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ValuEngine Detailed Valuation Report for STMP

ValuEngine Detailed Valuation Report for STMP

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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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VgluEngine

TM

DETAILED RESEARCH REPORT
Jun. 03, 2011

STAMPS.COM INC(STMP)
VALUENGINE RECOMMENDATION & BASIC INFORMATION
©ValuEngine.com 2011

RECOMMENDATION NEGATIVE underperform NEUTRAL match POSITIVE outperform

20 18

1.50

Volume (million)

1.25 1.00

Price

VALUENGINE RATING

15 .75 12 .50 .25

RECOMMENDATION FACTORS Value Overall Rank Fair Value 1Yr Target Price P/E Ratio Last 1-Y Return Market Cap(bil) $17.99 $12.91 24.95 38.14% $0.18 Rank top 31% top 15% top 40% btm 46% top 28% btm 38%

10

2007 Close Price

2008 Target Price

2009 Volume

2010 Sell

2011 Hold Buy

VALUENGINE RECOMMENDATION
ValuEngine has issued a HOLD recommendation for STAMPS.COM INC on Jun. 03, 2011. Based on the information we have gathered and our resulting research, we feel that STAMPS.COM INC has the probability to ROUGHLY MATCH average market performance for the next year. The company exhibits ATTRACTIVE market valuation and momentum, but UNATTRACTIVE risk and 5-year annualized return.

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 STMP Industry Sector Today's Fair value: $17.99 29.73% undervalued Internet Commerce 4.73% undervalued Retail-wholesale 2.33% overvalued $12.64 06/02/11 $0.183811 24.95 18.59 0.73 2.1 4.07 -0.46 -17.82% 38.34% 34.21% n/a n/a n/a 0.88

RECOMMENDATION OVERVIEW
ValuEngine's stock recommendations are based on the proprietary ValuEngine one-year forecast return (1YFR) model output for each individual equity. A stock is rated Strong Buy, Buy, Hold, Sell, Strong Sell based on the Forecast One Year Return. The breakdown for each rating is as follows: • Strong Buy: More than +12% 1YFR • Buy: Between +5% and +12% 1YFR • Hold: Between -5% and +5% 1YFR • Sell: Between -12% and -5% 1YFR • Strong Sell: Less than -12% 1YFR ValuEngine's Strong Buy-rated stocks have an averaged annual return of 19% since 2001. For more details on the ValuEngine One Year Forecast Target price and its components, please go HERE.

FAIR MARKET VALUATION PRICE
Based on available data as of Jun. 03, 2011, we believe that STMP should be trading at $17.99. This makes STMP 29.73% undervalued. 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. For STMP, we base this on actual earnings per share (EPS) for the previous four quarters of $0.51, forecasted EPS for the next four quarters of $0.68, and correlations to the 30year Treasury bond yield of 4.25%. There are an additional 10 firm specific and interest rate related parameters, each playing a role in the valuation analysis. For more details on ValuEngine's Fair Value Model, please go HERE.

FORECAST ANALYSIS 1-Month 3-Month 6-Month 1-Year 2-Year 3-Year Target Price $12.80 $12.81 $12.95 $12.91 $12.35 $14.15 Exp. Return 1.27% 1.37% 2.46% 2.11% -2.26% 11.97%

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. Our forecasting models capture, among other things, several important tendencies that stock prices consistently exhibit: Short-term price reversals, Intermediate-term momentum continuation, and Long-term price reversals. We use a distinct forecasting model for each time horizon and for every industry. We then apply the most advanced statistical/econometric techniques to ensure that our stock return forecasts are as reliable as possible. For more details on ValuEngine's Forecast Model, please click HERE.

Contact ValuEngine:
ValuEngine, Inc. 41 University Drive, Suite 400 Newtown, PA 18940, U.S.A. (800) 381-5576 (T) support@ValuEngine.com www.ValuEngine.com

