GlaxoSmithKline PLC, current enterprise value calculation

Current share price (P)	$47.42
No. shares of common stock outstanding	2,677,648,616
US$ in millions
Common equity (market value)¹	126,974)
Add: Non-controlling interests (per books)	1,137)
Total equity	128,111)
Add: Short-term borrowings (per books)	4,970)
Add: Long-term borrowings (per books)	26,754)
Total equity and debt	159,835)
Less: Liquid investments	117)
Less: Cash and cash equivalents	7,326)
Enterprise value (EV)	152,392)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 47.42 × 2,677,648,616

GlaxoSmithKline PLC, EV calculation

	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010
Share price^1, 2	$47.42	$55.94	$44.58	$45.46	$38.48
No. shares of common stock outstanding¹	2,677,648,616	2,671,103,348	2,698,797,985	2,524,522,586	2,598,132,010
US$ in millions
Common equity (market value)³	126,974)	149,422)	120,312)	114,765)	99,976)
Add: Non-controlling interests (book value)	1,137)	1,351)	1,524)	1,235)	1,321)
Total equity	128,111)	150,772)	121,836)	116,000)	101,297)
Add: Short-term borrowings (book value)	4,970)	4,622)	5,905)	4,192)	448)
Add: Long-term borrowings (book value)	26,754)	25,615)	23,859)	18,961)	22,794)
Total equity and debt	159,835)	181,009)	151,600)	139,153)	124,538)
Less: Liquid investments	117)	109)	132)	286)	283)
Less: Cash and cash equivalents	7,326)	9,171)	6,804)	8,878)	9,323)
Enterprise value (EV)	152,392)	171,728)	144,664)	129,989)	114,932)

¹ Data adjusted for splits and stock dividends.

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

³ 2014 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 47.42 × 2,677,648,616

Download chart

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.	GlaxoSmithKline PLC EV increased from 2012 to 2013 but then slightly decreased from 2013 to 2014 not reaching 2012 level.

GlaxoSmithKline PLC (NYSE:GSK)

Enterprise Value (EV)