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Microsoft Excel LibreOffice Calc


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

Caterpillar Inc., FCFF calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Profit (loss) attributable to common stockholders hidden hidden hidden hidden hidden
Profit attributable to noncontrolling interests hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Changes in assets and liabilities, net of acquisitions and divestitures hidden hidden hidden hidden hidden
Net cash provided by operating activities hidden hidden hidden hidden hidden
Interest paid on short-term and long-term borrowings, net of tax1 hidden hidden hidden hidden hidden
Capital expenditures, excluding equipment leased to others hidden hidden hidden hidden hidden
Expenditures for equipment leased to others hidden hidden hidden hidden hidden
Proceeds from disposals of leased assets and property, plant and equipment hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-15), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17), 10-K (filing date: 2014-02-18).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Caterpillar Inc.'s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Caterpillar Inc.'s FCFF declined from 2015 to 2016 but then increased from 2016 to 2017 not reaching 2015 level.

Interest Paid, Net of Tax

Caterpillar Inc., interest paid, net of tax calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Effective Income Tax Rate (EITR)
EITR1 hidden hidden hidden hidden hidden
Interest Paid, Net of Tax
Interest paid on short-term and long-term borrowings, before tax hidden hidden hidden hidden hidden
Less: Interest paid on short-term and long-term borrowings, tax2 hidden hidden hidden hidden hidden
Interest paid on short-term and long-term borrowings, net of tax hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-15), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17), 10-K (filing date: 2014-02-18).

2017 Calculations

2 Interest paid on short-term and long-term borrowings, tax = Interest paid on short-term and long-term borrowings × EITR
= hidden × hidden = hidden


Enterprise Value to FCFF Ratio, Current

Caterpillar Inc., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Selected Financial Data (USD $ in millions)
Enterprise value (EV) hidden
Free cash flow to the firm (FCFF) hidden
Ratio
EV/FCFF hidden
Benchmarks
EV/FCFF, Competitors
Illinois Tool Works Inc. hidden
EV/FCFF, Sector
Industrial Engineering hidden
EV/FCFF, Industry
Industrials hidden

Based on: 10-K (filing date: 2018-02-15).

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Caterpillar Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Enterprise value (EV)1 hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF)2 hidden hidden hidden hidden hidden
Ratio
EV/FCFF3 hidden hidden hidden hidden hidden
Benchmarks
EV/FCFF, Competitors
Illinois Tool Works Inc. hidden hidden hidden hidden hidden
EV/FCFF, Sector
Industrial Engineering hidden hidden hidden hidden hidden
EV/FCFF, Industry
Industrials hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-15), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17), 10-K (filing date: 2014-02-18).

2017 Calculations

3 EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

Ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Caterpillar Inc.'s EV/FCFF ratio increased from 2015 to 2016 but then slightly declined from 2016 to 2017.