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QUANTITATIVE STOCK REPORT | April 03, 2020 | NasdaqCM : NVEE

NV5 Global, Inc.Recommendation [as of April 02, 2020]: SELLRisk Evaluation: MODERATE Price: 37.07 (Apr 03, 2020 close) Trading Currency: USD Country: United States

GICS Sector: Industrials Sector Ranking: Marketweight SPGMI's Quality Ranking: NRGICS Industry: Construction & EngineeringBusiness Summary: NV5 Global, Inc. provides professional and technical engineering and consulting services to public and private sector clients in the infrastructure,energy, construction, real estate, and environmental markets in the United States and internationally. It operates through two segments, Infrastructure, and contd...

[as of April 02, 2020]Quantitative Model Drivers

Recommendation: SELL

Valuation

Quality

Growth

FinancialHealth

StreetSentiment

PriceMomentum

Neutral

Negat ive

Negat ive

Neutral

Neutral

Negat ive

Price Performance

Risk Evaluation : MODERATEAsset/Market Size Risk Moderate

Financial Leverage Risk Moderate

Price Volatility Risk High

Liquidity Risk Moderate

Relative Strength vs

Index

As Reported Earnings vsPrevious Year

40-Week Mov. Avg. Up Down No Change

Volume Quantitative Ranking

Below Avg. Above Avg.

Quantitative Rankings: SB = Strong Buy, H = Hold, SS = Strong SellPast performance is not an indication of future performance and should not be relied upon as such.Source: CFRA, S&P Global Market Intelligence (SPGMI)

Total Return[%CAGR] YTD 1Yr 3Yr 5Yr

NasdaqCM:NVEE -69.4 -39.2 .4 18.6

Peer Average -52.6 -13.6 -5.3 -2.3

S&P 500 -60.7 -10.3 4.4 6.3

Model Ranking Commentary

NasdaqCM: NVEE's SELL recommendation is based on its score from CFRA's quantitative model for the United States.

Growth and Quality model sub-categories are the two largest drivers of NasdaqCM: NVEE's SELL recommendation.

Growth includes factors that measure EPS growth and stability and cash flow growth and stability.

Quality includes factors that consider profitability, cash flow generation, operating efficiency, and earnings quality.

NasdaqCM: NVEE's overall score ranked in the 83rd percentile of all stocks in the model universe (1 = best and 100 = worst).

Dividend Data Currency: USD

5Yr Low 5Yr Hi

Indicated Rate/Share

Yield [%] Nil

Payout Ratio[%]

NM NM NM

Payment Details-No Dividend Data Available

Key StatisticsMarket Cap (Mln of USD) 478.0

52-Wk Range (USD) 27.00 - 85.60

Value of USD 10K Invested 5 Yrs ago 23,418

Beta vs S&P 500 1.43

Common Shares Outstanding(Mln) 12.9

Average Daily Volume (Mln) 0.208

Insider Ownership(%) 18.29

Compound Annual Growth RatesRevenue - %CAGR 1Yr 3Yr 5Yr

Company 21.7 31.5 36.3

Peer Average 17.4 13.3 9.0

S&P 500 4.6 6.9 3.9

Operating EPS - %CAGR

Company -19.8 15.5 15.4

Peer Average -159.3 16.2 -1.4

S&P 500 4.0 13.4 6.2

5 year P/E Ratio Comparisons [forward 12-month Diluted EPS estimates]

CurrentNasdaqCM:NVEE 8

Peer Average 10.2

S&P 500 14.7

5-Year AverageNasdaqCM:NVEE 16.5

Peer Average 17.4

S&P 500 17.4

Source: CFRA, S&P Global Market Intelligence (SPGMI)This document is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and theparticular needs of any specific person who may receive this report. Refer to important disclosures at the end of this report.

