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Microsoft Excel LibreOffice Calc

Thermo Fisher Scientific Inc. (TMO)


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

Thermo Fisher Scientific Inc., FCFF calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions hidden hidden hidden hidden hidden
Net cash provided by operating activities hidden hidden hidden hidden hidden
Cash paid for interest, net of tax1 hidden hidden hidden hidden hidden
Purchase of property, plant and equipment hidden hidden hidden hidden hidden
Proceeds from sale of property, plant and equipment hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26).

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

Interest Paid, Net of Tax

Thermo Fisher Scientific Inc., interest paid, net of tax calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Earnings before tax (EBT)
Net income hidden hidden hidden hidden hidden
Less: Loss from discontinued operations, net of income tax hidden hidden hidden hidden hidden
Add: Income tax expense hidden hidden hidden hidden hidden
EBT hidden hidden hidden hidden hidden
Effective Income Tax Rate (EITR)
EITR1 hidden hidden hidden hidden hidden
Interest Paid, Net of Tax
Cash paid for interest, before tax hidden hidden hidden hidden hidden
Less: Cash paid for interest, tax2 hidden hidden hidden hidden hidden
Cash paid for interest, net of tax hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26).

2018 Calculations

1 EITR = 100 × Income tax expense ÷ EBT
= 100 × hidden ÷ hidden = hidden

2 Cash paid for interest, tax = Cash paid for interest × EITR
= hidden × hidden = hidden


Enterprise Value to FCFF Ratio, Current

Thermo Fisher Scientific 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
Becton, Dickinson & Co. hidden
Intuitive Surgical Inc. hidden
Medtronic PLC hidden
Stryker Corp. hidden
UnitedHealth Group Inc. hidden
EV/FCFF, Sector
Health Care Equipment & Services hidden
EV/FCFF, Industry
Health Care hidden

Based on: 10-K (filing date: 2019-02-27).

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

Thermo Fisher Scientific Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (USD $ in millions)
Enterprise value (EV)1 hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF)2 hidden hidden hidden hidden hidden
Ratio
EV/FCFF3 hidden hidden hidden hidden hidden
Benchmarks
EV/FCFF, Competitors
Becton, Dickinson & Co. hidden hidden hidden hidden hidden
Intuitive Surgical Inc. hidden hidden hidden hidden hidden
Medtronic PLC hidden hidden hidden hidden hidden
Stryker Corp. hidden hidden hidden hidden hidden
UnitedHealth Group Inc. hidden hidden hidden hidden hidden
EV/FCFF, Sector
Health Care Equipment & Services hidden hidden hidden hidden hidden
EV/FCFF, Industry
Health Care hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26).

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. Thermo Fisher Scientific Inc.’s EV/FCFF ratio increased from 2016 to 2017 and from 2017 to 2018.