Price to FCFE (P/FCFE)
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Monster Beverage Corp. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Free Cash Flow to Equity (FCFE)
Monster Beverage Corp., FCFE calculation
US$ in thousands
Based on: 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), 10-K (reporting date: 2019-12-31).
The financial data reveals notable fluctuations in cash flow metrics over the five-year period under review.
- Net Cash Provided by Operating Activities
- This metric increased from $1,113,762 thousand in 2019 to a peak of $1,364,163 thousand in 2020, indicating strong operational cash generation during that period. In 2021, there was a decline to $1,155,741 thousand, followed by a more pronounced decrease to $887,699 thousand in 2022. However, 2023 saw a substantial rebound to $1,717,753 thousand, surpassing all previous years and suggesting a significant recovery and improvement in operational cash flow efficiency.
- Free Cash Flow to Equity (FCFE)
- FCFE shows a similar pattern to operating cash flow but with slightly different magnitudes. Starting at $991,034 thousand in 2019, it rose markedly to $1,294,798 thousand in 2020. The flow then decreased to $1,102,544 thousand in 2021, followed by a sharper contraction to $676,934 thousand in 2022. The year 2023 experienced a robust increase to $1,471,635 thousand, indicating improved cash generation available to equity shareholders after capital expenditures and other adjustments.
Overall, the data indicates a period of strong cash flow growth through 2020, subsequent declines in 2021 and 2022 likely reflecting operational or market challenges, and then a significant recovery in 2023. The alignment in trends between operating cash flow and FCFE underscores consistent changes in operating performance and capital expenditure impacts on cash available to equity holders during the timeframe analyzed.
Price to FCFE Ratio, Current
Monster Beverage Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Coca-Cola Co. | |
| Mondelēz International Inc. | |
| PepsiCo Inc. | |
| Philip Morris International Inc. | |
| P/FCFE, Sector | |
| Food, Beverage & Tobacco | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2023-12-31).
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.
Price to FCFE Ratio, Historical
Monster Beverage Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| P/FCFE, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/FCFE, Industry | ||||||
| Consumer Staples | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 Data adjusted for splits and stock dividends.
3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Monster Beverage Corp. Annual Report.
5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an upward trajectory from 2019 to 2023, increasing from $31.21 to $59.10. There was a notable rise in 2020 reaching $43.78, followed by a slight decline in 2021 to $42.20. The price then increased again through 2022 and 2023, achieving the highest value within the period at $59.10.
- Free Cash Flow to Equity (FCFE) per Share Trend
- The FCFE per share showed fluctuations during the same period. Starting at $0.92 in 2019, it rose to $1.23 in 2020, then decreased to $1.04 in 2021. The amount further declined sharply to $0.65 in 2022 but rebounded strongly to $1.41 in 2023, marking the highest point in the five-year span.
- Price to FCFE (P/FCFE) Ratio Analysis
- The P/FCFE ratio generally increased over the years, indicating changes in valuation relative to free cash flow. Beginning at 33.82 in 2019, the ratio rose marginally to 35.71 in 2020 and further to 40.52 in 2021. There was a significant surge in 2022 to 76.56, highlighting increased pricing relative to cash flow generation. In 2023, the ratio decreased to 41.79 but remained above earlier years, suggesting a moderation in valuation after the peak.
- Overall Insights
- The data reveals that the company’s stock price consistently grew over the five-year period despite fluctuations in FCFE per share. The pronounced volatility of FCFE per share, particularly the drop in 2022 followed by a robust recovery in 2023, suggests variability in cash flow generation. The sharp increase in the P/FCFE ratio in 2022 may indicate heightened market expectations or valuation premiums not fully supported by cash flow at that time, which partially corrected in 2023. Overall, the trends suggest a positive market sentiment with some variability in underlying cash generation performance.