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Microsoft Excel LibreOffice Calc

Nike Inc. (NKE)


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

Nike Inc., FCFF calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013
Net income hidden hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden hidden
Changes in certain working capital components and other assets and liabilities hidden hidden hidden hidden hidden hidden
Cash provided by operations hidden hidden hidden hidden hidden hidden
Cash paid during the year for interest, net of capitalized interest, net of tax1 hidden hidden hidden hidden hidden hidden
Additions to property, plant and equipment hidden hidden hidden hidden hidden hidden
Disposals of property, plant and equipment hidden hidden hidden hidden hidden hidden
Non-cash additions to property, plant and equipment hidden hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-07-25), 10-K (filing date: 2017-07-20), 10-K (filing date: 2016-07-21), 10-K (filing date: 2015-07-23), 10-K (filing date: 2014-07-25), 10-K (filing date: 2013-07-23).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Nike Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Nike Inc.’s FCFF increased from 2016 to 2017 and from 2017 to 2018.

Interest Paid, Net of Tax

Nike Inc., interest paid, net of tax calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013
Effective Income Tax Rate (EITR)
EITR1 hidden hidden hidden hidden hidden hidden
Interest Paid, Net of Tax
Cash paid during the year for interest, net of capitalized interest, before tax hidden hidden hidden hidden hidden hidden
Less: Cash paid during the year for interest, net of capitalized interest, tax2 hidden hidden hidden hidden hidden hidden
Cash paid during the year for interest, net of capitalized interest, net of tax hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-07-25), 10-K (filing date: 2017-07-20), 10-K (filing date: 2016-07-21), 10-K (filing date: 2015-07-23), 10-K (filing date: 2014-07-25), 10-K (filing date: 2013-07-23).

2018 Calculations

2 Cash paid during the year for interest, net of capitalized interest, tax = Cash paid during the year for interest, net of capitalized interest × EITR
= hidden × hidden = hidden


Enterprise Value to FCFF Ratio, Current

Nike Inc., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Selected Financial Data (USD $ in millions)
Enterprise value (EV) hidden
Free cash flow to the firm (FCFF) hidden
Ratio
EV/FCFF hidden
Benchmarks
EV/FCFF, Competitors
Colgate-Palmolive Co. hidden
Kimberly-Clark Corp. hidden
EV/FCFF, Sector
Personal Goods hidden
EV/FCFF, Industry
Consumer Goods hidden

Based on: 10-K (filing date: 2018-07-25).

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Nike Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013
Selected Financial Data (USD $ in millions)
Enterprise value (EV)1 hidden hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF)2 hidden hidden hidden hidden hidden hidden
Ratio
EV/FCFF3 hidden hidden hidden hidden hidden hidden
Benchmarks
EV/FCFF, Competitors
Colgate-Palmolive Co. hidden hidden hidden hidden hidden hidden
Kimberly-Clark Corp. hidden hidden hidden hidden hidden hidden
EV/FCFF, Sector
Personal Goods hidden hidden hidden hidden hidden hidden
EV/FCFF, Industry
Consumer Goods hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-07-25), 10-K (filing date: 2017-07-20), 10-K (filing date: 2016-07-21), 10-K (filing date: 2015-07-23), 10-K (filing date: 2014-07-25), 10-K (filing date: 2013-07-23).

2018 Calculations

3 EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

Ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Nike Inc.’s EV/FCFF ratio declined from 2016 to 2017 and from 2017 to 2018.