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Allergan PLC (AGN)

Price to FCFE (P/FCFE)

Difficulty: Intermediate

Allergan PLC, FCFE calculation

USD $ in thousands

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Net income (loss) attributable to shareholders
	Income attributable to noncontrolling interest
	Net noncash charges
	Changes in assets and liabilities, net of effects of acquisitions
	Net cash provided by operating activities
	Additions to property, plant and equipment
	Additions to product rights and other intangibles
	Proceeds from sales of property, plant and equipment
	Proceeds from borrowings of long-term indebtedness, including credit facility
	Payments on debt, including capital lease obligations and credit facility
	Debt issuance and other financing costs
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Allergan PLC’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Allergan PLC’s FCFE increased from 2016 to 2017 but then slightly declined from 2017 to 2018.

Allergan PLC, current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in thousands)
FCFE per share
Current share price (P)
Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors
Abbott Laboratories
AbbVie Inc.
Amgen Inc.
Biogen Inc.
Bristol-Myers Squibb Co.
Celgene Corp.
Eli Lilly & Co.
Gilead Sciences Inc.
Johnson & Johnson
Merck & Co. Inc.
Pfizer Inc.
Regeneron Pharmaceuticals Inc.
P/FCFE, Sector
Pharmaceuticals & Biotechnology
P/FCFE, Industry
Health Care

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Allergan PLC, historical P/FCFE calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in thousands)²
	FCFE per share⁴
	Share price^1, 3
	Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors
	Abbott Laboratories
	AbbVie Inc.
	Amgen Inc.
	Biogen Inc.
	Bristol-Myers Squibb Co.
	Celgene Corp.
	Eli Lilly & Co.
	Gilead Sciences Inc.
	Johnson & Johnson
	Merck & Co. Inc.
	Pfizer Inc.
	Regeneron Pharmaceuticals Inc.
	P/FCFE, Sector
	Pharmaceuticals & Biotechnology
	P/FCFE, Industry
	Health Care

¹ Data adjusted for splits and stock dividends.

³ Close price on the filing date of Allergan PLC’s Annual Report.

2018 Calculations

⁴ FCFE per share = FCFE ÷ No. shares of common stock outstanding
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⁵ P/FCFE = Share price ÷ FCFE per share
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Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.

	Allergan PLC	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality