Diageo PLC, current enterprise value calculation

Current share price (P)	$117.25
No. shares of common stock outstanding	688,554,634
US$ in millions
Common equity (market value)¹	80,733)
Add: Non-controlling interests (per books)	1,295)
Total equity	82,028)
Add: Borrowings due within one year and bank overdrafts (per books)	2,662)
Add: Borrowings due after one year (per books)	12,900)
Total equity and debt	97,590)
Less: Cash and cash equivalents	1,050)
Enterprise value (EV)	96,539)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 117.25 × 688,554,634

Diageo PLC, EV calculation

	Jun 30, 2014	Jun 30, 2013	Jun 30, 2012	Jun 30, 2011	Jun 30, 2010	Jun 30, 2009
Share price^1, 2	$117.25	$129.07	$110.85	$76.14	$67.92	$62.88
No. shares of common stock outstanding¹	688,554,634	688,541,645	688,528,996	688,500,274	688,486,701	705,464,315
US$ in millions
Common equity (market value)³	80,733)	88,870)	76,323)	52,422)	46,762)	44,360)
Add: Non-controlling interests (book value)	1,295)	1,775)	1,989)	1,150)	1,199)	1,156)
Total equity	82,028)	90,645)	78,312)	53,572)	47,961)	45,516)
Add: Borrowings due within one year and bank overdrafts (book value)	2,662)	3,079)	2,000)	2,248)	903)	1,439)
Add: Borrowings due after one year (book value)	12,900)	13,644)	12,033)	10,485)	12,586)	12,425)
Total equity and debt	97,590)	107,369)	92,346)	66,305)	61,450)	59,380)
Less: Cash and cash equivalents	1,050)	2,937)	1,750)	2,461)	2,236)	1,478)
Enterprise value (EV)	96,539)	104,432)	90,596)	63,844)	59,214)	57,902)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Diageo PLC Annual Report.

³ 2014 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 117.25 × 688,554,634

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Diageo PLC EV increased from 2012 to 2013 but then slightly decreased from 2013 to 2014 not reaching 2012 level.

Diageo PLC (NYSE:DEO)

Enterprise Value (EV)