Analyst Listing
The following analysts provide coverage for the subject firm as of May 2016:
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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 |
5,395 |
6,191 |
 |
Free Cash Flow |
FCF |
8,483 |
9,616 |
 |
Tax Shield |
TS |
142 |
200 |
 |
Invested Capital |
IC |
62,909 |
66,422 |
 |
Return on Invested Capital |
ROIC |
8.58% |
9.32% |
 |
Net Investment |
NetInv |
3,016 |
5,618 |
 |
Investment Rate |
IR |
55.90% |
90.75% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
39.08% |
29.64% |

|
WACCBook |
9.71% |
8.73% |
|
Enterprise value
|
EVMarket |
124,207 |
105,860 |
 |
EVBook |
120,321 |
100,040 |
|
Long-Run Growth
|
g = IR x ROIC
|
4.79% |
8.46% |
Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models. |
g = % GDP |
2.50% |
2.50% |
|
Margin from Operations |
M |
38.90% |
41.99% |
 |
Depreciation/Amortization Rate |
D |
20.25% |
18.10% |
 |
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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

|
5.82 |
4.67 |
70.39% |
63.85% |
43.14% |
35.44% |
EV/EBITDA

|
11.93 |
9.10 |
70.39% |
63.85% |
43.14% |
35.44% |
EV/NOPLAT

|
23.02 |
17.10 |
70.39% |
63.85% |
43.14% |
35.44% |
EV/FCFOPS

|
14.64 |
11.01 |
70.39% |
63.85% |
43.14% |
35.44% |
EV/EBIT

|
14.96 |
11.12 |
70.39% |
63.85% |
43.14% |
35.44% |
EV/IC

|
1.97 |
1.59 |
70.39% |
63.85% |
43.14% |
35.44% |
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