Constellation Brands Inc., FCFE calculation

US$ in thousands

12 months ended:	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,435,900)	2,318,900)	1,535,100)
Net income attributable to noncontrolling interests	41,400)	33,800)	33,200)	23,200)	11,900)	4,100)
Net noncash charges	2,890,000)	626,400)	2,613,400)	(975,300)	(71,200)	190,700)
Change in operating assets and liabilities, net of effects from purchase and sale of business	(185,600)	148,300)	(83,700)	(237,500)	(328,200)	(33,900)
Net cash provided by operating activities	2,705,400)	2,806,500)	2,551,100)	2,246,300)	1,931,400)	1,696,000)
Purchase of property, plant, and equipment	(1,026,800)	(864,600)	(726,500)	(886,300)	(1,057,600)	(907,400)
Proceeds from issuance of long-term debt	995,600)	1,194,700)	1,291,300)	3,657,600)	7,933,400)	1,965,600)
Principal payments of long-term debt	(1,365,300)	(2,721,300)	(2,195,300)	(62,800)	(7,128,700)	(971,800)
Net proceeds from (repayments of) short-term borrowings	323,000)	(238,900)	(552,600)	45,500)	137,200)	197,100)
Payments of debt issuance, debt extinguishment, and other financing costs	(34,600)	(22,300)	(8,200)	(34,600)	(122,200)	(14,100)
Free cash flow to equity (FCFE)	1,597,300)	154,100)	359,800)	4,965,700)	1,693,500)	1,965,400)

Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Constellation Brands Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Constellation Brands Inc. FCFE decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Constellation Brands Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	184,550,904
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,597,300)
FCFE per share	8.66
Current share price (P)	208.68
Valuation Ratio
P/FCFE	24.11
Benchmarks
P/FCFE, Competitors¹
Altria Group Inc.	8.74
Coca-Cola Co.	22.80
Mondelēz International Inc.	—
PepsiCo Inc.	18.72
P/FCFE, Sector
Food, Beverage & Tobacco	25.07
P/FCFE, Industry
Consumer Staples	35.79

Based on: 10-K (reporting date: 2022-02-28).

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.

Constellation Brands Inc., historical P/FCFE calculation, comparison to benchmarks

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
No. shares of common stock outstanding¹	188,217,466	194,027,715	192,840,856	191,349,811	191,391,478	194,800,645
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,597,300)	154,100)	359,800)	4,965,700)	1,693,500)	1,965,400)
FCFE per share³	8.49	0.79	1.87	25.95	8.85	10.09
Share price^1, 4	254.21	238.31	153.02	207.48	228.26	171.06
Valuation Ratio
P/FCFE⁵	29.95	300.06	82.01	8.00	25.80	16.95
Benchmarks
P/FCFE, Competitors⁶
Altria Group Inc.	11.96	13.06	8.86	7.97	—	—
Coca-Cola Co.	29.91	23.29	30.91	33.31	—	—
Mondelēz International Inc.	14.10	30.57	20.76	28.38	—	—
PepsiCo Inc.	47.17	77.00	10.51	38.90	—	—
P/FCFE, Sector
Food, Beverage & Tobacco	24.79	27.77	14.93	24.09	—	—
P/FCFE, Industry
Consumer Staples	31.85	24.14	17.57	18.66	—	—

Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,597,300,000 ÷ 188,217,466 = 8.49

⁴ Closing price as at the filing date of Constellation Brands Inc. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 254.21 ÷ 8.49 = 29.95

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Constellation Brands Inc. P/FCFE ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Constellation Brands Inc. (NYSE:STZ)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical