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ValuEngine Detailed Valuation Report for SON

ValuEngine Detailed Valuation Report for SON

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Publicado porValuEngine.com
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.

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VgluEngine

TM

DETAILED RESEARCH REPORT
Feb. 04, 2011

SONOCO PRODUCTS(SON)
VALUENGINE RECOMMENDATION & BASIC INFORMATION
4 5 ©ValuEngine.com 2011
POSITIVE outperform

RECOMMENDATION NEGATIVE underperform NEUTRAL match

40 35 30 25 20 15 10

2.00

Volume (million)

1.75 1.50 1.25 1.00 .75 .50 .25 2007 2008 Model Price 2009 Volume 2010 Sell Hold 2011 Buy

VALUENGINE RATING

RECOMMENDATION FACTORS Value Overall Rank Fair Value 1Yr Target Price P/E Ratio Last 1-Y Return Market Cap(bil) $35.17 $36.81 15.59 34.20% $3.64 Rank top 12% top 38% top 41% top 30% top 34% top 18%

Price

5 0 2006

Close Price

VALUENGINE RECOMMENDATION
ValuEngine has issued a HOLD recommendation for SONOCO PRODUCTS on Feb. 04, 2011. Based on the information we have gathered and our resulting research, we feel that SONOCO PRODUCTS has the probability to ROUGHLY MATCH average market performance for the next year. The company exhibits ATTRACTIVE volatility and company size, but UNATTRACTIVE market/book ratio and expected EPS growth.

BASIC INFORMATION Last Trade Trade Date Market Cap(bil) Trailing P/E Forward P/E PEG Ratio P/S Ratio M/B Ratio Sharpe Ratio 5-Y Avg Ann Return Volatility EPS Growth Annual Dividend Dividend Yield LT Debt/Equity Beta VALUATION ANALYSIS SON Industry Sector Today's Fair value: $35.17 2.86% overvalued Containers-paper/plastic 11.52% overvalued Industrial Products 16.33% overvalued $36.18 02/03/11 $3.64181 15.59 14.01 1.39 0.91 6.84 0.12 3.11% 25.58% 11.23% $1.12 3.10% 0.97 0.99

RECOMMENDATION OVERVIEW
ValuEngine's stock recommendations are based on the proprietary ValuEngine one-year forecast return (1YFR) model output for each individual equity. A stock is rated Strong Buy, Buy, Hold, Sell, Strong Sell based on the Forecast One Year Return. The breakdown for each rating is as follows: • Strong Buy: More than +10% 1YFR • Buy: Between +5% and +10% 1YFR • Hold: Between -5% and +5% 1YFR • Sell: Between -10% and -5% 1YFR • Strong Sell: Less than -10% 1YFR ValuEngine's Strong Buy-rated stocks have an averaged annual return of 19% since 2001. For more details on the ValuEngine One Year Forecast Target price and its components, please go HERE.

FAIR MARKET VALUATION PRICE
Based on available data as of Feb. 04, 2011, we believe that SON should be trading at $35.17. This makes SON 2.86% overvalued. Fair Value indicates what we believe the stock should be trading at today if the stock market were perfectly efficient and everything traded at its true worth. For SON, we base this on actual earnings per share (EPS) for the previous four quarters of $2.32, forecasted EPS for the next four quarters of $2.58, and correlations to the 30year Treasury bond yield of 4.66%. There are an additional 10 firm specific and interest rate related parameters, each playing a role in the valuation analysis. For more details on ValuEngine's Fair Value Model, please go HERE.

FORECAST ANALYSIS 1-Month 3-Month 6-Month 1-Year 2-Year 3-Year Target Price $36.65 $36.72 $36.48 $36.81 $37.49 $45.37 Exp. Return 1.30% 1.50% 0.83% 1.74% 3.62% 25.40%

FORECASTED TARGET PRICES
The predictive variables used in Valuengine's forecast target price models include both proprietary and well-established forecasting variables derived from credible financial research studies and publications. Our forecasting models capture, among other things, several important tendencies that stock prices consistently exhibit: Short-term price reversals, Intermediate-term momentum continuation, and Long-term price reversals. We use a distinct forecasting model for each time horizon and for every industry. We then apply the most advanced statistical/econometric techniques to ensure that our stock return forecasts are as reliable as possible. For more details on ValuEngine's Fair Value Model, please go HERE.

