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Microsoft Excel LibreOffice Calc


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

General Dynamics Corp., 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 earnings hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
(Increase) decrease in assets, net of effects of business acquisitions hidden hidden hidden hidden hidden
Increase (decrease) in liabilities, net of effects of business acquisitions hidden hidden hidden hidden hidden
Net cash provided by operating activities hidden hidden hidden hidden hidden
Interest payments, net of tax1 hidden hidden hidden hidden hidden
Capital expenditures hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08), 10-K (filing date: 2015-02-09), 10-K (filing date: 2014-02-07).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the General Dynamics Corp.'s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. General Dynamics Corp.'s FCFF declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.

Interest Paid, Net of Tax

General Dynamics Corp., 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
Interest payments, before tax hidden hidden hidden hidden hidden
Less: Interest payments, tax2 hidden hidden hidden hidden hidden
Interest payments, net of tax hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08), 10-K (filing date: 2015-02-09), 10-K (filing date: 2014-02-07).

2017 Calculations

2 Interest payments, tax = Interest payments × EITR
= hidden × hidden = hidden


Enterprise Value to FCFF Ratio, Current

General Dynamics 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
Boeing Co. hidden
Lockheed Martin Corp. hidden
Northrop Grumman Corp. hidden
Raytheon Co. hidden
United Technologies Corp. hidden
EV/FCFF, Sector
Aerospace & Defense hidden
EV/FCFF, Industry
Industrials hidden

Based on: 10-K (filing date: 2018-02-12).

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

General Dynamics Corp., 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
Boeing Co. hidden hidden hidden hidden hidden
Lockheed Martin Corp. hidden hidden hidden hidden hidden
Northrop Grumman Corp. hidden hidden hidden hidden hidden
Raytheon Co. hidden hidden hidden hidden hidden
United Technologies Corp. hidden hidden hidden hidden hidden
EV/FCFF, Sector
Aerospace & Defense hidden hidden hidden hidden hidden
EV/FCFF, Industry
Industrials hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08), 10-K (filing date: 2015-02-09), 10-K (filing date: 2014-02-07).

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. General Dynamics Corp.'s EV/FCFF ratio increased from 2015 to 2016 but then declined significantly from 2016 to 2017.