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	WACC_Market	4.13%	2.63%	$WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)$
Weighted Average Cost of Capital	WACC_Book	4.30%	4.08%
Enterprise value	EV_Market	105,770	95,983	$EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash$
Enterprise value	EV_Book	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.
Long-Run Growth	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
Equational Form	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/FCF_OPS $\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)$	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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