E.I. DuPont de Nemours & Co. (DD) | Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

E.I. DuPont de Nemours & Co., FCFE calculation

USD $ in millions

12 months ended	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
Net income attributable to DuPont	3,474	3,031	1,755	2,007	2,988
Add: Net income attributable to noncontrolling interests	36	21	14	3	7
Add: Net noncash charges	2,211	1,407	2,173	2,049	1,451
Less: (Increase) decrease in operating assets	(1,262)	(993)	550	(175)	(481)
Add: Increase (decrease) in operating liabilities	693	1,093	249	(755)	325
Cash provided by operating activities	5,152	4,559	4,741	3,129	4,290
Less: Purchases of property, plant and equipment	(1,843)	(1,508)	(1,308)	(1,978)	(1,585)
Add: Net increase (decrease) in short-term (less than 90 days) borrowings	185	20	(317)	(891)	1,117
Add: Long-term and other borrowings receipts	2,539	2,061	3,685	3,527	1,998
Less: Long-term and other borrowings payments	(1,163)	(2,859)	(1,977)	(547)	(3,458)
Free cash flow to equity (FCFE)	4,870	2,273	4,824	3,240	2,362

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to E.I. DuPont de Nemours & Co.'s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	E.I. DuPont de Nemours & Co.'s FCFE declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.

E.I. DuPont de Nemours & Co., current P/FCFE

	E.I. DuPont de Nemours & Co.	Basic Materials
No. shares of common stock outstanding	932,253,000
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)	4,870
FCFE per share	5.22
Current share price (P)	48.73
Ratio
P/FCFE	9.33	11.59

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

E.I. DuPont de Nemours & Co., P/FCFE calculation

	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
No. shares of common stock outstanding¹	932,253,000	921,634,000	903,838,000	902,530,000	899,346,000
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)	4,870	2,273	4,824	3,240	2,362
FCFE per share	5.22	2.47	5.34	3.59	2.63
Share price^1, 2	52.06	53.71	33.13	22.91	46.22
P/FCFE, Comparison to Industry
E.I. DuPont de Nemours & Co.	9.97	21.78	6.21	6.38	17.60
Industry, Basic Materials	13.65	21.78	90.84	9.93	11.01

¹ Data adjusted for splits and stock dividends.
² Close price on the filing date of E.I. DuPont de Nemours & Co.'s Annual Report.

Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders' equity.	E.I. DuPont de Nemours & Co.'s P/FCFE ratio increased from 2009 to 2010 but then slightly declined from 2010 to 2011 not reaching 2009 level.