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CSX Corp. (CSX)

Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate

CSX Corp., FCFF calculation

USD $ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014
	Net earnings
	Net noncash charges
	Changes in operating assets and liabilities
	Net cash provided by operating activities
	Interest paid, net of amounts capitalized, net of tax¹
	Property additions
	Proceeds from property dispositions
	Free cash flow to the firm (FCFF)

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 increased from 2016 to 2017 and from 2017 to 2018.

CSX Corp., interest paid, net of tax calculation

USD $ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014
	Effective Income Tax Rate (EITR)

	EITR¹
	Interest Paid, Net of Tax
	Interest paid, net of amounts capitalized, before tax
	Less: Interest paid, net of amounts capitalized, tax²
	Interest paid, net of amounts capitalized, net of tax

2018 Calculations

² Interest paid, net of amounts capitalized, tax = Interest paid, net of amounts capitalized × EITR
= hidden × hidden = hidden

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

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.

CSX Corp., historical EV/FCFF calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014
	Selected Financial Data (USD $ in millions)
	Enterprise value (EV)¹
	Free cash flow to the firm (FCFF)²
	Ratio
	EV/FCFF³
	Benchmarks
	EV/FCFF, Competitors
	FedEx Corp.
	Union Pacific Corp.
	United Parcel Service Inc.
	EV/FCFF, Sector
	Industrial Transportation
	EV/FCFF, Industry
	Industrials

2018 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.	CSX Corp.’s EV/FCFF ratio declined from 2016 to 2017 and from 2017 to 2018.

	CSX Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality