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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
Nomura Research Anthony DiClemente anthony.diclemente@nomura.com
CRT Capital Group Arvind Bhatia abhatia@sterneageecrt.com
Sterne Agee & Leach Arvind Bhatia abhatia@sterneageecrt.com
Pivotal Research Group Brian Wieser brian@pvtl.com
Bernstein Research Carlos Kirjner carlos.kirjner@bernstein.com
Atlantic Equities James Cordwell j.cordwell@atlantic-equities.com
Oppenheimer Jason Helfstein jason.helfstein@opco.com
Cowen & Company John Blackledge john.blackledge@cowen.com
Needham Laura Martin lmartin@needhamco.com
Rosenblatt Securities Martin Pyykkonen mpyykkonen@rblt.com
Wedbush Securities Michael Pachter michael.pachter@wedbush.com
Wells Fargo Securities Peter Stabler peter.stabler@wellsfargo.com
William Blair Ralph Schackart rschackart@williamblair.com
SunTrust Robinson Humphrey Robert S. Peck robert.peck@suntrust.com
JMP Securities Ronald V. Josey rjosey@jmpsecurities.com
Deutsche Bank Research Ross Sandler ross.sandler@db.com
Stifel Nicolaus Scott W. Devitt swdevitt@stifel.com
Susquehanna Financial Group Shyam Patil shyam.patil@sig.com
Credit Suisse Stephen Ju stephen.ju@credit-suisse.com
Hilliard Lyons Stephen Turner sturner@hilliard.com
Cantor Fitzgerald Youssef H. Squali ysquali@cantor.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 4,046  8,120 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 6,076 11,617 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 9 2 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 47,482 62,086 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 8.52% 13.08% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv 10,667 16,946 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 263.63% 208.68% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
 WACCMarket 16.81%  19.99% 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    8.58%    9.24%
Enterprise value
 EVMarket 279,324 303,276 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  279,324  303,276
Long-Run Growth
 g = IR x ROIC
  22.47%   27.29% 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   34.72%   45.20% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D   23.81%   15.79% 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)

  15.58  10.97  18.51%  21.77%  17.63%  20.61%

EV/EBITDA

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

 34.19  20.44 18.51% 21.77% 17.63% 20.61%

EV/NOPLAT

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

 69.03 37.35 18.51% 21.77% 17.63% 20.61%

EV/FCFOPS

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

  45.97 26.11 18.51% 21.77% 17.63% 20.61%

EV/EBIT

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

 44.87 24.28 18.51% 21.77% 17.63% 20.61%

EV/IC

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

  5.88  4.88 18.51% 21.77% 17.63% 20.61%

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