ISSUE 1

Pages 2021-2032

February 11, 2022

Dear Subscribers, ECONOMIC AND STOCK MARKET COMMENTARY

As part of our ongoing efforts to keep The
Value Line Investment Survey the most The U.S. economy advanced at a faster-than- best, and the COVID-19 virus still remains a
valuable investment resource for our
subscribers, all updated Ranks are now expected pace during the final quarter of 2021, threat to the global economy.
being released on the Value Line Web Site with the Commerce Department reporting that
by 8:00 A.M. Eastern Time on Mondays. the gross domestic product expanded at an annu- Meantime, the fourth-quarter earnings season
You can access all the Ranks each week at
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name and password. We look forward to ness spending were key contributors, helping to Corporate America. Early reporting period
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and timely investment research. Thank you.
the impact of the COVID-19 Omicron variant. offset by some strong performances from the
technology industry, including those of Apple,

The Value Line View

However, the strong data also showed that Microsoft, and Alphabet. The varied results,
prices continued to rise. This gives further along with the specter of a more-hawkish central
credence to the Federal Reserve’s decision to bank in 2022, are big factors behind the increased
In This Issue embark on a more-restrictive monetary policy volatility of late in the U.S. equity market.
The Value Line View 2021 course in an attempt to rein in inflation. The
central bank is in the midst of winding down Wall Street seems to be looking beyond the
Model Portfolios: Recent Developments 2022
its monthly bond-buying program, with an eye headline quarterly figures, with a focus on how
Low-Risk Stocks with High Return
toward interest-rate hikes following as early as businesses are managing the ongoing supply-
On Equity 2025
the March Federal Open Market Committee chain disruptions and labor shortages. The
Income Stocks with Worthwhile Total
meeting. stocks of the companies that are demonstrating
Return Potential 2026
an ability to handle the higher pricing environ-
Stocks for Long-Term Gains 2027
The Federal Reserve has a huge task on its ment are receiving the most support.
Selection & Opinion Index 2028 hands. In addition to fostering full employment,
Selected Yields 2029 the central bank’s mandate is to promote stable Conclusion: In a period where the Federal
Federal Reserve Data 2029 pricing. With prices rising at a pace not seen in Reserve is looking to remove liquidity from
Tracking the Economy 2030 decades, the Fed is expected to act aggressively the financial system and stock market volatility
Major Insider Transactions 2030 this year to try to ease inflationary pressures. is elevated, stock-picking based on company
Market Monitor 2031 That said, the lead bank must avoid applying the fundamentals may prove more beneficial than
monetary brakes too hard or, too fast, risking an index-based investing. Please refer to the
Value Line Asset Allocation Model 2031
economic slowdown. Recent economic indica- inside back cover of Selection & Opinion for our
Industry Price Performance 2031
tors, including last month’s decade-low reading statistically-based Asset Allocation Model’s
Changes in Financial Strength Ratings 2031 on consumer sentiment, have been choppy, at current reading. ■
Stock Market Averages 2032
The Selection & Opinion Index appears in this
issue on page 2028. CLOSING Stock Market AVERAGES AS OF PRESS TIME
In Three Parts: Part 1 is the Summary & Index. %Change %Change
This is Part 2, Selection & Opinion. Part 3 is Rat- 1/25/2022 2/1/2022 1 week 12 months
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2022 Value Line Selection & Opinion F e b r u ary 1 1 , 2 0 2 2

Model Portfolios: Recent Developments

PORTFOLIO I ing results remain flattish. The stock looks the market for high-tech machines that
Several Portfolio I selections have inexpensive, but the lack of an apparent sequence the human gene. The earnings
announced earnings for the Decem- catalyst is concerning. outlook is bright here, as the demand for its
ber quarter lately. Edwards Lifesciences products for medical research is climbing.
reported sales of $1.33 billion, an increase A similar story, an inexpensive valuation Finally, Generac, which makes back-up
of 12% from the previous-year period. with little in the way of imminent cata- power systems, has seen demand for its
The company’s Transcatheter Aortic lysts, can be found at Intel. The chip giant products soar. Its profit growth potential is
Valve Replacement segment was the most reported earnings last week, and results excellent too, because homeowners are los-
important driver of the top line. This got a cool reception from Wall Street. The ing faith in the electric grid system. Should
business has performed particularly well stock fell 7% in price after the company these stocks move beyond our price targets,
overseas, thanks to strong international guided profits lower for next quarter, but Newmont Mining is a possibility. The gold
adoption of its products. Meanwhile, the has since recovered some of this ground. and silver mining company could provide
Critical Care product group experienced Revenues have generally been decent, a hedge against inflation.
solid contributions from all product lines, though operating expenses are set to rise
and the Surgical Structural Heart line more than anticipated in calendar year PORTFOLIO IV
benefited from the growing popularity of 2022. It will be interesting to see how The U.S. stock market seemed to stabilize
its premium RESILIA technologies. In patient Wall Street will be with the coming as we entered February, though the vola-
addition, the small, but fast growing Trans- spending ramp. Management will likely tility might not be entirely behind us. For
catheter Mitral and Tricuspid Therapies divulge more information at an analyst one, the Federal Reserve will likely hike
line capitalized on the continued adop- event slated for February 17th. interest rates in the coming months, and
tion of the PASCAL platform in Europe. while this should come as no surprise, it
This business is focused on the treatment We are making no changes to Portfolio II remains to be seen how Wall Street will
of patients with mitral and tricuspid valve this week. react. Further, fourth-quarter earnings
disease. Despite favorable top-line perfor- season has failed to inspire traders in the
mance, adjusted share net of $0.51 was just PORTFOLIO III current climate.
a penny ahead of the year-ago tally, owing We are making no changes to Portfolio III
to higher costs. this week, but will be looking to bring in In Portfolio IV, we recently received a
some fresh blood in the near future. High report from Intel, one of our few technol-
Elsewhere, Stryker Corporation posted net P/E stocks that have been our radar, such ogy holdings. Specifically, the chip giant
sales of $4.7 billion for the December term, as Netflix, Illumina, and Generac, have all delivered sales and profits for the fourth
a year-to-year advance of 10%. Solid top- slumped and may have bottomed out. For quarter that exceeded our expectations.
line results were fairly broad based, as both now, though, we have decided to wait until The Data Center Group, which supplies
the MedSurg & Neurotechnology and the after the release of the Nonfarm Payroll cutting-edge technology to enterprise
Orthopaedics & Spine businesses logged figures for January before executing any customers, performed quite well, off-
healthy gains. However, expenses also moves. The White House has already setting a more subdued showing at the
increased, and while GAAP earnings per issued a warning that the numbers could Client Computing segment, which serves
share of $1.73 marked a 16% rise, adjusted be skewed substantially because of the the broader PC markets. Still, inves-
earnings declined 4%, to $2.71 a share. Omicron variant of COVID-19. Since tors were cool to the company’s latest
all three equites have high multiples, they forecast. Looking to 2022, comparisons
We are making no changes to Portfolio I most likely will be particularly vulnerable are expected to be more challenging, as
this week. to any unexpected bad news. demand for technology, which surged
during the pandemic, will probably
PORTFOLIO II Why the interest in these stocks? For moderate, and supply-chain disruptions
Portfolio II has had some minor setbacks starters, all three have good earnings and cost pressures figure to weigh on
so far this earnings season. Gilead Sciences prospects and are trading well below their operating margins. In addition, it should
reported profits of $0.30 a share, though highs. Streaming giant Netflix posted be noted that Intel will be making sizable
the results included a massive $1.25 bil- solid fourth-quarter profits, but guidance investments to expand its production
lion legal charge and a $625 million charge for the first quarter of 2022 disappointed capabilities. This makes sense in the long
related to a collaboration with Arcus Bio- Wall Street, resulting in a sharp selloff run, but could be temporarily disrup-
sciences. Excluding these items, share net that we think is overdone. Although the tive. Intel shares are favorably ranked for
would have been roughly $1.48, below the streaming space is competitive, Netflix Timeliness and offer a roughly 3% yield.
Wall Street consensus of $1.60. The drug ought to retain its position due to the
maker did hike its dividend 2.8%, which enormous expenditures it makes on new We are not making any trades in Portfolio
pushes the yield over 4%, though operat- content. Meanwhile, Illumina dominates IV this week. ■
© 2022 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind.
the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber’s own, non-commercial, internal use. No part of it may
be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.
To subscribe call 1-800-VALUELINE
F e b r u ary 1 1 , 2 0 2 2 Value Line Selection & Opinion 2023

Portfolio I: Stocks with above-average year-ahead Price Appreciation

Primarily suitable for more aggressive investors
Ratings & 18-Month
Reports Recent Timeliness Current Apprec. Financial Original Original
Page Ticker Company Industry Name Price Rank P/E Potential, % Strength Rec. Price Rec. Date
2632 GOOG Alphabet Inc. Internet 2713.97 1 22.9 35 A++ 2778.32 8/16/21
2118 ABG Asbury Automotive Retail Automotive 160.97 2 5.6 30 B+ 168.58 1/24/22
1810 BKI Black Knight, Inc. E-Commerce 74.60 2 28.7 35 B+ 76.87 11/15/21
170 BSX Boston Scientific Med Supp Invasive 42.90 2 36.1 15 B++ 41.34 11/15/21
757 CB Chubb Ltd. Insurance (Prop/Cas.) 197.28 3 14.2 10 A+ 159.91 4/5/21
1003 CMCSA Comcast Corp. Cable TV 49.99 2 14.4 20 A+ 54.20 10/25/21
174 EW Edwards Lifesciences Med Supp Invasive 109.20 2 45.3 30 A+ 67.89 6/29/20
2619 FISV Fiserv Inc. IT Services 105.70 1 18.1 30 B++ 97.47 11/29/21
2550 FLT FLEETCOR Technologies Financial Svcs. (Div.) 238.26 2 16.4 15 B++ 293.44 5/3/21
209 HOLX Hologic, Inc. Med Supp Non-Inv. 70.24 3 17.6 25 B+ 74.42 4/12/21
797 HUM Humana Inc. Medical Services 392.50 2 17.7 25 A 459.51 11/1/21
1794 ICE Intercontinental Exch. Brokers & Exchanges 126.66 3 23.5 20 A 114.28 5/17/21
2127 LAD Lithia Motors Retail Automotive 292.13 1 8.0 25 B++ 282.72 12/13/21
715 LMT Lockheed Martin Aerospace/Defense 389.13 3 14.4 10 A++ 382.09 7/27/20
1625 MRK Merck & Co. Drug 81.48 2 12.2 15 A++ 75.98 9/7/21
2645 FB Meta Platforms Internet 313.26 1 19.7 35 A++ 336.58 6/7/21
2589 MSFT Microsoft Corp. Computer Software 310.98 1 32.6 35 A++ 247.18 5/10/21
2225 TROW Price (T. Rowe) Group Asset Management 154.43 2 11.3 45 A+ 170.76 1/18/22
366 QSR Restaurant Brands Int’l Restaurant 55.97 2 18.4 20 B+ 57.31 12/20/21
191 SYK Stryker Corp. Med Supp Invasive 248.05 3 25.3 20 A++ 248.48 4/5/21
To qualify for purchase in the above portfolio, a stock must have a Timeliness Rank of 1 or 2, and a Financial Strength Rating of at least B+. The stock also
has to offer above-median 18-month appreciation potential. If a stock’s Timeliness Rank falls below 3 or its 18-month appreciation potential drops to zero
or becomes negative, it will be automatically removed. Stocks in the above portfolio are selected and monitored by Michael F. Napoli, Senior Analyst.

