Sample - MarketScope Advisortrymsatoday.com/.../StandardandPoors/SampleStockReport.pdfments and tight overhead management, as high levels of marketing spending are maintained in 2017

Equity Analyst J. Agnese

GICS Sector Consumer Staples

Sub-Industry Household Products

Summary This manufacturer and marketer of a broad range of household, personal care and

specialty products -- under various brands such as Arm & Hammer, Oxiclean, Orajel, Trojan

and Spinbrush -- sells its products in the U.S. and certain foreign countries.

Key Stock Statistics (Source CFRA, S&P Global Market Intelligence, Vickers, company reports)

52-Wk Range $53.68– 42.56 Oper. EPS 2017E 1.89 Market Capitalization(B) $12.897 Beta 0.47

Trailing 12-Month EPS $1.75 Oper. EPS 2018E 2.04 Yield (%) 1.52 3-Yr. Proj. EPS CAGR(%) 10

Trailing 12-Month P/E 28.5 P/E on Oper. EPS 2017E 26.4 Dividend Rate/Share $0.76 S&P Quality Ranking A+

$10K Invested 5 Yrs Ago $22,078 Common Shares Outstg. (M) 258.6 Institutional Ownership (%) 80

Price Performance

M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J

2012 2013 2014 2015 2016 2017

43

45

2-for-1

DownUp No Change

Volume

12-Mo. Target Price Below Avg.Relative Strength

30-Week Mov. Avg. Above Avg. STARSGAAP Earnings vs. Previous Year10-Week Mov. Avg.

59

Sha

re P

rice

30

40

50

60

048

12

Vol

ume(

Mil.

)

5

1

Past performance is not an indication of future performance and should not be relied upon as such.

Analysis prepared by Equity Analyst J. Agnese on Mar 30, 2017 03:51 PM, when the stock traded at $50.05.

Highlights

➤ We project revenue growth of 2.4% in 2017 re-

flecting organic growth offset by net divesti-

tures. We estimate organic sales will grow

3.0% in 2017 on benefits from new product inno-

vation and increased marketing spending, de-

spite slowing category growth in the U.S.

(where CHD generates about 84% of total rev-

enues). We see organic sales growth driven by

higher volumes as we expect pricing to remain

pressured due to competitive promotions. On

recent increases in commodity milk prices, we

see growth improving in specialty product

sales.

➤ EBITDA margins will likely expand, in our view,

to about 24.2% in 2017, from 24.0% in 2016, on

improved sales leverage, productivity improve-

ments and tight overhead management, as high

levels of marketing spending are maintained in

2017 in support of core and new products, de-

spite adverse foreign currency exchange im-

pacts.

➤ After share repurchases, we see 2017 operat-

ing EPS of $1.89, up 6.8% from operating EPS of

$1.77 reported in 2016, excluding one-time items

from both periods.

Investment Rationale/Risk

➤ We think sales gains will be supported by new

product development, international expansion,

and added distribution. CHD can achieve cost

savings from acquisitions and more efficient

manufacturing and logistics, in our view. We

view CHD as a consolidator and view recent

acquisitions as supportive of future sales

growth and margin expansion. However, near-

term risks have risen with organic sales growth

dependent on the success of an increased mar-

keting budget and consumer adoption of new

product launches as competitive promotional

activity is intense.

➤ Risks to our recommendation and target price

include increased competitive activity, acquisi-

tion integration difficulties, negative foreign

currency translation, and the possibility of poor

acceptance of new products by consumers.

➤ Our 12-month target price of $60 reflects a P/E

of 31.5X, 10% above the midpoint of CHD's

three-year trading range (23.5X-33.7X), to our

2017 EPS estimate. We see a premium valuation

supported by strong demand for new products

and consolidation benefits we see.

Analyst's Risk Assessment

LOW MEDIUM HIGH

Our risk assessment reflects our view that

demand for household and personal care

products is generally static, and is not usually

affected by changes in the economy or

geopolitical factors.

Revenue/Earnings Data

Revenue (Million $)

1Q 2Q 3Q 4Q Year

2016 849.0 877.4 870.7 896.0 3,493

2015 812.3 847.1 861.8 873.6 3,395

2014 782.0 808.3 841.8 865.5 3,298

2013 779.3 787.6 804.8 822.6 3,194

2012 690.6 696.4 725.2 809.7 2,922

2011 642.3 674.9 701.0 731.1 2,749

Earnings Per Share ($)

2016 0.43 0.43 0.47 0.42 1.75

2015 0.40 0.28 0.45 0.41 1.54

2014 0.37 0.33 0.43 0.39 1.51

2013 0.38 0.31 0.38 0.33 1.40

2012 0.33 0.28 0.33 0.29 1.23

2011 0.29 0.29 0.27 0.22 1.06

Fiscal year ended Dec. 31. Next earnings report expected: Early

May. EPS Estimates based on CFRA Operating Earnings; historical

GAAP earnings are as reported in Company reports.

Dividend Data

Amount($)

DateDecl.

Ex-Div.Date

Stk. ofRecord

PaymentDate

0.355 Aug 3 Aug 11 Aug 15 Sep 1 '16

2-for-1 Aug 3 Sep 2 Aug 15 Sep 1 '16

0.178 Nov 2 Nov 14 Nov 16 Dec 1 '16

0.190 Feb 7 Feb 16 Feb 21 Mar 1 '17

Dividends have been paid since 1901. Source: Company reports.

Past performance is not an indication of future performance and

should not be relied upon as such.

Stock Report | April 1, 2017 | NYS Symbol: CHD | CHD is in the S&P 500

Church & Dwight Co. Inc.

