Price to FCFE (P/FCFE)
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CoStar Group Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Free Cash Flow to Equity (FCFE)
CoStar Group Inc., FCFE calculation
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities demonstrated an overall upward trend from 2018 through 2022. Starting at $335.5 million in 2018, it increased substantially to $457.8 million in 2019. The growth continued moderately in 2020, reaching approximately $486.1 million, followed by a slight decline in 2021 to about $469.7 million. In 2022, there was a marginal recovery to $478.6 million. Despite minor fluctuations, the data indicates consistent operational cash generation capacity over the observed period.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity showed substantial volatility during the same timeframe. Beginning at $305.8 million in 2018, FCFE increased notably to $411.6 million in 2019. In 2020, there was a remarkable spike to approximately $1.42 billion, representing a significant surge relative to previous years. However, in 2021, FCFE declined sharply to $405.1 million, nearly reverting to 2019 levels. The figure recovered slightly in 2022 to $448.0 million. This pattern suggests a one-time or exceptional event driving the spike in 2020, followed by normalization in subsequent years.
- Insights and Summary
- Operational cash flows have generally strengthened, supporting stable liquidity and operational efficiency. The pronounced spike in 2020 FCFE indicates an anomalous cash flow event, which investors and analysts should investigate for sustainability and underlying causes. The reversion to previous levels in the following years implies caution in projecting similar Free Cash Flow to Equity growth. Overall, the company exhibits stable cash generation with occasional significant variances in equity cash flow distribution.
Price to FCFE Ratio, Current
CoStar Group Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Industry | |
| Industrials | |
Based on: 10-K (reporting date: 2022-12-31).
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.
Price to FCFE Ratio, Historical
CoStar Group Inc., historical P/FCFE calculation, comparison to benchmarks
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 Data adjusted for splits and stock dividends.
3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of CoStar Group Inc. Annual Report.
5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
- Share Price
- The share price experienced an overall upward trend from 2018 through 2020, increasing from $45.75 to a peak of $83.62 in 2020. However, this was followed by a notable decline to $53.50 in 2021 before partially recovering to $72.13 in 2022.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share increased significantly from $0.84 in 2018 to $3.60 in 2020, indicating improved cash flow available to shareholders. This was followed by a sharp decrease to $1.03 in 2021 and a slight increase to $1.10 in 2022, suggesting some volatility and a reduction from the peak year.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio exhibited considerable fluctuations. It was relatively high at 54.53 in 2018 and increased further to 60.75 in 2019. A marked decrease to 23.20 occurred in 2020, reflecting a valuation adjustment likely due to the substantial increase in FCFE per share. Subsequently, the ratio rose sharply again to 52.16 in 2021 and further to 65.49 in 2022, indicating that the market priced the stock at a higher premium relative to its free cash flow in the most recent years.