Price to FCFE (P/FCFE)
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Free Cash Flow to Equity (FCFE)
Allergan PLC, FCFE calculation
US$ in thousands
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Net Cash Provided by Operating Activities
- There is a notable fluctuation in net cash generated from operating activities over the five-year period. Starting at 4,530,000 thousand US dollars in 2015, it saw a sharp decline in 2016 to 1,425,300 thousand. However, the figure rebounded strongly in 2017 to 5,873,400 thousand, with a slight decrease the following year to 5,640,100 thousand. The upward trend resumed in 2019, reaching 7,238,700 thousand, the highest value during the period analyzed, indicating improved operational cash generation towards the end of the period.
- Free Cash Flow to Equity (FCFE)
- Free cash flow to equity exhibited significant volatility throughout the five years. It peaked at 28,753,200 thousand US dollars in 2015 but sharply fell into negative territory in 2016 with -8,673,500 thousand. In 2017, FCFE recovered to a positive amount of 2,032,100 thousand but dropped again to a negative figure of -740,900 thousand in 2018. By 2019, there was a positive recovery with 5,795,900 thousand. The pattern suggests substantial variability in the free cash available to shareholders, likely influenced by factors beyond operating cash flows such as investing and financing activities.
Price to FCFE Ratio, Current
Allergan PLC, current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| AbbVie Inc. | |
| Amgen Inc. | |
| Bristol-Myers Squibb Co. | |
| Danaher Corp. | |
| Eli Lilly & Co. | |
| Gilead Sciences Inc. | |
| Johnson & Johnson | |
| Merck & Co. Inc. | |
| Pfizer Inc. | |
| Regeneron Pharmaceuticals Inc. | |
| Thermo Fisher Scientific Inc. | |
| Vertex Pharmaceuticals Inc. | |
Based on: 10-K (reporting date: 2019-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Allergan PLC, historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 Data adjusted for splits and stock dividends.
3 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Allergan PLC Annual Report.
5 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price experienced a downward trend from 2015 to 2018, declining from $298.07 at the end of 2015 to $139.07 at the end of 2018. However, in 2019 there was a notable recovery, with the price rising to $198. This indicates volatility in the market valuation over the period, with a significant decrease followed by partial rebound.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed considerable fluctuations throughout the period. After a strong positive value of $72.85 in 2015, it turned sharply negative in 2016 at -$25.87. In 2017, FCFE per share returned to a positive $6.15 but dropped again to -$2.23 in 2018. In 2019, FCFE per share improved to $17.62. This pattern reflects inconsistent cash flow generation available to equity holders, with alternating positive and negative results, which may have contributed to volatility in the share price.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio was 4.09 in 2015, suggesting the share price was relatively low compared to free cash flow per share. The ratio is not available for 2016 and 2018, likely due to negative FCFE values in those years. In 2017, the ratio sharply increased to 26.66, reflecting a higher price relative to a modest positive FCFE. In 2019, the ratio decreased to 11.24, indicating an improved relationship between price and FCFE. This fluctuation in P/FCFE ratio highlights changing investor perceptions of value and the variability in cash flow generation.