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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Dennis Roth who wrote (46015)	9/7/2005 9:08:40 AM
From: Dennis Roth	Read Replies (1) of 206342

Cooper Cameron (IL/A): Dresser valve acquisition positive long-term Goldman-Sachs September 06, 2005 We view CAM's recently prosposed acquisition of certain valves businesses of Dresser Equipment as a positive as it would consolidate a core market (valves = 32% of 2005E gross operating income), expand geographic footprint + product offering in the sector + appears at least 9-10% EPS accretive beyond 2006. We are lowering our 2006 EPS estimate 2% to $3.88 from $3.95 due to impact of upfront restructuring costs, but are raising our 2007 EPS estimate 9% to $4.80 from $4.40 as recurring benefits emerge. We think anti- trust risk is minimal + closing is expected in 4Q2005. There could be modest dilution in 4Q2005 depending on timing. We maintain our $85 fair value estimate (22x 2006E EPS) and IL/A rating. I, Terry Darling, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report

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