Blackrock

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
Deutsche Bank Research Brian Bedell brian.bedell@db.com
Wells Fargo Securities Christopher Harris christopher.harris1@wellsfargo.com
Credit Suisse Craig Siegenthaler craig.siegenthaler@credit-suisse.com
Jefferies Daniel T. Fannon dfannon@jefferies.com
RBC Capital Markets Eric N. Berg eric.berg@rbccm.com
Evercore ISI Glenn Schorr glenn.schorr@evercoreisi.com
Piper Jaffray Jason Weyeneth jason.l.weyeneth@pjc.com
Bernstein Research Luke Montgomery lucas.montgomery@bernstein.com
Gabelli & Company Macrae Sykes msykes@gabelli.com
Keefe Bruyette & Woods Robert Lee rlee@kbw.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   192   2,922 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF  3,433  2,518 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS  55  59 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC  33,974  34,259 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 0.56% 8.53% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv  1,811  548 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 944.46% 18.75% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital WACCMarket 7.29% 5.35% 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  10.93% 10.27%
Enterprise value EVMarket  55,547  61,206  EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  55,088  60,814
EV/EBIT Multiple \frac{EV_{Market}}{EBIT} 12.29  13.61 EV/EBIT\,=\,\frac { EV}{ EBIT}
Long-Run Growth g = IR x ROIC
    5.33%    1.60% 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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