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Analyst Listing

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

Broker Analyst Analyst Email
Tudor Pickering Holt & Co. Anish Kapadia akapadia@tudorpickering.com
Scotia Howard Weil Blake Fernandez blake.fernandez@scotiabank.com
RBC Capital Markets Brad Heffern brad.heffern@rbccm.com
Evercore ISI Douglas Terreson doug.terreson@evercoreisi.com
Credit Suisse Edward Westlake edward.westlake@credit-suisse.com
Piper Jaffray Guy Baber guy.a.baber@simmonspjc.com
Jefferies Jason Gammel jason.gammel@jefferies.com
Wolfe Research Paul Sankey psankey@wolferesearch.com
Raymond James Pavel Molchanov pavel.molchanov@raymondjames.com
Wells Fargo Securities Roger D. Read roger.read@wellsfargo.com
Cowen & Company Sam Margolin sam.margolin@cowen.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 15,175 (5,029) NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF (9,493) (5,209) FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 156 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC  239,639 228,293 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 6.33% -2.20% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv 28,885 8,600 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR  190.35% -171.02% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket 9.08%  6.82% 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    9.60%  8.29%
Enterprise value
EVMarket 187,772  249,461 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  191,630   249,155
Long-Run Growth
g = IR x ROIC
 12.05%   3.77% 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  -637.17%  -5.35% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D  50.00%  142.17% 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)

 -51.25  2.26  -3.62%

 104.10%

 -18.71%  43.37%

EV/EBITDA

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

4.02 17.78 -3.62% 104.10% -18.71% 43.37%

EV/NOPLAT

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

12.37 -49.61 -3.62% 104.10% -18.71% 43.37%

EV/FCFOPS

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

-19.78 -47.89 -3.62% 104.10% -18.71% 43.37%

EV/EBIT

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

8.04 -42.17 -3.62% 104.10% -18.71% 43.37%

EV/IC

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

0.78  1.09 -3.62% 104.10% -18.71% 43.37%

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