Name: Altria Group Inc. (NYSE:MO) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Altria Group Inc., current enterprise value calculation

Current share price (P)	$54.46
No. shares of common stock outstanding	1,694,812,982
US$ in millions
Common equity (market value)¹	92,300)
Add: Noncontrolling interests (per books)	50)
Total equity	92,350)
Add: Current portion of long-term debt (per books)	1,121)
Add: Long-term debt, excluding current portion (per books)	25,112)
Total equity and debt	118,583)
Less: Cash and cash equivalents	3,686)
Enterprise value (EV)	114,897)

Based on: 10-K (reporting date: 2023-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 54.46 × 1,694,812,982

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Altria Group Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$40.90	$46.54	$51.48	$43.60	$42.49
No. shares of common stock outstanding¹	1,763,461,775	1,785,563,827	1,817,257,322	1,858,689,654	1,858,366,804
US$ in millions
Common equity (market value)³	72,126)	83,100)	93,552)	81,039)	78,962)
Add: Noncontrolling interests (book value)	50)	50)	—)	86)	97)
Total equity	72,176)	83,150)	93,552)	81,125)	79,059)
Add: Current portion of long-term debt (book value)	1,121)	1,556)	1,105)	1,500)	1,000)
Add: Long-term debt, excluding current portion (book value)	25,112)	25,124)	26,939)	27,971)	27,042)
Total equity and debt	98,409)	109,830)	121,596)	110,596)	107,101)
Less: Cash and cash equivalents	3,686)	4,030)	4,544)	4,945)	2,117)
Enterprise value (EV)	94,723)	105,800)	117,052)	105,651)	104,984)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 40.90 × 1,763,461,775

The financial trajectory from 2019 to 2023 exhibits a period of growth peaking in 2021, followed by a consistent contraction in valuation and capital structure. The Enterprise Value (EV) rose from US$ 104,984 million in 2019 to a peak of US$ 117,052 million in 2021, before declining to US$ 94,723 million by the end of 2023.

Enterprise Value Dynamics: A cyclical pattern is observed where the Enterprise Value increased by approximately 11.4% during the first three years of the period. However, this gain was erased by a subsequent downturn, with the EV falling by 19% between 2021 and 2023, ending the period lower than the 2019 baseline.
Market Capitalization Influence: The movement of the common equity market value closely correlates with the overall Enterprise Value. Market capitalization peaked in 2021 at US$ 93,552 million and experienced a significant decline to US$ 72,126 million by 2023. This reduction in market value served as a primary driver for the contraction of the total enterprise valuation.
Capital Structure and Debt Trends: Total equity and debt peaked in 2021 at US$ 121,596 million and decreased to US$ 98,409 million by 2023. The stability of total equity relative to market value suggests that the volatility in Enterprise Value was driven more by market sentiment and equity pricing than by drastic shifts in the underlying debt obligations.

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Altria Group Inc. (NYSE:MO)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)