Charter Communications Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net income (loss) attributable to Charter shareholders	1,668	1,230	9,895	3,522	(271)
Net income attributable to noncontrolling interests	324	276	220	223	—
Net noncash charges	10,761	10,504	1,398	3,316	2,309
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions	(1,005)	(243)	441	980	321
Net cash flows from operating activities	11,748	11,767	11,954	8,041	2,359
Purchases of property, plant and equipment	(7,195)	(9,125)	(8,681)	(5,325)	(1,840)
Borrowings of long-term debt	19,685	13,820	25,276	12,344	26,045
Repayments of long-term debt	(13,309)	(10,769)	(16,507)	(10,521)	(11,326)
Payments for debt issuance costs	(103)	(29)	(111)	(284)	(36)
Free cash flow to equity (FCFE)	10,826	5,664	11,931	4,255	15,202

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-16), 10-K (filing date: 2016-02-10).

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Charter Communications Inc.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Charter Communications Inc.’s FCFE decreased from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 level.

Charter Communications Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	199,875,129
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	10,826
FCFE per share	54.16
Current share price (P)	650.44
Valuation Ratio
P/FCFE	12.01
Benchmarks
P/FCFE, Competitors¹
Comcast Corp.	77.10
Netflix Inc.	165.02
Walt Disney Co.	57.21
P/FCFE, Sector
Media	42.81
P/FCFE, Industry
Consumer Services	35.34

Based on: 10-K (filing date: 2020-01-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Charter Communications Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
No. shares of common stock outstanding¹	209,975,964	225,353,808	238,506,060	268,897,793	112,438,828
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	10,826	5,664	11,931	4,255	15,202
FCFE per share³	51.56	25.13	50.02	15.82	135.20
Share price^1, 4	517.46	331.05	387.50	324.46	161.08
Valuation Ratio
P/FCFE⁵	10.04	13.17	7.75	20.50	1.19
Benchmarks
P/FCFE, Competitors⁶
Comcast Corp.	64.70	3.38	14.85	10.91	14.30
Netflix Inc.	116.48	134.01	120.00	—	62.98
Walt Disney Co.	55.35	23.22	12.49	13.74	20.98
P/FCFE, Sector
Media	36.23	8.77	14.70	15.39	11.31
P/FCFE, Industry
Consumer Services	25.70	13.33	18.00	19.18	14.91

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-16), 10-K (filing date: 2016-02-10).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 10,826,000,000 ÷ 209,975,964 = 51.56

⁴ Closing price as at the filing date of Charter Communications Inc.’s Annual Report.

⁵ 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= 517.46 ÷ 51.56 = 10.04

⁶ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Charter Communications Inc.’s P/FCFE ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.

Charter Communications Inc. (NASDAQ:CHTR)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical