Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Mosaic Co., FCFE calculation
US$ in thousands
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).
An analysis of cash flow dynamics reveals a divergence between operating cash flow performance and free cash flow to equity (FCFE) over the five-year period from 2017 to 2021. While operational cash generation exhibited a consistent long-term growth trajectory, FCFE experienced significant volatility, including a two-year period of negative values before recovering in the final two years of the sequence.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrated a general upward trajectory, increasing from 935,500 thousand US dollars in 2017 to 2,187,000 thousand US dollars by 2021. Despite a temporary contraction in 2019, the operating cash flow grew by approximately 133% over the total period, indicating a strengthened capacity to generate cash from core business operations.
- Free Cash Flow to Equity (FCFE) Volatility
- FCFE displayed substantial variance, beginning at 1,527,500 thousand US dollars in 2017 before dropping sharply to -225,600 thousand US dollars in 2018 and -41,200 thousand US dollars in 2019. A recovery trend followed in 2020, with FCFE returning to positive territory at 209,600 thousand US dollars and further increasing to 687,100 thousand US dollars in 2021.
- Comparative Analysis of Cash Flow Metrics
- A notable discrepancy exists between operating cash flow and FCFE. In 2017, FCFE exceeded operating cash flow, suggesting significant cash inflows from financing activities or asset divestitures. Conversely, the negative FCFE observed in 2018 and 2019, despite positive operating cash flows, indicates that capital expenditures or debt repayments exceeded the cash generated from operations. By 2021, although both metrics were positive, FCFE remained significantly lower than operating cash flow, reflecting continued capital allocations or debt servicing obligations.
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Price to FCFE Ratio, Current
Mosaic Co., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 345,267,189 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | 687,100) |
| FCFE per share | 1.99 |
| Current share price (P) | 52.22 |
| Valuation Ratio | |
| P/FCFE | 26.24 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Linde plc | 29.91 |
| Sherwin-Williams Co. | 23.25 |
| P/FCFE, Sector | |
| Chemicals | 34.71 |
| P/FCFE, Industry | |
| Materials | 27.74 |
Based on: 10-K (reporting date: 2021-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Mosaic Co., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 368,309,275 | 379,093,342 | 378,764,442 | 385,470,499 | 385,226,223 | |
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | 687,100) | 209,600) | (41,200) | (225,600) | 1,527,500) | |
| FCFE per share3 | 1.87 | 0.55 | -0.11 | -0.59 | 3.97 | |
| Share price1, 4 | 45.20 | 29.70 | 18.47 | 28.75 | 27.46 | |
| Valuation Ratio | ||||||
| P/FCFE5 | 24.23 | 53.72 | — | — | 6.93 | |
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Linde plc | 24.31 | — | — | — | — | |
| Sherwin-Williams Co. | 21.76 | — | — | — | — | |
| P/FCFE, Sector | ||||||
| Chemicals | 23.44 | — | — | — | — | |
| P/FCFE, Industry | ||||||
| Materials | 19.23 | — | — | — | — | |
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 Data adjusted for splits and stock dividends.
3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 687,100,000 ÷ 368,309,275 = 1.87
4 Closing price as at the filing date of Mosaic Co. Annual Report.
5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 45.20 ÷ 1.87 = 24.23
6 Click competitor name to see calculations.
The financial performance from 2017 to 2021 is characterized by significant volatility in both equity valuation and cash flow generation. A period of contraction in 2018 and 2019 was followed by a substantial recovery in share price and free cash flow to equity (FCFE) through the end of 2021.
- Share Price Volatility
- The share price exhibited a non-linear trend, starting at 27.46 US$ in 2017 and peaking at 45.20 US$ in 2021. A notable trough occurred in 2019, where the price declined to 18.47 US$, representing a significant contraction before a strong two-year rally through 2020 and 2021.
- FCFE Per Share Trends
- Free cash flow to equity per share experienced a sharp reversal, moving from 3.97 US$ in 2017 to negative values in 2018 (-0.59 US$) and 2019 (-0.11 US$). This indicated a period where cash outflows for investments or debt repayments exceeded operating cash flow. Recovery began in 2020 with a return to positive territory (0.55 US$) and accelerated in 2021 to reach 1.87 US$.
- P/FCFE Ratio Interpretation
- The P/FCFE ratio was not applicable during 2018 and 2019 due to negative FCFE values. In 2020, the ratio surged to 53.72, suggesting that the market price recovered much faster than the underlying cash flow generation. By 2021, the ratio compressed to 24.23, reflecting a normalization as FCFE per share grew more rapidly than the share price during that specific interval.
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