Enterprise Value (EV)
Current Enterprise Value (EV)
Expedia Group Inc., current enterprise value calculation
| Current share price (P) | $150.31 |
| No. shares of common stock outstanding | 157,097,831 |
| US$ in millions | |
| Common equity (market value)1 | 23,613) |
| Add: Series A Preferred Stock $.001 par value (per books) | —) |
| Add: Non-redeemable non-controlling interests (per books) | 1,495) |
| Total equity | 25,108) |
| Add: Current maturities of long-term debt (per books) | 735) |
| Add: Long-term debt, excluding current maturities (per books) | 7,715) |
| Total equity and debt | 33,558) |
| Less: Cash and cash equivalents | 4,111) |
| Less: Restricted cash and cash equivalents | 1,694) |
| Less: Short-term investments | 200) |
| Enterprise value (EV) | 27,553) |
Based on: 10-K (reporting date: 2021-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 150.31 × 157,097,831
Historical Enterprise Value (EV)
Expedia Group Inc., EV calculation
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Expedia Group Inc. Annual Report.
3 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 192.12 × 155,754,357
The overall valuation trajectory shows a significant expansion in enterprise value from 2017 through 2021, characterized by a period of volatility between 2018 and 2019 followed by an accelerated growth phase in the subsequent years.
- Enterprise Value Evolution
- Enterprise value increased from 18,262 million US$ in 2017 to 33,864 million US$ by 2021. A temporary contraction occurred in 2019, where the value declined to 19,078 million US$, but this was followed by a sharp recovery, with the value rising to 27,651 million US$ in 2020 and continuing its upward trend into 2021.
- Equity Market Valuation
- Common equity market value followed a pattern closely mirrored by the enterprise value, reaching a peak of 29,924 million US$ in 2021. Throughout the period, the market value of equity remained closely aligned with total equity, although it generally stayed slightly below the book value, indicating a conservative market valuation relative to the company's recorded equity.
- Capital Structure and Debt Influence
- Total equity and debt grew from 21,646 million US$ in 2017 to 39,869 million US$ in 2021. A notable expansion in the difference between total equity and debt and total equity is observed starting in 2020, suggesting a substantial increase in leverage. This rise in debt, combined with the increase in market capitalization, served as a primary driver for the growth in enterprise value during the 2020 and 2021 fiscal years.
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