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

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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	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	WACC_Market	3.99%	4.76%	$WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)$
Weighted Average Cost of Capital	WACC_Book	8.24%	1.36%
Enterprise value	EV_Market	73,972	75,122	$EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash$
Enterprise value	EV_Book	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.
Long-Run Growth	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%	$D\,\,=\,\,\frac{D+A}{EBITDA}$

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

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