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 |
19,585 |
16,842 |
 |
Free Cash Flow |
FCF |
21,155 |
5,656 |
 |
Tax Shield |
TS |
1,749 |
1,575 |
 |
Invested Capital |
IC |
209,588 |
213,840 |
 |
Return on Invested Capital |
ROIC |
9.47% |
7.88% |
 |
Net Investment |
NetInv |
20,961 |
20,180 |
 |
Investment Rate |
IR |
105.56% |
119.82% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
7.39% |
6.32% |

|
WACCBook |
5.91% |
5.77% |
|
Enterprise value
|
EVMarket |
295,405 |
324,313 |
 |
EVBook |
289,087 |
320,166 |
|
Long-Run Growth
|
g = IR x ROIC
|
10.00% |
9.44% |
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 |
23.21% |
20.57% |
 |
Depreciation/Amortization Rate |
D |
34.40% |
38.07% |
 |
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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

|
2.24 |
2.57 |
2.29% |
3.31% |
3.69% |
4.85% |
EV/EBITDA

|
6.34 |
7.75 |
2.29% |
3.31% |
3.69% |
4.85% |
EV/NOPLAT

|
14.88 |
19.26 |
2.29% |
3.31% |
3.69% |
4.85% |
EV/FCFOPS

|
13.96 |
57.34 |
2.29% |
3.31% |
3.69% |
4.85% |
EV/EBIT

|
9.67 |
12.52 |
2.29% |
3.31% |
3.69% |
4.85% |
EV/IC

|
1.41 |
1.52 |
2.29% |
3.31% |
3.69% |
4.85% |
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