Bank of New York

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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
Credit Suisse Ashley Serrao ashley.serrao@credit-suisse.com
Deutsche Bank Research Brian Bedell brian.bedell@db.com
Keefe Bruyette & Woods Brian Kleinhanzl bkleinhanzl@kbw.com
Portales Partners LLC Charles Peabody cwp@portalespartners.com
Raymond James David Long david.j.long@raymondjames.com
Morningstar Erin Davis erin.davis@morningstar.com
RBC Capital Markets Gerard Cassidy gerard.cassidy@rbccm.com
Evercore ISI Glenn Schorr glenn.schorr@evercoreisi.com
Buckingham Research James Mitchell jmitchell@buckresearch.com
Sandler O’Neill & Partners Jeffery J. Harte jharte@sandleroneill.com
Jefferies Kenneth Usdin kusdin@jefferies.com
Bernstein Research Luke Montgomery lucas.montgomery@bernstein.com
Argus Research Steve Biggar stephen_biggar@sandp.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 Income NI    NI = \, EBIT\, -\, Interest\, - \,Taxes
Cash Flow From Equity CFE   FCF\,=\,NOPLAT - \Delta \,TE\, + \,Other\,\, Comprehensive\,\, Income
Total Equity TE   TE\,=\, Paid \,\,in\, Equity\,\,Capital\,+\, Accumulated\,\,Retained\,\,Earnings
Return on Equity ROE   ROE \,=\,\frac { NI }{TE }
Net Investment NetInv   NetInv\,=\,\Delta\,\,TE\,=\,{TE}_{1}-{TE}_{0}
Investment Rate IR   IR\,=\,\frac {NetInv}{NI}
Cost of Equity COE   COE\,=\,{R}_{F}\,x \,({R}_{M}-{R}_{F})\, x\, Beta
Enterprise value EVMarket   EV\,=\,Market\,\,Cap\,\,Equity\,+\,Market\,\, Value\,\,Long\,\,Term\,\,Debt\,-\,Cash
EVBook
EV/EBIT Multiple \frac{EV_{Market}}{EBIT}   EV/EBIT\,=\,\frac { EV}{ EBIT}
Long-Run Growth g = % \Delta GDP   Long-run growth rates of the income variable (g = IR x ROIC and g = % \Delta GDP) are used in the Continuing Value portion of the valuation models.
g = IR x ROIC

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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 (NI) KVD (NI) { Value }_{ DCF/KVD }=\sum { \frac { NI_{ t } }{ { \left( 1+COE \right) }^{ t } } +\frac { \frac { { NI }_{ 1 }\left( 1-\frac { g }{ ROE } \right) }{ COE-g } }{ { \left( 1+COE \right) }^{ t } } }
 
Key Value Driver (CFE) KVD (CFE)
{ Value }_{ DCF/KVD }=\sum { \frac { CFE_{ t } }{ { \left( 1+COE\right) }^{ t } } +\frac { \frac { {NI}_{ 1 }\left( 1-\frac { g }{ ROE } \right) }{COE-g } }{ { \left( 1+COE \right) }^{ t } } }
 
Cash Flow From Equity CFE { Value }_{ DCF/CFE }=\sum { \frac {CFE_{ t } }{ { \left( 1+COE \right) }^{ t } } +\frac { \frac { {CFE }_{ 1 }}{ COE-g } }{ { \left( 1+COE \right) }^{ t } } }
 
Economic Profit ECON π { Value }_{ { ECON\pi } }= {TE}_{ 0 }+\sum { \frac { {TE}_{ t-1 }({ROE}_{t}-{COE}_{t}) }{ { \left( 1+COE \right) }^{ t } }+ \frac {\frac {{TE}_{0}\ x\ ({ROE}_{1}\ -\ {COE}_{1}) }{COE-g } }{ { \left( 1+COE\right) }^{ t } } }
 
Forward Market Multiple FMM { Value }_{ DCF/FMM}=\sum { \frac { CFE_{ 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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