RecommendationSTRONG BUY ★ ★ ★ ★ ★ Price

$49.87 (as of Mar 31, 2017 4:00 PM ET)

12-Mo. Target Price

$60.00

Report Currency

USD

Investment Style

Large-Cap Growth

Redistribution or reproduction is prohibited without written permission. Copyright ©2017 CFRA.This document is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seekindependent financial advice regarding the suitability and/or appropriateness of making an investment or implementing the investment strategies discussed in this document and should understand that statements regarding future prospects may not be realized.Investors should note that income from such investments, if any, may fluctuate and that the value of such investments may rise or fall. Accordingly, investors may receive back less than they originally invested. Investors should seek advice concerning anyimpact this investment may have on their personal tax position from their own tax advisor. Please note the publication date of this document. It may contain specific information that is no longer current and should not be used to make an investment decision.Unless otherwise indicated, there is no intention to update this document.

Sample

Business Summary March 30, 2017

CORPORATE OVERVIEW. Church & Dwight was founded in 1846 as a marketer of sodium bicarbonate

(more commonly known as baking soda) for use in home baking. Today, CHD's business is divided into

three primary segments: Consumer Domestic (77% of sales in 2016); Consumer International (15%); and

Specialty Products (8%). In 2016, sales to Wal-Mart Stores, Inc. and its affiliates accounted for 24% of

sales.

The Consumer Domestic segment offers a broad range of household and personal care products. The

household products unit (46% of total sales in 2016) makes and sells baking soda, laundry detergents, car-

pet and room deodorizers, cat litter, and other pet products. Major brand names include Arm & Hammer,

Delicare, Oxiclean and Orange Glo. The personal care unit (31%) markets toothpaste, toothbrushes, de-

odorants & antiperspirants, condoms, depilatories and pregnancy/ovulation test kits, among other prod-

ucts. Major brand names include Arm & Hammer, Spinbrush, Mentadent, Aim, Pepsodent, Close-Up, Arrid,

Trojan, First Response and Nair.

The Consumer International segment sells a variety of personal care products, over-the-counter, and

household products in international markets, including Canada, France, Australia, the United Kingdom,

Mexico, Brazil and China.

The Specialty Products segment has three product areas: specialty chemicals; animal nutrition; and spe-

cialty cleaners. The animal nutrition products are oriented toward dairy cows.

IMPACT OF MAJOR DEVELOPMENTS. CHD has made 12 acquisitions over the past 13 years and complet-

ed a few divestitures. These include:

In January 2017, CHD acquired the VIVISCAL non-drug hair supplement brand ($44 million in annual sales)

from Lifes2Good Holdings Limited for $160 million.

In January 2016, the company acquired Spencer Forrest, producer of the leading brand of hair building

fibers for people with thinning hair (TOPPIK), for about $175 million. Toppik produces annual sales of about

$30 million and will be included in the Consumer Domestic and Consumer International segments.

In January 2015, the company bought Varied Industries Corporation (VI-COR), a maker of feed ingredients

for cows, beef cattle, poultry, and other livestock, for $75 million. VI-COR's annual sales are about $25 mil-

lion.

In September 2014, CHD acquired certain brands from Lil' Drug Store Products, Inc., for $215.7 million. The

annual sales of acquired brands from Lil' Drug Store Products was about $46.0 million.

In October 2012, CHD acquired Avid Health, a manufacturer and marketer of gummy form vitamins for $650

million in cash. In June 2011 CHD acquired the BATISTE brand of Vivalis Ltd, a dry shampoo product sold

primarily in the U.K. for $65 million.

FINANCIAL TRENDS. As of December 31, 2016, CHD had about $932.4 of net debt (short-term debt

[including current portion of long-term debt] of $426.8 million, plus $693.4 million of long-term debt, less

$187.8 million of cash and equivalents), compared to $2.0 billion of stockholders' equity.

In 2016, the company purchased $400.0 million, or 9.0 million shares, of its common stock. In 2015, the com-

pany purchased $363.1 million, or 4.4 million shares, of its common stock. There was $300 million remaining

under a Board authorized share repurchase authorization, as of December 2016.

In February 2017, CHD increased its quarterly dividend by 7% to $0.19 per share, from $0.1775 per share,

representing an annualized payout of $195 million.

Corporate Information

Investor Contact

R.A. Dierker ()

Office

500 Charles Ewing Boulevard, Ewing, NJ 08628.

Telephone

609-806-1200.

Fax

800-833-9532.

Email

[email protected]

Website

http://www.churchdwight.com

Officers

Chrmn

J.R. Craigie

CEO & Pres

M.T. Farrell

COO

M.G. Conish

EVP & CFO

R.A. Dierker

Board Members

T. R. Albright

M. T. Farrell

R. D. LeBlanc

R. K. Saligram

J. S. Vergis

J. R. Craigie

B. C. Irwin

P. W. Price

R. K. Shearer

A. B. Winkleblack

Domicile

Delaware

Founded

1846

Employees

4,500

Stockholders

1,900

Auditor

DELOITTE & TOUCHE

Stock Report | April 1, 2017 | NYS Symbol: CHD


Redistribution or reproduction is prohibited without written permission. Copyright ©2017 CFRA.

Sample

Quantitative Evaluations

Fair Value

Rank

1+ 1 2 3 4 5

LOWEST HIGHEST

Based on CFRA's proprietary quantitative model, stocks are

ranked from most overvalued (1) to most undervalued (5).

Fair Value

Calculation

$39.50 Analysis of the stock's current worth, based on CFRA's proprietary

quantitative model suggests that CHD is overvalued by $10.37 or

20.8%.

Investability

Quotient

Percentile

100

LOWEST = 1 HIGHEST = 100

CHD scored higher than 100% of all companies for which a Report

is available.

Volatility LOW AVERAGE HIGH

Technical

Evaluation

BULLISH Since February, 2017, the technical indicators for CHD have been

BULLISH.

Insider Activity UNFAVORABLE NEUTRAL FAVORABLE

Expanded Ratio Analysis

2016 2015 2014 2013

Price/Sales 3.32 3.34 3.29 2.93

Price/EBITDA 13.84 14.46 14.67 13.13

Price/Pretax Income 16.41 17.85 17.34 15.66

P/E Ratio 25.23 27.63 26.18 23.73

Avg. Diluted Shares Outstg (M) 262.1 267.2 275.0 282.4

Figures based on calendar year-end price

Key Growth Rates and Averages

Past Growth Rate (%) 1 Year 3 Years 5 Years 9 Years

Sales 2.90 3.02 4.91 5.27

Net Income 11.84 4.57 7.39 11.59

Ratio Analysis (Annual Avg.)

Net Margin (%) 13.14 12.59 12.42 11.28

% LT Debt to Capitalization 25.96 24.80 24.07 22.89

Return on Equity (%) 22.94 20.55 19.36 17.89

Company Financials Fiscal Year Ended Dec. 31

Per Share Data ($) 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

Tangible Book Value NM NM NM NM NM 0.94 0.50 NM NM NM

Cash Flow 2.16 1.92 1.84 1.72 1.52 1.33 1.18 1.15 0.90 0.79

Earnings 1.75 1.54 1.51 1.40 1.23 1.06 0.94 0.85 0.70 0.62

Core Earnings NA NA NA NA NA NA NA NA NA NA

Dividends NA 0.67 0.62 0.56 0.48 0.34 0.16 0.12 0.09 0.08

Payout Ratio NA 44% 41% 40% 39% 32% 17% 13% 12% 12%

Prices:High NA 45.37 40.49 33.48 29.64 23.23 17.75 15.61 16.39 14.30

Prices:Low NA 38.70 30.50 26.90 22.11 16.91 14.77 11.35 11.90 10.59

P/E Ratio:High NA 30 27 24 24 22 19 18 24 23

P/E Ratio:Low NA 25 20 19 18 16 16 13 17 17

Income Statement Analysis (Million $)

Revenue 3,493 3,395 3,298 3,194 2,922 2,749 2,589 2,521 2,422 2,221

Operating Income 837 784 739 713 632 570 517 488 421 359

Depreciation 108 101 91.2 90.5 84.3 77.1 71.6 85.4 59.3 53.8

Interest Expense 27.7 30.5 27.4 27.7 14.0 8.70 27.8 35.6 47.7 59.7

Pretax Income 706 635 625 598 542 495 418 392 308 265

Effective Tax Rate 35.0% 35.4% 33.8% 34.0% 35.5% 37.4% 35.3% 37.9% 36.7% 36.2%

Net Income 459 410 414 394 350 310 271 244 195 169

Core Earnings NA NA NA NA NA NA NA NA NA NA

Balance Sheet & Other Financial Data (Million $)

Cash 188 330 423 497 343 251 189 447 198 250

Current Assets 757 906 1,033 1,115 934 755 649 928 665 735

Total Assets 4,354 4,257 4,381 4,260 4,098 3,118 2,945 3,118 2,801 2,532

Current Liabilities 1,002 873 905 651 726 384 447 567 387 458

Long Term Debt 693 693 700 650 649 250 250 597 781 707

Common Equity 1,978 2,023 2,102 2,300 2,061 2,041 1,871 1,602 1,332 1,080

Total Capital 2,671 2,716 3,051 2,950 2,711 2,290 2,121 2,199 2,185 1,951

Capital Expenditures 49.8 61.8 70.5 67.1 74.5 76.6 63.8 135 98.3 48.9

Cash Flow 567 511 505 485 434 387 342 329 254 223

Current Ratio 0.8 1.0 1.1 1.7 1.3 2.0 1.5 1.6 1.7 1.6

% Long Term Debt of Capitalization 26.0 25.5 22.9 22.0 24.0 10.9 11.8 27.2 35.8 39.6

% Net Income of Revenue 13.1 12.1 12.6 12.4 12.0 11.3 10.5 9.7 8.1 7.6

% Return on Assets 10.7 9.5 9.6 9.4 9.7 10.2 8.9 8.2 7.3 7.0

% Return on Equity 22.9 19.9 18.8 18.1 17.1 15.8 15.6 16.6 16.2 17.4



Data as originally reported in Company reports.; bef. results of disc opers/spec. items. Per share data adj. for stk. divs.; EPS diluted. E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked. UR-Under

Review.


Sample

Sub-Industry Outlook Industry Performance

We have a neutral fundamental outlook for thehousehold products sub-industry for the next12-months. Consumer confidence continues to trendhigher thanks to, in part, modest improvement in theemployment market. We expect wage growth toimprove slowly, although remaining at low levels.We think the ability of companies to fend off marketshare gains by suppliers of lower-priced productswill depend in part on the marketing support theyprovide, and on the scope and success of theirproduct innovation.

In some markets, branded companies vie for marketshare with private label (store brand) products. Inour view, this competition, as well as the leverage oflarge retailers, has often limited general priceincreases for household products. However, on ourexpectation for a reduction in costs in 2017, we seean opportunity for margin expansion. Key rawmaterials used in the household productssub-industry include natural gas, crude oil, pulp andresin. A number of companies continue to look forways to operate more efficiently, in part to offsetany pressure from higher input costs.

