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 |
4,828 |
4,564 |
 |
Free Cash Flow |
FCF |
5,012 |
5,500 |
 |
Tax Shield |
TS |
372 |
22 |
 |
Invested Capital |
IC |
43,726 |
44,372 |
 |
Return on Invested Capital |
ROIC |
11.04% |
10.28% |
 |
Net Investment |
NetInv |
2,898 |
2,039 |
 |
Investment Rate |
IR |
60.03% |
44.68% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
3.77% |
6.33% |

|
WACCBook |
9.60% |
9.34% |
|
Enterprise value
|
EVMarket |
67,365 |
98,092 |
 |
EVBook |
73,215 |
97,822 |
|
Long-Run Growth
|
g = IR x ROIC
|
6.63% |
4.60% |
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 |
31.00% |
29.53% |
 |
Depreciation/Amortization Rate |
D |
14.05% |
16.56% |
 |
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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

|
2.81 |
4.13 |
-9.68% |
3.06% |
-18.11% |
3.69% |
EV/EBITDA

|
7.80 |
11.66 |
-9.68% |
3.06% |
-18.11% |
3.69% |
EV/NOPLAT

|
13.95 |
21.49 |
-9.68% |
3.06% |
-18.11% |
3.69% |
EV/FCFOPS

|
13.44 |
17.83 |
-9.68% |
3.06% |
-18.11% |
3.69% |
EV/EBIT

|
9.07 |
13.97 |
-9.68% |
3.06% |
-18.11% |
3.69% |
EV/IC

|
1.54 |
2.21 |
-9.68% |
3.06% |
-18.11% |
3.69% |
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