Capital One

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:

Guggenheim Securities Tony Butler tony.butler@guggenheimpartners.com
Credit Suisse Vamil Divan vamil.divan@credit-suisse.com
Wells Fargo Securities Andrew M. Casey andrew.casey@wellsfargo.com
Oppenheimer Ben Chittenden cdonat@sandleroneill.com
Stifel Nicolaus Christopher C. Brendler ccbrendler@stifel.com
Sandler O’Neill & Partners Christopher R. Donat cdonat@sandleroneill.com
Drexel Hamilton David Hilder dhilder@drexelhamilton.com
Evercore ISI David Raso draso@isigrp.com
Longbow Research Eli Lustgarten elustgarten@longbowresearch.com
BMO Capital Markets James Fotheringham james.fotheringham@bmo.com
RBC Capital Markets Jason Arnold jason.arnold@rbccm.com
BMO Capital Markets Joel Tiss joel.tiss@bmo.com
Jefferies John Hecht jhecht@jefferies.com
Evercore ISI John Pancari john.pancari@evercoreisi.com
Bernstein Research Kevin St. Pierre kevin.st-pierre@bernstein.com
William Blair Lawrence T. De Maria ldemaria@williamblair.com
Credit Suisse Moshe Orenbuch moshe.orenbuch@credit-suisse.com
Atlantic Equities Richard Radbourne r.radbourne@atlantic-equities.com
Keefe Bruyette & Woods Sanjay Sakhrani ssakhrani@kbw.com
DA Davidson Arren Cyganovich acyganovich@dadco.com
Oppenheimer Ben Chittenden benjamin.chittenden@opco.com
Nomura Research Bill Carcache bill.carcache@nomura.com
Drexel Hamilton David Hilder dhilder@drexelhamilton.com
Deutsche Bank Research David Ho david.ho@db.com
Guggenheim Securities Eric Wasserstrom eric.wasserstrom@guggenheimpartners.com
CRT Capital Group Henry J. Coffey Jr. hcoffey@sterneageecrt.com
RBC Capital Markets Jason Arnold jason.arnold@rbccm.com
Wells Fargo Securities Matthew H. Burnell matt.burnell@wellsfargo.com
William Blair Robert Napoli bnapoli@williamblair.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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