Mondolez

Analyst Listing

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

Broker	Analyst	Analyst Email
Bernstein Research	Alexia Howard	alexia.howard@bernstein.com
Stifel Nicolaus	Christopher R. Growe	growec@stifel.com
RBC Capital Markets	David Palmer	david.palmer@rbccm.com
Deutsche Bank Research	Eric Katzman	eric.katzman@db.com
Buckingham Research	Eric Larson	elarson@buckresearch.com
Wells Fargo Securities	John J. Baumgartner	john.baumgartner@wellsfargo.com
Athlos Research	Jonathan P. Feeney	jonathan@athlosresearch.com
First Global Stockbroking	Kavita Thomas	kavita.thomas@fglobal.com
BMO Capital Markets	Kenneth B. Zaslow	kenneth.zaslow@bmo.com
Susquehanna Financial Group	Pablo Zuanic	pablo.zuanic@sig.com
Credit Suisse	Robert Moskow	robert.moskow@credit-suisse.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	2,733	2,465	$NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)$
Free Cash Flow	FCF	2,214	1,614	$FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS$
Tax Shield	TS	46	159	$TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income$
Invested Capital	IC	51,921	47,067	$IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital$
Return on Invested Capital	ROIC	5.26%	5.24%	$ROIC\,=\,\frac { NOPLAT }{ IC }$
Net Investment	NetInv	7	(4,031)	$NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation$
Investment Rate	IR	0.26%	-163.50%	$IR\,=\,\frac {NetInv}{NOPLAT}$
Weighted Average Cost of Capital	WACC_Market	18.17%	17.80%	$WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)$
Weighted Average Cost of Capital	WACC_Book	7.68%	7.76%
Enterprise value	EV_Market	82,775	79,317	$EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash$
Enterprise value	EV_Book	83,665	79,228
Long-Run Growth	g = IR x ROIC	0.01%	-8.56%	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	14.19%	14.63%	$M\,\,=\,\,\frac{EBIT}{SALES}$
Depreciation/Amortization Rate	D	17.54%	17.83%	$D\,\,=\,\,\frac{D+A}{EBITDA}$

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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 $\frac {EV}{Sales} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)$	2.79	3.06	39.88%	36.14%	24.07%	23.40%
EV/EBITDA $\frac {EV}{EBITDA} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)$	16.24	17.18	39.88%	36.14%	24.07%	23.40%
EV/NOPLAT $\frac {EV}{NOPLAT} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}$	30.29	32.17	39.88%	36.14%	24.07%	23.40%
EV/FCF_OPS $\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)$	37.39	49.14	39.88%	36.14%	24.07%	23.40%
EV/EBIT $\frac {EV}{EBIT} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)$	19.69	20.91	39.88%	36.14%	24.07%	23.40%
EV/IC $\frac {EV}{IC} \,= \,\frac{ROIC\, -\, g}{WACC\,-\,g}$	1.59	1.69	39.88%	36.14%	24.07%	23.40%

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