Enterprise Value to FCFF (EV/FCFF)
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Mondelēz International Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
- Aggregate Accruals
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Free Cash Flow to The Firm (FCFF)
Mondelēz International Inc., FCFF calculation
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net cash provided by operating activities
- The net cash provided by operating activities exhibited a generally positive trend over the five-year period. Starting at 3,964 million USD in 2020, it increased to 4,141 million USD in 2021, followed by a slight decline to 3,908 million USD in 2022. Thereafter, it rose again to 4,714 million USD in 2023 and further increased to 4,910 million USD in 2024. This pattern suggests overall strengthening in operational cash generation capacity, with minor fluctuations.
- Free cash flow to the firm (FCFF)
- The free cash flow to the firm followed a similar trend to operating cash flows but with less volatility. Beginning at 3,184 million USD in 2020, it increased to 3,410 million USD in 2021, then declined to 3,257 million USD in 2022. Subsequently, it increased to a peak of 3,859 million USD in 2023 before slightly decreasing to 3,823 million USD in 2024. This indicates a relatively stable ability to generate cash after capital expenditures, with growth particularly noted in the 2023 period.
- Overall Observations
- The data reveals consistent operational cash flow strength and healthy free cash flow generation over the analyzed years. Despite occasional dips in 2022, the upward trajectories in 2023 and 2024 reflect improving cash management or operational efficiency. These trends imply a solid liquidity position and potential for sustained investment or shareholder returns.
Interest Paid, Net of Tax
Mondelēz International Inc., interest paid, net of tax calculation
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2 2024 Calculation
Cash paid, interest, tax = Cash paid, interest × EITR
= × =
- Effective Income Tax Rate (EITR)
- The effective income tax rate demonstrates a consistent downward trend over the five-year period. Beginning at 36.2% in 2020, the rate declines significantly in 2021 to 27.2%. This reduction continues slightly in subsequent years, reaching 26.8% in 2022, 26.1% in 2023, and further dropping to 23.5% by the end of 2024. This steady decrease indicates improved tax efficiency or potential changes in tax regulations or strategies that have allowed the company to reduce its tax burden progressively.
- Cash Paid, Interest, Net of Tax
- The cash paid for interest, net of tax, shows a generally increasing trend throughout the period. Starting at $263 million in 2020, the amount rises to $310 million in 2021. This upward movement gains momentum in the following years with $403 million in 2022 and slight incremental increases to $420 million in 2023 and $424 million in 2024. The growth in interest payments may reflect higher debt levels, rising interest rates, or changes in the capital structure that have increased financing costs over time.
Enterprise Value to FCFF Ratio, Current
Mondelēz International Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Coca-Cola Co. | |
| PepsiCo Inc. | |
| Philip Morris International Inc. | |
| EV/FCFF, Sector | |
| Food, Beverage & Tobacco | |
| EV/FCFF, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2024-12-31).
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
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Free cash flow to the firm (FCFF)2 | ||||||
| Valuation Ratio | ||||||
| EV/FCFF3 | ||||||
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Coca-Cola Co. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| EV/FCFF, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| EV/FCFF, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
3 2024 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited an overall upward trend from 2020 to 2023, increasing from $95,878 million to $121,136 million. However, in 2024, a noticeable decline occurred, with the value falling to $90,711 million. This indicates a significant reduction after a period of consistent growth.
- Free Cash Flow to the Firm (FCFF)
- The free cash flow to the firm showed moderate fluctuations over the same period. It increased slightly from $3,184 million in 2020 to $3,410 million in 2021, then decreased to $3,257 million in 2022. Subsequently, it rose again to $3,859 million in 2023 and remained relatively stable at $3,823 million in 2024. Overall, FCFF maintained a generally positive trajectory with minor variations.
- EV/FCFF Ratio
- The EV/FCFF ratio demonstrated variability throughout the period. Starting at 30.11 in 2020, the ratio increased to a peak of 34.05 in 2022, suggesting heightened valuation relative to cash flow. In 2023, the ratio decreased to 31.39 and further declined markedly to 23.73 in 2024. The substantial drop in 2024 indicates a more favorable valuation relative to free cash flow in that year, driven by the simultaneous reduction in enterprise value and stable cash flow.
- Summary of Trends
- Between 2020 and 2023, the enterprise value increased steadily while free cash flow experienced moderate growth with minor dips. This resulted in a rising EV/FCFF ratio until 2022, implying a growing premium on the company’s value relative to its cash flow. The significant changes in 2024, mainly the decline in enterprise value alongside steady free cash flow, caused the EV/FCFF ratio to drop substantially, suggesting a potential shift in market perception towards a more conservative valuation or changing operational conditions impacting the company's financial standing.