Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Mondelēz International Inc. (NASDAQ:MDLZ)

Enterprise Value to FCFF (EV/FCFF)

Intermediate level

Free Cash Flow to The Firm (FCFF)

Mondelēz International Inc., FCFF calculation

US$ in millions

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12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net earnings attributable to Mondelēz International 3,555  3,870  3,381  2,922  1,659 
Noncontrolling interest earnings 14  15  14  14  10 
Net noncash charges 339  360  425  317  783 
Change in assets and liabilities, net of acquisitions and divestitures 56  (280) 128  (660) 386 
Net cash provided by operating activities 3,964  3,965  3,948  2,593  2,838 
Cash paid, interest, net of tax1 263  378  361  303  574 
Capital expenditures (863) (925) (1,095) (1,014) (1,224)
Free cash flow to the firm (FCFF) 3,364  3,418  3,214  1,882  2,188 

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

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Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Mondelēz International Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Mondelēz International Inc.’s FCFF increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.

Interest Paid, Net of Tax

Mondelēz International Inc., interest paid, net of tax calculation

US$ in millions

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12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Effective Income Tax Rate (EITR)
EITR1 36.20% 22.30% 26.40% 23.80% 8.90%
Interest Paid, Net of Tax
Cash paid, interest, before tax 413  486  491  398  630 
Less: Cash paid, interest, tax2 150  108  130  95  56 
Cash paid, interest, net of tax 263  378  361  303  574 

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

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2 2020 Calculation
Cash paid, interest, tax = Cash paid, interest × EITR
= 413 × 36.20% = 150

Enterprise Value to FCFF Ratio, Current

Mondelēz International Inc., current EV/FCFF calculation, comparison to benchmarks

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Selected Financial Data (US$ in millions)
Enterprise value (EV) 104,929 
Free cash flow to the firm (FCFF) 3,364 
Valuation Ratio
EV/FCFF 31.19
Benchmarks
EV/FCFF, Competitors1
Altria Group Inc. 12.64
Coca-Cola Co. 29.17
PepsiCo Inc. 34.27
Philip Morris International Inc. 18.63
EV/FCFF, Sector
Food, Beverage & Tobacco 23.80
EV/FCFF, Industry
Consumer Staples 25.99

Based on: 10-K (filing date: 2021-02-05).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Enterprise Value to FCFF Ratio, Historical

Mondelēz International Inc., historical EV/FCFF calculation, comparison to benchmarks

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 95,878  101,267  85,080  79,647  84,790 
Free cash flow to the firm (FCFF)2 3,364  3,418  3,214  1,882  2,188 
Valuation Ratio
EV/FCFF3 28.50 29.63 26.47 42.31 38.75
Benchmarks
EV/FCFF, Competitors4
Altria Group Inc. 11.79 12.41 14.07 25.53 37.49
Coca-Cola Co. 26.04 28.08 32.62 36.36 28.13
PepsiCo Inc. 30.09 35.73 24.55 22.21 20.92
Philip Morris International Inc. 16.31 16.47 16.76 23.52 24.24
EV/FCFF, Sector
Food, Beverage & Tobacco 21.25 23.13 21.52 27.66 27.34
EV/FCFF, Industry
Consumer Staples 22.75 22.90 19.98 21.10 22.69

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

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3 2020 Calculation
EV/FCFF = EV ÷ FCFF
= 95,878 ÷ 3,364 = 28.50

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Mondelēz International Inc.’s EV/FCFF ratio increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.