Monsanto

Analyst Listing

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

Broker Analyst Analyst Email
Piper Jaffray Brett Wong brett.ws.wong@pjc.com
Monness Crespi Hardt Chris L. Shaw cshaw@mchny.com
BB&T Capital Markets Christopher J. Kapsch ckapsch@bbandtcm.com
Credit Suisse Christopher S. Parkinson christopher.parkinson@credit-suisse.com
Atlantic Equities Colin Isaac c.isaac@atlantic-equities.com
Deutsche Bank Research David Begleiter david.begleiter@db.com
Susquehanna Financial Group Don Carson don.carson@sig.com
Wells Fargo Securities Frank J. Mitsch frank.mitsch@wellsfargo.com
BMO Capital Markets Joel Jackson joel.jackson@bmo.com
Bernstein Research Jonas Oxgaard jonas.oxgaard@bernstein.com
Jefferies Laurence Alexander lalexander@jefferies.com
Stifel Nicolaus Paul Massoud pamassoud@stifel.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 2,606 2,226 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 2,129 1,769 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 87  154 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 16,743 12,306 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 15.56%  18.09% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv  1,968 (3,702) NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 75.52% -166.34% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket  18.50%  12.19% 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  6.97%    6.71%
Enterprise value
EVMarket 45,438  50,569 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  47,614    50,700
Long-Run Growth
g = IR x ROIC
 11.75%  -30.08% 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  26.77%  24.28% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D  15.15%  17.67% 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

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)

 3.03  3.59  20.21%  10.30%  19.32%  10.97%

EV/EBITDA

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

9.62 12.16 20.21% 10.30% 19.32% 10.97%

EV/NOPLAT

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

17.44 22.72 20.21% 10.30% 19.32% 10.97%

EV/FCFOPS

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

21.35 28.59 20.21% 10.30% 19.32% 10.97%

EV/EBIT

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

11.33  14.77 20.21% 10.30% 19.32% 10.97%

EV/IC

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

2.71 4.11 20.21% 10.30% 19.32% 10.97%

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