Copyright © 1998 - 2011 ValuEngine Inc

1

The current PEG average of these comparables is 0. schedule a pick-up. convenient and cost-effective Internet -based services for mailing or shipping letters. On this page. the best time to buy would be below $8.34% 34.46 2. Comparables' PEG Comparables BFLY GAIA OWW PETS SPGZ Current PEG n/a 1. track a package and apply enterprisewide business rules to manage and account for mailing and shipping costs.18 -0.1 4. PEG is the most informative as it reflects both the price/earnings ratio and expected future EPS growth. This is sometimes confusing to newcomers to ValuEngine.68 for its 4 quarter forward EPS.07 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). Let's take them one by one: • Valuation rank 86: 14% of stocks are more undervalued • Momentum rank 73: 27% of stocks have higher momentum • Sharpe Ratio rank 17: 83% of stocks have a higher Sharpe Ratio • 5-Year Average Annual Return 26: 74% of stocks have higher average annual return • Volatility rank 70: 30% of stocks have less volatility • EPS growth rank 62: 38% of stocks have greater projected EPS growth • Size rank 38: 62% of companies have higher market capitalization • P/E rank 46: 54% of stocks have lower P/E ratios • Price/Sales rank 39: 61% of stocks have lower price/sales ratios • Market/Book rank 28: 72% of stocks have lower market/book value ratios 2.97 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. Stamps.73% 38. we apply the P/E to give a fair value for the stock as of today.37 Copyright © 1998 . the more positive the influence each measurement has on the overall attractiveness of the stock.VgluEngine BUSINESS SUMMARY TM DETAILED RESEARCH REPORT STAMPS. The analyst consensus estimate is $0. and P/S ratio (price to trailing 4 quarter sales). we present such a valuation based on one of three market ratios: PEG (price to trailing 4 quarter earnings ratio.51 per share in its recent 4 quarters.14% -17. OWW.67. STMP earned $0.21% 0.07 24. Fair Value Historical Average PEG PEG-Based Fair Value 1. P/E (price to forward 4 quarter earnings ratio). 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 STMP. we resort to the P/S to assess its fair value. Generally the higher the ranking. Valuation Based on Comparables' PEG STMP's comparables are BFLY.82% 38.71. packages or parcels anywhere in the United States and at anytime. These two alternative perspectives should give you a good idea about where this stock's valuation stands today. The following assessment is based on multiplying comparable stocks' average PEG today with STMP's recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters .COM INC(STMP) BUSINESS SUMMARY. STMP's current price sales ratio is 2.67 $28.68 for its 4-quarterforward EPS.com provides easy. while P/E is better than P/S. PETS and SPGZ. STMP's current price sales ratio is 2. To establish a valuation standard. If its forecasted EPS growth is negative but its forward 4 quarter EPS is positive. STMP's average PEG is 1. Among the three.95 Rank 86 73 26 70 62 38 17 39 28 46 1. STMP earned $0. print US postage or shipping labels from multiple carriers. The analyst consensus estimate is $0.1. 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 -29.00%). Their core mailing and shipping services are designed to allow individual consumers or employees of small businesses or larger enterprises to select a carrier. and (ii) the average market ratio today of five comparable stocks in the same sector and from companies of similar size. Otherwise. GAIA. 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.81 (or valuation below 51.2011 ValuEngine Inc 2 . In other words a high rank is always better. Valuation Based on STMP's Past PEG Over the past 10 years.1. we apply the PEG to give a fair value assessment if both its trailing 4 quarter EPS and forecasted EPS growth rate are positive. Each of these quantitative measurements is ranked on a scale of 1 to 100.97 (or valuation above 100. divided by the consensus analyst forecasted next year EPS growth). The best time to sell would be above $35. For each given stock.36 n/a n/a Fair Value Comparable Stocks' Avg PEG Comparable PEG-Based Fair Value 0.71 $12. OPTIMAL BUY-SELL Based solely on the Historical Mispricing of STMP.51 per share in its recent 4 quarters.00%).

28% 97 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- EPS Growth Rank The ValuEngine EPS Growth Rank indicates a stock's expected EPS STMP 34. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- M/B Ratio Rank The Market/Book Rank is a measure of a stock's market to book ratio STMP 4. With a P/E rank of 46.73% 55 the more undervalued the stock. which has a rank of 47.26% 52 than the industry Rank of 40. On a scale of 1 to Industry 79.07 47 (over the last five years) divided by its annualized volatility over the Sector -0. relative to the universe. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 12-Month Return Rank The ValuEngine 12-Month Return Rank reflects the relative stock STMP 38.18 38 market capitalization. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Valuation Rank The ValuEngine Valuation Rank measures the relationship between a STMP -29.02 52 assigned a rank of 100 while stocks with the highest P/S ratio are Sector 1. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Sharpe Ratio Rank The ValuEngine Sharpe Ratio Rank measures the risk return tradeoff STMP -0.21% 62 growth rate. STMP is moderately higher than S&P 500 19. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Market Cap(bill) Rank The ValuEngine Size rank signifies the company's size in terms of STMP 0. 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). Sector -6.03 60 industry. which has a rank of 44.95 39. Industry -4. At a Price/Sales rank of 39. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Volatility Rank The ValuEngine Volatility Rank reflects the volatility associated with the STMP 38. A higher Volatility Rank indicates a lower volatile percentile of Industry 71.50% 59 rank of 46. STMP is moderately lower than the S&P 500 0. Sector 4.06 34. A higher rank denotes a larger market Industry 6.78% 46 coverage universe. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/S Ratio Rank The ValuEngine Price/Sales rank signifies the relative position of the STMP 2. which carries S&P 500 n/a n/a a Valuation Rank of 55. A higher rank indicates a better return performance. The higher the Valuation rank.82% 26 average annual return over the last 5 years. Sector 22.57% 47 61. which is moderately higher Sector 54.88% 61 has an EPS Growth Rank of 62.85 73 ranked 1. A high rank indicates a high growth rate expectation. STMP is Sector 2. and S&P 500 averages. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/E Ratio STMP Industry Sector S&P 500 24. STMP Industry 56.2011 ValuEngine Inc . Each of these quantitative measurements is ranked on a scale of 1 to 100. With a Valuation Rank of 86.57 55 STMP is in line with the industry.24% 49 100.12 30 market book value. In other words a high rank is always better. which is in line Sector 5.33% 50 significantly higher than the average of its industry group. STMP is slightly lower than the industry. Stocks with the lowest P/S ratio are Industry 6.05 51 same 5 years. STMP is slightly lower than the S&P 500 n/a n/a industry rank of 52.39 44 capitalization within ValuEngine's stock universe. Generally the higher the ranking.07 28 relative to the stock universe.This is in line with the industry rank of Sector 54. Sharpe ratio is the stock's average annual return Industry -0.80% 49 With a 12-Month Return Rank of 73. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 5-Y Avg Ann Rtn Rank The ValuEngine 5-Years Average Return Rank reflects a stock's STMP -17. STMP has a Market/Book rank of 28. a higher 12-Month Return rank indicates a stronger performance.VgluEngine TM DETAILED RESEARCH REPORT STAMPS. 3 Copyright © 1998 . With a Size rank of 38.73% 86 company's stock price and its Fair Value. STMP is in line with the industry P/E rank of 37.21% 40 stocks.34% 70 stock. STMP has a Volatility Rank of 70.14% 73 performance of a stock over the recent 12 months. sector.68 n/a Rank 46 37 55 n/a The ValuEngine P/E Rank signifies the relative standing of a company on its P/E ratio. in comparison with the Industry -15. With a rank of 17. the more positive the influence each measurement has on the overall attractiveness of the stock. which has a S&P 500 0.1 39 company based on its P/S ratio. S&P 500 18.08 45 with the industry rank of 30. A higher rank corresponds to a lower Industry 12.53% 52 the industry's rank score of 49.COM INC(STMP) 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.64% 51 With a rank of 26. The below data points show how the rank for each data point for STMP relates to the overall industry.46 17 offered by a stock.

