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Microsoft Excel LibreOffice Calc


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

Delta Air Lines 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
Net income hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Changes in certain assets and liabilities hidden hidden hidden hidden hidden
Net cash provided by operating activities hidden hidden hidden hidden hidden
Cash paid for interest, net of tax1 hidden hidden hidden hidden hidden
Property and equipment additions hidden hidden hidden hidden hidden
Flight and ground equipment acquired under capital leases hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-24).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Delta Air Lines Inc.'s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Delta Air Lines Inc.'s FCFF declined from 2015 to 2016 and from 2016 to 2017.

Interest Paid, Net of Tax

Delta Air Lines 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
Cash paid for interest, before tax hidden hidden hidden hidden hidden
Less: Cash paid for interest, tax2 hidden hidden hidden hidden hidden
Cash paid for interest, net of tax hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-24).

2017 Calculations

2 Cash paid for interest, tax = Cash paid for interest × EITR
= hidden × hidden = hidden


Enterprise Value to FCFF Ratio, Current

Delta Air Lines 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
Booking Holdings Inc. hidden
Marriott International Inc. hidden
McDonald's Corp. hidden
Starbucks Corp. hidden
EV/FCFF, Sector
Travel & Leisure hidden
EV/FCFF, Industry
Consumer Services hidden

Based on: 10-K (filing date: 2018-02-23).

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

Delta Air Lines 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
Booking Holdings Inc. hidden hidden hidden hidden hidden
Marriott International Inc. hidden hidden hidden hidden hidden
McDonald's Corp. hidden hidden hidden hidden hidden
Starbucks Corp. hidden hidden hidden hidden hidden
EV/FCFF, Sector
Travel & Leisure hidden hidden hidden hidden hidden
EV/FCFF, Industry
Consumer Services hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-24).

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. Delta Air Lines Inc.'s EV/FCFF ratio increased from 2015 to 2016 and from 2016 to 2017.