Amazon.com

Analyst Listing

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

Broker Analyst Analyst Email
Raymond James Aaron Kessler aaron.kessler@raymondjames.com
Jefferies Brian Pitz bpitz@jefferies.com
Bernstein Research Carlos Kirjner carlos.kirjner@bernstein.com
Monness Crespi Hardt Cengiz M. Cakmak jcakmak@mchny.com
BGC Financial, L.P. Colin W. Gillis cgillis@bgcpartners.com
The Benchmark Company, LLC Daniel L. Kurnos dkurnos@benchmarkcompany.com
BMO Capital Markets Daniel Salmon dan.salmon@bmo.com
KeyBanc Capital Markets Edward Yruma eyruma@key.com
Burke and Quick Partners, LLC Frederick W. Moran fmoran@bqpartners.com
Piper Jaffray Gene Munster gene.a.munster@pjc.com
Atlantic Equities James Cordwell j.cordwell@atlantic-equities.com
Oppenheimer Jason Helfstein jason.helfstein@opco.com
Cowen & Company John Blackledge john.blackledge@cowen.com
Daiwa Securities Co. Ltd. Kazuya Nishimura kazuya.nishimura@us.daiwacm.com
Evercore ISI Ken Sena ken.sena@evercoreisi.com
Needham Kerry Rice krice@needhamco.com
RBC Capital Markets Mark S. Mahaney mark.mahaney@rbccm.com
Canaccord Genuity Michael Graham mgraham@canaccordgenuity.com
Wedbush Securities Michael Pachter michael.pachter@wedbush.com
Mizuho Securities USA Neil A. Doshi neil.doshi@us.mizuho-sc.com
Nomura Research Robert S. Drbul robert.drbul@nomura.com
SunTrust Robinson Humphrey Robert S. Peck robert.peck@suntrust.com
JMP Securities Ronald V. Josey rjosey@jmpsecurities.com
Deutsche Bank Research Ross Sandler ross.sandler@db.com
Wolfe Research Scott Mushkin smushkin@wolferesearch.com
Stifel Nicolaus Scott W. Devitt swdevitt@stifel.com
FBN Securities Shebly Seyrafi sseyrafi@fbnsecurities.com
Susquehanna Financial Group Shyam Patil shyam.patil@sig.com
Credit Suisse Stephen Ju stephen.ju@credit-suisse.com
Axiom Capital Victor Anthony vanthony@axiomcapital.com
Cantor Fitzgerald Youssef H. Squali ysquali@cantor.com

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Primary Input Data

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Derived Input Data

Derived Input

Label

2015 Value

2016
Value

Equational Form

Net Operating Profit Less Adjusted Taxes NOPLAT  1,100 2,829 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 7,331 9,706 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 282 182 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 33,806 42,206 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 3.28% 6.70% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv 11,836 15,882 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 1,066.74% 561.31% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket 99.94% 142.61% 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     8.69%  9.31%
Enterprise value
EVMarket  307,355  340,281 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook    306,771  339,401
Long-Run Growth
g = IR x ROIC
   35.01%  37.63% 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     1.60%  3.20% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D    78.63%  63.22% D\,\,=\,\,\frac{D+A}{EBITDA}

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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

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)

 2.87  2.50  111.88%  161.85%  110.28%  142.81%

EV/EBITDA

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

38.48 28.75 111.88% 161.85% 110.28% 142.81%

EV/NOPLAT

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

277.01 120.26 111.88% 161.85% 110.28% 142.81%

EV/FCFOPS

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

41.93 35.06 111.88% 161.85% 110.28% 142.81%

EV/EBIT

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

180.06 78.17 111.88% 161.85% 110.28% 142.81%

EV/IC

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

9.09 8.06 111.88% 161.85% 110.28% 142.81%

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