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

Return to top of page

Primary Input Data

Return to top of page

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	WACC_Market	13.25%	10.34%	$WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)$
Weighted Average Cost of Capital	WACC_Book	7.79%	6.80%
Enterprise value	EV_Market	212,181	215,859	$EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash$
Enterprise value	EV_Book	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.
Long-Run Growth	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%	$D\,\,=\,\,\frac{D+A}{EBITDA}$

Return to top of page

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 $\frac {EV}{Sales} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)$	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/FCF_OPS $\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)$	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%

Return to top of page