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DELUXE CORPORATION
Texas (August 11, 2014) Wax Ink has issued a Negative Investment Interest opinion for Deluxe Corporation (NYE: DLX), based on a recent intrinsic value review that placed fair value for the company between $31-$39.

A Negative Investment Interest opinion (sell) means that the current key performance indicators (KPIs) and associated financial metrics do not favor a position in this stock as an active investment at this time.

The recent close of $56.76 is approximately 201% above a fair value buy target for the stock and approximately 46% above a fair value close target for the stock. The recent close is also 3% below analysts’ twelve-month $58.50 median price target for the stock.

The recent close represents a 34% increase in the one-year price of the stock, while year-over-year sales increased 5%, year-over-year earnings increased 10%, year-over-year debt decreased 1%, and year-over-year free cash flow increased 4%.

The company paid a dividend of $1.01, a year-over-year increase of 0%.

The stock currently has a trailing twelve-month PE Ratio of 14, and a PEG Ratio of 2.0 basis estimated forward earnings growth of 7%.

In the past 52 weeks, share prices have moved between a high of $60.52 and a low of $38.12, placing current equilibrium at $54.54. With the recent close, the stock is trading 6% below the 52 week high, 33% above the 52 week low, and 4% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 0.258 million shares and the recent average daily trading volume is approximately 0.277 million shares. There are approximately 3.69 million short interest shares which places the days to cover at 17.5.

Deluxe Corporation provides customized checks and forms, Web-site development and hosting, search engine marketing and optimization, and logo design services to small businesses and financial institutions.

The company’s listed competitors include Harland Clarke Corporation, MDC Partners, Inc., and R.R. Donnelley and Sons Company.

Financial information contained in this alert, was taken from the company’s most recent annual SEC filing for year ending December 31, 2013. Unless otherwise noted, all prices are per share.

Disclosures
At this time Wax Ink has no investment position in any company mentioned in this alert. This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency focusing on long-term investment opportunities.

Copyright © 2014 Wax Ink

PLANTRONICS, INC.
Texas (August 6, 2014) Wax Ink has issued a No Investment Interest opinion for Plantronics, Inc. (NYE: PLT), based on a recent intrinsic value review that placed fair value for the company between $45-$52.

A No Investment Interest opinion (hold) means that the current key performance indicators (KPIs) and associated financial metrics do not favor a position in this stock as an active investment at this time.

The recent close of $46.48 is approximately 71% above a fair value buy target for the stock and approximately 17% below a fair value close target for the stock. The recent close is also 15% below analysts’ twelve-month $55.00 median price target for the stock.

The recent close represents a 2% decrease in the one-year price of the stock, while year-over-year sales increased 7%, year-over-year earnings decreased 9%, year-over-year debt increased 0%, and year-over-year free cash flow decreased 24%.

The company paid a dividend of $0.41, a year-over-year increase of 5%.

The stock currently has a trailing twelve-month PE Ratio of 18, and a PEG Ratio of 1.8 basis estimated forward earnings growth of 10%.

In the past 52 weeks, share prices have moved between a high of $49.87 and a low of $41.14, placing current equilibrium at $45.94. With the recent close, the stock is trading 7% below the 52 week high, 12% above the 52 week low, and 1% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 0.207 million shares and the recent average daily trading volume is approximately 0.59 million shares. There are approximately 1.1 million short interest shares which places the days to cover at 5.7.

Plantronics, Inc. designs, manufactures, and markets, lightweight communications headsets, telephone headset systems, other communication endpoints, and accessories for the business and consumer markets.

The company’s listed competitors include GN Netcom A/S, Logitech International SA, and Motorola Solutions, Inc..

Financial information contained in this alert, was taken from the company’s most recent annual SEC filing for year ending September 30, 2013. Unless otherwise noted, all prices are per share.

Disclosures
At this time Wax Ink has no investment position in any company mentioned in this alert. This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency focusing on long-term investment opportunities.

