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 |
3,133 |
3,570 |
 |
Free Cash Flow |
FCF |
3,609 |
4,411 |
 |
Tax Shield |
TS |
194 |
107 |
 |
Invested Capital |
IC |
23,079 |
22,535 |
 |
Return on Invested Capital |
ROIC |
13.58% |
15.84% |
 |
Net Investment |
NetInv |
1,936 |
1,044 |
 |
Investment Rate |
IR |
61.80% |
29.23% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
23.98% |
22.45% |

|
WACCBook |
7.31% |
7.62% |
|
Enterprise value
|
EVMarket |
77,699 |
78,067 |
 |
EVBook |
75,956 |
77,063 |
|
Long-Run Growth
|
g = IR x ROIC
|
8.39% |
4.63% |
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 |
8.57% |
8.56% |
 |
Depreciation/Amortization Rate |
D |
24.76% |
22.43% |
 |
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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

|
1.38 |
1.22 |
28.38% |
25.13% |
25.41% |
23.22% |
EV/EBITDA

|
12.13 |
11.02 |
28.38% |
25.13% |
25.41% |
23.22% |
EV/NOPLAT

|
24.80 |
21.86 |
28.38% |
25.13% |
25.41% |
23.22% |
EV/FCFOPS

|
21.53 |
17.70 |
28.38% |
25.13% |
25.41% |
23.22% |
EV/EBIT

|
16.12 |
14.21 |
28.38% |
25.13% |
25.41% |
23.22% |
EV/IC

|
3.37 |
3.36 |
28.38% |
25.13% |
25.41% |
23.22% |
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