Name: Celgene Corp. (NASDAQ:CELG) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Celgene Corp., current enterprise value calculation

Current share price (P)	$108.03
No. shares of common stock outstanding	711,714,480
US$ in millions
Common equity (market value)¹	76,887)
Add: Preferred stock, $.01 par value per share; none outstanding (per books)	—)
Total equity	76,887)
Add: Short-term borrowings and current portion of long-term debt (per books)	501)
Add: Long-term debt, net of discount, excluding current portion (per books)	19,769)
Total equity and debt	97,157)
Less: Cash and cash equivalents	4,234)
Less: Debt securities available-for-sale	496)
Less: Equity investments with readily determinable fair values	1,312)
Less: Marketable securities available-for-sale	—)
Enterprise value (EV)	91,115)

Based on: 10-K (reporting date: 2018-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 108.03 × 711,714,480

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Celgene Corp., EV calculation

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Share price^1, 2	$89.71	$95.16	$115.61	$99.59	$123.43
No. shares of common stock outstanding¹	702,164,345	752,175,608	777,966,471	781,664,535	800,590,656
US$ in millions
Common equity (market value)³	62,991)	71,577)	89,941)	77,846)	98,817)
Add: Preferred stock, $.01 par value per share; none outstanding (book value)	—)	—)	—)	—)	—)
Total equity	62,991)	71,577)	89,941)	77,846)	98,817)
Add: Short-term borrowings and current portion of long-term debt (book value)	501)	—)	501)	—)	606)
Add: Long-term debt, net of discount, excluding current portion (book value)	19,769)	15,838)	13,789)	14,250)	6,266)
Total equity and debt	83,261)	87,415)	104,230)	92,096)	105,689)
Less: Cash and cash equivalents	4,234)	7,013)	6,170)	4,880)	4,122)
Less: Debt securities available-for-sale	496)	3,219)	—)	—)	—)
Less: Equity investments with readily determinable fair values	1,312)	1,810)	—)	—)	—)
Less: Marketable securities available-for-sale	—)	—)	1,800)	1,672)	3,425)
Enterprise value (EV)	77,219)	75,373)	96,260)	85,544)	98,142)

Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Celgene Corp. Annual Report.

³ 2018 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 89.71 × 702,164,345

An analysis of the financial valuation metrics from 2014 to 2018 reveals a general contraction in overall market valuation. Both enterprise value and common equity exhibit a downward trajectory over the five-year period, despite a temporary recovery observed in 2016.

Market Valuation of Common Equity: A consistent decline in the market value of common equity is observed, falling from US$ 98,817 million in 2014 to US$ 62,991 million by the end of 2018. This represents a cumulative reduction of approximately 36.2% in market capitalization.
Enterprise Value (EV) Dynamics: Enterprise value demonstrates volatility with an overall decreasing trend. After falling from US$ 98,142 million in 2014 to US$ 85,544 million in 2015, a recovery to US$ 96,260 million occurred in 2016. This was followed by a decline to US$ 75,373 million in 2017 and a modest increase to US$ 77,219 million in 2018.
Comparison of Equity and Debt Structures: Total equity and debt followed a pattern similar to the enterprise value, peaking in 2014 and 2016. Notably, the relationship between enterprise value and common equity shifted over time; in 2014, enterprise value was slightly lower than the market value of equity, suggesting a net cash position. By 2018, enterprise value exceeded common equity by US$ 14,228 million, indicating a transition toward a higher relative net debt position.

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Celgene Corp. (NASDAQ:CELG)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)