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Express Scripts Holding Co. (ESRX)


Price to FCFE (P/FCFE)

Medium level of difficulty


Free Cash Flow to Equity (FCFE)

Express Scripts Holding Co., FCFE calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
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 (filing date: 2018-02-27), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-02-20).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Express Scripts Holding Co.’s 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.’s FCFE declined from 2015 to 2016 but then slightly increased from 2016 to 2017.

Price to FCFE Ratio, Current

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

Microsoft Excel LibreOffice Calc
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) 92.33
Valuation Ratio
P/FCFE 9.38
Benchmarks
P/FCFE, Competitors1
Becton, Dickinson & Co. 21.91
Intuitive Surgical Inc. 67.02
Medtronic PLC 30.03
Stryker Corp. 17.18
Thermo Fisher Scientific Inc. 53.98
UnitedHealth Group Inc. 14.35
P/FCFE, Sector
Health Care Equipment & Services 21.34
P/FCFE, Industry
Health Care 17.41

Based on: 10-K (filing date: 2018-02-27).

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.


Price to FCFE Ratio, Historical

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

Microsoft Excel LibreOffice Calc
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 price1, 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
Becton, Dickinson & Co. 5.61 58.26 4.06 23.58 21.23
Intuitive Surgical Inc. 49.12 27.65 29.18 33.51
Medtronic PLC 15.45 4.72 10.39
Stryker Corp. 44.01 10.86 52.98 13.06
Thermo Fisher Scientific Inc. 12.83 8.90 106.00 12.53
UnitedHealth Group Inc. 24.48 16.79 4.64 15.02
P/FCFE, Sector
Health Care Equipment & Services 16.67 21.10 6.38 13.92
P/FCFE, Industry
Health Care 15.92 14.70 8.44 18.06

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-02-20).

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.’s 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.

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.’s P/FCFE ratio increased from 2015 to 2016 but then slightly declined from 2016 to 2017.