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 |
10,210 |
9,069 |
 |
Free Cash Flow |
FCF |
12,241 |
9,922 |
 |
Tax Shield |
TS |
148 |
134 |
 |
Invested Capital |
IC |
99,353 |
88,142 |
 |
Return on Invested Capital |
ROIC |
10.28% |
10.29% |
 |
Net Investment |
NetInv |
376 |
(8,230) |
 |
Investment Rate |
IR |
3.68% |
-90.75% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
8.79% |
7.11% |

|
WACCBook |
6.62% |
6.68% |
|
Enterprise value
|
EVMarket |
224,226 |
208,605 |
 |
EVBook |
205,658 |
206,972 |
|
Long-Run Growth
|
g = IR x ROIC
|
0.38% |
-9.34% |
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 |
20.59% |
21.39% |
 |
Depreciation/Amortization Rate |
D |
16.63% |
17.60% |
 |
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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

|
2.94 |
3.20 |
7.61% |
4.79% |
8.12% |
5.75% |
EV/EBITDA

|
11.90 |
12.32 |
7.61% |
4.79% |
8.12% |
5.75% |
EV/NOPLAT

|
21.96 |
23.00 |
7.61% |
4.79% |
8.12% |
5.75% |
EV/FCFOPS

|
18.32 |
21.02 |
7.61% |
4.79% |
8.12% |
5.75% |
EV/EBIT

|
14.27 |
14.95 |
7.61% |
4.79% |
8.12% |
5.75% |
EV/IC

|
2.26 |
2.37 |
7.61% |
4.79% |
8.12% |
5.75% |
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