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Microsoft Excel LibreOffice Calc

Merck & Co. Inc. (MRK)

Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate

Free Cash Flow to The Firm (FCFF)

Merck & Co. Inc., FCFF calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income attributable to Merck & Co., Inc. hidden hidden hidden hidden hidden
Net (income) loss attributable to noncontrolling interests hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Net changes in assets and liabilities hidden hidden hidden hidden hidden
Net cash provided by operating activities hidden hidden hidden hidden hidden
Interest paid, 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: 2019-02-27), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-27).

1 See Details »

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Merck & Co. Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Merck & Co. Inc.’s FCFF declined from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.

Interest Paid, Net of Tax

Merck & Co. Inc., interest paid, net of tax calculation

USD $ in millions

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 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

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-27).

1 See Details »

2018 Calculations

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

Enterprise Value to FCFF Ratio, Current

Merck & Co. Inc., 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
Abbott Laboratories hidden
AbbVie Inc. hidden
Allergan PLC hidden
Amgen Inc. hidden
Biogen Inc. hidden
Bristol-Myers Squibb Co. hidden
Celgene Corp. hidden
Eli Lilly & Co. hidden
Gilead Sciences Inc. hidden
Johnson & Johnson hidden
Pfizer Inc. hidden
Regeneron Pharmaceuticals Inc. hidden
EV/FCFF, Sector
Pharmaceuticals & Biotechnology hidden
EV/FCFF, Industry
Health Care hidden

Based on: 10-K (filing date: 2019-02-27).

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

Merck & Co. Inc., 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 (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
Abbott Laboratories hidden hidden hidden hidden hidden
AbbVie Inc. hidden hidden hidden hidden hidden
Allergan PLC hidden hidden hidden hidden hidden
Amgen Inc. hidden hidden hidden hidden hidden
Biogen Inc. hidden hidden hidden hidden hidden
Bristol-Myers Squibb Co. hidden hidden hidden hidden hidden
Celgene Corp. hidden hidden hidden hidden hidden
Eli Lilly & Co. hidden hidden hidden hidden hidden
Gilead Sciences Inc. hidden hidden hidden hidden hidden
Johnson & Johnson hidden hidden hidden hidden hidden
Pfizer Inc. hidden hidden hidden hidden hidden
Regeneron Pharmaceuticals Inc. hidden hidden hidden hidden hidden
EV/FCFF, Sector
Pharmaceuticals & Biotechnology hidden hidden hidden hidden hidden
EV/FCFF, Industry
Health Care hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-27).

1 See Details »

2 See Details »

2018 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. Merck & Co. Inc.’s EV/FCFF ratio increased from 2016 to 2017 but then slightly declined from 2017 to 2018 not reaching 2016 level.