The household products sub-industry remains verycompetitive, in our view, given maturity in developedcountries, and with numerous companies vying tocapture market share in developing markets.However, economic growth and changing lifestylesin developing international markets will likelyprovide secular growth opportunities, by ourcalculations. We expect emerging markets to seerising demand for packaged products thatconsumers could previously not afford,notwithstanding a slight deceleration in economicgrowth rates in certain markets over the past year.

For multinational companies, we expect astrengthening U.S. dollar to reduce foreign sales in

the mid-single digits in 2016 when those sales aretranslated into dollars, given current exchangerates. However, the actual magnitude of the impactdepends on which markets a manufacturer is sellingto, actual currency movements, and the extent ofcurrency hedging.

Year to date, through March 10th, the S&PHousehold Products Index rose 10.7%, versus a5.5% rise in the S&P 1500 Index. In 2016, the S&PHousehold Products Index increased 2.3%,compared to a 10.6% rise for the S&P 1500 Index.We note that Procter & Gamble has about a 65%weighting in the sub-industry index.

--Joseph Agnese

GICS Sector: Consumer StaplesSub-Industry: Household Products

Based on S&P 1500 Indexes

Five-Year market price performance throughApr 1, 2017

% C

hang

e

2011 2012 2013 2014 2015 2016

110%

90%

70%

50%

30%

10%

-10%

-30%

-50%

-70%

-90%

Sector Sub-IndustryS&P 1500

NOTE: All Sector & Sub-Industry information is based on theGlobal Industry Classification Standard (GICS)

Past performance is not an indication of future performanceand should not be relied upon as such.



Sub-Industry : Household Products Peer Group*: Household Products

Peer GroupStock

Symbol

Stk.Mkt.Cap.

(Mil. $)

RecentStock

Price($)

52Week

High/Low($) BetaYield

(%)P/E

Ratio

FairValue

Calc.($)

S&PQualityRanking

IQ%ile

Return onRevenue

(%)

LTD toCap(%)

Church & Dwight CHD 12,897 49.87 53.68/42.55 0.47 1.5 28 39.50 A+ 100 13.1 26.0

Central Garden & Pet CENT 696 37.07 37.80/14.28 1.52 Nil 39 NA B- 93 4.1 42.5Clorox Co CLX 17,294 134.83 140.47/111.24 0.39 2.4 27 90.00 A 100 11.2 85.8Colgate-Palmolive CL 65,054 73.19 75.38/63.43 0.46 2.2 27 63.10 A 100 16.1 99.7Kimberly-Clark KMB 47,404 131.63 138.87/111.30 0.19 2.9 22 112.90 A- 99 11.9 85.8Oil Dri Amer ODC 190 37.27 40.94/29.89 0.51 2.4 26 NA B+ 83 5.2 9.4Orchids Paper Products TIS 247 24.00 36.31/22.75 0.43 5.8 19 NA B 80 7.8 48.9Procter & Gamble PG 229,699 89.85 92.00/79.10 0.44 3.0 16 67.60 A 100 15.2 23.8W D-40 Co WDFC 1,553 108.95 125.00/99.32 0.77 1.8 30 NA A 96 13.8 46.5

NA-Not Available NM-Not Meaningful NR-Not Rated. *For Peer Groups with more than 15 companies or stocks, selection of issues is based on market capitalization.


Sample

Analyst Research Notes and other Company News

March 27, 201702:10 pm ET ... S&P CAPITAL IQ KEEPS STRONG BUY OPINION ON SHARES OFCHURCH & DWIGHT CO. (CHD 50.27*****): We raise our 12-month target price by$6 to $60, applying a P/E of 31.5X, 10% above the mid-point of CHD's three-yeartrading range (23.5X-33.7X), to our 2017 EPS estimate of $1.89. We see valuationbenefiting as we expect strong demand for new products to be supported byincreased marketing spending and an improved global macro-economicenvironment. Additionally, we see valuation supported as we view the companyas a consolidator and see ample opportunities to supplement organic growth withnew acquisitions in the household product space. CHD shares are currentlyyielding 1.4%. /J. Agnese

February 7, 201702:26 pm ET ... S&P CAPITAL IQ UPGRADES OPINION ON CHURCH & DWIGHTSHARES TO STRONG BUY FROM BUY (CHD 47.23*****): We raise our 12-monthtarget by $3 to $54, a P/E of 28.7X, in line with CHD's 3-year average, our 2017 EPSestimate of $1.89. We see valuation supported by potential tax policy changes as90% of taxable income is in U.S. and exposure to imported goods is limited,despite promotional competition. We set 2018 EPS at $2.04. Q4 EPS of $0.44 vs.$0.41 is $0.02 above our estimate. Organic sales growth of 2.7%, above our 2.0%estimate, reflects 3.2% volume gains. We view CHD as a consolidator and viewrecent acquisitions as supportive of future sales growth and margin expansion./J. Agnese

February 7, 201702:26 pm ET ... S&P CAPITAL IQ UPGRADES OPINION ON CHURCH & DWIGHTSHARES TO STRONG BUY FROM BUY (CHD 47.23*****): We raise our 12-monthtarget by $3 to $54, a P/E of 28.7X, in line with CHD's 3-year average, our 2017 EPSestimate of $1.89. We see valuation supported by potential tax policy changes as90% of taxable income is in U.S. and exposure to imported goods is limited,despite promotional competition. We set 2018 EPS at $2.04. Q4 EPS of $0.44 vs.$0.41 is $0.02 above our estimate. Organic sales growth of 2.7%, above our 2.0%estimate, reflects 3.2% volume gains. We view CHD as a consolidator and viewrecent acquisitions as supportive of future sales growth and margin expansion./J. Agnese

