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Microsoft Excel LibreOffice Calc

Texas Instruments Inc. (TXN)


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

Texas Instruments Inc., FCFF calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Increase (decrease) from changes in operating capital hidden hidden hidden hidden hidden
Cash flows from operating activities hidden hidden hidden hidden hidden
Cash payments for interest on long-term debt, net of tax1 hidden hidden hidden hidden hidden
Capital expenditures hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-24).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Texas Instruments Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Texas Instruments Inc.’s FCFF increased from 2016 to 2017 and from 2017 to 2018.

Interest Paid, Net of Tax

Texas Instruments Inc., interest paid, net of tax calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Effective Income Tax Rate (EITR)
EITR1 hidden hidden hidden hidden hidden
Interest Paid, Net of Tax
Cash payments for interest on long-term debt, before tax hidden hidden hidden hidden hidden
Less: Cash payments for interest on long-term debt, tax2 hidden hidden hidden hidden hidden
Cash payments for interest on long-term debt, net of tax hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-24).

2018 Calculations

2 Cash payments for interest on long-term debt, tax = Cash payments for interest on long-term debt × EITR
= hidden × hidden = hidden


Enterprise Value to FCFF Ratio, Current

Texas Instruments Inc., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Selected Financial Data (USD $ in millions)
Enterprise value (EV) hidden
Free cash flow to the firm (FCFF) hidden
Ratio
EV/FCFF hidden
Benchmarks
EV/FCFF, Competitors
Apple Inc. hidden
Applied Materials Inc. hidden
Broadcom Inc. hidden
Cisco Systems Inc. hidden
HP Inc. hidden
Intel Corp. hidden
NVIDIA Corp. hidden
Qualcomm Inc. hidden
EV/FCFF, Sector
Technology Hardware & Equipment hidden
EV/FCFF, Industry
Technology hidden

Based on: 10-K (filing date: 2019-02-22).

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

Texas Instruments Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (USD $ in millions)
Enterprise value (EV)1 hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF)2 hidden hidden hidden hidden hidden
Ratio
EV/FCFF3 hidden hidden hidden hidden hidden
Benchmarks
EV/FCFF, Competitors
Apple Inc. hidden hidden hidden hidden hidden
Applied Materials Inc. hidden hidden hidden hidden hidden
Broadcom Inc. hidden hidden hidden hidden hidden
Cisco Systems Inc. hidden hidden hidden hidden hidden
HP Inc. hidden hidden hidden hidden hidden
Intel Corp. hidden hidden hidden hidden hidden
NVIDIA Corp. hidden hidden hidden hidden hidden
Qualcomm Inc. hidden hidden hidden hidden hidden
EV/FCFF, Sector
Technology Hardware & Equipment hidden hidden hidden hidden hidden
EV/FCFF, Industry
Technology hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-24).

2018 Calculations

3 EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

Ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Texas Instruments Inc.’s EV/FCFF ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.