METLIFE

Analyst Listing

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

Broker Analyst Analyst Email
Morningstar Brett Horn brett.horn@morningstar.com
RBC Capital Markets Eric N. Berg eric.berg@rbccm.com
Dowling & Partners Humphrey A. Lee humphrey@dowling.com
Argus Research Jacob Kilstein jkilstein@argusresearch.com
Sandler O’Neill & Partners John Barnidge jbarnidge@sandleroneill.com
Atlantic Equities John Heagerty j.heagerty@atlantic-equities.com
Piper Jaffray John Nadel john.m.nadel@pjc.com
Daiwa Securities Co. Ltd. Kazuki Watanabe kazuki.watanabe@daiwa.co.jp
Janney Montgomery Scott Larry Greenberg lgreenberg@janney.com
FBR Capital Markets & Co Randy Binner rbinner@fbr.com
Keefe Bruyette & Woods Ryan Krueger rkrueger@kbw.com
Raymond James Steven D. Schwartz steven.schwartz@raymondjames.com
Deutsche Bank Research Yaron Kinar yaron.kinar@db.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  4,321  (249) NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 14,129 14,827 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 3 233 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 456,182 462,593 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 0.95% -0.05% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv  (17,316)  6,411 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR -400.78% -2,574.18% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket  3.99%  4.76% 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    8.24%       1.36%
Enterprise value
EVMarket 73,972  75,122 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook    70,415      74,681
Long-Run Growth
g = IR x ROIC
   -3.80%      1.39% 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   9.91%  -0.43% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D   0.00%  0.00% 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)

 1.10  1.10  0.36%  -0.99%  -O.05%  -1.10%

EV/EBITDA

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

11.13 -256.39 0.36% -0.99% -O.05% -1.10%

EV/NOPLAT

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

17.12 -301.63 0.36% -0.99% -O.05% -1.10%

EV/FCFOPS

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

5.24 5.07 0.36% -0.99% -O.05% -1.10%

EV/EBIT

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

11.13 -256.39 0.36% -0.99% -O.05% -1.10%

EV/IC

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

0.16 0.16 0.36% -0.99% -O.05% -1.10%

Return to top of page