Kraft Heinz Co., FCFE calculation

US$ in millions

12 months ended:	Dec 28, 2019	Dec 29, 2018	Dec 30, 2017	Dec 31, 2016	Dec 31, 2015
Net income (loss) attributable to Kraft Heinz	1,935)	(10,192)	10,999)	3,632)	634)
Net (income) loss attributable to noncontrolling interest	(2)	(62)	(9)	10)	13)
Net noncash charges	1,852)	14,891)	(7,068)	567)	1,153)
Changes in current assets and liabilities	(233)	(2,063)	(3,395)	1,029)	667)
Net cash provided by operating activities	3,552)	2,574)	527)	5,238)	2,467)
Capital expenditures	(768)	(826)	(1,217)	(1,247)	(648)
Repayments of long-term debt	(4,795)	(2,713)	(2,644)	(86)	(12,314)
Proceeds from issuance of long-term debt	2,967)	2,990)	1,496)	6,981)	14,834)
Debt prepayment and extinguishment costs	(99)	—)	—)	—)	—)
Proceeds from issuance of commercial paper	557)	2,784)	6,043)	6,680)	—)
Repayments of commercial paper	(557)	(3,213)	(6,249)	(6,043)	—)
Free cash flow to equity (FCFE)	857)	1,596)	(2,044)	11,523)	4,339)

Based on: 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Kraft Heinz 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.	Kraft Heinz Co. FCFE increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.

Kraft Heinz Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,222,578,592
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	857)
FCFE per share	0.70
Current share price (P)	34.38
Valuation Ratio
P/FCFE	49.05
Benchmarks
P/FCFE, Competitors¹
Altria Group Inc.	8.87
Coca-Cola Co.	22.39
Mondelēz International Inc.	—
PepsiCo Inc.	18.26
P/FCFE, Sector
Food, Beverage & Tobacco	26.02
P/FCFE, Industry
Consumer Staples	26.51

Based on: 10-K (reporting date: 2019-12-28).

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.

Kraft Heinz Co., historical P/FCFE calculation, comparison to benchmarks

	Dec 28, 2019	Dec 29, 2018	Dec 30, 2017	Dec 31, 2016	Dec 31, 2015
No. shares of common stock outstanding¹	1,221,399,549	1,219,938,804	1,218,801,890	1,217,136,057	1,215,189,526
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	857)	1,596)	(2,044)	11,523)	4,339)
FCFE per share³	0.70	1.31	-1.68	9.47	3.57
Share price^1, 4	26.88	28.74	70.80	92.94	77.37
Valuation Ratio
P/FCFE⁵	38.31	21.97	—	9.82	21.67
Benchmarks
P/FCFE, Competitors⁶
Altria Group Inc.	7.97	—	—	—	—
Coca-Cola Co.	33.31	—	—	—	—
Mondelēz International Inc.	28.38	—	—	—	—
PepsiCo Inc.	38.90	—	—	—	—
P/FCFE, Sector
Food, Beverage & Tobacco	24.09	—	—	—	—
P/FCFE, Industry
Consumer Staples	18.66	—	—	—	—

Based on: 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 857,000,000 ÷ 1,221,399,549 = 0.70

⁴ Closing price as at the filing date of Kraft Heinz Co. Annual Report.

⁵ 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= 26.88 ÷ 0.70 = 38.31

⁶ Click competitor name to see calculations.

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Kraft Heinz Co. (NASDAQ:KHC)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical