Allergan Inc., current enterprise value calculation

Current share price (P)	$231.12
No. shares of common stock outstanding	300,237,694
US$ in thousands
Common equity (market value)¹	69,390,936)
Add: Preferred stock, $.01 par value; none issued (per books)	—)
Add: Noncontrolling interest (per books)	10,000)
Total equity	69,400,936)
Add: Notes payable (per books)	72,100)
Add: Convertible notes (per books)	—)
Add: Long-term debt, excluding current maturities (per books)	2,085,300)
Total equity and debt	71,558,336)
Less: Cash and equivalents	4,911,400)
Less: Short-term investments	55,000)
Enterprise value (EV)	66,591,936)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 231.12 × 300,237,694

Allergan Inc., EV calculation

	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010
Share price^1, 2	$231.12	$125.54	$107.05	$88.82	$72.90
No. shares of common stock outstanding¹	300,237,694	298,467,649	298,083,478	304,442,771	305,677,123
US$ in thousands
Common equity (market value)³	69,390,936)	37,469,629)	31,909,836)	27,040,607)	22,283,862)
Add: Preferred stock, $.01 par value; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	10,000)	6,300)	25,500)	22,800)	23,400)
Total equity	69,400,936)	37,475,929)	31,935,336)	27,063,407)	22,307,262)
Add: Notes payable (book value)	72,100)	55,600)	48,800)	83,900)	28,100)
Add: Convertible notes (book value)	—)	—)	—)	—)	642,500)
Add: Long-term debt, excluding current maturities (book value)	2,085,300)	2,098,300)	1,512,400)	1,515,400)	1,534,200)
Total equity and debt	71,558,336)	39,629,829)	33,496,536)	28,662,707)	24,512,062)
Less: Cash and equivalents	4,911,400)	3,046,100)	2,701,800)	2,406,100)	1,991,200)
Less: Short-term investments	55,000)	603,000)	260,600)	179,900)	749,100)
Enterprise value (EV)	66,591,936)	35,980,729)	30,534,136)	26,076,707)	21,771,762)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Allergan Inc. Annual Report.

³ 2014 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 231.12 × 300,237,694

Common Equity (Market Value): The common equity displayed a consistent upward trend over the five-year period. Starting at approximately 22.3 billion USD at the end of 2010, it increased steadily each year, reaching nearly 69.4 billion USD by the end of 2014. This significant increase indicates a substantial growth in shareholder value and market capitalization over the period.
Total Equity: Total equity values closely parallel the common equity figures, beginning at about 22.3 billion USD in 2010 and rising to approximately 69.4 billion USD by 2014. The parallel movement suggests minimal differences between common equity and total equity, with both showing strong, consistent growth throughout the period.
Total Equity and Debt: The combined total of equity and debt shows an increasing trend from roughly 24.5 billion USD in 2010 to about 71.6 billion USD in 2014. The growth rate is steady each year, suggesting that the company’s overall capital structure expanded significantly, with increases potentially in both equity and debt financing components.
Enterprise Value (EV): Enterprise value also rose consistently from approximately 21.8 billion USD at the end of 2010 to nearly 66.6 billion USD in 2014. The increase in EV aligns with the upward trends seen in equity and total capitalization, reflecting an overall expansion in the company's market valuation including its debt and other financial obligations.

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Allergan Inc. (NYSE:AGN.)

Enterprise Value (EV)