Equity Template

Analyst Listings

The following analysts provide coverage for the subject firm as of May 2016:

Primary Input Data

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Derived Input Data

Derived Input Label



Equational Form
Net Income NI NI\, =\, EBIT\,\,-\,Interest\,\, Expense\,\, -\,\, Taxes\,\, Paid
Cash Flow From Equity CFE CFE\,=\,\,NI\,\,-\,\,\Delta\,\,TE\,\,+\,\,OCI
Total Equity TE TE\,=\,Total\,\,Assets\,\,-\,\,Total\,\,Long-Term\,\,Debt
Return on Equity ROE ROE\,=\,\frac { NI}{TE}
Net Investment NetInv NetInv\,=\,{ {TE}_{1}}-{{TE}_{0}}
Investment Rate IR IR\,=\,\frac {NetInv}{NI}
Cost of Equity
COE COE \,=\,R_{F}\,\,+\,\,(R_{M}\,-\,R_{F})\beta
Enterprise value
EVMarket EV\,=\,Market\,\,Cap\,\,Equity\,-\,Cash
Long-Run Growth
g = IR x ROIC
Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
g = % \Delta GDP

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Valuation Multiple Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.

Equational Form

Observed Value


multiple g solution

Two-stage valuation

model g solution

12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016


\frac {Price}{Book\,\,Value} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}


\frac {Price}{Cash\,\,Earnings} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}\,(\frac{NI}{CE})


\frac {Price}{Book\,\, Value} \,= \,\frac{ROE\, -\, g}{ROIC\,(COE\,-\,g)}\,\,x\,\,ROE\,\,=\,\,\frac{ROE\,\,-\,\,g}{COE\,\,-\,\,g}

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