Contact ValuEngine:
ValuEngine, Inc. 41 University Drive, Suite 400 Newtown, PA 18940, U.S.A. (800) 381-5576 (T) support@ValuEngine.com www.ValuEngine.com

Copyright © 1998 - 2011 ValuEngine Inc

1

beverages. OPTIMAL BUY-SELL Based solely on the Historical Mispricing of SON.47 1. we apply the PEG to give a fair value assessment if both its trailing 4 quarter EPS and forecasted EPS growth rate are positive.00%). utilizing more than a million tons of recovered paper annually in its papermaking operations.20% 3. If its forecasted EPS growth is negative but its forward 4 quarter EPS is positive. SON earned $2. On this page.57 (or valuation below 33.58% 11. These two alternative perspectives should give you a good idea about where this stock's valuation stands today.00%).22 0.86% 34. we use both (i) the average historical market ratio of the stock over the past 10 years (or however long there is data available for the stock).23% 3. personal care. Sonoco products are used by many of the world's leading industries.84 15. P/E (price to forward 4 quarter earnings ratio). Comparables' PEG Comparables ATR BMS GEF PKG SEE Current PEG 2. PEG is the most informative as it reflects both the price/earnings ratio and expected future EPS growth. papermaking.13 Fair Value Comparable Stocks' Avg PEG Comparable PEG-Based Fair Value 1. BMS. material converting.2 $31.58 for its 4 quarter forward EPS. Among the three. Valuation Based on Comparables' PEG SON's comparables are ATR. The current PEG average of these comparables is 1. the best time to buy would be below $23. agriculture. SON's current price sales ratio is 0. we present such a valuation based on one of three market ratios: PEG (price to trailing 4 quarter earnings ratio. Sonoco is one of the world's largest manufacturers of packaging materials for industrial and consumer markets.07 EVALUATION & RANKINGS SUMMARY Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. EVALUATION & RANKINGS Valuation 12-Month Return 5-Y Avg Ann Rtn Volatility EPS Growth Market Cap(bill) Sharpe Ratio P/S Ratio M/B Ratio P/E Ratio Value 2.36 Copyright © 1998 . textiles.32 per share in its recent 4 quarters. and (ii) the average market ratio today of five comparable stocks in the same sector and from companies of similar size. PKG and SEE.58 for its 4-quarter-forward EPS.2.07 $54. DATA SUMMARY & MARKET RATIO BASED VALUATION MARKET RATIO BASED VALUATION Portfolio managers and professionals traditionally rely on market ratios to gauge whether a stock is fair valued or overvalued. SON earned $2. the company is one of the leading producers of recycled paperboard. including food processing. we resort to the P/S to assess its fair value. Fair Value Historical Average PEG PEG-Based Fair Value 2. SON's average PEG is 2.VgluEngine BUSINESS SUMMARY TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) BUSINESS SUMMARY.59 Rank 63 67 66 91 33 83 70 66 16 71 1.32 per share in its recent 4 quarters. The analyst consensus estimate is $2.11% 25. pharmaceuticals. supermarkets. The following assessment is based on multiplying the historical PEG with recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters for SON.04 1. material handling. the more positive the influence each measurement has on the overall attractiveness of the stock. The analyst consensus estimate is $2. For each given stock. Let's take them one by one: • Valuation rank 63: 37% of stocks are more undervalued • Momentum rank 67: 33% of stocks have higher momentum • Sharpe Ratio rank 70: 30% of stocks have a higher Sharpe Ratio • 5-Year Average Annual Return 66: 34% of stocks have higher average annual return • Volatility rank 91: 9% of stocks have less volatility • EPS growth rank 33: 67% of stocks have greater projected EPS growth • Size rank 83: 17% of companies have higher market capitalization • P/E rank 71: 29% of stocks have lower P/E ratios • Price/Sales rank 66: 34% of stocks have lower price/sales ratios • Market/Book rank 16: 84% of stocks have lower market/book value ratios 2. In other words a high rank is always better. To establish a valuation standard. Each of these quantitative measurements is ranked on a scale of 1 to 100.12 0. The best time to sell would be above $42. we apply the P/E to give a fair value for the stock as of today.2011 ValuEngine Inc 2 . and P/S ratio (price to trailing 4 quarter sales). This is sometimes confusing to newcomers to ValuEngine.15 1. health care and many others. while P/E is better than P/S.56 (or valuation above 21. GEF. In addition. plastics. Otherwise. Valuation Based on SON's Past PEG Over the past 10 years.91.64 0.91. divided by the consensus analyst forecasted next year EPS growth). The following assessment is based on multiplying comparable stocks' average PEG today with SON's recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters .07. Generally the higher the ranking.91 6. SON's current price sales ratio is 0.

