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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
Bernstein Research Carlos Kirjner carlos.kirjner@bernstein.com
Mizuho Securities USA Neil A. Doshi neil.doshi@us.mizuho-sc.com
Monness Crespi Hardt Cengiz M. Cakmak jcakmak@mchny.com
Nomura Research Anthony DiClemente anthony.diclemente@nomura.com
Canaccord Genuity Michael Graham mgraham@canaccordgenuity.com
Axiom Capital Victor Anthony vanthony@axiomcapital.com
Piper Jaffray Gene Munster gene.a.munster@pjc.com
Jefferies Brian Pitz bpitz@jefferies.com
Pacific Crest Securities-KBCM Evan Wilson ewilson@key.com
Evercore ISI Ken Sena ken.sena@evercoreisi.com
Pivotal Research Group Brian Wieser brian@pvtl.com
Guggenheim Securities Jake Fuller james.fuller@guggenheimpartners.com
FBN Securities Shebly Seyrafi sseyrafi@fbnsecurities.com
RBC Capital Markets Mark S. Mahaney mark.mahaney@rbccm.com
Cantor Fitzgerald Youssef H. Squali ysquali@cantor.com
Atlantic Equities James Cordwell j.cordwell@atlantic-equities.com
Susquehanna Financial Group Shyam Patil shyam.patil@sig.com
Cowen & Company John Blackledge john.blackledge@cowen.com
SunTrust Robinson Humphrey Robert S. Peck robert.peck@suntrust.com
JMP Securities Ronald V. Josey rjosey@jmpsecurities.com
B Riley & Co Sameet Sinha ssinha@brileyco.com
Wells Fargo Securities Peter Stabler peter.stabler@wellsfargo.com
Wedbush Securities James Dix james.dix@wedbush.com
Hilliard Lyons Stephen Turner sturner@hilliard.com
Stifel Nicolaus Scott W. Devitt swdevitt@stifel.com
Oppenheimer Jason Helfstein jason.helfstein@opco.com
Needham Kerry Rice krice@needhamco.com
Daiwa Securities Co. Ltd. Kazuya Nishimura kazuya.nishimura@us.daiwacm.com
Raymond James Aaron Kessler aaron.kessler@raymondjames.com
William Blair Ralph Schackart rschackart@williamblair.com
BMO Capital Markets Daniel Salmon dan.salmon@bmo.com
Credit Suisse Stephen Ju stephen.ju@credit-suisse.com
Deutsche Bank Research Ross Sandler ross.sandler@db.com
BGC Financial, L.P. Colin W. Gillis cgillis@bgcpartners.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  11,675   15,065 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF  16,109  25,824 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS  (28)  24 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC  128,151  150,741 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 9.11% 9.99% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv  18,886  28,734 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 161.77%  190.73% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital WACCMarket 21.07% 22.21% 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  10.46% 10.12%
Enterprise value EVMarket  452,227 458,359  EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  451,097  458,261
EV/EBIT Multiple \frac{EV_{Market}}{EBIT}  25.18  19.78 EV/EBIT\,=\,\frac { EV}{ EBIT}
Long-Run Growth g = IR x ROIC
   14.74%   19.06% 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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