11% -2.71 1.09% 12.12 0.18 0.07 0.84% 53.70% 49.96% Rank 70 42 71 2 13 RISK ASSESSMENT: CHANCE OF LOSS GAIA One-Month Three-Month Six-Month One-Year Two-Year Three-Year 46.73% -53.92% 56.42 52.40% 51.34% 56.17% 166.30% 49.40% -0.69% 52.61% 52.21 n/a -0.49% STMP 54.81% 50.77% OWW 51.66% 52.79% 49.39% 47.02 0.07% 47.37% 50.95% 1.84% 0.46 -0.33% -3.08% 43.66% 73 11 12 64 9 RISK ASSESSMENT: CHANCE OF GAIN 5-Y Avg Ann Rtn Rank STMP GAIA PETS SPGZ OWW -17.34% 57.42 Rank 17 21 36 n/a 20 P/S Ratio STMP GAIA PETS SPGZ OWW 2.48% TM DETAILED RESEARCH REPORT STAMPS.53% STMP 1.15% Volatility STMP GAIA PETS SPGZ OWW 38.35% 1.84% 52.29% -1.19% 49.34% 47.85% EPS Growth STMP GAIA PETS SPGZ OWW 0.42% 47.28% 1.09% n/a -39.80% 50.19 0.44 1.70% 50.60% 48.68% -7.32% 38.77 14.55% 49.28 0.93% 0.56% -1.63% OWW 0.34% 1.16% 47.15% n/a -39.VgluEngine Valuation STMP GAIA PETS SPGZ OWW -29.14% 51.20% 48.46% 2.95% 3.63% 49.86% 48.93% 52.92% -22.04% -8.40% 26 22 40 n/a 12 One-Month Three-Month Six-Month One-Year Two-Year Three-Year GAIA 53.01% PETS 45.97% 12-Month Return Rank STMP GAIA PETS SPGZ OWW 38.91% 11.35% 49.03 1.COM INC(STMP) COMPARISON OF SIMILAR STOCKS* & RISk ASSESSMENT Rank 86 95 81 n/a 91 FORECAST COMPARISONS RETURN FORECAST: EXPECTED RETURN GAIA One-Month Three-Month Six-Month One-Year Two-Year Three-Year 1. Sharpe Ratio STMP GAIA PETS SPGZ OWW -0.2011 ValuEngine Inc 4 .21% -42.45% 50.31% 47.37% 50.85% SPGZ 50.62 Rank 46 44 78 72 35 Copyright © 1998 .20% 49.80% 51.27% 1.15% SPGZ 49.84 2.08 0.43% 0.82% -22.34 0.15% 51.67% 52.36% 2.22% PETS 1.16% 46.11% 56.89% 43.26 -0 n/a 1.16% 16.23% OWW 48.33% 47.30% 50.58% 52.81% 50.85% 48.63% 49.15% 2.46 Rank 62 55 16 n/a 89 Market Cap(bill) STMP GAIA PETS SPGZ OWW 0.37% 2.26% -33.33% 93.39 Rank 39 83 57 100 86 M/B Ratio STMP GAIA PETS SPGZ OWW 4.65% 50.54 Rank 28 84 41 78 63 P/E Ratio STMP GAIA PETS SPGZ OWW 24.91% 28.29% 1.64 12.1 0.19% 49.14% -35.39 -0.99% PETS 54.66% 42.95 27.21% 50.40% SPGZ 0.29 Rank 38 32 46 27 47 * Comparables are companies in the same Sector and Industry and of approximately similar market capitalization value.60% 0.26% 11.51% STMP 45.

5 --3.8 0 ---0 1.5 0 0 0 0 0 8.5 63.6 2.8 0 0 0 0 0 0 0 3.5 2.2 0 0 608.7 0.4 200912 45.3 0 3.9 118.2 75.3 -450.2 104.9 32.5 --3.2 0 0 0 0 3.6 118.1 92.4 78.9 0 0 0 0 0 0 0 14.5 0 0 0 0 0 0 0 12.7 0.7 0 3.3 118.4 90.1 174.4 200412 11.3 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.6 100.3 44.8 --4. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT STAMPS.7 -0.8 -466.4 -0.4 -0.4 16.7 2.3 3 0 ---0 2.6 -499.7 0 ---0 2.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.7 -0.5 63.7 94.6 14.2 0 9.3 4.4 0 ---0 3.6 109.2 0 ---0 4.9 16.5 78.8 0 0 0 0 0 3.9 0 0 0 0 2.1 38.4 0 0 0 0 0 0 0 5.6 0 0 0 0 4.1 72.8 0 0 676.2 30.9 200612 12.2 200812 53.4 44.8 18.9 3 178.6 12.3 121.4 13.5 0 0 622.2 0 0 4.5 0 0 607.6 89.8 24.2 17.3 21.1 13.2 86.8 2.6 0 0 630.9 3 57.5 0 0 0.5 -446.7 14.1 15.5 0 0 0 0 0 0 0 5.3 3.2 104.5 0 0 601. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .5 110.7 -0.7 --5.8 0 0 5.4 1.2 0 0 0 0 0 13.2 200712 44.5 72.4 77.1 -504.3 93.1 3.3 12.4 104.2 0.3 -0. Plant & Equipment Accumulated Depreciation Net Property.6 200512 21.1 1.9 0 7.7 0.7 0.3 19.4 2.2 4.5 121.1 24 0 3.3 93.6 -1.7 -477.2 47.5 57.9 0 ---0 4 44.6 0 11 0 0 0 0 0 11 0 0 0 0 0 0 0 11 0 0 618.2 4.5 0 0 0 0 0 0 0 8.7 14.COM INC(STMP) ANNUAL FINANCIALS (All items in Millions) 201012 35.2 22.7 3.9 0 ---0 1.9 0 9.2 9 0 4.5 178.5 3.2 0 11.9 3.2 57.5 0 0 2 3.5 0 ---0 0.6 2.3 55.4 200312 28.9 -493.3 1.1 4.8 -456.5 3.6 89.9 0 0 626.1 16.9 100.4 0 8.3 --4.4 0 9 0 0 0 0 4.2011 ValuEngine Inc 5 .2 0 0 3.6 0 0 0 0 0 0 0 13.

