eBay Inc.

Analyst Listing

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

Broker Analyst Analyst Email
Raymond James Aaron Kessler aaron.kessler@raymondjames.com
Jefferies Brian Pitz bpitz@jefferies.com
Bernstein Research Carlos Kirjner carlos.kirjner@bernstein.com
Monness Crespi Hardt Cengiz M. Cakmak jcakmak@mchny.com
The Benchmark Company, LLC Daniel L. Kurnos dkurnos@benchmarkcompany.com
BMO Capital Markets Daniel Salmon dan.salmon@bmo.com
Piper Jaffray Gene Munster gene.a.munster@pjc.com
Wedbush Securities Gil Luria gil.luria@wedbush.com
Atlantic Equities James Cordwell j.cordwell@atlantic-equities.com
Cowen & Company John Blackledge john.blackledge@cowen.com
Daiwa Securities Co. Ltd. Kazuya Nishimura kazuya.nishimura@us.daiwacm.com
Evercore ISI Ken Sena ken.sena@evercoreisi.com
Needham Kerry Rice krice@needhamco.com
RBC Capital Markets Mark S. Mahaney mark.mahaney@rbccm.com
Canaccord Genuity Michael Graham mgraham@canaccordgenuity.com
Mizuho Securities USA Neil A. Doshi neil.doshi@us.mizuho-sc.com
SunTrust Robinson Humphrey Robert S. Peck robert.peck@suntrust.com
JMP Securities Ronald V. Josey rjosey@jmpsecurities.com
Stifel Nicolaus Scott W. Devitt swdevitt@stifel.com
FBN Securities Shebly Seyrafi sseyrafi@fbnsecurities.com
Susquehanna Financial Group Shyam Patil shyam.patil@sig.com
Credit Suisse Stephen Ju stephen.ju@credit-suisse.com
Axiom Capital Victor Anthony vanthony@axiomcapital.com
Cantor Fitzgerald Youssef H. Squali ysquali@cantor.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  1,376 1,507 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 3,365 2,200 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 27 (224) TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 15,522 20,000 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 8.87% 7.53% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv (11,392) 5,160 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR  -827.88%  342.47% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket 8.70% 12.11% 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     7.91%     7.67%
Enterprise value
EVMarket 32,664  33,553 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 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 = % \Delta GDP     2.50%     2.50%
Margin from Operations M   24.64%   25.82% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D   24.50%   22.73% 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)

 3.80  3.74  8.56%  18.87%  8.55%  14.43%

EV/EBITDA

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

11.65 11.18 8.56% 18.87% 8.55% 14.43%

EV/NOPLAT

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

23.74 22.27 8.56% 18.87% 8.55% 14.43%

EV/FCFOPS

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

9.71 15.25 8.56% 18.87% 8.55% 14.43%

EV/EBIT

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

15.43 14.47 8.56% 18.87% 8.55% 14.43%

EV/IC

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

2.10 1.68 8.56% 18.87% 8.55% 14.43%

Return to top of page