Anadarko Petroleum

Navigate firm data through the following pages:

Analyst Listing       Primary Input Data
Derived Input Data       Valuation Model Outcomes

Analyst Listing

The following analysts provide coverage for the subject firm as of May 2016:

Broker Analyst Analyst Email
Tudor Pickering Holt & Co. Matthew Portillo mportillo@tphco.com
Cowen & Company Charles Robertson charles.robertson@cowen.com
Guggenheim Securities Subash Chandra subash.chandra@guggenheimpartners.com
Stifel Nicolaus Michael Scialla mscialla@stifel.com
Societe Generale John Herrlin john.herrlin@sgcib.com
Deutsche Bank Research Ryan Todd ryan.todd@db.com
BMO Capital Markets Phillip Jungwirth phillip.jungwirth@bmo.com
Johnson Rice & Company Charles Meade cmeade@jrco.com
RBC Capital Markets Scott Hanold scott.hanold@rbccm.com
MUFG Securities Americas Michael McAllister michael.mcallister@mufgsecurities.com
Wells Fargo Securities David Tameron david.tameron@wellsfargo.com
Raymond James John Freeman john.freeman@raymondjames.com
Ladenburg Thalmann & Co Michael C. Schmitz mschmitz@ladenburg.com
Atlantic Equities Barry MacCarthy b.maccarthy@atlantic-equities.com
IBERIA Capital Partners Eric Fox eric.fox@iberiabank.com
Drexel Hamilton Robert L. Christensen Jr. rchristensen@drexelhamilton.com
Alembic Global Advisors James Sullivan james.sullivan@alembicglobal.com
KLR Group John Gerdes jjg@klrgroup.com
Wolfe Research Paul Sankey psankey@wolferesearch.com
Scotia Howard Weil Peter Kissel peter.kissel@scotiabank.com
Seaport Global Securities Michael Kelly mkelly@seaportglobal.com
Credit Suisse Edward Westlake edward.westlake@credit-suisse.com
Capital One Securities Phillips Johnson phillips.johnston@capitalone.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  (1,409)  (1,006) NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF  (7,944)  (505) FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS  259  234 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC  42,233  42,236 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC -3.34% -2.38% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv  (3,567)  4,701 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 253.10% -467.51% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital WACCMarket 1.30% 3.98% 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  8.80% 9.81%
Enterprise value EVMarket   40,708  53,681  EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  39,472  50,532
EV/EBIT Multiple \frac{EV_{Market}}{EBIT}  (24.55)  (45.38) EV/EBIT\,=\,\frac { EV}{ EBIT}
Long-Run Growth g = IR x ROIC
    -8.45%    11.13% 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%

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Valuation Model Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs and, depending on the equational form of any particular valuation model, may result in irrelevant or implausible results.  For example, in the event WACC < g, the value of this term, often found in the denominator of an equation’s continuation value term, will be expressly negative and may result in a negative overall valuation for the firm.  In the event of a WACC < g relation, the model form as applied to the subject firm offers an irrelevant outcome.

Valuation Model Type

Label

Equational form
Key Value Driver (NOPLAT) KVD (NOPLAT) { Value }_{ DCF/KVD }=\sum { \frac { NOPLAT_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { NOPLAT }_{ 1 }\left( 1-\frac { g }{ ROIC } \right) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Key Value Driver (FCF) KVD (FCF)
{ Value }_{ DCF/KVD }=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { NOPLAT }_{ 1 }\left( 1-\frac { g }{ ROIC } \right) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Free Cash Flow FCF { Value }_{ DCF/FCF }=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { FCF }_{ 1 }}{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Economic Profit ECON π { Value }_{ { ECON\pi } }= I{ C }_{ 0 }+\sum { \frac { { IC }_{ t-1 }(ROI{ C }_{t}-WAC{C}_{t}) }{ { \left( 1+WACC \right) }^{ t } }+ \frac {\frac { I{C}_{0}\ x\ (ROI{C}_{1}\ -\ WAC{C}_{1}) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Adjusted Present Value APV { Value }_{ APV }=\sum { \frac { FCF_{ t } }{ { \left( 1+{ k }_{ u } \right) }^{ t } } +\frac { \frac { { FCF }_{ 1 }}{ { k }_{ u }-g } }{ { \left( 1+{ k }_{ u } \right) }^{ t } } } +\sum { \frac { { TS }_{ t } }{ { \left( 1+{ k }_{ tax } \right) }^{ t } } +\frac { \frac { { TS }_{ 1 }}{ { k }_{ tax }-g } }{ { \left( 1+{ k }_{ tax } \right) }^{ t } } }
 
Forward Market Multiple FMM { Value }_{ DCF/FMM}=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { { EBIT }_{ 1 }\,{x}\,{FMM}}{ { \left( 1+WACC \right) }^{ t } } }{\,\,\,; \,\,FMM\,=\,\frac{{EV}_{t=0}}{{EBIT}_{t=0}}}
 

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