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Enterprise Value to FCFF (EV/FCFF)
Difficulty: Intermediate
Free Cash Flow to The Firm (FCFF)
Starbucks Corp., FCFF calculation
USD $ in thousands
Based on: 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14), 10-K (filing date: 2013-11-18).
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Starbucks Corp.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Starbucks Corp.’s FCFF declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level. |
Interest Paid, Net of Tax
Starbucks Corp., interest paid, net of tax calculation
USD $ in thousands
Based on: 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14), 10-K (filing date: 2013-11-18).
2018 Calculations
2 Cash paid during the period for interest, net of capitalized interest, tax = Cash paid during the period for interest, net of capitalized interest × EITR
= × =
Enterprise Value to FCFF Ratio, Current
Starbucks Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (USD $ in thousands) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors | |
| Booking Holdings Inc. | |
| Delta Air Lines Inc. | |
| Marriott International Inc. | |
| McDonald’s Corp. | |
| EV/FCFF, Sector | |
| Travel & Leisure | |
| EV/FCFF, Industry | |
| Consumer Services | |
Based on: 10-K (filing date: 2018-11-16).
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
Starbucks Corp., historical EV/FCFF calculation, comparison to benchmarks
Based on: 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14), 10-K (filing date: 2013-11-18).
2018 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. | Starbucks Corp.’s EV/FCFF ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018. |
