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Microsoft Excel LibreOffice Calc


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

McDonald’s Corp., FCFF calculation

USD $ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Net income hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Changes in working capital items hidden hidden hidden hidden hidden
Cash provided by operations hidden hidden hidden hidden hidden
Interest paid, net of tax1 hidden hidden hidden hidden hidden
Capitalized interest, net of tax2 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: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-24), 10-K (filing date: 2014-02-24).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the McDonald’s Corp.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. McDonald’s Corp.’s FCFF declined from 2015 to 2016 and from 2016 to 2017.

Interest Paid, Net of Tax

McDonald’s Corp., interest paid, net of tax calculation

USD $ in thousands

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 paid, before tax hidden hidden hidden hidden hidden
Less: Interest paid, tax2 hidden hidden hidden hidden hidden
Interest paid, net of tax hidden hidden hidden hidden hidden
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax hidden hidden hidden hidden hidden
Less: Capitalized interest, tax3 hidden hidden hidden hidden hidden
Capitalized interest, net of tax hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-24), 10-K (filing date: 2014-02-24).

2017 Calculations

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

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


Enterprise Value to FCFF Ratio, Current

McDonald’s Corp., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Selected Financial Data (USD $ in thousands)
Enterprise value (EV) hidden
Free cash flow to the firm (FCFF) hidden
Ratio
EV/FCFF hidden
Benchmarks
EV/FCFF, Competitors
Booking Holdings Inc. hidden
Delta Air Lines Inc. hidden
Marriott International Inc. hidden
Starbucks Corp. hidden
EV/FCFF, Sector
Travel & Leisure hidden
EV/FCFF, Industry
Consumer Services hidden

Based on: 10-K (filing date: 2018-02-23).

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

McDonald’s 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 thousands)
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
Booking Holdings Inc. hidden hidden hidden hidden hidden
Delta Air Lines Inc. hidden hidden hidden hidden hidden
Marriott International Inc. hidden hidden hidden hidden hidden
Starbucks Corp. hidden hidden hidden hidden hidden
EV/FCFF, Sector
Travel & Leisure hidden hidden hidden hidden hidden
EV/FCFF, Industry
Consumer Services hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-24), 10-K (filing date: 2014-02-24).

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. McDonald’s Corp.’s EV/FCFF ratio increased from 2015 to 2016 and from 2016 to 2017.