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Microsoft Excel LibreOffice Calc

Time Warner Inc. (TWX)

Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate

Free Cash Flow to The Firm (FCFF)

Time Warner Inc., FCFF calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Net income attributable to Time Warner Inc. shareholders hidden hidden hidden hidden hidden
Net loss attributable to noncontrolling interests hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Changes in operating assets and liabilities, net of acquisitions hidden hidden hidden hidden hidden
Cash provided by operations hidden hidden hidden hidden hidden
Cash payments made for interest, net of tax1 hidden hidden hidden hidden hidden
Capital expenditures hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26), 10-K (filing date: 2014-02-26).

1 See Details »

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Time Warner Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Time Warner Inc.’s FCFF increased from 2015 to 2016 and from 2016 to 2017.

Interest Paid, Net of Tax

Time Warner Inc., interest paid, net of tax calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Effective Income Tax Rate (EITR)
EITR1 hidden hidden hidden hidden hidden
Interest Paid, Net of Tax
Cash payments made for interest, before tax hidden hidden hidden hidden hidden
Less: Cash payments made for interest, tax2 hidden hidden hidden hidden hidden
Cash payments made for interest, net of tax hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26), 10-K (filing date: 2014-02-26).

1 See Details »

2 2017 Calculation
Cash payments made for interest, tax = Cash payments made for interest × EITR
= hidden × hidden = hidden

Enterprise Value to FCFF Ratio, Current

Time Warner 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, Competitors1
Charter Communications Inc. hidden
Comcast Corp. hidden
Walt Disney Co. hidden
EV/FCFF, Sector
Media hidden
EV/FCFF, Industry
Consumer Services hidden

Based on: 10-K (filing date: 2018-02-22).

1 Click competitor name to see calculations.

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

Time Warner Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
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, Competitors4
Charter Communications Inc. hidden hidden hidden hidden hidden
Comcast Corp. hidden hidden hidden hidden hidden
Walt Disney Co. hidden hidden hidden hidden hidden
EV/FCFF, Sector
Media hidden hidden hidden hidden hidden
EV/FCFF, Industry
Consumer Services hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26), 10-K (filing date: 2014-02-26).

1 See Details »

2 See Details »

3 2017 Calculation
EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

4 Click competitor name to see calculations.

Ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Time Warner Inc.’s EV/FCFF ratio increased from 2015 to 2016 but then declined significantly from 2016 to 2017.