Court filing
Sell-side equity research statistical review PDF - Stephens - Equity Research Statistical Review
Filed June 30, 2022 in Stephens Equity Research Statistical Review, the only filing from this case in the archive.
What This Document Is
A Stephens Inc. internal monthly statistical review dated July 2022, listing the firm's equity research analyst coverage by sector (consumer, financial services, industrials and energy, technology/media/telecom, healthcare), coverage and rating changes, and the standard analyst-certification and risk-disclosure appendix required for sell-side research distribution.
Factual Summary
The document is a roster, not analysis: it enumerates the tickers and companies each Stephens analyst covers across sectors including Banks (Midwest, Northeast, Southern, Super-Regional, West Coast), Specialty Finance, Financial Technology, and others, alongside a director-of-research contact list and a coverage-changes/rating-changes log. It contains no discussion of any specific company's earnings, guidance, or business conditions, and no reference anywhere in the text to COVID-19, the pandemic, stimulus, or any federal relief program including the Paycheck Protection Program.
Key Facts
- Document title: Stephens Inc. Equity Research Statistical Review, dated for July 2022 (covering activity through June 30, 2022).
- The document is purely a coverage-list and disclosure appendix, not a research note or company-specific commentary.
- Financial Technology and Specialty Finance sector coverage lists include tickers such as PayPal (PYPL), Block/Square (SQ), Affirm (AFRM), Upstart (UPST), LendingTree (TREE), and several regional and specialty banks, but the document provides no commentary on any of them beyond ticker/analyst assignment.
- No mention of COVID-19, the pandemic, stimulus, or any pandemic-relief program (including PPP) appears anywhere in the source text.
Source Caveats
- This is a coverage roster and disclosure appendix, not a substantive research note; it should not be cited for any company-specific pandemic-era claim.
- The presence of a company's ticker on this coverage list does not indicate any pandemic-relief-program involvement or discussion.
Full text
STEPHENS INC. – EQUITY RESEARCH STATISTICAL REVIEW
July 2022
© 2022 Stephens Inc. 111 Center Street Little Rock, AR 72201 501-377-2000/800-643-9691 stephens.com Member NYSE, SIPC
CONFIDENTIAL AND PROPRIETARY INFORMATION OF STEPHENS INC| MEMBER NYSE, SIPC
Refer to Appendix on page 54-55 for Important Disclosures and Analyst Certification and Risks
July 2022
Monthly Statistical Review
Equity Research Industry Coverage List ........................................................................................................................................................... 2
Equity Research Company Coverage List .......................................................................................................................................................... 9
Coverage Changes ...........................................................................................................................................................................................14
Rating Changes ...............................................................................................................................................................................................15
Consumer
Consumer Staples ................................................................ 16 Industrials and Energy
e-commerce ........................................................................ 17 Building Materials ....................................................................32
Food & Agribusiness.............................................................. 18 Electrical Equipment/Multi-Industry, Distribution..........................33
Grocery/C-Store ................................................................... 19 Oil and Gas .............................................................................34
Retail: Automotive, Hardlines, and Leisure Products.................. 20 Renewables .............................................................................35
Transportation/Airfreight & Surface Transportation.......................36
Financial Services Transportation/Railroads and Equipment Suppliers .......................37
Banks-Midwest ..................................................................... 21
Banks-Northeast................................................................... 22 Technology, Media and Telecommunications
Banks-Southern ................................................................... 23 Advertising Technology .............................................................38
Banks-Super-Regional ........................................................... 24 Enterprise & Cloud Infrastructure ...............................................39
Banks-West Coast ................................................................ 25 Financial Technology ................................................................40
Real Estate Services ............................................................. 26 Media .....................................................................................41
Specialty Finance.................................................................. 27 Security Software ....................................................................42
Healthcare
Diagnostics .......................................................................... 28
Life Science Tools and Pharma Services................................... 29
Healthcare Services .............................................................. 30
Medical Devices and Hospital Supply ....................................... 31
Coverage List by Market Capitalization ...........................................................................................................................................................43
Institutional Sales & Trading ..........................................................................................................................................................................56
Branch Offices .................................................................................................................................................................................................57
© 2022 Stephens Inc.
111 Center Street Little Rock, AR 72201 501-377-2000 800-643-9691 stephens.com Member NYSE, SIPC
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
CONSUMER
Ben Bienvenu, Managing Director Daniel Imbro, Managing Director
(501) 377-8511 (501) 377-2055 Nicholas Zangler, CFA, Analyst
Jim Salera, Senior Associate (501) 377-8079 Joe Enderlin, Associate (501) 377-2108 (312) 292-5753
Jack Hardin, Associate (501) 377-8065 Reed Seay, Associate (501) 377-2259 Dean Sublett, Associate (501) 377-6372
Jonathan Ricketts, Associate (501) 377-8362
Retail: Automotive, Hardlines, and Leisure Products e-commerce
Consumer Staples ASO Academy Sports and Outdoors W Wayfair Inc.
BRBR BellRing Brands, Inc. GOLF Acushnet Holdings Corp.
FLO Flowers Foods, Inc. ACVA ACV Auctions Inc.
FRPT Freshpet, Inc. AAP Advance Auto Parts
TWNK Hostess Brands, Inc. ABG Asbury Automotive Group, Inc.
SMPL Simply Good Foods AN AutoNation, Inc.
UTZ Utz Brands, Inc. AZO AutoZone, Inc.
ZVIA Zevia PBC CDRE Cadre Holdings, Inc.
ELY Callaway Golf Company
Food & Agribusiness CWH Camping World Holdings
ANDE Andersons, Inc., The KMX CarMax, Inc.
ADM Archer Daniels Midland CVNA Carvana Co.
BG Bunge Ltd. CPRT Copart, Inc.
CALM Cal-Maine Foods, Inc. DKS Dick’s Sporting Goods
CVGW Calavo Growers, Inc. DORM Dorman Products, Inc.
DAR Darling Ingredients Inc. GPC Genuine Parts Company
DOLE Dole plc GPI Group 1 Automotive, Inc.
GPRE Green Plains Inc. IAA IAA, Inc.
HRL Hormel Foods Corp. KAR KAR Auction Services, Inc.
INGR Ingedion Inc. LAD Lithia Motors, Inc.
LMNR Limoneira Company LKQ LKQ Corp.
AVO Mission Produce, Inc. MNRO Monro, Inc.
PPC Pilgrim’s Pride Corp. ORLY O’Reilly Automotive, Inc.
SAFM Sanderson Farms, Inc. PAG Penske Automotive Group, Inc.
TSN Tyson Foods, Inc. SAH Sonic Automotive, Inc.
SMP Standard Motor Products
Grocery/C-Store TITN Titan Machinery Inc.
CASY Casey’s General Stores TSCO Tractor Supply Co.
KR Kroger Co.
MUSA Murphy USA Inc.
SFM Sprouts Farmers Market
WMT Walmart Inc.
July 2022, Page 2
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
FINANCIAL SERVICES
Matt Breese, Managing Director John Campbell, Managing Director Vincent Caintic, CFA, Managing Director
(401) 658-1114 (501) 377-6362 (646) 620-7702
Paul Smith, Associate (501) 377-2220 Jonathan Bass, Associate (501) 377-3717 Morgan O’Donovan, CFA, Senior Associate (954) 540-8186
Samuel Varga, Associate (207) 808-5026 Austin Hayes, Associate (501) 377-8519
Specialty Finance
Banks-East Coast/Northeast Real Estate Services AAN Aaron’s Company, Inc., The
CAC Camden National Corp. HOUS Anywhere Real Estate Inc. AER AerCap Holdings
CBU Community Bank System APPF Appfolio, Inc. AFRM Affirm Holdings, Inc.
CNOB ConnectOne Bancorp BKI Black Knight, Inc. AL Air Lease Corp.
CUBI Customers Bancorp, Inc. CNNE Cannae Holdings, Inc. ALLY Ally Financial Inc.
DCOM Dime Community Bancshares CSGP CoStar Group, Inc. CRMT America’s Car-Mart, Inc.
FCF First Commonwealth Financial EXPI eXp World Holdings AXP American Express Co.
FULT Fulton Financial Corp. FNF Fidelity National Financial, Inc. BFH Bread Financial Holdings
HNVR Hanover Bancorp, Inc. FAF First American Financial Corp. COF Capital One Financial Corp.
MNSB MainStreet Bancshares, Inc. TREE LendingTree, Inc. CONN Conn’s, Inc.
MPB Mid Penn Bancorp PX P10 Holdings CACC Credit Acceptance Corp.
NBTB NBT Bancorp PRCH Porch Group Inc. CURO CURO Group Holdings
NYCB New York Community Bancorp QNST QuinStreet, Inc. DFS Discover Financial Services
NWBI Northwest Bancshares, Inc. RMAX RE/MAX Holdings Inc. ECN-CA ECN Capital
OCFC OceanFirst Financial Corp. RDFN Redfin Corp. ENVA Enova International
PFIS Peoples Financial Services Corp. STC Stewart Information Services FCFS FirstCash, Inc.
PVBC Provident Bancorp Inc. ZG Zillow, Inc FRG Franchise Group, Inc.
STBA S&T Bancorp NAVI Navient Corporation
SBNY Signature Bank OMF OneMain Holdings, Inc.
UVSP Univest Financial Corp. LPRO Open Lending Corp.
VLY Valley National Bancorp PRG PROG Holdings, Inc.
WBS Webster Financial Corp. RM Regional Management
RCII Rent-A-Center
SLM SLM Corp.
SYF Synchrony Financial
WRLD World Acceptance Corp.
July 2022, Page 3
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
FINANCIAL SERVICES
Terry McEvoy, CFA, Managing Director Matt Olney, CFA, Managing Director Andrew Terrell, CFA, Analyst
(207) 808-5025 (501) 377-2101 (501) 377-2303
Brandon Rud, Associate (207) 808-5902 Jordan Ghent, Associate (501) 377-3740 Banks-West Coast
Daniel Thomas, Associate (207) 228-1707 Thomas Wendler, Senior Associate (501) 377-2265 AVBH Avidbank Holdings, Inc.
BANC Banc of California
Banks-Midwest Banks-Southern BMRC Bank of Marin Bancorp
ASB Associated Banc-Corp ABTX Allegiance Bancshares, Inc. BANR Banner Corp.
BY Byline Bancorp, Inc. BSVN Bank7 Corp. CCB Coastal Financial Corp.
CIVB Civista Bancshares OZK Bank OZK COLB Columbia Banking System
EQBK Equity Bancshares, Inc. BOKF BOK Financial Corp. FFWM First Foundation Inc.
FMAO Farmers & Merchants Bancorp BFST Business First Bancshares FIBK First Interstate BancSystem
FNWD Finward Bancorp CADE Cadence Bank FSBC Five Star Bancorp
BUSE First Busey Corp. CBTX CBTX, Inc. GBCI Glacier Bancorp
FFBC First Financial Bancorp CFB CrossFirst Bankshares, Inc. HTBK Heritage Commerce Corp.
FRME First Merchants Corp CFR Cullen/Frost Bankers, Inc. HFWA Heritage Financial Corp.
FMBH First Mid Illinois Bancshares, Inc. FBK FB Financial Corporation NBHC National Bank Holdings
HTLF Heartland Financial USA FBMS First Bancshares Inc. PPBI Pacific Premier Bancorp
HBNC Horizon Bancorp FFIN First Financial Bankshares PACW PacWest Bancorp
LKFN Lakeland Financial Corp. GNTY Guaranty Bancshares, Inc. PFBC Preferred Bank
MSBI Midland States Bancorp HWC Hancock Whitney Corp. PBAM Private Bancorp of America
MOFG MidWestOne Financial Group HTH Hilltop Holdings Inc. RBB RBB Bancorp, Inc.
NIC Nicolet Bankshares HOMB Home BancShares, Inc. SIVB SVB Financial Group
ONB Old National Bancorp. IBTX Independent Bank Group TCBK TriCo Bancshares
PEBO Peoples Bancorp OBNK Origin Bancorp, Inc. UMPQ Umpqua Holdings Corp.
SYBT Stock Yards Bancorp PNFP Pinnacle Financial Partners WAL Western Alliance Bancorp.
WTFC Wintrust Financial Corp. PB Prosperity Bancshares, Inc.
RRBI Red River Bancshares, Inc.
Banks-Super-Regional RNST Renasant Corp.
CFG Citizens Financial Group SFNC Simmons First National Corp.
CMA Comerica Inc. SMBK SmartFinancial, Inc.
FITB Fifth Third Bancorp TCBI Texas Capital Bancshares, Inc.
FRC First Republic Bank TCBX Third Coast Bancshares
HBAN Huntington Bancshares Inc. TBK Triumph Bancorp, Inc.
KEY KeyCorp. VBTX Veritex Holdings, Inc.
PNC PNC Financial Services Group
RF Regions Financial Corp.
TFC Truist Financial Corp.
USB U.S. Bancorp
ZION Zions Bancorporation
July 2022, Page 4
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
HEALTHCARE
Mason Carrico, CFA, Analyst Scott Fidel, Managing Director Jacob Johnson, CFA, Managing Director
(214) 258-2712 (212) 891-1788 (615) 279-4355
Jacob Krahenbuhl, Associate (501) 377-2562 Jordan Bernstein, Associate (212) 891-1706 Steven Etoch, Associate (214) 258-2797
Raj Kumar, Associate (501) 377-8033 Hannah Hefley, Associate (501) 377-2345
Diagnostics
CDNA CareDx, Inc. Healthcare Services Life Science Tools and Pharma Services
CSTL Castle Biosciences, Inc. ACHC Acadia Healthcare Co. TKNO Alpha Teknova, Inc.
DMTK DermTech Inc. ADUS Addus HomeCare Corp. CDMO Avid Bioservices, Inc.
NTRA Natera, Inc. AMED Amedisys, Inc. TECH Bio-Techne Corp.
NEO Neogenomics Inc. AVAH Aveannna Healthcare BLFS BioLife Solutions, Inc.
OCX Oncocyte Corporation CNC Centene Corp. AZTA Azenta, Inc.
VCYT Veracyte, Inc. CI Cigna Corp. CTLT Catalent, Inc.
ELV Elevance Health, Inc. CERS Cerus Corp.
EHC Encompass Health Corp. CRL Charles River Laboratories
Chris Cooley, CFA, Managing Director
ENSG Ensign Group, The CDXS Codexus, Inc.
(501) 377-2516
HCA HCA Healthcare CYRX Cryoport, Inc.
Benjamin Mee, Associate (501) 377-8082
HUM Humana Inc. MXCT MaxCyte, Inc.
LHCG LHC Group, Inc. OSUR OraSure Technologies, Inc.
Medical Devices & Hospital Supply MOH Molina Healthcare RGEN Repligen Corp.
ABMD Abiomed, Inc. PNTG Pennant Group, The SCTL Societal CDMO
ALC Alcon, Inc. THC Tenet Healthcare WST West Pharmaceutical Services
ALGN Align Technology, Inc. UNH UnitedHealth Group
ANIK Anika Therapeutics, Inc. UHS Universal Health Services
APEN Apollo Endosurgery, Inc.
AVNS Avanos Medical
BSX Boston Scientific Corp.
COO Cooper Companies, The
CUTR Cutera, Inc.
DXCM DexCom, Inc.
ESTA Establishment Labs Holdings
GKOS Glaukos Corp.
PODD Insulet Corp.
PLSE Pulse Biosciences, Inc.
SIEN Sientra, Inc.
SDC SmileDirectClub, Inc.
STAA STAAR Surgical Co.
STE STERIS plc
TFX Teleflex Inc.
VCEL Vericel Corporation
July 2022, Page 5
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
INDUSTRIALS and ENERGY
Jack Atkins, Managing Director Trey Grooms, Managing Director Cameron Lochridge, Analyst
(501) 377-2298 (501) 377-2318 (713) 993-4212
Grant Smith, Associate (501) 377-6353 Noah Merkousko, Senior Associate (501) 377-8506 Collin Nieman, Associate (501) 377-8520
Sid Ramesh, Associate (501) 377-2539
Transportation/Airfreight & Surface Transportation Oil and Gas
ARCB ArcBest Corp. Building Materials BKR Baker Hughes
ATSG Air Transport Services Group ACA Arcosa, Inc. WHD Cactus, Inc.
CHRW C.H. Robinson Worldwide, Inc. AZEK AZEK Company BOOM DMC Global
CVLG Covenant Logistics Group BECN Beacon Roofing Supply, Inc. ESTE Earthstone Energy, Inc.
ECHO Echo Global Logistics BLDR Builders FirstSource, Inc. HAL Halliburton Company
EXPD Expeditors International EXP Eagle Materials Inc. KRP Kimbell Royalty Partners
FDX FedEx Corp. FND Floor & Décor Holdings SLB Schlumberger Ltd.
FWRD Forward Air Corp. GMS GMS Inc. TALO Talos Energy
HTLD Heartland Express GFF Griffon Corp.
KEX Kirby Corp. IBP Installed Building Products Renewables
KNX Knight-Swift Transportation Holdings, Inc. MLM Martin Marietta Materials ENPH Enphase Energy, Inc.
LSTR Landstar System, Inc. DOOR Masonite International Corp. EE Excelerate Energy, Inc.
MRTN Marten Transport, Ltd. POOL Pool Corp. SEDG SolarEdge Technologies
MATX Matson, Inc. SUM Summit Materials LLC
ODFL Old Dominion Freight Line, Inc. BLD TopBuild Corp.
PTSI P.A.M. Transportation TREX Trex Company, Inc.
SAIA Saia, Inc. VMC Vulcan
SNDR Schneider National Inc.
TFII TFI International
USX U.S. Xpress
UPS United Parcel Service, Inc.
USAK USA Truck, Inc.
WERN Werner Enterprises, Inc.
XPO XPO Logistics Inc.
YELL Yellow Corporation
July 2022, Page 6
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
INDUSTRIALS and ENERGY
Justin Long, Managing Director Tommy Moll, Managing Director
(501) 377-2036 (501) 377-6306
George Sellers, Senior Associate (501) 377-2065 Cole Couzens, Associate (501) 377-8056
Max Kane, Associate (501) 377-8078
Transportation/Railroads and Equipment Suppliers
CNI Canadian National Railway Electrical Equipment/Multi-Industry, Distribution
CP Canadian Pacific Railway CARR Carrier Global Corp.
CSX CSX Corp. CGNX Cognex Corporation
CTS CTS Corp. DGII Digi International Inc.
DSGX Descartes Systems Group, The DXPE DXP Enterprises, Inc.
FTAI Fortress Transportation and Infrastructure Investors EMR Emerson Electric Co.
RAIL FreightCar America, Inc. ESE ESCO Technologies Inc.
GATX GATX Corp. FAST Fastenal Company
GBX Greenbrier Companies GNRC Generac Holdings Inc.
HUBG Hub Group, Inc. HUBB Hubbell Inc.
JBHT J.B. Hunt Transport Services, Inc. ITRI Itron, Inc.
NSC Norfolk Southern Corp. LII Lennox International Inc.
RUSHA Rush Enterprises, Inc. MRC MRC Global Inc.
R Ryder System, Inc. MSM MSC Industrial Direct Co., Inc.
SRI Stoneridge Inc. DNOW NOW Inc.
TRN Trinity Industries ROK Rockwell Automation, Inc.
UNP Union Pacific Corp. TT Trane Technologies
WNC Wabash National Corp. GWW W.W. Grainger, Inc.
WAB Wabtec Corp. WSO Watsco, Inc.
WCC WESCO International, Inc.
ZBRA Zebra Technologies Corp.
July 2022, Page 7
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Brian Colley, Analyst Kyle Evans, Managing Director Nicholas Zangler, CFA, Analyst
(214) 258-2771 (501) 377-6376 312-292-5753
Hassan Saleem, Associate (212) 891-1778 Brady Lierz, Associate (501) 377-2668 Dean Sublett, Associate (501) 377-6372
Allie Ryan, Associate (501) 377-8183
Security Software Advertising Technology
CRWD CrowdStrike Holdings, Inc. FUBO fuboTV Inc.
CYBR CyberArk Software Nicholas Zangler, CFA, Analyst RAMP LiveRamp Holdings, Inc.
KNBE KnowBe4, Inc. 312-292-5753 MGNI Magnite, Inc.
OKTA Okta, Inc. Dean Sublett, Associate (501) 377-6372 ROKU Roku, Inc.
PING Ping Identity Holding Corp. TTD Trade Desk, Inc., The
ZS Zscaler, Inc. Media VZIO VIZIO Holding Corporation
CABO Cable One, Inc.
Enterprise & Cloud Infrastructure SSP E.W. Scripps Co.
EVBG Everbridge, Inc. GTN Gray Television, Inc.
GNSS Genasys Inc. LYV Live Nation Entertainment
MDP Meredith Corp.
NXST Nexstar Media Group
TGNA TEGNA Inc.
TRUE TrueCar, Inc.
WOW WideOpenWest, Inc.
Charles Nabhan, Analyst
(617) 319-9693
Alex Neumann, Associate (330) 780-4944
Financial Technology
SQ Block, Inc.
FIS Fidelity National Information Services
FISV Fiserv, Inc.
FLYW Flywire Corp.
GPN Global Payments Inc.
IIIV i3 Verticals, Inc.
JKHY Jack Henry & Associates
NCNO nCino, Inc.
NCR NCR Corporation
PYPL PayPal Holdings, Inc.
QTWO Q2 Holdings, Inc.
July 2022, Page 8
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
6/29/2022 6/29/2022
TICKER COMPANY RATING VOL? ANALYST TICKER COMPANY RATING VOL? ANALYST
ABMD Abiomed, Inc. Overweight Yes Cooley, CFA, Chris BKI Black Knight, Inc. Overweight Yes Campbell, John
ASO Academy Sports and Outdoors Overweight Yes Imbro, Daniel SQ Block, Inc. Overweight Yes Nabhan, Charles
ACHC Acadia Healthcare Co. Equal-Weight No Fidel, Scott BOKF BOK Financial Corp. Equal-Weight No Olney, CFA, Matt
GOLF Acushnet Holdings Corp. Equal-Weight Yes Imbro, Daniel BSX Boston Scientific Corp. Overweight No Cooley, CFA, Chris
ACVA ACV Auctions Inc. Overweight Yes Imbro, Daniel BFH Bread Financial Holdings Equal-Weight Yes Caintic, CFA, Vincent
ADUS Addus HomeCare Corp. Overweight No Fidel, Scott BLDR Builders FirstSource, Inc. Overweight No Grooms, Trey
AAP Advance Auto Parts Equal-Weight Yes Imbro, Daniel BG Bunge Ltd. Overweight Yes Bienvenu, Ben
AER AerCap Holdings Overweight Yes Caintic, CFA, Vincent BFST Business First Bancshares Overweight No Olney, CFA, Matt
AFRM Affirm Holdings, Inc. Underweight Yes Caintic, CFA, Vincent BY Byline Bancorp, Inc. Equal-Weight No McEvoy, CFA, Terry
AL Air Lease Corp. Overweight Yes Caintic, CFA, Vincent CHRW C.H. Robinson Worldwide Equal-Weight No Atkins, Jack
ATSG Air Transport Services Group Overweight No Atkins, Jack CABO Cable One, Inc. Equal-Weight No Evans, Kyle
ALC Alcon, Inc. Overweight No Cooley, CFA, Chris WHD Cactus, Inc. Overweight No Lochridge, Cameron
ALGN Align Technology, Inc. Overweight Yes Cooley, CFA, Chris CADE Cadence Bank Overweight No Olney, CFA, Matt
ABTX Allegiance Bancshares, Inc. Suspended No Olney, CFA, Matt CDRE Cadre Holdings, Inc. Overweight Yes Imbro, Daniel
ALLY Ally Financial Inc. Equal-Weight Yes Caintic, CFA, Vincent CALM Cal-Maine Foods, Inc. Overweight Yes Bienvenu, Ben
TKNO Alpha Teknova, Inc. Overweight Yes Johnson, CFA, Jacob CVGW Calavo Growers, Inc. Equal-Weight Yes Bienvenu, Ben
AMED Amedisys, Inc. Equal-Weight No Fidel, Scott ELY Callaway Golf Company Overweight Yes Imbro, Daniel
CRMT America's Car-Mart, Inc. Overweight Yes Caintic, CFA, Vincent CAC Camden National Corp. Overweight No Breese, Matt
AXP American Express Co. Equal-Weight Yes Caintic, CFA, Vincent CWH Camping World Holdings Overweight Yes Imbro, Daniel
ANIK Anika Therapeutics, Inc. Equal-Weight No Cooley, CFA, Chris CNI Canadian National Railway Equal-Weight No Long, Justin
HOUS Anywhere Real Estate Inc. Equal-Weight Yes Campbell, John CP Canadian Pacific Railway Equal-Weight No Long, Justin
APEN Apollo Endosurgery, Inc. Overweight Yes Cooley, CFA, Chris CNNE Cannae Holdings, Inc. Overweight Yes Campbell, John
APPF Appfolio, Inc. Equal-Weight Yes Campbell, John COF Capital One Financial Corp. Equal-Weight Yes Caintic, CFA, Vincent
ARCB ArcBest Corp. Overweight No Atkins, Jack CDNA CareDx, Inc. Overweight Yes Carrico, CFA, Mason
ADM Archer Daniels Midland Equal-Weight Yes Bienvenu, Ben KMX CarMax, Inc. Overweight No Imbro, Daniel
ACA Arcosa, Inc. Overweight No Grooms, Trey CARR Carrier Global Corp. Overweight No Moll, Tommy
ABG Asbury Automotive Overweight No Imbro, Daniel CVNA Carvana Co. Equal-Weight Yes Imbro, Daniel
ASB Associated Banc-Corp Equal-Weight No McEvoy, CFA, Terry CASY Casey's General Stores Overweight No Bienvenu, Ben
AN AutoNation, Inc. Equal-Weight No Imbro, Daniel CSTL Castle Biosciences, Inc. Overweight Yes Carrico, CFA, Mason
AZO AutoZone, Inc. Overweight Yes Imbro, Daniel CTLT Catalent, Inc. Overweight Yes Johnson, CFA, Jacob
AVNS Avanos Medical Equal-Weight No Cooley, CFA, Chris CBTX CBTX, Inc. Equal-Weight No Olney, CFA, Matt
AVAH Aveanna Healthcare Equal-Weight Yes Fidel, Scott CNC Centene Corp. Overweight No Fidel, Scott
CDMO Avid Bioservices, Inc. Overweight Yes Johnson, CFA, Jacob CERS Cerus Corp. Overweight Yes Johnson, CFA, Jacob
AVBH Avidbank Holdings, Inc. Overweight No Terrell, CFA, Andrew CRL Charles River Laboratories Overweight Yes Johnson, CFA, Jacob
AZTA Azenta, Inc. Overweight Yes Johnson, CFA, Jacob CI Cigna Corp. Overweight No Fidel, Scott
BKR Baker Hughes Overweight No Lochridge, Cameron CFG Citizens Financial Group Overweight No McEvoy, CFA, Terry
BANC Banc of California Equal-Weight No Terrell, CFA, Andrew CIVB Civista Bancshares, Inc. Overweight No McEvoy, CFA, Terry
BMRC Bank of Marin Bancorp Equal-Weight No Terrell, CFA, Andrew CCB Coastal Financial Corp. Overweight No Terrell, CFA, Andrew
OZK Bank OZK Equal-Weight No Olney, CFA, Matt CDXS Codexis, Inc. Overweight Yes Johnson, CFA, Jacob
BSVN Bank7 Corp. Equal-Weight No Olney, CFA, Matt CGNX Cognex Corp. Overweight No Moll, Tommy
BANR Banner Corp. Overweight No Terrell, CFA, Andrew COLB Columbia Banking System Equal-Weight No Terrell, CFA, Andrew
BECN Beacon Roofing Supply Equal-Weight No Grooms, Trey CMA Comerica Inc. Overweight No McEvoy, CFA, Terry
BRBR BellRing Brands, Inc. Overweight Yes Bienvenu, Ben CBU Community Bank System Equal-Weight No Breese, Matt
TECH Bio-Techne Corp. Overweight Yes Johnson, CFA, Jacob CONN Conn's, Inc. Equal-Weight Yes Caintic, CFA, Vincent
BLFS BioLife Solutions, Inc. Overweight Yes Johnson, CFA, Jacob CNOB ConnectOne Bancorp Overweight No Breese, Matt
July 2022, Page 9
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
6/29/2022 6/29/2022
TICKER COMPANY RATING VOL? ANALYST TICKER COMPANY RATING VOL? ANALYST
CPRT Copart, Inc. Overweight No Imbro, Daniel FNF Fidelity National Financial Overweight No Campbell, John
CSGP CoStar Group, Inc. Overweight No Campbell, John FIS Fidelity National Information ServiceOverweight Yes Nabhan, Charles
CVLG Covenant Logistics Group Equal-Weight No Atkins, Jack FITB Fifth Third Bancorp Overweight No McEvoy, CFA, Terry
CACC Credit Acceptance Corp. Equal-Weight Yes Caintic, CFA, Vincent FNWD Finward Bancorp Overweight Yes McEvoy, CFA, Terry
CFB CrossFirst Bankshares, Inc. Equal-Weight No Olney, CFA, Matt FAF First American Financial Equal-Weight No Campbell, John
CRWD CrowdStrike Holdings, Inc. Overweight No Colley, Brian FBMS First Bancshares Inc. Overweight No Olney, CFA, Matt
CYRX Cryoport, Inc. Overweight Yes Johnson, CFA, Jacob BUSE First Busey Corp. Overweight No McEvoy, CFA, Terry
CSX CSX Corp. Overweight No Long, Justin FCF First Commonwealth Financial Overweight No Breese, Matt
CTS CTS Corp. Equal-Weight No Long, Justin FFBC First Financial Bancorp. Equal-Weight No McEvoy, CFA, Terry
CFR Cullen/Frost Bankers, Inc. Equal-Weight No Olney, CFA, Matt FFIN First Financial Bankshares Equal-Weight No Olney, CFA, Matt
CURO CURO Group Holdings Equal-Weight Yes Caintic, CFA, Vincent FFWM First Foundation Inc. Overweight No Terrell, CFA, Andrew
CUBI Customers Bancorp, Inc. Equal-Weight No Breese, Matt FIBK First Interstate BancSystem Equal-Weight No Terrell, CFA, Andrew
CUTR Cutera, Inc. Overweight Yes Cooley, CFA, Chris FRME First Merchants Corp. Overweight No McEvoy, CFA, Terry
CYBR CyberArk Software Overweight No Colley, Brian FMBH First Mid Bancshares, Inc. Overweight No McEvoy, CFA, Terry
DAR Darling Ingredients Inc. Overweight No Bienvenu, Ben FRC First Republic Bank Overweight No McEvoy, CFA, Terry
DMTK DermTech Inc. Overweight Yes Carrico, CFA, Mason FCFS FirstCash, Inc Equal-Weight Yes Caintic, CFA, Vincent
DXCM DexCom, Inc. Overweight Yes Cooley, CFA, Chris FISV Fiserv, Inc. Equal-Weight No Nabhan, Charles
DKS Dick's Sporting Goods Equal-Weight Yes Imbro, Daniel FSBC Five Star Bancorp Overweight No Terrell, CFA, Andrew
DGII Digi International Inc. Overweight No Moll, Tommy FND Floor & Decor Holdings Overweight No Grooms, Trey
DCOM Dime Community Bancshares Equal-Weight No Breese, Matt FLO Flowers Foods, Inc. Equal-Weight No Bienvenu, Ben
DFS Discover Financial Services Equal-Weight Yes Caintic, CFA, Vincent FLYW Flywire Corp. Overweight Yes Nabhan, Charles
BOOM DMC Global Overweight No Lochridge, Cameron FTAI Fortress Transportation and InfrastruOverweight No Long, Justin
DOLE Dole plc Overweight No Bienvenu, Ben FWRD Forward Air Corp. Overweight No Atkins, Jack
DORM Dorman Products, Inc. Equal-Weight Yes Imbro, Daniel FRG Franchise Group, Inc. Equal-Weight Yes Caintic, CFA, Vincent
DXPE DXP Enterprises, Inc. Overweight No Moll, Tommy RAIL FreightCar America, Inc. Equal-Weight No Long, Justin
SSP E.W. Scripps Co. Equal-Weight No Evans, Kyle FRPT Freshpet, Inc. Overweight Yes Bienvenu, Ben
EXP Eagle Materials Inc. Overweight No Grooms, Trey FUBO fuboTV Inc. Equal-Weight Yes Zangler, CFA, Nicholas
ESTE Earthstone Energy, Inc. Equal-Weight No Lochridge, Cameron FULT Fulton Financial Corp. Overweight No Breese, Matt
ECN-CA ECN Capital Overweight Yes Caintic, CFA, Vincent GATX GATX Corp. Overweight No Long, Justin
ELV Elevance Health, Inc. Overweight No Fidel, Scott GNSS Genasys Inc. Overweight No Colley, Brian
EMR Emerson Electric Co. Overweight No Moll, Tommy GNRC Generac Holdings, Inc. Overweight No Moll, Tommy
EHC Encompass Health Corp. Overweight No Fidel, Scott GPC Genuine Parts Company Equal-Weight No Imbro, Daniel
ENVA Enova International Equal-Weight Yes Caintic, CFA, Vincent GBCI Glacier Bancorp Equal-Weight No Terrell, CFA, Andrew
ENPH Enphase Energy, Inc. Overweight No Lochridge, Cameron GKOS Glaukos Corp. Overweight No Cooley, CFA, Chris
EQBK Equity Bancshares, Inc. Overweight No McEvoy, CFA, Terry GPN Global Payments Inc. Overweight Yes Nabhan, Charles
ESE ESCO Technologies Overweight No Moll, Tommy GMS GMS Inc. Overweight No Grooms, Trey
ESTA Establishment Labs Holdings Overweight Yes Cooley, CFA, Chris GTN Gray Television, Inc. Overweight Yes Evans, Kyle
EVBG Everbridge, Inc. Overweight Yes Colley, Brian GPRE Green Plains Inc. Overweight Yes Bienvenu, Ben
EE Excelerate Energy, Inc. Overweight No Lochridge, Cameron GBX Greenbrier Companies, Inc. Overweight No Long, Justin
EXPI eXp World Holdings Overweight Yes Campbell, John GFF Griffon Corp. Overweight No Grooms, Trey
EXPD Expeditors International Equal-Weight No Atkins, Jack GPI Group 1 Automotive Overweight No Imbro, Daniel
FMAO Farmers & Merchants Bancorp Equal-Weight No McEvoy, CFA, Terry GNTY Guaranty Bancshares, Inc. Overweight No Olney, CFA, Matt
FAST Fastenal Company Overweight No Moll, Tommy HAL Halliburton Company Equal-Weight No Lochridge, Cameron
FBK FB Financial Corporation Overweight No Olney, CFA, Matt HWC Hancock Whitney Corp. Equal-Weight No Olney, CFA, Matt
FDX FedEx Corp. Overweight No Atkins, Jack HNVR Hanover Bancorp, Inc. Overweight No Breese, Matt
July 2022, Page 10
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
6/29/2022 6/29/2022
TICKER COMPANY RATING VOL? ANALYST TICKER COMPANY RATING VOL? ANALYST
HCA HCA Healthcare Overweight No Fidel, Scott MATX Matson, Inc. Equal-Weight No Atkins, Jack
HTLD Heartland Express Equal-Weight No Atkins, Jack MXCT MaxCyte, Inc. Overweight Yes Johnson, CFA, Jacob
HTLF Heartland Financial USA Overweight No McEvoy, CFA, Terry MPB Mid Penn Bancorp Overweight No Breese, Matt
HTBK Heritage Commerce Corp. Overweight No Terrell, CFA, Andrew MSBI Midland States Bancorp Equal-Weight No McEvoy, CFA, Terry
HFWA Heritage Financial Corp. Equal-Weight No Terrell, CFA, Andrew MOFG MidWestOne Financial Group Equal-Weight No McEvoy, CFA, Terry
HTH Hilltop Holdings Inc. Equal-Weight No Olney, CFA, Matt AVO Mission Produce, Inc. Overweight No Bienvenu, Ben
HOMB Home BancShares, Inc. Overweight No Olney, CFA, Matt MOH Molina Healthcare Equal-Weight No Fidel, Scott
HBNC Horizon Bancorp Overweight No McEvoy, CFA, Terry MNRO Monro, Inc. Equal-Weight No Imbro, Daniel
HRL Hormel Foods Corp. Equal-Weight No Bienvenu, Ben MRC MRC Global Inc. Overweight No Moll, Tommy
TWNK Hostess Brands, Inc. Overweight No Bienvenu, Ben MSM MSC Industrial Direct Co. Overweight No Moll, Tommy
HUBG Hub Group, Inc. Equal-Weight No Long, Justin MUSA Murphy USA Inc. Overweight Yes Bienvenu, Ben
HUBB Hubbell Inc. Overweight No Moll, Tommy NTRA Natera, Inc. Overweight Yes Carrico, CFA, Mason
HUM Humana Inc. Overweight No Fidel, Scott NBHC National Bank Holdings Equal-Weight No Terrell, CFA, Andrew
HBAN Huntington Bancshares Inc. Overweight No McEvoy, CFA, Terry NAVI Navient Corporation Equal-Weight Yes Caintic, CFA, Vincent
IIIV i3 Verticals, Inc. Overweight Yes Nabhan, Charles NBTB NBT Bancorp Equal-Weight No Breese, Matt
IAA IAA, Inc. Overweight No Imbro, Daniel NCNO nCino, Inc. Overweight Yes Nabhan, Charles
IBTX Independent Bank Group Overweight No Olney, CFA, Matt NCR NCR Corporation Overweight Yes Nabhan, Charles
INGR Ingredion Inc. Equal-Weight Yes Bienvenu, Ben NEO Neogenomics Inc. Equal-Weight Yes Carrico, CFA, Mason
IBP Installed Building Products Equal-Weight No Grooms, Trey NYCB New York Community Bancorp Underweight No Breese, Matt
PODD Insulet Corp. Equal-Weight Yes Cooley, CFA, Chris NXST Nexstar Media Group Overweight Yes Evans, Kyle
ITRI Itron, Inc. Overweight No Moll, Tommy NIC Nicolet Bankshares Overweight No McEvoy, CFA, Terry
JBHT J.B. Hunt Transport Services Overweight No Long, Justin NSC Norfolk Southern Corp. Equal-Weight No Long, Justin
JKHY Jack Henry & Associates Equal-Weight No Nabhan, Charles NWBI Northwest Bancshares, Inc. Equal-Weight No Breese, Matt
KAR KAR Auction Services, Inc. Equal-Weight No Imbro, Daniel DNOW NOW Inc. Overweight No Moll, Tommy
KEY KeyCorp Equal-Weight No McEvoy, CFA, Terry ORLY O'Reilly Automotive, Inc. Overweight Yes Imbro, Daniel
KRP Kimbell Royalty Partners Overweight No Lochridge, Cameron OCFC OceanFirst Financial Corp. Equal-Weight No Breese, Matt
KEX Kirby Corporation Overweight No Atkins, Jack OKTA Okta, Inc. Overweight No Colley, Brian
KNX Knight-Swift Transportation Holding Overweight No Atkins, Jack ODFL Old Dominion Freight Line Overweight No Atkins, Jack
KNBE KnowBe4, Inc. Overweight No Colley, Brian ONB Old National Bancorp. Overweight No McEvoy, CFA, Terry
KR Kroger Co. Equal-Weight Yes Bienvenu, Ben OCX Oncocyte Corporation Equal-Weight Yes Carrico, CFA, Mason
LKFN Lakeland Financial Corp. Equal-Weight No McEvoy, CFA, Terry OMF OneMain Holdings, Inc. Overweight Yes Caintic, CFA, Vincent
LSTR Landstar System, Inc. Equal-Weight No Atkins, Jack LPRO Open Lending Corp. Overweight Yes Caintic, CFA, Vincent
TREE LendingTree, Inc. Overweight Yes Campbell, John OSUR OraSure Technologies, Inc. Equal-Weight Yes Johnson, CFA, Jacob
LII Lennox International Equal-Weight No Moll, Tommy OBNK Origin Bancorp, Inc. Overweight No Olney, CFA, Matt
LHCG LHC Group, Inc. Equal-Weight No Fidel, Scott PTSI P.A.M. Transportation Equal-Weight No Atkins, Jack
LMNR Limoneira Company Overweight Yes Bienvenu, Ben PX P10 Holdings Overweight No Campbell, John
LAD Lithia Motors, Inc. Overweight No Imbro, Daniel PPBI Pacific Premier Bancorp Equal-Weight No Terrell, CFA, Andrew
LYV Live Nation Entertainment Overweight Yes Evans, Kyle PACW PacWest Bancorp Overweight No Terrell, CFA, Andrew
RAMP LiveRamp Holdings, Inc. Overweight Yes Zangler, CFA, Nicholas PYPL PayPal Holdings, Inc. Equal-Weight No Nabhan, Charles
LKQ LKQ Corp. Overweight Yes Imbro, Daniel PAG Penske Automotive Group Overweight No Imbro, Daniel
MGNI Magnite, Inc. Overweight Yes Zangler, CFA, Nicholas PEBO Peoples Bancorp Equal-Weight No McEvoy, CFA, Terry
MNSB MainStreet Bancshares, Inc. Overweight No Breese, Matt PFIS Peoples Financial Services Corp. Overweight No Breese, Matt
MRTN Marten Transport, Ltd. Overweight No Atkins, Jack PPC Pilgrim's Pride Corp. Overweight Yes Bienvenu, Ben
MLM Martin Marietta Materials Overweight No Grooms, Trey PING Ping Identity Holding Corp. Overweight No Colley, Brian
DOOR Masonite International Overweight No Grooms, Trey PNFP Pinnacle Financial Partners Overweight No Olney, CFA, Matt
July 2022, Page 11
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
6/29/2022 6/29/2022
TICKER COMPANY RATING VOL? ANALYST TICKER COMPANY RATING VOL? ANALYST
PNC PNC Financial Services Group Equal-Weight No McEvoy, CFA, Terry SYBT Stock Yards Bancorp Equal-Weight No McEvoy, CFA, Terry
POOL Pool Corp. Equal-Weight No Grooms, Trey SRI Stoneridge, Inc. Overweight No Long, Justin
PRCH Porch Group, Inc. Overweight Yes Campbell, John SUM Summit Materials LLC Overweight No Grooms, Trey
PFBC Preferred Bank Overweight No Terrell, CFA, Andrew SIVB SVB Financial Group Equal-Weight No Terrell, CFA, Andrew
PBAM Private Bancorp of America Overweight No Terrell, CFA, Andrew SYF Synchrony Financial Equal-Weight Yes Caintic, CFA, Vincent
PRG PROG Holdings, Inc. Equal-Weight Yes Caintic, CFA, Vincent TALO Talos Energy Overweight No Lochridge, Cameron
PB Prosperity Bancshares Equal-Weight No Olney, CFA, Matt TGNA TEGNA Inc. Equal-Weight No Evans, Kyle
PVBC Provident Bancorp, Inc. Overweight No Breese, Matt TFX Teleflex Inc. Overweight No Cooley, CFA, Chris
PLSE Pulse Biosciences, Inc. Equal-Weight Yes Cooley, CFA, Chris THC Tenet Healthcare Equal-Weight Yes Fidel, Scott
QTWO Q2 Holdings, Inc. Equal-Weight Yes Nabhan, Charles TCBI Texas Capital Bancshares Overweight No Olney, CFA, Matt
QNST QuinStreet, Inc. Overweight Yes Campbell, John TFII TFI International Overweight No Atkins, Jack
RBB RBB Bancorp, Inc. Equal-Weight No Terrell, CFA, Andrew AAN The Aaron’s Company, Inc. Equal-Weight Yes Caintic, CFA, Vincent
RMAX RE/MAX Holdings Inc. Overweight Yes Campbell, John ANDE The Andersons, Inc. Overweight Yes Bienvenu, Ben
RRBI Red River Bancshares, Inc. Overweight No Olney, CFA, Matt AZEK The AZEK Company Overweight No Grooms, Trey
RDFN Redfin Corp. Equal-Weight No Campbell, John COO The Cooper Companies Overweight No Cooley, CFA, Chris
RM Regional Management Equal-Weight Yes Caintic, CFA, Vincent DSGX The Descartes Systems Group Inc. Overweight No Long, Justin
RF Regions Financial Corp. Equal-Weight No McEvoy, CFA, Terry ENSG The Ensign Group Overweight No Fidel, Scott
RNST Renasant Corp. Equal-Weight No Olney, CFA, Matt PNTG The Pennant Group, Inc. Equal-Weight Yes Fidel, Scott
RCII Rent-A-Center Equal-Weight Yes Caintic, CFA, Vincent TTD The Trade Desk, Inc. Overweight Yes Zangler, CFA, Nicholas
RGEN Repligen Corp. Overweight Yes Johnson, CFA, Jacob TCBX Third Coast Bancshares Overweight No Olney, CFA, Matt
ROK Rockwell Automation Equal-Weight No Moll, Tommy TITN Titan Machinery Inc. Overweight Yes Imbro, Daniel
ROKU Roku, Inc. Overweight Yes Zangler, CFA, Nicholas BLD TopBuild Corp. Equal-Weight No Grooms, Trey
RUSHA Rush Enterprises, Inc. Overweight No Long, Justin TSCO Tractor Supply Co. Overweight Yes Imbro, Daniel
R Ryder System, Inc. Equal-Weight No Long, Justin TT Trane Technologies plc Equal-Weight No Moll, Tommy
STBA S&T Bancorp, Inc. Equal-Weight No Breese, Matt TREX Trex Company, Inc. Overweight No Grooms, Trey
SAIA Saia, Inc. Overweight No Atkins, Jack TCBK TriCo Bancshares Overweight No Terrell, CFA, Andrew
SAFM Sanderson Farms, Inc. Equal-Weight Yes Bienvenu, Ben TRN Trinity Industries, Inc. Equal-Weight No Long, Justin
SLB Schlumberger Ltd. Overweight No Lochridge, Cameron TBK Triumph Bancorp, Inc. Equal-Weight No Olney, CFA, Matt
SNDR Schneider National Inc. Equal-Weight No Atkins, Jack TRUE TrueCar, Inc. Overweight Yes Evans, Kyle
SIEN Sientra, Inc. Overweight Yes Cooley, CFA, Chris TFC Truist Financial Corp. Overweight No McEvoy, CFA, Terry
SBNY Signature Bank Overweight No Breese, Matt TSN Tyson Foods Overweight No Bienvenu, Ben
SFNC Simmons First National Equal-Weight No Olney, CFA, Matt USB U.S. Bancorp Equal-Weight No McEvoy, CFA, Terry
SMPL Simply Good Foods Co. Overweight No Bienvenu, Ben USX U.S. Xpress Equal-Weight No Atkins, Jack
SLM SLM Corp. Equal-Weight Yes Caintic, CFA, Vincent UMPQ Umpqua Holdings Corp. Equal-Weight No Terrell, CFA, Andrew
SMBK SmartFinancial, Inc. Overweight No Olney, CFA, Matt UNP Union Pacific Corp. Overweight No Long, Justin
SDC SmileDirectClub, Inc. Equal-Weight Yes Cooley, CFA, Chris UPS United Parcel Service, Inc. Equal-Weight No Atkins, Jack
SCTL Societal CDMO Overweight Yes Johnson, CFA, Jacob UNH UnitedHealth Group Overweight No Fidel, Scott
SEDG SolarEdge Technologies Overweight No Lochridge, Cameron UHS Universal Health Services Equal-Weight No Fidel, Scott
SAH Sonic Automotive Overweight No Imbro, Daniel UVSP Univest Financial Corp. Overweight No Breese, Matt
SBSI Southside Bancshares, Inc. Equal-Weight No Olney, CFA, Matt UPST Upstart Holdings, Inc. Underweight Yes Caintic, CFA, Vincent
SFM Sprouts Farmers Market Equal-Weight Yes Bienvenu, Ben USAK USA Truck, Inc. Equal-Weight No Atkins, Jack
STAA STAAR Surgical Co. Overweight Yes Cooley, CFA, Chris UTZ Utz Brands, Inc. Equal-Weight No Bienvenu, Ben
SMP Standard Motor Products Overweight Yes Imbro, Daniel VLY Valley National Bancorp Overweight No Breese, Matt
STE STERIS plc Overweight No Cooley, CFA, Chris VCYT Veracyte, Inc. Overweight Yes Carrico, CFA, Mason
STC Stewart Information Services Overweight Yes Campbell, John VCEL Vericel Corporation Overweight No Cooley, CFA, Chris
July 2022, Page 12
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
6/29/2022 6/29/2022
TICKER COMPANY RATING VOL? ANALYST TICKER COMPANY RATING VOL? ANALYST
VBTX Veritex Holdings Inc. Overweight No Olney, CFA, Matt WST West Pharmaceutical Services Equal-Weight Yes Johnson, CFA, Jacob
VZIO VIZIO Holding Corporation Overweight No Zangler, CFA, Nicholas WAL Western Alliance Bancorp. Overweight No Terrell, CFA, Andrew
VMC Vulcan Materials Company Overweight No Grooms, Trey WOW WideOpenWest, Inc. Overweight Yes Evans, Kyle
GWW W.W. Grainger, Inc. Equal-Weight No Moll, Tommy WTFC Wintrust Financial Corp. Overweight No McEvoy, CFA, Terry
WNC Wabash National Corp. Equal-Weight No Long, Justin WRLD World Acceptance Corp. Underweight Yes Caintic, CFA, Vincent
WAB Wabtec Corp. Overweight No Long, Justin XPO XPO Logistics, Inc. Equal-Weight No Atkins, Jack
WMT Walmart Inc. Overweight No Bienvenu, Ben YELL Yellow Corporation Equal-Weight Yes Atkins, Jack
WSO Watsco, Inc. Overweight No Moll, Tommy ZBRA Zebra Technologies Corp. Overweight No Moll, Tommy
W Wayfair Inc. Equal-Weight No Zangler, CFA, Nicholas ZVIA Zevia PBC Overweight No Bienvenu, Ben
WBS Webster Financial Corp. Overweight No Breese, Matt ZG Zillow, Inc. Overweight Yes Campbell, John
WERN Werner Enterprises, Inc. Equal-Weight No Atkins, Jack ZION Zions Bancorporation Equal-Weight No McEvoy, CFA, Terry
WCC WESCO International, Inc. Overweight No Moll, Tommy ZS Zscaler, Inc. Overweight No Colley, Brian
Source: Stephens Inc.
July 2022, Page 13
COVERAGE CHANGES
ADDED Symbol Date RATING Analyst
Digi International DGII 06/01/22 Overweight Moll
Stephens actively covers 384 Flywire Corp. FLYW 06/09/22 Overweight (Vol) Nabhan
companies, which have an average Hanover Bancorp HNVR 06/06/22 Overweight Breese
and median market capitalization of i3 Verticals IIIV 06/09/22 Overweight (Vol) Nabhan
$12.0 billion and $2.7 billion, Peoples Bancorp PEBO 06/08/22 Equal-Weight McEvoy
respectively.
DROPPED Symbol Date
American National Bankshares AMNB 06/16/22
Ameris Bancorp ABCB 06/16/22
Atlantic Union Bankshares AUB 06/16/22
BankUnited BKU 06/16/22
Eagle Bancorp EGBN 06/16/22
F.N.B. Bancorp FNB 06/16/22
First Bancorp FBNC 06/16/22
Primis Financial FRST 06/16/22
Professional Holding PFHD 06/16/22
Sandy Spring Bancorp SASR 06/16/22
South State Corp. SSB 06/16/22
Synovus Financial SNV 06/16/22
TowneBank TOWN 06/16/22
United Bankshares UBSI 06/16/22
United Community Banks UCBI 06/16/22
WesBanco WSBC 06/16/22
WSFS Financial WSFS 06/16/22
Ligand Pharmaceuticals LGND 05/27/22
LiqTech LIQT 05/27/22
TriState Capital Holdings TSC 06/01/22
Source: Stephens Inc.
July 2022, Page 14
RATING CHANGES
Rating
UPGRADES Symbol To From Date Analyst
Banner Corp. BANR Overweight Equal-Weight 06/17/22 Terrell
Simply Good Foods SMPL Overweight Equal-Weight 06/27/22 Bienvenu
Rating
DOWNGRADES Symbol To From Date Analyst
Aveanna Healthcare AVAH Equal-Weight (Vol) Overweight 06/21/22 Fidel
Pennant Group PNTG Equal-Weight (Vol) Overweight (Vol) 06/21/22 Fidel
Rent-A-Center RCII Equal-Weight (Vol) Overweight (Vol) 06/29/22 Caintic
World Acceptance Corp. WRLD Underweight (Vol) Equal-Weight (Vol) 06/29/22 Caintic
Source: Stephens Inc.
July 2022, Page 15
CONSUMER STAPLES BEN BIENVENU, 501-377-8511
Ben is a research analyst covering the food and agribusiness and grocery/c-store sectors. Prior to that, he covered the retail broadlines sector. Prior to this
position, Ben served as a research associate in the retail broadlines sector beginning in June 2012. Prior to joining Stephens, Ben worked in the Large
Corporate Lending group of Regions Financial Corporation, where he participated in underwriting syndicated debt transactions for companies in a variety of
industries. In October 2017 Ben was named to Institutional Investor's 2017 All-American Research Team Rising Stars for his Broadlines Retail research
coverage. Ben received a bachelor of arts in business administration from Furman University.
Sector Overview: The Consumer Staples sector comprises essential products that consumers rely on for everyday necessities, regardless of financial
situation. The sector is considered to be non-cyclical and as having low volatility because of this reason. While demand for the sector’s products as a whole is
inelastic, the industries within the various sub-sectors are highly competitive. Companies compete for the consumer’s dollar either by being the low cost
leader or through product differentiation that commands a premium price. For this reason, brand equity is of high importance and many companies invest
heavily in marketing and branding. Our coverage universe has a focus on Food and Beverage, with a particular expertise on the small and mid-cap companies
within those sub-sectors.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
CONSUMER
Consumer Staples, Ben Bienvenu, 501-377-8511, ben.bienvenu@stephens.com
BellRing Brands, Inc. BRBR Adj Sep O/V $24.82 $35.00 $0.93 $1.19 $1.42 20.9 17.5 $3,384.5 -$77.52
Flowers Foods, Inc. FLO Adj Dec E $26.41 $30.00 $1.23 $1.29 $1.29 20.5 20.5 $5,600.0 $6.68
Freshpet, Inc. FRPT Dec O/V $54.80 $120.00 ($0.69) ($0.41) $0.24 NM NM $2,620.1 $16.57
Hostess Brands TWNK Adj Dec O $20.85 $28.00 $0.88 $0.99 $1.09 21.1 19.1 $2,883.3 $12.43
Simply Good Foods Co. SMPL Adj Aug O $41.20 $45.00 $1.26 $1.50 $1.74 27.5 23.7 $4,135.2 $12.41
Utz Brands, Inc. UTZ Adj Dec E $13.73 $15.00 $0.56 $0.48 $0.55 28.6 25.0 $1,108.4 $8.75
Zevia PBC ZVIA Adj Dec O $2.91 $10.00 ($2.52) ($1.13) ($1.03) NM NM $113.7 $3.73
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 16
E-COMMERCE NICHOLAS ZANGLER, CFA, 312-292-5753
Nicholas is a research analyst covering the advertising technology and e-commerce sectors and has been with Stephens since 2014. Prior to joining Stephens
Inc., Nicholas was an investor relations representative at Walgreen Boots Alliance from 2009 to 2014. He graduated from Northern Illinois University with a
B.S. in finance. He earned the Chartered Financial Analyst designation in 2013.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
CONSUMER
e-commerce, Nicholas Zangler, CFA, 312-292-5753, nicholas.zangler@stephens.com
Wayfair Inc. W op Dec E $48.17 $75.00 $2.38 ($8.00) ($4.20) NM NM $3,832.2 -$15.44
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 17
FOOD & AGRIBUSINESS BEN BIENVENU, 501-377-8511
Ben is a research analyst covering the food and agribusiness and grocery/c-store sectors. Prior to that, he covered the retail broadlines sector. Prior to this
position, Ben served as a research associate in the retail broadlines sector beginning in June 2012. Prior to joining Stephens, Ben worked in the Large
Corporate Lending group of Regions Financial Corporation, where he participated in underwriting syndicated debt transactions for companies in a variety of
industries. In October 2017 Ben was named to Institutional Investor's 2017 All-American Research Team Rising Stars for his Broadlines Retail research
coverage. Ben received a bachelor of arts in business administration from Furman University.
Sector Overview: Our Food and Agribusiness team covers small- to mid-cap stocks that primarily encompass commodity-based, branded food-based and
ethanol and grain storage-based companies. We aggregate coverage across the entire food supply chain, with respect to worldwide commodity markets. Our
base coverage includes closely following consumer trends, commodity cycles, international trade policies, government regulations, and seasonal weather
patterns.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
CONSUMER
Food and Agribusiness, Ben Bienvenu, 501-377-8511, ben.bienvenu@stephens.com
Andersons, The ANDE op Dec O/V $32.81 $55.00 $3.06 $2.51 $3.15 13.1 10.4 $1,110.0 $31.67
Archer Daniels Midland Co. ADM op Dec E/V $77.24 $95.00 $5.19 $6.21 $5.68 12.4 13.6 $43,463.6 $40.14
Bunge Ltd. BG adj Dec O/V $91.48 $150.00 $12.94 $13.68 $11.23 6.7 8.1 $13,880.4 $49.48
Calavo Growers Inc. CVGW op Oct E/V $41.25 $40.00 $0.35 $0.95 $2.07 43.4 19.9 $731.9 $12.75
Cal-Maine Foods, Inc. CALM op May O/V $50.05 $65.00 $0.09 $2.00 $4.15 25.0 12.1 $2,209.2 $20.73
Darling Ingredients DAR Dec O $63.45 $95.00 $3.90 $5.57 $6.52 11.4 9.7 $10,248.1 $20.41
Dole plc DOLE op Dec O $8.70 $14.00 $1.36 $1.26 $1.26 6.9 6.9 $825.4 $11.39
Green Plains Inc. GPRE op Dec O/V $27.84 $50.00 ($1.31) ($0.57) $1.92 NM 14.5 $1,498.4 $17.73
Hormel Foods HRL op Oct E $47.96 $50.00 $1.72 $1.87 $2.06 25.6 23.3 $26,188.8 $12.86
Ingredion Inc. INGR op Dec E/V $89.31 $90.00 $6.68 $7.19 $7.31 12.4 12.2 $5,914.1 $46.51
Limoneira Company LMNR op Oct O/V $14.44 $15.00 ($0.24) ($0.12) $0.38 NM 38.0 $255.9 $9.98
Mission Produce, Inc. AVO op Oct O $14.33 $17.00 $0.74 $0.51 $0.84 28.1 17.1 $1,012.5 $7.56
Pilgrim's Pride Corp. PPC op Dec O/V $31.74 $35.00 $2.28 $3.78 $2.94 8.4 10.8 $7,628.1 $10.58
Sanderson Farms SAFM op Oct E/V $218.61 $203.00 $20.67 $44.44 $35.95 4.9 6.1 $4,879.4 $82.86
Tyson Foods TSN op Sep O $86.30 $115.00 $8.28 $9.49 $8.35 9.1 10.3 $25,159.8 $49.51
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 18
GROCERY/C-STORE BEN BIENVENU, 501-377-8511
Ben is a research analyst covering the food and agribusiness and grocery/c-store sectors. Prior to that, he covered the retail broadlines sector. Prior to this
position, Ben served as a research associate in the retail broadlines sector beginning in June 2012. Prior to joining Stephens, Ben worked in the Large
Corporate Lending group of Regions Financial Corporation, where he participated in underwriting syndicated debt transactions for companies in a variety of
industries. In October 2017 Ben was named to Institutional Investor's 2017 All-American Research Team Rising Stars for his Broadlines Retail research
coverage. Ben received a bachelor of arts in business administration from Furman University.
Sector Overview: Our research focuses on small-, mid- and large-cap retail operators. The primary industries for which we provide analysis are
convenience stores and discount retailers. We look for retailers that have solid fundamentals, operate in strong markets, offer differentiated services and
have experienced management teams that can execute business strategies.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
CONSUMER
Grocery/C-Store, Ben Bienvenu, 501-377-8511, ben.bienvenu@stephens.com
Casey's General Stores CASY adj Apr O $186.45 $230.00 $9.10 $8.55 $10.67 21.8 17.5 $6,919.4 $60.38
Kroger Co. KR op Jan E/V $48.11 $57.00 $3.70 $3.91 $4.06 12.3 11.8 $35,012.2 $13.00
Murphy USA Inc. MUSA adj Dec O/V $232.68 $290.00 $15.23 $18.46 $19.01 12.6 12.2 $5,631.2 $32.37
Sprouts Farmers Market SFM adj Dec E/V $25.62 $28.00 $2.10 $2.15 $2.29 11.9 11.2 $2,808.5 $8.64
Walmart Inc. WMT pf Jan O $121.92 $160.00 $6.45 $6.40 $6.79 19.1 18.0 $334,201.0 $30.15
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 19
RETAIL: AUTOMOTIVE, HARDLINES, AND LEISURE PRODUCTS DANIEL IMBRO, 501-377-2055
Daniel is a managing director covering the retail-automotive, hardlines, and leisure products sectors. Prior to joining Stephens in June 2016, he worked as
an intern at Stephens in the equity research department and at Bank of America, Merrill Lynch in the wealth management group. Daniel graduated summa
cum laude with a B.S. in economics and business from Hendrix College.
Sector Overview: Our research focuses on small-, mid- and large-cap retail operators in the automotive, hardlines, and leisure products sectors. We
provide in-depth coverage of our covered companies. Within automotive, we cover companies across the automotive value chain, offering unique views on
the automotive market. We seek to identify retailers that have solid fundamentals, offer differentiated services, have competitive advantages, and have
experienced management teams that can execute business strategies.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
CONSUMER
Retail: Automotive, Hardlines, and Leisure Products, Daniel Imbro, 501-377-2055, daniel.imbro@stephens.com
Academy Sports and Outdoors ASO adj Jan O/V $35.90 $72.00 $7.61 $7.03 $7.67 5.1 4.7 $3,055.0 $16.85
Acushnet Holdings Corp. GOLF adj Dec E/V $41.51 $47.00 $2.43 $2.82 $2.91 14.7 14.3 $2,998.0 $14.38
ACV Auctions Inc. ACVA adj Dec O/V $6.47 $17.00 ($0.63) ($0.61) ($0.37) NM NM $730.3 $3.56
Advance Auto Parts AAP adj Dec E/V $176.72 $215.00 $12.05 $13.72 $15.83 12.9 11.2 $10,716.3 $50.45
Asbury Automotive Group, Inc. ABG op Dec O $174.27 $265.00 $27.36 $35.50 $32.86 4.9 5.3 $3,856.8 $91.43
AutoNation, Inc. AN op Dec E $116.58 $120.00 $18.12 $22.96 $21.92 5.1 5.3 $6,799.5 $37.96
AutoZone Inc. AZO adj Aug O/V $2,140.00 $2,285.00 $95.65 $116.34 $113.15 18.4 18.9 $41,703.5 -$85.04
Cadre Holdings, Inc. CDRE adj Dec O/V $18.95 $27.00 $0.82 $0.44 $1.03 43.1 18.4 $701.8 $2.58
Callaway Golf Company ELY adj Dec O/V $20.44 $38.00 $0.79 $0.86 $1.06 23.8 19.3 $3,775.2 $19.88
Camping World Holdings CWH Dec O/V $21.76 $44.00 $6.63 $8.80 $8.22 2.5 2.6 $907.2 $3.58
CarMax, Inc. KMX Feb O $93.57 $113.00 $6.87 $5.84 $6.25 16.0 15.0 $15,021.5 $32.51
Carvana Co. CVNA op Dec E/V $23.11 $38.00 ($1.63) ($7.20) ($4.27) NM NM $2,443.7 $3.40
Copart, Inc. CPRT adj Jul O $109.08 $145.00 $3.70 $4.43 $4.83 24.6 22.6 $25,925.3 $14.89
Dick's Sporting Goods DKS adj Jan E/V $76.48 $102.00 $15.70 $11.53 $11.26 6.6 6.8 $4,352.2 $27.80
Dorman Products DORM adj Dec E/V $107.18 $105.00 $4.64 $5.57 $6.17 19.2 17.4 $3,370.6 $29.51
Genuine Parts Company GPC adj Dec E $133.51 $143.00 $6.91 $7.89 $8.45 16.9 15.8 $18,904.4 $24.55
Group 1 Automotive GPI op Dec O $176.57 $285.00 $34.93 $41.75 $37.88 4.2 4.7 $2,930.4 $106.27
IAA, Inc. IAA adj Dec O $33.62 $43.00 $2.39 $2.36 $2.48 14.2 13.6 $4,505.3 $2.49
KAR Auction Services KAR op Dec E $15.21 $15.00 $0.65 $0.35 $0.62 43.5 24.5 $1,848.5 $12.49
Lithia Motors, Inc. LAD op Dec O $286.66 $430.00 $40.01 $46.76 $43.30 6.1 6.6 $8,294.1 $156.83
LKQ Corp. LKQ op Dec O/V $49.14 $64.00 $3.96 $3.91 $4.09 12.6 12.0 $13,898.4 $20.11
Monro, Inc. MNRO op Mar E $43.74 $41.00 $1.85 $1.77 $1.94 24.7 22.5 $1,467.8 $23.34
O'Reilly Automotive, Inc. ORLY adj Dec O/V $637.13 $765.00 $31.10 $33.05 $36.34 19.3 17.5 $41,875.6 -$0.99
Penske Automotive Group, Inc. PAG op Dec O $110.05 $131.00 $15.28 $17.58 $15.85 6.3 6.9 $8,351.8 $52.47
Sonic Automotive, Inc. SAH op Dec O $37.65 $67.00 $8.47 $10.41 $9.75 3.6 3.9 $1,036.5 $26.43
Standard Motor Products SMP adj Dec O/V $44.31 $61.00 $4.45 $4.81 $5.11 9.2 8.7 $967.3 $27.31
Titan Machinery TITN op Jan O/V $22.75 $41.00 $3.03 $3.13 $3.00 7.3 7.6 $513.4 $19.27
Tractor Supply Co. TSCO adj Dec O/V $195.56 $257.00 $8.61 $9.70 $10.82 20.2 18.1 $21,879.6 $17.70
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 20
BANKS MIDWEST TERRY MCEVOY, CFA, 207-808-5025
Terry is managing director and research analyst following the U.S. banking sector. Prior to joining the firm in May 2015, Terry served as head of Bank
Research at Sterne Agee, leading a group of six senior equity analysts that formally covered 140+ bank stocks. Terry spent 13 years in a similar role at
Oppenheimer & Co. Prior to that, he worked for five years as a bank analyst at Tucker Anthony Capital Markets. Terry was named the #3 Earnings Estimator
in the Commercial Banking industry by Financial Times/Starmine in 2008 when profitability within the sector hit an important inflection point. In 2010 the
Financial Times/Starmine named him the #2 Stock Picker in the Commercial Banking industry which was the first year in nearly a decade the sector
outperformed the S&P 500. Terry was one of the founding members/ Board of Directors of the CFA Society of Maine.
Sector Overview: Our Regional Banks team covers small- to mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term
investments that have distinct market or product advantages in the Midwest. Also, the banking industry remains highly fragmented, and we seek to identify
companies that can capitalize on industry consolidation. In addition to more traditional banks that serve both retail and commercial customers, our Midwest
coverage includes banks with a specialty focus, including SBA lending, leasing finance, and providing commercial loans to the agricultural industry. The
Midwest Region primarily includes regional and community banks located in Illinois, Indiana, Iowa, Michigan, Minnesota, Ohio, and Wisconsin.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
FINANCIAL SERVICES
Banks-Midwest, Terry McEvoy, CFA, 207-808-5025, terry.mcevoy@stephens.com
Associated Banc-Corp ASB op Dec E $18.54 $24.00 $2.15 $1.85 $2.20 10.0 8.4 $2,781.8 $25.66
Byline Bancorp, Inc. BY op Dec E $23.81 $26.00 $2.66 $2.30 $2.30 10.4 10.4 $900.0 $21.07
Civista Bancshares, Inc. CIVB op Dec O $21.26 $28.00 $2.74 $2.30 $2.70 9.2 7.9 $310.1 $23.75
Equity Bancshares, Inc. EQBK Dec O $29.20 $38.00 $3.75 $3.25 $3.35 9.0 8.7 $475.3 $29.87
Farmers & Merchants Bancorp FMAO op Dec E $33.46 $39.00 $2.25 $2.60 $2.60 12.9 12.9 $437.2 $22.74
Finward Bancorp FNWD op Dec O/V $37.49 $52.00 $4.08 $4.60 $4.75 8.2 7.9 $161.0 $45.00
First Busey Corp. BUSE op Dec O $22.84 $28.00 $2.42 $2.15 $2.40 10.6 9.5 $1,262.5 $23.80
First Financial Bancorp. FFBC op Dec E $19.44 $26.00 $2.29 $2.00 $2.15 9.7 9.0 $1,836.0 $23.99
First Merchants Corp. FRME op Dec O $35.77 $52.00 $3.73 $3.70 $4.40 9.7 8.1 $2,127.0 $35.81
First Mid Bancshares, Inc. FMBH op Dec O $35.94 $42.00 $3.98 $3.80 $3.75 9.5 9.6 $734.9 $35.06
Heartland Financial USA HTLF op Dec O $41.69 $59.00 $4.95 $4.50 $5.50 9.3 7.6 $1,766.4 $49.00
Horizon Bancorp HBNC op Dec O $17.57 $23.00 $2.00 $2.30 $2.40 7.6 7.3 $765.6 $16.61
Lakeland Financial Corp. LKFN op Dec E $65.96 $79.00 $3.72 $4.00 $4.00 16.5 16.5 $1,671.8 $27.86
Midland States Bancorp MSBI op Dec E $24.33 $31.00 $3.70 $3.75 $3.80 6.5 6.4 $536.6 $30.11
MidWestOne Financial Group MOFG op Dec E $29.60 $34.00 $4.42 $3.90 $3.70 7.6 8.0 $464.1 $33.66
Nicolet Bankshares NIC op Dec O $72.62 $113.00 $6.73 $7.20 $7.90 10.1 9.2 $972.5 $63.73
Old National Bancorp. ONB op Dec O $14.85 $19.00 $1.72 $1.70 $1.95 8.7 7.6 $4,350.4 $18.21
Peoples Bancorp PEBO op Dec E $26.66 $33.00 $2.83 $3.30 $3.45 8.1 7.7 $755.7 $29.93
Stock Yards Bancorp SYBT op Dec E $59.31 $57.00 $3.57 $3.80 $3.80 15.6 15.6 $1,733.3 $25.41
Wintrust Financial Corp. WTFC op Dec O $80.65 $116.00 $7.62 $8.05 $8.65 10.0 9.3 $4,860.7 $71.62
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 21
BANKS NORTHEAST MATT BREESE, 401-658-1114
Matt Breese is a managing director and research analyst covering the Northeast Regional Banks. Prior to joining Stephens in 2019, Matt was a research
analyst at Piper Jaffray Companies. Mr. Breese has focused on regional and community banks for more than a decade. StarMine named Mr. Breese the No. 3
stock picker in 2019 and 2018, the No. 1 stock picker in 2015, as well as the No. 3 earnings estimator in 2018 and 2015 for the thrift and mortgage finance
segment. Mr. Breese began his career in 2008 with Sterne Agee & Leach, Inc.
Sector Overview: Our Regional Banks team covers small- to mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term
investments or on growth companies that have distinct market share gain advantages. Also, the banking industry remains highly fragmented and we seek to
identify companies that can capitalize on industry consolidation. The Mid-Atlantic Region primarily includes regional and community banks located in
Delaware, Washington DC, Maryland, New Jersey, New York, Pennsylvania, Virginia, & West Virginia.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
FINANCIAL SERVICES
Banks-Northeast, Matt Breese, 401-658-1114, matt.breese@stephens.com
Camden National Corp. CAC op Dec O $43.52 $50.00 $4.19 $4.23 $4.38 10.3 9.9 $637.9 $36.72
Community Bank System CBU op Dec E $63.22 $81.50 $3.22 $3.36 $3.62 18.8 17.5 $3,408.2 $38.99
ConnectOne Bancorp CNOB op Dec O $24.75 $35.00 $3.02 $3.00 $3.22 8.3 7.7 $978.2 $25.61
Customers Bancorp, Inc. CUBI op Dec E $34.85 $62.50 $4.23 $4.63 $6.85 7.5 5.1 $1,149.4 $37.32
Dime Community Bancshares DCOM op Dec E $29.82 $34.50 $3.69 $3.26 $3.40 9.1 8.8 $1,170.2 $26.98
First Commonwealth Financial FCF op Dec O $13.44 $16.00 $1.24 $1.34 $1.58 10.0 8.5 $1,267.6 $11.77
Fulton Financial Corp. FULT op Dec O $14.74 $20.50 $1.30 $1.67 $1.88 8.8 7.8 $2,369.5 $15.70
Hanover Bancorp, Inc. HNVR op Dec O $20.31 $25.50 $3.64 $3.31 $3.33 6.1 6.1 $148.2 $22.02
MainStreet Bancshares, Inc. MNSB op Dec O $23.00 $29.00 $2.04 $2.72 $3.48 8.5 6.6 $173.8 $21.27
Mid Penn Bancorp MPB op Dec O $26.72 $34.50 $2.12 $2.88 $3.75 9.3 7.1 $426.5 $30.71
NBT Bancorp NBTB op Dec E $37.47 $42.50 $3.23 $3.33 $3.38 11.3 11.1 $1,604.7 $28.97
New York Community Bancorp NYCB op Dec U $9.06 $9.00 $1.25 $1.29 $1.20 7.0 7.6 $4,231.4 $14.07
Northwest Bancshares, Inc. NWBI op Dec E $12.73 $13.50 $0.99 $0.90 $1.06 14.1 12.0 $1,613.0 $12.51
OceanFirst Financial Corp. OCFC op Dec E $19.19 $24.00 $1.84 $2.34 $3.00 8.2 6.4 $1,139.7 $25.63
Peoples Financial Services Corp. PFIS op Dec O $55.49 $55.00 $3.92 $5.27 $5.98 10.5 9.3 $398.0 $47.44
Provident Bancorp, Inc. PVBC op Dec O $15.48 $20.00 $0.85 $1.26 $1.68 12.3 9.2 $275.7 $13.09
S&T Bancorp, Inc. STBA op Dec E $27.61 $32.50 $2.48 $2.94 $3.12 9.4 8.8 $1,085.4 $30.66
Signature Bank SBNY op Dec O $184.00 $325.00 $14.08 $21.54 $27.75 8.5 6.6 $11,578.8 $129.31
Univest Financial Corp. UVSP op Dec O $25.53 $34.00 $2.68 $2.55 $3.10 10.0 8.2 $755.5 $26.23
Valley National Bancorp VLY op Dec O $10.56 $14.50 $1.01 $1.10 $1.26 9.6 8.4 $5,346.6 $11.57
Webster Financial Corp. WBS op Dec O $43.45 $73.00 $4.39 $5.44 $6.14 8.0 7.1 $7,738.5 $36.36
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 22
BANKS-SOUTHERN MATT OLNEY, CFA, 501-377-2101
Matt is a managing director leading the regional banks practice. He joined Stephens in 2004 as an associate analyst covering the regional banks sector. In
2007, he became a research analyst covering small cap banks and thrifts in the Southeast. Prior to joining Stephens Inc., Matt resided in Houston, TX, where
he worked in various roles for Wells Fargo, UBS and Enron. He holds a B.B.A. with a focus in finance and management information systems from the
University of Oklahoma. Matt earned his Chartered Financial Analyst designation in 2007.
Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term
investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to
identify companies that can capitalize on industry consolidation. The Southwest Region primarily includes regional banks located in Texas, Oklahoma,
Arkansas, Louisiana, Mississippi and Missouri.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
FINANCIAL SERVICES
Banks-Southern Banks, Matt Olney, CFA, 501-377-2101, molney@stephens.com
Allegiance Bancs hares , Inc. ABTX op Dec Sus p $37.55 NE $2.20 NE NE NM NM $765.2 $40.15
Bank7 Corp. BSVN op Dec E $22.75 $28.00 $2.62 $3.24 $3.45 7.0 6.6 $207.0 $14.04
Bank OZK OZK op Dec E $37.64 $51.00 $4.44 $4.20 $4.30 9.0 8.8 $4,576.2 $35.85
BOK Financial BOKF op Dec E $76.00 $98.00 $8.23 $6.29 $7.39 12.1 10.3 $5,175.9 $78.34
Bus ines s Firs t Bancs hares BFST op Dec O $21.34 $31.00 $2.61 $2.21 $2.56 9.7 8.3 $481.5 $21.24
Cadence Bank CADE op Dec O $23.59 $35.00 $2.92 $2.76 $3.16 8.5 7.5 $4,349.4 $26.98
CBTX, Inc. CBTX op Dec E $26.55 $34.00 $1.70 $2.13 $3.10 12.5 8.6 $653.3 $22.96
Cros s Firs t Banks hares , Inc. CFB op Dec E $13.31 $17.00 $1.39 $1.41 $1.53 9.4 8.7 $660.8 $13.23
Cullen/Fros t Bankers , Inc. CFR op Dec E $117.59 $150.00 $6.67 $7.76 $8.81 15.2 13.3 $7,537.2 $67.11
FB Financial Corporation FBK op Dec O $38.77 $49.00 $3.80 $3.24 $3.53 12.0 11.0 $1,831.3 $30.13
Firs t Bancs hares Inc. FBMS op Dec O $28.91 $41.00 $3.03 $3.01 $3.41 9.6 8.5 $593.6 $32.17
Firs t Financial Banks hares FFIN op Dec E $39.39 $43.00 $1.58 $1.56 $1.61 25.3 24.5 $5,621.7 $12.42
Guaranty Bancs hares , Inc. GNTY op Dec O $36.09 $41.00 $3.27 $3.33 $3.40 10.8 10.6 $433.1 $24.93
Hancock Whitney Corp. HWC op Dec E $44.53 $58.00 $5.55 $5.74 $5.68 7.8 7.8 $3,846.0 $42.31
Hilltop Holdings Inc. HTH op Dec E $26.75 $31.00 $4.50 $1.67 $2.39 16.0 11.2 $2,125.0 $31.95
Hom e BancShares , Inc. HOMB op Dec O $20.84 $26.00 $1.83 $1.77 $1.98 11.8 10.5 $4,285.5 $16.90
Independent Bank Group IBTX op Dec O $67.50 $82.00 $5.24 $5.24 $5.52 12.9 12.2 $2,853.5 $60.26
Origin Bancorp, Inc. OBNK op Dec O $39.14 $53.00 $4.59 $3.52 $4.40 11.1 8.9 $930.3 $30.75
Pinnacle Financial Partners PNFP op Dec O $72.79 $104.00 $6.75 $7.07 $7.45 10.3 9.8 $5,560.1 $66.89
Pros perity Bancs hares , Inc. PB op Dec E $68.38 $74.00 $5.60 $5.62 $5.70 12.2 12.0 $6,303.4 $69.73
Red River Bancs hares , Inc. RRBI op Dec O $54.43 $69.00 $4.50 $4.91 $5.31 11.1 10.3 $390.6 $41.52
Renas ant Corp. RNST op Dec E $29.09 $38.00 $3.13 $2.75 $2.85 10.6 10.2 $1,626.1 $39.63
Sim m ons Firs t National Corp. SFNC op Dec E $21.30 $28.00 $2.41 $2.30 $2.26 9.3 9.4 $2,782.9 $28.82
Sm artFinancial, Inc. SMBK op Dec O $23.72 $33.00 $2.38 $2.48 $2.75 9.6 8.6 $400.8 $25.56
Souths ide Bancs hares , Inc. SBSI op Dec E $37.08 $42.00 $3.40 $3.12 $3.03 11.9 12.2 $1,191.1 $28.20
Texas Capital Bancs hares TCBI op Dec O $53.29 $72.00 $4.69 $3.18 $4.78 16.8 11.1 $2,703.0 $57.48
Third Coas t Bancs hares TCBX op Dec O $21.60 $30.00 $1.40 $1.51 $2.96 14.3 7.3 $290.7 $22.31
Trium ph Bancorp, Inc. TBK op Dec E $62.57 $95.00 $4.67 $3.59 $3.54 17.4 17.7 $1,574.2 $32.35
Veritex Holdings , Inc. VBTX op Dec O $29.47 $46.00 $2.81 $3.04 $3.51 9.7 8.4 $1,590.3 $26.64
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 23
BANKS-SUPER-REGIONAL TERRY MCEVOY, CFA, 207-808-5025
Terry is managing director and research analyst following the U.S. banking sector. Prior to joining the firm in May 2015, Terry served as head of Bank
Research at Sterne Agee, leading a group of six senior equity analysts that formally covered 140+ bank stocks. Terry spent 13 years in a similar role at
Oppenheimer & Co. Prior to that, he worked for five years as a bank analyst at Tucker Anthony Capital Markets. Terry was named the #3 Earnings Estimator
in the Commercial Banking industry by Financial Times/Starmine in 2008 when profitability within the sector hit an important inflection point. In 2010 the
Financial Times/Starmine named him the #2 Stock Picker in the Commercial Banking industry which was the first year in nearly a decade the sector
outperformed the S&P 500. Terry was one of the founding members/ Board of Directors of the CFA Society of Maine.
