Analyst Listing
The following analysts provide coverage for the subject firm as of May 2016:
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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 |
11,939 |
13,878 |
|
Free Cash Flow |
FCF |
15,816 |
15,541 |
|
Tax Shield |
TS |
109 |
23 |
|
Invested Capital |
IC |
105,664 |
114,921 |
|
Return on Invested Capital |
ROIC |
11.30% |
12.08% |
|
Net Investment |
NetInv |
3,376 |
13,011 |
|
Investment Rate |
IR |
28.28% |
93.76% |
|
Weighted Average Cost of Capital
|
WACCMarket |
13.63% |
10.71% |
|
WACCBook |
8.01% |
7.10% |
|
Enterprise value
|
EVMarket |
260,761 |
294,229 |
|
EVBook |
253,960 |
292,352 |
|
Long-Run Growth
|
g = IR x ROIC
|
3.20% |
11.32% |
Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models. |
g = % GDP |
2.50% |
2.50% |
|
Margin from Operations |
M |
26.17% |
29.68% |
|
Depreciation/Amortization Rate |
D |
16.94% |
14.95% |
|
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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
|
3.71 |
4.09 |
15.22% |
9.84% |
14.59% |
10.30% |
EV/EBITDA
|
11.79 |
11.72 |
15.22% |
9.84% |
14.59% |
10.30% |
EV/NOPLAT
|
21.84 |
21.20 |
15.22% |
9.84% |
14.59% |
10.30% |
EV/FCFOPS
|
16.49 |
18.93 |
15.22% |
9.84% |
14.59% |
10.30% |
EV/EBIT
|
14.20 |
13.78 |
15.22% |
9.84% |
14.59% |
10.30% |
EV/IC
|
2.47 |
2.56 |
15.22% |
9.84% |
14.59% |
10.30% |
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