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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
BMO Capital Markets Paulo Ribeiro paulo.ribeiro@bmo.com
Nomura Instinet Bill Carcache bill.carcache@instinet.com
Monness Crespi Hardt Cengiz M. Cakmak jcakmak@mchny.com
Jefferies Ramsey El-Assal ramsey.elassal@jefferies.com
Keefe Bruyette & Woods Sanjay Sakhrani ssakhrani@kbw.com
Stifel Nicolaus Scott W. Devitt swdevitt@stifel.com
Evercore ISI David Togut david.togut@evercoreisi.com
Pacific Crest Securities-KBCM Josh Beck jbeck@pacific-crest.com
Susquehanna Financial Group James Friedman james.friedman@sig.com
Guggenheim Securities Eric Wasserstrom eric.wasserstrom@guggenheimpartners.com
First Analysis Securities Corp Lawrence Berlin lberlin@firstanalysis.com
Bernstein Research Lisa D. Ellis lisa.ellis@bernstein.com
FBN Securities Shelby Seyrafi sseyrafi@fbnsecurities.com
Deutsche Bank Research Bryan Keane bryan.keane@db.com
William Blair Robert Napoli bnapoli@williamblair.com
Raymond James Wayne Johnson wayne.johnson@raymondjames.com
Canaccord Genuity Michael Graham mgraham@canaccordgenuity.com
Stephens Inc Brett Huff brett.huff@stephens.com
Needham Mayank Tandon mtandon@needhamco.com
Oppenheimer Glenn Greene glenn.greene@opco.com
Piper Jaffray Jason Deleeuw jason.s.deleeuw@pjc.com
Wells Fargo Securities Timothy Willi timothy.willi@wellsfargo.com
SunTrust Robinson Humphrey Andrew Jeffrey andrew.jeffrey@suntrust.com
Cowen & Company Georgios Mihalos george.mihalos@cowen.com
Loop Capital Markets Joseph A. Vafi joseph.vafi@loopcapital.com
Atlantic Equities Christopher Hickey c.hickey@atlantic-equities.com
Cantor Fitzgerald Naved Khan nkhan@cantor.com
RBC Capital Markets Daniel Perlin daniel.perlin@rbccm.com
BTIG Mark Palmer mpalmer@btig.com
Compass Point Research John T. Williams jwilliams@compasspointllc.com
Craig Hallum Capital Group Bradley Berning brad.berning@craig-hallum.com
Wedbush Securities Moshe Katri moshe.katri@wedbush.com
Credit Suisse Paul Condra paul.condra@credit-suisse.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   863   954 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF  1,824  2,489 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 0  61 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC  15,264  16,225 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 5.65% 5.88% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv  7,238  1,685 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 839.14% 176.71% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital WACCMarket 20.85% 21.09% 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% 9.91%
Enterprise value EVMarket  40,898  42,665  EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  40,839  44,178
EV/EBIT Multiple \frac{EV_{Market}}{EBIT}  30.82  29.08 EV/EBIT\,=\,\frac { EV}{ EBIT}
Long-Run Growth g = IR x ROIC
 47.42% 10.39% 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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