SON is in line with the industry S&P 500 n/a n/a rank of 67. SON has a Market/Book rank of 16. Each of these quantitative measurements is ranked on a scale of 1 to 100. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Sharpe Ratio Rank The ValuEngine Sharpe Ratio Rank measures the risk return tradeoff SON 0.86% 63 company's stock price and its Fair Value.83% 48 the industry Rank of 65. which is Sector 5.91 67 assigned a rank of 100 while stocks with the highest P/S ratio are Sector 2.16 n/a Rank 71 64 51 n/a The ValuEngine P/E Rank signifies the relative standing of a company on its P/E ratio. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 5-Y Avg Ann Rtn Rank The ValuEngine 5-Years Average Return Rank reflects a stock's SON 3. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/S Ratio Rank The ValuEngine Price/Sales rank signifies the relative position of the SON 0.26% 55 With a rank of 66. SON is in Sector 16. SON Industry -12. A higher rank corresponds to a lower Industry 3. The below data points show how the rank for each data point for SON relates to the overall industry.33% 46 line with the average of its industry group.42% 59 68. relative to the universe.39 67 capitalization within ValuEngine's stock universe.59 59.31% 98 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- EPS Growth Rank The ValuEngine EPS Growth Rank indicates a stock's expected EPS SON 11. and S&P 500 averages. Stocks with the lowest P/S ratio are Industry 0. Sector -5.12% 49 rank score of 61. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 12-Month Return Rank The ValuEngine 12-Month Return Rank reflects the relative stock SON 34. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Market Cap(bill) Rank The ValuEngine Size rank signifies the company's size in terms of SON 3. which S&P 500 0. The higher the Valuation rank. 3 Copyright © 1998 .12 70 offered by a stock. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Volatility Rank The ValuEngine Volatility Rank reflects the volatility associated with the SON 25. With a Valuation Rank of 63. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Valuation Rank The ValuEngine Valuation Rank measures the relationship between a SON 2. A high rank indicates a high growth rate expectation.52% 53 the more undervalued the stock.This is in line with the industry rank of Sector 70. Sector 35.20% 67 performance of a stock over the recent 12 months. In other words a high rank is always better. Industry 11. SON is in line with the industry P/E rank of 64. SON is in line with the industry. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- M/B Ratio Rank The Market/Book Rank is a measure of a stock's market to book ratio SON 6. On a scale of 1 to Industry 37.02 55 same 5 years. sector. SON has a Volatility Rank of 91. S&P 500 18.11% 66 average annual return over the last 5 years.91 66 company based on its P/S ratio. Sharpe ratio is the stock's average annual return Industry 0.64 83 market capitalization. Generally the higher the ranking.72 33.02 60 has a rank of 68. With a rank of 70. A higher Volatility Rank indicates a lower volatile percentile of Industry 43.14 68 (over the last five years) divided by its annualized volatility over the Sector -0.67 48 SON is slightly higher than the industry. a higher 12-Month Return rank indicates a stronger performance. which is moderately higher than Sector 59. in comparison with the Industry 5.18 62 ranked 1.2011 ValuEngine Inc . With a P/E rank of 71.01 45 moderately lower than the industry rank of 37. With a Size rank of 83.41% 65 stocks.58% 91 stock.84 16 relative to the stock universe. SON is in line with the industry's S&P 500 19.23% 33 growth rate. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/E Ratio SON Industry Sector S&P 500 15. which has a rank of 67. A higher rank denotes a larger market Industry 2. Sector 2. which has a rank of S&P 500 0.20% 68 coverage universe.98 37 market book value. Stocks in the top P/E percentile are each assigned a rank of 1(highest P/E stocks) while those in the bottom P/E percentile are assigned a rank of 100 (traditional value stocks).26% 58 42. SON is in line with the industry.28% 55 With a 12-Month Return Rank of 67. A higher rank indicates a better return performance. the more positive the influence each measurement has on the overall attractiveness of the stock.VgluEngine TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) VALUENGINE RANKINGS Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. which carries a Valuation S&P 500 n/a n/a Rank of 53.59% 61 100. At a Price/Sales rank of 66.48% 42 has an EPS Growth Rank of 33.

79% 26.30% 66 61 84 88 70 One-Month Three-Month Six-Month One-Year Two-Year Three-Year ATR 58.38 14.19% SON 43.99% 54.32% PKG 45.14% 1.92% 37.75% 51.66% 51.14 0.85% 36.44% 50.90% 1.55% 26.05 0.45% 35.05 2.92% 67 48 69 68 68 RISK ASSESSMENT: CHANCE OF GAIN 5-Y Avg Ann Rtn Rank SON BMS ATR GEF PKG 3.84% 46.41% 1.83% 1.81% SON 56.06% 55.62% 25.VgluEngine Valuation SON BMS ATR GEF PKG 2.59 15.65% 6.59% 54.91 0.32% EPS Growth SON BMS ATR GEF PKG 0.07% 53.16% 53.96% GEF 55.06% 34.92 3.84 4.92% BMS 1.98% 71.40% 12-Month Return Rank SON BMS ATR GEF PKG 34.50% 0.88 1.79% 13.20% 52.12 Rank 70 63 91 89 70 P/S Ratio SON BMS ATR GEF PKG 0.01% 45.58% 44.30% 47.24% 57.09% 45.14% 9.41% 45.07% 1.63% GEF 1.64 3.11% 1.25% SON 1.73 Rank 71 72 59 75 63 Copyright © 1998 .80% 47.03% 35.81% 3.55% 35.6 0.92% 25.29% 27.93% 52.45% 48.79 1.01% 56.26 3.98 Rank 83 83 82 81 81 * Comparables are companies in the same Sector and Industry and of approximately similar market capitalization value.46 3.94% 65.77% 1.74% 4.68% Volatility SON BMS ATR GEF PKG 25.25 Rank 16 23 37 18 36 P/E Ratio SON BMS ATR GEF PKG 15.03% 1.12% BMS 58.76% 42.86% -2.51% 3.84% 48.70% 52.07% 47.54 3.08% 0.08% 74.34% 48.18% 47.21% 10.30% Rank 91 93 92 74 77 RISK ASSESSMENT: CHANCE OF LOSS ATR One-Month Three-Month Six-Month One-Year Two-Year Three-Year 41.23% 2.19% 50.16% 51.20% 17.3 17.72% 1.11 0.43 0.12 0.12% 0.82% 52.68% PKG 54.91% 23.52% 64.09 6.93% 46.55% 51.94% 24.45% 1.91% 26.99% 43.04% GEF 44.42% 55.91% 54.48% 35.71% 53.37 0.74% 3.81% 49.79% TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) COMPARISON OF SIMILAR STOCKS* & RISk ASSESSMENT Rank 63 71 44 51 56 FORECAST COMPARISONS RETURN FORECAST: EXPECTED RETURN ATR One-Month Three-Month Six-Month One-Year Two-Year Three-Year 1. Sharpe Ratio SON BMS ATR GEF PKG 0.25% 48.27 Rank 66 70 47 67 55 M/B Ratio SON BMS ATR GEF PKG 6.58% 23.26% PKG 1.12 0.2011 ValuEngine Inc 4 .37 Rank 33 40 29 34 65 Market Cap(bill) SON BMS ATR GEF PKG 3.56% 49.28% 6.45% 73.76% 3.09 0.77% 14.13 19.30% 1.02% 28.88% BMS 41.94% 44.41% 1.29% 46.

