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TODAY'S HIGHLIGHTS
FINANCIALS
North American E&P Canada Progress Energy Resources Montney Drilling Success
MATERIALS
Metals & Mining Canada United Company RUSAL Target Price Raised to HK$9.50; 2009 Results Slightly...
Paper & Forest Prod. Canada Cascades Estimates Revised
CONSUMER
Toys & Juvenile Products Sector Comment 1Q10 Preview: Toys & Juvenile Products Still...
TECH/TELECOM/MEDIA
Impact 30
Volume (mln)
3.5
100 100
Positive. We have argued for over 10 years that that the long-term competitive
50 50
advantage in Canadian wealth management will be driven by distribution. By 0 0
this metric, TD, through its 1,000-branch network and over 1,400 advisors as 120
TD Relative to S&P/TSX Comp
120
TD remains rated Outperform. In addition to rising equity markets, spreads in Dividend $2.44 Yield 3.3%
Book Value $41.86 Price/Book 1.8x
wealth management should rise with higher short-term rates. If spreads widened Shares O/S (mm) 862.0 Mkt. Cap ($mm) $64,322
Float O/S (mm) 862.0 Float Cap ($mm) $64,322
by 100 basis points (i.e., back to spreads achieved in 2007), NII in the wealth Wkly Vol (000s) 17,043 Wkly $ Vol (mm) $1,037.6
management segment could rise up to $140mm annually. Overall, a positive Net Debt ($mm) na Next Rep. Date 27-May (E)
Notes: All values in C$; EPS fd; CEPS add back amort. of intang. &
tone to the presentation, which highlighted that even in the face of declining goodwill; 2006 EPS ex. gain on AMTD & other
domestic loan growth in 2010 and 2011, TD has growth opportunities in other Major Shareholders: Widely held
First Call Mean Estimates: TORONTO-DOMINION BANK (C$)
segments. 2010E: $5.83; 2011E: $6.68
This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under
FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 5 to 8.
April 13, 2010
80 1 40
Impact 1 30
70
The results were solid, driven by net interest margin expansion, good 1 20
1 10
60
expense control, and stable credit quality trends. The key challenge, 1 00
however, remains balance sheet growth as both loans and deposits declined 50 90
80
sequentially. There is also some revenue risk from legislation on NSF fees, 40
70
although an economic recovery would benefit other fee income lines. WABC 30
Volum e (mln)
60
15 15
sports strong capital ratios, positioning it well for acquisitions.
10 10
5 5
Forecasts 0
20 05 20 06 20 07 20 08 200 9
Las t Dat a P oint: A pril 12, 2010
0
We are lowering our EPS estimates to $3.22 (from $3.35) for 2010 and to Valuation/Financial Data
$3.40 (from $3.65) for 2011. This reflects further contraction in loan (FY-Dec.) 2009A 2010E 2011E 2012E
volumes as demand remains weak and competition has increased. Also, we EPS Pro Forma $3.15 $3.22 $3.40 na
P/E 18.2x 17.3x na
are factoring in a decline in deposit service charges as a result of legislation First Call Cons. $3.24 $3.50 $4.05
EPS GAAP $3.15 $3.22 $3.40 na
on NSF fees. We are also lowering our fully normalized EPS estimate to
Bk Val/Share $17.31 $19.11 $21.08 na
$3.65 (from $3.70). Price/Book 3.1x 2.8x na
Tang. BV/Shr $11.92 $13.78 $15.75 na
Price/TB 4.3x 3.7x na
Valuation Quarterly EPS 1Q 2Q 3Q 4Q
2009A $0.80 $0.75 $0.81 $0.79
WABC shares are trading at 16.1x our fully normalized EPS estimate and 2010E $0.80A $0.80 $0.81 $0.81
4.7x tangible book value, versus the small-cap bank group medians of 10.5x Balance Sheet Data (31-Mar)
ROE 1.99% Exp./Revenues 44.20%
and 1.9x. ROA 18.80% Net Charge-Offs/Loans 0.65%
NPAs/Loans+OREO 1.63% Tang. Common/Assets 7.92%
Reserve/Loans 1.88%
Recommendation Notes: All values in US$.
Source: BMO Capital Markets estimates, Bloomberg, FactSet, Global
We maintain our MARKET PERFORM rating, but are adjusting our price Insight, Reuters, and Thomson Financial.
target to $50 (from $51). Our price target is based on a target forward P/E
multiple of 15x (a premium to the small-cap bank group target multiple of
12x) our fully normalized EPS estimate of $3.65, discounted by 10%.
