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Microsoft Excel LibreOffice Calc

Chevron Corp. (CVX)


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

Chevron Corp., FCFF calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income (loss) attributable to Chevron Corporation hidden hidden hidden hidden hidden
Net income attributable to noncontrolling interests hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Net (increase) decrease in operating working capital hidden hidden hidden hidden hidden
Net cash provided by operating activities hidden hidden hidden hidden hidden
Cash payments for interest on debt, net of capitalized interest, net of tax1 hidden hidden hidden hidden hidden
Capitalized interest, net of tax2 hidden hidden hidden hidden hidden
Capital expenditures hidden hidden hidden hidden hidden
Assets acquired through capital lease obligations and other financing obligations hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-20).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Chevron Corp.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Chevron Corp.’s FCFF increased from 2016 to 2017 and from 2017 to 2018.

Interest Paid, Net of Tax

Chevron Corp., interest paid, net of tax calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Effective Income Tax Rate (EITR)
EITR1 hidden hidden hidden hidden hidden
Interest Paid, Net of Tax
Cash payments for interest on debt, net of capitalized interest, before tax hidden hidden hidden hidden hidden
Less: Cash payments for interest on debt, net of capitalized interest, tax2 hidden hidden hidden hidden hidden
Cash payments for interest on debt, net of capitalized interest, net of tax hidden hidden hidden hidden hidden
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax hidden hidden hidden hidden hidden
Less: Capitalized interest, tax3 hidden hidden hidden hidden hidden
Capitalized interest, net of tax hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-20).

2018 Calculations

2 Cash payments for interest on debt, net of capitalized interest, tax = Cash payments for interest on debt, net of capitalized interest × EITR
= hidden × hidden = hidden

3 Capitalized interest, tax = Capitalized interest × EITR
= hidden × hidden = hidden


Enterprise Value to FCFF Ratio, Current

Chevron Corp., 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
ConocoPhillips hidden
EOG Resources Inc. hidden
Exxon Mobil Corp. hidden
Occidental Petroleum Corp. hidden
Phillips 66 hidden
EV/FCFF, Sector
Oil & Gas Producers hidden
EV/FCFF, Industry
Oil & Gas hidden

Based on: 10-K (filing date: 2019-02-22).

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

Chevron Corp., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
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
ConocoPhillips hidden hidden hidden hidden hidden
EOG Resources Inc. hidden hidden hidden hidden hidden
Exxon Mobil Corp. hidden hidden hidden hidden hidden
Occidental Petroleum Corp. hidden hidden hidden hidden hidden
Phillips 66 hidden hidden hidden hidden hidden
EV/FCFF, Sector
Oil & Gas Producers hidden hidden hidden hidden hidden
EV/FCFF, Industry
Oil & Gas hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-20).

2018 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. Chevron Corp.’s EV/FCFF ratio increased from 2016 to 2017 but then slightly declined from 2017 to 2018 not reaching 2016 level.