Enterprise Value (EV)
Current Enterprise Value (EV)
Newmont Corp., current enterprise value calculation
| Current share price (P) | $42.26 |
| No. shares of common stock outstanding | 1,153,140,195 |
| US$ in millions | |
| Common equity (market value)1 | 48,732) |
| Add: Noncontrolling interests (per books) | 178) |
| Total equity | 48,910) |
| Add: Current finance lease and other financing obligations (per books) | 114) |
| Add: Current debt (per books) | 1,923) |
| Add: Non-current debt (per books) | 6,951) |
| Add: Non-current finance lease and other financing obligations (per books) | 448) |
| Total equity and debt | 58,346) |
| Less: Cash and cash equivalents | 3,002) |
| Less: Time deposits and other investments | 23) |
| Enterprise value (EV) | 55,321) |
Based on: 10-K (reporting date: 2023-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 42.26 × 1,153,140,195
Historical Enterprise Value (EV)
Newmont Corp., EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Newmont Corp. Annual Report.
3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 31.25 × 1,152,551,607
An analysis of the financial valuation metrics from 2019 to 2023 reveals a distinct cycle of growth, sharp contraction, and subsequent partial recovery. The Enterprise Value (EV) and equity components followed a similar trajectory, peaking in 2021 before experiencing a significant decline in 2022.
- Enterprise Value (EV) Trends
- Enterprise Value demonstrated a steady upward trend from 2019, rising from 44,149 million US$ to a peak of 53,895 million US$ in 2021. This period of expansion was followed by a substantial correction in 2022, where the EV dropped to 37,687 million US$, representing a decrease of approximately 30% from its peak. By December 31, 2023, a moderate recovery is observed, with the EV increasing to 42,606 million US$.
- Equity Valuation and Market Alignment
- Common equity market value and total equity maintained a close correlation throughout the five-year period. Both metrics peaked in 2021, with market value reaching 52,876 million US$ and total equity reaching 52,667 million US$. The sharp decline in 2022 affected both book and market values almost identically, with common equity falling to 35,133 million US$. The narrow variance between market value and book value suggests that the company's equity was valued near its accounting value during most of the observed period.
- Capitalization and Debt Dynamics
- Total equity and debt followed the general trend of the overall valuation, peaking at 58,969 million US$ in 2021. The contraction in 2022 saw this figure fall to 41,444 million US$. However, in 2023, while common equity remained relatively flat at 36,017 million US$, total equity and debt rose to 45,631 million US$. This divergence indicates an increase in the debt component or other liabilities, contributing to the overall rise in Enterprise Value observed in the final year.
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