Analyst Listing
The following analysts provide coverage for the subject firm as of May 2016:
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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 |
1,376 |
1,507 |
 |
Free Cash Flow |
FCF |
3,365 |
2,200 |
 |
Tax Shield |
TS |
27 |
(224) |
 |
Invested Capital |
IC |
15,522 |
20,000 |
 |
Return on Invested Capital |
ROIC |
8.87% |
7.53% |
 |
Net Investment |
NetInv |
(11,392) |
5,160 |
 |
Investment Rate |
IR |
-827.88% |
342.47% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
8.70% |
12.11% |

|
WACCBook |
7.91% |
7.67% |
|
Enterprise value
|
EVMarket |
32,664 |
33,553 |
 |
EVBook |
33,184 |
32,633 |
|
Long-Run Growth
|
g = IR x ROIC
|
-73.39% |
25.80% |
Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models. |
g = % GDP |
2.50% |
2.50% |
|
Margin from Operations |
M |
24.64% |
25.82% |
 |
Depreciation/Amortization Rate |
D |
24.50% |
22.73% |
 |
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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

|
3.80 |
3.74 |
8.56% |
18.87% |
8.55% |
14.43% |
EV/EBITDA

|
11.65 |
11.18 |
8.56% |
18.87% |
8.55% |
14.43% |
EV/NOPLAT

|
23.74 |
22.27 |
8.56% |
18.87% |
8.55% |
14.43% |
EV/FCFOPS

|
9.71 |
15.25 |
8.56% |
18.87% |
8.55% |
14.43% |
EV/EBIT

|
15.43 |
14.47 |
8.56% |
18.87% |
8.55% |
14.43% |
EV/IC

|
2.10 |
1.68 |
8.56% |
18.87% |
8.55% |
14.43% |
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