Contents

August Highlights Page 3 McKesson Page 19
Nintendo Page 20
Global CROCI Page 4 Procter & Gamble Page 21
Smith & Nephew Page 22
Market Overview Page 5 Time Warner Page 23
Tokyo Gas Page 24
Factor Returns Page 6 Vivendi Page 25
Sector Views Page 8 Stock Value Grids Page 26
Sector Rankings
Best and worst value stocks by region plus CSA
flags and consensus earnings estimate revisions.
Sectors ranked within region according to CROCI Europe Page 26
Values. Best /worst value stocks within sectors. US Page 28
Global Page 10 Japan Page 30
Europe Page 11 RoW Page 32
US Page 12
Japan Page 13 Stock A to Z
Europe Page 34
Stock Highlights Page 14 US Page 36
Japan Page 40
RoW Page 41
Summary of main themes from the best and worst
value stocks on pages 26 to 33 and introduction to
highlighted stocks on pages 14 to 25.
Amdocs Page 15
Appendix A Page 43
Cemig Page 16 Explanation of CROCI and CSA
ENI Page 17 Appendix 1 Page 44