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 |
15,951 |
14,488 |
 |
Free Cash Flow |
FCF |
15,923 |
21,046 |
 |
Tax Shield |
TS |
819 |
728 |
 |
Invested Capital |
IC |
134,859 |
132,174 |
 |
Return on Invested Capital |
ROIC |
11.83% |
10.96% |
 |
Net Investment |
NetInv |
6,534 |
7,303 |
 |
Investment Rate |
IR |
40.96% |
50.41% |
 |
Weighted Average Cost of Capital
|
WACCMarket |
6.99% |
7.36% |

|
WACCBook |
6.39% |
6.14% |
|
Enterprise value
|
EVMarket |
248,007 |
240,821 |
 |
EVBook |
247,302 |
238,914 |
|
Long-Run Growth
|
g = IR x ROIC
|
4.85% |
5.53% |
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 |
5.08% |
4.60% |
 |
Depreciation/Amortization Rate |
D |
27.71% |
30.95% |
 |
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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

|
0.51 |
0.50 |
1.23% |
2.98% |
1.85% |
5.11% |
EV/EBITDA

|
7.31 |
7.46 |
1.23% |
2.98% |
1.85% |
5.11% |
EV/NOPLAT

|
15.55 |
16.62 |
1.23% |
2.98% |
1.85% |
5.11% |
EV/FCFOPS

|
15.58 |
11.44 |
1.23% |
2.98% |
1.85% |
5.11% |
EV/EBIT

|
10.11 |
10.80 |
1.23% |
2.98% |
1.85% |
5.11% |
EV/IC

|
1.84 |
1.82 |
1.23% |
2.98% |
1.85% |
5.11% |
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