Newmont Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to Newmont stockholders	(2,494)	(429)	1,166)	2,829)	2,805)
Net (income) loss attributable to noncontrolling interests	27)	60)	(933)	(38)	79)
Net noncash charges	5,734)	4,408)	4,574)	1,804)	301)
Net change in operating assets and liabilities	(513)	(841)	(541)	295)	(309)
Net cash provided by operating activities	2,754)	3,198)	4,266)	4,890)	2,876)
Interest paid, net of amounts capitalized, net of tax¹	180)	136)	2)	204)	210)
Capitalized interest, net of tax²	70)	55)	—)	19)	20)
Additions to property, plant and mine development	(2,666)	(2,131)	(1,653)	(1,302)	(1,463)
Non-cash lease obligations arising from obtaining ROU assets, finance leases	(53)	(20)	(41)	(16)	(731)
Free cash flow to the firm (FCFF)	285)	1,237)	2,575)	3,794)	912)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Newmont Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Newmont Corp. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Newmont Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	21.00%	21.00%	99.00%	22.00%	23.00%
Interest Paid, Net of Tax
Interest paid, net of amounts capitalized, before tax	228)	172)	229)	261)	273)
Less: Interest paid, net of amounts capitalized, tax²	48)	36)	227)	57)	63)
Interest paid, net of amounts capitalized, net of tax	180)	136)	2)	204)	210)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	89)	69)	38)	24)	26)
Less: Capitalized interest, tax³	19)	14)	38)	5)	6)
Capitalized interest, net of tax	70)	55)	—)	19)	20)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Interest paid, net of amounts capitalized, tax = Interest paid, net of amounts capitalized × EITR
= 228 × 21.00% = 48

³ 2023 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 89 × 21.00% = 19

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Newmont Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	51,031)
Free cash flow to the firm (FCFF)	285)
Valuation Ratio
EV/FCFF	178.79
Benchmarks
EV/FCFF, Competitors¹
Freeport-McMoRan Inc.	97.16
EV/FCFF, Sector
Metals & Mining	170.48
EV/FCFF, Industry
Materials	52.91

Based on: 10-K (reporting date: 2023-12-31).

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.

Newmont Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	42,606)	37,687)	53,895)	47,615)	44,149)
Free cash flow to the firm (FCFF)²	285)	1,237)	2,575)	3,794)	912)
Valuation Ratio
EV/FCFF³	149.27	30.46	20.93	12.55	48.40
Benchmarks
EV/FCFF, Competitors⁴
Freeport-McMoRan Inc.	79.26	35.32	12.13	46.43	—
EV/FCFF, Sector
Metals & Mining	140.28	34.33	14.56	21.01	368.30
EV/FCFF, Industry
Materials	49.74	32.44	18.50	26.84	67.95

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 42,606 ÷ 285 = 149.27

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.	Newmont Corp. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.

Newmont Corp. (NYSE:NEM)

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