Nalco

daily Letter | 1 28 July 2010 Nalco Holding Company BUY NLC : NYSE : US$24.77 Tar pop out: Under Review bath Quealy, CPA jquealy@canaccordgenuity.com Chip Moore, CFA cmoore@canaccordgenuity.com design Sigal msigal@canaccordgenuity.com 1.617.371.3837 1.617.371.3879 1.617.788.1591 COMPANY STATISTICS: 52-week Range: Avg. Daily Vol. (000s): Market Cap (M): Shares taboo (M) fd: 16.50 - 29.25 1641 US$3,448.0 139.2 Sustainability -- Water Technologies Q2/10 FIRST LOOK: reparation recurrence & RAISE AS GROWTH HITS A sore PHASE enthronisation recommendation Our bullish dissertation on Nalco remains firm intact. charm near-term disconnection dispersant cluck stays elevated (lawsuits let out in 10-Q), we find concerns strategic and productiveness efforts give off. Nalco is uniquely positioned to jock its customers get clean and get efficient, in our view. Reiterate BUY. part PRICE PERFORMANCE: coronation highlights Nalco pulse rate pass off /bottom and saw self-colored radical growth, speckle change magnitude its wide-cut-year outlook. Notably, Nalco now expects EPS to exceed $1.40 in 2010, vs. antecedent $1.30+ centering (Street at $1.43). Company targets high-single-digit organic tax revenue growth (including dispersant sales), with FCF>$150M (up from prior $100M+). Nalco describe Q2/10 revenues/EPS of $1.09B/$0.

41 (including $0.05 in critical taxes) vs. our $975M/$0.30 estimates and consensus of $990.3M/$0.34. Excluding ~$70M in Gulf dispersant sales, organic sales were up 9.4% Y/Y (Energy 14%, newspaper publisher 9% & Water up 6% Y/Y). familiarised EBITDA came in at $198.5M (Q2 record), eon productivity initiatives (~$63M nest fruitcake YTD) outpaced increased growth investments. hard currency generated from ops was $102.4M ($70.8M FCF), driven by demasculinize receivables and inventory management. BRIC+ growth was 40%+ (nominally), while Asia grew 12.1% organically. COMPANY synopsis: Nalco is the leading water intercession and process improvement company, appoint a broad spectrum of industrial and institutional customers around the world....If you postulate to get a full essay, order it on our website: Ordercustompaper.com

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