Twenty-First Century Fox Inc., current enterprise value calculation

Current share price (P)	$49.43
No. shares of common stock outstanding	1,856,929,453
US$ in millions
Common equity (market value)¹	91,788)
Add: Noncontrolling interests (per books)	1,234)
Total equity	93,022)
Add: Current borrowings (per books)	1,054)
Add: Non-current borrowings (per books)	18,469)
Total equity and debt	112,545)
Less: Cash and cash equivalents	7,622)
Enterprise value (EV)	104,923)

Based on: 10-K (reporting date: 2018-06-30).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 49.43 × 1,856,929,453

Twenty-First Century Fox Inc., EV calculation

	Jun 30, 2018	Jun 30, 2017	Jun 30, 2016	Jun 30, 2015	Jun 30, 2014	Jun 30, 2013
Share price^1, 2	$45.32	$28.21	$26.16	$30.12	$35.76	$31.44
No. shares of common stock outstanding¹	1,852,574,153	1,851,057,916	1,862,528,151	2,019,460,912	2,190,056,341	2,309,530,372
US$ in millions
Common equity (market value)³	83,959)	52,218)	48,724)	60,826)	78,316)	72,612)
Add: Noncontrolling interests (book value)	1,234)	1,216)	1,220)	966)	3,483)	3,127)
Total equity	85,193)	53,434)	49,944)	61,792)	81,799)	75,739)
Add: Current borrowings (book value)	1,054)	457)	427)	244)	799)	137)
Add: Non-current borrowings (book value)	18,469)	19,456)	19,298)	18,795)	18,259)	16,321)
Total equity and debt	104,716)	73,347)	69,669)	80,831)	100,857)	92,197)
Less: Cash and cash equivalents	7,622)	6,163)	4,424)	8,428)	5,415)	6,659)
Enterprise value (EV)	97,094)	67,184)	65,245)	72,403)	95,442)	85,538)

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Twenty-First Century Fox Inc. Annual Report.

³ 2018 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 45.32 × 1,852,574,153

The financial data for the analyzed period presents notable fluctuations in key equity and valuation measures. The trends exhibit variations in market perception and capital structure.

Common Equity (Market Value): The market value of common equity showed an initial increase from 72,612 million USD in 2013 to a peak of 78,316 million USD in 2014. However, a decline followed, reaching its lowest point of 48,724 million USD in 2016. Subsequently, the value recovered, ending at a high of 83,959 million USD by 2018. This pattern reflects volatility in shareholder valuation, potentially driven by market conditions or company-specific events.
Total Equity: Total equity paralleled the movements of common equity, starting at 75,739 million USD in 2013 and increasing to 81,799 million USD in 2014. It then declined sharply through 2015 and 2016 to 49,944 million USD. After 2016, total equity bounced back significantly, culminating at 85,193 million USD by 2018. The close alignment between total equity and common equity over time suggests limited influence from preferred equity or other equity components.
Total Equity and Debt: This aggregate measure of capital financing displayed a similar cyclical trend. From 92,197 million USD in 2013, it increased to 100,857 million USD in 2014. The subsequent years saw a considerable decrease, bottoming at 69,669 million USD in 2016, before recovering to 104,716 million USD in 2018. The pattern indicates shifts in leverage or restructuring of liabilities coupled with equity changes.
Enterprise Value (EV): Enterprise value mirrored the fluctuations observed in equity and combined capital metrics. It grew from 85,538 million USD in 2013 to 95,442 million USD in 2014, then declined steadily to 65,245 million USD in 2016. Thereafter, EV rose again, reaching 97,094 million USD by 2018. This trend may reflect market adjustments in the firm's valuation considering both equity and debt elements.

Overall, the data depicts a period of volatility with a significant downturn around 2015-2016 across all capital-related figures, followed by a robust recovery by 2018. This pattern suggests cyclical challenges or strategic changes during the mid-period, culminating in improved financial positioning towards the end of the observed timeline.

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Twenty-First Century Fox Inc. (NASDAQ:FOX)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)