4 -2.9 31.3 19.7 10.4 8.6 0.3 22.8 -1.5 0.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.1 0 1. & Equ.2 0 0 0 10.7 2 200912 82.7 0 0.6 -3.1 7. Other Adjustments .8 6.8 0 -30.2 20.2 1.Diluted. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper. Depletion.Net Net Cash from (used by) Operating Act.7 16.9 -1.2011 ValuEngine Inc 5. Increase/Decrease in Prop.4 0 2.4 -36.4 23.3 11.3 12.4 -3.2 0 0 0 0 -26.1 0 -9.5 7.2 0 6.3 -7.4 44.4 -0 0 200812 84. net EPS .8 -1.2 0 -4.9 -0.4 22.4 0 2.9 9.9 0 0 0 0 -31.8 25.9 0 0 0 0 -1.9 4. General & Admin.9 -0.5 0 -0.1 -0.4 0 10.3 0 -9.1 0 -0.5 0.3 -0.5 0 5.8 20.5 0 2.4 -0 0 Research & Development Expense Selling.1 0.5 -28.4 0.8 0 0 0 10.5 2.4 0 0.3 -9.4 2.2 -0.7 0 -4.1 13.5 0 0.7 0.3 0 0 0 0 -13.2 0 -4 0 -4.7 3 0.7 -0 0 200512 61.6 0 59.6 -1.8 10.9 59.7 44.. Depletion.5 -9 10.5 0.3 0 61.3 0 0 0 0 -9.2 0 10.6 0 3.3 60.4 -1.4 0 0 0 10.9 -1.5 6.2 7 -0.7 0.5 0.4 0.4 -0 0 200712 85.2 19.5 0 0 0 0 -18. Net Change in Cash & Cash Equivalents Copyright © 1998 .4 -26.5 0.1 -32.8 0 0 0 -5.7 -0.9 22.7 2.9 0 24.9 -31.6 0 4.9 -18.4 -0.8 -12. Amort.6 29.9 0 7.3 3.3 24.8 59.9 0 0 0 5.8 0 0.2 -0.7 -1 -0.5 0 5.8 3.7 6.5 0 16.5 9.6 0 0 15 -2.4 0.6 -12.7 0 0 -77.2 16.2 6 .9 62 8.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT STAMPS.2 8.2 8.2 0 0 0 16.9 0 6. before non-recurring Preferred Dividends .2 -0 0 200312 21.7 3.2 2.5 0 11.4 0 0 -1.2 1.2 0 10.7 22.6 0 46.7 0 47.5 0 0.7 0 -76 -13. net EPS .1 22.9 16.8 0.6 0 0 0 6.7 5. 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 . Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.5 24 23. 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.2 -13.Basic.2 0 23.9 0.7 21.9 6.7 0 10.9 17.5 23. Net Cash from (used by) Invesment Act.1 0 -0.4 49.4 51 1.3 45.8 39.1 4.4 -2.9 -27 -40.1 0 16.4 0.6 22.7 22.4 -2.7 61. Amort.9 4.3 1.9 1.5 0.1 0.4 -0.2 10 -0.COM INC(STMP) ANNUAL FINANCIALS (All items in Millions) 201012 85.4 0 -11. Expense Income Before Depr.6 -7 0 2.4 16.9 -40.6 0 3.5 -0.Diluted.4 11.9 0.2 25.5 8.4 -0 0 200412 38.4 0. Depl.2 8.4 -11.5 4.5 0 0 0 0 4.5 -0 0 200612 84.6 -4.7 0.3 0 -9..8 0 -7.2 16.7 14.7 0.6 10.5 14.6 24. Depreciation.5 0.1 22. Plant.5 0 2.8 8.1 -9.2 -0.7 0 0 0 0 -4.4 0.9 10.2 0 2.

