The Research Analyst in this public appearance certifies that the views expressed in this video accurately reflect his/her
personal views about the subject companies and their securities. The Research Analyst has not been, is not and will not be
receiving direct or indirect compensation for expressing the specific recommendation or view in this video.
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G.research, Inc. Gabelli & Company ("we" or "us") attempts to provide timely, value-added insights into companies or
industry dynamics for institutional investors.
Our research reports generally contain a recommendation of "buy," "hold," "sell" or "non-rated." We do not undertake to
"upgrade" or "downgrade" ratings after publishing a report. We currently have reports on 574 companies, of which 48%, 34%, 3% and 14% have a recommendation of buy, hold, sell or non-rated, respectively. The percentage of companies so rated for which we provided investment banking services within the past 12 months is 0%, 0%, 0% and less than 1%.
Ratings - Analysts' ratings are largely (but not always) determined by our "private market value," or PMV methodology. Our
basic goal is to understand in absolute terms what a rational, strategic buyer would pay for an asset in an open, arms-length
transaction. At the same time, analysts also look for underlying catalysts that could encourage those private market values to
rated stock is one that in our view is trading at a meaningful discount to our estimated PMV. We could expect a more
modest private market value to increase at an accelerated pace, the discount of the public stock price to PMV to narrow
through the emergence of a catalyst, or some combination of the two to occur.
is a stock that may be trading at or near our estimated private market value. We may not anticipate a large increase in
the PMV, or see some other factors at work.
is a stock that may be trading at or above our estimated PMV. There may be little upside to the value, or limited
opportunity to realize the value. Economic or sector risk could also be increasing.
We prepared this video as a matter of general information. We do not intend for the video to be a complete description of any
security or company and it is not an offer or solicitation to buy or sell any security. All facts and statistics are from sources
we believe to be reliable, but we do not guarantee their accuracy. We do not undertake to advise you of changes in our opinion or
Unless otherwise noted, all stock prices reflect the closing price on the business day immediately prior to the date of this video.
We do not use "price targets" predicting future stock performance. We do refer to "private market value" or PMV, which is
the price that we believe an informed buyer would pay to acquire 100% of a company. There is no assurance that there are any
willing buyers of a company at this price and we do not intend to suggest that any acquisition is likely. Additional information
is available on request.
Because the portfolio managers at our affiliates make individual investment decisions with respect to the client accounts they
manage, these accounts may have transactions inconsistent with the recommendations in this report. These portfolio managers
may know the substance of our video prior to their publication as a result of joint participation in research meetings or
No part of the research analyst compensation was, is, or will be, directly or indirectly, related to the specific recommendations
or views expressed in this research video. In addition, the undersigned lead analyst(s) has not received any compensation from
the subject company in the previous 12 months.
As of July 31, 2016 our affiliates beneficially own on behalf of their investment advisory clients or otherwise 19.22% of Kaman Corporation, 13.26% of Aerojet Rocketdyne Holdings, 6.85% of Crane Co., 6.24% of Curtiss-Wright Corporation, 3.71% of Gogo Inc., 1.4% of Moog Inc. Class B and less than 1% of Class B and less than 1% of all other companies mentioned.
The analyst, who prepared this video, or members of his household, own 0 shares of Chart Industries.
Stocks are subject to market, economic and business risks that cause their prices to fluctuate. When you sell shares, they
may be worth less than what you paid for them.
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