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 |
1,864 |
2,003 |
 |
Free Cash Flow |
FCF |
1,953 |
2,291 |
 |
Tax Shield |
TS |
61 |
65 |
 |
Invested Capital |
IC |
23,155 |
23,625 |
 |
Return on Invested Capital |
ROIC |
8.05% |
8.48% |
 |
Net Investment |
NetInv |
1,674 |
985 |
 |
Investment Rate |
IR |
89.83% |
49.17% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
19.40% |
17.00% |

|
WACCBook |
7.86% |
7.37% |
|
Enterprise value
|
EVMarket |
39,800 |
44,012 |
 |
EVBook |
39,162 |
43,510 |
|
Long-Run Growth
|
g = IR x ROIC
|
7.23% |
4.17% |
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 |
12.33% |
12.80% |
 |
Depreciation/Amortization Rate |
D |
14.57% |
14.32% |
 |
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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

|
1.71 |
1.83 |
35.18% |
26.88% |
25.43% |
20.42% |
EV/EBITDA

|
11.86 |
12.24 |
35.18% |
26.88% |
25.43% |
20.42% |
EV/NOPLAT

|
21.36 |
21.97 |
35.18% |
26.88% |
25.43% |
20.42% |
EV/FCFOPS

|
20.38 |
19.21 |
35.18% |
26.88% |
25.43% |
20.42% |
EV/EBIT

|
13.88 |
14.28 |
35.18% |
26.88% |
25.43% |
20.42% |
EV/IC

|
1.72 |
1.86 |
35.18% |
26.88% |
25.43% |
20.42% |
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