Enterprise Value (EV)
Current Enterprise Value (EV)
Fidelity National Information Services Inc., current enterprise value calculation
| Current share price (P) | $53.13 |
| No. shares of common stock outstanding | 592,436,518 |
| US$ in millions | |
| Common equity (market value)1 | 31,476) |
| Add: Preferred stock, $0.01 par value, none issued and outstanding (per books) | —) |
| Add: Noncontrolling interest (per books) | 8) |
| Total equity | 31,484) |
| Add: Short-term borrowings (per books) | 3,797) |
| Add: Current portion of long-term debt (per books) | 2,133) |
| Add: Long-term debt, excluding current portion (per books) | 14,207) |
| Total equity and debt | 51,621) |
| Less: Cash and cash equivalents | 2,188) |
| Enterprise value (EV) | 49,433) |
Based on: 10-K (reporting date: 2022-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 53.13 × 592,436,518
Historical Enterprise Value (EV)
Fidelity National Information Services Inc., EV calculation
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Fidelity National Information Services Inc. Annual Report.
3 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 64.52 × 591,935,473
An analysis of the financial position from 2018 to 2022 reveals a significant cycle of valuation expansion followed by a consistent contraction. The Enterprise Value (EV) exhibited a sharp increase in 2019, reaching a peak before entering a multi-year period of decline.
- Enterprise Value Trajectory
- The Enterprise Value grew substantially from 42,880 million US$ in 2018 to a peak of 115,683 million US$ in 2019. Subsequently, a steady downward trend was observed, with the value decreasing to 101,462 million US$ in 2020, 74,589 million US$ in 2021, and ultimately reaching 56,149 million US$ by the end of 2022. This represents a significant correction from the 2019 high.
- Equity Market Valuation Trends
- Common equity market value closely tracked the movements of the total Enterprise Value. Following a dramatic rise to 96,627 million US$ in 2019, market valuation declined annually, closing at 38,192 million US$ in 2022. The near-equivalence between common equity market value and total equity throughout the period indicates a valuation closely aligned with the equity base.
- Capital Structure and Debt Stability
- While equity and Enterprise Value experienced high volatility, the component of debt remained relatively stable after 2019. The variance between total equity and combined equity and debt stayed consistently near 20,000 million US$ from 2019 through 2022. This suggests that the fluctuations in the total Enterprise Value were driven primarily by changes in market equity valuation rather than significant shifts in the company's debt obligations.
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