November 3, 201611:02 am ET ... S&P CAPITAL IQ MAINTAINS BUY OPINION ON SHARES OFCHURCH & DWIGHT INC. (CHD 47.25****): We lower our 12-month target price by$5 to $51, applying a P/E of 27X, in line with CHD's 3-year average, to our 2017 EPSestimate of $1.89, down from $1.91. We decrease our 2016 EPS estimate by $0.02to $1.75. Q3 EPS of $0.47 vs. $0.45 is in line with our estimate. Organic salesgrowth of 1.2%, below our 2.0% estimate, was hurt by weak dairy product sales,which we expect to continue in the near term due to volatile industry pricing. Weexpect margins to continue to expand due to low input costs and improveddistribution efficiencies, despite increased marketing spending. /J. Agnese

August 5, 201610:06 am ET ... S&P GLOBAL KEEPS BUY OPINION ON SHARES OF CHURCH &DWIGHT (CHD 101.48****): We raise our 12-month target by $3 to $111, a P/E of30X, 10% above CHD's 3-year average, our forward 12-month EPS estimate of$3.66. Q2 adjusted EPS of $0.86 vs. $0.73 is $0.07 above our estimate. We believe apremium valuation is warranted by benefits we see from new productintroductions. Organic sales growth of 3.7%, in line with our estimate, reflects3.1% volume gain and 0.6% price/mix. We see gross margins benefiting fromprice increases, low commodity costs, productivity improvement and a favorableproduct mix, despite plans to boost promotional and marketing spending. /J.Agnese

May 6, 201601:12 pm ET ... S&P GLOBAL KEEPS BUY OPINION ON SHARES OF CHURCH &DWIGHT CO. (CHD 95.87****): We raise our 12-month target by $13 to $108,applying a P/E of 30X, a 10% premium to CHD's 3-year average, to our forward12-month EPS estimate of $3.60. We increase our 2016 and 2017 EPS estimates by$0.02 and $0.04, to $3.53 and $3.81. We see valuation and EPS growth benefitingfrom new product innovation, increased marketing spending, favorable categorytrends, and low commodity costs. Q1 EPS of $0.86 vs. $0.80 is $0.01 above ourestimate as strength in the Arm & Hammer brand and in international marketswas partially offset by dairy-related softness in specialty products. /J. Agnese

March 7, 201611:17 am ET ... S&P CAPITAL IQ ADDS CHURCH & DWIGHT TO ITS HIGH QUALITYCAP APP PORTFOLIO (CHD 90.71****): We project revenue growth of 1.5% in2016, and see the company remaining focused on new product innovation. Unlikemany consumer staples peers, CHD is likely to benefiting from a more favorabledomestic economic environment, in our view. After a reduction in share countdue to an active share repurchase program, we see 2016 operating EPS growing8%. CHD, which has an A+ S&P Capital IQ Quality Ranking, replaces WD-40 (WDC104 ****) in our High Quality Capital Appreciation Model portfolio. /ToddRosenbluth

February 2, 201602:56 pm ET ... S&P CAPITAL IQ UPGRADES OPINION ON SHARES OF CHURCH &DWIGHT TO BUY FROM HOLD (CHD 85.60****): We lift our 12-month target by $5to $95, applying a P/E of 27X, in line with its 3-year average, to our 2016 EPSestimate of $3.51. Q4 EPS of $0.82 vs. $0.78 is $0.01 above the consensus estimatefrom S&P Capital IQ. We believe CHD is well positioned to benefit from animproved U.S. economy, which is the source for 80% of its revenues. We seemarket share gains achieved in '16 from new product introductions andincreased marketing support. Also, we expect margin expansion to be realized in'16 on productivity improvements and a favorable shift in mix due to recentacquisitions. /J. Agnese

November 4, 201508:32 am ET ... S&P CAPITAL IQ KEEPS HOLD RECOMMENDATION ON SHARESOF CHURCH & DWIGHT (CHD 84.11***): We reduce our 12-month target by $2 to$90, applying a P/E of 25.5X, in line with its 3-year average to our 2016 EPSestimate of 3.51, down from $3.60 on forex. We decrease our 2015 EPS estimate$0.04, to $3.24. Q3 EPS of $0.90 vs. $0.85 is $0.01 above our estimate. Organic salesgrew 3.2%, above our estimate, on 2.2% volume growth and 1.0% rise in pricing.Despite difficult comparisons, we expect results over the next 12-months tobenefit from CHD's focus on new product launches across numerous productcategories and from a more normalized competitive pricing environment. /J.Agnese

October 30, 2015Church & Dwight Co., Inc. named Matthew T. Farrell as Chief Executive Officer,effective January 4, 2016. The company also appointed Mr. Farrell to the Board ofDirectors.




Sample

Analysts' Recommendations

Wall Street Average

S

WH

H

BH

B

Number of Analysts Following Stock

Monthly Average Trend Buy

B

Buy/Hold

BH

Hold

H

Weak Hold

WH

Sell

S

No Opinion CHD Trend

A M J J A S O N D J F M A M J J A S O N D J F M

2015 2016 2017

Stock Price ($ 000)

1000

1000

1000

1000

10

20

30

Of the total 22 companies following CHD, 22 analysts currently publish recommendations.

No. ofRecommendations

% of Total 1 Mo. Prior 3 Mos. Prior

Buy 3 14 3 0Buy/Hold 0 0 0 0Hold 14 64 13 0Weak Hold 3 14 3 0Sell 2 9 2 0No Opinion 0 0 0 0Total 22 100 21 0

Wall Street Consensus Opinion

HOLD

Companies Offering Coverage

BMO Capital Markets Equity Research

Barclays

BofA Merrill Lynch

Citigroup Inc

Consumer Edge Research, LLC

Deutsche Bank

Gabelli & Company, Inc.

Goldman Sachs

JP Morgan

Jefferies LLC

KeyBanc Capital Markets Inc.

Morgan Stanley

Morningstar Inc.

Oppenheimer & Co. Inc.

RBC Capital Markets

Raymond James & Associates

Societe Generale Cross Asset Research

Stifel

SunTrust Robinson Humphrey, Inc.

UBS Investment Bank

Wells Fargo Securities, LLC

William Blair & Company L.L.C.

Wall Street Consensus Estimates

2016 Actual $1.75

2015 2016 2017

N D J F M A M J J A S O N D J F M1.5

1.75

2

2.25

Estimates 2016 2017 2018

Fiscal Years Avg Est. High Est. Low Est. # of Est. Est. P/E2018 2.04 2.07 1.96 19 24.42017 1.90 1.94 1.88 22 26.22018 vs. 2017 7% 7% 4% -14% -7%

Q1'18 0.50 0.51 0.48 7 99.7Q1'17 0.46 0.47 0.46 18 NMQ1'18 vs. Q1'17 9% 9% 4% -61% NA

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

Wall Street Consensus vs. Performance

For fiscal year 2017, analysts estimate that CHDwill earn US$ 1.90. For fiscal year 2018, analystsestimate that CHD's earnings per share will growby 7% to US$ 2.04.




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Glossary

STARSSince January 1, 1987, CFRA Equity and Fund Research Services, and itspredecessor S&P Capital IQ Equity Research has ranked a universe of U.S. commonstocks, ADRs (American Depositary Receipts), and ADSs (American DepositaryShares) based on a given equity's potential for future performance. Similarly, we haveranked Asian and European equities since June 30, 2002. Under proprietary STARS(STock Appreciation Ranking System), equity analysts rank equities according to theirindividual forecast of an equity's future total return potential versus the expected totalreturn of a relevant benchmark (e.g., a regional index (S&P Asia 50 Index, S&PEurope 350® Index or S&P 500® Index)), based on a 12-month time horizon. STARSwas designed to meet the needs of investors looking to put their investment decisionsin perspective. Data used to assist in determining the STARS ranking may be theresult of the analyst's own models as well as internal proprietary models resulting fromdynamic data inputs.

S&P Capital IQ Quality Ranking(also known as S&P Capital IQ Earnings & Dividend Rankings) - Growth andstability of earnings and dividends are deemed key elements in establishing S&PCapital IQ's earnings and dividend rankings for common stocks, which are designed tocapsulize the nature of this record in a single symbol. It should be noted, however, thatthe process also takes into consideration certain adjustments and modificationsdeemed desirable in establishing such rankings. The final score for each stock ismeasured against a scoring matrix determined by analysis of the scores of a large andrepresentative sample of stocks. The range of scores in the array of this sample hasbeen aligned with the following ladder of rankings:A+AA-B+NR

HighestHighAbove AverageAverageNot Ranked

BB-CD

Below AverageLowerLowestIn Reorganization

EPS EstimatesCFRA's earnings per share (EPS) estimates reflect analyst projections of future EPSfrom continuing operations, and generally exclude various items that are viewed asspecial, non-recurring, or extraordinary. Also, EPS estimates reflect either forecasts ofequity analysts; or, the consensus (average) EPS estimate, which are independentlycompiled by S&P Global Market Intelligence, a data provider to CFRA. Among theitems typically excluded from EPS estimates are asset sale gains; impairment,restructuring or merger-related charges; legal and insurance settlements; in processresearch and development expenses; gains or losses on the extinguishment of debt;the cumulative effect of accounting changes; and earnings related to operations thathave been classified by the company as discontinued. The inclusion of some items,such as stock option expense and recurring types of other charges, may vary, anddepend on such factors as industry practice, analyst judgment, and the extent to whichsome types of data is disclosed by companies.

Core EarningsCore Earnings is a uniform methodology for adjusting operating earnings by focusingon a company's after-tax earnings generated from its principal businesses. Included inthe definition are employee stock option grant expenses, pension costs, restructuringcharges from ongoing operations, write-downs of depreciable or amortizable operatingassets, purchased research and development, M&A related expenses and unrealizedgains/losses from hedging activities. Excluded from the definition are pension gains,impairment of goodwill charges, gains or losses from asset sales, reversal of prior-yearcharges and provision from litigation or insurance settlements.

12-Month Target PriceThe equity analyst's projection of the market price a given security will command 12months hence, based on a combination of intrinsic, relative, and private marketvaluation metrics, including Fair Value.

CFRA Equity ResearchCFRA Equity Research is produced and distributed by Accounting Research &Analytics, LLC d/b/a CFRA ("CFRA US"). Certain research is distributed by CFRA UKLimited (together with CFRA US, "CFRA"). Certain research is produced by Standard& Poor's Malaysia Sdn. Bhd ("S&P Malaysia") under contract to CFRA US.

Abbreviations Used in Equity Research ReportsCAGR - Compound Annual Growth RateCAPEX - Capital ExpendituresCY - Calendar YearDCF - Discounted Cash FlowDDM - Dividend Discount ModelEBIT - Earnings Before Interest and TaxesEBITDA - Earnings Before Interest, Taxes, Depreciation and AmortizationEPS - Earnings Per ShareEV - Enterprise Value

FCF - Free Cash FlowFFO - Funds From OperationsFY - Fiscal YearP/E - Price/EarningsP/NAV - Price to Net Asset ValuePEG Ratio - P/E-to-Growth RatioPV - Present ValueR&D - Research & DevelopmentROCE - Return on Capital EmployedROE - Return on EquityROI - Return on InvestmentROIC - Return on Invested CapitalROA - Return on AssetsSG&A - Selling, General & Administrative ExpensesSOTP - Sum-of-The-PartsWACC - Weighted Average Cost of Capital

Dividends on American Depository Receipts (ADRs) and AmericanDepository Shares (ADSs) are net of taxes (paid in the country oforigin).

Qualitative Risk AssessmentReflects an equity analyst's view of a given company's operational risk, or the risk of afirm's ability to continue as an ongoing concern. The Qualitative Risk Assessment is arelative ranking to the U.S. STARS universe, and should be reflective of risk factorsrelated to a company's operations, as opposed to risk and volatility measuresassociated with share prices. For an ETF this reflects on a capitalization-weightedbasis, the average qualitative risk assessment assigned to holdings of the fund.

STARS Ranking system and definition:★★★★★ 5-STARS (Strong Buy):Total return is expected to outperform the total return of a relevant benchmark, by awide margin over the coming 12 months, with shares rising in price on an absolutebasis.★★★★★ 4-STARS (Buy):Total return is expected to outperform the total return of a relevant benchmark over thecoming 12 months, with shares rising in price on an absolute basis.★★★★★ 3-STARS (Hold):Total return is expected to closely approximate the total return of a relevantbenchmark over the coming 12 months, with shares generally rising in price on anabsolute basis.★★★★★ 2-STARS (Sell):Total return is expected to underperform the total return of a relevant benchmark overthe coming 12 months, and the share price not anticipated to show a gain.★★★★★1-STAR (Strong Sell):Total return is expected to underperform the total return of a relevant benchmark by awide margin over the coming 12 months, with shares falling in price on an absolutebasis.

Relevant benchmarks:In North America, the relevant benchmark is the S&P 500 Index, in Europe and inAsia, the relevant benchmarks are the S&P Europe 350 Index and the S&P Asia 50Index, respectively.



Redistribution or reproduction is prohibited without written permission. Copyright © 2017 CFRA.

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DisclosuresS&P GLOBAL™ is used under license. The owner of this trademark is S&P Global Inc.or its affiliate, which are not affiliated with CFRA or the author of this content. Stocksare ranked in accordance with the following ranking methodologies:

STARS Stock Reports:Qualitative STARS recommendations are determined and assigned by equity analysts.For reports containing STARS recommendations refer to the Glossary section of thereport 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 Financial Healthwill also be displayed. Percentile scores are used to compare each company to allother companies in the same universe for each model category. The five (six) modelcategory scores are then weighted and rolled up into a single percentile ranking forthat company. For reports containing quantitative recommendations refer to theGlossary section of the report for detailed methodology and the definition ofQuantitative 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 methodologies anddata used to generate the different types of Research Reports are believed by theauthor and distributor reasonable and appropriate. Generally, CFRA does notgenerate reports with different ranking methodologies for the same issuer. However, inthe event that different methodologies or data are used on the analysis of an issuer,the methodologies may lead to different views or recommendations on the issuer,which may at times result in contradicting assessments of an issuer. CFRA reservesthe right to alter, replace or vary models, methodologies or assumptions from time totime and without notice to clients.

STARS Stock Reports:

Global STARS Distribution as of December 30, 2016

Ranking North America Europe Asia GlobalBuy 38.9% 31.5% 40.6% 37.9%Hold 51.3% 47.1% 41.7% 49.4%Sell 9.8% 21.4% 17.7% 12.7%Total 100% 100% 100% 100%

Analyst Certification

STARS Stock Reports are prepared by the equity research analysts of CFRA andS&P Malaysia, under contract to CFRA. All of the views expressed in STARSStock Reports accurately reflect the research analyst's personal viewsregarding any and all of the subject securities or issuers. Analysts generallyupdate stock reports at least four times each year. No part of analyst, CFRA, orS&P Malaysia compensation was, is, or will be directly or indirectly related tothe specific recommendations or views expressed in a STARS Stock Report.

About CFRA Equity Research's Distributors:This Research Report is published and originally distributed by Accounting Research& Analytics, LLC d/b/a CFRA ("CFRA US"), with the following exceptions: In theUK/EU/EEA, it is published and originally distributed by CFRA UK Limited, anAppointed Representative of Hutchinson Lilley Investments LLP, which is regulated bythe Financial Conduct Authority (No. 582181), and in Malaysia by S&P Malaysia,which is regulated by Securities Commission Malaysia, (No. CMSL/A0181/2007) underlicense from CFRA US. These parties and their subsidiaries do not distribute reports toindividual (retail) investors and maintain no responsibility for reports redistributed buthird parties such as brokers or financial advisors.

General Disclosure

Notice to all jurisdictions:

Where Research Reports are made available in a language other than Englishand in the case of inconsistencies between the English and translated versions of aResearch Report, the English version will control and supersede any ambiguitiesassociated with any part or section of a Research Report that has been issued ina foreign language. Neither CFRA nor its affiliates guarantee the accuracy of thetranslation.

