Google

Analyst Listing

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

Broker Analyst Analyst Email
Bernstein Research Carlos Kirjner carlos.kirjner@bernstein.com
Mizuho Securities USA Neil A. Doshi neil.doshi@us.mizuho-sc.com
Monness Crespi Hardt Cengiz M. Cakmak jcakmak@mchny.com
Nomura Research Anthony DiClemente anthony.diclemente@nomura.com
Canaccord Genuity Michael Graham mgraham@canaccordgenuity.com
Axiom Capital Victor Anthony vanthony@axiomcapital.com
Piper Jaffray Gene Munster gene.a.munster@pjc.com
Jefferies Brian Pitz bpitz@jefferies.com
Pacific Crest Securities-KBCM Evan Wilson ewilson@key.com
Evercore ISI Ken Sena ken.sena@evercoreisi.com
Pivotal Research Group Brian Wieser brian@pvtl.com
Guggenheim Securities Jake Fuller james.fuller@guggenheimpartners.com
FBN Securities Shebly Seyrafi sseyrafi@fbnsecurities.com
RBC Capital Markets Mark S. Mahaney mark.mahaney@rbccm.com
Cantor Fitzgerald Youssef H. Squali ysquali@cantor.com
Atlantic Equities James Cordwell j.cordwell@atlantic-equities.com
Susquehanna Financial Group Shyam Patil shyam.patil@sig.com
Cowen & Company John Blackledge john.blackledge@cowen.com
SunTrust Robinson Humphrey Robert S. Peck robert.peck@suntrust.com
JMP Securities Ronald V. Josey rjosey@jmpsecurities.com
B Riley & Co Sameet Sinha ssinha@brileyco.com
Wells Fargo Securities Peter Stabler peter.stabler@wellsfargo.com
Wedbush Securities James Dix james.dix@wedbush.com
Hilliard Lyons Stephen Turner sturner@hilliard.com
Stifel Nicolaus Scott W. Devitt swdevitt@stifel.com
Oppenheimer Jason Helfstein jason.helfstein@opco.com
Needham Kerry Rice krice@needhamco.com
Daiwa Securities Co. Ltd. Kazuya Nishimura kazuya.nishimura@us.daiwacm.com
Raymond James Aaron Kessler aaron.kessler@raymondjames.com
William Blair Ralph Schackart rschackart@williamblair.com
BMO Capital Markets Daniel Salmon dan.salmon@bmo.com
Credit Suisse Stephen Ju stephen.ju@credit-suisse.com
Deutsche Bank Research Ross Sandler ross.sandler@db.com
BGC Financial, L.P. Colin W. Gillis cgillis@bgcpartners.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  11,675  15,065 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 16,109  25,824 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS (28)  24 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 128,151 150,741 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 9.11%  9.99% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv 18,886 28,734 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 161.77% 190.73% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket 21.07%  22.21% 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  10.46%  10.12%
Enterprise value
EVMarket  452,227  458,359 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  451,097  458,261
Long-Run Growth
g = IR x ROIC
  14.74%  19.06% 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   24.41%  25.83% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D   21.99%  20.95% 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)

 6.15  5.11  25.80%  28.19%  22.89%  23.88%

EV/EBITDA

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

19.64 15.63 25.80% 28.19% 22.89% 23.88%

EV/NOPLAT

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

38.74 30.43 25.80% 28.19% 22.89% 23.88%

EV/FCFOPS

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

28.07 17.75 25.80% 28.19% 22.89% 23.88%

EV/EBIT

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

25.18 19.78 25.80% 28.19% 22.89% 23.88%

EV/IC

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

3.53 3.04 25.80% 28.19% 22.89% 23.88%

Return to top of page