Procter & Gamble Co

Analyst Listing

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

Broker Analyst Analyst Email
Bernstein Research Ali Dibadj ali.dibadj@bernstein.com
CRT Capital Group April Scree ascee@sterneageecrt.com
Deutsche Bank Research Bill Schmitz Jr. william.schmitz@db.com
Atlantic Equities Charles Eden c.eden@atlantic-equities.com
Consumer Edge Research Javier Escalante jescalante@consumeredgeresearch.com
Hilliard Lyons Jeffrey S. Thomison jthomison@hilliard.com
William Blair Jon R. Andersen jandersen@williamblair.com
Raymond James Joseph Altobello joe.altobello@raymondjames.com
B Riley & Co Linda Bolton Weiser lweiser@brileyco.com
Stifel Nicolaus Mark S. Astrachan msastrachan@stifel.com
RBC Capital Markets Nik Modi nik.modi@rbccm.com
SunTrust Robinson Humphrey William B. Chappell Jr. bill.chappell@suntrust.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  10,210  9,069 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 12,241 9,922 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 148 134 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 99,353 88,142 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 10.28% 10.29% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv 376 (8,230) NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 3.68% -90.75% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket 8.79% 7.11% 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  6.62%   6.68%
Enterprise value
EVMarket 224,226 208,605 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 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 = % \Delta GDP   2.50%   2.50%
Margin from Operations M   20.59%  21.39% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D   16.63%  17.60% 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

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)

 2.94  3.20  7.61% 4.79%  8.12%  5.75%

EV/EBITDA

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

11.90 12.32 7.61% 4.79% 8.12% 5.75%

EV/NOPLAT

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

21.96 23.00 7.61% 4.79% 8.12% 5.75%

EV/FCFOPS

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

18.32 21.02 7.61% 4.79% 8.12% 5.75%

EV/EBIT

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

14.27 14.95 7.61% 4.79% 8.12% 5.75%

EV/IC

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

2.26 2.37 7.61% 4.79%  8.12% 5.75%

Return to top of page