Analyst Listing
The following analysts provide coverage for the subject firm as of May 2016:
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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 |
2,688 |
2,701 |
 |
Free Cash Flow |
FCF |
2,964 |
2,775 |
 |
Tax Shield |
TS |
6 |
8 |
 |
Invested Capital |
IC |
16,717 |
17,578 |
 |
Return on Invested Capital |
ROIC |
16.08% |
15.37% |
 |
Net Investment |
NetInv |
2,869 |
1,545 |
 |
Investment Rate |
IR |
106.75% |
57.20% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
22.80% |
13.21% |

|
WACCBook |
8.52% |
8.86% |
|
Enterprise value
|
EVMarket |
132,600 |
80,309 |
 |
EVBook |
132,300 |
80,374 |
|
Long-Run Growth
|
g = IR x ROIC
|
17.16% |
8.79% |
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 |
13.08% |
12.37% |
 |
Depreciation/Amortization Rate |
D |
13.11% |
14.13% |
 |
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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

|
4.19 |
2.39 |
23.77% |
12.61% |
23.23% |
12.88% |
EV/EBITDA

|
27.86 |
16.59 |
23.77% |
12.61% |
23.23% |
12.88% |
EV/NOPLAT

|
49.33 |
29.73 |
23.77% |
12.61% |
23.23% |
12.88% |
EV/FCFOPS

|
44.73 |
28.94 |
23.77% |
12.61% |
23.23% |
12.88% |
EV/EBIT

|
32.07 |
19.33 |
23.77% |
12.61% |
23.23% |
12.88% |
EV/IC

|
7.93 |
4.57 |
23.77% |
12.61% |
23.23% |
12.88% |
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