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 |
3,514 |
3,299 |
 |
Free Cash Flow |
FCF |
4,162 |
4,126 |
 |
Tax Shield |
TS |
125 |
87 |
 |
Invested Capital |
IC |
35,071 |
35,264 |
 |
Return on Invested Capital |
ROIC |
10.02% |
9.36% |
 |
Net Investment |
NetInv |
10,136 |
1,360 |
 |
Investment Rate |
IR |
288.45% |
41.22% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
18.76% |
15.44% |

|
WACCBook |
7.52% |
6.77% |
|
Enterprise value
|
EVMarket |
79,578 |
84,315 |
 |
EVBook |
78,265 |
78,280 |
|
Long-Run Growth
|
g = IR x ROIC
|
28.90% |
3.86% |
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 |
11.72% |
10.74% |
 |
Depreciation/Amortization Rate |
D |
15.95% |
18.69% |
 |
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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

|
1.73 |
1.78 |
25.65% |
19.81% |
21.92% |
17.31% |
EV/EBITDA

|
12.37 |
13.52 |
25.65% |
19.81% |
21.92% |
17.31% |
EV/NOPLAT

|
22.65 |
25.55 |
25.65% |
19.81% |
21.92% |
17.31% |
EV/FCFOPS

|
19.12 |
20.44 |
25.65% |
19.81% |
21.92% |
17.31% |
EV/EBIT

|
14.72 |
16.61 |
25.65% |
19.81% |
21.92% |
17.31% |
EV/IC

|
2.27 |
2.39 |
25.65% |
19.81% |
21.92% |
17.31% |
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