Du Pont

Analyst Listing

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

Broker Analyst Analyst Email
Cowen & Company Colby Synesael colby.synesael@cowen.com
Burke and Quick Partners, LLC Frederick W. Moran fmoran@bqpartners.com
RBC Capital Markets Jonathan Atkin jonathan.atkin@rbccm.com
Jefferies Jonathan Petersen jpetersen@jefferies.com
Evercore ISI Jonathan Schildkraut schildkraut@evercoreisi.com
Stifel Nicolaus Matthew Heinz heinzm@stifel.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 1,879  2,504 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 687 2,281 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 87 85 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 30,813  31,067 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 6.10% 8.06% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv (5,085) 1,512 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR  -270.60%  60.39% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket 16.27%  15.16% 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     8.11%    7.02%
Enterprise value
EVMarket 61,383  66,263 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook    59,468   65,484
Long-Run Growth
g = IR x ROIC
   -16.50%    4.87% 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    11.51%  15.67% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D   31.64%  24.62% 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)

 2.44  2.70  26.52%  21.41%  20.43%  17.74%

EV/EBITDA

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

14.51 12.97 26.52% 21.41% 20.43% 17.74%

EV/NOPLAT

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

32.67 26.47 26.52% 21.41% 20.43% 17.74%

EV/FCFOPS

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

89.35 29.05 26.52% 21.41% 20.43% 17.74%

EV/EBIT

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

21.23 17.20 26.52% 21.41% 20.43% 17.74%

EV/IC

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

1.99 2.13 26.52% 21.41% 20.43% 17.74%

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