Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

Enterprise Value to FCFF (EV/FCFF)

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Free Cash Flow to The Firm (FCFF)

Mondelēz International Inc., FCFF calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net earnings attributable to Mondelēz International 4,959 2,717 4,300 3,555 3,870
Noncontrolling interest earnings 9 9 14 14 15
Net noncash charges 47 1,477 163 339 360
Change in assets and liabilities, net of acquisitions and divestitures (301) (295) (336) 56 (280)
Net cash provided by operating activities 4,714 3,908 4,141 3,964 3,965
Cash paid, interest, net of tax1 420 403 310 263 378
Capital expenditures (1,112) (906) (965) (863) (925)
Right-of-use assets obtained in exchange for lease obligations, finance leases (163) (148) (76) (180) (99)
Free cash flow to the firm (FCFF) 3,859 3,257 3,410 3,184 3,319

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Mondelēz International Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Mondelēz International Inc. FCFF decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Interest Paid, Net of Tax

Mondelēz International Inc., interest paid, net of tax calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR1 26.10% 26.80% 27.20% 36.20% 22.30%
Interest Paid, Net of Tax
Cash paid, interest, before tax 568 551 426 413 486
Less: Cash paid, interest, tax2 148 148 116 150 108
Cash paid, interest, net of tax 420 403 310 263 378

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 See details »

2 2023 Calculation
Cash paid, interest, tax = Cash paid, interest × EITR
= 568 × 26.10% = 148


Enterprise Value to FCFF Ratio, Current

Mondelēz International Inc., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 112,020
Free cash flow to the firm (FCFF) 3,859
Valuation Ratio
EV/FCFF 29.03
Benchmarks
EV/FCFF, Competitors1
Coca-Cola Co. 26.67
PepsiCo Inc. 29.51
EV/FCFF, Sector
Food, Beverage & Tobacco 28.13
EV/FCFF, Industry
Consumer Staples 35.40

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Mondelēz International Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 121,136 110,903 109,066 95,878 101,267
Free cash flow to the firm (FCFF)2 3,859 3,257 3,410 3,184 3,319
Valuation Ratio
EV/FCFF3 31.39 34.05 31.98 30.11 30.51
Benchmarks
EV/FCFF, Competitors4
Coca-Cola Co. 26.54 27.95 25.28 26.04 28.08
PepsiCo Inc. 28.63 40.39 33.08 30.09 35.72
EV/FCFF, Sector
Food, Beverage & Tobacco 28.11 33.01 28.91 28.11 30.80
EV/FCFF, Industry
Consumer Staples 31.74 32.43 21.67 24.49 24.78

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 See details »

2 See details »

3 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 121,136 ÷ 3,859 = 31.39

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Mondelēz International Inc. EV/FCFF ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.