June 27, 2012

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Doing Just Fine

Refiner Tesoro (TSO,$TSO) Up 10% in 9 Days Tesoro was founded in 1968 as a company primarily engaged in petroleum exploration and production. In 1969, Tesoro began operating Alaska's first refinery near Kenai. Today, Tesoro is a FORTUNE 500 company and one of the largest independent petroleum refiners and marketers in the Western United States. Tesoro was a long pick for this month's edition of the ValuEngine View Newsletter. When selected for our newsletter last Tuesday, the stock was trading at $22.28/share. The stock now sits at $24.45/share. That's a gain of 9.84% in nine days. Several major analysts have upgraded the stock to neutral or buy in the past few weeks. The stock also crossed its 200-Day moving average earlier today. ValuEngine has issued a BUY recommendation for TESORO CORP on Jun. 27, 2012. Based on the information we have gathered and our resulting research, we feel that TESORO CORP has the probability to OUTPERFORM average market performance for the next year. The company exhibits ATTRACTIVE P/E ratio, price/sales ratio and company size. Based on available data as of Jun. 27, 2012, we believe that TSO should be trading at $35.17. This makes TSO 31.40% undervalued. 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 TSO, we base this on actual

earnings per share (EPS) for the previous four quarters of $3.53, forecasted EPS for the next four quarters of $4.23, and correlations to the 30-year Treasury bond yield of 2.70%.

ValuEngine Forecast
Target Price Expected Return 1.55% 4.23% 7.60% 11.42% 13.84% 20.64%

1-Month 3-Month 6-Month 1-Year 2-Year 3-Year

24.5 25.15 25.96 26.89 27.47 29.11

Valuation & Rankings

Valuation 1-M Forecast Return 12-M Return Sharpe Ratio 5-Y Avg Annual Return Volatility Expected EPS Growth Market Cap (billions) Trailing P/E Ratio Forward P/E Ratio PEG Ratio Price/Sales Market/Book Beta Alpha 31.40% undervalued 1.55% 15.79% -0.31 -17.24% 55.25% 19.94% 3.39 6.84 5.7 0.34 0.11 0.89 1.45 0.1 Valuation Rank 1-M Forecast Return Rank Momentum Rank Sharpe Ratio Rank 5-Y Avg Annual Rtn Rank Volatility Rank EPS Growth Rank Size Rank Trailing P/E Rank Forward P/E Ratio Rank PEG Ratio Rank Price/Sales Rank Market/Book Rank Beta Rank Alpha Rank 76 96 82 37 36 43 54 86 93 93 79 93 72 33 81

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Market Overview
Summary of VE Stock Universe
Stocks Undervalued Stocks Overvalued Stocks Undervalued by 20% Stocks Overvalued by 20% 73.38% 26.62% 37.86% 10.53%

Sector
Aerospace Auto-Tires-Trucks Basic Materials Business Services Computer and Technology Construction Consumer Discretionary Consumer Staples Finance Industrial Products Medical Multi-Sector Conglomerates Oils-Energy Retail-Wholesale Transportation Utilities

Change
-0.69% -0.25% -0.08% 0.20% 0.26% 0.92% -0.06% 0.62% 0.30% 0.12% 0.48% 0.43% -0.31% 0.35% 0.27% 0.45%

MTD
-1.63% -2.86% 0.32% -0.34% -0.05% 0.95% -1.25% 0.61% 1.04% -2.10% 4.21% -0.80% -3.52% -0.64% -0.89% 2.69%

YTD
-3.45% -2.20% -6.95% 3.01% 4.02% 13.64% 6.30% 7.05% 11.23% -3.12% 10.78% 2.83% -14.30% 6.45% 3.55% -2.83%

Valuation
2.75% undervalued 20.27% undervalued 17.85% undervalued 6.17% undervalued 1.59% overvalued 10.93% undervalued 4.83% undervalued 7.57% overvalued 3.97% overvalued 2.12% undervalued 6.40% overvalued 3.40% undervalued 18.98% undervalued 1.07% overvalued 6.96% undervalued 7.01% overvalued

Last 12-M Return

-14.64% -20.01% -33.88% -5.22% -12.01% -8.38% -5.49% -5.88% -0.55% -14.91% -11.38% -10.13% -28.63% 1.15% -16.84% -6.89%

P/E Ratio
36.82 17.78 21.82 32.78 37.17 42.44 29.76 18.42 21.88 18.8 29.24 13.7 24.19 25.02 23.88 18.92