Visa
Analyst Listings
The following analysts provide coverage for the subject firm as of May 2016:
Broker | Analyst | Analyst Email |
SunTrust Robinson Humphrey | Andrew Jeffrey | andrew.jeffrey@suntrust.com |
Nomura Research | Bill Carcache | bill.carcache@nomura.com |
Deutsche Bank Research | Bryan Keane | bryan.keane@db.com |
Stifel Nicolaus | Christopher C. Brendler | ccbrendler@stifel.com |
Atlantic Equities | Christopher Hickey | c.hickey@atlantic-equities.com |
Sandler O’Neill & Partners | Christopher R. Donat | cdonat@sandleroneill.com |
RBC Capital Markets | Daniel Perlin | daniel.perlin@rbccm.com |
Evercore ISI | David Togut | david.togut@evercoreisi.com |
Guggenheim Securities | Eric Wasserstrom | eric.wasserstrom@guggenheimpartners.com |
Cowen & Company | Georgios Mihalos | george.mihalos@cowen.com |
Wedbush Securities | Gil Luria | gil.luria@wedbush.com |
Oppenheimer | Glenn Greene | glenn.greene@opco.com |
BMO Capital Markets | James Fotheringham | james.fotheringham@bmo.com |
Susquehanna Financial Group | James Friedman | james.friedman@sig.com |
Piper Jaffray | Jason Deleeuw | jason.s.deleeuw@pjc.com |
Jefferies | Jason Kupferberg | jkupferberg@jefferies.com |
Compass Point Research | John T. Williams | jwilliams@compasspointllc.com |
Pacific Crest Securities-KBCM | Josh Beck | jbeck@pacific-crest.com |
Bernstein Research | Lisa D. Ellis | lisa.ellis@bernstein.com |
CRT Capital Group | Moshe Katri | mkatri@sterneageecrt.com |
Credit Suisse | Moshe Orenbuch | moshe.orenbuch@credit-suisse.com |
William Blair | Robert Napoli | bnapoli@williamblair.com |
Keefe Bruyette & Woods | Sanjay Sakhrani | ssakhrani@kbw.com |
Wells Fargo Securities | Timothy Willi | timothy.willi@wellsfargo.com |
Raymond James | Wayne Johnson | wayne.johnson@raymondjames.com |
Primary Input Data
Derived Input Data
Derived Input |
Label |
2015 Value |
2016
|
Equational Form |
Net Operating Profit Less Adjusted Taxes | NOPLAT | 6,003 | 6,983 | |
Free Cash Flow | FCF | 6,366 | 5,535 | |
Tax Shield | TS | 8 | 146 | |
Invested Capital | IC | 49,620 | 53,029 | |
Return on Invested Capital | ROIC | 12.10% | 13.17% | |
Net Investment | NetInv | 17,028 | 3,937 | |
Investment Rate | IR | 283.64% | 56.38% | |
Weighted Average Cost of Capital |
WACCMarket | 2.76% | 2.41% | |
WACCBook | 9.19% | 8.20% | ||
Enterprise value |
EVMarket | 179,337 | 174,273 | |
EVBook | 191,900 | 184,738 | ||
Long-Run Growth |
g = IR x ROIC |
34.32% | 7.42% | 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 | 65.68% | 67.24% | |
Depreciation/Amortization Rate | D | 5.08% | 4.68% |
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-stagemultiple g solution |
Two-stage valuationmodel g solution |
|||
12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2016 | |
12.75 | 10.91 | -0.81% | -2.30% | -1.27% | -1.84% | |
18.43 | 15.46 | -0.81% | -2.30% | -1.27% | -1.84% | |
29.87 | 24.96 | -0.81% | -2.30% | -1.27% | -1.84% | |
28.17 | 31.49 | -0.81% | -2.30% | -1.27% | -1.84% | |
19.42 | 16.22 | -0.81% | -2.30% | -1.27% | -1.84% | |
3.61 | 3.29 | -0.81% | -2.30% | -1.27% | -1.84% |