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Important Terms & Disclosures

This website and all reports or information displayed herein are provided for informational purposes only by Ockham Research, LLC ("Ockham") and is not a recommendation or a solicitation to buy, sell, or hold a security. Because all investors have unique situations, objectives, and needs, statements on this website should not be taken as individual investment advice. Prior years' valuations, profitability, and growth parameters are not necessarily predictive of future share price ranges and past performance is no indication of future results. While the opinions and information expressed on this website have been obtained and derived from sources believed to be reliable, Ockham makes no representation, guarantee, or warranty as to the website's accuracy, adequacy, timeliness or completeness. Ockham accepts no liability whatsoever for any losses that arise from any use of this website or any content herein nor will recipients of this material be treated as customers of Ockham.

The costs and expenses of Equity Research, including the compensation of the analyst(s) that prepared this report, are paid from the Firm's total revenues, none of which is generated through investment banking activities.

Ockham Research, LLC, is an independent research provider and does not engage in any aspect investment banking or brokerage activity nor do we ever own more than one percent (1%) of the outstanding shares of any covered company. No principal or employee of Ockham serves on public company boards nor does anyone at a covered company serve on the board of Ockham. Ockham is neither a registered broker dealer nor a member of the NASD or SIPC. Portions of the data contained herein are provided by third parties including Morningstar Inc., Zacks Inc, among others. The RazorWire portion of the Ockham Research service is powered by Psydex Corporation.  Ockham Research is not affiliated with any news network, television station, television personalities, or other network or broadcast entity.  

This publication and any recommendation found within speak only as of the date listed and have the possibility to change without notice.  Ockham Research and its affiliated companies and employees shall have no obligation to revise or amend any information or notice.  Furthermore, Ockham Research and its affiliated companies and employees shall have no obligation to revise or amend any information or opinion contained within, and the occurrence of subsequent publications, if any, remain a decision to be made by the author and the Firm.

Analyst Certification:

The research analyst(s) principally responsible for the preparation of this research report hereby certify that all of the opinions and recommendations expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers covered within.  Ockham Research also certifies that no part of the analyst(s) compensation was, directly or indirectly, related to the specific recommendation or views expressed in this research report.

All Reports Prepared By: The Ockham Research Team

Companies Analyzed:

Ockham Research covers over 5400 securities and ADR’s.  Collectively, we refer to all companies covered as the Ockham Research coverage universe.  Ockham Research does not have association with a specialist or market maker that makes a market in the stocks or options of any issuers covered.

This website discusses securities, some of which may not be qualified for sale in certain states and may therefore not be offered to investors in those prohibited states. This report should not be interpreted as providing investment services. Investing in non-U.S. securities including ADRs involves significant risks such as variability of exchange rates that may have adverse effects on the value or price of income derived from the security. It is possibly that securities of some foreign companies may be less liquid and prices more volatile than securities of U.S. companies. Securities of non-U.S. issuers may not be registered with or subject to Securities and Exchange Commission reporting requirements; therefore, data concerning such issuers may be less complete or limited.

Ockham Research Ratings Distribution as of Wednesday, March 04, 2009:

Percentage of Ockham Research coverage universe with this rating:

Strong Buy and Buy: 66.2%
Hold: 26.6%
Strong Sell and Sell: 7.2%


Ockham Research Equity Research Rating System:

The Ockham Research ratings methodology is a simple one. We review the historical ranges of various metrics for every security we follow. Based upon those ranges, we can determine where exactly a stock's price is relative to where it has been historically. This simple approach means that stocks rated positively are expected to outperform their peer universe while stocks with a negative rating are expected to underperform their peer universe. As with all research ratings and methodologies, investors need to understand that significant additional study and analysis may be necessary to identify an appropriate investment thesis. The Ockham Research ratings are provided for informational purposes only, and should be utilized .only in the context of a complete investment plan.

“Strong Buy” ratings are reserved for the most undervalued stocks by our methodology.  Essentially, a stock rated “Strong Buy” will be priced significantly below its historical per share average annual low valuation metrics.  So, following our logic, these securities would need substantial price appreciation over the long term to come back into what we have calculated as the historically normal range.

“Buy” ratings are for securities that are priced below their average annual lows with respect to their normal per share valuation metrics. While these stocks are undervalued by our methodology, they have not dropped past the strategic threshold that would trigger the “Strong Buy” designation.

“Hold” ratings are our neutral rating and based on our ratings methodology, these stocks are close to fairly valued. In other worlds these stocks fall within what we would consider the normal valuation bands for this particular security.

“Sell” ratings are reserved for securities that are priced above their average annual highs with respect to their normal per share valuation metrics. While these stocks are overvalued by our methodology, they have not appreciated past the strategic threshold that would trigger the “Strong Sell” designation.

“Strong Sell” ratings are reserved for the most overvalued stocks by our methodology. Essentially, a stock rated “Strong Sell” will be priced significantly above its historical per share average annual high valuation metrics. So, following our logic these securities would need substantial price erosion over the long term to come back into what we have calculated as the historically normal range.

“Not Rated” designates stocks that do not meet our minimum data requirements for coverage. While Ockham does not require a complex data set to analyze a company, there are still key metrics that may not be available for various reasons. When this occurs, we post the "Not Rated" designation and we will not provide reports for that particular company.

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Ockham Research does not provide tax, legal or accounting services or advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. Ockham Research in compliance with Internal Revenue Service Circular 230 (if applicable), you are notified that any discussion of U.S. federal tax issues contained or referred to within is not intended or written to be used, and cannot be used, for the purpose of: (A) avoiding penalties that may be imposed under the Internal Revenue Code; nor (B) promoting, marketing or recommending to another party any transaction or matter discussed herein. No portion of this website may be reproduced, stored, or redistributed in any form without the express written consent of Ockham Research, LLC. © 2007 Ockham Research, LLC. All rights reserved.

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