Please refer to pages 7 to 9 for Important Disclosures, including the Analyst's Certification.
April 13, 2010
Resources
(PRQ-TSX) Mark Leggett, CFA
(403) 515-1508
Stock Rating: Outperform Mark.Leggett@bmo.com
Assoc: Jason Chang
Industry Rating: Market Perform
Montney Drilling Success
Price (13-Apr) $12.23 52-Week High $15.29
Target Price $15.50 52-Week Low $8.52
Event
Progress Energy Resources Corp. (PRQ)
Progress announced production from the Town South development project was Price: High,Low,Close
25 25
brought on-stream in late March, increasing total Montney production to ~30
MMcf/d from 8 MMcf/d at the beginning of the year. Four additional horizontal 20 20
wells (six to nine fracs per leg) were drilled and completed in Q1/10 ($6.5 15 15
million per well) with five-day test rates of 4 to 7 MMcf/d. Currently, there are
10 10
five horizontal wells on-stream at a combined restricted rate of 20 MMcf/d. An
5 5
additional eight to 10 horizontal wells at Town have been budgeted for 2010. Volume (mln)
40 40
Progress also drilled or recompleted successful vertical delineation wells at
20 20
Town, Kobes, Altares, Caribou, Gundy and Lily with test rates averaging 1.5 0 0
MMcf/d. An initial pilot program at Kobes has been initiated with two (0.8 net) 200
PRQ Relative to S&P/TSX Comp
200
wells to be completed in early Q3/10. Progress also expects to initiate three
100 100
additional horizontal pilot programs in 2010 as a follow-up to successful vertical
0 0
delineation drilling. A 2010 capital budget of $350 million was reiterated. 2005 2006 2007 2008 2009
Last Data Point: April 12, 2010
14.0x EV/EBITDA. Our target price is supported by our updated sum-of-parts Dividend $0.40 Yield 3.3%
Book Value $10.38 Price/Book 1.2x
NAV analysis of $17.07 per share (AECO $5.75/Mcf). Shares O/S (mm) 213.0 Mkt. Cap ($mm) $2,605
Float O/S (mm) 170.4 Float Cap ($mm) $2,084
Recommendation Wkly Vol (000s) 3,792 Wkly $ Vol (mm) $45.0
Net Debt ($mm) $582.1 Next Rep. Date 28-Apr (E)
We continue to rate Progress shares Outperform. We look for further horizontal Notes: All values in C$; EPS (dil.), CFPS (dil.); 2008A & bkwd. are
drilling success to enhance visibility on the aerial extent of the company’s ProEx; 2009E & fwd. are newco PRQ
Major Shareholders: CPPIB (13%)
Montney acreage. The deep Nikanassin Ojay program represents an operational First Call Mean Estimates: PROGRESS ENERGY RESOURCES
CORP (C$/CF) 2010E: $1.29; 2011E: $1.54
catalyst where industry has reported strong drilling results (pg. 3).
This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under
FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 5 to 8.
April 13, 2010
United Company RUSAL Research Comment
Toronto, Ontario
(486HK-HKSE)
9.0 9.0
We are issuing this correction to properly reflect the discount to NAV our target
8.5 8.5
price represents. UC RUSAL reported 2009 underlying net losses of US$397M
8.0 8.0
or (US$0.03/share), better than BMO Research estimates. Net debt at the end of
7.5 7.5
2009 was US$13.6B; BMO estimates net debt stood at US$12.9B post IPO.
7.0 7.0
Volume (mln)
100 100
Impact 50 50
Slightly positive. Earnings results were in line and net debt levels were lower 0 0
HK_486 Relative to S&P 500
102 102
than expected by BMO Research. For investors the company continues to be
relatively high risk as cash flow is swept to pay down debt, with little available 100 100
for project expenditures. On base case assumptions, BMO estimates the 98 Feb Mar Apr 98
2010
company would be in a net cash position by 2015. Last Data Point: April 2, 2010
in 2010 over 2009, which BMO estimates at 4.1Mt. Alumina production is now EV/EBITDA 22.4x 9.2x 7.6x 5.2x
Aluminum (US$/lb) $0.76 $0.95 $1.00 $1.10
expected to increase by 11% over 2009 levels, higher than previous guidance of Alumina (US$/t) $236 $275 $291 $320
7% due to increased restarts in production across the board. RUB/US$ 31.76 30.00 32.40 34.99
Quarterly EPS H1 H2
2009A -$0.07 $0.04
Valuation 2010E $0.05 $0.05
2011E $0.07 $0.07
RUSAL’s estimated NPV increased by 11% to HK$15.75/share
Dividend $0.00 Yield 0.0%
(US$2.03/share) from HK$14.16/share (US$1.82/share). The valuation increase Book Value $0.47 Price/Book 2.6x
is mainly due to an increase in value of RUSAL’s 25% interest in Norilsk Shares O/S (mm) 15,136.0 Mkt. Cap (mm) HKD142,278
Float O/S (mm) 15,136.0 Float Cap (mm) HKD142,278
Nickel, which currently represents approximately 21% of RUSAL’s gross NPV. Wkly Vol (000s) 100,457 Wkly HKD Vol (mm) 47.1
Net Debt ($mm) $12,900 Next Rep. Date Jul (E)
The HK$9.50 target price represents 0.6x NPV.
Notes: Share price, market cap. & weekly vol. in HK$, all other
values in US$
Major Shareholders: EN+ Group (47.6%), SUAL (15.9%), Onexim
Recommendation (17.1%), Glencore (8.7%)
First Call Mean Estimates: Not Available
UC RUSAL is rated Market Perform. The company’s large, low-cost operations
remain offset by its high debt position and risky corporate structure.
This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under
FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 4 to 6.
April 14, 2010
Cascades Inc. Research Comment
Montreal, Quebec
(CAS-TSX)
Event 15
1.0
We are slightly lowering our Cascades estimates to reflect delays in the
10
implementation of the European and North American price increases. 0.5
5 0.0
Impact
0 -0.5
Neutral. 20
Volume (mln)
20
10 10
Forecasts 0 0
CAS Relative to S&P/TSX Comp
200 200
Packaging continues to be one of our preferred commodities. U.S. boxplant
plus mill inventories fell 97,000 tons in February to a record low 2.123mm tons. 100 100
The US$50/ton price increase is being implemented and contrary to consensus, (FY-Dec.) 2008A 2009A 2010E 2011E
we expect the US$60/ton April price increase will hold. We are in line with EPS -$0.02 $1.12 $0.78 $1.26
P/E 10.7x 6.4x
2010 estimates (we have also assumed higher wastepaper costs in 2010) but
CFPS $1.57 $3.09 $2.91 $3.34
well above the 2011 First Call Mean. P/CFPS 2.8x 2.4x
2011E EV/EBITDA). Our target price of $13.50 represents a relatively low 5.5x Quarterly EPS Q1 Q2 Q3 Q4
2008A -$0.09 -$0.11 $0.06 $0.12
2011E EV/EBITDA. 2009A $0.21 $0.28 $0.36 $0.27
2010E $0.07 $0.12 $0.31 $0.29
Recommendation Dividend
Book Value
$0.16
$13.41
Yield
Price/Book
2.0%
0.6x
As of December 31, 2009, liquidity was $540mm mostly comprised of available Shares O/S (mm) 97.7 Mkt. Cap ($mm) $793
Float O/S (mm) 72.8 Float Cap ($mm) $591
lines of credit. We expect Cascades to generate about $254mm in free cash flow Wkly Vol (000s) 1,348 Wkly $ Vol (mm) $9.0
Net Debt ($mm) $1,533.0 Next Rep. Date April (E)
over the next two years. Packaging fundamentals are strong. The main risk to
Notes: All values in C$
our forecast is higher wastepaper costs both in packaging (OCC) and in tissue Major Shareholders: Bernard Lemaire (13.91%); Laurent Lemaire
(11.5%)
(SOP-Sorted Office Papers). Our rating is Outperform. First Call Mean Estimates: CASCADES INCORPORATED (C$)
2010E: $0.77; 2011E: $0.97
This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under
FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 2 to 5.
April 14, 2010
Toys & Juvenile Products Gerrick L. Johnson, CMT
BMO Capital Markets Corp.
212-883-5192
Industry Rating: Outperform gerrick.johnson@bmo.com
Securities Info
Better, In the Stock Pr ice (13-Apr) $12.04 Target Price $13
52-Wk High/ Low $14/$9 Dividend --
Mk t Cap (mm) $540 Yield --
Shs O/S (mm, BASIC) 44.9 Float O/S (mm) 44. 4
Event Options O/S (mm) na ADVol (30-day, 000s) 128
We attended a large international sign expo last week that made us more Price Performance
confident on EFI’s inkjet business. We believe end-user demand is Price: High,Lo w, Close( US$)
ELECTRONICS FOR I MAGING INC (EFII)
Relative to S&P 500
160
improving, which should be a near-term positive for ink sales. However, we 30
140
believe hesitancy toward large printer purchases remains. 25
120
20
Impact 15
100
Positive – We are increasing our CY2010 and CY2011 revenue and EPS 80
10
estimates based on better-than-expected end-user demand. For the March
5 60
quarter, we believe our $106.5 million revenue and roughly break-even EPS 40
Volum e ( mln)
40
estimates are reasonable and expect any upside to revenues to come from 20 20
Please refer to pages 6 to 9 for Important Disclosures, including the Analyst's Certification.
April 13, 2010
Securities Info
Tweaking Numbers Ahead of Quarter; Expect Price (13-Apr) $42.30 Target Price $54
Conservative Guidance 52-Wk High/Low
Mkt Cap (mm)
$50/$35
$71,089
Dividend
Yield
$0.76
1.8%
Shs O/S (mm, BASIC) 1,681 Float O/S (mm) 1,654
Options O/S (mm) na ADVol (30-day, 000s) 25,770
1 50
expected and ASP pressure has stabilized. We raise our March estimates 50
1 40
45
within the pre-announced range, but our higher numbers for June are a penny 40
1 30
1 20
below consensus. In general, we believe the device unit environment is 35
30 1 10
positive and ASPs are stabilizing. We are expecting a strong second half of 25 1 00
2010, with MSM growth accelerating, and device units potentially coming in 20 90
15 80
above guidance. We believe management may begin to provide less clarity, 10 00
Volum e (mln)
1 000
0 0
20 05 20 06 20 07 20 08 200 9
Impact Las t Dat a P oint: A pril 12, 2010
Neutral. We believe QCOM will speak more positively about device Valuation/Financial Data
volumes, which should quell some of the ASP concerns. We maintain our (FY-Sep.) 2008A 2009A 2010E 2011E
EPS Pro Forma $2.25 $1.90 $2.29 $2.58
OUTPERFORM rating despite the fact that June-quarter guidance may fall P/E 18.5x 16.4x
First Call Cons. $2.30 $2.53
below current consensus. EPS GAAP $1.85 $1.47 $1.82 $1.83
FCF $1.30 $3.85 $2.10 $2.23
P/FCF 20.1x 19.0x
Forecasts EBITDA ($mm) $4,603 $4,166 $4,236 $4,909
EV/EBITDA 21.3x 18.3x
We are raising our FY2010/2011 pro forma EPS estimates from $2.24/$2.55 Rev. ($mm) $11,130 $10,385 $10,635 $11,742
EV/Rev 8.5x 7.7x
to $2.29/$2.58
Quarterly EPS 1Q 2Q 3Q 4Q
2009A $0.31 $0.41 $0.54 $0.64
2010E $0.62A $0.57 $0.52 $0.56
Valuation
Balance Sheet Data (12/31/09)
Our price target of $54 assumes that the stock trades at 20x our pro forma Net Debt ($mm) $18,928 TotalDebt/EBITDA 0.0x
Total Debt ($mm) $199 EBITDA/IntExp na
EPS estimate for CY2011 Net Debt/Cap. 92.3% Price/Book 3.3x
Notes: All values in US$.
Source: BMO Capital Markets estimates, Bloomberg, FactSet, Global
Recommendation Insight, Reuters, and Thomson Financial.
Please refer to pages 4 to 6 for Important Disclosures, including the Analyst's Certification.
April 13, 2010
Communications Tim Long
Summary
Wireless Earnings Preview • We expect solid results from the handset segment in the
We expect a decent quarter for the handset space, with overall industry units March quarter, likely beating our better-than-seasonal
likely beating our better than seasonal 9% Q/Q decrease. QCOM and RIMM
estimate. Our global model calls for 345.5M units
are our only positive ratings in wireless.
(including “white box”), down 9.3% Q/Q and up 28.5%
QUALCOMM reports on 4/21. QCOM recently provided positive Y/Y. We think seasonality is becoming less of a factor
EPS and revenue guidance, although it did not update units and as emerging markets have grown.
ASP estimates. Today, we raised our QCOM estimates owing to • We are modeling a typical 2Q, with units up 3.6% Q/Q
positive checks on March-quarter WCDMA/CDMA units and ASPs to 358M phones.
(see our separate QCOM note). We rate QCOM OUTPERFORM.
• We expect most of our companies to report March-
Nokia reports on 4/22. We believe units could beat our estimate for quarter results around consensus. Guidance should be
the quarter at the low end, but don’t see the potential for a recovery more mixed as the industry has become more
until Smartphone strategy improves, likely now not until 3Q. We competitive.
rate NOK MARKET PERFORM. • We have an OUTPERFORM rating on QCOM. They
Sony Ericsson reports on 4/16 and Ericsson on 4/23. SEMC and preannounced positively, and we raised our estimates
ST-Ericsson should continue to adversely affect results. We rate the today based on positive WCDMA/CDMA checks for the
shares MARKET PERFORM. March quarter.
Motorola reports on 4/29. Focus should be on handset results and • We have MARKET PERFORM ratings on NOK, MOT,
Android units, ASPs, margins, device launches and the spinoff. We ERIC, NVTL, and SWIR. We need to see signs of high-
rate MOT MARKET PERFORM. end Smartphones and improved OS from NOK, more
Android devices for MOT and are concerned about
Sierra Wireless is expected to reports the week of 5/3. We are in
integration and the infrastructure market for ERIC. We
line with consensus for 4Q. We are below consensus for 2Q as we
have a longer-term downward basis for both SWIR and
expect greater competition and margin pressure to negatively affect
results. We rate SWIR MARKET PERFORM. NVTL owing to competitive issues.
Intel Semiconductors
(INTC-NASDAQ)
Ambrish Srivastava, PhD
Stock Rating: Outperform BMO Capital Markets Corp.
415-591-2116
Industry Rating: Market Perform ambrish.srivastava@bmo.com
Emily Scudder
415-591-2130
emily.scudder@bmo.com
seasonal. 1Q EPS came in at $0.43 vs. our $0.36 estimate and revenues were Price Performance
$10.3 billion vs. $9.7 billion, down 3% q-q, better than seasonal aided P ric e: High, Low,Close(US$)
INTEL CORP (INTC)
Rel at ive to S&P 500
1 20
largely by sequentially better ASPs. 30
1 10
25 1 00
Impact
90
Quite positive. The bears on INTC would have you sell the stock the moment 20
80
margins hit 60%, which was in 4Q09. Our investment case for INTC has 15
70
been predicated on our view that the company can sustain margins in the
10 60
60%'s longer, given a reduced cost structure and better mix. Intel is 30 00
Vol ume (mln )
3 00 0
delivering on that front, and then some, in our view. Margins for the year are 20 00 2 00 0
now expected to be at 64% vs. prior guidance of 61%. Inventory appears lean 10 00 1 00 0
0 0
20 05 2 006 20 07 2 008 20 09
as well, including on Intel’s balance sheet, where inventory stayed essentially Las t Data Point : April 12, 2010
flat. On the top-line front, Intel is showing some early signs of a corporate Valuation/Financial Data
recovery in its non-server business. (FY-Dec.) 2008A 2009A 2010E 2011E
EPS GAAP $0.92 $0.78 $1.85 $2.00
P/E 12.3x 11.4x
First Call Cons. $1.68 $1.83
Forecasts
FCF $1.00 $1.18 $1.87 $2.11
Our 2011 estimates get pulled in to 2010. We are raising 2010 to $1.85 vs. P/FCF 12.2x 10.8x
EBITDA ($mm) $14,276 $13,691 $19,784 $21,209
$1.70 (consensus $1.68) and 2011 goes to $2.00 vs. $1.85 (consensus $1.83). EV/EBITDA 5.7x 5.3x
Rev. ($mm) $37,586 $35,127 $43,091 $45,993
EV/Rev 2.6x 2.5x
Valuation Quarterly EPS 1Q 2Q 3Q 4Q
2009A $0.11 -$0.07 $0.33 $0.40
We are raising our price target to $28 from $26 based on a P/E multiple of 2010E $0.43A $0.42 $0.47 $0.52
14x our 2011 EPS estimate of $2.00. Balance Sheet Data (12/31/09)
Net Debt ($mm) -$12,472 TotalDebt/EBITDA 0.1x
Total Debt ($mm) $2,221 EBITDA/IntExp na
Net Debt/Cap. nm Price/Book 3.0x
Recommendation Notes: All values in US$.
We rate INTC shares OUTPERFORM. Source: BMO Capital Markets estimates, Bloomberg, FactSet, Global
Insight, Reuters, and Thomson Financial.
Please refer to pages 8 to 10 for Important Disclosures, including the Analyst's Certification.
Important Disclosures
Analyst's Certification
As to each company covered in this report, the analyst hereby certifies that the views expressed in this report accurately reflect my personal views about
the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific
recommendations or views expressed in this report.
Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their
affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating
new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients.
Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Ltd. are not registered as research analysts with FINRA. These analysts
may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the NASD Rule 2711 and NYSE Rule 472
restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
Company Specific Disclosures
For Important Disclosures on the stocks discussed in this report, please go http://researchglobal.bmocapitalmarkets.com/Company_Disclosure_
Public.asp.
Distribution of Ratings (Dec. 31, 2009)
Rating BMOCM US BMOCM US BMOCM US BMOCM BMOCM First Call
Category BMO Rating Universe* IB Clients** IB Clients*** Universe**** IB Clients***** Universe
Buy Outperform 32.2% 12.3% 38.3% 36.1% 47.9% 50%
Hold Market Perform 62.6% 10.2% 61.7% 56.9% 48.9% 43%
Sell Underperform 5.3% 0% 0% 6.9% 3.2% 7%
* Reflects rating distribution of all companies covered by BMO Capital Markets Corp. equity research analysts.
** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services as
percentage within ratings category.
*** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking
services as percentage of Investment Banking clients.
**** Reflects rating distribution of all companies covered by BMO Capital Markets equity research analysts.
***** Reflects rating distribution of all companies from which BMO Capital Markets has received compensation for Investment Banking services as
percentage of Investment Banking clients.
Ratings and Sector Key
We use the following ratings system definitions:
OP = Outperform - Forecast to outperform the market;
Mkt = Market Perform - Forecast to perform roughly in line with the market;
Und = Underperform - Forecast to underperform the market;
(S) = speculative investment;
NR = No rating at this time;
R = Restricted – Dissemination of research is currently restricted.
Market performance is measured by a benchmark index such as the S&P/TSX Composite Index, S&P 500, Nasdaq Composite, as appropriate for each
company. BMO Capital Markets eight Top 15 lists guide investors to our best ideas according to different objectives (Canadian large, small, growth,
value, income, quantitative; and US large, US small) have replaced the Top Pick rating.
Other Important Disclosures
For Other Important Disclosures on the stocks discussed in this report, please go to http://researchglobal.bmocapitalmarkets.com/Company_Disclosure_
Public.asp or write to Editorial Department, BMO Capital Markets, 3 Times Square, New York, NY 10036 or Editorial Department, BMO Capital
Markets, 1 First Canadian Place, Toronto, Ontario, M5X 1H3.
Prior BMO Capital Markets Ratings Systems
http://researchglobal.bmocapitalmarkets.com/documents/2009/prior_rating_systems.pdf
Dissemination of Research
Our research publications are available via our web site http://bmocapitalmarkets.com/research/. Institutional clients may also receive our research via
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Conflict Statement
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conflicts of interest in connection with investment research which is available at http://researchglobal.bmocapitalmarkets.com/Conflict_Statement_
Public.asp.
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“BMO Capital Markets” is a trade name used by the BMO Investment Banking Group, which includes the wholesale arm of Bank of Montreal and its
subsidiaries BMO Nesbitt Burns Inc. and BMO Nesbitt Burns Ltée./Ltd., BMO Capital Markets Ltd. in the U.K. and BMO Capital Markets Corp. in the
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Financial Group”) has lending arrangements with, or provide other remunerated services to, many issuers covered by BMO Capital Markets. The
opinions, estimates and projections contained in this report are those of BMO Capital Markets as of the date of this report and are subject to change
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the securities of issuers mentioned in this report on a principal basis. BMO Capital Markets or its affiliates, officers, directors or employees have a long
or short position in many of the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon. The
reader should assume that BMO Capital Markets or its affiliates may have a conflict of interest and should not rely solely on this report in evaluating
whether or not to buy or sell securities of issuers discussed herein.
Additional Matters
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persons”). The contents hereof are not intended for the use of and may not be issued or passed on to, retail clients.
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