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Exxon Mobil Corp. (XOM)

Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate

Exxon Mobil Corp., FCFF calculation

USD $ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Net income attributable to ExxonMobil
	Net income attributable to noncontrolling interests
	Net noncash charges
	Changes in operational working capital, excluding cash and debt
	Net cash provided by operating activities
	Cash payments for interest, net of tax¹
	Interest capitalized, net of tax²
	Additions to property, plant and equipment
	Free cash flow to the firm (FCFF)

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

Exxon Mobil Corp., interest paid, net of tax calculation

USD $ in millions

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

2018 Calculations

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

³ Interest capitalized, tax = Interest capitalized × EITR
= hidden × hidden = hidden

Exxon Mobil Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (USD $ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors
Chevron Corp.
ConocoPhillips
EOG Resources Inc.
Occidental Petroleum Corp.
Phillips 66
EV/FCFF, Sector
Oil & Gas Producers
EV/FCFF, Industry
Oil & Gas

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.

Exxon Mobil Corp., historical EV/FCFF calculation, comparison to benchmarks

		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
	Free cash flow to the firm (FCFF)²
	Ratio
	EV/FCFF³
	Benchmarks
	EV/FCFF, Competitors
	Chevron Corp.
	ConocoPhillips
	EOG Resources Inc.
	Occidental Petroleum Corp.
	Phillips 66
	EV/FCFF, Sector
	Oil & Gas Producers
	EV/FCFF, Industry
	Oil & Gas

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.	Exxon Mobil Corp.’s EV/FCFF ratio declined from 2016 to 2017 and from 2017 to 2018.

	Exxon Mobil Corp.	Other companies (not purchased previously)
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Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
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Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
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