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Enterprise Value to FCFF (EV/FCFF)
Difficulty: Intermediate
Free Cash Flow to The Firm (FCFF)
Marriott International Inc., FCFF calculation
USD $ in millions
Based on: 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19), 10-K (filing date: 2014-02-20).
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Marriott International Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Marriott International Inc.’s FCFF increased from 2015 to 2016 and from 2016 to 2017. |
Interest Paid, Net of Tax
Marriott International Inc., interest paid, net of tax calculation
USD $ in millions
Based on: 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19), 10-K (filing date: 2014-02-20).
2017 Calculations
2 Cash paid for interest, net of amounts capitalized, tax = Cash paid for interest, net of amounts capitalized × EITR
= × =
Enterprise Value to FCFF Ratio, Current
Marriott International Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (USD $ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors | |
| Booking Holdings Inc. | |
| Delta Air Lines Inc. | |
| McDonald’s Corp. | |
| Starbucks Corp. | |
| EV/FCFF, Sector | |
| Travel & Leisure | |
| EV/FCFF, Industry | |
| Consumer Services | |
Based on: 10-K (filing date: 2018-02-15).
If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Marriott International Inc., historical EV/FCFF calculation, comparison to benchmarks
Based on: 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19), 10-K (filing date: 2014-02-20).
2017 Calculations
3 EV/FCFF = EV ÷ FCFF
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Marriott International Inc.’s EV/FCFF ratio increased from 2015 to 2016 but then slightly declined from 2016 to 2017. |
