GlaxoSmithKline PLC (GSK) | Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

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GlaxoSmithKline PLC, FCFE calculation

USD $ in millions, translated from GBP £

	12 months ended	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Profit attributable to shareholders
	Add: Profit attributable to non-controlling interests
	Add: Net noncash charges
	Less: Changes in working capital
	Net cash inflow from operating activities
	Less: Purchase of property, plant and equipment
	Add: Proceeds from sale of property, plant and equipment
	Less: Purchase of intangible assets
	Add: Proceeds from sale of intangible assets
	Add: Increase in short-term loans
	Less: Repayment of short-term loans
	Add: Increase in long-term loans
	Less: Repayment of long-term loans
	Less: Net repayment of obligations under finance leases
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to GlaxoSmithKline PLC'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.	GlaxoSmithKline PLC's FCFE declined from 2009 to 2010 but then slightly increased from 2010 to 2011.

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GlaxoSmithKline PLC, current P/FCFE

	GlaxoSmithKline PLC	Health Care
No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE

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.

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GlaxoSmithKline PLC, P/FCFE calculation

		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)
	FCFE per share
	Share price^1, 2
	P/FCFE, Comparison to Industry
	GlaxoSmithKline PLC
	Industry, Health Care

¹ Data adjusted for splits and stock dividends.
² Close price on the filing date of GlaxoSmithKline PLC's Annual Report.

Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders' equity.	GlaxoSmithKline PLC's P/FCFE ratio increased from 2009 to 2010 but then slightly declined from 2010 to 2011.