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

Return to top of page


Primary Input Data

Return to top of page


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
WACCMarket  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)
 WACCBook   9.07%  8.54%
Enterprise value
EVMarket  95,242 97,212 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  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.
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}

Return to top of page


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)

 .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/FCFOPS

\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%

Return to top of page