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 |
2,251 |
2,532 |
 |
Free Cash Flow |
FCF |
2,616 |
3,019 |
 |
Tax Shield |
TS |
24 |
30 |
 |
Invested Capital |
IC |
8,523 |
9,620 |
 |
Return on Invested Capital |
ROIC |
26.41% |
26.32% |
 |
Net Investment |
NetInv |
695 |
2,142 |
 |
Investment Rate |
IR |
30.86% |
84.62% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
26.20% |
21.46% |

|
WACCBook |
8.45% |
8.29% |
|
Enterprise value
|
EVMarket |
89,510 |
81,878 |
 |
EVBook |
89,384 |
81,914 |
|
Long-Run Growth
|
g = IR x ROIC
|
8.15% |
22.27% |
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 |
17.56% |
17.97% |
 |
Depreciation/Amortization Rate |
D |
21.79% |
21.17% |
 |
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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

|
4.54 |
3.78 |
26.18% |
20.81% |
26.18% |
21.18% |
EV/EBITDA

|
20.22 |
16.57 |
26.18% |
20.81% |
26.18% |
21.18% |
EV/NOPLAT

|
39.77 |
32.34 |
26.18% |
20.81% |
26.18% |
21.18% |
EV/FCFOPS

|
34.21 |
27.12 |
26.18% |
20.81% |
26.18% |
21.18% |
EV/EBIT

|
25.85 |
21.02 |
26.18% |
20.81% |
26.18% |
21.18% |
EV/IC

|
10.50 |
8.51 |
26.18% |
20.81% |
26.18% |
21.18% |
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