We recently announced a forthcoming update to the historical Cash Tax Rate used in our models. Details on this change are here.
Rating Changes Caused by Updating the Cash Tax Rate
The seven stocks below will see their ratings change as a result of this update.
Figure 1: Ratings Impacted by Cash Tax Rate Update

Sources: New Constructs, LLC
Impact on our Models
The impact on the aggregate net operating profit after-tax (NOPAT) across our coverage universe is:
- Average fiscal 2017 NOPAT will increase by ~11%
- Average fiscal 2018 NOPAT will increase by ~7%
- Average fiscal 2019 NOPAT will increase by ~4%
- Average trailing-twelve-month (TTM) NOPAT will increase by ~2%
When You Will See the Change: Thursday, December 17
This update will go into effect on our site the morning of Thursday, December 17.
This article originally published on December 16, 2020.
Disclosure: David Trainer, Kyle Guske II, and Matt Shuler receive no compensation to write about any specific stock, style, or theme.
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