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Key Profitability Ratios2015 2016 2017 2018 2019 LTM

% OperatingMargin

9.1 8.8 8.1 8.9 6.4 6.4

Peer Average 5.4 4.6 3.7 4.8 5.0 4.5

% Net Margin 5.5 5.2 7.2 6.4 4.7 4.7

Peer Average 3.2 3.0 2.6 3.6 3.0 2.0

% Return onCapital

13.1 9.1 7.9 7.6 3.6 3.6

Peer Average 8.0 6.8 5.5 5.8 5.8 4.6

% Cash Flow toSales

3.9 6.8 5.3 8.4 7.8 NA

Peer Average 4.8 5.7 6.1 1.5 3.6 NA

Key Valuation Ratios

EPS Per Share and Revenues [Millions USD, except per share]Fiscal year ends Dec 28EPS Quarterly - Actual & Estimated Q1'19 Q2'19 Q3'19 Q4'19 Q1'20E

%Yr.-Yr.Chg.

28.8 9.9 -4.9 -29.7 17.5

%Surprise

11.8 10.7 -23.5 -11.1 -

No. ofAnalysts

3 3 4 4 3

EPS Annual - Actual & Estimated 2017 2018 2019 2020E 2021E%Yr.-Yr.Chg.

82.8 4.5 -18.5 114.2 13.3

No. ofAnalysts

4 4 4 4 3

Revenues Quarterly - Actual & Estimated Q1'19 Q2'19 Q3'19 Q4'19 Q1'20E%Yr.-Yr.Chg.

24.1 23 25.8 15 36.7

No. ofAnalysts

3 3 4 4 4

Revenues Annual - Actual & Estimated 2017 2018 2019 2020E 2021E%Yr.-Yr.Chg.

48.7 25.5 21.7 34.8 5.4

No. ofAnalysts

5 3 4 4 3

Source: S&P Global Market Intelligence Note: EPS & Revenues in graphs above may represent analyst-adjusted actuals and estimates and therefore may not match numbers in the

financial data presentation below.

Income Statement, Cash Flow and Balance Sheet Data (Millions USD, except per share) Fiscal Year Ending: Dec. 28 .

2012 2013 2014 2015 2016 2017 2018 2019

Revenue 61 68 108 155 224 333 418 509

Operating Income 2.4 3.9 8.6 14.1 19.8 27.1 37.4 32.5

Net Income 1.3 2.8 4.9 8.5 11.6 24.0 26.9 23.8

Operating Cash Flow 1.5 3.4 1.4 6.0 15.2 17.6 35.0 39.9

Capital Expenditures 0.554 0.533 0.825 0.601 0.985 2.239 2.203 2.625

Earnings Per Share 0.52 0.70 0.87 1.18 1.22 2.23 2.33 1.90

Dividends Per Share NA NA NA NA NA NA NA NA

Dividend Payout Ratio Nil Nil Nil Nil Nil Nil Nil Nil

Free Cash Flow Per Share 0.40 0.73 0.11 0.74 1.49 1.43 2.85 2.98

Cash and Short Term Investments 2.3 13.9 6.9 23.5 35.7 18.8 40.7 31.8

Long Term Debt 5.47 3.44 3.94 6.36 21.63 57.43 27.75 331.17

Total Debt 9.8 5.8 7.2 10.7 32.4 68.6 47.0 405.9

Common Equity 11 29 36 81 148 180 318 356

Note: Data may be restated; before results of discontinued operations/special items. Per share data adjusted for stock dividends as of ex-dividend date.

NA = Not Available. NM = Not Meaningful.

Source: S&P Global Market Intelligence (SPGMI)

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Peer Group Comparison

Peer Group Stock SymbolStk.Mkt.Cap

(Mln USD) Beta

RecentStock

Price[USD]52 Week

Low/High[USD]DividendYield[%] Fwrd P/E

P/BRatio Ranking 1

Return OnRevenue[%]

Return OnEquity[%]

LTD toCap[%]

NV5 Global, Inc. NasdaqCM:NVEE 477.97 1.43 37.07 29.14/85.34 Nil 9.1 1.3 Sell 4.7 7.1 48.2

AECOM NYSE:ACM 4,154.33 1.74 26.19 23.82/51.92 Nil 11.9 1.1 Buy -0.9 -6.8 49.8

CTI EngineeringCo., Ltd.

TSE:9621 199.10 NA 14.08 11.86/23.12 Nil NA 0.0 NA 4.6 9.6 3.8

East ChinaEngineeringScience andTechnology Co.,Ltd.

SZSE:002140 493.01 NA 0.9 0.82/1.51 Nil 1.4 0.2 NA 4.0 8.2 19.7

Fluor Corporation NYSE:FLR 838.24 2.43 5.98 3.4/41.56 6.7 NM 0.5 -6.8 -55.1 50.9

JacobsEngineeringGroup Inc.

NYSE:J 10,506.97 1.1 78.97 63.01/103.86 1 14.5 1.7 3.3 6.9 25.6

Mitsubishi KakokiKaisha, Ltd.

TSE:6331 104.06 NA 13.71 12.94/19.03 Nil NA 0.0 NA 4.0 7.6 8.8

Tetra Tech, Inc. NasdaqGS:TTEK 3,931.77 0.97 71.9 59.77/98.26 .8 21.4 3.8 6.7 16.6 30.6

Willdan Group,Inc.

NasdaqGM:WLDN 216.01 1.36 18.71 18.63/40.24 Nil 7.2 1.3 Sell 1.1 3.1 42.0

Quantitative Rankings : Strong Buy , Buy , Hold , Sell , Strong Sell ; Qualitative Rankings(STARS) : 5 = Strong Buy , 4 = Buy , 3 = Hold , 2 = Sell , 1 = Strong Sell1

Rankings are not predictive of future performance. For full definitions of Rankings, see the glossary section of this report.

Note: Peer Group selection is performed using CFRA's proprietary peer ranking system. Peers are selected based on factors such as similarity of analyst coverage, industry, size, and region. The subjectcompany is ranked against a universe of companies ( the "Universe") which has been compiled by CFRA and consists of a list of companies with similar characteristics, but may not include all the companieswithin the same industry and/or that engage in the same line of business. The subject company and some of the companies in the Peer Group may be ranked by two different ranking systems. For the purposeof the overall ranking/recommendation, the subject company is ranked against all the companies in the Universe and not necessarily against the companies listed in the Peer Group.

Wall Street Consensus Estimates

Estimates 2019 2020 2021

Fiscal Years Avg Est. High Est Low Est. # of Est. Est. P/E2021 4.61 5.20 4.29 3 8.02020 4.07 4.50 3.50 4 9.12021 vs. 2020 13% 16% 23% -25% -12%

Source: S&P Global Market Intelligence (SPGMI)

Forecasts are not reliable indicator of future performance.Note: A company's earnings outlook plays a major part in any investment decision. S&P Global Market Intelligence organizes theearnings estimates of over 2,300 Wall Street analysts, and provides their consensus of earnings over the next two years, as wellas how those earnings estimates have changed over time. Note that the information provided in relation to consensusestimates is not intended to predict actual results and should not be taken as a reliable indicator of future performance.

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Business SummaryNV5 Global, Inc. provides professional and technical engineering and consulting services to public and private sectorclients in the infrastructure, energy, construction, real estate, and environmental markets in the United States andinternationally. It operates through two segments, Infrastructure, and Building, Technology & Sciences. Thecompany offers site selection and planning, design, water resources, transportation, structural engineering, landdevelopment, surveying, power delivery, building code compliance, and other services; and construction materialstesting and engineering, geotechnical engineering and consulting, and forensic consulting services. It also providesgovernmental outsourcing and consulting, and technical outsourcing services; and geospatial data analytic andmapping services. In addition, the company offers mechanical, electrical, and plumbing design; commissioning;energy performance, management, and optimization; building program management; acoustical design consulting;and audiovisual-security and surveillance-information technology-data center services, as well as energy services.Further, it provides various services, such as investigating and analyzing environmental conditions, andrecommending corrective measures and procedures; occupational health and safety services; hydrogeologicalmodeling and environmental programs; water resource planning, monitoring, and environmental management ofwastewater facilities; solid waste landfill investigations; permitting and compliance; storm water pollution;environmental impact statement support; agricultural waste management and permitting; and wetland evaluations.The company was formerly known as NV5 Holdings, Inc. and changed its name to NV5 Global, Inc. in December 2015.NV5 Global, Inc. was founded in 1949 and is headquartered in Hollywood, Florida.