The content of this report and the opinions expressed herein are those of CFRA basedupon publicly-available information that CFRA believes to be reliable and the opinionsare subject to change without notice. This analysis has not been submitted to, norreceived approval from, the United States Securities and Exchange Commission orany other regulatory body. While CFRA exercised due care in compiling this analysis,CFRA AND ALL RELATED ENTITIES SPECIFICALLY DISCLAIM ALLWARRANTIES, EXPRESS OR IMPLIED, to the full extent permitted by law, regardingthe accuracy, completeness, or usefulness of this information and assumes no liabilitywith respect to the consequences of relying on this information for investment or otherpurposes. No content (including ratings, credit-related analyses and data, valuations,model, software or other application or output therefrom) or any part thereof (Content)may be modified, reverse engineered, reproduced or distributed in any form by anymeans, or stored in a database or retrieval system, without the prior written permissionof CFRA. The Content shall not be used for any unlawful or unauthorized purposes.CFRA and any third-party providers, as well as their directors, officers, shareholders,employees or agents do not guarantee the accuracy, completeness, timeliness oravailability of the Content.

Past performance is not necessarily indicative of future results.

This document may contain forward-looking statements or forecasts; such forecastsare not a reliable indicator of future performance.

This report is not intended to, and does not, constitute an offer or solicitation to buyand sell securities or engage in any investment activity. This report is for informationalpurposes only. Recommendations in this report are not made with respect to anyparticular investor or type of investor. Securities, financial instruments or strategiesmentioned herein may not be suitable for all investors and this material is not intendedfor any specific investor and does not take into account an investor's particularinvestment objectives, financial situations or needs. Before acting on anyrecommendation in this material, you should consider whether it is suitable for yourparticular circumstances and, if necessary, seek professional advice.

Additional information on a subject company may be available upon request.

CFRA's financial data provider is S&P Global Market Intelligence. THIS DOCUMENTCONTAINS COPYRIGHTED AND TRADE SECRET MATERIAL DISTRIBUTEDUNDER LICENSE FROM S&P GLOBAL MARKET INTELLIGENCE. FORRECIPIENT'S INTERNAL USE ONLY.

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Other Disclaimers and NoticesCertain information in this report is provided by S&P Global, Inc. and/or its affiliatesand subsidiaries (collectively "S&P"). Such information is subject to the followingdisclaimers and notices: "Copyright 2017, S&P Global Market Intelligence (and itsaffiliates as applicable). All rights reserved. Nothing contained herein is investmentadvice and a reference to a particular investment or security, a credit rating or anyobservation concerning a security or investment provided by S&P is not arecommendation to buy, sell or hold such investment or security or make any otherinvestment decisions. This may contain information obtained from third parties,including ratings from credit ratings agencies. Reproduction and distribution of S&P'sinformation and third party content in any form is prohibited except with the priorwritten permission of S&P or the related third party, as applicable. Neither S&P nor itsthird party providers guarantee the accuracy, completeness, timeliness or availabilityof any information, including ratings, and are not responsible for any errors oromissions (negligent or otherwise), regardless of the cause, or for the results obtainedfrom the use of such information or content.S&P AND ITS THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS ORIMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIESOF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USEAND ALL S&P INFORMATION IS PROVIDED ON AN AS-IS BASIS. S&P AND ITSTHIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT,INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIALOR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, ORLOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTSOR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OFTHEIR INFORMATION OR CONTENT, INCLUDING RATINGS. Credit ratings arestatements of opinions and are not statements of fact or recommendations topurchase, hold or sell securities. They do not address the suitability of securities or thesuitability of securities for investment purposes, and should not be relied on asinvestment advice."

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Odd-lot prices and odd-lot ranges represent an opinion, and not a statement of fact, ora recommendation to make an investment decision, and readers of this informationhave the right to accept or reject such opinion, at their discretion. Odd-lot prices andodd-lot ranges do not represent a determination of the fair market value of any securityor the 'best execution' price in the market for a security, and that readers of thisinformation will be responsible for complying with any applicable best executionrequirements, as defined in FINRA Rule 5310, and for complying with any disclosurerequirements as may be required under any applicable laws or regulations. None ofSE, its affiliates or their suppliers guarantees the accuracy, adequacy, completenessor availability of any information and is not responsible for any errors or omissions,regardless of the cause or for the results obtained from the use of such information. Inno event shall SE, BondDesk Group, LLC, their affiliates or any of their third-partyinformation providers be liable for any damages, costs, expenses, legal fees, or losses(including lost income or lost profit and opportunity costs) in connection with the use ofSE content. (2017). BondMark and BondScreen may include data provided byBondDesk Group, LLC."Any portions of the fund information contained in this report supplied by Lipper, AThomson Reuters Company, are subject to the following: "Copyright 2017 ThomsonReuters. All rights reserved. Lipper shall not be liable for any errors or delays in thecontent, or for any actions taken in reliance thereon."

For residents of the European Union/European Economic Area:Research reports are originally distributed by CFRA UK Limited (company number08456139 registered in England & Wales with its registered office address at 131Edgware Road, London, W2 2AP, United Kingdom). CFRA UK Limited is an AppointedRepresentative of Hutchinson Lilley Investments LLP, which is regulated by the UKFinancial Conduct Authority (No. 582181).

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Research reports are originally distributed Accounting Research & Analytics, LLCd/b/a CFRA.

Copyright © 2017 CFRA. All rights reserved. CFRA and STARS are registeredtrademarks of CFRA.




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Sample - MarketScope Advisortrymsatoday.com/.../StandardandPoors/SampleStockReport.pdfments and tight overhead management, as high levels of marketing spending are maintained in 2017