Portfolio II: Stocks For Income And Potential Price Appreciation

Primarily suitable for more conservative investors
Ratings & Current
Reports Recent Dividend Timeliness Safety Financial Original Original
Page Ticker Company Industry Name Price Yield, % Rank Rank Strength Rec. Price Rec. Date
1209 AES AES Corp. Power 22.18 2.8 2 3 B 24.38 1/3/22
1610 ABBV AbbVie Inc. Drug 136.89 4.1 2 3 A 126.51 12/13/21
583 AMT Amer. Tower ‘A’ Wireless Networking 251.50 2.2 2 2 A 252.99 4/26/21
2441 APO Apollo Global Mgmt Public/Private Equity 70.00 2.9 1 3 B+ 61.53 6/28/21
2503 BAC Bank of America Bank 46.14 1.8 1 3 A 43.78 10/11/21
2443 BX Blackstone Inc. Public/Private Equity 131.97 4.4 2 3 B++ 73.55 3/22/21
1905 BG Bunge Ltd. Food Processing 98.86 2.1 2 3 B++ 89.60 6/7/21
790 CI Cigna Corp. Medical Services 230.46 1.7 2 3 A 207.74 8/23/21
2510 C Citigroup Inc. Bank 65.12 3.1 2 3 B+ 71.61 10/18/21
1909 CAG Conagra Brands Food Processing 34.76 3.7 2 3 A 34.48 2/22/21
2400 COP ConocoPhillips Petroleum (Producing) 88.62 2.1 3 3 B++ 72.15 11/29/21
140 FE FirstEnergy Corp. Electric Utility (East) 41.96 3.8 2 3 B+ 36.80 9/20/21
1620 GILD Gilead Sciences Drug 68.68 4.3 2 1 A 72.47 12/20/21
2436 HUN Huntsman Corp. Chemical (Diversified) 35.83 2.1 2 3 B+ 32.92 11/22/21
1352 INTC Intel Corp. Semiconductor 48.82 3.0 2 1 A++ 56.89 6/1/21
2517 JPM JPMorgan Chase Bank 148.60 2.7 2 2 A+ 125.87 1/3/21
1625 MRK Merck & Co. Drug 81.48 3.4 2 1 A++ 81.15 1/25/21
1217 NRG NRG Energy Power 39.93 3.5 2 3 B+ 40.59 2/16/21
956 QCOM Qualcomm Inc. Telecom. Equipment 175.76 1.5 2 3 A+ 131.64 3/15/21
366 QSR Restaurant Brands Int’l Restaurant 55.97 3.9 2 3 B+ 59.90 2/8/21
To qualify for purchase in the above portfolio, a stock must have a yield that is in the top half of the Value Line universe and a Safety Rank of 3 or better.
Stocks are monitored by Charles Moran, Senior Analyst.
© 2022 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind.
the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber’s own, non-commercial, internal use. No part of it may
be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.
To subscribe call 1-800-VALUELINE
2024 Value Line Selection & Opinion F e b r u ary 1 1 , 2 0 2 2

Portfolio III: Stocks with long-term Price growth Potential

Primarily suitable for investors with a 3- to 5-year horizon
Ratings & Proj. 3- to 5-yr. 3- to 5-yr.
Reports Recent Ann’l EPS Current 3- to 5-yr. Apprec. Original Original
Page Ticker Company Industry Name Price Growth, % P/E Proj. P/E Potential, % Rec. Price Rec. Date
2574 ADBE Adobe Inc. Computer Software 534.30 15.5 52.3 42.0 60 113.82 1/30/17
751 ALL Allstate Corp. Insurance (Prop/Cas.) 120.67 5.0 10.9 12.0 50 59.20 6/24/14
1990 MO Altria Group Tobacco 50.88 5.5 10.7 16.0 80 63.65 2/12/18
1391 AAPL Apple Inc. Computers/Periph’ls 174.78 16.0 28.4 22.0 10 20.05 5/21/12
2119 AN AutoNation, Inc. Retail Automotive 109.00 29.5 5.6 8.0 105 42.85 7/24/17
2120 AZO AutoZone Inc. Retail Automotive 1986.35 16.5 18.6 14.5 25 1188.59 2/22/21
2506 BK Bank of NY Mellon Bank 59.26 5.0 13.1 14.0 40 31.87 3/3/14
434 CSGP CoStar Group Information Services 70.16 17.5 52.4 45.0 75 19.35 11/14/16
2334 DIS Disney (Walt) Entertainment 142.97 37.5 29.5 19.0 30 112.55 11/21/18
2008 EA Electronic Arts Entertainment Tech 132.66 10.5 49.7 24.0 20 99.12 9/16/19
308 FDX FedEx Corp. Air Transport 245.86 13.0 11.1 18.0 95 167.89 8/22/16
1917 HRL Hormel Foods Food Processing 47.47 6.5 24.3 22.5 35 6.13 11/24/08
1352 INTC Intel Corp. Semiconductor 48.82 7.0 12.8 15.0 125 39.04 10/2/17
183 ISRG Intuitive Surgical Med Supp Invasive 284.18 13.0 60.6 50.0 35 199.69 3/2/20
2645 FB Meta Platforms Internet 313.26 21.5 19.7 25.0 125 152.87 6/19/17
2112 PVH PVH Corp. Apparel 95.01 14.0 9.7 14.5 95 115.15 8/11/14
411 RSG Republic Services Environmental 127.66 11.0 28.9 22.0 5 31.78 1/28/13
368 SBUX Starbucks Corp. Restaurant 98.32 16.0 28.5 25.0 40 40.12 1/12/15
812 UNH UnitedHealth Group Medical Services 472.57 12.0 22.5 16.0 0 42.05 3/3/08
2569 V Visa Inc. Financial Svcs. (Div.) 226.17 12.0 31.2 28.0 20 62.45 11/17/14

To qualify for purchase in the above portfolio, a stock must have above-average 3- to 5-year price-appreciation potential. As the price of a stock in this
portfolio rises, the computed appreciation potential may fall; it may still be held. This portfolio is most appropriate for investors focused on long-term
capital gains. Stocks in the above portfolio are selected and monitored by James A. Flood, Editorial Analyst.

Portfolio IV: Stocks with above-average dividend yields

Primarily suitable for investors interested in current income
Ratings & Current Proj. 3- to 5-yr.
Reports Recent Safety Financial Dividend Ann’l Div. Original Original
Page Ticker Company Industry Name Price Rank Strength Yield, % Growth, % Rec. Price Rec. Date
903 LNT Alliant Energy Electric Util. (Central) 59.86 2 A 2.9 6.0 18.65 1/4/11
2443 BX Blackstone Inc. Public/Private Equity 131.97 3 B++ 4.4 12.5 29.52 3/6/17
1991 BTI Brit. Am. Tobacco ADR Tobacco 42.97 3 B++ 6.9 4.5 38.27 9/27/10
149 CAT Caterpillar Inc. Heavy Truck & Equip 201.56 2 A+ 2.2 4.5 88.30 5/18/15
944 CSCO Cisco Systems Telecom. Equipment 55.67 1 A++ 2.7 7.0 49.41 3/15/21
1969 KO Coca-Cola Beverage 61.01 1 A++ 2.8 5.5 41.38 7/20/15
135 ED Consol. Edison Electric Utility (East) 86.45 1 A+ 3.7 2.5 39.74 2/27/09
971 ETN Eaton Corp. plc Auto Parts 158.43 3 B++ 1.9 4.0 63.47 7/25/16
1352 INTC Intel Corp. Semiconductor 48.82 1 A++ 3.0 5.0 23.39 9/16/13
572 LYB LyondellBasell Inds. Chemical (Specialty) 96.73 3 B++ 4.7 3.0 89.35 9/5/17
363 MCD McDonald’s Corp. Restaurant 259.45 1 A++ 2.1 7.0 123.07 12/27/16
1625 MRK Merck & Co. Drug 81.48 1 A++ 3.4 7.0 56.90 12/15/14
2625 PAYX Paychex, Inc. IT Services 117.76 2 A 2.4 8.5 45.76 9/28/15
1632 PFE Pfizer, Inc. Drug 52.69 1 A++ 3.0 5.5 34.50 10/19/15
1561 PRU Prudential Fin’l Insurance (Life) 111.57 3 B++ 4.3 8.5 101.61 5/21/18
144 SO Southern Co. Electric Utility (East) 69.49 2 A 3.9 3.0 32.84 6/1/10
1776 MMM 3M Company Diversified Co. 166.02 1 A++ 3.6 5.0 202.61 5/24/21
316 UPS United Parcel Serv. Air Transport 202.21 1 A+ 3.0 7.0 117.08 5/21/18
932 VZ Verizon Communic. Telecom. Services 53.23 1 A++ 4.8 2.0 50.99 3/16/20
416 WM Waste Management Environmental 150.44 1 A 1.5 5.0 34.95 4/9/12

To qualify for purchase in the above portfolio, a stock must have a yield that is at least 1% above the median for the Value Line universe, and a Financial
Strength Rating of at least B+. Stocks are selected and monitored by Adam Rosner, Editorial Analyst.
© 2022 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind.
the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber’s own, non-commercial, internal use. No part of it may
be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.
To subscribe call 1-800-VALUELINE
F e b r u ary 1 1 , 2 0 2 2 Value Line Selection & Opinion 2025

Low-Risk Stocks with High Return on Equity

This screen focuses on Safety and return on as our estimate for the current fiscal year. shares with a low-risk profile that are also
shareholders’ equity, a well regarded mea- Finally, we have included each stock’s rela- associated with a record of consistent
sure of company performance. We started tive market valuation. corporate performance. We note that 16
with stocks that are currently ranked 2 of the equities in this screen are currently
(Above Average), or better, for Safety. The use of a five-year average tends to trading at relative valuations that are 10%
Then we computed the average percentage favor consistent earners of substantial or greater than the market, suggesting
earned on shareholder equity (net profit returns on common equity over companies that investors appear to be placing an
divided by common and preferred equity) that have recently experienced recoveries. emphasis on a combination of safety and
by each of these companies over the last And a focus on share equity helps identify profitability.
five years for which we have actual data. firms that have used debt effectively and,
The first 20 that made the grade are listed thus, have successfully employed financial As always, investors should review the
below, in descending order. leverage. analyses in Part 3, Ratings & Reports,
before purchasing any of the issues listed
To show current trends, we also include The stocks listed below are not necessarily below, keeping in mind the risks arising
return on share equity for the latest fiscal more attractive than other issues. Still, this from the challenging economic environ-
year for which we have actual data, as well screen may be of use to investors seeking ment that lies ahead. ■

Low-Risk Stocks with High Return on Equity

Ratings &
Reports Recent 5 Yr. Latest Current Relative
Page Ticker Company Price Avg., % Year, % Year, % Safety P/E Ratio
1629 NVO Novo Nordisk ADR 99.87 73.8 66.6 70.0 1 1.57
2587 INTU Intuit Inc. 555.23 52.5 26.9 27.5 2 2.66
1371 TXN Texas Instruments 179.49 51.3 60.9 45.5 1 1.25
2538 AON Aon plc 276.44 48.5 65.4 48.0 1 1.25
1625 MRK Merck & Co. 81.48 42.6 59.6 60.0 1 0.69
2161 NKE NIKE, Inc. 'B' 148.07 40.1 44.9 39.0 1 2.18
2589 MSFT Microsoft Corp. 310.98 37.3 43.2 42.5 1 1.84
1144 TSCO Tractor Supply 218.31 34.4 41.9 45.5 2 1.42
1620 GILD Gilead Sciences 68.68 34.2 0.7 31.0 1 0.72
1715 GGG Graco Inc. 72.56 34.2 25.7 26.5 2 1.55
1720 LECO Lincoln Elec Hldgs. 127.84 32.4 31.6 32.5 2 1.10
2619 FISV Fiserv Inc. 105.70 30.6 9.3 10.5 2 1.02
2574 ADBE Adobe Inc. 534.30 29.6 32.6 26.5 1 2.95
1138 FAST Fastenal Co. 56.68 29.4 31.4 32.5 2 1.95
2569 V Visa Inc. 226.17 28.3 30.0 34.0 1 1.76
2225 TROW Price (T. Rowe) Group 154.43 28.2 30.8 34.0 1 0.64
174 EW Edwards Lifesciences 109.20 27.6 25.7 24.5 2 2.56
583 AMT Amer. Tower 'A' 251.50 27.2 41.3 42.5 2 2.74
2124 CPRT Copart, Inc. 129.25 26.8 25.2 27.0 2 1.68
347 UNP Union Pacific 244.55 26.8 32.5 52.5 1 1.23

© 2022 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind.
the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber’s own, non-commercial, internal use. No part of it may
be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.
To subscribe call 1-800-VALUELINE
2026 Value Line Selection & Opinion F e b r u ary 1 1 , 2 0 2 2

Income Stocks with Worthwhile Total Return Potential

This screen focuses on stocks with good yields of at least 2.7%, 80 basis points current income, along with worthwhile,
current dividend yields that have favorable (0.8%) above the current median of 1.9% risk-adjusted three- to five-year total
prospects for relative price performance for all dividend-paying stocks under return potential, may find these equities
over the next three to five years. This com- Value Line’s review. We then required that of interest. That said, this roster includes
bination should result in a group of stocks equities with three- to five-year projected stocks from a range of industries, so fur-
with worthwhile total return potential. price appreciation of less than 50% be ther research is most likely warranted.
cast aside (the current median is 50%). To this point, economic growth may be
In the first steps of the selection pro- From this group, we selected issues with uneven in the quarters ahead, as inflation-
cess, we limited the field to equities a projected average annual total return to ary pressures and disruptive supply chains
with Safety ranks of at least 2 (Above 2025-2027 (price gains plus dividends) of take a toll. Accordingly, we encourage
Average). Next, we pared our universe at least 12%. subscribers to take this into consideration
with respect to income generation. We when contemplating a new commitment
selected issues with current dividend Conservative investors seeking good here. ■

Income Stocks with Worthwhile Total Return Potential

Ratings & 3–5 Year
Reports 3–5 Year Appreciation 3–5 Year Avg.
Page Ticker Company Recent Price Safety Current Yield, % Est. Yield, % Potential, % Total Return, %

917 T AT&T Inc. 25.50 1 8.2 4.8 95 23

751 ALL Allstate Corp. 120.67 1 2.7 2.0 50 13

2018 AXS AXIS Capital Hldgs. 56.98 2 3.0 2.2 50 13

1352 INTC Intel Corp. 48.82 1 3.0 1.5 125 24

1723 MSM MSC Industrial Direct 81.64 2 3.7 2.6 85 20

1802 MS Morgan Stanley 102.54 2 2.7 2.1 65 16

1179 PKG Packaging Corp. 150.63 2 2.7 2.0 50 12

2225 TROW Price (T. Rowe) Group 154.43 1 3.1 1.9 100 21

1772 SIEGY Siemens AG (ADS) 78.94 2 2.7 2.5 80 18

932 VZ Verizon Communic. 53.23 1 4.8 2.6 95 21

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the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber’s own, non-commercial, internal use. No part of it may
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To subscribe call 1-800-VALUELINE
F e b r u ary 1 1 , 2 0 2 2 Value Line Selection & Opinion 2027

Stocks for Long-Term Gains

Each week, the Summary & Index includes
a screen titled “High 3- to 5-year Apprecia-
tion Potential” that lists 100 equities under
our review with the highest projected
capital gains through 2025-2027. Within
this list, however, are some very risky issues
whose forecasted progress is based on the
success of projected turnarounds, which,
of course, cannot be assured.
Although purchase decisions are often
premised on the prospects for the near
term, stock investment is inherently a
long-term exercise. So, even though it is
desirable for an investment to have respect-
able prospects for the year ahead, the
potential returns projected for the longer
term should not be neglected, in our view.
Accordingly, this week we’ve prepared a
screen that focuses on long-term gains,
but in a rigorous fashion and with an eye
to maintaining relatively low risk.
First, we limited our roster to stocks whose
price appreciation potential through 2025-
2027, calculated by using the mid-point of
each stock’s target price range, is at least
60%, versus the current median of 50% for
the Value Line universe. We also restricted
our selections to companies whose per-
share earnings have grown at an annualized
rate of at least 10% over the last five years
and whose Safety rank is 2 (Above Aver-
age), or better. The equities that survived
these cuts are listed in descending order of
projected long-term appreciation.
As always, we advise investors to consult
the most recent stock analyses in Ratings
& Reports before investing in any of these
issues. In addition, although the stocks in
this list are considered to exhibit lower-
than-average risk, subscribers should
nonetheless assess the economic landscape
before committing funds. ■

Stocks for Long-Term Gains

Ratings & 3-5 Year E.P.S.
Reports Recent Appreciation Growth
Page Ticker Company Price Potential, % Past 5 Years, % Safety P/E Ratio

