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April 20, 2010

VALUATION WATCH: Our models find that overvaluation is approaching

levels typically seen when a market correction is imminent. Overvalued
stocks now make up almost 60% of our universe and almost 30% of the
universe is calculated to be overvalued by 20% or more. All sectors are
now calculated to be overvalued

Short Timer
ValuEngine Models Rate Associated Banc-Corp a Strong Sell

ValuEngine has issued a STRONG SELL recommendation for ASSOCIATED BANC

CORP (ASBC). Based on the information we have gathered and our resulting research, we
feel that ASSOCIATED BANC CORP has the probability to UNDERPERFORM average
market performance for the next year. The company exhibits UNATTRACTIVE market
valuation, momentum and risk.

Shorting has been quite difficult in this market rally but the SEC's action against
Goldman Sachs has put the Finance Sector under pressure once more. The question for
ASBC concerns its latest earnings--which are to be reported on Thursday of this week.
Analysts expect the bank to post a loss of @ $ 0.18/share on sales of @ $263 million. A miss
may drive the shares lower. However, market sentiment seems to be running the other way
and the stock has seen a run up in value of @ 20% since January of this year. Our models
remain nonplussed by the stock's fundamentals however, and the the ticker displays poor
return forecasts for both the long and short-term time frames.

Associated Banc-Corp operates as the holding company for Associated Bank, National
Association, which provides business and consumer loan and depository services, as well as
other traditional banking services to local communities within its three-state footprint, including
Wisconsin, Illinois, and Minnesota. The company also owns one nationally chartered trust
company and 29 limited purpose banking and nonbanking subsidiaries either located in or
conducting business primarily in its three-state footprint.
Subscribers can check out the latest figures on ASBC HERE.

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MARKET OVERVIEW
Summary of VE Stock Universe
Stocks Undervalued 41.47%
Stocks Overvalued 58.53%
Stocks Undervalued by 20% 19.51%
Stocks Overvalued by 20% 29.01%

SECTOR OVERVIEW

Last 12- P/E

Sector Change MTD YTD Valuation
MReturn Ratio
Basic Industries -0.47% 3.59% 16.17% 14.52% overvalued 87.03% 27.55
Capital Goods -0.39% 4.32% 16.01% 15.95% overvalued 61.37% 22.8
Consumer Durables -0.43% 3.84% 10.42% 18.98% overvalued 76.27% 24.42
Consumer Non-Durables -0.08% 2.66% 10.58% 7.00% overvalued 74.65% 19.61
Consumer Services -0.12% 4.89% 16.94% 8.99% overvalued 71.45% 23.49
Energy -0.74% 1.83% 3.51% 11.98% overvalued 65.95% 21.65
Finance 0.26% 4.25% 13.89% 9.54% overvalued 37.05% 19.26
Health Care -0.20% 3.39% 11.36% 2.57% overvalued 64.32% 22.52
Public Utilities -0.32% 0.50% 1.80% 4.20% overvalued 40.53% 16.4
Technology -0.73% 3.69% 12.10% 1.73% overvalued 69.93% 28.75
Transportation -0.74% 4.05% 12.60% 11.04% overvalued 55.47% 21.93