AmerisourceBergen Corp., current enterprise value calculation

Current share price (P)	$191.43
No. shares of common stock outstanding	202,174,856
US$ in thousands
Common equity (market value)¹	38,702,333)
Add: Noncontrolling interests (per books)	282,832)
Total equity	38,985,165)
Add: Short-term debt (per books)	1,070,473)
Add: Long-term debt, net of current portion (per books)	4,632,360)
Total equity and debt	44,687,998)
Less: Cash and cash equivalents	3,388,189)
Enterprise value (EV)	41,299,809)

Based on: 10-K (reporting date: 2022-09-30).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 191.43 × 202,174,856

AmerisourceBergen Corp., EV calculation

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Share price^1, 2	$164.71	$123.66	$101.90	$87.81	$88.87	$79.46
No. shares of common stock outstanding¹	205,668,628	208,133,361	204,249,747	205,922,186	211,933,493	218,082,051
US$ in thousands
Common equity (market value)³	33,875,680)	25,737,771)	20,813,049)	18,082,027)	18,834,530)	17,328,800)
Add: Noncontrolling interests (book value)	282,832)	361,057)	179,288)	114,289)	117,137)	—)
Total equity	34,158,512)	26,098,828)	20,992,337)	18,196,316)	18,951,667)	17,328,800)
Add: Short-term debt (book value)	1,070,473)	300,213)	501,259)	139,012)	151,657)	12,121)
Add: Long-term debt, net of current portion (book value)	4,632,360)	6,383,711)	3,618,261)	4,033,880)	4,158,532)	3,429,934)
Total equity and debt	39,861,345)	32,782,752)	25,111,857)	22,369,208)	23,261,856)	20,770,855)
Less: Cash and cash equivalents	3,388,189)	2,547,142)	4,597,746)	3,374,194)	2,492,516)	2,435,115)
Enterprise value (EV)	36,473,156)	30,235,610)	20,514,111)	18,995,014)	20,769,340)	18,335,740)

Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of AmerisourceBergen Corp. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 164.71 × 205,668,628

The financial data exhibits several notable trends in the reported periods from September 30, 2017, through September 30, 2022.

Common equity (market value): This metric generally increased over the six-year period. Starting at approximately 17.33 billion US dollars in 2017, it experienced a slight dip in 2019 to about 18.08 billion but subsequently showed steady growth, reaching approximately 33.88 billion in 2022. This indicates a strong upward trend in market valuation of common equity, particularly pronounced after 2020.
Total equity: Total equity closely mirrors the trend of common equity but consistently measures slightly higher, reflecting additional equity components beyond common stock. The figure moved from about 17.33 billion US dollars in 2017 to approximately 34.16 billion in 2022, with a modest decline occurring in 2019 before rising steadily in the following years. The upward movement post-2019 suggests an overall strengthening of the company's equity base.
Total equity and debt: This combined measure of capital structure increased over time, albeit with mixed growth rates. Starting at approximately 20.77 billion US dollars in 2017, it saw a steady increase to around 23.26 billion in 2018, a slight decrease in 2019, followed by a continuous rise reaching nearly 39.86 billion in 2022. The growth especially accelerated after 2020, suggesting increased leverage or an expansion in debt financing alongside equity growth.
Enterprise value (EV): The enterprise value showed fluctuations, initially increasing from 18.34 billion US dollars in 2017 to 20.77 billion in 2018, then dropping to 18.99 billion in 2019. Subsequently, EV increased again to approximately 36.47 billion in 2022. The growth trajectory of EV aligns largely with the rise in total equity and common equity values, indicating increased market valuation and possibly higher debt levels considered in the EV calculation.

Overall, the period from 2017 to 2022 demonstrates a pattern of growth in equity and enterprise value, with a temporary dip around 2019 across most measurements. Post-2019, there is a marked acceleration in the company's capital base and market valuation. The data suggest increased investor confidence and possibly an expansion in the company’s asset base and financing activities.

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AmerisourceBergen Corp. (NYSE:ABC)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)