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Microsoft Excel LibreOffice Calc


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

FedEx Corp., FCFF calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013
Net income hidden hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden hidden
Changes in assets and liabilities hidden hidden hidden hidden hidden hidden
Cash provided by operating activities hidden hidden hidden hidden hidden hidden
Cash payments for interest, net of capitalized interest, net of tax1 hidden hidden hidden hidden hidden hidden
Capitalized interest, net of tax2 hidden hidden hidden hidden hidden hidden
Capital expenditures hidden hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden hidden
Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the FedEx Corp.'s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. FedEx Corp.'s FCFF declined from 2016 to 2017 and from 2017 to 2018.

Interest Paid, Net of Tax

FedEx Corp., interest paid, net of tax calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013
Effective Income Tax Rate (EITR)
EITR1 hidden% hidden% hidden% hidden% hidden% hidden%
Interest Paid, Net of Tax
Cash payments for interest, net of capitalized interest, before tax hidden hidden hidden hidden hidden hidden
Less: Cash payments for interest, net of capitalized interest, tax2 hidden hidden hidden hidden hidden hidden
Cash payments for interest, net of capitalized interest, net of tax hidden hidden hidden hidden hidden hidden
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax hidden hidden hidden hidden hidden hidden
Less: Capitalized interest, tax3 hidden hidden hidden hidden hidden hidden
Capitalized interest, net of tax hidden hidden hidden hidden hidden hidden

2018 Calculations

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

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


Enterprise Value to FCFF Ratio, Current

FedEx 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
Union Pacific Corp. hidden
United Parcel Service Inc. hidden
EV/FCFF, Sector
Industrial Transportation hidden
EV/FCFF, Industry
Industrials hidden

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

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

Microsoft Excel LibreOffice Calc
May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013
Selected Financial Data (USD $ in millions)
Enterprise value (EV)1 hidden hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF)2 hidden hidden hidden hidden hidden hidden
Ratio
EV/FCFF3 hidden hidden hidden hidden hidden hidden
Benchmarks
EV/FCFF, Competitors
Union Pacific Corp. hidden hidden hidden hidden hidden hidden
United Parcel Service Inc. hidden hidden hidden hidden hidden hidden
EV/FCFF, Sector
Industrial Transportation hidden hidden hidden hidden hidden hidden
EV/FCFF, Industry
Industrials hidden hidden hidden hidden hidden hidden

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. FedEx Corp.'s EV/FCFF ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.