4 16.1 0 3.3 4.6 -454.7 0.2 0 0 0 0 0 13.1 24 0 3.2 0.1 0 14.2 --2.1 117.1 0 11 0 0 0 0 3.7 0.2 0.4 44.4 12.7 0.7 -455.COM INC(STMP) QUARTERLY FINANCIALS (All items in Millions) 201012 35.6 0 0 628.4 103.5 90.1 87.2 4.8 0 3.4 88.6 14.2 0 ---0 3.7 87.3 0 9.3 12.6 24.1 13.2 14.9 0 0 0 0 0 0 0 18.7 0 0 633.8 --2.2 18.1 0 ---0 3.1 15.7 0 0 0 0 4.1 201003 33.9 3.2 80 0 9.6 87.4 201009 33 10.4 25.2 -448.5 3. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT STAMPS.5 -446.6 0 0 0 0 0 0 0 14.6 0 0 0 0 0 0 0 12.4 54.2 -0.6 2.6 0 0 0 0 0 0 0 13.8 0 0 0 0 0 0 0 13.6 2.1 66.2 201006 30.5 3.6 89.5 3.4 --2.4 --2.2 0 14.3 0 ---0 3.9 3 57.9 0 ---0 4 44.4 2.6 14.5 3 88 0 10.4 6.2 104.1 13.2 200909 43.3 0 0 0 0 4.3 -444.2 0 0 0 0 3.6 0 0 630.6 0 0 629.6 118.7 0.2 0.2 4.2 4. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .2 9 0 4.7 73.4 0 0 0 0 4.9 3.6 0 0 0 0 4.8 44.6 -452.1 0 7.2011 ValuEngine Inc 7 .4 88 200906 44.8 0 0 631.4 1.4 0 9 0 0 0 0 4.6 0 3.2 0.1 0 ---0 3 45.7 0.9 2.3 200903 44 6.6 0 0 627.9 0 7.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.2 97.3 -450.3 18.2 -0.3 24.7 0.5 -1.1 --2.7 0.2 80 200912 45.5 3 87.4 28.4 5.1 0 7.7 74.8 52.8 51.3 55.4 5.6 89.2 0 0 608.2 17.2 0 9. Plant & Equipment Accumulated Depreciation Net Property.2 4.7 71.2 57.6 88.4 0 ---0 3.4 68.7 0.9 90.9 0 0 632 -447.7 14.9 3.1 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 0 ---0 3.1 0 ---0 3.7 0.8 --2 24.6 73.3 0 3.1 117.3 -0.2 75.8 58.7 0 0 0 0 0 0 0 18.7 0 0 0 0 4.1 99.4 118.8 19.6 0 0 0 0 0 0 0 14.

7 0 1.7 0 0.1 2.3 1..7 0 0.2 0.3 0 0 -0.3 0.2 0 1.2 0 0.2 1.2 -0.9 0 0.4 14.Basic.3 2.5 14.Net Net Cash from (used by) Operating Act.1 11.4 0 0 0 0 -8.8 15.7 -9.9 -0. Depreciation.2 16.9 15.4 -8. Other Adjustments .1 -0 0 200909 20.6 -8.6 2.2 5.1 2.7 -13 0 0 0 0 -13 -12 3.4 7.5 -0.5 -6. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.2 -1.5 15.3 0. Depl.4 -3.7 0 2.1 0.2 0 0 0 1.1 0.8 3.COM INC(STMP) QUARTERLY FINANCIALS (All items in Millions) 201012 22.7 -0.6 -12.7 2 201009 20.2 2. 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.5 15.1 0.8 0 -4 -8.2 16 1.6 -11.7 0 -4. Depletion.8 9.4 -11.5 5.7 16.1 0 -0.9 -1.9 -27 -40. Amort.1 -0 0 200912 21.5 0 -0.1 0.2 10.3 0 -0.7 -1 0 -8.7 5 0 -1.2 0 1.7 0 -2.2 0 -3.3 0 0 0 0 -13.2 0 2. & Equ.2 0 0 0 1.1 0 2.1 0 0 0 1 0 1 16.1 0.2 0 2.9 0 0 0 0. before non-recurring Preferred Dividends .1 0 -5.6 0 1.4 14.9 2 0 0.2 -13.2 11.8 2.5 -0.2 0 0 0 0 -12.3 0 1.1 -0 0 Research & Development Expense Selling.4 0.6 0 0 0 0 -12.2 5.4 4.4 2.7 2.2 0 0.7 6.6 -0 -0 0 -28.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT STAMPS. net EPS .2 0 2 0.3 15.6 3.6 16.1 0 0.2 17 16.2 5.6 4 0.7 14.7 6.7 0 -7.5 0. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act. Depletion.2 10 -0.2 0 0.9 5.3 2.2 0 2.6 0 3.2 0 -3 -3.8 0.4 2.4 0 -5.3 14.5 14.1 0 2.7 2.3 0.5 4.7 0 0 0 0 -6.1 0.2 11.2 -0 0 201003 21 5.7 4.9 1.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.7 0 0.2 10.6 -7.8 15.1 15.9 0 0.6 0 0.4 0.5 14.8 2.1 0.1 0 0.2 -0 0 201006 21.2 0. Expense Income Before Depr.2 0 0 0 -0.2 0 -4 0 -4.6 0 0 0 0 -12.1 0.8 1.2 2.9 -0 0 2.2 15.6 6.3 1.4 -36.1 -0 0 200906 20. net EPS .1 0.2 0 -2.1 8 .2011 ValuEngine Inc 5.6 -0.1 0 0.4 0 0 -1.2 0.1 2.4 0.1 -0 0 200903 20 5.8 0.Diluted.2 1 0 0.9 0 -3 -12.2 10.3 -0.1 0 0 0 2.1 0.3 -0.5 1. Plant. 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 .5 0 -0.1 0 0 0 2.Diluted.6 2.8 0 0.7 5.1 0.9 -12.5 0.2 0 0 0 0 2.1 0.5 0.5 0..1 -0.4 14.2 2.6 -1. Net Change in Cash & Cash Equivalents Copyright © 1998 .1 0.3 -7.2 0 -4.8 13.2 0.2 -9.6 -14.1 0.2 0. General & Admin. Amort.2 -0.1 0.9 14. Net Cash from (used by) Invesment Act.8 -1.4 16. Increase/Decrease in Prop.

