American Express

Analyst Listings

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

Broker Analyst Analyst Email
DA Davidson Arren Cyganovich acyganovich@dadco.com
Oppenheimer Ben Chittenden benjamin.chittenden@opco.com
Nomura Research Bill Carcache bill.carcache@nomura.com
Stifel Nicolaus Christopher C. Brendler ccbrendler@stifel.com
Sandler O’Neill & Partners Christopher R. Donat cdonat@sandleroneill.com
Drexel Hamilton David Hilder dhilder@drexelhamilton.com
Deutsche Bank Research David Ho david.ho@db.com
JMP Securities David M. Scharf dscharf@jmpsecurities.com
Evercore ISI David Togut david.togut@evercoreisi.com
Guggenheim Securities Eric Wasserstrom eric.wasserstrom@guggenheimpartners.com
BMO Capital Markets James Fotheringham james.fotheringham@bmo.com
Susquehanna Financial Group James Friedman james.friedman@sig.com
RBC Capital Markets Jason Arnold jason.arnold@rbccm.com
Piper Jaffray Jason Deleeuw jason.s.deleeuw@pjc.com
Wells Fargo Securities Jason Harbes jason.harbes@wellsfargo.com
Jefferies John Hecht jhecht@jefferies.com
Compass Point Research John T. Williams jwilliams@compasspointllc.com
Pacific Crest Securities-KBCM Josh Beck jbeck@pacific-crest.com
Bernstein Research Kevin St. Pierre kevin.st-pierre@bernstein.com
Credit Suisse Moshe Orenbuch moshe.orenbuch@credit-suisse.com
Keefe Bruyette & Woods Sanjay Sakhrani ssakhrani@kbw.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 Income NI  5,125  5,365 NI\, =\, EBIT\,\,-\,Interest\,\, Expense\,\, -\,\, Taxes\,\, Paid
Cash Flow From Equity CFE 5,125 5,537 CFE\,=\,\,NI\,\,-\,\,\Delta\,\,TE\,\,+\,\,OCI
Total Equity TE 20,673 20,501 TE\,=\,Total\,\,Assets\,\,-\,\,Total\,\,Long-Term\,\,Debt
Return on Equity ROE 24.79% 26.17% ROE\,=\,\frac { NI}{TE}
Net Investment NetInv  –  (172) NetInv\,=\,{ {TE}_{1}}-{{TE}_{0}}
Investment Rate IR 0.00% -3.21% IR\,=\,\frac {NetInv}{NI}
Cost of Equity
COE 0.84% -0.62% COE \,=\,R_{F}\,\,+\,\,(R_{M}\,-\,R_{F})\beta
Enterprise value
EVMarket 44,673 41,875 EV\,=\,Market\,\,Cap\,\,Equity\,-\,Cash
Long-Run Growth
g = IR x ROIC
0.00% -0.84% 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%

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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

PRICE/EARNINGS

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

PRICE/CASH EARNINGS

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

PRICE/BOOK VALUE

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

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