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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

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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	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	WACC_Market	21.07%	22.21%	$WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)$
Weighted Average Cost of Capital	WACC_Book	10.46%	10.12%
Enterprise value	EV_Market	452,227	458,359	$EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash$
Enterprise value	EV_Book	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.
Long-Run Growth	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%	$D\,\,=\,\,\frac{D+A}{EBITDA}$

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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 $\frac {EV}{Sales} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)$	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/FCF_OPS $\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)$	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%