Keurig Dr Pepper Inc., current enterprise value calculation

Current share price (P)	$38.50
No. shares of common stock outstanding	1,416,070,252
US$ in millions
Common equity (market value)¹	54,519)
Add: Preferred stock, $0.01 par value, no shares issued (per books)	—)
Add: Non-controlling interest (per books)	—)
Total equity	54,519)
Add: Short-term borrowings and current portion of long-term obligations (per books)	304)
Add: Current finance lease liability (per books)	79)
Add: Long-term obligations, excluding current portion (per books)	11,578)
Add: Non-current finance lease liability (per books)	621)
Total equity and debt	67,101)
Less: Cash and cash equivalents	567)
Less: Restricted cash and restricted cash equivalents	1)
Enterprise value (EV)	66,533)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 38.50 × 1,416,070,252

Keurig Dr Pepper Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$36.65	$30.86	$28.24	$25.15
No. shares of common stock outstanding¹	1,418,158,363	1,407,267,272	1,406,986,313	1,406,081,521
US$ in millions
Common equity (market value)³	51,976)	43,428)	39,733)	35,363)
Add: Preferred stock, $0.01 par value, no shares issued (book value)	—)	—)	—)	—)
Add: Non-controlling interest (book value)	—)	1)	—)	—)
Total equity	51,976)	43,429)	39,733)	35,363)
Add: Short-term borrowings and current portion of long-term obligations (book value)	304)	2,345)	1,593)	1,458)
Add: Current finance lease liability (book value)	79)	44)	41)	26)
Add: Long-term obligations, excluding current portion (book value)	11,578)	11,143)	12,827)	14,201)
Add: Non-current finance lease liability (book value)	621)	298)	269)	305)
Total equity and debt	64,558)	57,259)	54,463)	51,353)
Less: Cash and cash equivalents	567)	240)	75)	83)
Less: Restricted cash and restricted cash equivalents	1)	15)	26)	46)
Enterprise value (EV)	63,990)	57,004)	54,362)	51,224)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Keurig Dr Pepper Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 36.65 × 1,418,158,363

Equity Trends: The common equity (market value) and total equity show a consistent upward trend over the four-year period. Starting at approximately $35.4 billion in 2018, these values increased annually, reaching about $51.98 billion by the end of 2021. This represents a significant increase, indicating strengthening shareholder equity.
Total Equity and Debt: Total equity and debt also experienced a steady rise from $51.35 billion in 2018 to $64.56 billion in 2021. This increase suggests the company has taken on more capital, both in the form of equity and liabilities, which could be indicative of expansion or increased investment activities.
Enterprise Value (EV): Enterprise value closely follows the trend of total equity and debt, increasing from approximately $51.22 billion in 2018 to $63.99 billion in 2021. The parallel movement of EV with total capital employed suggests a stable relationship between market valuation and the company's capital structure.
Overall Insights: The data indicates continuous growth in equity, total capital, and enterprise value over the four years under review. The proportional increases across these financial metrics imply consistent positive investor sentiment and possibly effective utilization of capital. However, the rise in total equity and debt also warrants attention to the company's leverage and associated financial risk over time.

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Keurig Dr Pepper Inc. (NASDAQ:KDP)

Enterprise Value (EV)