1352 INTC Intel Corp. 48.82 125 18.0 1 12.8

2645 FB Meta Platforms 313.26 125 54.5 2 19.7

1947 ATD.TO Ali. Couche-Tard 51.27 110 21.5 2 16.2

1003 CMCSA Comcast Corp. 49.99 100 13.5 1 14.4

2225 TROW Price (T. Rowe) Group 154.43 100 14.5 1 11.3

308 FDX FedEx Corp. 245.86 95 10.5 2 11.1

972 GNTX Gentex Corp. 31.40 85 11.0 2 17.8

833 JAZZ Jazz Pharmac. plc 138.91 85 12.0 2 8.5

434 CSGP CoStar Group 70.16 75 29.0 2 52.4

2632 GOOG Alphabet Inc. 2713.97 70 20.5 1 22.9

396 MMS MAXIMUS Inc. 77.32 70 10.5 1 19.1

1802 MS Morgan Stanley 102.54 65 17.5 2 14.1

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the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber’s own, non-commercial, internal use. No part of it may
be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.
To subscribe call 1-800-VALUELINE
2028 Value Line Selection & Opinion F e b r u ary 1 1 , 2 0 2 2
Selection & Opinion Index: February 12, 2021–February 11, 2022
For recurring articles, the page number of the most recent version is listed first; each successive page number represents a previous release.
Features and Reports Page
Industry Composite Price Performance.........................................2074, 554
Investors’ Datebook.................................................2052, 2097, 2157, 2205,
2253, 2313, 2361, 2409, 2469, 493, 541, 592
Major Institutional Stock Transactions....................... 2124, 2280, 2436, 568
Model Portfolios:
Portfolio I....................................................................See each Issue
Portfolio II...................................................................See each Issue
Portfolio III .................................................................See each Issue
Portfolio IV..................................................................See each Issue
Company Snapshots ......................................................... 2349, 481
Quarterly Economic Review................................................................... 597
REITs Roundup .................................................................................... 2254
Sector Analysis ......................................................... 2134, 2290, 2446, 578
Stock Market Review:
First Quarter, 2021 .......................................................................514
The Fixed-Income View................................................................. 2385, 518
The Value Line View............................................................. See each Issue
STOCK HIGHLIGHT
Alteryx, Inc. .......................................................................................... 2457
Arconic Corporation ............................................................................... 589
Bandwidth Inc. ....................................................................................... 529
Builders FirstSource, Inc. ..................................................................... 2397
eXp World Holdings .............................................................................. 2122
Foot Locker ........................................................................................... 2241
fubo TV Inc. ...........................................................................................2301
Levi Strauss & Co. ................................................................................ 2073
Universal Display Corporation .............................................................. 2145
COVERAGE INITIATION
Aspen Technology, Inc. ........................................................................... 484
ContextLogic Inc. ................................................................................. 2400
Duck Creek Technologies ..................................................................... 2325
Funko, Inc. ............................................................................................ 2208
GoodRx Holdings ................................................................................. 2460
Impinj, Inc. ............................................................................................ 2472
Kirkland Lake Gold .................................................................................. 544
NextEra Energy Partners, LP ............................................................... 2277
Q2 Holdings ........................................................................................... 532
Rapid7, Inc. ........................................................................................... 2232
SmileDirectClub ................................................................................... 2493
SSR Mining Inc. .................................................................................... 2412
Stride, Inc. ...............................................................................................519
UiPath Inc. ............................................................................................ 2193
Utz Brands, Inc. .................................................................................... 2388
Willscot Mobil Mini .................................................................................613
ZipRecruiter, Inc. .................................................................................. 2256
© 2022 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind.
the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber’s own, non-commercial, internal use. No part of it may
be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.
FEATURED SCREENS PAGE
Growth at a Reasonable Price (CDK Global Inc.) ................................. 2266
Growth Stocks with Good Long-Term Potential
(Mercury Systems, Inc.) .............................................................. 566
Stocks with High Projected Earnings and Cash Flow (Chegg, Inc.) .... 2434
SCREENS PAGE
30 Largest Market Capitalizations............................ 2085, 2242, 2398, 530
Growth Stocks with Low Risk................................ 2037, 2063, 2088, 2109,
2146, 2171, 2194, 2229, 2289, 2315, 2338, 2363,
2387, 2422, 2471, 2495, 496, 520, 577
Income Stocks with Worthwhile Total Return Potential ...................... 2026,
2086, 2111, 2136, 2158, 2206, 2231, 2278, 2314, 2350,
2375,2410, 2458, 2494, 505, 565, 614
Low-Risk Stocks with High Return on Equity.........2025, 2050, 2076, 2087,
2110, 2160, 2181, 2217, 2265, 2292, 2303, 2327, 2339,
2351, 2374, 2411, 2448, 2482, 494, 542, 591
Low Risk Stocks with Worthwhile Total Return .....2038, 2046, 2100, 2118,
2148, 2166, 2183, 2196, 2218, 2244, 2316, 2362,
2399, 2433, 2481, 495, 531, 580
Stocks for Dividend Growth with Low Risk.............................. 2039, 2061,
2099, 2123, 2147, 2170, 2195, 2219, 2243, 2302, 2337,
2364, 2386, 2423, 2470, 482, 507, 543, 590
Stocks for Long-Term Gains......................... 2027, 2040, 2051, 2062, 2098,
2133, 2159, 2182, 2207, 2230, 2279, 2304, 2326, 2352, 2373, 2421,
2445, 2459, 2483, 483, 506, 553, 615
OTHER TABLES PAGE
Changes in Financial Strength Ratings.................................See each Issue
Equity Funds Average Performance........................2064, 2112, 2172, 2220,
2268, 2328, 2376, 2424, 2484, 508, 556, 616
Fixed-Income Funds Average Performance............2064, 2112, 2172, 2220,
2268, 2328, 2376, 2424, 2484, 508, 556, 616
Major Insider Transactions.....................................................See each Issue
Market Monitor.....................................................................See each Issue
Selection & Opinion Index...................................... 2028, 2184, 2340, 2496
Value Line Asset Allocation Model .......................................See each Issue
Value Line Averages .............................................................See each Issue
To subscribe call 1-800-VALUELINE
F e b r u ary 1 1 , 2 0 2 2 Value Line Selection & Opinion 2029

Selected Yields
Recent 3 Months Ago Year Ago Recent 3 Months Ago Year Ago
Taxable (1/31/22) (11/1/21) (2/1/21) Taxable (1/31/22) (11/1/21) (2/1/21)
Market Rates Corporate Bonds
Discount Rate 0.25 0.25 0.25 Financial (10-year) A 2.76 2.35 1.82
Federal Funds 0.00-0.25 0.00-0.25 0.00-0.25 Industrial (25/30-year) A 3.21 2.87 2.76
Prime Rate 3.25 3.25 3.25 Utility (25/30-year) A 3.40 3.00 2.90
30-day CP (A1/P1) 0.06 0.08 0.07 Utility (25/30-year) Baa/BBB 3.65 3.24 3.20
3-month LIBOR 0.31 0.14 0.20 S&P 500 High Yield Corp. Bond Index 4.38 3.55 3.57
U.S. Treasury Securities Foreign Bonds (10-Year)
3-month 0.22 0.05 0.07 Canada 1.77 1.75 0.89
6-month 0.49 0.06 0.08 Germany 0.01 -0.10 -0.55
1-year 0.78 0.15 0.08 Japan 0.17 0.10 0.06
5-year 1.62 1.20 0.45 United Kingdom 1.31 1.06 0.32
10-year 1.79 1.58 1.12 Mortgage-Backed Securities
10-year (inflation-protected) -0.65 -0.92 -1.02 GNMA 5.5% 3.84 2.72 2.33
30-year 2.11 1.98 1.87 FHLMC 5.5% (Gold) 3.31 1.92 1.84
30-year Zero 2.10 1.97 1.93 FNMA 5.5% 3.26 2.34 1.98
Common Stocks Preferred Stock
VL Stocks (Median) 1.90 1.80 2.00 Utility A 5.49 5.23 5.16
DJ Industrials (12-mo. est.) 1.90 1.80 2.00 Financial BBB 5.64 5.40 5.48
VL Utilities 303.40
Year 3.50 3.80 Financial Adjustable A N/A N/A N/A

Tax-exempt
Bond Buyer Indexes
Treasury Security Yield Curve 20-Bond Index (GOs)
25-Bond Index (Revs)
2.33
2.24
2.25
2.61
2.14
2.51
6.00% General Obligation Bonds (GOs)
C urrent 1-year AAA 0.66 0.17 0.08
5.00% Y ear-A go 1-year A 0.99 0.40 0.46
5-year AAA 1.21 0.61 0.19
4.00% 5-year A 1.63 0.89 0.61
10-year AAA 1.54 1.21 0.69
10-year A 1.96 1.54 1.12
3.00%
25/30-year AAA 1.88 1.66 1.35
25/30-year A 2.29 2.09 1.80
2.00%
Revenue Bonds (Revs) (15 Years)
Education AA 1.87 1.58 1.19
1.00% Electric AA 1.83 1.61 1.07
Water/Sewer AA 1.82 1.56 1.07
0.00% Hospital AA 2.00 1.67 1.26
3 6 1 2 3 5 10 30 Toll Road AA 2.00 1.68 1.36
M os. Years
Source: Bloomberg Finance L.P.

