Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Monsanto Co., EBITDA calculation

US$ in millions

12 months ended:	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Net income attributable to Monsanto Company	2,260)	1,336)	2,314)	2,740)	2,482)	2,045)
Add: Net income attributable to noncontrolling interest	13)	(23)	11)	22)	43)	48)
Less: Income on discontinued operations	13)	17)	28)	13)	11)	6)
Add: Income tax expense	626)	695)	864)	1,078)	915)	901)
Earnings before tax (EBT)	2,886)	1,991)	3,161)	3,827)	3,429)	2,988)
Add: Interest expense	452)	436)	433)	248)	172)	191)
Earnings before interest and tax (EBIT)	3,338)	2,427)	3,594)	4,075)	3,601)	3,179)
Add: Depreciation and amortization	748)	727)	716)	691)	615)	622)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,086)	3,154)	4,310)	4,766)	4,216)	3,801)

Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Monsanto Co. EBITDA decreased from 2015 to 2016 but then increased from 2016 to 2017 not reaching 2015 level.

Monsanto Co., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	58,374)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,086)
Valuation Ratio
EV/EBITDA	14.29
Benchmarks
EV/EBITDA, Competitors¹
Deckers Outdoor Corp.	27.73
lululemon athletica inc.	15.56
Nike Inc.	19.42

Based on: 10-K (reporting date: 2017-08-31).

¹ Click competitor name to see calculations.

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

Monsanto Co., historical EV/EBITDA calculation, comparison to benchmarks

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	59,773)	52,204)	46,537)	59,696)	54,950)	46,106)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	4,086)	3,154)	4,310)	4,766)	4,216)	3,801)
Valuation Ratio
EV/EBITDA³	14.63	16.55	10.80	12.53	13.03	12.13
Benchmarks
EV/EBITDA, Competitors⁴
Deckers Outdoor Corp.	—	—	—	—	—	—
lululemon athletica inc.	—	—	—	—	—	—
Nike Inc.	—	—	—	—	—	—

Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31).

¹ See details »

² See details »

³ 2017 Calculation
EV/EBITDA = EV ÷ EBITDA
= 59,773 ÷ 4,086 = 14.63

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Monsanto Co. EV/EBITDA ratio increased from 2015 to 2016 but then slightly decreased from 2016 to 2017.

Monsanto Co. (NYSE:MON)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical