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        <p><p>July 9, 2012 – St. Louis money manager Joe Terril gives “thumbs up” on Weatherford International LTD, Cisco and Ford; “thumbs down” on Chipotle Mexican Grill. Founded in 1979, fee-based independent Terril & Co. oversees more than $500 million in trust, retirement plan, IRA and individual assets for clients in 23 states. The St. Louis-based firm is also an investment sub-advisor to bank trust departments.
<p>“Thumbs Up” picks of founder/president John “Joe” Terril are…
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<p>Weatherford International LTD (WFT: NYSE) – Terril believes that at $15/share, WFT is selling at half of what it should. He accepts that his peers may suggest he is seeing Weatherford through rose-tinted lens. “Weatherford had accounting issues related to poor decisions made several years ago on drilling contracts in the North Sea, but I am not taking them out to the woodshed over it. They operate in a volatile business and made accounting assumptions that the IRS ruled as ill-timed. There was no cover-up. It was a dispute that they lost.” Clear away the spoiled paperwork and Terril sees a sector-leading oil services firm with a superior track record for helping clients get more oil out of the ground cost-effectively.
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<p>Cisco (CSCO: NASDAQ) – Terril says Cisco has fallen victim to near-term global economic lethargy. “Buying decisions are being postponed, but the underlying trend is that people want their internet service to be bigger, faster and more complex. If they don’t want to pay for it now, they will have to pay for it later. Cisco is the #1 company in the world to make that happen.” Terril sees Cisco’s valuation as compelling. “Priced at $17/share, you’re buying it at 12X earnings and 8-9X cash flow. Cisco also has $53 billion in cash so $9 of the $17 share price is cash. You’re getting the operations for $8/share.”
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<p>Ford Motor Co. (F: NYSE) – Investors don’t understand the company Ford has become. “Ford is being punished for what it used to be. It has rid itself of punishing union contracts and now operates under work rules that are much more flexible and responsive to the marketplace.” The stock is now selling at just 6X earnings, 3.5X cash flow and is generating substantial free cash – a trend that should continue given its strong competitive position in the world marketplace and the fact that the average age of the U.S. fleet is 10.5 years. Says Terril: “It will take some time for people to change their mind on Ford, but if management does not screw up, you are going to make good money on it.”
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<p>“Thumbs Down” pick of Joe Terril is…
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<p>Chipotle Mexican Grill (NYSE:CMG) – Terril likes Chipotle’s food, but not its stock. Currently priced at 53X earnings, he believes the chain is significantly over-priced in the fully-priced fast-casual restaurant stock group. “At this multiple, the market is giving Chipotle a market capitalization of $12 billion, which is the current capitalization of SunTrust Bank. The difference is that SunTrust has assets of $178 billion and deposits of $130 billion.”
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