3 922.4 0 0 132.4 0 1522.2 391.4 392 2390.1 2916.1 0 -103.7 252.4 0 7.5 0 -454.2 1152.2 0 -262.3 973.6 0 0 0 384 457.3 93.6 0 458.4 244. Plant & Equipment Accumulated Depreciation Net Property.1 0 293.7 0 439 314.7 124.6 2940.8 0 126.6 0 30.6 0 600 0 189.9 0 0 639.1 --1007.8 0 0 57.7 343.2 0 463.8 177.2 421.9 0 699.3 0 251.7 --1105.3 0 0 237.9 663.5 903.8 274.1 942.9 3041.5 0 147 0 657.2 430 1044.8 0 52.3 748.9 646.8 288.5 147 3086.2 376.2 418.4 0 314.4 3041.6 0 1888.2 0 137.7 943.3 200312 84.7 0 0 620.1 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.5 --944 0 0 281.3 2981.7 0 0 758.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.6 0 7.8 2520.7 200512 59. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) ANNUAL FINANCIALS (All items in Millions) 200912 185.3 1219.5 0 1506.8 872.6 118.2 867.5 0 7.3 215.2 0 0 805.2 0 0 271.1 134.1 0 272.2 0 50.4 1441.2 0 75.5 200712 70.8 0 712.2 189 -125.1 204.4 0 138.4 3340.2 0 266.4 1263.9 0 -136.4 2981.5 173.2 337.6 1248 0 -296.2 0 473.2 45.8 0 813.8 0 0 311.3 --975.6 0 462.7 200412 117.5 926.3 --923.8 0 522.1 375.3 0 0 211.3 0 1898.3 303.1 0 -107.9 0 49.3 193.5 755.6 200212 31.8 239.7 51.5 3062.2 659.1 0 -212.4 0 0 0 359.1 1014.7 1163 3086.7 0 383 0 1681.9 0 168.5 0 492.4 2390.1 885.1 0 0 286.6 ---0 72.9 -114.7 0 7.7 0 7.5 0 7.8 0 518 0 1923.2 200612 86.3 0 0 0 967.2 404.6 0 216.7 1834.8 0 320.9 0 -106.8 --1019.1 0 60.6 200812 101.6 0 679.4 0 124.5 265.4 239.5 3340.4 0 0 698.9 223.9 0 1718.9 0 7.6 153.9 0 1697.2 ---0 97.2011 ValuEngine Inc 5 .7 0 390 315 ---0 99.6 0 0 211.7 0 59 996.5 248.9 0 0 250.6 3062.3 27.2 2520.9 357.6 1150.1 1027.2 191.2 324.4 318.5 33 353.1 928.4 0 0 312.1 0 0 659.9 1205.1 2916.6 201.3 0 33.2 5.2 930 2807.1 0 85 0 804.3 2013.4 0 7.1 805.6 0 0 0 763.5 0 656.2 0 0 230.2 426. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .7 0 91.2 1380.

4 108.4 0 135.8 19.4 258.3 -227.4 0 -13.4 3398.9 200412 3155.8 -110.6 271.4 21.9 331.5 -1.7 0 155.7 1.5 -1.7 0 151. Depletion.9 243 -28.3 -75 -15.6 55.5 21 -332 -8.1 2.5 70.1 97.1 0 -165.5 0 0 -124.1 115 -36.8 0 17 0 164.2 54.2 -5.1 151.7 0 0 7.3 0 0 13.1 1.6 164.3 19.3 51.6 2.5 101 101 179.1 0 -27 61.9 214.6 -58.3 0 135.7 214.2 31.3 1.4 1.6 1.9 200312 2758.4 1.9 -74.2 -142.3 97.8 Research & Development Expense Selling.4 -8. Amort.3 37.9 391 -104.2 753.7 0 6.1 200812 4122.3 666 0 413.4 0 2.8 0 -151.1 164.4 135.2 -47.9 0 161. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.3 252. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.2 163.4 -101.3 159. Depletion.9 1.7 -241.2 -90.6 0 15 445.7 7.1 -5.9 1 -219.6 32.Diluted.2 -267 0 0 -378.1 -76.9 -62.3 252.4 41 214.9 98.1 0 151.6 0 0 -245.4 0 288.1 -94.4 1 200612 3656.4 1. Other Adjustments .6 661 0 365 296 0 -13.6 2867.1 173. & Equ.2 0 -33.8 -108 1.7 9.9 100.5 101.9 163.5 216.6 -107.9 0 83.1 2259.6 -30. Expense Income Before Depr.8 1.3 2931.7 344. net EPS .4 202..8 552.6 -59.6 0 -47.2 0.9 -90.4 54.3 79.4 -21.6 183 -51.2 143.6 101 101 226.5 -80.8 -28.6 0.5 231.4 100. Plant.9 161.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.2 -106.8 0 2. General & Admin.8 0 409.1 2.3 52 274.1 0 214.6 -123.9 -72.7 0 24.9 156 -4.9 127.3 1.6 -38.5 -1.2 -111.7 1.5 37.4 724 0 274.4 -123.8 -110. Net Cash from (used by) Invesment Act.8 -379.6 574.5 1.8 2951.1 200712 4040 3286.Diluted.9 0 0 -35.1 181.6 83.1 -106.5 0.4 -99.4 1.2 0 151.4 192.8 3.1 -169. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.9 2.9 -4.5 78.9 498.2 5.6 47.7 195.6 172 -85. before non-recurring Preferred Dividends .5 1.5 53.6 -85.6 -125.1 101.1 0 0 9.6 -79 -62.Basic.4 0 289.8 -119.5 197.6 1.7 -212.8 0 12. Depl.5 1.7 0 -11 54.6 0 7.4 -129.9 74.5 0 -4.6 1. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .9 101.2 -102.4 -79.2 66.2 0.4 -115.6 379.6 -73.8 0 316.2 198.9 52.3 2259.7 263.9 138.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) ANNUAL FINANCIALS (All items in Millions) 200912 3597. Amort.7 1.8 93.2 0 14.9 200512 3528. Increase/Decrease in Prop.8 0.8 200212 2812.3 -94.9 482.2 98. Depreciation.9 97.6 0 164.2 0 0 13.3 34.3 1.2 53.1 -97.7 26.4 30.6 -95.7 10.3 0.3 0 11.8 208.4 2580.4 0 -21.1 84.3 34.7 0 100.6 195.5 5.9 -91.1 0 -19.3 449.2 60.3 58.9 0 161. net EPS .9 -8..5 1.6 1.1 0 156 32.8 2.2 97.2 227.4 255.2011 ValuEngine Inc 155. Net Change in Cash & Cash Equivalents Copyright © 1998 .Net Net Cash from (used by) Operating Act.9 163.8 705 0 359 346.3 -81.8 138.5 0 -24.1 0 195.7 6 .9 -21.3 -2.1 101.

5 0 447.6 0 370.2 1380.9 2979 31.2 404.2 0 0 106.5 0 1709.9 -114.5 3062.6 -113.5 903.8 201003 188.6 153.4 410 0 0 329. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .7 -116.2 0 1802.7 0 59 996.3 973. Plant & Equipment Accumulated Depreciation Net Property.4 200903 78.6 0 0 888.3 113.9 0 73.9 0 0 101.5 1400.5 189 -124.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.7 0 59.1 147.1 294.9 --937.5 147 3086.5 0 7.5 0 0 722 0 35 0 561.7 0 439 314.2 448.4 0 0 312.2 0 7.8 879.9 --896.7 1163 3086.1 0 378.8 0 0 656 0 29.4 3302.4 0 484 0 1805.9 0 27.5 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.1 928.1 917.9 0 7.8 288.1 3123.1 316.4 0 -442 1173.4 0 0 55.2 189 -125.4 426.3 1023.2 410.8 0 0 642.5 0 0 852.7 162.4 0 536.7 1330.6 -141.9 112.5 3154.4 --956.4 0 7.5 926.7 0 -332.6 0 0 834.6 1248 0 -296.9 320.8 0 29.2 1269.8 0 61.2 0 7.6 0 30.8 0 1836.5 0 0 102.2 0 50.5 0 7.8 1318.5 162.6 313.8 0 635.5 920.1 375.8 144.7 0 383 0 1681.6 3062.2 930 2807.6 0 464.6 0 79.7 0 1794.6 320.2011 ValuEngine Inc 7 . Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) QUARTERLY FINANCIALS (All items in Millions) 201009 168.5 0 0 326.8 0 518 0 1923.2 0 0 805.9 1228.3 0 0 62 908.3 0 -285.2 413.7 0 517.5 1500.2 444 1299.8 0 -383 1242.7 0 32 0 618.7 0 577.7 --955.4 0 0 698.5 33 353.8 0 27.9 201006 167.8 113.3 183.7 0 378 0 1723.2 421.6 --956.2 211.8 318.7 0 513.1 0 483.4 0 0 132.9 3127.6 118.8 406.2 430.4 --909 0 0 57.5 -123.2 1097.8 3037.6 200909 194.7 3127.2 0 -330.7 1834.3 2013.5 0 656.9 200906 111.8 0 0 349.2 1418.2 149.7 895.9 1205.6 968.7 0 468.2 192.1 924.6 3302.8 0 0 57.2 0 463.2 0 75.1 3037.3 0 0 303.8 -128.4 27.8 155.5 0 61 1080.5 910.1 0 7.6 2940.8 1178.8 1207.1 0 501.6 0 462.5 173.4 0 0 314.2 0 517.5 3123.8 191.1 177.6 0 425.4 3154.2 353.5 297.9 30 365.2 407.3 0 7.3 0 -306.2 1201.1 0 0 296.8 2979 200812 101.4 0 52.5 0 -454.3 200912 185.8 0 0 311.

1 -5.9 1 -219.9 0 0.4 8.4 -200.2 0 2.8 0 33.1 0.8 100.4 8.4 0.2 0.5 0 0.3 -26.4 0.2 5.5 58.7 852. General & Admin.6 0 33.2 90.7 0 47.7 92.1 0.3 2.9 0 81.Diluted.6 -107.9 67.7 102.8 10. & Equ.2 3.7 40.9 -3.1 0 15.9 0 132.4 21.9 81.7 0 100.9 0 -66.6 -27 0.1 101.1 199.3 0 -27.6 757.5 0 102.9 -21.5 107.4 175.9 -57.3 200906 864.6 0.2 0 -23.8 -11.2 15.6 42.9 0 2 75.5 0 47.1 75. Net Change in Cash & Cash Equivalents Copyright © 1998 .5 -1.2 -5.6 -53.6 -0.5 60.8 140.5 0.5 -34.4 0.4 35.2 0.6 -79 -62.3 200812 934.3 200909 930.1 -0.1 759.5 260.5 0.7 29.3 200903 800.5 10.1 128.9 0.5 40.6 183 -51.1 0 23.3 19.6 108.9 -1 -37.9 -0 4.6 0 48.2 -6. Amort.2 19.9 0 83.7 11.5 0.3 201003 935.2 76.5 -26.8 181.Basic.1 0 47.4 0 47. Amort.5 -23.6 0.4 0.2 -134.4 3.1 817.1 0 13.9 808.4 0 36. before non-recurring Preferred Dividends .2 -10.9 0 59 0 59 102.9 0 3 0 59 0 59 102.1 -9.1 -106.7 36 0 36 100. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.3 -0.1 100.9 0.6 0.5 81.6 100.6 -101.6 0 -55.9 0.2 -118.1 -13.5 56.4 -58.6 192.2 0.3 200912 1001.6 -4.6 0.7 6.5 173.4 -94 0 63.2 17 -68.4 -5.6 0 114. Depletion.1 -16.6 -28.5 0 0 0.7 84.3 -53.6 2 -9.7 12.4 -26. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.8 -82.9 4.3 0.8 101.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) QUARTERLY FINANCIALS (All items in Millions) 201009 1051.5 -27 0.6 776.3 -235.8 51 -2.9 158.3 0 -0.9 -0 1.6 0 23.7 59.8 -28.7 83.9 -91.2 0 57.9 9.5 0.8 0 100.7 0 0.2 43 -83.4 -123.9 -57.4 -11.4 -0.6 379.1 101.7 2..5 -1.6 83.2 0.1 50.3 0.6 -28.8 49.5 10.6 0.3 0 101 57.1 0 98.7 124.1 193.8 19.5 -26.7 -5..5 -27.5 0.3 -96.2 -28. Increase/Decrease in Prop.4 16.2011 ValuEngine Inc 166.Net Net Cash from (used by) Operating Act.2 -113 -80.4 0 0.6 659.9 0.5 0.3 0.8 8.8 -110.9 73.7 -241.3 201006 1010.6 101. Net Cash from (used by) Invesment Act.4 0 73. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .1 115.9 391 -104.4 9.2 0 48. Plant.7 -6.4 30.6 0.8 0 0.7 67 -8 0.6 0.Diluted.5 101.7 9.2 -38 3 155.1 0.1 64.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.1 11.9 0.5 8. Expense Income Before Depr.3 Research & Development Expense Selling.2 705.5 -2.9 8 .6 47.9 48.7 0.2 181.8 100.1 0.9 -7.1 0 0.1 0 23.8 -0.8 -3.7 101.5 23.1 -97.5 5.2 74. Depreciation. net EPS .7 100.4 -17.8 -66.2 65.8 23.3 0 0.3 61.5 102. Depletion.6 -38.6 0 0 5 -29.8 25.8 66. Other Adjustments .4 357.5 -1.2 -39.4 -59 -10.4 -31.4 158. net EPS .5 -1.8 40.7 10.1 0. Depl.6 0. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.1 164.1 173.

500 U. please go to our website at www.S. Data Summary and much more. VEI deploys the power of ValuEngine's quant-based valuation. analysis. ValuEngine Premium Web Site Stock Analysis Service: A subscription to our website allows access to ValuEngine's proprietary real-time quantitative analysis tools for more than 5.valuengine. customization. ValuEngine 1-5 Engine Rating. The Weekly includes quantitative market and sector overviews of the entire ValuEngine U..ValuEngine. portfolio creation/optimization. and web-site owners.com. Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives.valuengine. Treasuries. newsletter publishers. Financials. financial advisors.com. and consistent computerized research department whenever and wherever needed. VEI will dramatically increase your productivity.com/pub/main?p=33 The ValuEngine Weekly Newsletter: The ValuEngine Weekly Newsletter features market research. The ValuEngine Weekly Newsletter also includes tips and tricks for getting the most out of VE's quant-based investment tools. Consensus EPS trend and Earnings Surprise statistics provide additional insights. and mathematical brainpower on staff to provide Funds and Institutions with complete solutions to their research. VE also offers long-only portfolio newsletter products as well as specialized industry and sector reports. Chief Market Strategist Suttmeier provides technical levels for key commodities. Please call (800) 381-5576 to speak with a sales representative or email support@valuEngine. You can sign up for a free 14 day no-risk trial period: www.com/nl/mainnl ValuEngine Institutional (VEI): VEI is a software package designed to meet the demanding requirements of Finance Professionals. ValuEngine Fair Valuation. foreign. 1-3-6 month and 1-2-3 yr forecasts. Full access to more than 4. Risk Assessment. Below is a brief description of some of our additional products and services. an Independent Financial Advisor. More report information: www. sign up here: www.valuengine.VgluEngine TM DETAILED RESEARCH REPORT SONOCO PRODUCTS(SON) VALUENGINE SERVICE DESCRIPTIONS Thank you for your interest in ValuEngine! ValuEngine Detailed Valuation Report: Advanced academic research that brings you superior investment strategies in an actionable format. or an Independent Broker/Dealer with hundreds of financial advisors.S. and ADR stocks which trade on U. detailed Company Profile. indices.2011 ValuEngine Inc 9 .valuengine. accurate. IT. you can differentiate your firm from the competition by offering of time-proven. The software provides access to our proprietary market neutral portfolio strategies and the ability to extract the entire universe database of ValuEngine model outputs each day. brokers. Copyright © 1998 . The most comprehensive and useful report available. Whether you are a Fund Manager. To view sample issues of our many newsletters or to subscribe. ValuEngine private-label products can be customized for funds managers. or send us an email at support@ValuEngine. and strategy-implementation needs. Active traders should consider Chief Market Strategist Richard Suttmeier's ValuEngine Morning Briefing while those looking for a diversified portfolio of both long and short ideas should check out the ValuEngine Forecast 16 Market Neutral Strategy Newsletter.S. and database capabilities to your desktop.com/pub/main?i=0 Consultancy Services: With ValuEngine's 10 years of experience to help you maximize your professional investment strategy. ValuEngine's three models: Valuation Model. Multi-stock comparison. high-performance research to your clients.com/rep/mainrep To find out more about ValuEngine's many independent and objective investment products and services.com/nl/WeeklyNewsletter ValuEngine Premium Newsletters: ValuEngine offers a variety of premium newsletter products designed to meet every style of investment. a Research House.valuengine. forecast. Also. Tell us your financial objectives and specify your universe constraints and ValuEngine can provide everything from back testing and strategy development to front and back-end automation services. Markets.S. stock universe as well as VE data points for hot stocks and industries. VEI provides the finance professional with a fast.000 individual stock reports--like this one--is included with every VEI subscription. ValuEngine has the research. go to the Newsletter portion of our website: www. please visit our website at www. call us at 1-800-381-5576. and U. To download a free demo. objective. To receive this free newsletter every Friday. Earnings Estimates.com. and commentary from ValuEngine Chief Market Strategist Richard Suttmeier and Senior Analyst Steve Hach. development.

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