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	Sustainable Dividend Payers Near 52-week Lows
	Criteria as follows:  ROA > 10%; Payout Ratio Below Industry Average; Dividend Yields > 2%; Within 30% of 52-Week Lows
	Disclaimer: This page lists the results of a stock screen for informational purposes only.  This does not constitute an endorsement and/or solicitation for the reader to invest in these stocks. Please consult a qualified financial advisor to determine if these securities are suitable for your situation. All numbers provided by Gridstone Research, Reuters and Yahoo Finance and are not guaranteed to be accurate. Readers are advised to double-check the numbers for themselves.
6/11/2009									annual average
TICKER	COMPANY	Current Price	52 week range	Market Cap	Yield	PEG	P/B	P/FCF (avg annual)	AVG ROIC	AVG ROE	Debt ($M)	EBITDA ($M)	Debt to EBITDA	Payout Ratio	Business Description
CPB	Campbell Soup Company (CPB.W)	$29.05	24.63 - 40.85	10,210.16M	1.00(3.43) Date:1Apr2009	1.93	8.95	N/C	20%	73%	$1,530	$2,580	0.59	45%	Campbell Soup Company (Campbell) is a global manufacturer and marketer of food products. The segments of the Company are U.S. Soup, Sauces and Beverages; Baking and Snacking; International Soup, Sauces and Beverages, and North America Foodservice. On March 18, 2008 the Company divested its Godiva...
FLO	Flowers Foods Inc (FLO.N)	$21.18	20.40 - 32.68	1,935.26M	0.70(3.28) Date:16Jun2009	1.77	2.97	N/C	9%	7%	$263	$272	0.96	47%	Flowers Foods, Inc. (Flowers Foods) is a producer and marketer of bakery products in the United States. Flowers Foods consists of two business segments: direct-store-delivery (DSD) and warehouse delivery. DSD segment focuses on producing and marketing bakery products to the United States customers...
TS	Tenaris S.A. (TS.N)	$31.39	14.82 - 75.43	18,339.64M	0.86(2.70) Date:21Jun2009	1.28	2.18	N/C	33%	39%	$3,520	$2,830	1.24	15%	Tenaris S.A. is a holding company engaged in steel pipe manufacturing and distributing operations. It supplies tubes and related services for the energy industry and certain other industrial applications. Tenaris is organized in three major business segments: Tubes, Projects and Other. The Tubes...
IPHS	Innophos Holdings, Inc. (IPHS.W)	$15.98	7.59 - 41.51	343.28M	0.68(4.27) Date:12Apr2009	N/A	1.26	N/C	N/M	N/M	$329	$384	0.86	7%	Innophos Holdings, Inc. (Innophos) is a North American producer of specialty phosphates. Innophos has three principal product lines: Specialty Salts and Specialty Acids, Purified Phosphoric Acid, and Technical Sodium Tripolyphosphate (STPP) & Other Products. Its customer base is principally composed...
NVS	Novartis AG (NVS.N)	$40.31	33.34 - 61.30	89,621.59M	1.71(4.24) Date:23Feb2009	5.00	2.20	N/C	16%	22%	$11,450	$11,350	1.01	41%	Novartis AG, incorporated on February 29, 1996, is a Switzerland-based holding that, through its subsidiaries, is engaged in the research, development, manufacture and marketing of healthcare products. The Company’s healthcare solutions portfolio includes medicines, preventive vaccines and...
TMX	Telefonos de Mexico S.A.B. de C.V. (TMX.N)	$16.46	12.54 - 27.18	14,843.57M	0.64(3.90) Date:14Jun2009	1.59	N/A	N/C	21%	39%	$8,000	$4,170	1.92	49%	Telefonos de Mexico S.A.B. de C.V. owns and operates a fixed-line telecommunications system in Mexico. The Company also provides other telecommunications and telecommunications-related services, such as corporate networks, Internet access services, information network management, telephone and...
			Intrinsic value estimated by averaging various FCF scenarios over the noted period.
TICKER	COMPANY	Current Price	intrinsic value (IV)	margin of safety	annual avg FCF ($M)	IV per share	ttm FCF	IV per share	high year FCF	IV per share	low year FCF	IV per share	arbitrary FCF	IV per share	Notes
CPB	Campbell Soup Company (CPB.W)	$   29.05	$22.57	-28.7%	671	$24.66	436	$16.03	965	$35.49	340	$12.50	658	$24.18	1% growth discounted @ 5% risk-free rate; 10 years financial results except ROE numbers (last 5 years)
FLO	Flowers Foods Inc (FLO.N)	$   21.18	$8.58	-146.8%	59	$9.65	13	$2.16	126	$20.74	8	$1.31	55	$9.04	3% growth discounted @ 5% risk-free rate; 9 years financial results + TTM
TS	Tenaris S.A. (TS.N)	$   31.39	$17.59	-78.5%	834	$16.21	1185	$23.04	1573	$30.58	(85)	($1.65)	1016	$19.76	3% growth discounted @ 5% risk-free rate; 6 years financial results + TTM
IPHS	Innophos Holdings, Inc. (IPHS.W)	$   15.98	$53.13	69.9%	46M	$33.00	207M	$148.65	207M	$148.65	13M	$9.31	30M	$21.55	3% growth; 5% discount; over 5+ years; high year FCF was TTM and seems to be outlier
NVS	Novartis AG (NVS.N)	$   40.31	$55.74	27.7%	7740	$52.20	7806	$52.64	13676	$92.23	4756	$32.08	7348	$49.56	3% growth; 5% discount; over 5+ years;
TMX	Telefonos de Mexico S.A.B. de C.V. (TMX.N)	$   16.46	$16.27	-1.1%	35473	$16.45	33998	$15.77	42739	$19.82	28939	$13.42	34297	$15.91	1% growth; 5% discount; over 5+ years;
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