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Enterprise Value to FCFF (EV/FCFF)
Difficulty: Intermediate
Free Cash Flow to The Firm (FCFF)
CSX Corp., FCFF calculation
USD $ in millions
Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 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 CSX Corp.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | CSX Corp.’s FCFF declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level. |
Interest Paid, Net of Tax
CSX Corp., interest paid, net of tax calculation
USD $ in millions
Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).
2017 Calculations
2 Interest paid, net of amounts capitalized, tax = Interest paid, net of amounts capitalized × EITR
= × =
Enterprise Value to FCFF Ratio, Current
CSX Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (USD $ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors | |
| FedEx Corp. | |
| Union Pacific Corp. | |
| United Parcel Service Inc. | |
| EV/FCFF, Sector | |
| Industrial Transportation | |
| EV/FCFF, Industry | |
| Industrials | |
Based on: 10-K (filing date: 2018-02-07).
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
CSX Corp., historical EV/FCFF calculation, comparison to benchmarks
Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).
2017 Calculations
3 EV/FCFF = EV ÷ FCFF
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | CSX Corp.’s EV/FCFF ratio increased from 2015 to 2016 but then declined significantly from 2016 to 2017. |
