Express Scripts Holding Co., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Net income attributable to Express Scripts	4,517,400)	3,404,400)	2,476,400)	2,007,600)	1,844,600)
Net income attributable to non-controlling interest	14,300)	23,200)	23,100)	27,400)	28,100)
Net noncash charges	266,000)	1,728,000)	1,967,800)	1,915,100)	2,120,800)
Changes in operating assets and liabilities	553,600)	(236,200)	381,000)	598,900)	775,400)
Net cash flows provided by operating activities	5,351,300)	4,919,400)	4,848,300)	4,549,000)	4,768,900)
Capital expenditures for property and equipment and computer software	(267,400)	(330,400)	(295,900)	(436,600)	(423,000)
Proceeds from long-term debt, net of discounts	1,398,900)	5,986,800)	5,500,000)	2,490,100)	—)
Repayment of long-term debt	(1,125,000)	(5,932,500)	(3,390,800)	(2,834,300)	(1,931,600)
Commercial paper borrowings, net	194,800)	—)	—)	—)	—)
Free cash flow to equity (FCFE)	5,552,600)	4,643,300)	6,661,600)	3,768,200)	2,414,300)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Express Scripts Holding Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Express Scripts Holding Co. FCFE decreased from 2015 to 2016 but then slightly increased from 2016 to 2017.

Express Scripts Holding Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	563,860,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	5,552,600)
FCFE per share	9.85
Current share price (P)	96.97
Valuation Ratio
P/FCFE	9.85
Benchmarks
P/FCFE, Competitors¹
Abbott Laboratories	73.34
Cigna Group	10.18
CVS Health Corp.	4.74
Danaher Corp.	50.90
Elevance Health Inc.	15.96
Humana Inc.	10.47
Intuitive Surgical Inc.	177.93
Medtronic PLC	26.43
UnitedHealth Group Inc.	14.43

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

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.

Express Scripts Holding Co., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
No. shares of common stock outstanding¹	564,347,000	605,720,000	668,046,000	726,898,000	776,032,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	5,552,600)	4,643,300)	6,661,600)	3,768,200)	2,414,300)
FCFE per share³	9.84	7.67	9.97	5.18	3.11
Share price^1, 4	78.64	69.63	68.65	86.72	77.12
Valuation Ratio
P/FCFE⁵	7.99	9.08	6.88	16.73	24.79
Benchmarks
P/FCFE, Competitors⁶
Abbott Laboratories	—	—	—	—	—
Cigna Group	—	—	—	—	—
CVS Health Corp.	—	—	—	—	—
Danaher Corp.	—	—	—	—	—
Elevance Health Inc.	—	—	—	—	—
Humana Inc.	—	—	—	—	—
Intuitive Surgical Inc.	—	—	—	—	—
Medtronic PLC	—	—	—	—	—
UnitedHealth Group Inc.	—	—	—	—	—

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 See details »

³ 2017 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 5,552,600,000 ÷ 564,347,000 = 9.84

⁴ Closing price as at the filing date of Express Scripts Holding Co. Annual Report.

⁵ 2017 Calculation
P/FCFE = Share price ÷ FCFE per share
= 78.64 ÷ 9.84 = 7.99

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Express Scripts Holding Co. P/FCFE ratio increased from 2015 to 2016 but then slightly decreased from 2016 to 2017.

Express Scripts Holding Co. (NASDAQ:ESRX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical