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 |
6,971 |
7,231 |
 |
Free Cash Flow |
FCF |
6,905 |
6,905 |
 |
Tax Shield |
TS |
310 |
296 |
 |
Invested Capital |
IC |
18,570 |
20,384 |
 |
Return on Invested Capital |
ROIC |
37.54% |
35.47% |
 |
Net Investment |
NetInv |
(751) |
2,557 |
 |
Investment Rate |
IR |
-10.77% |
35.36% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
31.53% |
23.65% |

|
WACCBook |
6.92% |
6.46% |
|
Enterprise value
|
EVMarket |
160,852 |
166,880 |
 |
EVBook |
157,214 |
163,548 |
|
Long-Run Growth
|
g = IR x ROIC
|
-4.04% |
12.54% |
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 |
40.25% |
41.63% |
 |
Depreciation/Amortization Rate |
D |
6.57% |
6.26% |
 |
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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

|
6.04 |
6.24 |
30.74% |
22.01% |
31.18% |
22.28% |
EV/EBITDA

|
14.01 |
14.06 |
30.74% |
22.01% |
31.18% |
22.28% |
EV/NOPLAT

|
23.07 |
23.08 |
30.74% |
22.01% |
31.18% |
22.28% |
EV/FCFOPS

|
23.39 |
24.17 |
30.74% |
22.01% |
31.18% |
22.28% |
EV/EBIT

|
15.00 |
15.00 |
30.74% |
22.01% |
31.18% |
22.28% |
EV/IC

|
8.66 |
8.19 |
30.74% |
22.01% |
31.18% |
22.28% |
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