Boeing

Analyst Listing

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

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

Broker	Analyst	Analyst Email
Cowen & Company	Cai von Rumohr	cai.von-rumohr@cowen.com
Bernstein Research	Douglas S. Harned	douglas.harned@bernstein.com
Jefferies	Howard A. Rubel	hrubel@jefferies.com
Wolfe Research	Hunter K. Keay	hkeay@wolferesearch.com
Canaccord Genuity	Ken Herbert	kherbert@canaccordgenuity.com
Deutsche Bank Research	Myles Walton	myles.walton@db.com
CRT Capital Group	Peter Arment	parment@sterneageecrt.com
Drexel Hamilton	Peter Skibitski	pskibitski@drexelhamilton.com
Buckingham Research	Richard Safran	rsafran@buckresearch.com
Credit Suisse	Robert Spingarn	robert.spingarn@credit-suisse.com
RBC Capital Markets	Robert Stallard	robert.stallard@rbccm.com
Wells Fargo Securities	Sam J. Pearlstein	sam.pearlstein@wellsfargo.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	4,661	3,600	$NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)$
Free Cash Flow	FCF	6,913	7,886	$FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS$
Tax Shield	TS	76	37	$TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income$
Invested Capital	IC	43,996	39,863	$IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital$
Return on Invested Capital	ROIC	10.59%	9.03%	$ROIC\,=\,\frac { NOPLAT }{ IC }$
Net Investment	NetInv	3,348	(2,223)	$NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation$
Investment Rate	IR	71.84%	-61.76%	$IR\,=\,\frac {NetInv}{NOPLAT}$
Weighted Average Cost of Capital	WACC_Market	23.14%	20.32%	$WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)$
Weighted Average Cost of Capital	WACC_Book	9.07%	8.54%
Enterprise value	EV_Market	95,242	97,212	$EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash$
Enterprise value	EV_Book	93,065	95,617
Long-Run Growth	g = IR x ROIC	7.61%	-5.58%	Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
Long-Run Growth	g = % $\Delta$ GDP	2.50%	2.50%
Margin from Operations	M	7.46%	5.86%	$M\,\,=\,\,\frac{EBIT}{SALES}$
Depreciation/Amortization Rate	D	20.36%	25.64%	$D\,\,=\,\,\frac{D+A}{EBITDA}$

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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
Equational Form	12/31/2015	12/31/2016	12/31/2015	12/31/2016	12/31/2015	12/31/2016
EV/SALES $\frac {EV}{Sales} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)$	.99	1.03	33.91%	28.16%	26.72%	23.06%
EV/EBITDA $\frac {EV}{EBITDA} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)$	10.58	13.05	33.91%	28.16%	26.72%	23.06%
EV/NOPLAT $\frac {EV}{NOPLAT} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}$	20.44	27.01	33.91%	28.16%	26.72%	23.06%
EV/FCF_OPS $\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)$	13.78	12.33	33.91%	28.16%	26.72%	23.06%
EV/EBIT $\frac {EV}{EBIT} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)$	13.28	17.55	33.91%	28.16%	26.72%	23.06%
EV/IC $\frac {EV}{IC} \,= \,\frac{ROIC\, -\, g}{WACC\,-\,g}$	2.16	2.44	33.91%	28.16%	26.72%	23.06%

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