Morgan Stanley

Analyst Listings

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

Broker Analyst Analyst Email
Keefe Bruyette & Woods Brian Kleinhanzl bkleinhanzl@kbw.com
Oppenheimer Chris Kotowski chris.kotowski@opco.com
Credit Suisse Christian Bolu christian.bolu@credit-suisse.com
Atlantic Equities Christopher Wheeler c.wheeler@atlantic-equities.com
Drexel Hamilton David Hilder dhilder@drexelhamilton.com
JMP Securities Devin Ryan dryan@jmpsecurities.com
Guggenheim Securities Eric Wasserstrom eric.wasserstrom@guggenheimpartners.com
RBC Capital Markets Fiona Swaffield fiona.swaffield@rbccm.com
Evercore ISI Glenn Schorr glenn.schorr@evercoreisi.com
BMO Capital Markets James Fotheringham james.fotheringham@bmo.com
Buckingham Research James Mitchell jmitchell@buckresearch.com
Sandler O’Neill & Partners Jeffery J. Harte jharte@sandleroneill.com
Wells Fargo Securities Matthew H. Burnell matt.burnell@wellsfargo.com
Deutsche Bank Research Matthew O’Connor matthew.o-connor@db.com
Nomura Research Steven Chubak steven.chubak@nomura.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 Income NI  6,139  5,975 NI\, =\, EBIT\,\,-\,Interest\,\, Expense\,\, -\,\, Taxes\,\, Paid
Cash Flow From Equity CFE  2,059  4,982 CFE\,=\,\,NI\,\,-\,\,\Delta\,\,TE\,\,+\,\,OCI
Total Equity TE 76,184 77,177 TE\,=\,Total\,\,Assets\,\,-\,\,Total\,\,Long-Term\,\,Debt
Return on Equity ROE 8.06% 7.74% ROE\,=\,\frac { NI}{TE}
Net Investment NetInv  4,080 993 NetInv\,=\,{ {TE}_{1}}-{{TE}_{0}}
Investment Rate IR  66.46%  16.62% IR\,=\,\frac {NetInv}{NI}
Cost of Equity
COE 0.91%  -0.89% COE \,=\,R_{F}\,\,+\,\,(R_{M}\,-\,R_{F})\beta
Enterprise value
EVMarket  9,780  75,605 EV\,=\,Market\,\,Cap\,\,Equity\,-\,Cash
Long-Run Growth
g = IR x ROIC
 5.36%  1.29% 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%

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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

PRICE/EARNINGS

\frac {Price}{Book\,\,Value} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}

PRICE/CASH EARNINGS

\frac {Price}{Cash\,\,Earnings} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}\,(\frac{NI}{CE})

PRICE/BOOK VALUE

\frac {Price}{Book\,\, Value} \,= \,\frac{ROE\, -\, g}{ROIC\,(COE\,-\,g)}\,\,x\,\,ROE\,\,=\,\,\frac{ROE\,\,-\,\,g}{COE\,\,-\,\,g}

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