McDonald's Corp. (MCD) | Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

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McDonald's Corp., FCFE calculation

USD $ in thousands

	12 months ended	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Net income
	Add: Net noncash charges
	Less: Changes in working capital
	Cash provided by operations
	Less: Capital expenditures
	Less: Purchases of restaurant businesses
	Add: Sales of restaurant businesses and property
	Add: Net short-term borrowings
	Add: Long-term financing issuances
	Less: Long-term financing repayments
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to McDonald's Corp.'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.	McDonald's Corp.'s FCFE increased from 2009 to 2010 and from 2010 to 2011.

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McDonald's Corp., current P/FCFE

	McDonald's Corp.	Consumer Services
No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in thousands)
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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McDonald's Corp., 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 thousands)
	FCFE per share
	Share price^1, 2
	P/FCFE, Comparison to Industry
	McDonald's Corp.
	Industry, Consumer Services

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

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