Copyright © 2014 Wax Ink

ASHLAND, INC.
Texas (August 1, 2014) Wax Ink has issued a Negative Investment Interest opinion for Ashland, Inc. (NYE: ASH), based on a recent intrinsic value review that placed fair value for the company between $47-$58.

A Negative Investment Interest opinion (sell) means that the current key performance indicators (KPIs) and associated financial metrics do not favor a position in this stock as an active investment at this time.

The recent close of $104.65 is approximately 269% above a fair value buy target for the stock and approximately 79% above a fair value close target for the stock. The recent close is also 13% below analysts’ twelve-month $120.00 median price target for the stock.

The recent close represents a 21% increase in the one-year price of the stock, while year-over-year sales decreased 5%, year-over-year earnings increased 20%, year-over-year debt decreased 6%, and year-over-year free cash flow increased 14%.

The company paid a dividend of $1.14, a year-over-year increase of 44%.

The stock currently has a trailing twelve-month PE Ratio of 13, and a PEG Ratio of 0.9 basis estimated forward earnings growth of 14%.

In the past 52 weeks, share prices have moved between a high of $110.02 and a low of $84.43, placing current equilibrium at $102.23. With the recent close, the stock is trading 6% below the 52 week high, 19% above the 52 week low, and 2% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 0.597 million shares and the recent average daily trading volume is approximately 1.002 million shares. There are approximately 0.724 million short interest shares which places the days to cover at 1.36.

Ashland, Inc. is a specialty chemicals company.

The company’s listed competitors include Arkema, Brenntag AG, and Momentive Specialty Chemicals, Inc..

Financial information contained in this alert, was taken from the company’s most recent annual SEC filing for year ending September 30, 2013. Unless otherwise noted, all prices are per share.

Disclosures
At this time Wax Ink has no investment position in any company mentioned in this alert. This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency focusing on long-term investment opportunities.

Copyright © 2014 Wax Ink

NCR CORPORATION
Texas (July 23, 2014) Wax Ink has issued a No Investment Interest opinion for NCR Corporation (NYE: NCR), based on a recent intrinsic value review that placed fair value for the company between $26-$33.

A No Investment Interest opinion (hold) means that the current key performance indicators (KPIs) and associated financial metrics do not favor a position in this stock as an active investment at this time.

The recent close of $32.03 is approximately 102% above a fair value buy target for the stock and approximately 2% below a fair value close target for the stock. The recent close is also 22% below analysts’ twelve-month $41.00 median price target for the stock.

The recent close represents an 8% decline in the one-year price of the stock, while year-over-year sales increased 7%, year-over-year earnings increased 44%, year-over-year debt increased 68%, and year-over-year free cash flow increased 50%.

The company paid a dividend of $0.00, a year-over-year increase of 0%.

The stock currently has a trailing twelve-month PE Ratio of 12, and a PEG Ratio of 0.5 basis estimated forward earnings growth of 25.5%.

In the past 52 weeks, share prices have moved between a high of $41.63 and a low of $28.64, placing current equilibrium at $33.71. With the recent close, the stock is trading 30% below the 52 week high, 11% above the 52 week low, and 5% below current equilibrium.

The three-month average daily trading volume for this stock is approximately 2.31 million shares and the recent average daily trading volume is approximately 4.43 million shares. There are approximately 10.49 million short interest shares which places the days to cover at 4.19.

NCR Corporation provides products and services that enable businesses to connect, interact, and transact with their customers worldwide.

The company’s listed competitors include Hewlett-Packard Company, International Business Machines Corporation, and Wincor Nixdorf Aktiengesellschaft.

Financial information contained in this alert, is basis the company’s most recent annual SEC filing for year ending September 30, 2013. Unless otherwise noted, all prices are per share.

Disclosures
At this time Wax Ink has no investment position in any company mentioned in this alert. This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency focusing on long-term investment opportunities.

