Microsoft Corporation
Analyst Listing
The following analysts provide coverage for the subject firm as of May 2016:
Broker | Analyst | Analyst Email |
Stifel Nicolaus | Brad R. Reback | rebackb@stifel.com |
Pacific Crest Securities-KBCM | Brendan Barnicle | bbarnicle@pacific-crest.com |
Atlantic Equities | Christopher Hickey | c.hickey@atlantic-equities.com |
BGC Financial, L.P. | Colin W. Gillis | cgillis@bgcpartners.com |
Nomura Research | Frederick Grieb | frederick.grieb@nomura.com |
Cowen & Company | Gregg Moskowitz | gregg.moskowitz@cowen.com |
Griffin Securities | Jay Vleeschhouwer | jvleeschhouwer@griffinsecurities.com |
Jefferies | John DiFucci | jdifucci@jefferies.com |
Deutsche Bank Research | Karl Keirstead | karl.keirstead@db.com |
Daiwa Securities Co. Ltd. | Kazuya Nishimura | kazuya.nishimura@us.daiwacm.com |
BMO Capital Markets | Keith Bachman | keith.bachman@bmo.com |
Evercore ISI | Kirk Materne | kirk.materne@evercoreisi.com |
Bernstein Research | Mark L. Moerdler | mark.moerdler@bernstein.com |
Raymond James | Michael Turits | michael.turits@raymondjames.com |
Credit Suisse | Philip Winslow | philip.winslow@credit-suisse.com |
Wunderlich Securities | Rob Breza | robbreza@wundernet.com |
RBC Capital Markets | Ross MacMillan | ross.macMillan@rbccm.com |
Cross Research | Shannon Cross | shannon@crossresearch.com |
FBN Securities | Shebly Seyrafi | sseyrafi@fbnsecurities.com |
Hilliard Lyons | Stephen Turner | sturner@hilliard.com |
Oppenheimer | Timothy Horan | tim.horan@opco.com |
Primary Input Data
Derived Input Data
Derived Input |
Label |
2015 Value |
2016
|
Equational Form |
Net Operating Profit Less Adjusted Taxes | NOPLAT | 17,917 | 13,411 | |
Free Cash Flow | FCF | 24,026 | 27,861 | |
Tax Shield | TS | 284 | 270 | |
Invested Capital | IC | 130,240 | 153,823 | |
Return on Invested Capital | ROIC | 13.76% | 8.72% | |
Net Investment | NetInv | 8,764 | 31,182 | |
Investment Rate | IR | 48.92% | 232.50% | |
Weighted Average Cost of Capital |
WACCMarket | 18.74% | 18.13% | |
WACCBook | 9.92% | 9.27% | ||
Enterprise value |
EVMarket | 383,969 | 415,379 | |
EVBook | 357,577 | 416,867 | ||
Long-Run Growth |
g = IR x ROIC |
6.73% | 20.27% | 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 | 29.65% | 24.20% | |
Depreciation/Amortization Rate | D | 17.77% | 26.92% |
Valuation Multiple Outcomes
The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.
20.86%20.86%
Equational Form |
Observed Value |
Single-stagemultiple g solution |
Two-stage valuationmodel g solution |
|||
12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2016 | |
|
4.13 | 4.87 | 21.30% | 23.67% | 20.59% | 20.86% |
|
11.45 | 14.71 | 21.30% | 23.67% | 20.59% | 20.86% |
|
21.43 | 30.97 | 21.30% | 23.67% | 20.59% | 20.86% |
|
15.98 | 14.91 | 21.30% | 23.67% | 20.59% | 20.86% |
|
13.93 | 20.13 | 21.30% | 23.67% | 20.59% | 20.86% |
|
2.95 | 2.70 | 21.30% | 23.67% | 20.59% | 20.86% |