Key DevelopmentsMar-16-2020 Company Conference

PresentationsNV5 Global, Inc. Presents at 32nd Annual ROTH Conference, Mar-16-202002:00 PM

Feb-26-2020 Earnings Calls NV5 Global, Inc., Q4 2019 Earnings Call, Feb 26, 2020

Feb-26-2020 Earnings Release Date NV5 Global, Inc. to Report Q4, 2019 Results on Feb 26, 2020

Feb-26-2020 Announcements ofEarnings

Nv5 Global, Inc. Reports Earnings Results for the Fourth Quarter EndedDecember 28, 2019

Jan-07-2020 Corporate Guidance -Raised

NV5 Revises Revenue Guidance for the Full Year 2020

Jan-07-2020 M&A Calls Geospatial Corporation, NV5 Global, Inc., Quantum Spatial, Inc. - M&A Call

Dec-20-2019 M&A TransactionClosings

NV5 Global, Inc. (NasdaqCM:NVEE) completed the acquisition of QuantumSpatial, Inc. from Arlington Capital Partners III, L.P., a fund managed byArlington Management Employees, LLC and others for approximately $320million.

Nov-13-2019 Company ConferencePresentations

NV5 Global, Inc. Presents at ROTH New Industrials & Technology Day,Nov-13-2019

Nov-10-2019 M&A TransactionClosings

NV5 Global, Inc. (NasdaqCM:NVEE) acquired Forensics Engineering Businessfrom GHD Group Pty Ltd for $8,300.

Nov-07-2019 Earnings Release Date NV5 Global, Inc. to Report Q3, 2019 Results on Nov 07, 2019

Nov-07-2019 Announcements ofEarnings

Nv5 Global, Inc. Reports Earnings Results for the Third Quarter EndedSeptember 28, 2019

Nov-07-2019 Earnings Calls NV5 Global, Inc., Q3 2019 Earnings Call, Nov 07, 2019

Nov-07-2019 M&A TransactionAnnouncements

NV5 Global, Inc. (NasdaqCM:NVEE) entered into an agreement to acquireQuantum Spatial, Inc. from Arlington Capital Partners III, L.P., a fund managedby Arlington Management Employees, LLC and others for approximately $300million.

Sep-19-2019 Company ConferencePresentations

NV5 Global, Inc. Presents at D.A. Davidson 18th Annual Diversified Industrials& Services Conference, Sep-19-2019 02:30 PM

Sep-12-2019 Company ConferencePresentations

NV5 Global, Inc. Presents at Lake Street Capital Markets 3rd Annual BestIdeas Growth Conference, Sep-12-2019

Aug-08-2019 Company ConferencePresentations

NV5 Global, Inc. Presents at Jefferies Global Industrials Conference,Aug-08-2019 09:10 AM

Aug-07-2019 Earnings Release Date NV5 Global, Inc. to Report Q2, 2019 Results on Aug 07, 2019

Corporate InformationInvestor ContactJ. Cochran ( 954 495 2112 )

Office200 South Park RoadSuite 350HollywoodFlorida33021United StatesHollywood , Florida 33021United States

Telephone954 495 2112

Web Sitewww.nv5.com

Key OfficersChief Executive for Southern California InfrastructureDivisionC. KasnerPresident, COO & DirectorA. A. HockmanChairman & CEOD. WrightExecutive VP & General CounselR. TongExecutive VP of International OperationsI. JarmanExecutive VP, Chief Administrative Officer, Secretary &DirectorM. J. OâBrienExecutive Vice PresidentD. C. AlfordVice President of Marketing & Investor RelationsJ. CochranChief Synergy OfficerS. KvandalChief Operating Officer of Infrastructure - WestT. GeorgeChief Financial OfficerE. H. CodispotiExecutive Vice President of the Building TechnologiesGroupM. JohnsonStrategic Communications DirectorL. A. WrightCBO, Senior Vice President & Director of ENERGY 2021K. Wedman

Board MembersA. A. Hockman, D. Wright, F. Tardan, G. J. Salontai, L. C.Conner, M. J. OâBrien, W. D. Pruitt

State of IncorporationDelaware

Employees3,214

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GlossaryQuantitative Model Overall Recommendation anddrivers of the recommendationCFRAs global quantitative stock reports provide a5-tier recommendation assigning a Strong Buy, Buy,Hold, Sell, or Strong Sell recommendation based on aseries of quantitative inputs from four separateregional models:

United States

Canada

Developed Europe

Developed Asia excluding Japan

Each of these regional models is based on between 25and 40 different investment factors (financial ratios),selected from S&P Global Market Intelligence's AlphaFactor Library.

