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Microsoft Excel LibreOffice Calc

McDonald’s Corp. (MCD)


Enterprise Value to FCFF (EV/FCFF)

Intermediate level


Free Cash Flow to The Firm (FCFF)

McDonald’s Corp., FCFF calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income
Net noncash charges
Changes in working capital items
Cash provided by operations
Interest paid, net of tax1
Capitalized interest, net of tax2
Capital expenditures
Free cash flow to the firm (FCFF)

Based on: 10-K (filing date: 2019-02-22), 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).

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 decreased from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

Interest Paid, Net of Tax

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

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Effective Income Tax Rate (EITR)
EITR1
Interest Paid, Net of Tax
Interest paid, before tax
Less: Interest paid, tax2
Interest paid, net of tax
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax
Less: Capitalized interest, tax3
Capitalized interest, net of tax

Based on: 10-K (filing date: 2019-02-22), 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).

1 See details »

2 2018 Calculation
Interest paid, tax = Interest paid × EITR
= × =

3 2018 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= × =


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel LibreOffice Calc
Selected Financial Data (US$ in thousands)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Valuation Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors1
Booking Holdings Inc.
Delta Air Lines Inc.
Marriott International Inc.
Starbucks Corp.
EV/FCFF, Sector
Travel & Leisure
EV/FCFF, Industry
Consumer Services

Based on: 10-K (filing date: 2019-02-22).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the 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, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in thousands)
Enterprise value (EV)1
Free cash flow to the firm (FCFF)2
Valuation Ratio
EV/FCFF3
Benchmarks
EV/FCFF, Competitors4
Booking Holdings Inc.
Delta Air Lines Inc.
Marriott International Inc.
Starbucks Corp.
EV/FCFF, Sector
Travel & Leisure
EV/FCFF, Industry
Consumer Services

Based on: 10-K (filing date: 2019-02-22), 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).

1 See details »

2 See details »

3 2018 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =

4 Click competitor name to see calculations.

Valuation 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 2016 to 2017 but then slightly decreased from 2017 to 2018.