Sector Overview: Our research focuses on U.S. Super-Regional Banks, which we define as banks with assets over $50 billion. These banks operate mainly
in multiple contiguous states and provide traditional banking products. Certain Super-Regional Banks have made investments within fee-generating
businesses such as insurance, capital markets, or asset management to diversify their revenue stream. Fundamentally, the banking sector is well-capitalized
and should see an acceleration in earnings growth as the Federal Reserve raises interest rates.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
FINANCIAL SERVICES
Banks-Super-Regional, Terry McEvoy, CFA, 207-808-5025, terry.mcevoy@stephens.com
Citizens Financial Group CFG op Dec O $36.13 $48.00 $5.34 $4.70 $5.40 7.7 6.7 $17,900.5 $50.71
Comerica Inc. CMA op Dec O $75.99 $108.00 $8.42 $7.90 $10.55 9.6 7.2 $9,936.5 $57.41
Fifth Third Bancorp FITB op Dec O $34.21 $53.00 $3.80 $3.65 $4.30 9.4 8.0 $23,471.1 $29.43
First Republic Bank FRC op Dec O $145.86 $204.00 $7.76 $8.55 $9.85 17.1 14.8 $26,196.9 $68.34
Huntington Bancshares Inc. HBAN op Dec O $12.24 $17.00 $1.52 $1.50 $1.55 8.2 7.9 $17,615.5 $11.91
KeyCorp. KEY op Dec E $17.49 $25.00 $2.62 $2.20 $2.45 8.0 7.1 $16,308.9 $16.71
PNC Financial Services Group PNC op Dec E $157.37 $210.00 $15.88 $13.80 $15.80 11.4 10.0 $65,085.2 $120.68
Regions Financial Corp. RF op Dec E $19.24 $24.00 $2.62 $2.30 $2.55 8.4 7.5 $17,979.8 $17.69
Truist Financial Corp. TFC op Dec O $47.40 $64.00 $5.50 $4.80 $5.40 9.9 8.8 $63,109.0 $47.14
U.S. Bancorp USB op Dec E $46.12 $62.00 $5.04 $4.55 $4.85 10.1 9.5 $68,522.3 $32.72
Zions Bancorporation ZION op Dec E $51.97 $64.00 $6.34 $5.65 $6.45 9.2 8.1 $7,866.1 $46.32
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 24
BANKS-WEST COAST ANDREW TERRELL, 501-377-2303
Andrew is a research analyst covering West Coast banks. Previously, he was a senior associate covering East Coast Banks, and prior to that West Coast
banks. Before joining Stephens in December 2017, he worked in wealth management at Silver Oak Securities. Andrew graduated with a B.S.B.A. in
accounting and finance from the University of Tennessee at Martin.
Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term
investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to
identify companies that can capitalize on industry consolidation. The West Coast Region primarily includes regional banks located in California and the Pacific
Northwest.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
FINANCIAL SERVICES
Banks-West Coast, Andrew Terrell, CFA, 501-377-2303, andrew.terrell@stephens.com
Avidbank Holdings, Inc. AVBH op Dec O $20.33 $34.00 $1.92 $3.15 $3.77 6.5 5.4 $124.9 $21.91
Banc of California BANC op Dec E $17.53 $22.00 $1.36 $2.14 $2.12 8.2 8.3 $1,067.8 $15.48
Bank of Marin Bancorp BMRC op Dec E $31.69 $37.00 $2.64 $2.84 $3.00 11.2 10.6 $507.0 $28.27
Banner Corp. BANR op Dec O $55.80 $67.00 $5.93 $5.63 $6.73 9.9 8.3 $1,918.2 $49.35
Coastal Financial Corp. CCB op Dec O $37.90 $60.00 $1.99 $2.46 $3.69 15.4 10.3 $490.1 $15.63
Columbia Banking System COLB op Dec E $28.80 $34.00 $3.09 $3.10 $3.41 9.3 8.4 $2,264.9 $32.97
First Foundation Inc. FFWM op Dec O $20.68 $28.00 $2.59 $2.28 $2.47 9.1 8.4 $1,168.7 $18.86
First Interstate BancSystem FIBK op Dec E $38.14 $41.00 $3.26 $3.36 $3.86 11.4 9.9 $4,176.1 $31.93
Five Star Bancorp FSBC op Dec O $25.88 $33.00 $2.71 $2.41 $2.84 10.7 9.1 $446.3 $13.65
Glacier Bancorp GBCI op Dec E $47.53 $53.00 $3.20 $2.80 $3.38 17.0 14.1 $5,264.6 $28.71
Heritage Commerce Corp. HTBK op Dec O $10.71 $16.00 $0.86 $1.05 $1.39 10.2 7.7 $647.3 $9.91
Heritage Financial Corp. HFWA op Dec E $25.24 $29.00 $2.63 $2.08 $2.35 12.1 10.7 $886.0 $24.34
National Bank Holdings NBHC op Dec E $38.36 $46.00 $2.91 $2.89 $4.19 13.3 9.2 $1,152.7 $28.04
Pacific Premier Bancorp PPBI op Dec E $29.11 $39.00 $3.47 $2.87 $3.18 10.1 9.2 $2,763.4 $30.58
PacWest Bancorp PACW op Dec O $27.18 $48.00 $5.20 $4.18 $4.58 6.5 5.9 $3,192.2 $34.11
Preferred Bank PFBC op Dec O $67.67 $90.00 $6.41 $7.55 $8.60 9.0 7.9 $1,008.4 $39.97
Private Bancorp of America PBAM op Dec O $28.99 $39.00 $3.82 $3.80 $3.89 7.6 7.5 $163.1 $22.81
RBB Bancorp RBB op Dec E $20.76 $26.00 $2.81 $3.26 $3.48 6.4 6.0 $398.4 $23.98
SVB Financial Group SIVB op Dec E $402.56 $660.00 $33.67 $34.34 $44.23 11.7 9.1 $23,691.1 $214.30
TriCo Bancshares TCBK op Dec O $45.69 $48.00 $3.97 $4.23 $4.75 10.8 9.6 $1,536.6 $33.64
Umpqua Holdings Corp. UMPQ op Dec E $16.99 NE $2.00 NE NE NM NM $3,687.6 $12.69
Western Alliance Bancorp. WAL op Dec O $72.65 $115.00 $8.76 $9.88 $11.84 7.4 6.1 $7,866.7 $43.78
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 25
REAL ESTATE SERVICES JOHN CAMPBELL, 501-377-6362
John is a research analyst covering the real estate services sector. John joined Stephens in May 2011 as a research associate in the business services and
insurance brokerage space. He was promoted into a lead analyst role in February 2014. Prior to joining Stephens Inc., John was a senior strategy planning
analyst at FedEx Corporation where he focused on the development and implementation of corporate strategy. He graduated from the University of
Mississippi in 2005 with a B.A. in banking & finance and later received an M.B.A. in 2011 from the University of Mississippi.
Sector Overview: We see three dominant trends that are shaping the U.S. residential housing market. First, slow unit growth of new/existing home sales
driven by higher rates, student debt inhibiting first-time buyers, and low levels of home equity limiting the trade-up market. Second, the consolidation of
mortgage lending driven by the economic recession and the government’s response to it. Third, lenders giving larger share of wallet to fewer vendors and
outsourcing more functions surrounding mortgage underwriting to third parties in response to regulatory factors. To win in this market, we think real estate
services providers will need to run a tight operation to drive high incremental margins from the limited demand curve they face, drive revenue growth with
share taking via organic cross sales or M&A to offer more services, and offering centralized/bundled products.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
FINANCIAL SERVICES
Real Estate Services, John Campbell, 501-377-6362, john.campbell@stephens.com
Anywhere Real Estate Inc. HOUS adj Dec E/V $9.86 $13.00 $3.04 $2.00 $2.00 4.9 4.9 $1,165.0 $18.75
Appfolio, Inc. APPF adj Dec E/V $91.97 $100.00 $0.36 ($0.40) ($0.06) NM NM $1,845.2 $8.54
Black Knight, Inc. BKI adj Dec O/V $65.46 $92.00 $2.38 $2.64 $3.06 24.8 21.4 $10,209.5 $13.46
Cannae Holdings, Inc. CNNE Dec O/V $19.52 $41.00 ($3.17) ($2.32) $0.56 NM 34.9 $1,657.6 $38.39
CoStar Group, Inc. CSGP pf Dec O $60.21 $84.00 $1.14 $1.02 $1.33 59.0 45.3 $23,856.7 $14.46
eXp World Holdings EXPI adj Dec O/V $12.07 $30.00 $0.72 $0.69 $1.30 17.5 9.3 $1,815.5 $1.49
Fidelity National Financial, Inc. FNF pf/cs Dec O $36.81 $54.00 $7.94 $5.99 $5.74 6.1 6.4 $10,332.7 $33.17
First American Financial Corp. FAF op Dec E $52.26 $69.00 $8.20 $6.52 $6.74 8.0 7.8 $5,613.0 $52.57
LendingTree, Inc. TREE adj Dec O/V $46.70 $140.00 $1.55 $2.50 $4.44 18.7 10.5 $596.2 $34.21
QuinStreet, Inc. QNST adj Jun O/V $9.90 $14.00 $0.66 $0.35 $0.59 28.3 16.8 $542.6 $5.49
P10 Holdings PX adj Dec O $10.97 $15.00 $0.55 $0.78 $0.95 14.1 11.5 $392.1 $3.37
Porch Group PRCH adj Dec O/V $2.68 $16.00 ($0.48) ($0.69) ($0.49) NM NM $265.7 $2.22
Redfin Corp. RDFN adj Dec E $8.60 $15.00 ($0.58) ($0.86) $0.00 NM NM $921.7 $2.91
RE/MAX Holdings Inc. RMAX adj Dec O/V $23.90 $32.00 $2.41 $2.50 $2.60 9.6 9.2 $460.5 $27.03
Stewart Information Services STC op Dec O/V $49.22 $72.00 $11.43 $8.05 $7.21 6.1 6.8 $1,329.8 $47.67
Zillow, Inc. ZG adj Dec O/V $33.00 $65.00 ($0.49) $1.94 $2.40 17.0 13.8 $1,983.9 $21.31
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 26
SPECIALTY FINANCE VINCENT CAINTIC, CFA 212-891-1715
Vincent Caintic is a Managing Director and equity research analyst covering the Specialty Finance sector. Since 2007, Vincent has covered several sectors
within the financial institutions universe including specialty finance, banks, and insurance. Vincent joined Stephens in 2016 from previous research roles at
Macquarie, Morgan Stanley, and Wells Fargo. Prior to equity research, Vincent was an actuary and financial analyst. Vincent received his B.A. in economics
from the University of Chicago. He is a CFA charter holder.
Sector Overview: Specialty Finance companies are generally non-bank institutions that provide credit and other financial services to a target niche.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
FINANCIAL SERVICES
Specialty Finance, Vincent Caintic, CFA, 646-620-7702, vincent.caintic@stephens.com
Aaron's Company, Inc., The AAN adj Dec E/V $14.79 $19.00 $3.75 $2.67 $3.15 5.5 4.7 $454.2 $23.18
AerCap Holdings AER adj Dec O/V $40.34 $68.00 $8.71 $6.51 $6.98 6.2 5.8 $9,899.3 $67.53
Affirm Holdings, Inc. AFRM adj Jun U/V $19.02 $18.00 $0.09 ($0.34) ($0.14) NM NM $4,303.7 $9.58
Air Lease Corp. AL Dec O/V $32.95 $55.00 $3.57 ($1.29) $5.35 NM 6.2 $3,652.8 $61.48
Ally Financial Inc. ALLY adj Dec E/V $34.08 $56.00 $8.61 $7.58 $7.00 4.5 4.9 $11,009.4 $43.58
America's Car-Mart CRMT adj Apr O/V $101.92 $113.00 $13.67 $11.30 $9.46 9.0 10.8 $656.3 $73.66
American Express Co. AXP adj Dec E/V $139.47 $197.00 $9.79 $9.64 $11.37 14.5 12.3 $105,029.3 $29.14
Bread Financial Holdings BFH adj Dec E/V $38.12 $72.00 $15.97 $11.14 $11.97 3.4 3.2 $1,897.5 $41.80
Capital One Financial Corp. COF adj Dec E/V $105.61 $193.00 $27.11 $19.90 $19.32 5.3 5.5 $41,510.1 $147.46
Conn's, Inc. CONN op Jan E/V $8.46 $13.00 $3.71 $0.77 $2.05 11.0 4.1 $201.2 $22.83
Credit Acceptance Corp. CACC adj Dec E/V $471.21 $519.00 $59.52 $51.62 $45.87 9.1 10.3 $6,191.5 $128.96
CURO Group Holdings CURO adj Dec E/V $5.74 $13.00 $0.97 $0.27 $2.22 21.3 2.6 $231.0 $3.93
Discover Financial Services DFS adj Dec E/V $95.59 $137.00 $16.21 $14.13 $13.23 6.8 7.2 $26,857.5 $42.84
ECN Capital ECN-CA adj/c Dec O/V $5.51 $7.50 $0.17 $0.30 $0.36 18.4 15.3 $1,058.1 $0.78
Enova International ENVA adj Dec E/V $29.01 $47.00 $7.57 $6.50 $7.79 4.5 3.7 $944.6 $32.01
FirstCash, Inc. FCFS adj Dec E/V $70.39 $83.00 $3.94 $5.36 $6.92 13.1 10.2 $3,341.0 $37.30
Franchise Group, Inc. FRG adj Dec E/V $36.86 $45.00 $3.82 $4.85 $5.02 7.6 7.3 $1,487.5 $18.93
Navient Corp. NAVI adj Dec E/V $14.09 $19.00 $4.20 $3.23 $2.81 4.4 5.0 $2,083.8 $16.89
OneMain Holdings, Inc. OMF adj Dec O/V $37.83 $87.00 $10.81 $8.89 $8.58 4.3 4.4 $4,736.7 $24.20
Open Lending Corp. LPRO adj Dec O/V $10.72 $47.00 $0.72 $0.81 $1.01 13.2 10.6 $1,353.1 $1.26
PROG Holdings, Inc. PRG adj Dec E/V $16.70 $21.00 $3.94 $2.56 $3.60 6.5 4.6 $902.5 $12.04
Regional Management RM adj Dec E/V $38.04 $61.00 $8.33 $7.85 $7.64 4.8 5.0 $367.9 $28.89
Rent-A-Center RCII adj Dec E/V $19.62 $42.00 $5.57 $4.52 $5.33 4.3 3.7 $1,160.4 $7.76
SLM Corp. SLM adj Dec E/V $16.03 $19.00 $3.67 $2.94 $2.77 5.5 5.8 $4,315.5 $6.81
Synchrony Financial SYF adj Dec E/V $28.53 $47.00 $7.01 $4.67 $5.23 6.1 5.5 $14,307.5 $24.53
Upstart Holdings, Inc. UPST adj Dec U/V $32.19 $28.00 $2.37 $1.73 $2.78 18.6 11.6 $2,728.9 $9.65
World Acceptanc Corp. WRLD adj Mar U/V $114.03 $159.00 $8.47 $4.05 $7.30 28.2 15.6 $746.5 $58.76
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 27
DIAGNOSTICS MASON CARRICO, 214-258-2712
Mason is a research analyst covering the diagnostics sector. Mason holds a Master of Finance degree from Tulane University where he graduated Beta Gamma
Sigma from the Freeman School of Business and a B.A. in Molecular, Cellular, and Developmental Biology from the University of Colorado at Boulder.
Sector Overview: Diagnostics are medical tests or procedures that provide insights into the prevention, detection, diagnosis, treatment, and management
of health conditions. Broadly speaking, there are two categories of diagnostics: "in vivo" imaging and "in vitro" diagnostics. We have focused our attention on
in vitro diagnostics (IVDs), and more specifically, molecular diagnostics which are techniques used to analyze biological markers in the genome and
proteome.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
HEALTHCARE
Diagnostics, Mason Carrico, CFA, 214-258-2712, mason.carrico@stephens.com
CareDX, Inc. CDNA adj Dec O/V $22.09 $50.00 $0.29 ($0.30) $0.14 NM NM $1,175.7 $8.80
Castle Biosciences, Inc. CSTL Dec O/V $23.01 $36.00 ($1.24) ($3.71) ($3.30) NM NM $604.3 $16.22
DermTech Inc. DMTK Dec O/V $5.61 $20.00 ($2.71) ($3.96) ($3.81) NM NM $168.0 $7.72
Natera, Inc. NTRA Dec O/V $36.87 $54.00 ($5.21) ($5.70) ($4.98) NM NM $3,551.1 $6.87
Neogenomics Inc. NEO pf Dec E/V $8.33 $12.00 ($0.27) ($0.79) ($0.66) NM NM $1,039.2 $8.93
Oncocyte Corporation OCX Dec E/V $0.86 $1.25 ($0.72) ($0.48) ($0.48) NM NM $101.9 $0.71
Veracyte, Inc. VCYT Dec O/V $19.97 $30.00 ($1.11) ($0.82) ($0.49) -24.4 -40.8 $1,426.8 $15.42
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 28
LIFE SCIENCE TOOLS AND PHARMA SERVICES JACOB JOHNSON, CFA, 615-279-4355
Jacob is a managing director covering the diagnostics and life sciences tools sector. Jacob previously worked as a research associate on the healthcare
services team. Prior to joining Stephens in September 2015, he worked as an analyst at Kings Point Capital Management. Jacob holds a BA in economics and
mathematics from the University of the South and a MS finance from the Olin Business School at Washington University in St. Louis.
Sector Overview: The Life Science Tools and Pharma Services industries consist of companies that provide instruments, consumables, equipment, supplies,
and contract research/manufacturing services to assist biotech and pharmaceutical companies involved in drug discovery, development, and production. In
particular, we are interested in companies that sell products and services to growing and emerging modalities like biologics and cell and gene therapies as we
see these end-markets as significant growth drivers for both LS tools companies and pharma services companies. It is our belief that the increase in
complexity of these nascent modalities will increase the need for specialized products and services. We are also interested in companies that are driving
innovation in areas like synthetic biology and drug discovery. We look for companies with strong fundamentals including solid management, large market
opportunities, strong intellectual property positions, and innovative/value-adding products.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
HEALTHCARE
Life Science Tools and Pharma Services, Jacob Johnson, CFA, 615-279-4355, jacob.johnson@stephens.com
Alpha Teknova, Inc. TKNO Dec O/V $8.60 $26.00 ($0.38) ($0.94) ($1.04) NM NM $241.2 $5.11
Avid Bioservices, Inc. CDMO Apr O/V $15.17 $28.00 $1.81 $0.05 $0.27 NM NM $936.7 $2.82
Azenta, Inc. AZTA pf Sep O/V $71.57 $98.00 $0.49 $0.51 $1.07 NM 66.9 $5,366.9 $17.83
Bio-Techne Corp. TECH pf Jun O/V $348.50 $500.00 $6.75 $7.95 $9.15 43.8 38.1 $13,672.9 $40.12
BioLife Solutions, Inc. BLFS pf Dec O/V $14.56 $40.00 ($0.53) ($0.69) ($0.34) NM NM $617.5 $11.48
Catalent, Inc. CTLT pf Jun O/V $106.15 $154.00 $3.04 $3.76 $4.08 28.2 26.0 $19,023.5 $22.96
Cerus Corp. CERS pf Dec O/V $5.34 $7.50 ($0.32) ($0.29) ($0.28) NM NM $944.6 $0.49
Charles River Laboratories CRL pf Dec O/V $219.46 $315.00 $10.32 $11.46 $13.03 19.2 16.8 $11,149.6 $50.21
Codexis, Inc. CDXS pf Dec O/V $11.12 $22.00 ($0.10) ($0.14) ($0.33) NM NM $726.2 $2.52
Cryoport, Inc. CYRX pf Dec O/V $31.61 $45.00 ($0.66) ($0.79) ($0.39) NM NM $1,560.8 $12.73
MaxCyte, Inc. MXCT Dec O/V $4.82 $15.00 ($0.23) ($0.29) ($0.31) NM NM $489.4 $2.60
OraSure Technologies, Inc. OSUR pf Dec E/V $2.74 $7.00 ($0.32) ($0.54) ($0.36) NM NM $198.5 $5.28
Repligen Corp. RGEN pf Dec O/V $165.85 $220.00 $3.06 $3.08 $3.59 53.8 46.2 $9,193.6 $31.63
Societal CDMO SCTL pf Dec O/V $0.76 $3.00 ($0.26) ($0.25) ($0.23) NM NM $43.0 $0.90
West Pharmaceutical Services WST pf Dec E/V $299.52 $370.00 $8.62 $9.31 $10.26 32.2 29.2 $22,187.1 $31.47
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 29
HEALTHCARE SERVICES SCOTT FIDEL, 212-891-1788
Scott joined Stephens Inc. in September, 2018 as a Managing Director and leads the firm’s coverage of the Healthcare Services sector. Scott and his team
currently provide extensive research coverage of three key verticals in Healthcare Services: Managed Care, Health Care Facilities, and Post-Acute Care. Scott
has over 20 years of experience covering the Health Care Services industry on the sell-side, having previously covered the Managed Care & HC Facilities
sectors as the lead analyst at Credit Suisse. Scott also served as the senior analyst covering Managed Care at both Deutsche Bank and JPMorgan. Scott
began his equity research career as an associate analyst at UBS covering Managed Care. Prior to joining the equity research business, Scott worked as a
health care lobbyist and legislative researcher in Washington, D.C. Scott received his BA in History from the University of Colorado at Boulder.
Sector Overview: Healthcare Services includes companies that operate healthcare facilities such as acute care and behavioral hospitals, nursing homes and
ambulatory surgery centers, along with other providers of medical care including primary care and home health providers. In addition, this subsector includes
issuers and providers of medical and pharmacy benefits and insurance coverages, such as managed care companies and PBMs. The healthcare services
industry also includes specialty operators, outsourced services, and health care information and technology businesses. Our coverage list focuses on publicly
traded companies operating in three major healthcare services verticals: managed care, healthcare facilities, and post-acute care.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
HEALTHCARE
Healthcare Services, Scott Fidel, 212-891-1788, scott.fidel@stephens.com
Acadia Healthcare Co. ACHC adj Dec E $70.20 $78.00 $2.70 $3.06 $3.42 22.9 20.5 $6,355.0 $28.28
Addus HomeCare Corp. ADUS adj Dec O $85.06 $101.00 $3.52 $3.92 $4.36 21.7 19.5 $1,367.0 $36.03
Amedisys, Inc. AMED adj Dec E $110.14 $125.00 $5.93 $5.30 $5.70 20.8 19.3 $3,587.6 $28.65
Aveanna Healthcare AVAH adj Dec E/V $2.38 $3.50 $0.41 $0.33 $0.40 7.2 6.0 $439.7 $3.44
Centene Corp. CNC adj Dec O $84.94 $106.00 $5.15 $5.65 $6.45 15.0 13.2 $49,680.3 $46.00
Cigna Corp. CI adj Dec O $267.34 $295.00 $20.47 $22.70 $25.30 11.8 10.6 $84,819.9 $145.88
Elevance Health, Inc. ELV adj Dec O $485.57 $575.00 $25.98 $28.50 $32.65 17.0 14.9 $117,063.5 $149.15
Encompass Health Corp. EHC adj Dec O $56.99 $74.00 $4.24 $3.95 $4.30 14.4 13.3 $5,687.8 $19.21
Ensign Group, The ENSG Dec O $75.58 $98.00 $3.42 $3.77 $4.22 20.0 17.9 $4,193.0 $18.50
HCA Healthcare HCA Dec O $175.67 $245.00 $21.26 $17.17 $18.80 10.2 9.3 $51,907.8 -$3.05
Humana Inc. HUM adj Dec O $468.33 $510.00 $20.64 $24.60 $27.85 19.0 16.8 $59,240.7 $124.84
LHC Group, Inc. LHCG adj Dec E $155.25 $170.00 $5.72 $5.90 $6.19 26.3 25.1 $4,817.1 $51.13
Molina Healthcare MOH adj Dec E $281.46 $335.00 $13.54 $17.25 $19.75 16.3 14.3 $16,521.7 $45.34
Pennant Group, The PNTG adj Dec E/V $12.97 $17.00 $0.46 $0.67 $0.75 19.4 17.3 $370.1 $3.87
Tenet Healthcare THC Dec E/V $56.58 $88.00 $8.41 $4.72 $5.57 12.0 10.2 $6,094.9 $9.59
UnitedHealth Group UNH adj Dec O $515.71 $580.00 $19.02 $21.70 $24.85 23.8 20.8 $483,824.5 $76.26
Universal Health Services UHS Dec E $107.24 $135.00 $11.81 $11.73 $13.30 9.1 8.1 $7,198.8 $78.99
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 30
MEDICAL DEVICES & HOSPITAL SUPPLY CHRIS COOLEY, CFA, 501-377-2516
Chris is a managing director leading the medical devices and hospital supply sector. Chris joined Stephens in July 2010 and has over 20 years of equity
research experience. He was ranked #3 for stock selection by the Wall Street Journal All-Star Analyst Survey as well as StarMine/ Financial Times in 2011
and was ranked #1 for stock selection by both the Wall Street Journal All-Star Analyst Survey and by StarMine /Financial Times for his work in the sector
during 2009. Additionally, Chris has received votes in the Institutional Investor All-Star annual survey for his work in the sector. Prior to joining Stephens,
Chris began his professional career with Dean Witter and also worked for Cargill, Inc., Morgan Keegan, SunTrust Equitable Securities and FTN Equity Capital
Markets. Chris received a masters in business administration, with concentrations in finance and operations management from the University of Tennessee
and a bachelor of science degree in economics from the University of Arkansas.
Sector Overview: The Medical Devices industry consists of companies that design, manufacture, and distribute various devices used in the diagnosis and
treatment of a wide variety of medical conditions. The primary market driver remains demographic trends - the U.S. Census Bureau projects that roughly
40% of the U.S. population will be 45 years of age or older by 2008. These demographic trends coupled with Americans’ higher expectations relating to
lifestyle/quality of life issues and demands for access to the latest medical technologies will drive growth for the industry. The Medical Devices team is
focused on companies with technologies that are well positioned to benefit from these ongoing trends. We look for companies within our areas of focus that
we believe have significant market opportunities, innovative and value adding products, quality management teams, and solid fundamentals.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
HEALTHCARE
Medical Devices & Hospital Supply, Chris Cooley, CFA, 501-377-2516, chris.cooley@stephens.com
Abiomed, Inc. ABMD Mar O/V $256.49 $390.00 $2.97 $4.42 $5.43 58.0 47.2 $11,686.7 $33.01
Alcon, Inc. ALC pf Dec O $69.22 $92.00 $2.16 $2.45 $2.84 28.3 24.4 $34,589.2 $39.29
Align Technology ALGN pf Dec O/V $242.15 $500.00 $11.23 $11.97 $14.66 20.2 16.5 $19,082.8 $46.03
Anika Th3erapeutics, Inc. ANIK Dec E $22.51 $29.00 $0.28 ($0.92) $0.07 NM NM $327.4 $19.88
Apollo Endosurgery, Inc. APEN Dec O/V $3.75 $9.00 ($0.46) ($0.64) ($0.54) NM NM $150.9 $1.55
Avanos Medical AVNS pf Dec E $27.18 $43.00 $1.15 $1.71 $2.18 15.9 12.5 $1,286.3 $26.22
Boston Scientific Corp. BSX cs Dec O $37.80 $50.00 $1.63 $1.78 $2.03 21.2 18.6 $54,037.8 $11.66
Cooper Companies, The COO pf Oct O $317.71 $460.00 $13.24 $13.22 $14.89 24.0 21.3 $15,674.7 $140.81
Cutera, Inc. CUTR pf Dec O/V $40.16 $78.00 $0.73 ($0.45) $1.23 NM 32.7 $729.4 $3.14
DexCom, Inc. DXCM pf Dec O/V $75.45 $87.00 $0.67 $0.75 $1.11 NM 68.0 $29,614.4 $5.80
Establishment Labs ESTA pf Dec O/V $56.43 $89.00 ($1.72) ($1.30) ($1.05) NM NM $1,365.5 $2.11
Glaukos Corp. GKOS pf Dec O $45.75 $70.00 ($1.41) ($1.71) ($1.87) NM NM $2,165.5 $12.50
Insulet Corp. PODD pf Dec E/V $221.94 $243.00 $0.22 $1.39 $1.83 NM NM $15,389.2 $8.04
Pulse Biosciences, Inc. PLSE Dec E/V $1.56 $5.00 ($2.28) ($1.81) ($1.70) NM NM $57.9 $1.20
Sientra, Inc. SIEN Dec O/V $0.84 $6.00 ($1.10) ($0.93) ($0.97) NM NM $52.5 $0.66
SmileDirectClub, Inc. SDC Dec E/V $1.01 $3.00 ($0.87) ($0.50) ($0.37) NM NM $121.9 $1.44
STAAR Surgical Co. STAA pf Dec O/V $73.54 $99.00 $0.87 $0.90 $1.44 81.7 51.1 $3,516.0 $5.42
STERIS plc STE pf Mar O $208.33 $295.00 $7.92 $8.78 $10.09 23.7 20.6 $20,849.7 $65.28
Teleflex Inc. TFX adj Dec O $256.83 $413.00 $13.33 $14.11 $15.01 18.2 17.1 $12,045.3 $78.34
Vericel Corporation VCEL Dec O $25.32 $53.00 ($0.17) ($0.18) $0.38 NM 66.6 $1,193.1 $3.64
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 31
BUILDING MATERIALS TREY GROOMS, 501-377-2318
Trey is a managing director leading the building materials sector. Trey joined Stephens Inc. in July 2001 as an analyst in the Corporate Finance department
focusing on several industries including home building and land development, life sciences, food, and consumer products. He then became an associate in
Equity Research in April 2003, covering the information technology and services industry and was promoted to analyst in January 2006. Trey holds a B.B.A. in
finance from the University of Arkansas at Little Rock.
Sector Overview: Building Materials is focused on identifying companies with exposure to the residential replacement and new construction markets, as
well as infrastructure and other public works construction markets. We seek to identify companies that possess strong growth opportunities, leading market
positions, unique value-added services and proprietary products. The areas of focus include Construction Materials, Installation & Distribution, and Specialty
Products.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
INDUSTRIALS and ENERGY
Building Materials, Trey Grooms, 501-377-2318, tgrooms@stephens.com
Arcosa, Inc. ACA op Dec O $45.73 $65.00 $1.93 $1.88 $2.52 24.3 18.1 $2,209.7 $40.44
AZEK Company, The AZEK op Sep O $17.05 $20.00 $0.97 $1.05 $1.10 16.2 15.5 $2,645.4 $9.22
Beacon Roofing Supply, Inc. BECN op Sep E $50.98 $72.00 $4.99 $6.21 $6.39 8.2 8.0 $3,504.5 $24.86
Builders FirstSource, Inc. BLDR op Dec O $52.67 $100.00 $10.32 $12.63 $10.76 4.2 4.9 $9,099.5 $26.71
Eagle Materials EXP op Mar O $109.39 $185.00 $9.42 $11.97 $13.31 9.1 8.2 $4,178.6 $29.28
Floor & Décor Holdings FND op Dec O $66.27 $135.00 $2.44 $2.86 $3.72 23.2 17.8 $7,015.2 $12.51
GMS Inc. GMS op Apr O $45.49 $60.00 $7.49 $7.53 $6.83 6.0 6.7 $1,940.0 $24.89
Griffon Corp. GFF op Sep O $27.99 $40.00 $1.70 $3.78 $3.99 7.4 7.0 $1,596.3 $14.26
Installed Building Products IBP op Dec E $81.11 $100.00 $5.40 $6.87 $7.42 11.8 10.9 $2,376.2 $14.03
Martin Marietta Materials MLM op Dec O $300.28 $455.00 $12.25 $13.43 $16.43 22.4 18.3 $18,727.1 $104.73
Masonite International DOOR op Dec O $75.69 $135.00 $8.19 $10.30 $11.45 7.3 6.6 $1,707.9 $29.13
Pool Corp. POOL op Dec E $349.98 $460.00 $15.97 $18.68 $19.17 18.7 18.3 $14,007.9 $26.66
Summit Materials LLC SUM op Dec O $22.61 $42.00 $1.12 $1.31 $1.81 17.3 12.5 $2,670.2 $15.28
TopBuild Corp. BLD op Dec E $166.42 $225.00 $10.86 $14.35 $15.42 11.6 10.8 $5,454.9 $49.70
Trex Company TREX op Dec O $55.85 $90.00 $2.11 $2.48 $2.86 22.5 19.5 $6,322.2 $6.30
Vulcan Materials Company VMC op Dec O $143.28 $225.00 $5.04 $6.21 $7.79 23.1 18.4 $19,041.3 $49.32
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 32
ELECTRICAL EQUIPMENT/MULTI-INDUSTRY, DISTRIBUTION TOMMY MOLL, 501-377-6306
Tommy is an equity research analyst covering Industrials including Electrical Equipment/Multi-Industry and Distribution at Stephens, where he joined in 2014.
Earlier in his career, Tommy worked at Jefferies in equity research and special situations investing, and at the Peterson Institute in economics research.
Tommy holds a bachelor’s degree from William & Mary, a master’s from the London School of Economics, and a JD from Columbia.
Sector Overview: The Electrical Equipment/Multi-Industry group covers a wide spectrum of global multi-national conglomerates to smaller, U.S. based
electrical equipment, industrial automation, and general component suppliers, as well as heating, ventilation and air-conditioning (HVAC) manufacturers. It
also includes serial acquisition stories in the industrial technology, Industrial Internet of Things (IIOT), and select industrial and commercial applications
in Software as a Service (SaaS) businesses. Key end markets include construction (both residential and nonresidential), aerospace, defense, medical, oil and
gas, industrial and process automation, automotive, chemical, mining, as well as a whole host of smaller niche markets. The Distribution group covers
several sub-segments including MRO, HVAC, electrical and energy. The distribution industry is large and highly fragmented, with more than 100,000
participants in North America. We look for distribution companies that have leading market positions in their product verticals, a meaningful amount of
operating leverage and/or differentiated service platforms.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
INDUSTRIALS and ENERGY
Electrical Equipment/Multi-Industry, Distribution, Tommy Moll, 501-377-6306, tommy.moll@stephens.com
Carrier Corp. CARR adj Dec O $35.79 $55.00 $2.26 $2.30 $2.58 15.6 13.9 $30,358.6 $7.84
Cognex Corp. CGNX adj Dec O $43.96 $80.00 $1.50 $1.66 $1.80 26.5 24.4 $7,637.5 $8.15
Digi International DGII adj Sep O $23.52 $36.00 $1.08 $1.49 $1.82 15.8 12.9 $825.2 $13.79
DXP Enterprises, Inc. DXPE adj Dec O $30.31 $40.00 $0.83 $2.50 $3.06 12.1 9.9 $565.1 $19.30
Emerson Electric Co. EMR adj Sep O $80.51 $120.00 $4.51 $5.10 $5.62 15.8 14.3 $50,077.1 $16.59
ESCO Technologies Inc. ESE Sep O $66.06 $100.00 $2.59 $3.20 $3.41 20.6 19.4 $1,707.7 $39.13
Fastenal Company FAST adj Dec O $49.71 $70.00 $1.60 $1.97 $2.19 25.2 22.7 $28,613.4 $5.29
Generac Holdings, Inc. GNRC adj Dec O $214.61 $450.00 $9.63 $11.97 $17.50 17.9 12.3 $13,698.5 $34.74
Hubbell Inc. HUBB Dec O $179.52 $260.00 $8.05 $9.30 $10.41 19.3 17.2 $9,633.3 $40.90
Itron, Inc. ITRI ad Dec O $49.17 $65.00 $1.75 $1.50 $2.90 32.8 17.0 $2,215.7 $24.72
Lennox International Inc. LII adj Dec E $202.59 $275.00 $12.60 $13.94 $16.39 14.5 12.4 $7,274.8 -$7.34
MRC Global Inc. MRC adj Dec O $9.79 $17.00 $0.27 $0.74 $1.13 13.2 8.7 $817.3 $3.89
MSC Industrial Direct MSM Aug O $75.32 $100.00 $4.81 $6.17 $6.23 12.2 12.1 $3,554.2 $20.75
NOW Inc. DNOW adj Dec O $9.63 $13.00 $0.08 $0.66 $0.85 14.6 11.3 $1,066.1 $6.44
Rockwell Automation Inc. ROK adj Sep E $197.17 $250.00 $9.43 $9.60 $10.96 20.5 18.0 $22,923.3 $20.60
Trane Technologies TT adj Dec E $130.08 $165.00 $6.09 $7.03 $7.68 18.5 16.9 $30,420.6 $26.60
W.W. Grainger, Inc. GWW adj Dec E $453.95 $565.00 $19.84 $26.52 $29.38 17.1 15.5 $23,197.6 $36.59
Watsco, Inc. WSO Dec O $237.98 $400.00 $10.78 $16.08 $18.09 14.8 13.2 $7,892.6 $42.91
WESCO International WCC adj Dec O $107.44 $200.00 $9.98 $14.50 $16.08 7.4 6.7 $5,448.9 $74.94
Zebra Technologies, Inc. ZBRA adj Dec O $298.33 $600.00 $18.45 $19.36 $23.45 15.4 12.7 $15,666.4 $55.86
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 33
OIL AND GAS CAMERON LOCHRIDGE, 713-993-4212
Cameron is an equity research analyst covering the oil & gas and renewable energy sectors at Stephens, where he joined in 2019. Cameron previously
worked as a research associate at Stephens covering the electrical equipment/multi-industry, industrial distribution, and oilfield services sectors. Prior to
Stephens, Cameron worked in advisory at Ernst and Young in the commercial mortgage-backed securities group. Cameron holds a bachelor’s degree in
finance from Louisiana State University and a master’s degree in finance from Tulane University.
Sector Overview: We focus on oil and gas production, oilfield services and equipment, and the liquefied natural gas value chain. Our coverage universe
includes onshore and offshore producers in the U.S., large diversified service and equipment manufacturers, specialty equipment manufacturers, and LNG
value chain participants.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
INDUSTRIALS and ENERGY
Oil and Gas, Cameron Lochridge, 713-993-4212, cameron.lochridge@stephens.com
Baker Hughes BKR Dec O $29.63 $40.00 $0.65 $1.11 $1.58 26.7 18.8 $29,173.0 $16.31
Cactus, Inc. WHD adj Dec O $41.84 $65.00 $0.72 $1.49 $1.91 28.1 21.9 $2,529.3 $7.94
DMC Global BOOM adj Dec O $18.21 $40.00 $0.16 $0.52 $1.88 35.0 9.7 $355.0 $18.63
EarthstoneEnergy, Inc. ESTE adj Dec E $14.93 $15.00 $1.25 $4.73 $4.96 3.2 3.0 $1,180.8 $10.45
Halliburton Company HAL adj Dec E $32.18 $40.00 $1.08 $1.87 $2.40 17.2 13.4 $29,025.6 $7.49
Kimbell Royalty Partners KRP Dec O $15.53 $22.00 $0.51 $1.04 $1.26 14.9 12.3 $890.4 $6.99
Schlumberger NV SLB adj Dec O $36.18 $50.00 $1.28 $1.88 $2.55 19.2 14.2 $51,139.0 $10.69
SolarEdge Technologies SEDG adj Dec O $262.96 $490.00 $4.81 $7.33 $9.76 35.9 26.9 $14,564.6 $24.80
Talos Energy TALO adj Dec O $16.43 $28.00 $0.07 $3.70 $4.98 4.4 3.3 $1,356.1 $9.29
Kimbell Royalty Partners
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 34
RENEWABLES CAMERON LOCHRIDGE, 713-993-4212
Cameron is an equity research analyst covering the upstream oil & gas and renewable energy sectors at Stephens, where he joined in 2019. Cameron
previously worked as a research associate at Stephens covering the electrical equipment/multi-industry, industrial distribution, and oilfield services sectors.
Prior to Stephens, Cameron worked in advisory at Ernst and Young in the commercial mortgage-backed securities group. Cameron holds a bachelor’s degree
in finance from Louisiana State University and a master’s degree in finance from Tulane University.
Sector Overview: Within renewables, we focus on solar system equipment. Specifically, our coverage universe includes solar inverter manufacturers as well
as energy storage system manufacturers.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
INDUSTRIALS and ENERGY
Renewables, Cameron Lochridge, 713-993-4212, cameron.lochridge@stephens.com
Enphase Energy, Inc. ENPH adj Dec O $184.64 $280.00 $2.41 $3.62 $5.07 51.0 36.4 $24,931.6 $3.21
Excelerate Energy, Inc. EE Dec O $20.36 $36.00 NA $0.48 $1.13 42.4 18.0 $534.5 $10.58
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 35
TRANSPORTATION/AIRFREIGHT & SURFACE TRANSPORTATION JACK ATKINS, 501-377-2298
Jack is a research analyst covering the airfreight & surface transportation sectors. He joined Stephens in August 2007 as a research associate in the
Industrials group, with a primary focus on industrial distribution and service companies. He was promoted to analyst on the transportation research team in
August 2011. Jack holds a B.A. in history from Auburn University and an M.A. with a concentration in history from Virginia Tech.
Sector Overview: Logistics is the function by which the owner of goods outsources various elements of the supply chain to a third party. The global supply
chain services and solutions industry consists of air and ocean freight forwarding, contract logistics, domestic ground transportation, customs clearances,
distribution, inbound logistics, warehousing and supply chain management. Among the factors impacting the industry are the outsourcing of supply chain
activities, increased global trade and sourcing, increased demand for time-definite delivery of goods, and the need for advanced information technology
systems.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
INDUSTRIALS and ENERGY
Transportation/Airfreight and Surface Transportation, Jack Atkins, 501-377-2298, jack.atkins@stephens.com
Air Transport Services Group ATSG op Dec O $29.23 $40.00 $1.69 $2.20 $2.50 13.3 11.7 $2,173.9 $17.84
ArcBest Corp. ARCB op Dec O $69.69 $135.00 $8.41 $13.65 $11.70 5.1 6.0 $1,706.3 $37.36
C.H. Robinson Worldwide, Inc. CHRW op Dec E $101.45 $115.00 $6.30 $7.45 $5.30 13.6 19.1 $12,911.2 $15.65
Covenant Logistics Group CVLG op Dec E $24.84 $25.00 $3.60 $4.20 $3.00 5.9 8.3 $329.1 $20.86
Expeditors International EXPD Dec E $98.05 $120.00 $8.27 $7.70 $6.00 12.7 16.3 $16,448.3 $20.90
FedEx Corp. FDX adj May O $233.81 $295.00 $20.67 $22.50 $24.50 10.4 9.5 $60,598.5 #N/A
Forward Air FWRD op Dec O $90.24 $150.00 $4.25 $6.30 $6.70 14.3 13.5 $2,424.0 $22.01
Heartland Express, Inc. HTLD Dec E $13.75 $15.00 $1.00 $0.90 $0.85 15.3 16.2 $1,085.3 $9.21
Kirby Corp. KEX op Dec O $60.98 $85.00 $0.56 $2.00 $3.15 30.5 19.4 $3,677.1 $48.02
Knight-Swift Transportation Holding KNX op Dec O $45.92 $66.00 $4.71 $5.35 $4.50 8.6 10.2 $7,526.6 $39.36
Landstar System, Inc. LSTR Dec E $145.00 $180.00 $9.99 $11.90 $9.65 12.2 15.0 $5,383.5 $22.87
Marten Transport, Ltd. MRTN op Dec O $16.74 $22.00 $1.02 $1.28 $1.30 13.1 12.9 $1,371.8 $7.85
Matson Inc. MATX op Dec E $73.63 $105.00 $21.62 $30.00 $15.50 2.5 4.8 $2,985.1 $40.67
Old Dominion Freight Line ODFL op Dec O $255.29 $385.00 $8.89 $11.55 $11.70 22.1 21.8 $28,938.1 $32.00
P.A.M. Transportation PTSI op Dec E $27.19 $40.00 $3.54 $4.50 $3.65 6.0 7.4 $605.4 $9.67
Saia, Inc. SAIA op Dec O $183.75 $330.00 $9.36 $12.95 $13.30 14.2 13.8 $4,852.5 $46.50
Schneider National Inc. SNDR op Dec E $22.42 $30.00 $2.29 $2.70 $2.50 8.3 9.0 $2,127.5 $13.64
TFI International TFII-CA op/c Dec O $100.52 $130.00 $5.24 $6.80 $7.30 14.8 13.8 $7,150.7 $30.43
U.S. Xpress USX op Dec E $2.67 $3.75 $0.16 $0.30 $0.30 8.9 8.9 $94.4 $5.48
United Parcel Service UPS adj Dec E $181.13 $220.00 $12.13 $12.75 $13.15 14.2 13.8 $133,028.7 $16.38
USA Truck, Inc. USAK op Dec E $31.40 $31.72 $2.87 $5.10 $3.00 6.2 10.5 $282.8 $12.53
Werner Enterprises, Inc. WERN Dec E $38.24 $49.00 $3.46 $4.25 $3.50 9.0 10.9 $2,487.8 $20.18
XPO Logistics Inc. XPO op Dec E $48.36 $75.00 $4.30 $5.85 $6.55 8.3 7.4 $5,562.3 $9.90
Yellow Corporation YELL op Dec E/V $3.01 $6.00 ($1.09) $0.85 $1.40 3.5 2.2 $155.1 -$7.13
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 36
TRANSPORTATION/RAILROAD AND EQUIPMENT SUPPLIERS JUSTIN LONG, 501-377-2036
Justin currently serves as a research analyst covering the railroads & transportation suppliers and has been with Stephens since 2008. Previously, he spent two
and a half years as a research associate in the transportation industry focused on the railroad, transportation supplier and trucking verticals. Prior to that time, he
was a participant in Stephens’ Corporate Finance Analyst Program from 2008 – 2010. Justin graduated Phi Beta Kappa from Rhodes College with a B.A. in
economics and business administration.
Sector Overview: The freight rail industry generates around $80 billion of annual revenue and operates on 140,000 miles of privately-owned track across
the United States. Over 90% of the sector’s revenue is generated by seven Class I railroads (categorized by exceeding an annual revenue threshold);
however, the network also includes over 600 regional and short line railroads that often serve as important interchange connections between the Class I
railroads and the origin / destination of a shipment. The freight rail industry plays an important role in the North American economy with volumes spanning
across a wide variety of commodity groups that include chemicals, coal, agriculture, metals, auto, energy and numerous consumer-related products. In
addition, railroads are 3x – 4x more fuel efficient than truckload, resulting in a freight move that can lower greenhouse gas emissions by 75% (on average)
while also reducing highway congestion. From an equipment perspective, the transportation network includes approximately 1.6 million railcars, 30K
locomotives, >300K domestic intermodal containers, 2.2 million heavy-duty commercial trucks and 3.4 million commercial trailers. There are a significant
amount of companies involved in the process of manufacturing, maintaining and operating this equipment on a daily basis.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
INDUSTRIALS and ENERGY
Transportation/Railroads and Equipment Suppliers, Justin Long, 501-377-2036, justin.long@stephens.com
Canadian National Railway CNI op/c Dec E $112.55 $136.00 $5.94 $7.05 $8.05 16.0 14.0 $77,794.6 $25.69
Canadian Pacific Railway CP op/c Dec E $70.97 $76.00 $3.76 $3.75 $4.55 18.9 15.6 $65,993.1 $28.81
CSX Corp. CSX op Dec O $29.12 $42.00 $1.56 $1.82 $1.95 16.0 14.9 $63,314.5 $6.13
CTS Corp. CTS op Dec E $33.65 $39.00 $1.93 $2.40 $2.55 14.0 13.2 $1,079.8 $14.41
Descartes Systems Group DSGX Jan O $62.09 $80.00 $1.00 $1.10 $1.38 56.4 45.0 $5,264.1 $11.80
Fortress Transportation FTAI Dec O $18.78 $35.00 ($1.46) ($2.27) $1.45 NM 13.0 $1,862.8 $11.33
FreightCar America RAIL op Dec E $3.52 $4.00 ($1.17) ($0.20) $0.30 NM 11.7 $58.2 -$0.10
GATX Corp. GATX adj Dec O $94.28 $135.00 $5.18 $5.75 $6.10 16.4 15.5 $3,356.4 $57.00
Greenbrier Companies GBX Aug O $35.74 $59.00 $1.10 $2.00 $3.70 17.9 9.7 $1,164.7 $40.37
Hub Group HUBG Dec E $70.19 $84.00 $5.06 $9.80 $8.40 7.2 8.4 $2,386.3 $38.77
J.B. Hunt Transport Services, Inc. JBHT op Dec O $157.30 $230.00 $7.14 $9.45 $10.10 16.6 15.6 $16,482.4 $29.67
Norfolk Southern Corp. NSC op Dec E $227.13 $300.00 $12.12 $13.95 $15.40 16.3 14.7 $54,132.5 $56.80
Rush Enterprises, Inc. RUSHA op Dec O $48.31 $63.00 $4.17 $5.27 $4.50 9.2 10.7 $2,068.2 $26.42
Ryder System R op Dec E $70.49 $86.00 $9.56 $14.40 $11.50 4.9 6.1 $3,604.6 $52.02
Stoneridge Inc. SRI op Dec O $17.70 $26.00 ($0.58) ($0.15) $0.90 NM 19.7 $483.5 $10.88
Trinity Industries TRN Dec E $24.06 $32.00 $0.59 $0.95 $2.00 25.3 12.0 $2,005.2 $12.36
Union Pacific Corp. UNP op Dec O $213.15 $292.00 $9.97 $11.80 $13.25 18.1 16.1 $133,863.6 $22.17
Wabtec Corp. WAB op Dec O $82.63 $110.00 $4.27 $4.80 $5.40 17.2 15.3 $15,092.2 $54.90
Wabash National Corp. WNC op Dec E $13.51 $16.00 $0.57 $1.90 $2.55 7.1 5.3 $662.4 $6.65
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 37
ADVERTISING TECHNOLOGY NICHOLAS ZANGLER, CFA, 312-292-5753
Nicholas Zangler is a research analyst covering the advertising technology and e-commerce sectors and has been with Stephens since 2014. Prior to joining
Stephens Inc., Nicholas was an investor relations representative at Walgreen Boots Alliance from 2009 to 2014. He graduated from Northern Illinois
University with a B.S. in finance. He earned the Chartered Financial Analyst designation in 2013.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Advertising Technology, Nicholas Zangler 312-292-5753, nicholas.zangler @stephens.com
fuboTV Inc. FUBO Dec E/V $2.58 $6.00 ($2.78) ($3.22) ($2.78) NM NM $477.5 $4.43
LiveRamp, Inc. RAMP adj Mar O/V $26.55 $58.00 $0.49 $0.55 $1.00 48.3 26.6 $1,831.1 $15.49
Magnite, Inc. MGNI Dec O/V $9.44 $21.00 $0.00 ($0.55) $0.17 NM 55.5 $1,247.9 $6.64
Roku, Inc. ROKU Dec O/V $87.11 $190.00 $1.71 ($1.99) ($1.10) NM NM $10,439.9 $20.47
Trade Desk, The TTD Dec O/V $43.34 $80.00 $0.28 $0.04 $0.12 NM NM $19,160.2 $3.16
VIZIO Holdings Corporation VZIO Dec O $7.04 $27.00 ($0.22) $0.12 $0.43 58.7 16.4 $815.3 $1.74
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 38
COVERAGE LIST BY MARKET CAPITALIZATION
ENTERPRISE & CLOUD INFRASTRUCTURE BRIAN COLLEY, 214-258-2771
Brian is a research analyst covering the enterprise & cloud infrastructure and security software sectors. Previously, he was a research associate covering
railroads & transportation suppliers and has been with Stephens since June of 2013. Prior to joining Stephens, Brian was an intern in the treasury department
at Tyson Foods, where he assisted in the facilitation of transactions and the asset management of a multimillion dollar lease portfolio. Brian graduated cum
laude with a B.S.B.A. in finance from the Sam M. Walton College of Business at the University of Arkansas.
Sector Overview: Software companies developing technology required for enterprise IT and cloud computing delivered or accessed via a network or the
internet. The technology covers virtual and on-demand applications and services being delivered through the model known as infrastructure as a service
(IaaS), software as a service (SaaS) and platform as a service (PaaS).
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Enterprise & Cloud Infrastructure, Brian Colley, 214-258-2771, brian.colley@stephens.com
Everbridge, Inc. EVBG adj Dec O/V $29.54 $58.00 $0.21 $0.24 $0.75 NM 39.4 $1,168.0 $11.75
Genasys Inc. GNSS adj Sep O $3.33 $6.00 $0.02 ($0.08) ($0.05) NM NM $121.8 $1.81
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 39
COVERAGE LIST BY MARKET CAPITALIZATION
FINANCIAL TECHNOLOGY CHARLES NABHAN, 617-319-9693
Charles “Chuck” Nabhan is a managing director and research analyst covering the Financial Technology (FinTech) industry, including the payment and bank
technology sectors. Chuck joined Stephens following previous research roles at Wells Fargo and Stifel/KBW, where he also gained experience covering the
specialty finance and banking industries, in addition to FinTech. He holds a BS in Finance from Boston College and an MBS/MS in Accounting from
Northeastern University.
Sector Overview: The FinTech industry encompasses businesses that use technology to automate and enhance processes for the financial services industry,
serving the interests of both corporations and consumers. Our practice largely focuses on corporations within the bank technology, transaction processing,
and software industries across market caps.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Financial Technology, Charles Nabhan, 617-319-9693, charles.nabhan@stephens.com
Block, Inc. SQ adj Dec O/V $63.84 $130.00 $1.75 $0.83 $1.63 76.9 39.2 $33,120.7 $7.04
Fidelity National Information Service FIS adj Dec O/V $94.57 $120.00 $6.55 $7.32 $8.31 12.9 11.4 $57,760.6 $77.75
Fiserv, Inc. FISV adj Dec E $90.90 $110.00 $5.58 $6.47 $7.43 14.0 12.2 $58,757.2 $47.62
Flywire Corp. FLYW adj Dec O/V $17.91 $24.00 ($0.39) ($0.30) ($0.07) NM NM $1,813.0 $4.53
Global Payments Inc. GPN adj Dec O/V $112.77 $155.00 $8.16 $9.52 $11.24 11.8 10.0 $31,749.2 $90.00
i3 Verticals, Inc. IIIV adj Sep O/V $24.64 $30.00 $1.05 $1.43 $1.62 17.2 15.2 $548.1 $9.30
Jack Henry & Associaes JKHY Jun E $182.12 $190.00 $4.12 $4.83 $5.16 37.7 35.3 $13,269.6 $17.83
nCino, Inc. NCNO adj Jan O/V $32.50 $40.00 ($0.20) ($0.71) ($0.39) NM NM $3,581.5 $9.73
NCR Corporation NCR adj Dec O/V $31.10 $45.00 $2.56 $2.75 $3.60 11.3 8.6 $4,248.3 $9.50
PayPal Holdings, Inc. PYPL adj Dec E $71.47 $95.00 $4.79 $3.84 $5.06 18.6 14.1 $82,765.1 $18.60
Q2 Holdings, Inc. QTWO adj Dec E/V $39.12 $55.00 $0.33 $0.38 $0.68 NM 57.5 $2,237.7 $10.02
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 40
COVERAGE LIST BY MARKET CAPITALIZATION
MEDIA KYLE EVANS, 501-377-6376
Kyle leads the Media and Advertising Technology practice in equity research at Stephens. He joined the research department in 1999 as an associate in the
Internet Media and Ad Technology groups, and eventually became lead analyst over the Internet and Business Services groups. In 2009, Kyle took an
operational position as VP of Digital at Stephens Media, a holding company with 13 dailies and over 60 weeklies, magazines and specialty publications. Prior to
joining Stephens, Kyle worked at the Medical College of Virginia in the Neuropsychology department. He graduated with a B.A. in Psychology from Denison
University and an M.A. in Psychology from the University of Richmond.
Sector Overview: Our practice encompasses all media channels, including digital, print, TV, radio, and outdoor. We have a strong interest in hybrid and
transitioning business models, and recommendations are informed by our analysis of industry trends, including consumer use patterns, shifting ad spend,
consolidation, defensibility of markets, and disruptive new products and services.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Media, Kyle Evans, 501-377-6376, kevans@stephens.com, Nicholas Zangler 312-292-5753, nicholas.zangler @stephens.com
Cable One, Inc. CABO Dec E $1,256.76 $2,000.00 $31.13 $45.62 $48.78 27.5 25.8 $7,531.5 $296.56
E.W. Scripps Co. SSP Dec E $12.66 $24.00 $1.86 $2.58 $5.20 4.9 2.4 $903.4 $18.90
Gray Television, Inc. GTN Dec O/V $17.14 $30.00 $3.70 $1.87 $3.50 9.2 4.9 $1,510.3 $18.50
Live Nation Entertainment LYV Dec O/V $84.00 $85.00 ($0.08) $0.22 $0.34 NM NM $19,157.4 -$2.59
Nexstar Media Group NXST Dec O/V $164.34 $205.00 $18.98 $26.30 $24.08 6.2 6.8 $6,640.0 $69.93
TEGNA Inc. TGNA adj Dec E $20.93 $21.00 $2.26 $1.93 $2.73 10.8 7.7 $4,664.3 $11.38
TrueCar, Inc. TRUE adj Dec O/V $2.61 $4.00 ($0.04) ($0.07) ($0.38) NM NM $236.0 $3.43
WideOpenWest, Inc. WOW adj Dec O/V $18.46 $22.00 ($0.83) $0.77 $0.61 24.0 30.3 $1,620.8 $6.53
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 41
COVERAGE LIST BY MARKET CAPITALIZATION
SECURITY SOFTWARE BRIAN COLLEY, 214-258-2771
Brian is a research analyst covering the security software sector. Previously, he was a research associate covering railroads & transportation suppliers and
has been with Stephens since June of 2013. Prior to joining Stephens, Brian was an intern in the treasury department at Tyson Foods, where he assisted in
the facilitation of transactions and the asset management of a multimillion dollar lease portfolio. Brian graduated cum laude with a B.S.B.A. in finance from
the Sam M. Walton College of Business at the University of Arkansas.
Sector Overview: Security software companies design and sell software used to protect and secure servers, computers, mobile devices, and networks from
unauthorized access, intrusions, viruses, and other threats. Security software can manage access control to IT resources and help defend data, users,
systems, and companies from a wide range of risks. Specific types of security software include (but are not limited to) network security, endpoint security,
identity and access management, web security, cloud security, application security, security and vulnerability management, data security and
email/messaging security.
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Security Software, Brian Colley, 214-258-2771, brian.colley@stephens.com
CrowdStrike Holdings, Inc. CRWD adj Jan O $175.94 $232.00 $0.67 $1.20 $1.84 NM NM $37,548.9 $4.45
CyberArk Software CYBR adj Dec O $132.21 $170.00 $0.33 ($0.75) ($0.01) NM NM $5,299.7 $18.14
KnowBe4, Inc. KNBE adj Dec O $16.69 $25.00 $0.14 $0.13 $0.21 NM 79.5 $1,254.6 $1.25
Okta, Inc. OKTA adj Jan O $93.36 $145.00 ($0.46) ($1.12) ($0.78) NM NM $14,079.0 $37.81
Ping Identity Holding Corp. PING adj Dec O $18.75 $36.00 $0.10 ($0.28) $0.13 NM NM $1,599.1 $8.85
Zscaler, Inc. ZS adj Jul O $154.95 $200.00 $0.52 $0.64 $1.04 NM NM $21,981.6 $3.81
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 42
COVERAGE LIST BY MARKET CAPITALIZATION
Cos. Market Cap.
Average Market Cap $12.0 Billion 139 > $5 Billion
Median Market Cap $2.7 Billion 75 $2 Billion-$5 Billion
117 $500 Million $2 Billion
53 Under $500 Million
384 Active Companies
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
UnitedHealth Group UNH adj Dec O $515.71 $580.00 $19.02 $21.70 $24.85 23.8 20.8 $483,824.5 $76.26
Walmart Inc. WMT pf Jan O $121.92 $160.00 $6.45 $6.40 $6.79 19.1 18.0 $334,201.0 $30.15
Union Pacific Corp. UNP op Dec O $213.15 $292.00 $9.97 $11.80 $13.25 18.1 16.1 $133,863.6 $22.17
United Parcel Service UPS adj Dec E $181.13 $220.00 $12.13 $12.75 $13.15 14.2 13.8 $133,028.7 $16.38
Elevance Health, Inc. ELV adj Dec O $485.57 $575.00 $25.98 $28.50 $32.65 17.0 14.9 $117,063.5 $149.15
American Express Co. AXP adj Dec E/V $139.47 $197.00 $9.79 $9.64 $11.37 14.5 12.3 $105,029.3 $29.14
Cigna Corp. CI adj Dec O $267.34 $295.00 $20.47 $22.70 $25.30 11.8 10.6 $84,819.9 $145.88
PayPal Holdings, Inc. PYPL adj Dec E $71.47 $95.00 $4.79 $3.84 $5.06 18.6 14.1 $82,765.1 $18.60
Canadian National Railway CNI op/c Dec E $112.55 $136.00 $5.94 $7.05 $8.05 16.0 14.0 $77,794.6 $25.69
U.S. Bancorp USB op Dec E $46.12 $62.00 $5.04 $4.55 $4.85 10.1 9.5 $68,522.3 $32.72
Canadian Pacific Railway CP op/c Dec E $70.97 $76.00 $3.76 $3.75 $4.55 18.9 15.6 $65,993.1 $28.81
PNC Financial Services Group PNC op Dec E $157.37 $210.00 $15.88 $13.80 $15.80 11.4 10.0 $65,085.2 $120.68
CSX Corp. CSX op Dec O $29.12 $42.00 $1.56 $1.82 $1.95 16.0 14.9 $63,314.5 $6.13
Truist Financial Corp. TFC op Dec O $47.40 $64.00 $5.50 $4.80 $5.40 9.9 8.8 $63,109.0 $47.14
FedEx Corp. FDX adj May O $233.81 $295.00 $20.67 $22.50 $24.50 10.4 9.5 $60,598.5 #N/A
Humana Inc. HUM adj Dec O $468.33 $510.00 $20.64 $24.60 $27.85 19.0 16.8 $59,240.7 $124.84
Fiserv, Inc. FISV adj Dec E $90.90 $110.00 $5.58 $6.47 $7.43 14.0 12.2 $58,757.2 $47.62
Fidelity National Information Service FIS adj Dec O/V $94.57 $120.00 $6.55 $7.32 $8.31 12.9 11.4 $57,760.6 $77.75
Norfolk Southern Corp. NSC op Dec E $227.13 $300.00 $12.12 $13.95 $15.40 16.3 14.7 $54,132.5 $56.80
Boston Scientific Corp. BSX cs Dec O $37.80 $50.00 $1.63 $1.78 $2.03 21.2 18.6 $54,037.8 $11.66
HCA Healthcare HCA Dec O $175.67 $245.00 $21.26 $17.17 $18.80 10.2 9.3 $51,907.8 -$3.05
Schlumberger NV SLB adj Dec O $36.18 $50.00 $1.28 $1.88 $2.55 19.2 14.2 $51,139.0 $10.69
Emerson Electric Co. EMR adj Sep O $80.51 $120.00 $4.51 $5.10 $5.62 15.8 14.3 $50,077.1 $16.59
Centene Corp. CNC adj Dec O $84.94 $106.00 $5.15 $5.65 $6.45 15.0 13.2 $49,680.3 $46.00
Archer Daniels Midland Co. ADM op Dec E/V $77.24 $95.00 $5.19 $6.21 $5.68 12.4 13.6 $43,463.6 $40.14
O'Reilly Automotive, Inc. ORLY adj Dec O/V $637.13 $765.00 $31.10 $33.05 $36.34 19.3 17.5 $41,875.6 -$0.99
AutoZone Inc. AZO adj Aug O/V $2,140.00 $2,285.00 $95.65 $116.34 $113.15 18.4 18.9 $41,703.5 -$85.04
Capital One Financial Corp. COF adj Dec E/V $105.61 $193.00 $27.11 $19.90 $19.32 5.3 5.5 $41,510.1 $147.46
CrowdStrike Holdings, Inc. CRWD adj Jan O $175.94 $232.00 $0.67 $1.20 $1.84 NM NM $37,548.9 $4.45
Kroger Co. KR op Jan E/V $48.11 $57.00 $3.70 $3.91 $4.06 12.3 11.8 $35,012.2 $13.00
Alcon, Inc. ALC pf Dec O $69.22 $92.00 $2.16 $2.45 $2.84 28.3 24.4 $34,589.2 $39.29
Block, Inc. SQ adj Dec O/V $63.84 $130.00 $1.75 $0.83 $1.63 76.9 39.2 $33,120.7 $7.04
Global Payments Inc. GPN adj Dec O/V $112.77 $155.00 $8.16 $9.52 $11.24 11.8 10.0 $31,749.2 $90.00
Trane Technologies TT adj Dec E $130.08 $165.00 $6.09 $7.03 $7.68 18.5 16.9 $30,420.6 $26.60
Carrier Corp. CARR adj Dec O $35.79 $55.00 $2.26 $2.30 $2.58 15.6 13.9 $30,358.6 $7.84
DexCom, Inc. DXCM pf Dec O/V $75.45 $87.00 $0.67 $0.75 $1.11 NM 68.0 $29,614.4 $5.80
Baker Hughes BKR Dec O $29.63 $40.00 $0.65 $1.11 $1.58 26.7 18.8 $29,173.0 $16.31
Halliburton Company HAL adj Dec E $32.18 $40.00 $1.08 $1.87 $2.40 17.2 13.4 $29,025.6 $7.49
July 2022, Page 43
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
Old Dominion Freight Line ODFL op Dec O $255.29 $385.00 $8.89 $11.55 $11.70 22.1 21.8 $28,938.1 $32.00
Fastenal Company FAST adj Dec O $49.71 $70.00 $1.60 $1.97 $2.19 25.2 22.7 $28,613.4 $5.29
Discover Financial Services DFS adj Dec E/V $95.59 $137.00 $16.21 $14.13 $13.23 6.8 7.2 $26,857.5 $42.84
First Republic Bank FRC op Dec O $145.86 $204.00 $7.76 $8.55 $9.85 17.1 14.8 $26,196.9 $68.34
Hormel Foods HRL op Oct E $47.96 $50.00 $1.72 $1.87 $2.06 25.6 23.3 $26,188.8 $12.86
Copart, Inc. CPRT adj Jul O $109.08 $145.00 $3.70 $4.43 $4.83 24.6 22.6 $25,925.3 $14.89
Tyson Foods TSN op Sep O $86.30 $115.00 $8.28 $9.49 $8.35 9.1 10.3 $25,159.8 $49.51
Enphase Energy, Inc. ENPH adj Dec O $184.64 $280.00 $2.41 $3.62 $5.07 51.0 36.4 $24,931.6 $3.21
CoStar Group, Inc. CSGP pf Dec O $60.21 $84.00 $1.14 $1.02 $1.33 59.0 45.3 $23,856.7 $14.46
SVB Financial Group SIVB op Dec E $402.56 $660.00 $33.67 $34.34 $44.23 11.7 9.1 $23,691.1 $214.30
Fifth Third Bancorp FITB op Dec O $34.21 $53.00 $3.80 $3.65 $4.30 9.4 8.0 $23,471.1 $29.43
W.W. Grainger, Inc. GWW adj Dec E $453.95 $565.00 $19.84 $26.52 $29.38 17.1 15.5 $23,197.6 $36.59
Rockwell Automation Inc. ROK adj Sep E $197.17 $250.00 $9.43 $9.60 $10.96 20.5 18.0 $22,923.3 $20.60
West Pharmaceutical Services WST pf Dec E/V $299.52 $370.00 $8.62 $9.31 $10.26 32.2 29.2 $22,187.1 $31.47
Zscaler, Inc. ZS adj Jul O $154.95 $200.00 $0.52 $0.64 $1.04 NM NM $21,981.6 $3.81
Tractor Supply Co. TSCO adj Dec O/V $195.56 $257.00 $8.61 $9.70 $10.82 20.2 18.1 $21,879.6 $17.70
STERIS plc STE pf Mar O $208.33 $295.00 $7.92 $8.78 $10.09 23.7 20.6 $20,849.7 $65.28
Trade Desk, The TTD Dec O/V $43.34 $80.00 $0.28 $0.04 $0.12 NM NM $19,160.2 $3.16
Live Nation Entertainment LYV Dec O/V $84.00 $85.00 ($0.08) $0.22 $0.34 NM NM $19,157.4 -$2.59
Align Technology ALGN pf Dec O/V $242.15 $500.00 $11.23 $11.97 $14.66 20.2 16.5 $19,082.8 $46.03
Vulcan Materials Company VMC op Dec O $143.28 $225.00 $5.04 $6.21 $7.79 23.1 18.4 $19,041.3 $49.32
Catalent, Inc. CTLT pf Jun O/V $106.15 $154.00 $3.04 $3.76 $4.08 28.2 26.0 $19,023.5 $22.96
Genuine Parts Company GPC adj Dec E $133.51 $143.00 $6.91 $7.89 $8.45 16.9 15.8 $18,904.4 $24.55
Martin Marietta Materials MLM op Dec O $300.28 $455.00 $12.25 $13.43 $16.43 22.4 18.3 $18,727.1 $104.73
Regions Financial Corp. RF op Dec E $19.24 $24.00 $2.62 $2.30 $2.55 8.4 7.5 $17,979.8 $17.69
Citizens Financial Group CFG op Dec O $36.13 $48.00 $5.34 $4.70 $5.40 7.7 6.7 $17,900.5 $50.71
Huntington Bancshares Inc. HBAN op Dec O $12.24 $17.00 $1.52 $1.50 $1.55 8.2 7.9 $17,615.5 $11.91
Molina Healthcare MOH adj Dec E $281.46 $335.00 $13.54 $17.25 $19.75 16.3 14.3 $16,521.7 $45.34
J.B. Hunt Transport Services, Inc. JBHT op Dec O $157.30 $230.00 $7.14 $9.45 $10.10 16.6 15.6 $16,482.4 $29.67
Expeditors International EXPD Dec E $98.05 $120.00 $8.27 $7.70 $6.00 12.7 16.3 $16,448.3 $20.90
KeyCorp. KEY op Dec E $17.49 $25.00 $2.62 $2.20 $2.45 8.0 7.1 $16,308.9 $16.71
Cooper Companies, The COO pf Oct O $317.71 $460.00 $13.24 $13.22 $14.89 24.0 21.3 $15,674.7 $140.81
Zebra Technologies, Inc. ZBRA adj Dec O $298.33 $600.00 $18.45 $19.36 $23.45 15.4 12.7 $15,666.4 $55.86
Insulet Corp. PODD pf Dec E/V $221.94 $243.00 $0.22 $1.39 $1.83 NM NM $15,389.2 $8.04
Wabtec Corp. WAB op Dec O $82.63 $110.00 $4.27 $4.80 $5.40 17.2 15.3 $15,092.2 $54.90
CarMax, Inc. KMX Feb O $93.57 $113.00 $6.87 $5.84 $6.25 16.0 15.0 $15,021.5 $32.51
SolarEdge Technologies SEDG adj Dec O $262.96 $490.00 $4.81 $7.33 $9.76 35.9 26.9 $14,564.6 $24.80
Synchrony Financial SYF adj Dec E/V $28.53 $47.00 $7.01 $4.67 $5.23 6.1 5.5 $14,307.5 $24.53
July 2022, Page 44
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
Okta, Inc. OKTA adj Jan O $93.36 $145.00 ($0.46) ($1.12) ($0.78) NM NM $14,079.0 $37.81
Pool Corp. POOL op Dec E $349.98 $460.00 $15.97 $18.68 $19.17 18.7 18.3 $14,007.9 $26.66
LKQ Corp. LKQ op Dec O/V $49.14 $64.00 $3.96 $3.91 $4.09 12.6 12.0 $13,898.4 $20.11
Bunge Ltd. BG adj Dec O/V $91.48 $150.00 $12.94 $13.68 $11.23 6.7 8.1 $13,880.4 $49.48
Generac Holdings, Inc. GNRC adj Dec O $214.61 $450.00 $9.63 $11.97 $17.50 17.9 12.3 $13,698.5 $34.74
Bio-Techne Corp. TECH pf Jun O/V $348.50 $500.00 $6.75 $7.95 $9.15 43.8 38.1 $13,672.9 $40.12
Jack Henry & Associaes JKHY Jun E $182.12 $190.00 $4.12 $4.83 $5.16 37.7 35.3 $13,269.6 $17.83
C.H. Robinson Worldwide, Inc. CHRW op Dec E $101.45 $115.00 $6.30 $7.45 $5.30 13.6 19.1 $12,911.2 $15.65
Teleflex Inc. TFX adj Dec O $256.83 $413.00 $13.33 $14.11 $15.01 18.2 17.1 $12,045.3 $78.34
Abiomed, Inc. ABMD Mar O/V $256.49 $390.00 $2.97 $4.42 $5.43 58.0 47.2 $11,686.7 $33.01
Signature Bank SBNY op Dec O $184.00 $325.00 $14.08 $21.54 $27.75 8.5 6.6 $11,578.8 $129.31
Charles River Laboratories CRL pf Dec O/V $219.46 $315.00 $10.32 $11.46 $13.03 19.2 16.8 $11,149.6 $50.21
Ally Financial Inc. ALLY adj Dec E/V $34.08 $56.00 $8.61 $7.58 $7.00 4.5 4.9 $11,009.4 $43.58
Advance Auto Parts AAP adj Dec E/V $176.72 $215.00 $12.05 $13.72 $15.83 12.9 11.2 $10,716.3 $50.45
Roku, Inc. ROKU Dec O/V $87.11 $190.00 $1.71 ($1.99) ($1.10) NM NM $10,439.9 $20.47
Fidelity National Financial, Inc. FNF pf/cs Dec O $36.81 $54.00 $7.94 $5.99 $5.74 6.1 6.4 $10,332.7 $33.17
Darling Ingredients DAR Dec O $63.45 $95.00 $3.90 $5.57 $6.52 11.4 9.7 $10,248.1 $20.41
Black Knight, Inc. BKI adj Dec O/V $65.46 $92.00 $2.38 $2.64 $3.06 24.8 21.4 $10,209.5 $13.46
Comerica Inc. CMA op Dec O $75.99 $108.00 $8.42 $7.90 $10.55 9.6 7.2 $9,936.5 $57.41
AerCap Holdings AER adj Dec O/V $40.34 $68.00 $8.71 $6.51 $6.98 6.2 5.8 $9,899.3 $67.53
Hubbell Inc. HUBB Dec O $179.52 $260.00 $8.05 $9.30 $10.41 19.3 17.2 $9,633.3 $40.90
Repligen Corp. RGEN pf Dec O/V $165.85 $220.00 $3.06 $3.08 $3.59 53.8 46.2 $9,193.6 $31.63
Builders FirstSource, Inc. BLDR op Dec O $52.67 $100.00 $10.32 $12.63 $10.76 4.2 4.9 $9,099.5 $26.71
Penske Automotive Group, Inc. PAG op Dec O $110.05 $131.00 $15.28 $17.58 $15.85 6.3 6.9 $8,351.8 $52.47
Lithia Motors, Inc. LAD op Dec O $286.66 $430.00 $40.01 $46.76 $43.30 6.1 6.6 $8,294.1 $156.83
Watsco, Inc. WSO Dec O $237.98 $400.00 $10.78 $16.08 $18.09 14.8 13.2 $7,892.6 $42.91
Western Alliance Bancorp. WAL op Dec O $72.65 $115.00 $8.76 $9.88 $11.84 7.4 6.1 $7,866.7 $43.78
Zions Bancorporation ZION op Dec E $51.97 $64.00 $6.34 $5.65 $6.45 9.2 8.1 $7,866.1 $46.32
Webster Financial Corp. WBS op Dec O $43.45 $73.00 $4.39 $5.44 $6.14 8.0 7.1 $7,738.5 $36.36
Cognex Corp. CGNX adj Dec O $43.96 $80.00 $1.50 $1.66 $1.80 26.5 24.4 $7,637.5 $8.15
Pilgrim's Pride Corp. PPC op Dec O/V $31.74 $35.00 $2.28 $3.78 $2.94 8.4 10.8 $7,628.1 $10.58
Cullen/Frost Bankers, Inc. CFR op Dec E $117.59 $150.00 $6.67 $7.76 $8.81 15.2 13.3 $7,537.2 $67.11
Cable One, Inc. CABO Dec E $1,256.76 $2,000.00 $31.13 $45.62 $48.78 27.5 25.8 $7,531.5 $296.56
Knight-Swift Transportation Holding KNX op Dec O $45.92 $66.00 $4.71 $5.35 $4.50 8.6 10.2 $7,526.6 $39.36
Lennox International Inc. LII adj Dec E $202.59 $275.00 $12.60 $13.94 $16.39 14.5 12.4 $7,274.8 -$7.34
Universal Health Services UHS Dec E $107.24 $135.00 $11.81 $11.73 $13.30 9.1 8.1 $7,198.8 $78.99
TFI International TFII-CA op/c Dec O $100.52 $130.00 $5.24 $6.80 $7.30 14.8 13.8 $7,150.7 $30.43
Floor & Décor Holdings FND op Dec O $66.27 $135.00 $2.44 $2.86 $3.72 23.2 17.8 $7,015.2 $12.51
July 2022, Page 45
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
Casey's General Stores CASY adj Apr O $186.45 $230.00 $9.10 $8.55 $10.67 21.8 17.5 $6,919.4 $60.38
AutoNation, Inc. AN op Dec E $116.58 $120.00 $18.12 $22.96 $21.92 5.1 5.3 $6,799.5 $37.96
Nexstar Media Group NXST Dec O/V $164.34 $205.00 $18.98 $26.30 $24.08 6.2 6.8 $6,640.0 $69.93
Acadia Healthcare Co. ACHC adj Dec E $70.20 $78.00 $2.70 $3.06 $3.42 22.9 20.5 $6,355.0 $28.28
Trex Company TREX op Dec O $55.85 $90.00 $2.11 $2.48 $2.86 22.5 19.5 $6,322.2 $6.30
Prosperity Bancshares, Inc. PB op Dec E $68.38 $74.00 $5.60 $5.62 $5.70 12.2 12.0 $6,303.4 $69.73
Credit Acceptance Corp. CACC adj Dec E/V $471.21 $519.00 $59.52 $51.62 $45.87 9.1 10.3 $6,191.5 $128.96
Tenet Healthcare THC Dec E/V $56.58 $88.00 $8.41 $4.72 $5.57 12.0 10.2 $6,094.9 $9.59
Ingredion Inc. INGR op Dec E/V $89.31 $90.00 $6.68 $7.19 $7.31 12.4 12.2 $5,914.1 $46.51
Encompass Health Corp. EHC adj Dec O $56.99 $74.00 $4.24 $3.95 $4.30 14.4 13.3 $5,687.8 $19.21
Murphy USA Inc. MUSA adj Dec O/V $232.68 $290.00 $15.23 $18.46 $19.01 12.6 12.2 $5,631.2 $32.37
First Financial Bankshares FFIN op Dec E $39.39 $43.00 $1.58 $1.56 $1.61 25.3 24.5 $5,621.7 $12.42
First American Financial Corp. FAF op Dec E $52.26 $69.00 $8.20 $6.52 $6.74 8.0 7.8 $5,613.0 $52.57
Flowers Foods, Inc. FLO Adj Dec E $26.41 $30.00 $1.23 $1.29 $1.29 20.5 20.5 $5,600.0 $6.68
XPO Logistics Inc. XPO op Dec E $48.36 $75.00 $4.30 $5.85 $6.55 8.3 7.4 $5,562.3 $9.90
Pinnacle Financial Partners PNFP op Dec O $72.79 $104.00 $6.75 $7.07 $7.45 10.3 9.8 $5,560.1 $66.89
TopBuild Corp. BLD op Dec E $166.42 $225.00 $10.86 $14.35 $15.42 11.6 10.8 $5,454.9 $49.70
WESCO International WCC adj Dec O $107.44 $200.00 $9.98 $14.50 $16.08 7.4 6.7 $5,448.9 $74.94
Landstar System, Inc. LSTR Dec E $145.00 $180.00 $9.99 $11.90 $9.65 12.2 15.0 $5,383.5 $22.87
Azenta, Inc. AZTA pf Sep O/V $71.57 $98.00 $0.49 $0.51 $1.07 NM 66.9 $5,366.9 $17.83
Valley National Bancorp VLY op Dec O $10.56 $14.50 $1.01 $1.10 $1.26 9.6 8.4 $5,346.6 $11.57
CyberArk Software CYBR adj Dec O $132.21 $170.00 $0.33 ($0.75) ($0.01) NM NM $5,299.7 $18.14
Glacier Bancorp GBCI op Dec E $47.53 $53.00 $3.20 $2.80 $3.38 17.0 14.1 $5,264.6 $28.71
Descartes Systems Group DSGX Jan O $62.09 $80.00 $1.00 $1.10 $1.38 56.4 45.0 $5,264.1 $11.80
BOK Financial BOKF op Dec E $76.00 $98.00 $8.23 $6.29 $7.39 12.1 10.3 $5,175.9 $78.34
Sanderson Farms SAFM op Oct E/V $218.61 $203.00 $20.67 $44.44 $35.95 4.9 6.1 $4,879.4 $82.86
Wintrust Financial Corp. WTFC op Dec O $80.65 $116.00 $7.62 $8.05 $8.65 10.0 9.3 $4,860.7 $71.62
Saia, Inc. SAIA op Dec O $183.75 $330.00 $9.36 $12.95 $13.30 14.2 13.8 $4,852.5 $46.50
LHC Group, Inc. LHCG adj Dec E $155.25 $170.00 $5.72 $5.90 $6.19 26.3 25.1 $4,817.1 $51.13