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 16 Market Neutral Strategy Newsletter. you can differentiate your firm from the competition by offering of time-proven. newsletter publishers.2011 ValuEngine Inc 9 . and ADR stocks which trade on U.COM INC(STMP) 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. an Independent Financial Advisor. Also. Treasuries. You can sign up for a free 14 day no-risk trial period: www. ValuEngine's three models: Valuation Model.. and database capabilities to your desktop. objective. indices. To view sample issues of our many newsletters or to subscribe. or send us an email at support@ValuEngine. forecast.S. VEI deploys the power of ValuEngine's quant-based valuation. and U.valuengine. Below is a brief description of some of our additional products and services. and mathematical brainpower on staff to provide Funds and Institutions with complete solutions to their research.com/pub/main?p=33 The ValuEngine Weekly Newsletter: The ValuEngine Weekly Newsletter features market research. Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. and consistent computerized research department whenever and wherever needed. The Weekly includes quantitative market and sector overviews of the entire ValuEngine U. The most comprehensive and useful report available. high-performance research to your clients. The ValuEngine Weekly Newsletter also includes tips and tricks for getting the most out of VE's quant-based investment tools. 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. Full access to more than 4. brokers. Multi-stock comparison.ValuEngine. development. detailed Company Profile. VE also offers long-only portfolio newsletter products as well as specialized industry and sector reports. or an Independent Broker/Dealer with hundreds of financial advisors. Earnings Estimates.valuengine.S. Markets.S. foreign. a Research House. More report information: www. accurate. analysis. call us at 1-800-381-5576. financial advisors. ValuEngine 1-5 Engine Rating. customization. portfolio creation/optimization.com/rep/mainrep To find out more about ValuEngine's many independent and objective investment products and services. Financials. sign up here: www.valuengine.com.com/pub/main?i=0 Consultancy Services: With ValuEngine's 10 years of experience to help you maximize your professional investment strategy.000 individual stock reports--like this one--is included with every VEI subscription. and web-site owners. ValuEngine private-label products can be customized for funds managers.com.com/nl/mainnl ValuEngine Institutional (VEI): VEI is a software package designed to meet the demanding requirements of Finance Professionals. 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. ValuEngine Fair Valuation. please go to our website at www.S. go to the Newsletter portion of our website: www.com/nl/WeeklyNewsletter ValuEngine Premium Newsletters: ValuEngine offers a variety of premium newsletter products designed to meet every style of investment. VEI provides the finance professional with a fast. stock universe as well as VE data points for hot stocks and industries. 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. Whether you are a Fund Manager. Consensus EPS trend and Earnings Surprise statistics provide additional insights. To receive this free newsletter every Friday. To download a free demo. and strategy-implementation needs. VEI will dramatically increase your productivity.valuengine. Chief Market Strategist Suttmeier provides technical levels for key commodities. please visit our website at www. Copyright © 1998 .valuengine. Risk Assessment. IT. Please call (800) 381-5576 to speak with a sales representative or email support@valuEngine. ValuEngine has the research.com. 1-3-6 month and 1-2-3 yr forecasts. Data Summary and much more.500 U. and commentary from ValuEngine Chief Market Strategist Richard Suttmeier and Senior Analyst Steve Hach.VgluEngine TM DETAILED RESEARCH REPORT STAMPS.

