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Microsoft Excel LibreOffice Calc


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

Alphabet Inc., FCFF calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Net income hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Changes in assets and liabilities, net of effects of acquisitions hidden hidden hidden hidden hidden
Net cash provided by operating activities hidden hidden hidden hidden hidden
Cash paid for interest, net of amounts capitalized, net of tax1 hidden hidden hidden hidden hidden
Purchases of property and equipment hidden hidden hidden hidden hidden
Proceeds from disposals of property and equipment hidden hidden hidden hidden hidden
Leases recorded on the balance sheet during the period hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-11), 10-K (filing date: 2015-02-09), 10-K (filing date: 2014-02-12).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Alphabet Inc.'s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Alphabet Inc.'s FCFF increased from 2015 to 2016 but then slightly declined from 2016 to 2017.

Interest Paid, Net of Tax

Alphabet Inc., interest paid, net of tax calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Effective Income Tax Rate (EITR)
EITR1 hidden hidden hidden hidden hidden
Interest Paid, Net of Tax
Cash paid for interest, net of amounts capitalized, before tax hidden hidden hidden hidden hidden
Less: Cash paid for interest, net of amounts capitalized, tax2 hidden hidden hidden hidden hidden
Cash paid for interest, net of amounts capitalized, net of tax hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-11), 10-K (filing date: 2015-02-09), 10-K (filing date: 2014-02-12).

2017 Calculations

2 Cash paid for interest, net of amounts capitalized, tax = Cash paid for interest, net of amounts capitalized × EITR
= hidden × hidden = hidden


Enterprise Value to FCFF Ratio, Current

Alphabet Inc., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Selected Financial Data (USD $ in millions)
Enterprise value (EV) hidden
Free cash flow to the firm (FCFF) hidden
Ratio
EV/FCFF hidden
Benchmarks
EV/FCFF, Competitors
Adobe Systems Inc. hidden
Facebook Inc. hidden
International Business Machines Corp. hidden
Microsoft Corp. hidden
Oracle Corp. hidden
salesforce.com inc. hidden
EV/FCFF, Sector
Software & Computer Services hidden
EV/FCFF, Industry
Technology hidden

Based on: 10-K (filing date: 2018-02-06).

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Alphabet Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Enterprise value (EV)1 hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF)2 hidden hidden hidden hidden hidden
Ratio
EV/FCFF3 hidden hidden hidden hidden hidden
Benchmarks
EV/FCFF, Competitors
Adobe Systems Inc. hidden hidden hidden hidden hidden
Facebook Inc. hidden hidden hidden hidden hidden
International Business Machines Corp. hidden hidden hidden hidden hidden
Microsoft Corp. hidden hidden hidden hidden hidden
Oracle Corp. hidden hidden hidden hidden hidden
salesforce.com inc. hidden hidden hidden hidden hidden
EV/FCFF, Sector
Software & Computer Services hidden hidden hidden hidden hidden
EV/FCFF, Industry
Technology hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-11), 10-K (filing date: 2015-02-09), 10-K (filing date: 2014-02-12).

2017 Calculations

3 EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

Ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Alphabet Inc.'s EV/FCFF ratio declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.