To provide its recommendation, CFRA ranks a universeof common stocks based on 5 measures or modelcategories: Valuation, Quality, Growth, StreetSentiment, and Price Momentum. In the U.S., a sixthsub-category for Financial Health will also bedisplayed.

Within these categories, factors are chosen based ontheir historical predictive strength (alpha) within theregion and their correlation with other factors. Eachregional model contains two separate sub-models; onethat uses factors specific to financial companies andone that focuses on non-financial companies. Due tothe large number of banks in the U.S., the U.S. modelalso has a third sub-model specifically for banks.

Each company within a region is grouped with auniverse of stocks and receives a score on each of thefive (or six in the U.S.) model categories. Percentilescores are used to compare each company to all othercompanies in the same universe for each modelcategory. The five (six) model category scores are thenweighted and rolled up into a single percentile rankingfor that company. Rankings are then assignedinvestment labels, as follows:

Strong Buy: top 10% by model scoreBuy: next 20%Hold: next 40%Sell: next 20%Strong Sell: bottom 10%

Risk EvaluationRisk Evaluation is a relative ranking, which representsan assessment of the risk of investing in a company'sstock relative to the risk of investing in othercompanies' stocks in the same universe. To performthis assessment the following risk categories areevaluated:

Asset/Market Size RiskFinancial Leverage RiskPrice Volatility RiskLiquidity Risk

Each company's stock is percentile ranked from 1 to100 against the other companies within the universeon each of the four risk categories mentioned above,with 1 being low risk and 100 being

high risk. The overall risk evaluation represents thecombined scores on these Risk categories, calculatedas an equal-weighted average of percentile ranks ofthe 4 risk categories. The highest 40% of companies ineach universe receive a high risk ranking, the next 35%receive a moderate risk ranking and, the lowest 25%receive a low risk ranking.

All investments carry some sort of risk and a low riskranking represents a relative ranking of CFRA'sassessment of the risk of investing in a company'sstock versus the risk of investing in other companiesthat are part of that company's universe. Therefore, alow risk ranking should not be interpreted as anabsolute risk evaluation, but as a relative measurementof the risk of investing in a company's stock.

Sector RankingCFRA's Investment Policy Committee (IPC) consists ofa team of five seasoned investment professionals. Itmeets weekly to discuss market trends andprojections, maintain an S&P 500 12-month forwardprice target, and make asset allocation/sectorrecommendations. The IPC establishes over, market,and underweight recommendations on the 10 sectorswithin the S&P 500. Overweight and underweightrecommendations imply that the group expects thesesectors to outperform or underperform the S&P 500during the coming six-to-12 month period,respectively. A "marketweight" recommendationindicates that the sector is expected to be a marketperformer during this same timeframe. The IPCanalyses economic projections, fundamental forecasts,technical considerations, and historical precedentwhen making such recommendations. Changes inrecommendations can be made more frequently thanevery six-12 months as market conditions evolve.Sector rankings will only be made available for sectorsin the S&P 500. If a ranking is not available, the valuewill be N/A.

Qualitative STARS Ranking system and definition: 5-STARS (Strong Buy):

Total return is expected to outperform the total returnof a relevant benchmark, by a wide margin over thecoming 12 months, with shares rising in price on anabsolute basis.

4-STARS (Buy):Total return is expected to outperform the total returnof a relevant benchmark over the coming 12 months,with shares rising in price on an absolute basis.

3-STARS (Hold):Total return is expected to closely approximate thetotal return of a relevant benchmark over the coming12 months, with shares generally rising in price on anabsolute basis.

2-STARS (Sell):Total return is expected to underperform the totalreturn of a relevant benchmark over the coming 12months, and the share price not anticipated to show again.

1-STAR (Strong Sell):Total return is expected to underperform the totalreturn of a relevant benchmark by a wide margin overthe coming 12 months, with shares falling in price onan absolute basis.

