Assessing the Magnitude and Sustainability of Value Creation

• Sustainable value creation is of prime interest to investors who seek to anticipate expectations revisions.
• This report develops a systematic way to explain the factors behind a company’s economic moat.
• We cover industry analysis, firm-specific analysis, and firm interaction.

Investors should assume that CSFB is seeking or will seek investment banking or other business from the covered
companies.
For important disclosure information regarding the Firm's ratings system, valuation methods and potential conflicts of interest,
please visit the website at www.csfb.com/researchdisclosures or call +1 (877) 291-2683.

research team
Michael J. Mauboussin
212 325 3108
michael.mauboussin@csfb.com
Kristen Bartholdson
212 325 2788
kristen.bartholdson@csfb.com

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