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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: dvdw© who wrote (94374)	9/8/2012 1:20:12 PM
From: average joe	11 Recommendations Read Replies (1) \| Respond to of 218159

"That we have to compromise and sacrifice for one another in order to get things done. That is why I am here, because Barack Obama is the only person in this who understands that. That before we can work on the problems, we have to fix our souls. Our souls are broken in this nation." Michelle Obama "It only stands to reason that where there's sacrifice, there's someone collecting the sacrificial offerings. Where there's service, there is someone being served. The man who speaks to you of sacrifice is speaking of slaves and masters, and intends to be the master." Ayn Rand

To: dvdw© who wrote (94374)	9/8/2012 5:58:11 PM
From: Brasco One	Respond to of 218159

any gym activities ??

To: dvdw© who wrote (94374)	9/9/2012 8:27:02 PM
From: Brasco One	Read Replies (1) \| Respond to of 218159

so "dvdw", how many kids do you have? what do you like to do for fun? any social life??

To: dvdw© who wrote (94374)	9/9/2012 10:01:33 PM
From: Brasco One	Respond to of 218159

look at your charts and plz tell me where VLO is heading.

To: dvdw© who wrote (94374)	9/12/2012 12:04:49 PM
From: Brasco One	1 Recommendation Read Replies (1) \| Respond to of 218159

where did you get this pig??? Member 557032

To: dvdw© who wrote (94374)	9/14/2012 10:20:08 PM
From: Brasco One	2 Recommendations Respond to of 218159

dvdw Morgan put a $46 target on valero two days ago,,barclays has a 62 high target. VLO about to really take off?/? i have your contact info i can send you the whole report. btw where did you find the queer maurice from???? Evan Calio – Morgan Stanley September 11, 2012 10:27 AM GMT R&M outperformance has largely been driven by EPS revisions and restructuring. We believe the next move higher will be driven by a re-rating of multiples due to: the cycle length, higher FCFs and returns-focused strategies. Raising VLO & PSX to OW, ALJ to EW and lowering SUN to EW. Re-rating to define the next move higher: Refiners have outperformed since January 2011 (Toll Road to Production Growth thesis) where we first highlighted the structural change to the US crude supply that benefits refiners. The group’s outperformance in the last 7 quarters has been largely driven by positive EPS revisions and restructuring. Cash flow multiples are only 35% off January 2011 levels and only 25% off those levels pro-forma for announced restructurings. This compares to 200% multiple expansion in the last refining up-cycle (2004-2007) or 90% over the same time period. We expect the current refining cycle will continue through 2013 and likely rival the last cycle in duration driven by: US oil production growth; US refining configuration; over 2x higher FCF yields vs. last cycle; and cash return strategies by companies. We raise target prices ~40% to reflect a re-rating and ~15% ‘13 EPS upside vs. Street. Our preference now includes Gulf Coast exposure. As we highlighted on March 2, 2012 (VLO, Toll Road of Production Growth Moving to the Gulf Coast), we expect a Brent-LLS differential to emerge in 1Q13 and upgrade both VLO and PSX with GC exposure. We also see restructuring (MLP) and chemicals upside for PSX. Why now? While the sector has had a 36% move in 2Q12, seasonality has shifted with the advent of US oil differentials, which we expect to remain wide in 4Q12 driven by heavy Mid-Con turnarounds offsetting historical seasonal weakness of Brent-based cracks. The traditional “seasonal trade” will commence in Oct vs. Dec. While sector with ~ 1.6 beta could see a dip, we believe a dip is a buy and the re-rating defines the prize. Click here to see the full report.