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 |
16,012 |
16,818 |
 |
Free Cash Flow |
FCF |
15,865 |
16,936 |
 |
Tax Shield |
TS |
1,411 |
1,628 |
 |
Invested Capital |
IC |
(21,410) |
(22,847) |
 |
Return on Invested Capital |
ROIC |
-74.79% |
-73.61% |
 |
Net Investment |
NetInv |
14,671 |
24,410 |
 |
Investment Rate |
IR |
91.62% |
145.14% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
7.07% |
6.12% |

|
WACCBook |
5.53% |
5.52% |
|
Enterprise value
|
EVMarket |
321,887 |
374,979 |
 |
EVBook |
323,929 |
368,739 |
|
Long-Run Growth
|
g = IR x ROIC
|
-68.52% |
-106.84% |
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 |
16.78% |
15.80% |
 |
Depreciation/Amortization Rate |
D |
47.19% |
49.97% |
 |
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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

|
2.19 |
2.29 |
1.97% |
1.54% |
2.23% |
2.67% |
EV/EBITDA

|
6.90 |
7.25 |
1.97% |
1.54% |
2.23% |
2.67% |
EV/NOPLAT

|
20.10 |
22.30 |
1.97% |
1.54% |
2.23% |
2.67% |
EV/FCFOPS

|
20.29 |
22.14 |
1.97% |
1.54% |
2.23% |
2.67% |
EV/EBIT

|
13.07 |
14.49 |
1.97% |
1.54% |
2.23% |
2.67% |
EV/IC

|
-15.03 |
-16.41 |
1.97% |
1.54% |
2.23% |
2.67% |
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