DuPont de Nemours Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net income attributable to DuPont	498)	3,844)	1,460)	4,318)	7,685)
Net income attributable to noncontrolling interests	102)	155)	132)	86)	98)
Net noncash charges	4,789)	6,021)	5,447)	322)	(2,194)
Changes in assets and liabilities, net of effects of acquired and divested companies	(3,980)	(5,289)	1,656)	752)	1,927)
Cash provided by operating activities	1,409)	4,731)	8,695)	5,478)	7,516)
Cash paid during the year for interest, net of amounts capitalized, net of tax¹	766)	1,540)	614)	1,190)	891)
Capital expenditures	(2,472)	(3,837)	(3,570)	(3,804)	(3,703)
Investment in gas field developments	(25)	(114)	(121)	(113)	—)
Purchases of previously leased assets	—)	(26)	(187)	—)	(46)
Free cash flow to the firm (FCFF)	(322)	2,294)	5,431)	2,751)	4,658)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the DuPont de Nemours Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	DuPont de Nemours Inc. FCFF decreased from 2017 to 2018 and from 2018 to 2019.

DuPont de Nemours Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Effective Income Tax Rate (EITR)
EITR¹	21.00%	27.20%	51.00%	0.20%	21.60%
Interest Paid, Net of Tax
Cash paid during the year for interest, net of amounts capitalized, before tax	969)	2,116)	1,254)	1,192)	1,137)
Less: Cash paid during the year for interest, net of amounts capitalized, tax²	203)	576)	640)	2)	246)
Cash paid during the year for interest, net of amounts capitalized, net of tax	766)	1,540)	614)	1,190)	891)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

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² 2019 Calculation
Cash paid during the year for interest, net of amounts capitalized, tax = Cash paid during the year for interest, net of amounts capitalized × EITR
= 969 × 21.00% = 203

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DuPont de Nemours Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	55,738)
Free cash flow to the firm (FCFF)	(322)
Valuation Ratio
EV/FCFF	—
Benchmarks
EV/FCFF, Competitors¹
Linde plc	39.10
EV/FCFF, Industry
Materials	126.15

Based on: 10-K (reporting date: 2019-12-31).

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.

DuPont de Nemours Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	55,738)	67,539)	77,054)	40,369)	30,575)
Free cash flow to the firm (FCFF)²	(322)	2,294)	5,431)	2,751)	4,658)
Valuation Ratio
EV/FCFF³	—	29.44	14.19	14.68	6.56
Benchmarks
EV/FCFF, Competitors⁴
Linde plc	44.72	—	—	—	—
EV/FCFF, Industry
Materials	67.95	—	—	—	—

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

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³ 2019 Calculation
EV/FCFF = EV ÷ FCFF
= 55,738 ÷ -322 = —

⁴ Click competitor name to see calculations.

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DuPont de Nemours Inc. (NYSE:DD)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical