Ford Motor

Analyst Listing

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

Broker Analyst Analyst Email
KeyBanc Capital Markets Brett D. Hoselton bhoselton@key.com
Morningstar David Whiston david.whiston@morningstar.com
Daiwa Securities Co. Ltd. Jairam Nathan jairam.nathan@us.daiwacm.com
Buckingham Research Joseph C. Amaturo jamaturo@buckresearch.com
RBC Capital Markets Joseph Spak joseph.spak@rbccm.com
Susquehanna Financial Group Matthew T. Stover matthew.stover@sig.com
CRT Capital Group Michael Ward mward@sterneageecrt.com
Eugene Investment & Securities Moon-Su Chang moonsu.chang@eugenefn.com
Deutsche Bank Research Rod Lache rod.lache@db.com
Craig Hallum Capital Group Steve L. Dyer sdyer@craig-hallum.com
Argus Research William Selesky bselesky@argusresearch.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 4,934  2,326 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 8,974 12,800 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 321 407 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 143,663 147,670 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 3.43% 1.58% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv  20,243 12,724 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 410.26% 546.95% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket 4.13% 2.63% 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   4.30%   4.08%
Enterprise value
EVMarket  105,770  95,983 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  112,389  102,682
Long-Run Growth
g = IR x ROIC
  14.09%    8.62% 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   5.05%   2.36% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D   51.21%   70.89% 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)

 0.71  0.63  1.49%  -.39%  1.82%  -0.92%

EV/EBITDA

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

6.80 7.81  1.49% -.39%  1.82% -0.92%

EV/NOPLAT

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

21.44  41.26  1.49% -.39%  1.82% -0.92%

EV/FCFOPS

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

11.79 7.50  1.49% -.39%  1.82% -0.92%

EV/EBIT

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

 13.93 26.82  1.49% -.39%  1.82% -0.92%

EV/IC

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

 0.74 0.65  1.49% -.39%  1.82% -0.92%

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