Copyright © 2014 Wax Ink

CABOT CORPORATION
Texas (July 21, 2014) Wax Ink has issued a Negative Investment Interest opinion for Cabot Corporation (NYE: CBT), based on a recent intrinsic value review that placed fair value for the company between $36-$44.

A Negative Investment Interest opinion (sell) means that the current key performance indicators (KPIs) and associated financial metrics do not favor a position in this stock as an active investment at this time.

The recent close of $56.92 is approximately 162% above a fair value buy target for the stock and approximately 27% above a fair value close target for the stock. The recent close is also 15% below analysts’ twelve-month $67.00 median price target for the stock.

The recent close represents a 42% increase in the one-year price of the stock, while year-over-year sales increased 5%, year-over-year earnings decreased 18%, year-over-year debt decreased 8%, and year-over-year free cash flow increased 2%.

The company paid a dividend of $0.80, a year-over-year increase of 5%.

The stock currently has a trailing twelve-month PE Ratio of 26, and a PEG Ratio of 5.2 basis estimated forward earnings growth of 5%.

In the past 52 weeks, share prices have moved between a high of $61.46 and a low of $39.00, placing current equilibrium at $55.57. With the recent close, the stock is trading 8% below the 52 week high, 32% above the 52 week low, and 2% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 0.276 million shares and the recent average daily trading volume is approximately 0.224 million shares. There are approximately 0.627 million short interest shares which places the days to cover at 2.08.

Cabot Corporation operates as a specialty chemicals and performance materials company.

The company’s listed competitors include Aditya Birla Nuvo Limited, Evonik Degussa GmbH, and Sid Richardson Carbon and Energy Company.

Financial information contained in this alert, is basis the company’s most recent annual SEC filing for year ending September 30, 2013. Unless otherwise noted, all prices are per share.

Disclosures
At this time Wax Ink has no investment position in any company mentioned in this alert. This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency focusing on long-term investment opportunities.

Copyright © 2014 Wax Ink

PITNEY BOWES, INC.
Texas (July 17, 2014) Wax Ink has issued a Negative Investment Interest opinion for Pitney Bowes, Inc. (NYE: PBI), based on a recent intrinsic value review that placed fair value for the company between $20-$26.

A Negative Investment Interest opinion (sell) means that the current key performance indicators (KPIs) and associated financial metrics do not favor a position in this stock as an active investment at this time.

The recent close of $28.13 is approximately 137% above a fair value buy target for the stock and approximately 15% above a fair value close target for the stock. The recent close is also 6% below analysts’ twelve-month $30.00 median price target for the stock.

The recent close represents a 102% increase in the one-year price of the stock, while year-over-year sales decreased 1%, year-over-year earnings increased 62%, year-over-year debt decreased 17%, and year-over-year free cash flow increased 36%.

The company paid a dividend of $0.93, a year-over-year decline of 37%.

The stock currently has a trailing twelve-month PE Ratio of 14, and a PEG Ratio of (14) basis estimated forward earnings growth of (1%).

In the past 52 weeks, share prices have moved between a high of $28.24 and a low of $13.76, placing current equilibrium at $25.77. With the recent close, the stock is trading 0.4% below the 52 week high, 51% above the 52 week low, and 8% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 1.73 million shares and the recent average daily trading volume is approximately 1.66 million shares. There are approximately 18.6 million short interest shares which places the days to cover at 13.8.

Pitney Bowes is a global provider of technology solutions helping small, mid-sized and large firms connect to customers to build loyalty and grow revenue.

The company’s listed competitors include Neopost S.A., Xerox Corporation, and Canon, Inc..

Financial information contained herein, was extracted from the company’s most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
At this time Wax Ink has no investment position in any company mentioned in this alert. This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency focusing on long-term investment opportunities.

Copyright © 2014 Wax Ink

SEABOARD CORPORATION
Texas (July 13, 2014) Wax Ink has issued a Negative Investment Interest opinion for Seaboard Corporation (AMEX: SEB), based on a recent intrinsic value review that placed fair value for the company between $396-$447.

A Negative Investment Interest opinion (sell) means that the current key performance indicators (KPIs) and associated financial metrics do not favor a position in this stock as an active investment at this time.

The recent close of $2929.00 is approximately 1133% above a fair value buy target for the stock and approximately 499% above a fair value close target for the stock. The recent close is also 00% above/below analysts’ twelve-month $00.00 median price target for the stock.

The recent close represents a 4.5% increase in the one-year price of the stock, while year-over-year sales increased 8%, year-over-year earnings decreased 46%, year-over-year debt decreased 7%, and year-over-year free cash flow decreased 47%.

The company paid a dividend of $0.00 which represents a year-over-year dividend decrease of 100%. In December 2012, the company declared and paid a dividend of $12.00 per share on the common stock. The increased amount of the dividend (which has historically been $0.75 per share on a quarterly basis or $3.00 per share on an annual basis) represented a prepayment of the annual 2013, 2014, 2015 and 2016 dividends ($3.00 per share per year). The company does not currently intend to declare any further dividends for the years 2014-2016, and did not declare a dividend in 2013 or 2011. In 2010, the company declared and paid dividends of $9.00 per share on the common stock, which included a prepayment of the annual 2011 and 2012 dividends ($3.00 per share per year).

The stock currently has a trailing twelve-month PE Ratio of 21, and a PEG Ratio of 1.5 basis estimated forward earnings growth of 14.5%.

In the past 52 weeks, share prices have moved between a high of $3119.33 and a low of $2350.00, placing current equilibrium at $2472.68. With the recent close, the stock is trading 6.5% below the 52 week high, 20% above the 52 week low, and 6% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 694 shares and the recent average daily trading volume is approximately 603 shares. There are approximately 902 short interest shares which places the days to cover at 4.90.

Seaboard Corporation. is an agribusiness and transportation company, engaged in the production, processing, and ocean transportation of pork worldwide.

The company’s listed competitors include Bunge Limited, Louis Dreyfus Holding BV, and Smithfield Foods, Inc..

Financial information contained herein, was extracted from the company’s most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
At this time Wax Ink has no investment position in any company mentioned in this alert. This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency focusing on long-term investment opportunities.

Copyright © 2014 Wax Ink

TRIUMPH GROUP, INC.
Texas (July 10, 2014) Wax Ink has issued a Negative Investment Interest opinion for Triumph Group, Inc. (NYSE: TGI), based on a recent intrinsic value review that placed fair value for the company between $47-$54.

A Negative Investment Interest opinion (sell) means that the current key performance indicators (KPIs) and associated financial metrics do not favor a position in this stock as an active investment at this time.

The recent close of $66.01 is approximately 136% above a fair value buy target for the stock and approximately 15% aove a fair value close target for the stock. The recent close is also 20% below analysts’ twelve-month $83.00 median price target for the stock.

The recent close represents a 20% decrease in the one-year price of the stock, while year-over-year sales increased 2%, year-over-year earnings decreased 15%, year-over-year debt increased 15%, and year-over-year free cash flow decreased 18%.

The company paid a dividend of $0.16 which represents a year-over-year dividend decrease of 1%.

The stock currently has a trailing twelve-month PE Ratio of 9, and a PEG Ratio of 0.6 basis estimated forward earnings growth of 14.5%.

In the past 52 weeks, share prices have moved between a high of $85.50 and a low of $61.41, placing current equilibrium at $69.01. With the recent close, the stock is trading 30% below the 52 week high, 7% above the 52 week low, and 5% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 0.545 million shares and the recent average daily trading volume is approximately 0.603 million shares. There are approximately 1.66 million short interest shares which places the days to cover at 2.76.

Triumph Group, Inc. through its subsidiaries, is engaged in the design, engineering, manufacture, repair, overhaul, and distribution of aero structures, aircraft components, accessories, sub-assemblies, and systems.

The company’s listed competitors include Lockheed Martin Corporation, Northrop Grumman Corporation, and Spirit AeroSystems Holdings, Inc..

Financial information contained herein, was extracted from the company’s most recent annual SEC filing for year ending March 31, 2014 and all prices are per share unless otherwise noted.

Disclosures
At this time Wax Ink has no investment position in any company mentioned in this alert. This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency focusing on long-term investment opportunities.

Copyright © 2014 Wax Ink

DENBURY RESOURCES, INC.
Texas (July 6, 2014) Wax Ink has issued a Positive Investment Interest opinion for Denbury Resources, Inc. (NYSE: DNR), based on a recent intrinsic value review that placed fair value for the company between $33-$37.

A Positive Investment Interest opinion (buy) means that the current key performance indicators (KPIs) and associated financial metrics favor a position in this stock as an active investment at this time.

The recent close of $18.25 is approximately 8% below a fair value buy target for the stock and approximately 55% below a fair value close target for the stock. The recent close is also 9% below analysts’ twelve-month $20.00 median price target for the stock.

The recent close represents a 5% increase in the one-year price of the stock, while year-over-year sales increased 2%, year-over-year earnings decreased 7%, year-over-year debt increased 4%, and year-over-year free cash flow increased 15%.

The company paid a dividend of $0.00 which represents a year-over-year dividend increase of 0%.

The stock currently has a trailing twelve-month PE Ratio of 6, and a PEG Ratio of 0.5 basis estimated forward earnings growth of 13%.

In the past 52 weeks, share prices have moved between a high of $19.61 and a low of $15.56, placing current equilibrium at $17.23. With the recent close, the stock is trading 7.5% below the 52 week high, 15% above the 52 week low, and 6% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 3.773 million shares and the average daily volume is approximately 1.801 million shares. There are approximately 25.594 million short interest shares which places the days to cover at 8.57.

Denbury Resources, Inc. operates as an oil and natural gas company in the United States primarily focusing on enhanced oil recovery utilizing carbon dioxide.

The company’s listed competitors include Newfield Exploration Company, Occidental Permian, Ltd., and Swift Energy Company.

Financial information contained herein, was extracted from the company’s most recent annual SEC filing for year ending March 31, 2014 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency focusing on long-term investment opportunities.

Copyright © 2014 Wax Ink

MODINE MANUFACTURING COMPANY
Texas (July 2, 2014) Wax Ink has issued a Negative Investment Interest opinion for Modine Manufacturing Company (NYSE: MOD), based on a recent intrinsic value review that placed fair value for the company between $2-($3).

A Negative Investment Interest opinion (sell) means that the current key performance indicators (KPIs) and associated financial metrics do not favor a position in this stock as an active investment, at this time.

The recent close of $15.97 is approximately 1010% above a fair value buy target for the stock and approximately 440% above a fair value close target for the stock. The recent close is also 0% below analysts’ twelve-month $16.00 median price target for the stock.

The recent close represents a 42% increase in the one-year price of the stock, while year-over-year sales increased 7%, year-over-year earnings decreased 399%, year-over-year debt increased 0.5%, and year-over-year free cash flow decreased 219%.

The company paid a dividend of $0.00 which represents a year-over-year dividend increase of 0%.

The stock currently has a trailing twelve-month PE Ratio of (12), and a PEG Ratio of (0.3) basis estimated forward earnings growth of 35%.

In the past 52 weeks, share prices have moved between a high of $17.51 and a low of $10.79, placing current equilibrium at $14.93. With the recent close, the stock is trading 10% below the 52 week high, 32% above the 52 week low, and 7% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 0.243 million shares and the average daily volume is approximately 0.344 million shares. There are approximately 0.908 million short interest shares which places the days to cover at 4.30.

Modine Manufacturing Company develops, manufactures, and markets heat exchangers and systems for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and to various building, industrial, and refrigeration markets.

The company’s listed competitors include Dana Holding Corporation, Delphi Automotive Systems, LLC, and Denso Corporation.

Financial information contained herein, was extracted from the company’s most recent annual SEC filing for year ending March 31, 2014 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

BAKER HUGHES, INC.
Texas (June 30, 2014) Wax Ink has issued a Negative Investment Interest opinion for Baker Hughes, Inc. (NYSE: BHI), based on a recent intrinsic value review that placed fair value for the company between $59-$67.

A Negative Investment Interest opinion (sell) means that the current key performance indicators (KPIs) and associated financial metrics do not favor a position in this stock as an active investment at this time.

The recent close of $73.96 is approximately 111% above a fair value buy target for the stock and approximately 2% above a fair value close target for the stock. The recent close is also 7% below analysts’ twelve-month $79.50 median price target for the stock.

The recent close represents a 61% increase in the one-year price of the stock, while year-over-year sales increased 5%, year-over-year earnings decreased 16%, year-over-year debt decreased 10%, and year-over-year free cash flow increased 35%.

The company paid a dividend of $0.61 which represents a year-over-year dividend increase of 2%.

The stock currently has a trailing twelve-month PE Ratio of 13, and a PEG Ratio of 1 basis estimated forward earnings growth of 13%.

In the past 52 weeks, share prices have moved between a high of $75.04 and a low of $45.70, placing current equilibrium at $65.49. With the recent close, the stock is trading 1.5% below the 52 week high, 38% above the 52 week low, and 11.5% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 3.622 million shares and the average daily volume is approximately 3.514 million shares. There are approximately 5.606 million short interest shares which places the days to cover at 1.803.

Baker Hughes, Inc. supplies oilfield services, products, technology, and systems to the oil and natural gas industry worldwide.

The company’s listed competitors include Schlumberger Limited, Weatherford International plc, and Halliburton Company.

Financial information contained herein, was extracted from the company’s most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

TRANSOCEAN LTD.
Texas (June 29, 2014) Wax Ink has issued a Potential Investment Interest opinion for Transocean Ltd. (NYSE: RIG), based on a recent intrinsic value review that placed fair value for the company between $58-$66.

A Potential Investment Interest opinion (watch) means that the current key performance indicators (KPIs) or associated financial metrics, but not both, favor a position in this stock as an active investment at this time.

The recent close of $44.53 is approximately 29% above a fair value buy target for the stock and approximately 37% below a fair value close target for the stock. The recent close is also 7% above analysts’ twelve-month $41.50 median price target for the stock.

The recent close represents an 8% decrease in the one-year price of the stock, while year-over-year sales increased 3%, year-over-year earnings increased 25%, year-over-year debt decreased 14.5%, and year-over-year free cash flow decreased 44%.

The company paid a dividend (called a Distribution of Qualifying Additional Paid-In Capital) of $1.68 which represents a year-over-year dividend increase of 118%.

The stock currently has a trailing twelve-month PE Ratio of 6, and a PEG Ratio of 0.5 basis estimated forward earnings growth of 13.5%.

In the past 52 weeks, share prices have moved between a high of $55.74 and a low of $38.47, placing current equilibrium at $43.96.

With the recent close, the stock is trading 25% below the 52 week high, 14% above the 52 week low, and 1% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 4.6 million shares and the average daily volume is approximately 2.6 million shares. There are approximately 56.3 million short interest shares which places the days to cover at 14.48.

Transocean Ltd together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide.

The company’s listed competitors include Ensco plc, Noble Corporation,and Saipem S.p.A..

Financial information contained herein, was extracted from the company’s most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

WORLD FUEL SERVICES CORPORATION
Texas (June 27, 2014) Wax Ink has issued a No Investment Interest opinion for World Fuel Corporation (NYSE: INT), based on a recent intrinsic value review that placed fair value for the company between $47-$54.

A No Investment Interest opinion (hold) means that the current key performance indicators (KPIs) do not favor a position in this stock as an active investment at this time.

The recent close of $647.98 is approximately 47% above the fair value buy target for the stock and approximately 17% below the fair value close target for the stock. The recent close is also 0.01% below analysts’ twelve-month $48.00 median price target for the stock.

The recent close represents a 22% increase in the one-year price of the stock, while year-over-year sales increased 7%, year-over-year earnings decreased 9%, year-over-year debt increased 22%, and year-over-year free cash flow decreased 30%.

The stock currently has a trailing twelve-month PE Ratio of 17, and a PEG Ratio of 3.8 basis estimated forward earnings growth of 4.5%.

In the past 52 weeks, share prices have moved between a high of $48.84 and a low of $34.57, placing equilibrium at $44.32.

With the recent close, the stock is trading 2% below the 52 week high, 28% above the 52 week low, and 8% above equilibrium.

The three-month average daily trading volume for this stock is approximately 239 thousand shares and the average daily volume is approximately 225 thousand shares. There are approximately 4.85 million short interest shares which places the days to cover at 28.12.

World Fuel Services Corporation a fuel logistics company, markets, sells, and distributes aviation, marine, and land fuel products and related services worldwide.

The company’s listed competitors include BP Marine Limited, Mercury Air Group,and Sun Coast Resources.

Financial information contained herein, was obtained from the company’s most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

CELANESE CORPORATION
Texas (June 24, 2014) Wax Ink has issued a Negative Investment Interest opinion for Celanese Corporation (NYSE: CE). The value alert is based on a recent intrinsic value review that placed fair value for the company between $36-$44.

A Negative Investment Interest opinion (sell) means that the current key performance indicators (KPIs) do not favor retention of the stock as a active investment at this time.

The recent close of $64.69 is approximately 202% above the fair value buy target for the stock and approximately 47% above the fair value close target for the stock. The recent close is also 5% below analysts’ twelve-month $68.00 median price target for the stock.

The recent close represents a 40% increase in the one-year price of the stock, while year-over-year sales increased 1%, year-over-year earnings decreased 52%, year-over-year debt increased 1%, and year-over-year free cash flow decreased 54%.

The stock currently has a trailing twelve-month PE Ratio of 35, and a PEG Ratio of 3.2 basis estimated forward earnings growth of 11%.

In the past 52 weeks, share prices have moved between a high of $65.17 and a low of $43.57, placing equilibrium at $58.47.

With the recent close, the stock is trading 1% below the 52 week high, 33% above the 52 week low, and 10% above equilibrium.

The three-month average daily trading volume for this stock is approximately 929 thousand shares and the average daily volume is approximately 527 thousand shares. There are approximately 1.03 million short interest shares which places the days to cover at 2.92.

Celanese Corporation manufactures chemical products, with a portfolio consisting of Acetyl Products, Chemical Intermediates, Acetate Products, Technical Polymers Ticona and Performance Products. The company has 29 production plants, with major operations in North America, Europe and Asia.

The company’s listed competitors include BASF SE, LANXESS Aktiengesellschaft,and Methanex Corporation.

Financial information contained herein, was obtained from the company’s most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

PEABODY ENERGY CORPORATION
Texas (June 23, 2014) Wax Ink has issued a Positive Investment Interest opinion for Peabody Energy Corporation (NYSE: BTU) based on a recent intrinsic value review that placed fair value between $41-$43.

A Positive Investment Interest opinion (buy) means that the current key performance indicators (KPIs) favor addition of the stock as a active investment at this time.

The recent close of $16.95 is approximately 31% below the fair value buy target for the stock and approximately 66% below the fair value close target for the stock. The recent close is also 23% below analysts’ twelve-month $22.00 median price target for the stock.

The recent close represents a 6% increase in the one-year price of the stock, while year-over-year sales decreased 13%, year-over-year earnings decreased 13%, year-over-year debt decreased 4%, and year-over-year free cash flow increased 65%.

The stock currently has a trailing twelve-month PE Ratio of 4, and a PEG Ratio of (8.8) basis estimated forward earnings growth of (0.5%).

In the past 52 weeks, share prices have moved between a high of $21.28 and a low of $14.34, placing equilibrium at $17.64.