S&P Global Market Intelligence's Quality Ranking(also known as S&P Global Market Intelligence'sEarnings & Dividend Rankings)- Growth and stability ofearnings and dividends are deemed key elements inestablishing S&P Global Market Intelligence's earningsand dividend rankings for common stocks, which aredesigned to capsulize the nature of this record in asingle symbol. It should be noted, however, that theprocess also takes into consideration certainadjustments and modifications deemed desirable inestablishing such rankings. The final score for eachstock is measured against a scoring matrix determinedby analysis of the scores of a large and representativesample of stocks. The range of scores in the array ofthis sample has been aligned with the following ladderof rankings:A+ Highest B Below AverageA High B- LowerA- Above Average C LowestB+ Average D In ReorganizationNR Not Ranked

S&P Capital IQ Consensus EstimatesS&P Capital IQ Consensus Estimates represent theaggregation of individual estimates provided byanalysts that are covering a public company. Aconsensus number can be provided as either the meanor the median. The size of the company and theamount of analyst coverage will determine the size ofthe group from which the Consensus is derived. All ofthe available analysts' estimates may not necessarilybe included in the Consensus. The Consensus will onlyinclude analysts' estimates that are based on the samemethodology. Consensus Mean: The mathematicalaverage of the detailed estimates after the appropriateexclusions have been applied. Consensus Median: Thisrepresents the midpoint of the range of estimates thatare ranked from highest to lowest after the appropriateexclusions have been applied. If the number ofestimates is even, then the average of the middle twofigures is the median.

Global Industry Classification Standard (GICS)An industry classification standard, developed byStandard and Poor's in collaboration with MorganStanley Capital International (MSCI). Under the GICSstructure, companies are classified in one of 154sub-industries, which are grouped into 68 industries,24 industry groups, and 10 economic sectors(consumer discretionary, consumer staples, energy,financials, health care, industrials, informationtechnology, materials, telecom services, and utilities).This four-tier structure accommodates companiesacross the world and facilitates sector analysis andinvesting.

GlossaryPeer GroupA subset of a universe that groups companies byspecific criteria, such as industry/across industry, linesof business, geography (local, regional, national, andinternational), size of business (e. g. in terms ofrevenue), performance criteria, etc.

UniverseA set of companies that shares a common featuresuch as the same market capitalization, industry orindex.

BetaBeta is a measurement of the sensitivity of acompany's stock price to the overall fluctuation of agiven benchmark index. The beta values used in thisreport are levered, unadjusted and derived from a leastsquares regression analysis using stock andbenchmark index returns based on a monthlyfrequency. Beta is calculated using 60 monthly returns(each as of month end) but if the company's tradinghistory is too short to provide such a sample, fewerthan 60 but not fewer than 24 monthly returns areused to run the regression. Beta in this report uses fivedifferent benchmark indices to better estimate astock's volatility against a respective market: the S&P500 for all US stocks, the S&P/TSX index for allCanadian stocks, the S&P Europe 350 for all Europeanstocks, the S&P/ASX 200 index for all Australianstocks, and the S&P Global 1200 for all otherinternational stocks.

Free Cash Flow (FCF)Operating Cash Flow minus Capital Expenditures overthe past 12 months

Funds from Operations (FFO)Funds from Operations (FFO) represents a REIT's netincome, excluding gains or losses from sales ofproperty, plus real estate depreciation.

Not Meaningful (NM)Value is available but it is not meaningful. Examples arecertain negative ratios such as P/E, as well as certainratios that are over +/- 100%

Not Available (NA)Value is not available for this data item

Return on CapitalEBIT / (Total Equity + Total Debt + Deferred Tax LiabilityNon Current + Deferred Tax Liability Current) Notes:(1) If the denominator is less than or equal to zero thenthe ratio will be shown as NM(2) If the return is less than (300%) then the value willbe shown as NM

Return on EquityEarnings From Continuing Operations / ((TotalEquity(t) + Total Equity (t-1)) / 2) Notes:(1) If both periods of data (t and t-1) are not availablethen the ratio will be shown as NM(2) If the denominator is less than or equal to zero thenthe ratio will be shown as NM

Relative Strength vs IndexRelative Strength vs Index measures the stockperformance of the company verse all other stocks inthe benchmark index each week. Weekly readings areaccumulated to form the cumulative Relative Strengthline.

