Name: Express Scripts Holding Co. (NASDAQ:ESRX) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Express Scripts Holding Co., current enterprise value calculation

Current share price (P)	$96.97
No. shares of common stock outstanding	563,860,000
US$ in thousands
Common equity (market value)¹	54,677,504)
Add: Preferred stock, $0.01 par value per share; and no shares issued and outstanding (per books)	—)
Add: Non-controlling interest (per books)	5,700)
Total equity	54,683,204)
Add: Short-term debt and current maturities of long-term debt (per books)	1,032,900)
Add: Long-term debt, excluding current maturities (per books)	14,981,500)
Total equity and debt	70,697,604)
Less: Cash and cash equivalents	2,309,600)
Enterprise value (EV)	68,388,004)

Based on: 10-K (reporting date: 2017-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 96.97 × 563,860,000

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Express Scripts Holding Co., EV calculation

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Share price^1, 2	$78.64	$69.63	$68.65	$86.72	$77.12
No. shares of common stock outstanding¹	564,347,000	605,720,000	668,046,000	726,898,000	776,032,000
US$ in thousands
Common equity (market value)³	44,380,248)	42,176,284)	45,861,358)	63,036,595)	59,847,588)
Add: Preferred stock, $0.01 par value per share; and no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Add: Non-controlling interest (book value)	5,700)	7,800)	7,700)	9,800)	7,400)
Total equity	44,385,948)	42,184,084)	45,869,058)	63,046,395)	59,854,988)
Add: Short-term debt and current maturities of long-term debt (book value)	1,032,900)	722,300)	1,646,400)	2,555,300)	1,584,000)
Add: Long-term debt, excluding current maturities (book value)	14,981,500)	14,846,000)	13,946,300)	11,012,700)	12,363,000)
Total equity and debt	60,400,348)	57,752,384)	61,461,758)	76,614,395)	73,801,988)
Less: Cash and cash equivalents	2,309,600)	3,077,200)	3,186,300)	1,832,600)	1,991,400)
Enterprise value (EV)	58,090,748)	54,675,184)	58,275,458)	74,781,795)	71,810,588)

Based on: 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), 10-K (reporting date: 2013-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Express Scripts Holding Co. Annual Report.

³ 2017 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 78.64 × 564,347,000

An analysis of the financial metrics from 2013 to 2017 reveals a trajectory characterized by initial growth, a significant contraction, and a subsequent period of modest recovery. The valuations reached their peak in 2014 before experiencing a sharp decline through 2016.

Enterprise Value (EV) Trends: Enterprise value exhibited a peak of 74.78 billion US dollars in 2014, representing an increase from the 71.81 billion US dollars recorded in 2013. This was followed by a substantial decline over the next two years, reaching a low of 54.68 billion US dollars by December 31, 2016. A slight recovery is observed in 2017, with the value rising to 58.09 billion US dollars.
Equity Market Value and Book Value Alignment: The market value of common equity closely tracks the total equity throughout the five-year period, indicating a tight correlation between the market's perception of the company and its book value. Market value rose from 59.85 billion US dollars in 2013 to 63.04 billion US dollars in 2014, then dropped sharply to 45.86 billion US dollars in 2015 and further to 42.18 billion US dollars in 2016, before recovering to 44.38 billion US dollars in 2017.
Capital Structure and Total Debt Integration: Total equity and debt followed a pattern identical to that of the enterprise value. The total climbed to 76.61 billion US dollars in 2014 before decreasing to 57.75 billion US dollars by 2016. The consistent gap between the total equity and debt figure and the enterprise value suggests the consistent presence of cash and cash equivalents that offset a portion of the total debt load in the EV calculation.

Overall, the data indicates a significant valuation correction between 2014 and 2016 across all measured metrics, with the 2017 figures suggesting a stabilization of the company's enterprise value and equity position.

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Express Scripts Holding Co. (NASDAQ:ESRX)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)