Price to FCFE (P/FCFE)
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Altria Group Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
- Analysis of Debt
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Free Cash Flow to Equity (FCFE)
Altria Group Inc., FCFE calculation
US$ in millions
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).
- Net cash provided by operating activities
- The net cash generated from operating activities displayed an overall positive trend from 2019 through 2023. Starting at $7,837 million in 2019, the figure increased to $8,385 million in 2020, continuing to rise slightly to $8,405 million in 2021. There was a minor decline observed in 2022, with net cash from operations falling to $8,256 million. However, this was followed by a notable recovery and growth, reaching $9,287 million in 2023. This trend indicates a generally strong and resilient operational cash generation capability, with a slight dip in 2022 potentially indicating temporary operational challenges or changes in working capital management.
- Free cash flow to equity (FCFE)
- Free cash flow to equity, another key liquidity indicator, showed a fluctuating pattern over the observed period. Beginning at $9,912 million in 2019, FCFE dropped to $9,147 million in 2020, followed by a more significant decline to $7,166 million in 2021. The downward trajectory continued into 2022 with a slight reduction to $6,946 million. In 2023, FCFE rebounded to $8,523 million, signaling a partial recovery. This volatility contrasts with the more stable net operating cash flow pattern and may suggest variations in capital expenditures, debt servicing activities, or dividend payments impacting the free cash available to equity holders. The decreased FCFE in 2021 and 2022 could imply increased investment or financing outflows relative to operational cash inflows during these years.
Price to FCFE Ratio, Current
Altria Group Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Coca-Cola Co. | |
| Mondelēz International Inc. | |
| PepsiCo Inc. | |
| Philip Morris International Inc. | |
| P/FCFE, Sector | |
| Food, Beverage & Tobacco | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2023-12-31).
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
Altria Group Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| P/FCFE, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/FCFE, Industry | ||||||
| Consumer Staples | ||||||
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.
3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Altria Group Inc. Annual Report.
5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price showed an initial increase from $42.49 at the end of 2019 to $51.48 by the end of 2021. However, there was a decline in subsequent years, falling to $46.54 in 2022 and further to $40.90 in 2023. This indicates a peak in the share price in 2021, followed by a downward correction over the next two years.
- Free Cash Flow to Equity (FCFE) per Share Trend
- FCFE per share experienced a declining trend from $5.33 in 2019 to a low of $3.89 in 2022. In 2023, there was a notable recovery to $4.83. This pattern suggests a reduction in cash flow generation available to equity holders over the first four years, with partial improvement in the most recent year.
- Price to FCFE (P/FCFE) Ratio Trend
- The P/FCFE ratio rose from 7.97 in 2019 to a high of 13.06 in 2021, reflecting a growing valuation multiple relative to the company's free cash flow per share, despite the FCFE decline. Subsequently, the ratio decreased to 11.96 in 2022 and further to 8.46 in 2023. This decline in multiple aligns with the reported drop in share price and the partial recovery in FCFE per share.
- Overall Insights
- The data illustrates a period of bullish sentiment and increasing valuation multiples up to 2021, despite contractions in FCFE per share. Post-2021, both market valuation and share price declined, while FCFE per share showed signs of stabilization and recovery. The decreasing price to FCFE ratio in recent years suggests a market reassessment of the company's cash flow generation prospects or risk profile.