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Medtronic Inc. (MDT) | Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

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Medtronic Inc., FCFE calculation

USD $ in millions

	12 months ended	Apr 29, 2011	Apr 30, 2010	Apr 24, 2009	Apr 25, 2008	Apr 27, 2007	Apr 28, 2006
	Net earnings
	Add: Net noncash charges
	Less: Change in operating assets and liabilities, net of effect of acquisitions
	Net cash provided by operating activities
	Less: Additions to property, plant and equipment
	Add: Change in short-term borrowings, net
	Add: Issuance of long-term debt
	Less: Payments on long-term debt
	Free cash flow to equity (FCFE)

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

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Medtronic Inc., current P/FCFE

	Medtronic Inc.	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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Medtronic Inc., P/FCFE calculation

		Apr 29, 2011	Apr 30, 2010	Apr 24, 2009	Apr 25, 2008	Apr 27, 2007	Apr 28, 2006
	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
	Medtronic Inc.
	Industry, Health Care

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

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