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 |
4,774 |
3,296 |
 |
Free Cash Flow |
FCF |
5,051 |
4,774 |
 |
Tax Shield |
TS |
92 |
115 |
 |
Invested Capital |
IC |
27,615 |
28,647 |
 |
Return on Invested Capital |
ROIC |
17.29% |
11.51% |
 |
Net Investment |
NetInv |
2,867 |
3,256 |
 |
Investment Rate |
IR |
60.05% |
98.78% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
5.00% |
7.20% |

|
WACCBook |
7.62% |
7.17% |
|
Enterprise value
|
EVMarket |
90,671 |
106,424 |
 |
EVBook |
92,009 |
107,335 |
|
Long-Run Growth
|
g = IR x ROIC
|
10.38% |
11.37% |
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 |
12.65% |
8.38% |
 |
Depreciation/Amortization Rate |
D |
22.10% |
30.49% |
 |
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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

|
1.56 |
1.76 |
-0.38% |
5.61% |
-0.99% |
6.10% |
EV/EBITDA

|
9.62 |
14.59 |
-0.38% |
5.61% |
-0.99% |
6.10% |
EV/NOPLAT

|
18.99 |
32.29 |
-0.38% |
5.61% |
-0.99% |
6.10% |
EV/FCFOPS

|
17.95 |
30.34 |
-0.38% |
5.61% |
-0.99% |
6.10% |
EV/EBIT

|
12.34 |
20.99 |
-0.38% |
5.61% |
-0.99% |
6.10% |
EV/IC

|
3.28 |
3.72 |
-0.38% |
5.61% |
-0.99% |
6.10% |
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