LyondellBasell Industries N.V., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Net income attributable to the Company shareholders	4,688)	4,879)	3,836)	4,476)	4,174)
Net (income) loss attributable to non-controlling interests	2)	(2)	1)	(2)	(6)
Net noncash charges	688)	922)	1,646)	1,614)	2,105)
Changes in assets and liabilities that provided (used) cash	93)	(593)	123)	(246)	(225)
Net cash provided by operating activities	5,471)	5,206)	5,606)	5,842)	6,048)
Expenditures for property, plant and equipment	(2,105)	(1,547)	(2,243)	(1,440)	(1,499)
Issuance of long-term debt	—)	990)	812)	984)	992)
Repayment of long-term debt	(394)	(1,000)	—)	—)	—)
Debt extinguishment costs	—)	(65)	—)	—)	—)
Payments of debt issuance costs	—)	(8)	(5)	(16)	(18)
Net proceeds from (repayments of) commercial paper	810)	(493)	177)	61)	262)
Free cash flow to equity (FCFE)	3,782)	3,083)	4,347)	5,431)	5,785)

Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to LyondellBasell Industries N.V. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	LyondellBasell Industries N.V. FCFE decreased from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.

LyondellBasell Industries N.V., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	335,248,065
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,782)
FCFE per share	11.28
Current share price (P)	76.14
Valuation Ratio
P/FCFE	6.75
Benchmarks
P/FCFE, Competitors¹
Linde plc	32.72

Based on: 10-K (reporting date: 2018-12-31).

¹ Click competitor name to see calculations.

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

LyondellBasell Industries N.V., 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	371,156,998	394,556,328	402,531,335	432,200,532	477,142,443
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,782)	3,083)	4,347)	5,431)	5,785)
FCFE per share³	10.19	7.81	10.80	12.57	12.12
Share price^1, 4	88.50	110.83	92.91	77.93	89.94
Valuation Ratio
P/FCFE⁵	8.69	14.18	8.60	6.20	7.42
Benchmarks
P/FCFE, Competitors⁶
Linde plc	—	—	—	—	—

Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2018 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,782,000,000 ÷ 371,156,998 = 10.19

⁴ Closing price as at the filing date of LyondellBasell Industries N.V. Annual Report.

⁵ 2018 Calculation
P/FCFE = Share price ÷ FCFE per share
= 88.50 ÷ 10.19 = 8.69

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	LyondellBasell Industries N.V. P/FCFE ratio increased from 2016 to 2017 but then slightly decreased from 2017 to 2018 not reaching 2016 level.

LyondellBasell Industries N.V. (NYSE:LYB)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical