Enterprise Value (EV)
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Abiomed Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Current Enterprise Value (EV)
Abiomed Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in thousands | |
| Common equity (market value)1 | |
| Add: Class B Preferred Stock, $.01 par value; none issued and outstanding (per books) | |
| Total equity | |
| Add: Current portion of capital lease obligation (per books) | |
| Add: Capital lease obligation, net of current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term marketable securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2022-03-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Abiomed Inc., EV calculation
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Abiomed Inc. Annual Report.
3 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
- Equity and Market Value Trends
- Over the analyzed period, the common equity, which is reflected both as common equity (market value) and total equity, exhibited significant fluctuations. Initially, between March 31, 2017, and March 31, 2018, there was a substantial increase from approximately $5.95 billion to $17.54 billion. This sharp rise was followed by a decline to about $11.85 billion by March 31, 2019, and further decreased to approximately $8.83 billion by March 31, 2020. The equity value rebounded to $12.68 billion as of March 31, 2021, but then declined again to around $10.74 billion by March 31, 2022. This pattern indicates volatility in equity valuation with a notable peak in 2018 and variability in subsequent years.
- Total Equity and Debt
- The figures for total equity and debt mirror those of total equity and common equity, suggesting either a minimal or nonexistent debt component during the periods reviewed. The total equity and debt decreased consistently from the high point in 2018 through 2022, aligning with trends observed in the equity values.
- Enterprise Value (EV) Movements
- Enterprise value followed a similar trend to equity values but was consistently slightly lower in absolute terms. Starting at approximately $5.74 billion in March 2017, EV surged to about $17.18 billion in March 2018. It then decreased steadily each year to reach roughly $9.98 billion by March 2022. The EV's trajectory reflects changes in market capitalization minus cash and adding debt, which in this case appears closely related to total equity movements given the lack of significant debt. The general decrease following 2018 points to a contraction in overall enterprise valuation over time.
- Overall Observations
- The financial data suggest that the company experienced a peak in market valuation and enterprise value around 2018, followed by a period of decline and partial recovery. The absence of divergence between total equity, common equity (market value), and total equity and debt values indicates limited leverage impact during this timeframe. The fluctuations in valuation could be attributed to changes in market conditions, operational performance, or investor sentiment. The decline in enterprise value and equity after 2018 signifies challenges in maintaining the high valuation achieved that year.