Analyst Listing
The following analysts provide coverage for the subject firm as of May 2016:
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Primary Input Data
![](http://multiples.rhaskell.org/wp-content/uploads/2017/06/LLY.bmp)
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Derived Input Data
Derived Input
|
Label
|
2015 Value
|
2016
Value
|
Equational Form
|
Net Operating Profit Less Adjusted Taxes |
NOPLAT |
2,335 |
2,516 |
![NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)](http://s0.wp.com/latex.php?latex=NOPLAT%5C%2C+%3D%5C%2C+EBIT%5C%2C+x%5C%2C+%281+%5C%2C-%5C%2C+Avg+%5C%2C%5C%2CTax%5C%2C%5C%2C+Rate%5C%2C%5C%2C+on%5C%2C%5C%2C+EBIT%29&bg=ffffff&fg=000&s=0&c=20201002) |
Free Cash Flow |
FCF |
1,707 |
3,814 |
![FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS](http://s0.wp.com/latex.php?latex=FCF%5C%2C%3DNOPLAT%5C%2C%2B%5C%2CNon-Cash%5C%2CExpenses-%5CDelta+NWC%5C%2C-%5C%2CNCS&bg=ffffff&fg=000&s=0&c=20201002) |
Tax Shield |
TS |
24 |
111 |
![TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income](http://s0.wp.com/latex.php?latex=TS%5C%2C%3D%5C%2CInterest%5C%2C%5C%2CPaid%5C%2C%5C%2Cx%5C%2C%5C%2C+Avg+%5C%2C%5C%2CTax%5C%2C%5C%2CRate%5C%2C%5C%2C+on%5C%2C%5C%2C+Pre-Tax%5C%2C%5C%2C+Income&bg=ffffff&fg=000&s=0&c=20201002) |
Invested Capital |
IC |
27,339 |
27,819 |
![IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital](http://s0.wp.com/latex.php?latex=IC%5C%2C%3D%5C%2CFixed%5C%2C%5C%2COperating%5C%2C%5C%2CAssets%5C%2C%5C%2C%2B%5C%2C%5C%2CNet%5C%2C%5C%2C+Working%5C%2C%5C%2C+Capital&bg=ffffff&fg=000&s=0&c=20201002) |
Return on Invested Capital |
ROIC |
8.54% |
9.04% |
![ROIC\,=\,\frac { NOPLAT }{ IC }](http://s0.wp.com/latex.php?latex=ROIC%5C%2C%3D%5C%2C%5Cfrac+%7B+NOPLAT+%7D%7B+IC+%7D+&bg=ffffff&fg=000&s=0&c=20201002) |
Net Investment |
NetInv |
2,796 |
1,977 |
![NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation](http://s0.wp.com/latex.php?latex=NetInv%5C%2C%3D%5C%2C%7B+%7BIC%7D_%7B1%7D%7D-%7B%7BIC%7D_%7B0%7D%7D%2BDepreciation+&bg=ffffff&fg=000&s=0&c=20201002) |
Investment Rate |
IR |
119.76% |
78.56% |
![IR\,=\,\frac {NetInv}{NOPLAT}](http://s0.wp.com/latex.php?latex=IR%5C%2C%3D%5C%2C%5Cfrac+%7BNetInv%7D%7BNOPLAT%7D+&bg=ffffff&fg=000&s=0&c=20201002) |
Weighted Average Cost of Capital
|
WACCMarket |
11.52% |
9.42% |
![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)](http://s0.wp.com/latex.php?latex=WACC%5C%2C%3D%5C%2C%5Cfrac+%7B+E+%7D%7B+V+%7D+%7B+R+%7D_%7B+E+%7D%5C%2C%2B%5C%2C%5Cfrac+%7B+P+%7D%7B+V+%7D+%7B+R+%7D_%7B+P+%7D%5C%2C%2B%5C%2C%5Cfrac+%7B+D+%7D%7B+V+%7D+%7B+R+%7D_%7B+D+%7D%5Cleft%28+1-+Avg%5C%2C%5C%2C+Tax%5C%2C%5C%2CRate%5C%2C%5C%2Con%5C%2C%5C%2CPre-Tax%5C%2C%5C%2CIncome+%5Cright%29+&bg=ffffff&fg=000&s=0&c=20201002)
|
WACCBook |
7.10% |
6.39% |
|
Enterprise value
|
EVMarket |
97,765 |
84,966 |
![EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash](http://s0.wp.com/latex.php?latex=EV%5C%2C%3D%5C%2CMarket%5C%2C%5C%2CCap%5C%2C%5C%2CEquity%5C%2C%2B%5C%2C%5C%2CLong%5C%2C%5C%2CTerm%5C%2C%5C%2CDebt%5C%2C-%5C%2CCash&bg=ffffff&fg=000&s=0&c=20201002) |
EVBook |
95,063 |
83,298 |
|
Long-Run Growth
|
g = IR x ROIC
|
10.23% |
7.11% |
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 |
18.00% |
18.24% |
![M\,\,=\,\,\frac{EBIT}{SALES}](http://s0.wp.com/latex.php?latex=M%5C%2C%5C%2C%3D%5C%2C%5C%2C%5Cfrac%7BEBIT%7D%7BSALES%7D&bg=ffffff&fg=000&s=0&c=20201002) |
Depreciation/Amortization Rate |
D |
28.44% |
27.89% |
![D\,\,=\,\,\frac{D+A}{EBITDA}](http://s0.wp.com/latex.php?latex=D%5C%2C%5C%2C%3D%5C%2C%5C%2C%5Cfrac%7BD%2BA%7D%7BEBITDA%7D&bg=ffffff&fg=000&s=0&c=20201002) |
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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)](http://s0.wp.com/latex.php?latex=%5Cfrac+%7BEV%7D%7BSales%7D+%5C%2C%3D+%5C%2C%5Cfrac%7BROIC%5C%2C%C2%A0+-%5C%2C%C2%A0+g%7D%7BROIC%5C%2C%28WACC%5C%2C-%5C%2Cg%29%7D%5C%2C%281%5C%2C-%5C%2CT%29%5C%2C%28M%29&bg=ffffff&fg=000&s=0&c=20201002)
|
4.90 |
4.00 |
12.68% |
9.61% |
12.26% |
9.52% |
EV/EBITDA
![\frac {EV}{EBITDA} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)](http://s0.wp.com/latex.php?latex=%5Cfrac+%7BEV%7D%7BEBITDA%7D+%5C%2C%3D+%5C%2C%5Cfrac%7BROIC%5C%2C%C2%A0+-%5C%2C%C2%A0+g%7D%7BROIC%5C%2C%28WACC%5C%2C-%5C%2Cg%29%7D%5C%2C%281%5C%2C-%5C%2CT%29%5C%2C%281%5C%2C-%5C%2CD%29&bg=ffffff&fg=000&s=0&c=20201002)
|
19.48 |
15.83 |
12.68% |
9.61% |
12.26% |
9.52% |
EV/NOPLAT
![\frac {EV}{NOPLAT} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}](http://s0.wp.com/latex.php?latex=%5Cfrac+%7BEV%7D%7BNOPLAT%7D+%5C%2C%3D+%5C%2C%5Cfrac%7BROIC%5C%2C%C2%A0+-%5C%2C%C2%A0+g%7D%7BROIC%5C%2C%28WACC%5C%2C-%5C%2Cg%29%7D&bg=ffffff&fg=000&s=0&c=20201002)
|
41.87 |
33.77 |
12.68% |
9.61% |
12.26% |
9.52% |
EV/FCFOPS
![\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)](http://s0.wp.com/latex.php?latex=%5Cfrac+%7BEV%7D%7BFCF_%7BOPS%7D%7D+%5C%2C%3D+%5C%2C%5Cfrac%7BROIC%5C%2C%C2%A0+-%5C%2C%C2%A0+g%7D%7BROIC%5C%2C%28WACC%5C%2C-%5C%2Cg%29%7D%5C%2C%281%5C%2C-%5C%2CT%29&bg=ffffff&fg=000&s=0&c=20201002)
|
57.29 |
22.28 |
12.68% |
9.61% |
12.26% |
9.52% |
EV/EBIT
![\frac {EV}{EBIT} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)](http://s0.wp.com/latex.php?latex=%5Cfrac+%7BEV%7D%7BEBIT%7D+%5C%2C%3D+%5C%2C%5Cfrac%7BROIC%5C%2C%C2%A0+-%5C%2C%C2%A0+g%7D%7BROIC%5C%2C%28WACC%5C%2C-%5C%2Cg%29%7D%5C%2C%281%5C%2C-%5C%2CT%29&bg=ffffff&fg=000&s=0&c=20201002)
|
27.22 |
21.95 |
12.68% |
9.61% |
12.26% |
9.52% |
EV/IC
![\frac {EV}{IC} \,= \,\frac{ROIC\, -\, g}{WACC\,-\,g}](http://s0.wp.com/latex.php?latex=%5Cfrac+%7BEV%7D%7BIC%7D+%5C%2C%3D+%5C%2C%5Cfrac%7BROIC%5C%2C%C2%A0+-%5C%2C%C2%A0+g%7D%7BWACC%5C%2C-%5C%2Cg%7D&bg=ffffff&fg=000&s=0&c=20201002)
|
3.58 |
3.05 |
12.68% |
9.61% |
12.26% |
9.52% |
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