Federal Reserve Data

Bank Reserves (One-Month Period; in Billions, Not Seasonally Adjusted)
Recent Levels Average Level Over the Last...
12/21 11/21 Change 3 Mos. 6 Mos. 12 Mos.
Total Reserves 4188.0 4180.6 7.4 4165.6 4129.0 3883.6
Borrowed Reserves 38.1 45.3 -7.2 46.0 62.5 64.5
Non-Borrowed Reserves 4149.9 4135.3 14.6 4119.6 4066.5 3819.0

Money Supply (One-Month Period; in Billions, Seasonally Adjusted)

Recent Levels Growth Rates Over the Last...
12/21 11/21 Change 3 Mos. 6 Mos.
M1 (Currency+demand deposits+other
20553.1 20345.4 207.7 3.4% 6.7%
liquid assets)
M2 (M1+small time deposits+retail 21638.1 21437.0 201.1 3.1% 5.9%
money markets)
Source: United States Federal Reserve Bank
© 2022 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind.
the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber’s own, non-commercial, internal use. No part of it may
be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.
To subscribe call 1-800-VALUELINE
2030 Value Line Selection & Opinion F e b r u ary 1 1 , 2 0 2 2

Tracking the Economy

Gross Domestic Product Disposable Personal Income

R ealA nnualized PercentC hange -2009 C hain-W eighted D ollars (A nnualized PercentC hange - C urrentD ollars)
40 35%

30 30%

20 25%

10 20%

0 15%

-10 10%

-20 5%

-30 0%

-40 -5%
201 6 201 7 201 8 201 9 20 20 2 021 202 2 201 6 2 017 201 8 2 019 20 20 20 21 2 022
Source:U .
S.D ept
.ofC om m erce B ureau ofEconom i
c A nalysi
s

Consumer Confidence ISM - Manufacturing Index

Index:1985 = 100 (Seasonally A djusted) (Seasonally A djusted)
18 0 70

15 0

60
12 0

90
50

60

40
30 20 1 6 2 01 7 2 01 8 2019 2020 20 2 1 2 0 22
2016 2017 2018 2019 2020 2021 2022
Source:C onference B oard Source:Institute forSupply M anagem ent

Major Insider Transactions†

Purchases
Latest
Full-Page Report Company Insider, Title Date Shares Traded Shares Held Price Range Recent Price
2541 Brown & Brown H.P. Proctor Jr., Dir. 1/27/2022 4,000 39,431 $61.53 66.28
585 CalAmp Corp. J.R. Gardner, Pres. 1/24/2022 24,000 258,251 $5.35 5.94
585 CalAmp Corp. K.J. Binder, CFO 1/24/2022 13,500 177,718 $5.38 5.94
1192 Kimberly-Clark T. Maclin, Dir. 1/27/2022 2,000 2,000 $136.01 137.65
219 Neogen Corp. D.E. Jones, Officer 1/25/2022 1,400 2,360 $35.78 36.47
141 NextEra Energy N.K. Gursahaney, Dir. 1/27/2022 2,000 35,670 $73.62 78.12
932 Verizon Communic. H.E. Vestberg, Chair. 1/26/2022 19,000 149,764 $52.55 53.23

sales
Latest
Full-Page Report Company Insider, Title Date Shares Traded Shares Held Price Range Recent Price
1638 AMN Healthcare S.R. Salka, Dir. 1/24/2022 15,403 4,441 $92.49-$96.15 101.34
2139 Costco Wholesale R.M. Vachris, Officer 1/27/2022 3,318 14,631 $492.45 505.13
1793 Interactive Brokers T. Peterffy, Chair. 1/20/22-1/27/22 120,000 4,107,511 $64.78-$74.36 68.19
1974 Keurig Dr Pepper H.D. Hopkins, Pres. 1/25/2022 92,166 341,776 $37.65 37.95
834 Moderna, Inc. S. Bancel, Dir. 1/26/2022 9,000 5,740,535 $158.00 169.33
160 PACCAR Inc. A.J. Carnwath, Dir. 1/28/2022 29,233 0 $92.13 92.99
2527 State Street Corp. A. Erickson, Officer 1/24/2022 16,000 111,864 $89.00 94.50

* Beneficial owner of more than 10% of common stock

† Includes only large transactions in U.S.-traded stocks; excludes shares held in the form of limited partnerships, excludes options & family trusts

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the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber’s own, non-commercial, internal use. No part of it may
be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.
To subscribe call 1-800-VALUELINE
 F e b r u ary 1 1 , 2 0 2 2 Value Line Selection & Opinion 2031

Market Monitor

Last market top Last market bottom

Valuations and Yields 2/1 1/25 13-week range 50-week range (1-3-2022) (3-23-2020)
Median price-earnings ratio of VL stocks 17.7 18.4 17.7 - 19.3 17.7 - 22.3 19.3 11.0
P/E (using 12-mo. est’d EPS) of DJ Industrials 18.6 18.0 18.0 - 19.5 18.0 - 24.4 19.5 14.1
Median dividend yield of VL stocks 1.9% 1.8% 1.7 - 1.9% 1.7 - 1.9% 1.7% 3.7%
Div’d yld. (12-mo. est.) of DJ Industrials 1.9% 2.0% 1.8 - 2.0% 1.8 - 2.0% 1.8% 3.0%
Prime Rate 3.3% 3.3% 3.3 - 3.3% 3.3 - 3.3% 3.3% 3.3%
Fed Funds 0.1% 0.1% 0.1 - 0.1% 0.1 - 0.1% 0.1% 0.2%
91-day T-bill rate 0.2% 0.2% 0.1 - 0.2% 0.0 - 0.2% 0.1% 0.0%
AAA Corporate bond yield 3.1% 3.0% 2.5 - 3.1% 2.4 - 3.1% 2.8% 3.6%
30-year Treasury bond yield 2.1% 2.1% 1.8 - 2.1% 1.8 - 2.4% 2.0% 1.3%
Bond yield minus average earnings yield -2.6% -2.4% -2.9 - -2.3% -3.1 - -1.4% -2.4% -5.5%
Short interest/avg. daily volume (5 weeks)
Short interest/avg. daily volume (5 weeks) 11.7 12.7 10.1 - 14.3 8.6 - 14.8 11.7 9.0
CBOE put volume/call volume 1.03 1.08 .75 - 1.08 .67 - 1.41 .85 1.05

Value Line Asset Allocation Model (Based only on economic and financial factors) Industry Price Performance
Last Six Weeks Ending 1/31/2022
Current Inital
Common Stocks 70% 85% 7 Best Performing Industries
Oilfield Svcs/Equip +26.3%
Bonds* 15% 15%
Petroleum (Integrated) +21.5%
Cash 15% 0%
Petroleum (Producing) +20.6%
Pipeline MLPs +17.4%
*Investment-grade corporates and U.S. Treasury bonds Natural Gas (Div) +13.4%
Insurance (Life) +12.1%
8%
Interest Rates Oil/Gas Distribution +10.2%
7%
Previous 7 Worst Performing Industries
6%
Recent Week
Cannabis -17.4%
5% Prime Rate 3.3% 3.3%
4%
Investment Co.(Foreign) -11.4%
30-Yr. Treasury 2.1% 2.1%
Cyber Security -10.3%
3% Fed Funds 0.1% 0.1%
2% Wireless Networking -10.3%
1% Prime Rate Information Services -9.7%
0% 30-Yr. Treasury Water Utility -9.3%
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Power -9.1%
Fed Funds

180 The corresponding change in the Value Line

Index: 12/30/1988 = 100 Arithmetic Average* is -0.3%
Value Line Universe
Previous
165 Recent Week
Advances 898 146
155 Declines 755 1513
Issues Covered 1659 1659
Market Value
52.165 51.553
140 ($ Trillion)
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Changes in Financial
Strength Ratings
1200
VALUE LINE UNIVERSE No Changes This Week
1000
Previous
800 Recent Week
New Highs 57 8
600
New Lows 123 174
400 New Highs

200 New Lows

0
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
© 2022 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind.
the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber’s own, non-commercial, internal use. No part of it may
be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.
To subscribe call 1-800-VALUELINE
2032 Value Line Selection & Opinion F e b r u ary 1 1 , 2 0 2 2

Stock Market Averages

Value Line Estimated P/E, Yield, Appreciation Potential versus Dow Jones Industrials
(January 2, 2006–January 31, 2022)
50 000
32 000
18 000

6 600
Dow Jones Industrials
(R ight Scale) 4 200
Estimated Appreciation Potential 240 0
20 0 (LeftScale) 180 0
10 0
60
40 Estimated P/E
(LeftScale)
20
10
6 Estimated Yield
4 (LeftScale)

2
1
2006 2008 2010 2012 2014 2016 2018 2020 2022

THE VALUE LINE GEOMETRIC AVERAGES THE DOW JONES AVERAGES

Arithmetic*
Composite Industrials Rails Utilities Composite Composite Industrials Transportation Utilities
1636 stocks 1567 stocks 9 stocks 60 stocks 1636 stocks 65 stocks 30 stocks 20 stocks 15 stocks
1/26/2022 615.63 462.72 15436.16 394.18 9130.30 11436.88 34168.09 15028.61 922.87
1/27/2022 607.86 456.59 15307.64 395.56 9017.79 11401.59 34160.78 14809.93 930.25
1/28/2022 617.81 464.14 15459.34 400.67 9167.66 11581.05 34725.47 15048.62 941.03
1/31/2022 632.57 475.54 15535.27 404.40 9390.14 11732.45 35131.86 15282.83 954.18
2/1/2022 639.51 481.14 15700.40 400.68 9495.13 11836.03 35405.24 15610.48 942.61
% Change
-6.0% -6.1% -5.4% -2.3% -5.5% -4.2% -3.8% -5.8% -2.8%
last 4 weeks

WEEKLY VALUE LINE GEOMETRIC AVERAGES* (January 4, 2021–February 1, 2022)

800 1800 0

Rails
1720 0
Composite 1640 0
720 1560 0
1480 0
1400 0
1320 0
640
1240 0
11 6 0 0
1080 0
560 1000 0
920 0
840 0
480 760 0
680 0
600 0
400 520 0
Q1 2021 Q2 202 1 Q3 20 21 Q4 2021 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
5 00
59 0
Industrials Utilities
4 60
53 0

4 20

47 0
3 80

41 0
3 40

35 0 3 00
Q1 2 021 Q2 20 21 Q3 202 1 Q4 2021 Q1 202 2 Q1 20 2 1 Q2 2 02 1 Q3 20 2 1 Q4 20 2 1 Q1 2 02 2

Officers, directors, employees and affiliates of Value Line, Inc. (“VLI”), the parent company of Value Line Publishing LLC (“VLP”) and EULAV Asset Management (“EULAV”), may hold stocks that are reviewed or recommended in this publication. EULAV also manages investment com-
panies and other accounts that use the rankings and recommendations in this publication as part of their investment strategies. These accounts, as well as the officers, directors, employees and affiliates of VLI, may dispose of a security notwithstanding the fact that The Value Line
Investment Survey (the “Survey”) ranks the issuer favorably; conversely, such accounts or persons may purchase or hold a security that is poorly ranked by the Survey. Some of the investment companies managed by EULAV only hold securities with a specified minimum Timeliness
Rank by the Survey and dispose of those positions when the Timeliness Rank declines or is suspended. Subscribers to the Survey and its related publications as well as some institutional customers of VLP will have access to all updated Ranks in the Survey by 8:00 AM each Monday.
At the same time, portfolio managers for EULAV will receive reports providing Timeliness Ranking information. EULAV’s portfolio managers also may have access to publicly available information that may ultimately result in or influence a change in rankings or recommendations, such
as earnings releases, changes in market value or disclosure of corporate transactions. The investment companies or accounts may trade upon such information prior to a change in ranking. While the rankings in the Survey are intended to be predictive of future relative performance
of an issuer’s securities, the Survey is not intended to constitute a recommendation of any specific security. Any investment decision with respect to any issuer covered by the Survey should be made as part of a diversified portfolio of equity securities and in light of an investor’s
particular investment objectives and circumstances. Value Line, Value Line logo, The Value Line Investment Survey, Timeliness are trademarks of Value Line, Inc. *Value Line Arithmetic & Geometric Indices calculated by Thomson Reuters. Information supplied by Thomson Reuters.

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be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product.
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