Mosaic Co., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net earnings (loss) attributable to Mosaic	1,630,600)	666,100)	(1,067,400)	470,000)	(107,200)
Net (earnings) loss attributable to noncontrolling interests	4,300)	(500)	(23,400)	(100)	3,000)
Net noncash charges	1,181,800)	390,100)	2,255,400)	1,105,100)	1,356,600)
Changes in assets and liabilities	(629,700)	526,900)	(69,200)	(165,200)	(316,900)
Net cash provided by operating activities	2,187,000)	1,582,600)	1,095,400)	1,409,800)	935,500)
Cash paid during the period for interest, less amount capitalized, net of tax¹	138,817)	157,605)	166,499)	149,554)	100,750)
Capitalized interest on major construction projects, net of tax²	22,003)	26,307)	23,399)	19,006)	15,535)
Capital expenditures	(1,288,600)	(1,170,600)	(1,272,200)	(954,500)	(820,100)
Free cash flow to the firm (FCFF)	1,059,220)	595,912)	13,097)	623,860)	231,685)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Mosaic Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Mosaic Co. FCFF increased from 2019 to 2020 and from 2020 to 2021.

Mosaic Co., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR¹	26.90%	21.00%	17.90%	14.00%	35.00%
Interest Paid, Net of Tax
Cash paid during the period for interest, less amount capitalized, before tax	189,900)	199,500)	202,800)	173,900)	155,000)
Less: Cash paid during the period for interest, less amount capitalized, tax²	51,083)	41,895)	36,301)	24,346)	54,250)
Cash paid during the period for interest, less amount capitalized, net of tax	138,817)	157,605)	166,499)	149,554)	100,750)
Interest Costs Capitalized, Net of Tax
Capitalized interest on major construction projects, before tax	30,100)	33,300)	28,500)	22,100)	23,900)
Less: Capitalized interest on major construction projects, tax³	8,097)	6,993)	5,102)	3,094)	8,365)
Capitalized interest on major construction projects, net of tax	22,003)	26,307)	23,399)	19,006)	15,535)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ See details »

² 2021 Calculation
Cash paid during the period for interest, less amount capitalized, tax = Cash paid during the period for interest, less amount capitalized × EITR
= 189,900 × 26.90% = 51,083

³ 2021 Calculation
Capitalized interest on major construction projects, tax = Capitalized interest on major construction projects × EITR
= 30,100 × 26.90% = 8,097

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Mosaic Co., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	22,430,053)
Free cash flow to the firm (FCFF)	1,059,220)
Valuation Ratio
EV/FCFF	21.18
Benchmarks
EV/FCFF, Competitors¹
Linde plc	39.10
EV/FCFF, Industry
Materials	22.70

Based on: 10-K (reporting date: 2021-12-31).

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.

Mosaic Co., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	21,047,779)	16,076,972)	12,013,679)	15,543,777)	14,060,312)
Free cash flow to the firm (FCFF)²	1,059,220)	595,912)	13,097)	623,860)	231,685)
Valuation Ratio
EV/FCFF³	19.87	26.98	917.26	24.92	60.69
Benchmarks
EV/FCFF, Competitors⁴
Linde plc	23.60	34.03	44.72	—	—
EV/FCFF, Industry
Materials	18.50	26.84	67.95	—	—

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ See details »

² See details »

³ 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 21,047,779 ÷ 1,059,220 = 19.87

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Mosaic Co. EV/FCFF ratio decreased from 2019 to 2020 and from 2020 to 2021.

Mosaic Co. (NYSE:MOS)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical