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ValuEngine Detailed Valuation Report for EPD

ValuEngine Detailed Valuation Report for EPD

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Published by ValuEngine.com
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.

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2 0. PA 18940.30% overvalued. 2010 ENTERPRISE PRODUCTS PARTNERS(EPD) VALUENGINE RECOMMENDATION & BASIC INFORMATION 40 RECOMMENDATION NEGATIVE underperform NEUTRAL match POSITIVE outperform ©ValuEngine. For more performance history. The company exhibits ATTRACTIVE volatility. Return 0.19 23. For more details on ValuEngine's Fair Value Model.com www.50 $36.S. and Long-term price reversals.000 stocks that we cover receive the highest 5 rating.19.81% undervalued Energy 11. There are an additional 10 firm specific and interest rate related parameters.91% 2. with average annualized returns from Jan. 02. 41 University Drive. This makes EPD 23.26 5. We then apply the most advanced statistical/econometric techniques to ensure that our stock return forecasts are as reliable as possible. Intermediate-term momentum continuation.78 $43. several important tendencies that stock prices consistently exhibit: Short-term price reversals. Top 5 rated stocks can be expected to outperform the overall market by 15% or more. please go HERE. please go HERE.53% 1.27 6.88% undervalued $34.48 48.81% 8. (800) 381-5576 (T) support@ValuEngine. We use a distinct forecasting model for each time horizon and for every industry. 02.42% $22. and correlations to the 30year Treasury bond yield of 3.80 Exp.24% 19. Contact ValuEngine: ValuEngine. Suite 400 Newtown.com 2009 7 6 5 4 3 2 1 35 Volume (million) 30 VALUENGINE RATING Price Rank top 16% btm 8% top 5% top 46% top 21% top 4% 25 20 15 10 RECOMMENDATION FACTORS Value Overall Rank Fair Value 1Yr Target Price P/E Ratio Last 1-Y Return Market Cap(bil) $28.78. For more details on ValuEngine's Fair Value Model. Our forecasting models capture.90 2. FORECAST ANALYSIS 1-Month 3-Month 6-Month 1-Year 2-Year 3-Year Target Price $34. FAIR MARKET VALUATION PRICE Based on available data as of Jul. 2006 of over 30% per year. 1 year forecasted returns 3.06 5 0 2006 Close Price 2007 Model Price 2008 Volume 2009 Sell 2010 Hold Buy VALUENGINE RECOMMENDATION ValuEngine has issued a BUY recommendation for ENTERPRISE PRODUCTS PARTNERS on Jul. Based on the information we have gathered and our resulting research. stocks with relatively poor results for any one of the five variables can still be attractive if the other four factors are strong enough.02% FORECASTED TARGET PRICES The predictive variables used in Valuengine's forecast target price models include both proprietary and well-established forecasting variables derived from credible financial research studies and publications.88 3 0.2010 ValuEngine Inc 1 . Price/Earnings ratio 4. Fair market valuation 2. Momentum 5. company size and risk. forecasted EPS for the next four quarters of $1. please go HERE.com Copyright © 1998 . we base this on actual earnings per share (EPS) for the previous four quarters of $1. we feel that ENTERPRISE PRODUCTS PARTNERS has the probability to OUTPERFORM average market performance for the next year. 2000 through Jan.48 0.94.19 $36. The ratings are the result of the cumulative of the above factors.48 17. For EPD.VgluEngine TM DETAILED RESEARCH REPORT Jul. U.14% 5.87%.78 19.76 07/01/10 $22.42 $35.A.69 RATING OVERVIEW The ValuEngine Rating is an overall assessment of a stock's attractiveness. 02. 2010. It combines the following five factors: 1.30% overvalued Oil 9.88% $2.98% 49.90 $35. As such. Inc. each playing a role in the valuation analysis.82% 24.0641 19. we believe that EPD should be trading at $28. BASIC INFORMATION Last Trade Trade Date Market Cap(bil) Trailing P/E Forward P/E PEG Ratio P/S Ratio M/B Ratio Sharpe Ratio 5-Y Avg Ann Return Volatility EPS Growth Annual Dividend Dividend Yield LT Debt/Equity Beta VALUATION ANALYSIS EPD Industry Sector Today's Fair value: $28.40% 1. 2010. Market capitalization Only two percent of the over 4. Fair Value indicates what we believe the stock should be trading at today if the stock market were perfectly efficient and everything traded at its true worth. among other things.44 $51.ValuEngine.

24% 19. we resort to the P/S to assess its fair value. On this page.P. In other words a high rank is always better. EPD earned $1.86. PEG is the most informative as it reflects both the price/earnings ratio and expected future EPS growth. The following assessment is based on multiplying the historical PEG with recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters for EPD. while P/E is better than P/S.94 for its 4 quarter forward EPS.VgluEngine BUSINESS SUMMARY TM DETAILED RESEARCH REPORT ENTERPRISE PRODUCTS PARTNERS(EPD) BUSINESS SUMMARY. Among the three.00%).81% 8.88% 22.41 EVALUATION & RANKINGS SUMMARY Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. we apply the P/E to give a fair value for the stock as of today. and P/S ratio (price to trailing 4 quarter sales). the more positive the influence each measurement has on the overall attractiveness of the stock. DATA SUMMARY & MARKET RATIO BASED VALUATION MARKET RATIO BASED VALUATION Portfolio managers and professionals traditionally rely on market ratios to gauge whether a stock is fair valued or overvalued. OPTIMAL BUY-SELL Based solely on the Historical Mispricing of EPD. Generally the higher the ranking.78 per share in its recent 4 quarters. Let's take them one by one: • Valuation rank 8: 92% of stocks are more undervalued • Momentum rank 80: 20% of stocks have higher momentum • Sharpe Ratio rank 88: 12% of stocks have a higher Sharpe Ratio • 5-Year Average Annual Return 79: 21% of stocks have higher average annual return • Volatility rank 98: 2% of stocks have less volatility • EPS growth rank 29: 71% of stocks have greater projected EPS growth • Size rank 97: 3% of companies have higher market capitalization • P/E rank 55: 45% of stocks have lower P/E ratios • Price/Sales rank 60: 40% of stocks have lower price/sales ratios • Market/Book rank 30: 70% of stocks have lower market/book value ratios 2.27 (or valuation below 21. PTR. converts normal butane to isobutane through the process of isomerization. propane.88 3 19. Each of these quantitative measurements is ranked on a scale of 1 to 100. The following assessment is based on multiplying comparable stocks' average PEG today with EPD's recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters . isobutane.87 Copyright © 1998 . Comparables' PEG Comparables HAL MRO PTR SSL TS Current PEG 0. To establish a valuation standard. These two alternative perspectives should give you a good idea about where this stock's valuation stands today.88. The analyst consensus estimate is $1.01 (or valuation above 49. and transports NGL products to end users by pipeline and railcar. EPD's current price sales ratio is 0.31 $4. we apply the PEG to give a fair value assessment if both its trailing 4 quarter EPS and forecasted EPS growth rate are positive.30% 48.88. The Company fractionates for a processing fee mixed NGLs produced as by-products of oil and natural gas production into their component products: ethane. Fair Value Historical Average PEG PEG-Based Fair Value 1. Valuation Based on Comparables' PEG EPD's comparables are HAL.42% 5.26 n/a 0. SSL and TS. we present such a valuation based on one of three market ratios: PEG (price to trailing 4 quarter earnings ratio. Valuation Based on EPD's Past PEG Over the past 10 years. produces MTBE from isobutane and methanol. EVALUATION & RANKINGS Valuation 12-Month Return 5-Y Avg Ann Rtn Volatility EPS Growth Market Cap(bill) Sharpe Ratio P/S Ratio M/B Ratio P/E Ratio Value 23.00%).2010 ValuEngine Inc 2 . normal butane and natural gasoline. divided by the consensus analyst forecasted next year EPS growth). is a leading integrated provider of processing and transportation services to producers of Natural Gas Liquids (NGLs) and consumers of NGL products.86 $29. EPD's average PEG is 1.43 0. The current PEG average of these comparables is 0.06 0. Otherwise. P/E (price to forward 4 quarter earnings ratio).94 for its 4-quarterforward EPS. Enterprise Products Partners L. and (ii) the average market ratio today of five comparable stocks in the same sector and from companies of similar size. For each given stock. If its forecasted EPS growth is negative but its forward 4 quarter EPS is positive.48 Rank 8 80 79 98 29 97 88 60 30 55 1.26 0. MRO. This is sometimes confusing to newcomers to ValuEngine. EPD's current price sales ratio is 0. we use both (i) the average historical market ratio of the stock over the past 10 years (or however long there is data available for the stock).14 0. The analyst consensus estimate is $1.31.39 Fair Value Comparable Stocks' Avg PEG Comparable PEG-Based Fair Value 0.78 per share in its recent 4 quarters. The best time to sell would be above $42. EPD earned $1. the best time to buy would be below $22.

In other words a high rank is always better. Stocks in the top P/E percentile are each assigned a rank of 1(highest P/E stocks) while those in the bottom P/E percentile are assigned a rank of 100 (traditional value stocks). Stocks with the lowest P/S ratio are Industry 5. On a scale of 1 to Industry 32. which has a S&P 500 -3.68 43 ranked 1. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- M/B Ratio Rank The Market/Book Rank is a measure of a stock's market to book ratio EPD 3 30 relative to the stock universe.81 51 lower than the industry rank of 50. EPD is slightly higher than the S&P 500 n/a n/a industry rank of 41.08 58 97.81% 46 rank. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Sharpe Ratio Rank The ValuEngine Sharpe Ratio Rank measures the risk return tradeoff EPD 0. A higher rank denotes a larger market Industry 7. EPD Sector -11.26% 52 100. which has a rank of S&P 500 n/a n/a 60. which has a rank of 60.This is moderately lower than the Sector 64. EPD is slightly higher than the industry. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Volatility Rank The ValuEngine Volatility Rank reflects the volatility associated with the EPD 19.42% 80 performance of a stock over the recent 12 months. in comparison with the Industry -5.32 15. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 12-Month Return Rank The ValuEngine 12-Month Return Rank reflects the relative stock EPD 48. EPD is moderately higher than the S&P 500 -0.06 97 market capitalization.81% 98 stock.41% 47 stocks. relative to the universe.04 60 (over the last five years) divided by its annualized volatility over the Sector -0. Sector -6. Generally the higher the ranking.27% 45 industry's rank score of 52.26 88 offered by a stock.16 60 capitalization within ValuEngine's stock universe.88% 48 is substantially lower than the average of its industry group.46% 51 With a 12-Month Return Rank of 80. Sharpe ratio is the stock's average annual return Industry -0.48% 55 industry rank of 56. the more positive the influence each measurement has on the overall attractiveness of the stock.48 21. and S&P 500 averages.12 50 market book value. 3 Copyright © 1998 . the more undervalued the stock. which is significantly higher Sector 71. With a P/E rank of 55.24% 79 average annual return over the last 5 years. The higher the Valuation Industry -9.35% 45 than the industry Rank of 47.50% 54 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Market Cap(bill) Rank The ValuEngine Size rank signifies the company's size in terms of EPD 22. Sector 26. S&P 500 20.1 Rank 55 50 50 66 The ValuEngine P/E Rank signifies the relative standing of a company on its P/E ratio.08 57 same 5 years.30% 8 company's stock price and its Fair Value.VgluEngine TM DETAILED RESEARCH REPORT ENTERPRISE PRODUCTS PARTNERS(EPD) VALUENGINE RANKINGS Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. which is slightly Sector 3. sector. EPD has a Market/Book rank of 30.22% 56 rank of 59. With a rank of 88. The below data points show how the rank for each data point for EPD relates to the overall industry. A higher rank indicates a better return performance. S&P 500 29.31% 48 carries a Valuation Rank of 46. At a Price/Sales rank of 60. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/S Ratio Rank The ValuEngine Price/Sales rank signifies the relative position of the EPD 0. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 5-Y Avg Ann Rtn Rank The ValuEngine 5-Years Average Return Rank reflects a stock's EPD 5. EPD is moderately higher than the S&P 500 11. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/E Ratio EPD Industry Sector S&P 500 19. A higher rank corresponds to a lower Industry 4. With a Valuation Rank of 8.16 46 industry. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Valuation Rank The ValuEngine Valuation Rank measures the relationship between a EPD 23.25% 56 has an EPS Growth Rank of 29. which S&P 500 -16.04% 98 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- EPS Growth Rank The ValuEngine EPS Growth Rank indicates a stock's expected EPS EPD 8.06 41 assigned a rank of 100 while stocks with the highest P/S ratio are Sector 4. Each of these quantitative measurements is ranked on a scale of 1 to 100. EPD Industry 65.60% 56 With a rank of 79. A higher Volatility Rank indicates a lower volatile percentile of Industry 67. With a Size rank of Sector 6. a higher 12-Month Return rank indicates a stronger performance. A high rank indicates a high growth rate expectation.2010 ValuEngine Inc .88 60 company based on its P/S ratio.88% 29 growth rate. EPD is in line with the industry P/E rank of 50. EPD is significantly higher than the industry.23 20.10% 59 coverage universe. EPD has a Volatility Rank of 98.