OneMain Holdings, Inc. OMF adj Dec O/V $37.83 $87.00 $10.81 $8.89 $8.58 4.3 4.4 $4,736.7 $24.20
TEGNA Inc. TGNA adj Dec E $20.93 $21.00 $2.26 $1.93 $2.73 10.8 7.7 $4,664.3 $11.38
Bank OZK OZK op Dec E $37.64 $51.00 $4.44 $4.20 $4.30 9.0 8.8 $4,576.2 $35.85
IAA, Inc. IAA adj Dec O $33.62 $43.00 $2.39 $2.36 $2.48 14.2 13.6 $4,505.3 $2.49
Dick's Sporting Goods DKS adj Jan E/V $76.48 $102.00 $15.70 $11.53 $11.26 6.6 6.8 $4,352.2 $27.80
Old National Bancorp. ONB op Dec O $14.85 $19.00 $1.72 $1.70 $1.95 8.7 7.6 $4,350.4 $18.21
Cadence Bank CADE op Dec O $23.59 $35.00 $2.92 $2.76 $3.16 8.5 7.5 $4,349.4 $26.98
SLM Corp. SLM adj Dec E/V $16.03 $19.00 $3.67 $2.94 $2.77 5.5 5.8 $4,315.5 $6.81
Affirm Holdings, Inc. AFRM adj Jun U/V $19.02 $18.00 $0.09 ($0.34) ($0.14) NM NM $4,303.7 $9.58
July 2022, Page 46
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
Home BancShares, Inc. HOMB op Dec O $20.84 $26.00 $1.83 $1.77 $1.98 11.8 10.5 $4,285.5 $16.90
NCR Corporation NCR adj Dec O/V $31.10 $45.00 $2.56 $2.75 $3.60 11.3 8.6 $4,248.3 $9.50
New York Community Bancorp NYCB op Dec U $9.06 $9.00 $1.25 $1.29 $1.20 7.0 7.6 $4,231.4 $14.07
Ensign Group, The ENSG Dec O $75.58 $98.00 $3.42 $3.77 $4.22 20.0 17.9 $4,193.0 $18.50
Eagle Materials EXP op Mar O $109.39 $185.00 $9.42 $11.97 $13.31 9.1 8.2 $4,178.6 $29.28
First Interstate BancSystem FIBK op Dec E $38.14 $41.00 $3.26 $3.36 $3.86 11.4 9.9 $4,176.1 $31.93
Simply Good Foods Co. SMPL Adj Aug O $41.20 $45.00 $1.26 $1.50 $1.74 27.5 23.7 $4,135.2 $12.41
Asbury Automotive Group, Inc. ABG op Dec O $174.27 $265.00 $27.36 $35.50 $32.86 4.9 5.3 $3,856.8 $91.43
Hancock Whitney Corp. HWC op Dec E $44.53 $58.00 $5.55 $5.74 $5.68 7.8 7.8 $3,846.0 $42.31
Wayfair Inc. W op Dec E $48.17 $75.00 $2.38 ($8.00) ($4.20) NM NM $3,832.2 -$15.44
Callaway Golf Company ELY adj Dec O/V $20.44 $38.00 $0.79 $0.86 $1.06 23.8 19.3 $3,775.2 $19.88
Umpqua Holdings Corp. UMPQ op Dec E $16.99 NE $2.00 NE NE NM NM $3,687.6 $12.69
Kirby Corp. KEX op Dec O $60.98 $85.00 $0.56 $2.00 $3.15 30.5 19.4 $3,677.1 $48.02
Air Lease Corp. AL Dec O/V $32.95 $55.00 $3.57 ($1.29) $5.35 NM 6.2 $3,652.8 $61.48
Ryder System R op Dec E $70.49 $86.00 $9.56 $14.40 $11.50 4.9 6.1 $3,604.6 $52.02
Amedisys, Inc. AMED adj Dec E $110.14 $125.00 $5.93 $5.30 $5.70 20.8 19.3 $3,587.6 $28.65
nCino, Inc. NCNO adj Jan O/V $32.50 $40.00 ($0.20) ($0.71) ($0.39) NM NM $3,581.5 $9.73
MSC Industrial Direct MSM Aug O $75.32 $100.00 $4.81 $6.17 $6.23 12.2 12.1 $3,554.2 $20.75
Natera, Inc. NTRA Dec O/V $36.87 $54.00 ($5.21) ($5.70) ($4.98) NM NM $3,551.1 $6.87
STAAR Surgical Co. STAA pf Dec O/V $73.54 $99.00 $0.87 $0.90 $1.44 81.7 51.1 $3,516.0 $5.42
Beacon Roofing Supply, Inc. BECN op Sep E $50.98 $72.00 $4.99 $6.21 $6.39 8.2 8.0 $3,504.5 $24.86
Community Bank System CBU op Dec E $63.22 $81.50 $3.22 $3.36 $3.62 18.8 17.5 $3,408.2 $38.99
BellRing Brands, Inc. BRBR Adj Sep O/V $24.82 $35.00 $0.93 $1.19 $1.42 20.9 17.5 $3,384.5 -$77.52
Dorman Products DORM adj Dec E/V $107.18 $105.00 $4.64 $5.57 $6.17 19.2 17.4 $3,370.6 $29.51
GATX Corp. GATX adj Dec O $94.28 $135.00 $5.18 $5.75 $6.10 16.4 15.5 $3,356.4 $57.00
FirstCash, Inc. FCFS adj Dec E/V $70.39 $83.00 $3.94 $5.36 $6.92 13.1 10.2 $3,341.0 $37.30
PacWest Bancorp PACW op Dec O $27.18 $48.00 $5.20 $4.18 $4.58 6.5 5.9 $3,192.2 $34.11
Academy Sports and Outdoors ASO adj Jan O/V $35.90 $72.00 $7.61 $7.03 $7.67 5.1 4.7 $3,055.0 $16.85
Acushnet Holdings Corp. GOLF adj Dec E/V $41.51 $47.00 $2.43 $2.82 $2.91 14.7 14.3 $2,998.0 $14.38
Matson Inc. MATX op Dec E $73.63 $105.00 $21.62 $30.00 $15.50 2.5 4.8 $2,985.1 $40.67
Group 1 Automotive GPI op Dec O $176.57 $285.00 $34.93 $41.75 $37.88 4.2 4.7 $2,930.4 $106.27
Hostess Brands TWNK Adj Dec O $20.85 $28.00 $0.88 $0.99 $1.09 21.1 19.1 $2,883.3 $12.43
Independent Bank Group IBTX op Dec O $67.50 $82.00 $5.24 $5.24 $5.52 12.9 12.2 $2,853.5 $60.26
Sprouts Farmers Market SFM adj Dec E/V $25.62 $28.00 $2.10 $2.15 $2.29 11.9 11.2 $2,808.5 $8.64
Simmons First National Corp. SFNC op Dec E $21.30 $28.00 $2.41 $2.30 $2.26 9.3 9.4 $2,782.9 $28.82
Associated Banc-Corp ASB op Dec E $18.54 $24.00 $2.15 $1.85 $2.20 10.0 8.4 $2,781.8 $25.66
Pacific Premier Bancorp PPBI op Dec E $29.11 $39.00 $3.47 $2.87 $3.18 10.1 9.2 $2,763.4 $30.58
Upstart Holdings, Inc. UPST adj Dec U/V $32.19 $28.00 $2.37 $1.73 $2.78 18.6 11.6 $2,728.9 $9.65
July 2022, Page 47
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
Texas Capital Bancshares TCBI op Dec O $53.29 $72.00 $4.69 $3.18 $4.78 16.8 11.1 $2,703.0 $57.48
Summit Materials LLC SUM op Dec O $22.61 $42.00 $1.12 $1.31 $1.81 17.3 12.5 $2,670.2 $15.28
AZEK Company, The AZEK op Sep O $17.05 $20.00 $0.97 $1.05 $1.10 16.2 15.5 $2,645.4 $9.22
Freshpet, Inc. FRPT Dec O/V $54.80 $120.00 ($0.69) ($0.41) $0.24 NM NM $2,620.1 $16.57
Cactus, Inc. WHD adj Dec O $41.84 $65.00 $0.72 $1.49 $1.91 28.1 21.9 $2,529.3 $7.94
Werner Enterprises, Inc. WERN Dec E $38.24 $49.00 $3.46 $4.25 $3.50 9.0 10.9 $2,487.8 $20.18
Carvana Co. CVNA op Dec E/V $23.11 $38.00 ($1.63) ($7.20) ($4.27) NM NM $2,443.7 $3.40
Forward Air FWRD op Dec O $90.24 $150.00 $4.25 $6.30 $6.70 14.3 13.5 $2,424.0 $22.01
Hub Group HUBG Dec E $70.19 $84.00 $5.06 $9.80 $8.40 7.2 8.4 $2,386.3 $38.77
Installed Building Products IBP op Dec E $81.11 $100.00 $5.40 $6.87 $7.42 11.8 10.9 $2,376.2 $14.03
Fulton Financial Corp. FULT op Dec O $14.74 $20.50 $1.30 $1.67 $1.88 8.8 7.8 $2,369.5 $15.70
Columbia Banking System COLB op Dec E $28.80 $34.00 $3.09 $3.10 $3.41 9.3 8.4 $2,264.9 $32.97
Q2 Holdings, Inc. QTWO adj Dec E/V $39.12 $55.00 $0.33 $0.38 $0.68 NM 57.5 $2,237.7 $10.02
Itron, Inc. ITRI ad Dec O $49.17 $65.00 $1.75 $1.50 $2.90 32.8 17.0 $2,215.7 $24.72
Arcosa, Inc. ACA op Dec O $45.73 $65.00 $1.93 $1.88 $2.52 24.3 18.1 $2,209.7 $40.44
Cal-Maine Foods, Inc. CALM op May O/V $50.05 $65.00 $0.09 $2.00 $4.15 25.0 12.1 $2,209.2 $20.73
Air Transport Services Group ATSG op Dec O $29.23 $40.00 $1.69 $2.20 $2.50 13.3 11.7 $2,173.9 $17.84
Glaukos Corp. GKOS pf Dec O $45.75 $70.00 ($1.41) ($1.71) ($1.87) NM NM $2,165.5 $12.50
Schneider National Inc. SNDR op Dec E $22.42 $30.00 $2.29 $2.70 $2.50 8.3 9.0 $2,127.5 $13.64
First Merchants Corp. FRME op Dec O $35.77 $52.00 $3.73 $3.70 $4.40 9.7 8.1 $2,127.0 $35.81
Hilltop Holdings Inc. HTH op Dec E $26.75 $31.00 $4.50 $1.67 $2.39 16.0 11.2 $2,125.0 $31.95
Navient Corp. NAVI adj Dec E/V $14.09 $19.00 $4.20 $3.23 $2.81 4.4 5.0 $2,083.8 $16.89
Rush Enterprises, Inc. RUSHA op Dec O $48.31 $63.00 $4.17 $5.27 $4.50 9.2 10.7 $2,068.2 $26.42
Trinity Industries TRN Dec E $24.06 $32.00 $0.59 $0.95 $2.00 25.3 12.0 $2,005.2 $12.36
Zillow, Inc. ZG adj Dec O/V $33.00 $65.00 ($0.49) $1.94 $2.40 17.0 13.8 $1,983.9 $21.31
GMS Inc. GMS op Apr O $45.49 $60.00 $7.49 $7.53 $6.83 6.0 6.7 $1,940.0 $24.89
Banner Corp. BANR op Dec O $55.80 $67.00 $5.93 $5.63 $6.73 9.9 8.3 $1,918.2 $49.35
Bread Financial Holdings BFH adj Dec E/V $38.12 $72.00 $15.97 $11.14 $11.97 3.4 3.2 $1,897.5 $41.80
Fortress Transportation FTAI Dec O $18.78 $35.00 ($1.46) ($2.27) $1.45 NM 13.0 $1,862.8 $11.33
KAR Auction Services KAR op Dec E $15.21 $15.00 $0.65 $0.35 $0.62 43.5 24.5 $1,848.5 $12.49
Appfolio, Inc. APPF adj Dec E/V $91.97 $100.00 $0.36 ($0.40) ($0.06) NM NM $1,845.2 $8.54
First Financial Bancorp. FFBC op Dec E $19.44 $26.00 $2.29 $2.00 $2.15 9.7 9.0 $1,836.0 $23.99
FB Financial Corporation FBK op Dec O $38.77 $49.00 $3.80 $3.24 $3.53 12.0 11.0 $1,831.3 $30.13
LiveRamp, Inc. RAMP adj Mar O/V $26.55 $58.00 $0.49 $0.55 $1.00 48.3 26.6 $1,831.1 $15.49
eXp World Holdings EXPI adj Dec O/V $12.07 $30.00 $0.72 $0.69 $1.30 17.5 9.3 $1,815.5 $1.49
Flywire Corp. FLYW adj Dec O/V $17.91 $24.00 ($0.39) ($0.30) ($0.07) NM NM $1,813.0 $4.53
Heartland Financial USA HTLF op Dec O $41.69 $59.00 $4.95 $4.50 $5.50 9.3 7.6 $1,766.4 $49.00
Stock Yards Bancorp SYBT op Dec E $59.31 $57.00 $3.57 $3.80 $3.80 15.6 15.6 $1,733.3 $25.41
July 2022, Page 48
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
Masonite International DOOR op Dec O $75.69 $135.00 $8.19 $10.30 $11.45 7.3 6.6 $1,707.9 $29.13
ESCO Technologies Inc. ESE Sep O $66.06 $100.00 $2.59 $3.20 $3.41 20.6 19.4 $1,707.7 $39.13
ArcBest Corp. ARCB op Dec O $69.69 $135.00 $8.41 $13.65 $11.70 5.1 6.0 $1,706.3 $37.36
Lakeland Financial Corp. LKFN op Dec E $65.96 $79.00 $3.72 $4.00 $4.00 16.5 16.5 $1,671.8 $27.86
Cannae Holdings, Inc. CNNE Dec O/V $19.52 $41.00 ($3.17) ($2.32) $0.56 NM 34.9 $1,657.6 $38.39
Renasant Corp. RNST op Dec E $29.09 $38.00 $3.13 $2.75 $2.85 10.6 10.2 $1,626.1 $39.63
WideOpenWest, Inc. WOW adj Dec O/V $18.46 $22.00 ($0.83) $0.77 $0.61 24.0 30.3 $1,620.8 $6.53
Northwest Bancshares, Inc. NWBI op Dec E $12.73 $13.50 $0.99 $0.90 $1.06 14.1 12.0 $1,613.0 $12.51
NBT Bancorp NBTB op Dec E $37.47 $42.50 $3.23 $3.33 $3.38 11.3 11.1 $1,604.7 $28.97
Ping Identity Holding Corp. PING adj Dec O $18.75 $36.00 $0.10 ($0.28) $0.13 NM NM $1,599.1 $8.85
Griffon Corp. GFF op Sep O $27.99 $40.00 $1.70 $3.78 $3.99 7.4 7.0 $1,596.3 $14.26
Veritex Holdings, Inc. VBTX op Dec O $29.47 $46.00 $2.81 $3.04 $3.51 9.7 8.4 $1,590.3 $26.64
Triumph Bancorp, Inc. TBK op Dec E $62.57 $95.00 $4.67 $3.59 $3.54 17.4 17.7 $1,574.2 $32.35
Cryoport, Inc. CYRX pf Dec O/V $31.61 $45.00 ($0.66) ($0.79) ($0.39) NM NM $1,560.8 $12.73
TriCo Bancshares TCBK op Dec O $45.69 $48.00 $3.97 $4.23 $4.75 10.8 9.6 $1,536.6 $33.64
Gray Television, Inc. GTN Dec O/V $17.14 $30.00 $3.70 $1.87 $3.50 9.2 4.9 $1,510.3 $18.50
Green Plains Inc. GPRE op Dec O/V $27.84 $50.00 ($1.31) ($0.57) $1.92 NM 14.5 $1,498.4 $17.73
Franchise Group, Inc. FRG adj Dec E/V $36.86 $45.00 $3.82 $4.85 $5.02 7.6 7.3 $1,487.5 $18.93
Monro, Inc. MNRO op Mar E $43.74 $41.00 $1.85 $1.77 $1.94 24.7 22.5 $1,467.8 $23.34
Veracyte, Inc. VCYT Dec O/V $19.97 $30.00 ($1.11) ($0.82) ($0.49) -24.4 -40.8 $1,426.8 $15.42
Marten Transport, Ltd. MRTN op Dec O $16.74 $22.00 $1.02 $1.28 $1.30 13.1 12.9 $1,371.8 $7.85
Addus HomeCare Corp. ADUS adj Dec O $85.06 $101.00 $3.52 $3.92 $4.36 21.7 19.5 $1,367.0 $36.03
Establishment Labs ESTA pf Dec O/V $56.43 $89.00 ($1.72) ($1.30) ($1.05) NM NM $1,365.5 $2.11
Talos Energy TALO adj Dec O $16.43 $28.00 $0.07 $3.70 $4.98 4.4 3.3 $1,356.1 $9.29
Open Lending Corp. LPRO adj Dec O/V $10.72 $47.00 $0.72 $0.81 $1.01 13.2 10.6 $1,353.1 $1.26
Stewart Information Services STC op Dec O/V $49.22 $72.00 $11.43 $8.05 $7.21 6.1 6.8 $1,329.8 $47.67
Avanos Medical AVNS pf Dec E $27.18 $43.00 $1.15 $1.71 $2.18 15.9 12.5 $1,286.3 $26.22
First Commonwealth Financial FCF op Dec O $13.44 $16.00 $1.24 $1.34 $1.58 10.0 8.5 $1,267.6 $11.77
First Busey Corp. BUSE op Dec O $22.84 $28.00 $2.42 $2.15 $2.40 10.6 9.5 $1,262.5 $23.80
KnowBe4, Inc. KNBE adj Dec O $16.69 $25.00 $0.14 $0.13 $0.21 NM 79.5 $1,254.6 $1.25
Magnite, Inc. MGNI Dec O/V $9.44 $21.00 $0.00 ($0.55) $0.17 NM 55.5 $1,247.9 $6.64
Vericel Corporation VCEL Dec O $25.32 $53.00 ($0.17) ($0.18) $0.38 NM 66.6 $1,193.1 $3.64
Southside Bancshares, Inc. SBSI op Dec E $37.08 $42.00 $3.40 $3.12 $3.03 11.9 12.2 $1,191.1 $28.20
EarthstoneEnergy, Inc. ESTE adj Dec E $14.93 $15.00 $1.25 $4.73 $4.96 3.2 3.0 $1,180.8 $10.45
CareDX, Inc. CDNA adj Dec O/V $22.09 $50.00 $0.29 ($0.30) $0.14 NM NM $1,175.7 $8.80
Dime Community Bancshares DCOM op Dec E $29.82 $34.50 $3.69 $3.26 $3.40 9.1 8.8 $1,170.2 $26.98
First Foundation Inc. FFWM op Dec O $20.68 $28.00 $2.59 $2.28 $2.47 9.1 8.4 $1,168.7 $18.86
Everbridge, Inc. EVBG adj Dec O/V $29.54 $58.00 $0.21 $0.24 $0.75 NM 39.4 $1,168.0 $11.75
July 2022, Page 49
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
Anywhere Real Estate Inc. HOUS adj Dec E/V $9.86 $13.00 $3.04 $2.00 $2.00 4.9 4.9 $1,165.0 $18.75
Greenbrier Companies GBX Aug O $35.74 $59.00 $1.10 $2.00 $3.70 17.9 9.7 $1,164.7 $40.37
Rent-A-Center RCII adj Dec E/V $19.62 $42.00 $5.57 $4.52 $5.33 4.3 3.7 $1,160.4 $7.76
National Bank Holdings NBHC op Dec E $38.36 $46.00 $2.91 $2.89 $4.19 13.3 9.2 $1,152.7 $28.04
Customers Bancorp, Inc. CUBI op Dec E $34.85 $62.50 $4.23 $4.63 $6.85 7.5 5.1 $1,149.4 $37.32
OceanFirst Financial Corp. OCFC op Dec E $19.19 $24.00 $1.84 $2.34 $3.00 8.2 6.4 $1,139.7 $25.63
Andersons, The ANDE op Dec O/V $32.81 $55.00 $3.06 $2.51 $3.15 13.1 10.4 $1,110.0 $31.67
Utz Brands, Inc. UTZ Adj Dec E $13.73 $15.00 $0.56 $0.48 $0.55 28.6 25.0 $1,108.4 $8.75
S&T Bancorp, Inc. STBA op Dec E $27.61 $32.50 $2.48 $2.94 $3.12 9.4 8.8 $1,085.4 $30.66
Heartland Express, Inc. HTLD Dec E $13.75 $15.00 $1.00 $0.90 $0.85 15.3 16.2 $1,085.3 $9.21
CTS Corp. CTS op Dec E $33.65 $39.00 $1.93 $2.40 $2.55 14.0 13.2 $1,079.8 $14.41
Banc of California BANC op Dec E $17.53 $22.00 $1.36 $2.14 $2.12 8.2 8.3 $1,067.8 $15.48
NOW Inc. DNOW adj Dec O $9.63 $13.00 $0.08 $0.66 $0.85 14.6 11.3 $1,066.1 $6.44
ECN Capital ECN-CA adj/c Dec O/V $5.51 $7.50 $0.17 $0.30 $0.36 18.4 15.3 $1,058.1 $0.78
Neogenomics Inc. NEO pf Dec E/V $8.33 $12.00 ($0.27) ($0.79) ($0.66) NM NM $1,039.2 $8.93
Sonic Automotive, Inc. SAH op Dec O $37.65 $67.00 $8.47 $10.41 $9.75 3.6 3.9 $1,036.5 $26.43
Mission Produce, Inc. AVO op Oct O $14.33 $17.00 $0.74 $0.51 $0.84 28.1 17.1 $1,012.5 $7.56
Preferred Bank PFBC op Dec O $67.67 $90.00 $6.41 $7.55 $8.60 9.0 7.9 $1,008.4 $39.97
ConnectOne Bancorp CNOB op Dec O $24.75 $35.00 $3.02 $3.00 $3.22 8.3 7.7 $978.2 $25.61
Nicolet Bankshares NIC op Dec O $72.62 $113.00 $6.73 $7.20 $7.90 10.1 9.2 $972.5 $63.73
Standard Motor Products SMP adj Dec O/V $44.31 $61.00 $4.45 $4.81 $5.11 9.2 8.7 $967.3 $27.31
Cerus Corp. CERS pf Dec O/V $5.34 $7.50 ($0.32) ($0.29) ($0.28) NM NM $944.6 $0.49
Enova International ENVA adj Dec E/V $29.01 $47.00 $7.57 $6.50 $7.79 4.5 3.7 $944.6 $32.01
Avid Bioservices, Inc. CDMO Apr O/V $15.17 $28.00 $1.81 $0.05 $0.27 NM NM $936.7 $2.82
Origin Bancorp, Inc. OBNK op Dec O $39.14 $53.00 $4.59 $3.52 $4.40 11.1 8.9 $930.3 $30.75
Redfin Corp. RDFN adj Dec E $8.60 $15.00 ($0.58) ($0.86) $0.00 NM NM $921.7 $2.91
Camping World Holdings CWH Dec O/V $21.76 $44.00 $6.63 $8.80 $8.22 2.5 2.6 $907.2 $3.58
E.W. Scripps Co. SSP Dec E $12.66 $24.00 $1.86 $2.58 $5.20 4.9 2.4 $903.4 $18.90
PROG Holdings, Inc. PRG adj Dec E/V $16.70 $21.00 $3.94 $2.56 $3.60 6.5 4.6 $902.5 $12.04
Byline Bancorp, Inc. BY op Dec E $23.81 $26.00 $2.66 $2.30 $2.30 10.4 10.4 $900.0 $21.07
Kimbell Royalty Partners KRP Dec O $15.53 $22.00 $0.51 $1.04 $1.26 14.9 12.3 $890.4 $6.99
Heritage Financial Corp. HFWA op Dec E $25.24 $29.00 $2.63 $2.08 $2.35 12.1 10.7 $886.0 $24.34
Dole plc DOLE op Dec O $8.70 $14.00 $1.36 $1.26 $1.26 6.9 6.9 $825.4 $11.39
Digi International DGII adj Sep O $23.52 $36.00 $1.08 $1.49 $1.82 15.8 12.9 $825.2 $13.79
MRC Global Inc. MRC adj Dec O $9.79 $17.00 $0.27 $0.74 $1.13 13.2 8.7 $817.3 $3.89
VIZIO Holdings Corporation VZIO Dec O $7.04 $27.00 ($0.22) $0.12 $0.43 58.7 16.4 $815.3 $1.74
Horizon Bancorp HBNC op Dec O $17.57 $23.00 $2.00 $2.30 $2.40 7.6 7.3 $765.6 $16.61
Allegiance Bancshares, Inc. ABTX op Dec Susp $37.55 NE $2.20 NE NE NM NM $765.2 $40.15
July 2022, Page 50
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
Peoples Bancorp PEBO op Dec E $26.66 $33.00 $2.83 $3.30 $3.45 8.1 7.7 $755.7 $29.93
Univest Financial Corp. UVSP op Dec O $25.53 $34.00 $2.68 $2.55 $3.10 10.0 8.2 $755.5 $26.23
World Acceptanc Corp. WRLD adj Mar U/V $114.03 $159.00 $8.47 $4.05 $7.30 28.2 15.6 $746.5 $58.76
First Mid Bancshares, Inc. FMBH op Dec O $35.94 $42.00 $3.98 $3.80 $3.75 9.5 9.6 $734.9 $35.06
Calavo Growers Inc. CVGW op Oct E/V $41.25 $40.00 $0.35 $0.95 $2.07 43.4 19.9 $731.9 $12.75
ACV Auctions Inc. ACVA adj Dec O/V $6.47 $17.00 ($0.63) ($0.61) ($0.37) NM NM $730.3 $3.56
Cutera, Inc. CUTR pf Dec O/V $40.16 $78.00 $0.73 ($0.45) $1.23 NM 32.7 $729.4 $3.14
Codexis, Inc. CDXS pf Dec O/V $11.12 $22.00 ($0.10) ($0.14) ($0.33) NM NM $726.2 $2.52
Cadre Holdings, Inc. CDRE adj Dec O/V $18.95 $27.00 $0.82 $0.44 $1.03 43.1 18.4 $701.8 $2.58
Wabash National Corp. WNC op Dec E $13.51 $16.00 $0.57 $1.90 $2.55 7.1 5.3 $662.4 $6.65
CrossFirst Bankshares, Inc. CFB op Dec E $13.31 $17.00 $1.39 $1.41 $1.53 9.4 8.7 $660.8 $13.23
America's Car-Mart CRMT adj Apr O/V $101.92 $113.00 $13.67 $11.30 $9.46 9.0 10.8 $656.3 $73.66
CBTX, Inc. CBTX op Dec E $26.55 $34.00 $1.70 $2.13 $3.10 12.5 8.6 $653.3 $22.96
Heritage Commerce Corp. HTBK op Dec O $10.71 $16.00 $0.86 $1.05 $1.39 10.2 7.7 $647.3 $9.91
Camden National Corp. CAC op Dec O $43.52 $50.00 $4.19 $4.23 $4.38 10.3 9.9 $637.9 $36.72
BioLife Solutions, Inc. BLFS pf Dec O/V $14.56 $40.00 ($0.53) ($0.69) ($0.34) NM NM $617.5 $11.48
P.A.M. Transportation PTSI op Dec E $27.19 $40.00 $3.54 $4.50 $3.65 6.0 7.4 $605.4 $9.67
Castle Biosciences, Inc. CSTL Dec O/V $23.01 $36.00 ($1.24) ($3.71) ($3.30) NM NM $604.3 $16.22
LendingTree, Inc. TREE adj Dec O/V $46.70 $140.00 $1.55 $2.50 $4.44 18.7 10.5 $596.2 $34.21
First Bancshares Inc. FBMS op Dec O $28.91 $41.00 $3.03 $3.01 $3.41 9.6 8.5 $593.6 $32.17
DXP Enterprises, Inc. DXPE adj Dec O $30.31 $40.00 $0.83 $2.50 $3.06 12.1 9.9 $565.1 $19.30
i3 Verticals, Inc. IIIV adj Sep O/V $24.64 $30.00 $1.05 $1.43 $1.62 17.2 15.2 $548.1 $9.30
QuinStreet, Inc. QNST adj Jun O/V $9.90 $14.00 $0.66 $0.35 $0.59 28.3 16.8 $542.6 $5.49
Midland States Bancorp MSBI op Dec E $24.33 $31.00 $3.70 $3.75 $3.80 6.5 6.4 $536.6 $30.11
Excelerate Energy, Inc. EE Dec O $20.36 $36.00 NA $0.48 $1.13 42.4 18.0 $534.5 $10.58
Titan Machinery TITN op Jan O/V $22.75 $41.00 $3.03 $3.13 $3.00 7.3 7.6 $513.4 $19.27
Bank of Marin Bancorp BMRC op Dec E $31.69 $37.00 $2.64 $2.84 $3.00 11.2 10.6 $507.0 $28.27
Coastal Financial Corp. CCB op Dec O $37.90 $60.00 $1.99 $2.46 $3.69 15.4 10.3 $490.1 $15.63
MaxCyte, Inc. MXCT Dec O/V $4.82 $15.00 ($0.23) ($0.29) ($0.31) NM NM $489.4 $2.60
Stoneridge Inc. SRI op Dec O $17.70 $26.00 ($0.58) ($0.15) $0.90 NM 19.7 $483.5 $10.88
Business First Bancshares BFST op Dec O $21.34 $31.00 $2.61 $2.21 $2.56 9.7 8.3 $481.5 $21.24
fuboTV Inc. FUBO Dec E/V $2.58 $6.00 ($2.78) ($3.22) ($2.78) NM NM $477.5 $4.43
Equity Bancshares, Inc. EQBK Dec O $29.20 $38.00 $3.75 $3.25 $3.35 9.0 8.7 $475.3 $29.87
MidWestOne Financial Group MOFG op Dec E $29.60 $34.00 $4.42 $3.90 $3.70 7.6 8.0 $464.1 $33.66
RE/MAX Holdings Inc. RMAX adj Dec O/V $23.90 $32.00 $2.41 $2.50 $2.60 9.6 9.2 $460.5 $27.03
Aaron's Company, Inc., The AAN adj Dec E/V $14.79 $19.00 $3.75 $2.67 $3.15 5.5 4.7 $454.2 $23.18
Five Star Bancorp FSBC op Dec O $25.88 $33.00 $2.71 $2.41 $2.84 10.7 9.1 $446.3 $13.65
Aveanna Healthcare AVAH adj Dec E/V $2.38 $3.50 $0.41 $0.33 $0.40 7.2 6.0 $439.7 $3.44
July 2022, Page 51
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
Farmers & Merchants Bancorp FMAO op Dec E $33.46 $39.00 $2.25 $2.60 $2.60 12.9 12.9 $437.2 $22.74
Guaranty Bancshares, Inc. GNTY op Dec O $36.09 $41.00 $3.27 $3.33 $3.40 10.8 10.6 $433.1 $24.93
Mid Penn Bancorp MPB op Dec O $26.72 $34.50 $2.12 $2.88 $3.75 9.3 7.1 $426.5 $30.71
SmartFinancial, Inc. SMBK op Dec O $23.72 $33.00 $2.38 $2.48 $2.75 9.6 8.6 $400.8 $25.56
RBB Bancorp RBB op Dec E $20.76 $26.00 $2.81 $3.26 $3.48 6.4 6.0 $398.4 $23.98
Peoples Financial Services Corp. PFIS op Dec O $55.49 $55.00 $3.92 $5.27 $5.98 10.5 9.3 $398.0 $47.44
P10 Holdings PX adj Dec O $10.97 $15.00 $0.55 $0.78 $0.95 14.1 11.5 $392.1 $3.37
Red River Bancshares, Inc. RRBI op Dec O $54.43 $69.00 $4.50 $4.91 $5.31 11.1 10.3 $390.6 $41.52
Pennant Group, The PNTG adj Dec E/V $12.97 $17.00 $0.46 $0.67 $0.75 19.4 17.3 $370.1 $3.87
Regional Management RM adj Dec E/V $38.04 $61.00 $8.33 $7.85 $7.64 4.8 5.0 $367.9 $28.89
DMC Global BOOM adj Dec O $18.21 $40.00 $0.16 $0.52 $1.88 35.0 9.7 $355.0 $18.63
Covenant Logistics Group CVLG op Dec E $24.84 $25.00 $3.60 $4.20 $3.00 5.9 8.3 $329.1 $20.86
Anika Th3erapeutics, Inc. ANIK Dec E $22.51 $29.00 $0.28 ($0.92) $0.07 NM NM $327.4 $19.88
Civista Bancshares, Inc. CIVB op Dec O $21.26 $28.00 $2.74 $2.30 $2.70 9.2 7.9 $310.1 $23.75
Third Coast Bancshares TCBX op Dec O $21.60 $30.00 $1.40 $1.51 $2.96 14.3 7.3 $290.7 $22.31
USA Truck, Inc. USAK op Dec E $31.40 $31.72 $2.87 $5.10 $3.00 6.2 10.5 $282.8 $12.53
Provident Bancorp, Inc. PVBC op Dec O $15.48 $20.00 $0.85 $1.26 $1.68 12.3 9.2 $275.7 $13.09
Porch Group PRCH adj Dec O/V $2.68 $16.00 ($0.48) ($0.69) ($0.49) NM NM $265.7 $2.22
Limoneira Company LMNR op Oct O/V $14.44 $15.00 ($0.24) ($0.12) $0.38 NM 38.0 $255.9 $9.98
Alpha Teknova, Inc. TKNO Dec O/V $8.60 $26.00 ($0.38) ($0.94) ($1.04) NM NM $241.2 $5.11
TrueCar, Inc. TRUE adj Dec O/V $2.61 $4.00 ($0.04) ($0.07) ($0.38) NM NM $236.0 $3.43
CURO Group Holdings CURO adj Dec E/V $5.74 $13.00 $0.97 $0.27 $2.22 21.3 2.6 $231.0 $3.93
Bank7 Corp. BSVN op Dec E $22.75 $28.00 $2.62 $3.24 $3.45 7.0 6.6 $207.0 $14.04
Conn's, Inc. CONN op Jan E/V $8.46 $13.00 $3.71 $0.77 $2.05 11.0 4.1 $201.2 $22.83
OraSure Technologies, Inc. OSUR pf Dec E/V $2.74 $7.00 ($0.32) ($0.54) ($0.36) NM NM $198.5 $5.28
MainStreet Bancshares, Inc. MNSB op Dec O $23.00 $29.00 $2.04 $2.72 $3.48 8.5 6.6 $173.8 $21.27
DermTech Inc. DMTK Dec O/V $5.61 $20.00 ($2.71) ($3.96) ($3.81) NM NM $168.0 $7.72
Private Bancorp of America PBAM op Dec O $28.99 $39.00 $3.82 $3.80 $3.89 7.6 7.5 $163.1 $22.81
Finward Bancorp FNWD op Dec O/V $37.49 $52.00 $4.08 $4.60 $4.75 8.2 7.9 $161.0 $45.00
Yellow Corporation YELL op Dec E/V $3.01 $6.00 ($1.09) $0.85 $1.40 3.5 2.2 $155.1 -$7.13
Apollo Endosurgery, Inc. APEN Dec O/V $3.75 $9.00 ($0.46) ($0.64) ($0.54) NM NM $150.9 $1.55
Hanover Bancorp, Inc. HNVR op Dec O $20.31 $25.50 $3.64 $3.31 $3.33 6.1 6.1 $148.2 $22.02
Avidbank Holdings, Inc. AVBH op Dec O $20.33 $34.00 $1.92 $3.15 $3.77 6.5 5.4 $124.9 $21.91
SmileDirectClub, Inc. SDC Dec E/V $1.01 $3.00 ($0.87) ($0.50) ($0.37) NM NM $121.9 $1.44
Genasys Inc. GNSS adj Sep O $3.33 $6.00 $0.02 ($0.08) ($0.05) NM NM $121.8 $1.81
Zevia PBC ZVIA Adj Dec O $2.91 $10.00 ($2.52) ($1.13) ($1.03) NM NM $113.7 $3.73
Oncocyte Corporation OCX Dec E/V $0.86 $1.25 ($0.72) ($0.48) ($0.48) NM NM $101.9 $0.71
U.S. Xpress USX op Dec E $2.67 $3.75 $0.16 $0.30 $0.30 8.9 8.9 $94.4 $5.48
July 2022, Page 52
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL P/E P/E Market
Ftnt. Rating/ 6/29/2022 Price EARNINGS PER SHARE Ratio Ratio Cap
Company Tkr Code FYE Volatility Price Target LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS
FreightCar America RAIL op Dec E $3.52 $4.00 ($1.17) ($0.20) $0.30 NM 11.7 $58.2 -$0.10
Pulse Biosciences, Inc. PLSE Dec E/V $1.56 $5.00 ($2.28) ($1.81) ($1.70) NM NM $57.9 $1.20
Sientra, Inc. SIEN Dec O/V $0.84 $6.00 ($1.10) ($0.93) ($0.97) NM NM $52.5 $0.66
Societal CDMO SCTL pf Dec O/V $0.76 $3.00 ($0.26) ($0.25) ($0.23) NM NM $43.0 $0.90
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 53
APPENDIX
Investment Ratings
OVERWEIGHT (O) – The stock’s total return is expected to be greater than the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months.
EQUAL-WEIGHT (E) – The stock’s total return is expected to be equivalent to the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months.
UNDERWEIGHT (U) – The stock’s total return is expected to be less than the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months.
VOLATILE (V) – The stock’s price volatility is potentially higher than that of the company’s industry sector. The company stock ratings may reflect the analyst’s subjective assessment of risk factors
that could impact the company’s business.
Distribution of Stephens Inc.'s Ratings (as of 06/30/22)
% Investment Banking Clients
Rating % (Past 12 Months)
BUY 61.1 21.4
HOLD 37.9 15.9
SELL 1.0 0
Codes
NA-Not Applicable NR-Not Rated ADJ-Adjusted EPS CS-Cash EPS
NM-Not Meaningful Susp-Rating Suspended ADJE-Adjusted EBITDA Per Share OP-Operating EPS
NE-No Estimate UR-Under Review C-Canadian Dollars PF-Pro forma EPS
Certain investment programs offered by Stephens to clients sometimes engage in purchases or sales of securities that are consistent or inconsistent with Research Analyst recommendations. These programs are managed
on a discretionary basis, or provide investment recommendations, by program managers in the exercise of their independent judgment and analysis. Stephens’ directors, officers and employees are allowed to participate
in these programs subject to established account minimums and applicable compliance restrictions.
This report has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets
or developments referred to in the material. Information included in the report was obtained from internal and external sources which we consider reliable, but we have not
independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the report, and all expressions of opinion apply on the
date of issuance of the report. No subsequent publication or distribution of this report shall mean or imply that any such information or opinion remains current at any time after the stated date of the report. We do not
undertake to advise you of any changes in any such information or opinion. Additional risk factors as identified by the Subject Company and filed with the Securities and Exchange Commission may be found on EDGAR at
www.sec.gov. Prices, yields, and availability are subject to change with the market. Nothing in this report is intended, or should be construed, as legal, accounting, regulatory or tax advice. Any discussion of tax attributes is
provided for informational purposes only, and each investor should consult his/her/its own tax advisors regarding any and all tax implications or tax consequences of any investment in securities discussed in this report.
From time to time, our research reports may include discussions about potential short-term trading opportunities or market movements that may or may not be consistent with Stephens’ long-term investment thesis,
rating, or price target. Please note that we provide supplemental news and analysis in Quick Take blogs available to clients on our website. If applicable, when reading research on Business Development Companies, you
should consider carefully the investment objectives, charges, risks, fees and expenses of the investment company before investing. The prospectus, and, if available, the summary prospectus, contain this and other
information about the investment company. You can obtain a current prospectus, and, if available, a summary prospectus, by calling your financial consultant. Please read the prospectus, and, if available, the summary
prospectus, carefully before investing as it contains information about the previous referenced factors and other important information. Also, please note other reports filed with the Securities and Exchange Commission
by the relevant investment company at www.sec.gov. Please also note that the report may include one or more links to external or third-party websites. Stephens Inc. has not independently verified the information
contained on such websites and can provide no assurance as to the reliability of such information, and there can be no assurance that any opinions expressed on such websites reflect the opinions of Stephens Inc. or its
management. Additional information available upon request.
Each analyst primarily responsible for the preparation of a portion or portions of this report certifies that (i) all views expressed by the analyst accurately reflect the analyst’s personal views about the
subject companies and their securities, and (ii) no part of the analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the analyst in
this report. This report constitutes a compendium report (covers six or more subject companies). As such, Stephens Inc. chooses to provide specific disclosures for the companies mentioned by
reference. To access current disclosures for the companies in this report, clients should refer to https://stephens2.bluematrix.com/sellside/Disclosures.action or contact your Stephens Inc.
representative for additional information.
July 2022, Page 54
REIT COMPANY RISKS
Kimbell Royalty Partner Risks
KRP does not intend to retain cash from KRP’s operations for replacement capital expenditures. Unless KRP replenishes KRP’s oil and natural gas reserves, KRP’s cash generated from operations and
KRP’s ability to pay distributions to KRP’s unitholders could be materially adversely affected.
KRP relies on a few key individuals whose absence or loss could materially adversely affect KRP’s business.
Loss of KRP’s or KRP’s operators’ information and computer systems could materially adversely affect KRP’s business.
Title to the properties in which KRP has an interest may be impaired by title defects.
The potential drilling locations identified by the operators of KRP’s properties are susceptible to uncertainties that could materially alter the occurrence or timing of their drilling.
Acreage must be drilled before lease expiration, generally within three to five years, in order to hold the acreage by production. KRP’s operators’ failure to drill sufficient wells to hold acreage may
result in loss of the lease and prospective drilling opportunities.
The unavailability, high cost, or shortages of rigs, equipment, raw materials, supplies or personnel may restrict or result in increased costs for operators related to developing and operating KRP’s
properties.
Operating hazards and uninsured risks may result in substantial losses to the operators of KRP’s properties, and any losses could materially adversely affect KRP’s results of operations and cash
available for distribution on common units.
If the operators of KRP’s properties suspend KRP’s right to receive royalty payments due to title or other issues, KRP’s business, financial condition, results of operations and cash available for
distribution on common units may be adversely affected.
KRP will be required to take write-downs of the carrying values of KRP’s properties if commodity prices decrease to a level such that KRP’s future undiscounted cash flows from KRP’s properties are
less than their carrying value.
KRP may incur substantial income tax liabilities on KRP’s allocable share of income from the Operating Company.
Taxable gain or loss on the sale of KRP’s common units could be more or less than expected.
KRP’s tax liability may be greater than expected if KRP does not generate sufficient depletion deductions to offset KRP’s taxable income and reduce KRP’s tax liability.
Future tax legislation could have an adverse impact on KRP’s cash tax liabilities, results of operations and financial condition, which could affect KRP’s cash available for distribution on common units
and the value of KRP’s common units.
Certain decreases in the price of KRP’s common units could adversely affect KRP’s amount of cash available for distribution on common units.
The IRS Form 1099-DIV that you receive from your broker may over-report your dividend income with respect to KRP’s units for United States federal income tax purposes, and failure to report your
dividend income in a manner consistent with the IRS Form 1099-DIV that you receive from your broker may cause the IRS to assert audit adjustments to your United States federal income tax return.
The portion of KRP’s distributions taxable as dividends may be greater than expected.
If the Operating Company were to become a publicly traded partnership taxable as a corporation for United States federal income tax purposes, KRP and the Operating Company might be subject to
potentially significant tax inefficiencies.
Oil and natural gas operations are subject to various governmental laws and regulations. Compliance with these laws and regulations can be burdensome and expensive, and failure to comply could
result in significant liabilities, which could reduce KRP’s cash available for distribution on common units.
The operators of KRP’s properties are subject to complex and evolving environmental and occupational health and safety laws and regulations. As a result, they may incur significant delays, costs and
liabilities that could materially adversely affect KRP’s business and financial condition.
Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.
The adoption of climate change legislation and regulations could result in increased operating costs and reduced demand for the oil and natural gas that KRP’s operators produce.
Increased costs of capital could materially adversely affect KRP’s business.
If KRP fails to maintain an effective system of internal controls, KRP may not be able to accurately report KRP’s financial results or prevent fraud. As a result, current and potential unitholders could
lose confidence in KRP’s financial reporting, which would harm KRP’s business and the trading price of KRP’s units.
TGR may not be able to complete its initial business combination within the prescribed time frame, in which case it would cease all operations except for the purpose of winding up and it would
redeem its public shares and liquidate. In that circumstance, KRP would lose KRP’s entire investment in TGR, including the Private Placement Warrants.
Resources could be wasted in researching acquisitions that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge with another business.
KRP and TGR have overlapping directors and management, which may lead to conflicting interests.
July 2022, Page 55
INSTITUTIONAL SALES & TRADING
BOSTON MIDWEST
Doug Sichol, Team Leader, MD 617.239.7548 Jason Bowman, Team Leader, MD 312.292.5761
Matt Gorgol, VP 617-239-7522 Will Greutzmacher, MD 312.292.5783
CANADA NEW YORK
Jason Bowman, Team Leader, MD 312.292.5761 Frank Chiou, MD 212.891.1773
Will Greutzmacher, MD 312.292.5783 Sawyer Dunigan, MD 501.377.8376
Katie Huff, MD 501.377.2432
Brett Katzner, MD 212.891.1774
EUROPE Jack Mikeska 501.377.8303
Joe Dacus, Team Leader, MD 501.377.6381 Jackson Ratcliff, MD 501.377.2107
Brittany Morgan, SVP 501.377.3725 Tyler Vierengel, VP 312.292.5767
Matt Williams 501.377.2618
MID-SOUTH & SOUTHWEST
Joe Dacus, Team Leader, MD 501.377.6381 MID-ATLANTIC
Brittany Morgan, SVP 501.377.3725 Jackson Ratcliff, MD 501.377.2107
Matt Williams 501.377.2618
WEST COAST
Andy Rogers, Team Leader, MD 501.377.2256
Billy Sherrill, MD 501.377.8513
ANTHONY PIGNIO-PRODUCING HEAD OF SALES TRADING & EQUITY TRADING
SALES TRADING LITTLE ROCK TRADING NEW YORK
Adam Raines, MD 501.377.2076 Edward DeBiasi, MD – Industrial 212.891.1701
Gray Standridge, MD 501.377.2078 James Law, MD – Consumer 212.891.1757
Jake Morton, MD - Financial 212-891-1758
SALES TRADING BOSTON
Brendan O’Brien, MD 617.239.7518
TRADING LITTLE ROCK
SALES TRADING CHICAGO Anthony Pignio, Producing Head of Equity Trading
Brian Kowieski, MD 312.292.5765 MD - Technology 501.377.3460
Jason Jarcho, MD – Energy 501.377.2074
SALES TRADING NEW YORK Leon Lants, Director of Trading Ops, MD 501.377.6394
Matt Delia, MD 212.891.1731 Brian Wardle, MD – Healthcare 501.377.3468
Greg Gaffney, MD 212.891.1741
Pete McCorry, MD 212.891-1768
John McGoldrick, MD 212.891.1724
July 2022, Page 56
BRANCH OFFICES
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NASHVILLE
COLUMBIA 3100 West End Avenue, Suite 630
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NEW YORK
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Stephens Inc.
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Stephens Research Department Directory
Director of Research: Kyle Evans (501) 377-6376
CONSUMER FINANCIAL SERVICES HEALTHCARE
Transportation/Airfreight &
Consumer Staples Banks-East Coast/Northeast Diagnostics Surface Transportation
Food and Agribusiness Matt Breese, Analyst (401) 658-1114 Mason Carrico, Analyst (214) 258-2712 Jack Atkins, Analyst (501) 377-2298
Grocery & C-Store Paul Smith, Associate (501) 377-2220 Jacob Krahenbuhl, Associate (501) 377-2562 Grant Smith, Associate (501) 377-6353
Ben Bienvenu, Analyst (501) 377-8511 Samuel Varga, Associate (207) 808-5026 Katie Cartwright, Assistant (501) 377-2057 Katie Cartwright, Assistant (501) 377-2057
Jim Salera, Senior Associate (501) 377-8079 Katie Cartwright, Assistant (501) 377-2057
Jack Hardin, Associate (501) 377-8065 Life Science Tools and Pharma Services Transportation/Railroads and
Jonathan Ricketts, Associate (501) 377-8362 Banks-Southern Jacob Johnson, CFA, Analyst (615) 279-4355 Equipment Suppliers
Cai Lane, Assistant (501) 377-2250 Matt Olney, CFA, Analyst (501) 377-2101 Mac Etoch, Associate (214) 258-2797 Justin Long, Analyst (501) 377-2036
Jordan Ghent, Associate (501) 377-3740 Hannah Hefley, Associate (501) 377-2345 George Sellers, Senior Associate (501) 377-2065
e-commerce Thomas Wendler, Senior Associate (501) 377-2265 Katie Cartwright, Assistant (501) 377-2057 Katie Cartwright, Assistant (501) 377-2057
Nicholas Zangler, CFA, Analyst (312) 292-5753 Katie Cartwright, Assistant (501) 377-2057
Dean Sublett, Associate (501) 377-6372 Healthcare Services
Cai Lane, Assistant (501) 377-2250 Banks-Super-Regional & Midwest Scott Fidel, Analyst (212) 891-1788 TECHNOLOGY, MEDIA AND
Terry McEvoy, CFA, Analyst (207) 808-5025 Jordan Bernstein, Associate (212) 891-1706 TELECOMMUNICATIONS
Retail: Automotive, Hardlines, and Brandon Rud, Associate (207) 808-5902 Raj Kumar, Associate (501) 377-8033
Leisure Products Daniel Thomas, Associate (207) 228-1707 Katie Cartwright, Assistant (501) 377-2057 Enterprise & Cloud Infrastructure
Daniel Imbro, Analyst (501) 377-2055 Katie Cartwright, Assistant (501) 377-2057 Security Software
Joe Enderlin, Associate (501) 377-2108 Medical Devices & Hospital Supply Brian Colley, Analyst (214) 258-2771
Seay, Reed, Associate (501) 377-2259 Banks-West Coast Chris Cooley, CFA, Analyst (501) 377-2516 Hassan Saleem, Associate (212) 891-1778
Cai Lane, Assistant (501) 377-2250 Andrew Terrell, CFA, Analyst (501) 377-2303 Benjamin Mee, Associate (501) 377-8082 Katie Cartwright, Assistant (501) 377-2057
Katie Cartwright, Assistant (501) 377-2057 Katie Cartwright, Assistant (501) 377-2057
Financial Technology
Real Estate Services Charles Nabhan, Analyst (617) 319-9693
John Campbell, Analyst (501) 377-6362 Alex Neumann, Associate (330) 780-4944
Jonathan Bass, Associate (501) 377-3717 INDUSTRIALS and ENERGY Katie Cartwright, Assistant (501) 377-2057
AJ Hayes, Associate (501) 377-8519
Katie Cartwright, Assistant (501) 377-2057 Building Materials Media/Advertising Technology
Trey Grooms, Analyst (501) 377-2318 Kyle Evans, Analyst (501) 377-6376
Specialty Finance Noah Merkousko, Senior Associate (501) 377-8506 Brady Lierz, Associate (501) 377-2668
Vincent Caintic, CFA, Analyst (646) 620-7702 Sid Ramesh, Associate (501) 377-2539 Allie Ryan, Associate (501) 377-8183
Morgan O’Donovan, CFA, Sr. Assoc. (954) 540-8186 Katie Cartwright, Assistant (501) 377-2057 Katie Cartwright, Assistant (501) 377-2057
Katie Cartwright, Assistant (501) 377-2057
Electrical Equipment/Multi-Industry/Distribution Nicholas Zangler, CFA, Analyst (312) 292-5753
Tommy Moll, Analyst (501) 377-6306 Dean Sublett, Associate (501) 377-6372
Cole Couzens, Associate (501) 377-8056 Katie Cartwright, Assistant (501) 377-2057
Max Kane, Associate (501) 377-8078
Katie Cartwright, Assistant (501) 377-2057
Oil and Gas
Renewables
Cameron Lochridge, Analyst (713) 993-4212 EDITORIAL
Collin Nieman, Associate (501) 377-8520
Katie Cartwright, Assistant (501) 377-2057
Kelley Wilkins
Managing Director (501) 377-2020
Martha Graham, Supervisory Analyst (501) 377-2260
Natacha Hammerstad,
Supervisory Analyst (713) 993-4233
Jennifer Keeling, Supervisory Analyst (501) 377-8004
Kat Waldo, Editor (817) 900-5700
stephens.com
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