With the recent close, the stock is trading 26% below the 52 week high, 15% above the 52 week low, and 4% below equilibrium.

The three-month average daily trading volume for this stock is approximately 7.79 million shares and the average daily volume is approximately 6.96 millon shares. There are approximately 7.07 million short interest shares which places the days to cover at 3.29.

Peabody Energy Corporation is engaged in the mining of coal.

The company’s listed competitors include Arch Coal, BHP Billiton Ltd.,and CONSOL Energy.

Financial information contained herein, is based on the company’s most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

UNIT CORPORATION
Texas (June 19, 2014) Wax Ink has issued a Negative Investment

Interest opinion for Unit Corporation (NYSE: UNT) based on a recent intrinsic value review that placed fair value between $51-$56.

A Negative Investment Interest opinion (sell) means that the current key performance indicators (KPIs) favor removal of the stock as an active investment at this time.

The recent close of $66.50 is approximately 119% above the fair value buy target for the stock and approximately 7% above the fair value close target for the stock. The recent close is also 2% below analysts’ twelve-month $68.000 median price target for the stock.

The recent close represents a 49% increase in the one-year price of the stock, while year-over-year sales increased 0.06%, year-over-year earnings decreased 26%, year-over-year debt decreased 11%, and year-over-year free cash flow decreased 42%.

The stock currently has a trailing twelve-month PE Ratio of 7, and a PEG Ratio of 13.9 basis estimated forward earnings growth of 0.5%.

In the past 52 weeks, share prices have moved between a high of $67.73 and a low of $41.59, placing equilibrium at $60.01.

With the recent close, the stock is trading 2% below the 52 week high, 38% above the 52 week low, and 10% above equilibrium.

The three-month average daily trading volume for this stock is approximately 2.29 million shares and the average daily volume is approximately 1.22 millon shares. There are approximately 1.1 million short interest shares which places the days to cover at 3.9.

Uni Corporation is engaged in the land contract drilling of natural gas and oil wells, exploration, development, acquisition and production of oil and natural gas properties and buying, selling, gathering, processing and treating of natural gas in US..

The company’s listed competitors include Anadarko Petroleum Corporation, Nabors Industries Ltd.,and Precision Drilling Corporation.

Financial information contained herein, is based on the company’s most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

DYNAMIC MATERIALS CORPORATION
Texas (June 17, 2014) Wax Ink has issued a No Investment Interest opinion for Dynamic Materials Corporation (Nasdaq: BOOM) based on a recent intrinsic value review that placed fair value between $26-$30.

A No Investment Interest opinion (hold) means that the current key performance indicators (KPIs) do not favor investment consideration at this time.

The recent close of $21.87 is approximately 40% above the fair value buy target for the stock and approximately 32% below the fair value close target for the stock. The recent close is also 14% below analysts’ twelve-month $25.50 median price target for the stock.

The recent close represents a 32% increase in the one-year price of the stock, while year-over-year sales increased 4%, year-over-year earnings decreased 41%, year-over-year debt decreased 27%, and year-over-year free cash flow decreased 85%.

The stock currently has a trailing twelve-month PE Ratio of 21, and a PEG Ratio of 1.2 basis estimated forward earnings growth of 18%.

In the past 52 weeks, share prices have moved between a high of $24.09 and a low of $16.00, placing equilibrium at $20.91.

With the recent close, the stock is trading 10% below the 52 week high, 27% above the 52 week low, and 4.5% above equilibrium.

The three-month average daily trading volume for this stock is approximately 56,025 shares and the average daily volume is approximately 22,412 shares. There are approximately 443,000 short interest shares which places the days to cover at 9.6.

Dynamic Materials Corporation is engaged in the production of explosion-welded clad metal plates for use in the construction of corrosion resistant industrial processing equipment and specialized transition joints.

The company’s listed competitors include Bostik, Inc., Johnson & Johnson,and Sika AG.

Financial information contained herein, is based on the company’s most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink