Bristol-Myers Squibb

Analyst Listing

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

Broker Analyst Analyst Email
BMO Capital Markets Alex Arfaei alex.arfaei@bmo.com
Deutsche Bank Research Gregg Gilbert gregg.gilbert@db.com
William Blair John Sonnier jsonnier@williamblair.com
SunTrust Robinson Humphrey John T. Boris john.t.boris@suntrust.com
Piper Jaffray Richard J. Purkiss richard.j.purkiss@pjc.com
Leerink Partners Seamus Fernandez seamus.fernandez@leerink.com
Atlantic Equities Steve Chesney s.chesney@atlantic-equities.com
Cowen & Company Steve Scala steve.scala@cowen.com
Bernstein Research Tim Anderson tim.anderson@bernstein.com
Guggenheim Securities Tony Butler tony.butler@guggenheimpartners.com
Credit Suisse Vamil Divan vamil.divan@credit-suisse.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  2,560 3,366 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 1,012 1,635 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 273 40 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 23,731 24,866 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 10.79% 13.54% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv (874)  1,761 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR -34.14%  52.31% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket  13.69% 12.14% 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    8.14%   7.89%
Enterprise value
EVMarket 115,512  97,096 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  116,540   97,078
Long-Run Growth
g = IR x ROIC
  -3.68%   7.08% 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  100.00%  26.66% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D   14.78%  10.78% 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

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)

29.33  5.00  14.44%  11.66%  14.13%  11.91%

EV/EBITDA

\frac {EV}{EBITDA} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)

25.00 16.73 14.44% 11.66% 14.13% 11.91%

EV/NOPLAT

\frac {EV}{NOPLAT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}

45.13 28.84 14.44% 11.66% 14.13% 11.91%

EV/FCFOPS

\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

114.14 59.39 14.44% 11.66% 14.13% 11.91%

EV/EBIT

\frac {EV}{EBIT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

29.33 18.75 14.44% 11.66% 14.13% 11.91%

EV/IC

\frac {EV}{IC} \,= \,\frac{ROIC\,  -\,  g}{WACC\,-\,g}

4.87 3.90 14.44% 11.66% 14.13% 11.91%

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