Stock Analysis on Net

Schlumberger Ltd. (NYSE:SLB)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Schlumberger Ltd., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) attributable to SLB 4,203 3,441 1,881 (10,518) (10,137)
Net income attributable to noncontrolling interests 72 51 47 32 30
Net noncash charges 2,611 1,978 2,358 14,202 15,890
Change in assets and liabilities, net of the effect of business acquisitions and divestitures (249) (1,750) 365 (772) (352)
Net cash provided by operating activities 6,637 3,720 4,651 2,944 5,431
Capital expenditures (1,939) (1,618) (1,141) (1,116) (1,724)
APS investments (507) (587) (474) (303) (781)
Exploration data capitalized (153) (97) (39) (101) (231)
Proceeds from issuance of long-term debt 994 34 5,837 4,004
Repayment of long-term debt (1,578) (1,650) (2,076) (4,975) (4,799)
Net increase (decrease) in short-term borrowings 2 37 (105) 156 (44)
Repayment of finance lease-related obligations (188)
Free cash flow to equity (FCFE) 3,456 (195) 850 2,254 1,856

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Schlumberger Ltd. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Schlumberger Ltd. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Price to FCFE Ratio, Current

Schlumberger Ltd., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 1,427,394,843
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 3,456
FCFE per share 2.42
Current share price (P) 54.90
Valuation Ratio
P/FCFE 22.67
Benchmarks
P/FCFE, Industry
Energy 13.03

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

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

Schlumberger Ltd., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 1,427,394,843 1,420,188,492 1,403,381,685 1,392,325,960 1,384,515,345
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 3,456 (195) 850 2,254 1,856
FCFE per share3 2.42 -0.14 0.61 1.62 1.34
Share price1, 4 51.67 56.25 39.80 21.81 36.68
Valuation Ratio
P/FCFE5 21.34 65.71 13.47 27.36
Benchmarks
P/FCFE, Industry
Energy 11.95 9.32 20.28 19.46 12.93

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 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,456,000,000 ÷ 1,427,394,843 = 2.42

4 Closing price as at the filing date of Schlumberger Ltd. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 51.67 ÷ 2.42 = 21.34