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)

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

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)

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

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Express Scripts Holding Co. EV decreased from 2015 to 2016 but then increased from 2016 to 2017 not reaching 2015 level.

Express Scripts Holding Co. (NASDAQ:ESRX)

Enterprise Value (EV)