Walgreens Boots Alliance Inc. (WBA)


Enterprise Value (EV)

Intermediate level


Current Enterprise Value (EV)

Walgreens Boots Alliance Inc., current enterprise value calculation

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Current share price (P) $57.88
No. shares of common stock outstanding 892,541,146
US$ in millions
Common equity (market value)1 51,660 
Add: Preferred stock $.01 par value; none issued (per books) — 
Add: Noncontrolling interests (per books) 640 
Total equity 52,300 
Add: Short-term debt (per books) 5,738 
Add: Long-term debt (per books) 11,098 
Total equity and debt 69,136 
Less: Cash and cash equivalents 1,023 
Enterprise value (EV) 68,113 

Based on: 10-K (filing date: 2019-10-28).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 57.88 × 892,541,146


Historical Enterprise Value (EV)

Walgreens Boots Alliance Inc., EV calculation

Microsoft Excel LibreOffice Calc
Aug 31, 2019 Aug 31, 2018 Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014
Share price1, 2 $55.80 $70.90 $69.36 $81.02 $84.95 $60.20
No. shares of common stock outstanding1 892,541,146 949,164,514 1,009,549,218 1,083,282,661 1,088,793,571 950,386,889
US$ in millions
Common equity (market value)3 49,804  67,296  70,022  87,768  92,493  57,213 
Add: Preferred stock $.01 par value; none issued (book value) —  —  —  —  —  — 
Add: Noncontrolling interests (book value) 640  682  808  401  439  104 
Total equity 50,444  67,978  70,830  88,169  92,932  57,317 
Add: Short-term debt (book value) 5,738  1,966  251  323  1,068  774 
Add: Long-term debt (book value) 11,098  12,431  12,684  18,705  13,315  3,736 
Total equity and debt 67,280  82,375  83,765  107,197  107,315  61,827 
Less: Cash and cash equivalents 1,023  785  3,301  9,807  3,000  2,646 
Enterprise value (EV) 66,257  81,590  80,464  97,390  104,315  59,181 

Based on: 10-K (filing date: 2019-10-28), 10-K (filing date: 2018-10-11), 10-K (filing date: 2017-10-25), 10-K (filing date: 2016-10-20), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-20).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Walgreens Boots Alliance Inc.’s Annual Report.

3 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 55.80 × 892,541,146

1 Data adjusted for splits and stock dividends.
2

Item Description The company
EV Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments. Walgreens Boots Alliance Inc.’s EV increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.