such as a company's trailing 12-month Earnings-Per-Share (EPS). It uses a three-class Buy-Hold-Sell rating system. director or advisory board member of the companies discussed in this report. Hold: Expected to perform in line with the SP500 with average returns. distribution. The following are specific disclosures made by ValuEngine with regards to this research report: 1. certifies that with respect to each security or issuer that the analyst covered in this report: a). related to the specific recommendations or views expressed by that research analyst in the research report. No warranty is made as to the accuracy of the information contained herein. and the 30-year Treasury yield. 3 rated to roughly match market performance.VgluEngine TM DETAILED RESEARCH REPORT STAMPS.500 companies.2011 ValuEngine Inc 10 .Apr 2011) Avg Return (%) 25 20 15 10 5 0 1 2 3 4 5 Engine Rating DISCLOSURES ValuEngine offers equity recommendations and related return estimates to investors and their advisors. according to VE. Sell: Expected to underperform the SP500 producing below-average returns. Each research analyst primarily responsible for the content of this research report. and long-term price reversals over six time horizons for every industry to ensure forecasts are established relative to a stock's proper peer groups. For additional information about ValuEngine's financial research and financial modeling on over 5. directly or indirectly. ValuEngine does not provide investment banking or consulting services to the companies mentioned in this report. please click www. 3.500 stocks under coverage achieve a 5 rating. or particular needs of any specific recipient. The author. to buy or sell any securities or related financial instruments. ValuEngine has not managed or co-managed a public offering for any companies in the above report in the past twelve months. represented by the model price.valuengine. as well as the probability of meeting and exceeding any given portfolio or stock investment target. DISCLAIMERS This report is intended for informational purposes only and does not constitute a recommendation. ValuEngine's stock valuation employs a sophisticated. shortterm price reversals. ValuEngine does not offer brokerage or investment banking services. On average. three-factor approach. 4. only 2 percent of ValuEngine's 5. Copyright © 1998 . all of the views expressed accurately reflect his or her personal views about those securities or issuers. The opinions of ValuEngine are subject to change at any time without notice and without obligation of notification. 3. has not received compensation from the companies discussed above in the last 12 months. officers. does not make a market in this security. or an offer. Fundamental variables. the analyst consensus estimate of the company's future 12-month EPS. Together with eleven additional variables. Any other use. neutral ratings are holds and the categories unfavorable and most unfavorable are sells. Inc. The information contained herein accurately reflects the opinion of ValuEngine at the time the report was released. 7. or reproduction is strictly prohibited. The report has no regard to the specific investment objectives. ValuEngine adheres to professional standards and abides by formal codes of ethics that put the interests of clients ahead of their own.com Engine Rating and Average Annual Return (Jan 2001 . intermediate-term momentum continuation. 2. the analysts involved. 2. which is the final evolution of VE's equity modeling. is. and 2 and 1 rated are expected to underperform. no part of his or her compensation was. in whole or in part. This is a consolidated version of the firm's five class rating system: most favorable and favorable ratings are buys. It is based on the one year forecast target price. ValuEngine. Inc. or its affiliates do not beneficially own 1% or more of any class of common equity securities of the subject companies. or affiliates of ValuEngine do not hold positions in the securities of the companies mentioned in this report. 5. are all used to create a more accurate reflection of a company's fair value. financial situation. This information is intended for the sole use of clients of ValuEngine. None of ValuEngine's management. Advanced statistical/econometric techniques are used to run thousands of simulations estimating the probability of a double in stock price. ValuEngine's stock forecasts examine. The VE Engine Rating is an assessment of a stock's overall attractiveness. The result is state-of-the-art fair market valuation and price forecasting technologies. ValuEngine. among other things. 5 and 4 rated stocks are expected to outperform the overall markets. The research analyst over this company or members of his/her household do not have a financial interest in these companies discussed in this report. Buy: Expected to outperform the SP500 producing above average returns. or will be. nor a member of the research analyst's household serves as an officer. and b). 6. Inc. Inc. STOCK RATINGS: The terms below are used to rate a stock's 12-month performance: 1. but this can vary depending upon market conditions. ValuEngine. Quotes provided by Zacks. ValuEngine does not receive any compensation from companies mentioned in this report. ValuEngine paints a detailed picture of a company's fair value.COM INC(STMP) VALUENGINE'S METHODOLOGY ValuEngine's research combines the most advanced academic concepts with real world Wall Street practice.

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