1. Presenter: Jeremy Leach

2. Teleflex is a diversified manufacturer that is involved in three different segments: Medical, Commercial, and Aerospace. This involves them creating products ranging from anesthesia devices to cargo handling systems. *Morningstar and Company’s Annual Report

3.  “… leading provider of disposable medical products and devices for critical care and surgical applications. ”  Acquired Arrow International in 2007  “… leading global provider of catheter products for critical and cardiac care. ”  Serves hospitals and health care providers in over 120 countries.  Reputable Brand Names  "I think Teleflex will be pure-play medical in the next two to three years," analyst Paul Joseph Mammola of Sidoti & Co said.  “This acquisition made Teleflex a healthcare-focused company” – Jeffrey Black (CEO)  The medical segment accounted for 62 percent of the company's 2008 revenue and about 75 percent of its second-quarter revenue. * Company’s Annual Report and Reuters

4. * Company’s Annual Report (2008)

5. OEM: Original Equipment Manufacturer. This is when the company manufacturers products that are sold to other companies and retailed under the second company’s brand name. EMEA: Europe, the Middle East, and Africa. * Company’s Annual Report (2008) & Wikipedia

6.  Commercial products consist of driver controls for recreational boats, rigging services for industrial customers and auxiliary power and alternative fuel systems for a range of vehicles.  Leader in steering and controls for recreational marine.  Established market positions and strong brands.  “ Teleflex is a Tier 1 supplier of gear shift systems to the automotive industry and a market leader in mobile auxiliary power systems for large vehicles. ” * Company’s Annual Report & Morningstar

7.  “ Teleflex Aerospace serves the world’s airlines and OEMs with advanced engine repair services, cargo-handling systems and equipment, and related aftermarket services.”  Leading provider of on-board aircraft cargo-handling systems.  Teleflex's air cargo systems control a market share of approximately 50%.  “Our advanced cargo-handling systems and aftermarket services from Telair International are designated a “preferred provider” by Boeing and Airbus on many of their major wide-body platforms.”  “The company's jet turbine repair blade business, in partnership with General Electric GE, is the dominant industry supplier.” * Company’s Annual Report & Morningstar

8.  “Teleflex Announces Upcoming Departure of Chief Financial Officer.”  Cited personal reasons, will stay with company until 2010  “Teleflex Inc. Completes Sale of Power Systems Business To Fuel Systems Solutions, Inc.”  “Since Power Systems' contribution to Teleflex's earnings is minimal, we are maintaining our fair value estimate.”  UPDATE 3-Teleflex raises '09 EPS view, shares rise  Quarter 2 EPS beat expectations ($0.96 > $0.88)  Raised estimates of 2009 income to $3.40-$3.60 from previous estimates of $3.25 - $3.55.  Sent shares up 6% after news was released, currently trading around pre-release price. * Reuters & Morningstar

9.  Reputable brand names in the all operating segments; especially medical.  Aligns itself with industry leaders such as: Boeing, Airbus, and GE.  Restructuring business model to focus on the segment that has given them the most consistent financial results; medical.  Global positioning reduces risk for economic downturns.  Management bonuses are based on the stock outperforming its peers.  This ensures that management’s incentives correspond with what is best for Teleflex as a whole. *Morningstar

10.  Reputation of posting inconsistent financial results, according to Morningstar.  Analysts believe Teleflex overpaid on their acquisition of Arrow, which also increased their financial leverage substantially.  History of entering into markets that end up not being as profitable as expected. * Morningstar

11.  Acquisition of Arrow allows Teleflex to increase its market positioning in the medical segment.  Slowly fazing out commercial and aerospace segments would result in Teleflex being able to focus on what they do best, which is in the medical department.  Management’s ability to find niche markets will continue to lead to growth in the foreseeable future.  Teleflex’s invested markets tend to be too small for heavy competition, which is a great competitive advantage. * Reuters & Morningstar

12.  Increasing the medical segment while fazing out the commercial and aerospace markets will result in less diversity, and therefore more risk.

13.  Ticker: TFX  Sector: Industrials  Industry: Diversified Industrials  Current Price: $47.09  52-Week Range: $37.21 – $61.11  Market Cap: $1.9B  Beta: 0.79 * Reuters & Morningstar

14. * Morningstar20012002200320042005200620072008TTMEBTMargin(%)8.48.36.64.18.38.35.79.18.9 ROA(%)7.407.275.560.405.405.734.472.957 ROE15.314.8211.050.8812.3311.9611.639.319.47 Revenue Growth (%) 899.98.91.25.3(26.9)25.2(22.6) EPS 1.110.1(13.3)(38.1)101.82.6N/AN/A(75.8) P/E16.513.617.730.819.118.5N/A14.915.3 P/S10.80.90.91.111.30.80.8 P/B2.41.91.81.92.32.11.91.61.3 D/E (%) 0.290.260.220.620.440.411.131.150.89

15. * MorningstarTFXIndustry S&P 500 5-YearAverageP/E15.38718.220.2 P/B1.32.22.12 P/S0.811.11 Dividend Yield (%) 2.91.72.3N/A

16. * Yahoo Finance

18.  Morningstar Fair Value Estimate: $65  Three-Stage DDM Calculated Fair Value: $27  Three-Stage FCFE Calculated Fair Value: $116.02  Average of Three-Stage Models: $71.51  With 15% Margin of Safety: $60.78 – $82.24  $47.07 < 60.78 = Suggests Undervalued