAS (also trading as Raymond James International), 40, rue La Boetie, 75008, Paris, France, +33 1 45 64 0500, and Raymond James Financial International Ltd., Broadwalk House, 5 Appold Street, London, England EC2A 2AG, +44 203 798 5600.

This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The securities discussed in this document may not be eligible for sale in some jurisdictions. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Investors should consider this report as only a single factor in making their investment decision.

For clients in the United States: Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. This report is being provided to you for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. Investors who have received this report may be prohibited in certain states or other jurisdictions from purchasing the securities mentioned in this report. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for purchase in your state.

The information provided is as of the date above and subject to change, and it should not be deemed a recommendation to buy or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. Persons within the Raymond James family of companies may have information that is not available to the contributors of the information contained in this publication. Raymond James, including affiliates and employees, may execute transactions in the securities listed in this publication that may not be consistent with the ratings appearing in this publication.

Raymond James (“RJ”) research reports are disseminated and available to RJ’s retail and institutional clients simultaneously via electronic publication to RJ's internal proprietary websites (RJ Investor Access & RJ Capital Markets). Not all research reports are directly distributed to clients or third-party aggregators. Certain research reports may only be disseminated on RJ's internal proprietary websites; however such research reports will not contain estimates or changes to earnings forecasts, target price, valuation, or investment or suitability rating. Individual Research Analysts may also opt to circulate published research to one or more clients electronically. This electronic communication distribution is discretionary and is done only after the research has been publically disseminated via RJ’s internal proprietary websites. The level and types of communications provided by Research Analysts to clients may vary depending on various factors including, but not limited to, the client’s individual preference as to the frequency and manner of receiving communications from Research Analysts. For research reports, models, or other data available on a particular security, please contact your RJ Sales Representative or visit RJ Investor Access or RJ Capital Markets.

Additional information is available on request.

Analyst Information

Registration of Non-U.S. Analysts: The analysts listed on the front of this report who are not employees of Raymond James & Associates, Inc., are not registered/qualified as research analysts under FINRA rules, are not associated persons of Raymond James & Associates, Inc., and are not subject to FINRA Rule 2241 restrictions on communications with covered companies, public companies, and trading securities held by a research analyst account.

Analyst Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination including quality and performance of research product, the analyst's success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.

Ratings and Definitions

Raymond James & Associates (U.S.) definitions

Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at least 15% is expected to be realized over the next 12 months.

Outperform (MO2) Expected to appreciate and outperform the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, an Outperform rating is used for securities where we are comfortable with the relative safety of the dividend and expect a total return modestly exceeding the dividend yield over the next 12-18 months.

https://urldefense.proofpoint.com/v2/url?u=https-3A__investoraccess.rjf.com_&d=CwMFAg&c=Od00qP2XTg0tXf_H69-T2w&r=rNefLiWFkSilhqVDo70w43i53TsltTjCWk3T7beArK4&m=PC3IXwh9yes797fhP8lxVmKOzaJCoi7yXoDL8EwSFBo&s=y3WQdEai7OJL0j0ejHq1auUdg8kPQfDCBMkmD2HMOkE&e=

https://urldefense.proofpoint.com/v2/url?u=https-3A__www.rjcapitalmarkets.com_Logon_Index&d=CwMFAg&c=Od00qP2XTg0tXf_H69-T2w&r=rNefLiWFkSilhqVDo70w43i53TsltTjCWk3T7beArK4&m=PC3IXwh9yes797fhP8lxVmKOzaJCoi7yXoDL8EwSFBo&s=mLGRTdxZ5EwPQ9maeBsF0fvXad1Tt0SL_21LNPN2LVA&e=

https://urldefense.proofpoint.com/v2/url?u=https-3A__investoraccess.rjf.com_&d=CwMFAg&c=Od00qP2XTg0tXf_H69-T2w&r=rNefLiWFkSilhqVDo70w43i53TsltTjCWk3T7beArK4&m=PC3IXwh9yes797fhP8lxVmKOzaJCoi7yXoDL8EwSFBo&s=y3WQdEai7OJL0j0ejHq1auUdg8kPQfDCBMkmD2HMOkE&e=

https://urldefense.proofpoint.com/v2/url?u=https-3A__www.rjcapitalmarkets.com_Logon_Index&d=CwMFAg&c=Od00qP2XTg0tXf_H69-T2w&r=rNefLiWFkSilhqVDo70w43i53TsltTjCWk3T7beArK4&m=PC3IXwh9yes797fhP8lxVmKOzaJCoi7yXoDL8EwSFBo&s=mLGRTdxZ5EwPQ9maeBsF0fvXad1Tt0SL_21LNPN2LVA&e=


Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months.

Underperform (MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold.

Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

Raymond James Ltd. (Canada) definitions

Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months.

Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months.

Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities.

Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold.

Raymond James Europe (Raymond James Euro Equities SAS & Raymond James Financial International Limited) rating definitions

Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months.

Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months.

Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months.

Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months.

Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this security and should not be relied upon.

In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments.

Rating Distributions

Coverage Universe Rating Distribution* Investment Banking Distribution

RJA RJL RJEE/RJFI RJA RJL RJEE/RJFI

Strong Buy and Outperform (Buy) 52% 73% 55% 24% 49% 0%

Market Perform (Hold) 44% 26% 32% 11% 17% 0%

Underperform (Sell) 5% 1% 13% 7% 0% 0%

* Columns may not add to 100% due to rounding.

Suitability Ratings (SR)

Medium Risk/Income (M/INC) Lower to average risk equities of companies with sound financials, consistent earnings, and dividend yields above that of the S&P 500. Many securities in this category are structured with a focus on providing a consistent dividend or return of capital.

Medium Risk/Growth (M/GRW) Lower to average risk equities of companies with sound financials, consistent earnings growth, the potential for long-term price appreciation, a potential dividend yield, and/or share repurchase program.

High Risk/Income (H/INC) Medium to higher risk equities of companies that are structured with a focus on providing a meaningful dividend but may face less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and potential risk of principal. Securities of companies in this category may have a less predictable income stream from dividends or distributions of capital.

High Risk/Growth (H/GRW) Medium to higher risk equities of companies in fast growing and competitive industries, with less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial or legal issues, higher price volatility (beta), and potential risk of principal.

High Risk/Speculation (H/SPEC) High risk equities of companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, significant financial or legal issues, or a substantial risk/loss of principal.


Risk Factors

General Risk Factors: Following are some general risk factors that pertain to the businesses of the subject companies and the projected target prices and recommendations included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation; or (4) External factors that affect the U.S. economy, interest rates, the U.S. dollar or major segments of the economy could alter investor confidence and investment prospects. International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available at rjcapitalmarkets.com/Disclosures/index. Copies of research or Raymond James’ summary policies relating to research analyst independence can be obtained by contacting any Raymond James & Associates or Raymond James Financial Services office (please see raymondjames.com for office locations) or by calling 727-567-1000, toll free 800-237-5643 or sending a written request to the Equity Research Library, Raymond James & Associates, Inc., Tower 3, 6

th Floor, 880 Carillon

Parkway, St. Petersburg, FL 33716.

For clients in the United Kingdom:

For clients of Raymond James & Associates (London Branch) and Raymond James Financial International Limited (RJFI): This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FCA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (High net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or any other person to whom this promotion may lawfully be directed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients.

For clients of Raymond James Investment Services, Ltd.: This report is for the use of professional investment advisers and managers and is not intended for use by clients.

For purposes of the Financial Conduct Authority requirements, this research report is classified as independent with respect to conflict of interest management. RJA, RJFI, and Raymond James Investment Services, Ltd. are authorised and regulated by the Financial Conduct Authority in the United Kingdom.

For clients in France:

This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in “Code Monétaire et Financier” and Règlement Général de l’Autorité des Marchés Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients.

For clients of Raymond James Euro Equities: Raymond James Euro Equities is authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers.

For institutional clients in the European Economic Area (EEA) outside of the United Kingdom:

This document (and any attachments or exhibits hereto) is intended only for EEA institutional clients or others to whom it may lawfully be submitted.

For Canadian clients:

This report is not prepared subject to Canadian disclosure requirements, unless a Canadian analyst has contributed to the content of the report. In the case where there is Canadian analyst contribution, the report meets all applicable IIROC disclosure requirements.

Proprietary Rights Notice: By accepting a copy of this report, you acknowledge and agree as follows:

This report is provided to clients of Raymond James only for your personal, noncommercial use. Except as expressly authorized by Raymond James, you may not copy, reproduce, transmit, sell, display, distribute, publish, broadcast, circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any other form, in any manner, without the prior express written consent of Raymond James. You also agree not to use the information provided in this report for any unlawful purpose. This is RJA

client releasable re search

This report and its contents are the property of Raymond James and are protected by applicable copyright, trade secret or other intellectual property laws (of the United States and other countries). United States law, 17 U.S.C. Sec.501 et seq, provides for civil and criminal penalties for copyright infringement. No copyright claimed in incorporated U.S. government works.

http://www.rjcapitalmarkets.com/Disclosures/index

http://www.raymondjames.com/

May 2017 - Raymond James Ltd. · May 2017 . 2 Raymond James Research ... Dipexium Pharmaceuticals, Inc. ... this report are generally not eligible for sale in the U.S. unless they

Documents