Enterprise Value (EV)
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Air Products & Chemicals Inc. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
- Aggregate Accruals
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Current Enterprise Value (EV)
Air Products & Chemicals Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in thousands | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Short-term borrowings (per books) | |
| Add: Current portion of long-term debt (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Add: Long-term debt, related party (per books) | |
| Total equity and debt | |
| Less: Cash and cash items | |
| Less: Short-term investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2020-09-30).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Air Products & Chemicals Inc., EV calculation
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Air Products & Chemicals Inc. Annual Report.
3 2020 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
- Equity and Market Capitalization Trends
- The common equity (market value) exhibited a generally upward trajectory over the six-year period, starting at approximately 30.05 billion USD in September 2015 and increasing to nearly 59.76 billion USD by September 2020. This represents almost a doubling in market capitalization within the given timeframe, with notable significant growth after 2018.
- Total equity values closely mirrored the trends in common equity, beginning at around 30.18 billion USD in 2015 and escalating to about 60.12 billion USD in 2020. Similarly, total equity demonstrated consistent growth, reinforcing the increase in shareholders' funds during this period.
- Total Capital Structure
- The sum of total equity and debt showed a steady increase from 36.06 billion USD in 2015 to over 68.03 billion USD in 2020. The rise is more pronounced between 2018 and 2020, indicating that the company expanded its capital base, likely through raising additional debt and equity.
- Enterprise Value (EV) Analysis
- Enterprise value demonstrated moderate stability in the earlier years, fluctuating narrowly around 35 to 36 billion USD from 2015 through 2018. However, a substantial increase occurred commencing in 2019, with EV reaching approximately 52.92 billion USD and then rising further to around 61.67 billion USD by 2020.
- The increase in enterprise value at a higher rate compared to total equity and debt might suggest improved perceptions of overall firm value, incorporating market capitalization, debt, and cash positions, or reflecting changes in the company's market conditions and growth prospects.
- Comparative Observations
- Throughout the period, total equity and common equity market values maintained a close relationship, indicating stable equity valuation trends. The growth in total equity and combined equity and debt suggests a strategic amplification of financial resources.
- From 2018 onwards, a notable acceleration in key metrics such as equity, enterprise value, and total capital implies enhanced company valuation and possibly expanded operations or improved profitability.