Allstate

Analyst Listing

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

Broker Analyst Analyst Email
William Blair Adam Klauber aklauber@williamblair.com
Morningstar Brett Horn brett.horn@morningstar.com
Raymond James C. Gregory Peters greg.peters@raymondjames.com
Piper Jaffray Daniel D. Farrell daniel.d.farrell@pjc.com
Wells Fargo Securities Elyse Greenspan elyse.greenspan@wellsfargo.com
Dowling & Partners Gary Ransom ransom@dowling.com
Argus Research Jacob Kilstein jkilstein@argusresearch.com
Bernstein Research Josh Stirling josh.stirling@bernstein.com
Deutsche Bank Research Joshua Shanker joshua.shanker@db.com
Compass Point Research Ken Billingsley kbillingsley@compasspointllc.com
RBC Capital Markets Mark Dwelle mark.dwelle@rbccm.com
JMP Securities Matthew J. Carletti mcarletti@jmpsecurities.com
Keefe Bruyette & Woods Meyer Shields mshields@kbw.com
Sandler O’Neill & Partners Paul Newsome pnewsome@sandleroneill.com
FBR Capital Markets & Co Randy Binner rbinner@fbr.com
Credit Suisse Ryan Tunis ryan.tunis@credit-suisse.com
Sterne Agee CRT Vinay Misquith vmisquith@sterneageecrt.com

Return to top of page


Primary Input Data

Return to top of page


Derived Input Data

Derived Input

Label

2015 Value

2016
Value

Equational Form

Net Operating Profit Less Adjusted Taxes NOPLAT 2,260 1,830 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 3,313 3,680 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 99 94 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 34,953 37,791 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 6.47% 4.84% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv (3,378) 2,838 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR -149.47% 155.05% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket 8.62% 8.85% WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)
 WACCBook  7.05%  6.70%
Enterprise value
EVMarket 29,273 34,105 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  28,285  33,039
Long-Run Growth
g = IR x ROIC
-9.66%  7.51% Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
g = % \Delta GDP  2.50%  2.50%
Margin from Operations M 9.79%  7.76% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D 0.00%  0.00% D\,\,=\,\,\frac{D+A}{EBITDA}

Return to top of page


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

Single-stage

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

EV/SALES 

\frac {EV}{Sales} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)

 .82  .94  -4.66%  -32.24%  -3.22%  66.69%

EV/EBITDA

\frac {EV}{EBITDA} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)

8.42 12.11 -4.66% -32.24% -3.22% 66.69%

EV/NOPLAT

\frac {EV}{NOPLAT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}

12.95 18.63 -4.66% -32.24% -3.22% 66.69%

EV/FCFOPS

\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

8.84 9.27 -4.66% -32.24% -3.22% 66.69%

EV/EBIT

\frac {EV}{EBIT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

8.42 12.11 -4.66% -32.24% -3.22% 66.69%

EV/IC

\frac {EV}{IC} \,= \,\frac{ROIC\,  -\,  g}{WACC\,-\,g}

.84 .90 -4.66% -32.24% -3.22% 66.69%

Return to top of page