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General Motors Co. (GM)

Price to FCFE (P/FCFE)

Difficulty: Intermediate

General Motors Co., FCFE calculation

USD $ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Net income (loss) attributable to stockholders
	Net (income) loss attributable to noncontrolling interests
	Net noncash charges
	Change in other operating assets and liabilities
	Net cash provided by operating activities
	Expenditures for property
	Purchases of leased vehicles, net
	Proceeds from termination of leased vehicles
	Net increase (decrease) in short-term debt
	Proceeds from issuance of debt, original maturities greater than three months
	Payments on debt, original maturities greater than three months
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to General Motors Co.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	General Motors Co.’s FCFE increased from 2016 to 2017 but then slightly declined from 2017 to 2018 not reaching 2016 level.

General Motors Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors
Ford Motor Co.
P/FCFE, Sector
Automobiles & Parts
P/FCFE, Industry
Consumer Goods

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

General Motors Co., historical P/FCFE calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)²
	FCFE per share⁴
	Share price^1, 3
	Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors
	Ford Motor Co.
	P/FCFE, Sector
	Automobiles & Parts
	P/FCFE, Industry
	Consumer Goods

¹ Data adjusted for splits and stock dividends.

³ Close price on the filing date of General Motors Co.’s Annual Report.

2018 Calculations

⁴ FCFE per share = FCFE ÷ No. shares of common stock outstanding
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⁵ P/FCFE = Share price ÷ FCFE per share
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Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	General Motors Co.’s P/FCFE ratio declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

	General Motors Co.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Long-term Trends
Analysis
Financial Reporting Quality