52% 56.82% MRO 48.24% 65.06 22.81% 45.79% 45.20% 42.28% 51.67% 6.48% 47.45 0.91% 2.66% 34.49 0.33% 20.40% 1.86% 23.26 0.00% 3.57 Rank 29 11 81 65 68 Market Cap(bill) EPD SSL MRO HAL TS 22.14% Rank 98 62 72 62 57 RISK ASSESSMENT: CHANCE OF LOSS EPD One-Month Three-Month Six-Month One-Year Two-Year Three-Year 47.36% 92.52% 52.11 1.07% 55.82% 24.07% 31.18% MRO 51.04 0.21% 54.82% TS 48.59% 3.81% 52.79% 31.14% 5.51% 79 87 74 70 95 One-Month Three-Month Six-Month One-Year Two-Year Three-Year EPD 52.31 22.34% 65.64% 7.68% 12-Month Return Rank EPD SSL MRO HAL TS 48.60% 0.83% 48.42% -0.44% -0.53% 78.89 22.42% 48.63% 56.9 Rank 60 45 83 43 27 M/B Ratio EPD SSL MRO HAL TS 3 1.19% 47.19% 49.55% 81.89% 47.73% 52.99% 50.22% SSL 48.57% 39.56 2.78% 2.92% 62.48 7.93% 44.48% 27.27% 34.42% 0.27% EPS Growth EPD SSL MRO HAL TS 0.52% 72.72% 48.18% 5.94% 38.13% TM DETAILED RESEARCH REPORT ENTERPRISE PRODUCTS PARTNERS(EPD) COMPARISON OF SIMILAR STOCKS* & RISk ASSESSMENT Rank 8 36 16 67 73 One-Month Three-Month Six-Month One-Year Two-Year Three-Year FORECAST COMPARISONS RETURN FORECAST: EXPECTED RETURN EPD 0.88 1.41% -28.06% 61.93% 68.13% 1.96% 18.89 3.48 15.17% 51.14% 76.06 0.17% 5.VgluEngine Valuation EPD SSL MRO HAL TS 23.08% 37.94% TS -0.29% MRO 0.38 Rank 88 86 74 70 93 P/S Ratio EPD SSL MRO HAL TS 0.27% 47.47% 21.58% 51.78% SSL 51.24% 50.02% HAL -0.47% 49.73% Volatility EPD SSL MRO HAL TS 19.29% 0.35% 21.34% HAL 48.76% 49.87% 1.33 Rank 97 97 97 97 97 * Comparables are companies in the same Sector and Industry and of approximately similar market capitalization value.85% 7.61 21.64% SSL 0.85% 80 33 38 58 72 RISK ASSESSMENT: CHANCE OF GAIN 5-Y Avg Ann Rtn Rank EPD SSL MRO HAL TS 5.23% 27.61% 25.39% 74.22 0.06% 50.66% HAL 51.37% 43.08 0.2010 ValuEngine Inc 4 .57% 47.20% -33.18% TS 51.96% 45.35 Rank 55 90 65 52 51 Copyright © 1998 .04% 61.09 -0.52% 1.44% 18.04% 22.1 21.11% 52.60% 0.98% 49.36 1. Sharpe Ratio EPD SSL MRO HAL TS 0.37 21.81% 50.76% 34.9 1.80% 57.11% 0.30% -8.05 2.24% 10.94% 49.75 Rank 30 46 71 31 24 P/E Ratio EPD SSL MRO HAL TS 19.

6 11872. Plant & Equipment Accumulated Depreciation Net Property.5 74.9 1200.5 1096.7 0 0 0 712.9 0 0 0 4266.4 351.7 0 1058.3 0 9329.5 0 300.1 129.7 0 21.9 0 1683.2 63.1 86.6 0 86.2 0 16109.3 0 0 0 2231.6 0 0 3729.7 0 277.2 --2963.9 17957.4 711.8 0 68.9 3029.8 77.3 26151.5 200312 44.7 0 0 1474.1 0 0 16.9 1594.7 --13154.1 4802.6 0 0 3083.3 17.6 200812 239.2 0 1185.1 0 9108.7 0 11346.8 0 0 17.6 3820.3 15 0 555.1 0 216.7 0 5295.3 0 67.5 0 7.5 3044.7 0 5217.9 4802.5 767.3 0 150.1 0 0 0 21.5 0 0.5 0 0 1343 0 579.5 0 6063.4 0 6906.3 1705.4 240 0 693 0 95.3 0 462.3 858.5 0 14.7 --7831.8 1971.3 12591 200412 50.4 0 155.3 0 5992.3 12591 0 265.5 0 1.5 0 71 5986.4 10476.5 39.9 0 13.4 10.4 0 949.2 150.2 0 313.1 1585.6 0 399.8 949.2 ---0 30.1 0 66.5 200712 92.2 --9832.3 ---0 160 2537.7 1984.2 6911.9 ---0 279.8 268.5 519.4 721.1 0 73.1 241.1 13989.8 354.1 15 0 1221.6 ---0 126.5 362.2 167.5 103.2010 ValuEngine Inc 5 .4 --8689 471.8 ---0 376.6 10042.9 0 0 0 150.3 1562.9 4536 0 71.7 1922.8 0 84.1 7509.7 0 83.5 687.5 564.4 0 81.7 47.3 16608 0 325 0 0 2406.3 4246.2 5328. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT ENTERPRISE PRODUCTS PARTNERS(EPD) ANNUAL FINANCIALS (All items in Millions) 200912 118.4 637.9 0 0 0 138.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.3 0 0 0 4833.8 4230.9 21509.8 11315.5 1439.6 2223.7 0 5561.7 0 146.8 359.9 0 0 0 1899.7 68.1 0 0 1491.6 --2810.3 6480.7 120.2 890.9 4230.3 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .3 423.5 1508.3 0 3.3 3096.2 0 6.3 0 1306.9 0 1930.3 0 0 8.2 13989.8 6131.3 126.7 430.7 200512 57 0 1448 339.5 0 395.9 --11587.5 0 203.8 11315.3 0 3137.8 200212 22.2 9.8 26151.2 2163.3 393.4 189 ---0 142.5 0 6329.8 ---0 145.2 1890.6 16608 200612 46.9 6085 17957.8 397 0 15.6 1407.3 0 0 0 118 5679.4 ---0 48.7 112.6 0 410.6 1440.8 5.9 0 3.4 17689.

7 1.9 910.2 0 74.2 710.4 0.7 1.7 0 1 1 1 -832.2 0 42.6 -276.7 -864.1 -1341.1 0 -208.5 95.7 853.3 533.1 0 0 257.8 379.8 0. Net Cash from (used by) Invesment Act.5 0 29.9 1.9 104.3 266 266 257.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.2 -155.9 0. Depl.3 -1037.2 1237.9 -107.1 0.1 854.5 248.6 1590.5 128.5 0 0.1 1.2 200812 21905.8 -724.1 16009 941.3 Research & Development Expense Selling.3 101.7 -64.3 0 0 0 1155.5 -1689.3 198.7 0 62. net EPS .9 0 561.6 238 630.Net Net Cash from (used by) Operating Act.8 -382.7 0 1566.4 5.5 173.9 16. Depletion.5 0 104.6 1354.1 544 -5.9 -2185.5 1.8 1945.8 142.5 94.3 0 42.2 496.6 15.5 329.9 0.5 200312 5346.5 10.5 0. before non-recurring Preferred Dividends .VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT ENTERPRISE PRODUCTS PARTNERS(EPD) ANNUAL FINANCIALS (All items in Millions) 200912 25510. Other Adjustments .3 0.2 30.8 -332.9 0 2155.1 0 172.7 20461 1444.6 95.7 -13. Amort.9 -28.4 245.6 100.8 26.1 -276.6 -37.1 -1546.8 -1708.9 102.9 140. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .8 113.1 -1620.3 -118.9 159.6 2.4 120.9 0 0 95.4 838.3 857.3 400.8 0 0 104.9 155.7 434.5 1. Net Change in Cash & Cash Equivalents Copyright © 1998 .8 579.2 2.5 -326.9 0.3 3.9 200612 13991 13089.4 516.8 495 -19.8 -72.8 200512 12257 11546.1 1. General & Admin.7 631.8 -35.8 299.3 -18.7 0 90.9 0 46.7 0 0.1 0 1155.9 -37.2 6 .5 43. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.8 0 49.9 23565.9 255.8 -216 -837.3 17.4 641.1 1.6 67.1 0 0 599.2 83.6 202.8 496.4 533.7 0 533.5 1260.9 -2553.7 1.7 0 5.4 2 200712 16950.2 1.3 9.5 -305.9 0 -1254.Diluted.4 -87.3 9.2 448.1 442.2 1.9 230.1 833.2 0 54.8 268.1 -7 954 566 -357.9 1.2 90.6 0 0 -436.4 200212 3584.1 601.4 -202.2 -1562.7 1.1 21.6 132.4 5046.3 416.8 0 0 423.7 -4.4 434.8 8.7 -1130. Increase/Decrease in Prop.6 0 0 533.7 200412 8321.1 -1979.4 3.8 599.2010 ValuEngine Inc 1155.7 524.9 0 36.6 0 60.5 0.2 17.2 0 471.9 0 142.4 41..7 1021.8 3382.1 -2411.9 -1.2 7904.1 901.9 424. & Equ.4 646. Plant.2 -134.9 1171 -4.3 1772.7 -145.8 0 -318 -8 248.7 5.4 -957.6 -1.9 -895.7 0 -692.5 0 19. Expense Income Before Depr.7 -106.5 -188.5 0 0.9 1.6 437.9 -647. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.1 0 -7. Depreciation. net EPS .2 1.4 0 0 954 0 954 437.5 -138.3 -471.3 648.1 -96.5 437.5 601.4 0 38 311.1 487 487 1068.6 140.9 -93.1 0 68..6 176.4 15.5 419.5 0 95.7 370.4 -1.8 -657 681.9 0.9 1331 0 0 -238.7 0 1.8 1180.8 2377.1 0 87.4 0.3 167.3 66.8 0 70.8 8.5 125.8 -1309.6 954 0 1.5 461 461 423.6 262.6 0 37.5 420.7 303 979.5 268.9 0 63. Amort.2 -775.7 -929.4 25.3 -843.8 1175.Diluted.7 269. Depletion. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.Basic.2 419.9 0.

Plant & Equipment Accumulated Depreciation Net Property.6 901 0 1.3 0 3137.1 0 9737.2 13582 901.5 -0 345.2 --12407 869.9 16200.2 2618.4 0 155.8 0 9224.9 -0 161.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.4 0 1279.1 463.6 0 11740 0 6317.1 1499.8 -0 374.7 1541.4 0 81.6 0 0.5 0 0.4 0 1727.2 21734.7 11910.4 10412 26501.6 2223.8 527 438.9 144.6 0 0 3083.3 0 0 0 4.9 21509.3 422.3 0 98.2 200806 24.2 0 1185.5 0 278.2 2983.6 0 1929.6 0 6310.6 15993.3 1147.3 883.4 0 1.4 0 506 3170.1 0 419 175 0 3944.9 4536 0 71.9 990.4 19357.9 ---0 296.3 126.5 0 88.3 0 9307.2 890.8 0 373.5 0 402.1 0 531.7 0 0 0 712.9 ---0 279.4 711.4 18435.5 0 10915.8 949.5 0 0 1343 0 579.3 18435.5 0 0 3053.6 0 9198.1 0 9108.2 2163.9 0 624.4 508.6 17735.3 69.3 0 397 0 0 1246.7 --13154.3 393.5 200906 249.3 4246.1 -0 315.5 0 300.9 19357.4 0 642.6 3149 16412.6 0 68.3 161.6 0 21 0 7749.9 19022.2 0 8458.2 4940.8 0 12061.7 18149.3 200812 239.6 0 0 0 674.1 2811.1 1520.1 0 6704.1 0 6028.8 3628.2 0 16109.9 13505.5 362.3 1562.1 241.3 0 79.3 0 0 0 378 6695.1 412.5 200809 238.8 26151.8 4607.8 ---0 376.2 0 2.6 11872.8 91.9 602.6 0 1509.7 0 72.5 200903 286 0 1139.6 3820.6 917.5 0 6063.4 0 69.1 18149.8 18180.2 2290.6 0 0 3729.7 19022.1 0 66.9 0 12203.7 0 160.4 17689.6 0 410.3 26151.6 965.5 221.5 0 327.1 0 23.1 200912 118.9 0 0 0 591.1 0 0 1839.5 639.4 520 240.6 18180.9 6085 17957.2 2697.2 0 245.7 0 2525.1 6818.5 0 6014.9 6270.5 0 395.9 1483.5 279.2010 ValuEngine Inc 7 .8 0 0 0 508.6 0 3082.8 0 347 0 0 2907.4 12693. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .8 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.4 2285.7 ---0 316.7 0 11346.9 0 0 0 241.7 2751.2 0 66.2 0 3 1479.4 6018.9 17957.1 14943 2249.2 0 16089.4 653.8 0 67.3 0 95.7 935.6 2487.5 7296.1 0 0 0 21.6 200909 176.1 13661.3 0 9329. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT ENTERPRISE PRODUCTS PARTNERS(EPD) QUARTERLY FINANCIALS (All items in Millions) 201003 236.9 3999.1 2868.6 26501.2 181.6 10042.7 3330.8 50.6 0 0 2418.4 148.9 12130.

2 0 74.4 0.9 263.6 0 -1.1 0 30.6 7.2010 ValuEngine Inc 393.4 -838.7 0 -538.4 94.1 148.Diluted.6 726.1 437.9 8.4 0 61.8 203.9 379.2 12. Increase/Decrease in Prop.3 -1709.9 342 0 22.4 -87.9 326 0 21.8 0 0.1 0 406. Amort.4 0.1 0 203.5 0 -293.1 -7 667.3 476.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.6 320.5 Research & Development Expense Selling.1 -96.7 452.5 0.6 -276.8 2377.2 489. Depl.5 0.9 -345. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.3 0 0.5 360.5 15. & Equ.2 194.3 452.6 237.5 0.8 198.4 0 -810 -30.7 -1091.5 -221.9 -31 0.8 439.9 -590 0 61. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.6 110.6 535 0 16.1 0 0.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT ENTERPRISE PRODUCTS PARTNERS(EPD) QUARTERLY FINANCIALS (All items in Millions) 201003 8544.6 80.9 0 -1254.9 751. Net Change in Cash & Cash Equivalents Copyright © 1998 . before non-recurring Preferred Dividends .4 245.1 3041.9 0 212.6 3217.1 833.8 0 377.9 973 -1462.6 -228.8 15.9 140.9 572.4 312.1 0 228.3 310.8 437.6 -236.9 365.1 0 -1.4 126.4 0.9 0 0 -476.5 200809 6297.4 464.3 154.3 -1037.2 0 16 102. Depreciation.7 0 24 355.4 -147.4 -259.6 402.1 813.4 0.8 217.4 0..1 -72 -117.5 -14.1 -370.7 0.2 375.2 -15 8 .2 -134.3 -21 0.5 -345 0.6 0 0 0 212.2 0.1 0.3 6.7 -1032 0 851.5 -334.5 8.9 275. Net Cash from (used by) Invesment Act.8 0. Plant.5 23.5 200812 3583.3 -18.5 200903 3423.1 4220.1 0.2 398.7 -23. net EPS .7 304.8 228.1 -171.3 249.5 132.8 0 23 358.7 0 0 0 377.9 -107.4 9. Depletion.4 -228.6 6.9 464.7 -38.7 0 23.1 -1546.1 0 0 228.1 -386.2 56.1 571.3 0 225.6 0.3 0.2 615.2 0 0 0 225.4 252.5 437.9 0.8 345.9 436.4 243.7 246. Amort. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS . Depletion.Basic.1 120.6 200909 4596.2 1155.5 200806 6339.4 -202.6 200906 3507.4 686.5 -238.1 6.1 0 0.4 0.1 0 1.5 105.9 -322.9 0.7 342.8 -1.3 726 413.4 236.2 267.7 0 87.2 0 32.2 -1562.5 458. Expense Income Before Depr.3 0.5 -249.1 -1979.5 128 236.6 0 186.7 217.9 0 0 263.7 0 -908.5 7971.9 0 33.1 0 17.6 458.3 -24.8 623 623 377.5 0 0 -424.9 0 2155.7 696.7 0 27.2 1237.1 -2411.5 6.7 0 19.7 218.6 -424.2 0 0 0 186.4 45.4 -244.9 3134.5 -2.2 373.1 6.5 0. net EPS .2 214.2 202.. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.5 571.2 0 -19.4 0.2 -7.4 876.4 0.1 954 566 -357.6 0 37.8 0 14.9 0 0 203.6 -36. General & Admin.8 313.7 -629.8 -216 -837.6 0.6 74.3 0 45.9 1171 -4.6 5959.9 5971.8 142.5 0.Diluted.6 437.1 439.9 0 -17.3 2.6 200912 8400 13170.5 237 -50.9 0 142.8 437. Other Adjustments .1 1.6 78.4 0.4 -225.3 436.3 381.7 -642.3 0 0 0 406.3 0 263.9 910.7 -12.9 -771.8 279.2 95.3 29.7 522.4 1536.8 38.8 -57.Net Net Cash from (used by) Operating Act.

To receive this free newsletter every Friday. The ValuEngine Weekly Newsletter also includes tips and tricks for getting the most out of VE's quant-based investment tools.valuengine. Copyright © 1998 . analysis. VEI provides the finance professional with a fast. ValuEngine Fair Valuation. development. Whether you are a Fund Manager. Earnings Estimates. please visit our website at www.com/rep/mainrep To find out more about ValuEngine's many independent and objective investment products and services.2010 ValuEngine Inc 9 . VE also offers long-only portfolio newsletter products as well as specialized industry and sector reports. and web-site owners. ValuEngine Premium Web Site Stock Analysis Service: A subscription to our website allows access to ValuEngine's proprietary real-time quantitative analysis tools for more than 5. a Research House. To download a free demo.valuengine.com/nl/mainnl ValuEngine Institutional (VEI): VEI is a software package designed to meet the demanding requirements of Finance Professionals.com. VEI deploys the power of ValuEngine's quant-based valuation. go to the Newsletter portion of our website: www. ValuEngine's three models: Valuation Model. sign up here: www. and database capabilities to your desktop. Below is a brief description of some of our additional products and services. Markets.com.S. ValuEngine has the research. stock universe as well as VE data points for hot stocks and industries. Consensus EPS trend and Earnings Surprise statistics provide additional insights. detailed Company Profile. and U.S. and consistent computerized research department whenever and wherever needed. IT. and mathematical brainpower on staff to provide Funds and Institutions with complete solutions to their research. and strategy-implementation needs.000 individual stock reports--like this one--is included with every VEI subscription. The most comprehensive and useful report available. newsletter publishers. Data Summary and much more.valuengine. The software provides access to our proprietary market neutral portfolio strategies and the ability to extract the entire universe database of ValuEngine model outputs each day. and commentary from ValuEngine Chief Market Strategist Richard Suttmeier and Senior Analyst Steve Hach. Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Please call (800) 381-5576 to speak with a sales representative or email support@valuEngine. Tell us your financial objectives and specify your universe constraints and ValuEngine can provide everything from back testing and strategy development to front and back-end automation services. More report information: www.com.ValuEngine. Financials. objective. 1-3-6 month and 1-2-3 yr forecasts. high-performance research to your clients. ValuEngine private-label products can be customized for funds managers. forecast. call us at 1-800-381-5576. To view sample issues of our many newsletters or to subscribe.500 U.valuengine. please go to our website at www. brokers. indices. Treasuries. ValuEngine 1-5 Engine Rating. or send us an email at support@ValuEngine.S.valuengine. you can differentiate your firm from the competition by offering of time-proven.S. VEI will dramatically increase your productivity. You can sign up for a free 14 day no-risk trial period: www. foreign. Chief Market Strategist Suttmeier provides technical levels for key commodities. financial advisors. portfolio creation/optimization. The Weekly includes quantitative market and sector overviews of the entire ValuEngine U. Full access to more than 4. an Independent Financial Advisor.com/pub/main?p=33 The ValuEngine Weekly Newsletter: The ValuEngine Weekly Newsletter features market research. accurate.VgluEngine TM DETAILED RESEARCH REPORT ENTERPRISE PRODUCTS PARTNERS(EPD) VALUENGINE SERVICE DESCRIPTIONS Thank you for your interest in ValuEngine! ValuEngine Detailed Valuation Report: Advanced academic research that brings you superior investment strategies in an actionable format. or an Independent Broker/Dealer with hundreds of financial advisors..com/pub/main?i=0 Consultancy Services: With ValuEngine's 10 years of experience to help you maximize your professional investment strategy. customization. Risk Assessment. Also.com/nl/WeeklyNewsletter ValuEngine Premium Newsletters: ValuEngine offers a variety of premium newsletter products designed to meet every style of investment. and ADR stocks which trade on U. Multi-stock comparison. Active traders should consider Chief Market Strategist Richard Suttmeier's ValuEngine Morning Briefing while those looking for a diversified portfolio of both long and short ideas should check out the ValuEngine Forecast 22 Market Neutral Strategy Newsletter.

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