Enterprise Value (EV)
Current Enterprise Value (EV)
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
Historical Enterprise Value (EV)
AmerisourceBergen Corp., EV calculation
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 overall financial trajectory from September 30, 2017, to September 30, 2022, is characterized by significant expansion in enterprise value and market capitalization, particularly following a period of stability and slight contraction between 2018 and 2019.
- Enterprise Value (EV) Trends
- Enterprise value exhibited a growth trend, rising from 18.3 billion US dollars in 2017 to 36.5 billion US dollars in 2022. A temporary decline occurred in 2019, where the value dropped to 19.0 billion US dollars, before initiating a sharp upward trajectory. The most substantial increase was observed between 2020 and 2021, with EV rising from 20.5 billion US dollars to 30.2 billion US dollars, representing a growth of approximately 47% in a single fiscal year.
- Market Value and Total Equity Analysis
- The market value of common equity closely mirrored the movements of total equity throughout the analyzed period. Both metrics showed a steady climb starting in 2020, culminating in a peak of 33.9 billion US dollars for market value and 34.2 billion US dollars for total equity by September 2022. This alignment suggests a strong correlation between the book value of equity and the market's valuation of the company's equity.
- Capital Structure and Debt Integration
- Total equity and debt grew from 20.8 billion US dollars in 2017 to 39.9 billion US dollars in 2022. The relationship between total equity and debt and the total enterprise value indicates that while the capital base expanded, the enterprise value remained slightly below the combined total of equity and debt in the final year (36.5 billion US dollars versus 39.9 billion US dollars). This gap suggests the presence of significant cash or cash equivalents that reduce the total enterprise value relative to the gross debt and equity position.
- Comparative Growth Patterns
- A consistent pattern of synchronized movement is observed across all four financial metrics. The dip experienced in 2019 was systemic across market value, total equity, and enterprise value, indicating a period of broad valuation contraction. The subsequent acceleration from 2020 through 2022 reflects a robust increase in both the internal book value and the external market perception of the entity.
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