Pfizer Inc

Analyst Listing

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

Broker Analyst Analyst Email
BMO Capital Markets Alex Arfaei alex.arfaei@bmo.com
Deautche Bank Research Gregg Gilbert gregg.gilbert@db.com
SunTrust Robinson Humphrey John T. Boris john.t.boris@suntrust.com
Evercore ISI Mark Schoenebaum mark.schoenebaum@evercoreisi.com
Piper Jaffray Richard J. Purkiss richard.j.purkiss@pjc.com
Leerink Partners Seamus Fernandez seamus.fernandez@leerink.com
Atlantic Equities Steve Chesney s.chesney@atlantic-equities.com
Cowen & Company Steve Scala steve.scala@cowen.com
Bernstein Research Tim Anderson tim.anderson@bernstein.com
Credit Suisse Vamil Divan vamil.divan@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 8,642 9,278 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 13,115 14,078 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 267 160 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 138,061 140,500 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 6.26% 6.60% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv (4,425) 8,196 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR -51.20% 88.34% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket  13.25% 10.34% 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   7.79%  6.80%
Enterprise value
EVMarket  212,181 215,859 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  210,297  210,702
Long-Run Growth
g = IR x ROIC
 -3.21%   5.83% 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  27.22%  27.02% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D  27.95%  28.74% 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)

 4.34 4.09  26.26%  17.31%  22.95%  12.81%

EV/EBITDA

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

11.50 10.78 26.26% 17.31% 22.95% 12.81%

EV/NOPLAT

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

24.55 23.27 26.26%  17.31% 22.95% 12.81%

EV/FCFOPS

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

16.18 15.33 26.26% 17.31% 22.95% 12.81%

EV/EBIT

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

15.96 15.12 26.26% 17.31% 22.95% 12.81%

EV/IC

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

1.54 1.54 26.26% 17.31% 22.95% 12.81%

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