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

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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  6,003  6,983 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 6,366 5,535 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 8 146 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 49,620 53,029 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 12.10% 13.17% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv 17,028 3,937 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 283.64% 56.38% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket 2.76% 2.41% WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)
 WACCBook  9.19%  8.20%
Enterprise value
EVMarket 179,337 174,273 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 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 = % \Delta GDP  2.50%  2.50%
Margin from Operations M 65.68% 67.24% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D 5.08% 4.68% D\,\,=\,\,\frac{D+A}{EBITDA}

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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 

\frac {EV}{Sales} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)

12.75  10.91 -0.81%  -2.30%  -1.27%  -1.84%

EV/EBITDA

\frac {EV}{EBITDA} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)

18.43 15.46 -0.81% -2.30% -1.27% -1.84%

EV/NOPLAT

\frac {EV}{NOPLAT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}

29.87 24.96 -0.81% -2.30% -1.27% -1.84%

EV/FCFOPS

\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

28.17 31.49 -0.81% -2.30% -1.27%  -1.84%

EV/EBIT

\frac {EV}{EBIT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

19.42 16.22 -0.81% -2.30% -1.27% -1.84%

EV/IC

\frac {EV}{IC} \,= \,\frac{ROIC\,  -\,  g}{WACC\,-\,g}

3.61 3.29 -0.81% -2.30% -1.27% -1.84%

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