Relevant benchmarks:Region Country Index

US US S&P 500 Index

Canada Canada S&P/TSX Composite Index

Europe All S&P Europe 350 Index

Asia ex Japan Australia S&P/ASX 200 Index

Asia ex JapanAll exceptAustralia

S&P Global 1200

Abbreviations used in CFRA Equity Research ReportsCAGR Compound Annual Growth Rate

EBIT Earnings Before Interest and Taxes

EBITDAEarnings Before Interest Taxes Depreciation andAmortization

EPS Earnings Per Share

EV Enterprise Value

FCF Free Cash Flow

FFO Funds from Operations

LTD Long Term Debt

NM Not Meaningful (see definition above)

P/E Price/Earnings

Dividends on American Depository Receipts (ADRs)and American Depository Shares (ADSs) are net oftaxes (paid in the country of origin).

DisclosuresS&P GLOBAL is used under license. The owner of this trademarks is S&P Global Inc.or its affiliate, which are not affiliated with CFRA Research or the author of thiscontent.

Stocks are ranked in accordance with the following ranking methodologies:

STARS Stock Reports:Qualitative STARS recommendations are determined and assigned by equityanalysts. For reports containing STARS recommendations refer to the Glossarysection of the report for detailed methodology and the definition of STARS rankings.

Quantitative Stock Reports:Quantitative recommendations are determined by ranking a universe of commonstocks based on 5 measures or model categories: Valuation, Quality, Growth, StreetSentiment, and Price Momentum. In the U.S., a sixth sub-category for FinancialHealth will also be displayed. Percentile scores are used to compare each companyto all other companies in the same universe for each model category. The five (six)model category scores are then weighted and rolled up into a single percentileranking for that company. For reports containing quantitative recommendationsrefer to the Glossary section of the report for detailed methodology and thedefinition of Quantitative rankings.

STARS Stock Reports and Quantitative Stock Reports:The methodologies used in STARS Stock Reports and Quantitative Stock Reports(collectively, the "Research Reports") reflect different criteria, assumptions andanalytical methods and may have differing recommendations. The methodologiesand data used to generate the different types of Research Reports are believed bythe author and distributor reasonable and appropriate. Generally, CFRA does notgenerate reports with different ranking methodologies for the same issuer.However, in the event that different methodologies or data are used on the analysisof an issuer, the methodologies may lead to different views or recommendations onthe issuer, which may at times result in contradicting assessments of an issuer.CFRA reserves the right to alter, replace or vary models, methodologies orassumptions from time to time and without notice to clients.

Analyst CertificationSTARS Stock Reports are prepared by the equity research analysts of CFRA itsaffiliates and subsidiaries. Quantitative Stock Reports are prepared by CFRA. All ofthe views expressed in STARS Stock Reports accurately reflect the researchanalyst's personal views regarding any and all of the subject securities or issuers;all of the views expressed in the Quantitative Stock Reports accurately reflect theoutput of CFRA's algorithms and programs. Analysts generally update STARS StockReports at least four times each year. Quantitative Stock Reports are generallyupdated weekly. No part of analyst, CFRA, CFRA affiliate, or CFRA subsidiarycompensation was, is, or will be directly or indirectly related to the specificrecommendations or views expressed in any Stock Report.

About CFRA Equity Research's Distributors:This Research Report is published and originally distributed by AccountingResearch & Analytics, LLC d/b/a CFRA ("CFRA US"), with the following exceptions: Inthe UK/EU/EEA, it is published and originally distributed by CFRA UK Limited, ("CFRAUK"), which is regulated by the Financial Conduct Authority (No. 775151), and inMalaysia by CFRA MY Sdn Bhd (Company No. 683377-A) (formerly known asStandard & Poor's Malaysia Sdn Bhd) ("CFRA Malaysia"), which is regulated bySecurities Commission Malaysia, (No. CMSL/A0181/2007) under license from CFRAUS. These parties and their subsidiaries maintain no responsibility for reportsredistributed by third parties such as brokers or financial advisors.

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Past performance is not necessarily indicative offuture results.This document may contain forward-lookingstatements or forecasts; such forecasts are not areliable indicator of future performance.

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