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Free Cash Flow to The Firm (FCFF)

Time Warner Inc., FCFF calculation

USD $ in millions

 
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
Net loss attributable to noncontrolling interests
Net noncash charges
Changes in operating assets and liabilities, net of acquisitions
Cash provided by operations
Cash payments made for interest, net of tax1
Capital expenditures
Free cash flow to the firm (FCFF)
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.

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Interest Paid, Net of Tax

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

USD $ in millions

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

2017 Calculations

2 Cash payments made for interest, tax = Cash payments made for interest × EITR
= × % =

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Enterprise Value to FCFF Ratio, Current

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

 
Selected Financial Data (USD $ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors
Charter Communications Inc.
Comcast Corp.
Twenty-First Century Fox Inc.
Walt Disney Co.
EV/FCFF, Sector
Media
EV/FCFF, Industry
Consumer Services

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.

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Enterprise Value to FCFF Ratio, Historical

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

 
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
Free cash flow to the firm (FCFF)2
Ratio
EV/FCFF3
Benchmarks
EV/FCFF, Competitors
Charter Communications Inc.
Comcast Corp.
Twenty-First Century Fox Inc.
Walt Disney Co.
EV/FCFF, Sector
Media
EV/FCFF, Industry
Consumer Services

2017 Calculations

3 EV/FCFF = EV ÷ FCFF
= ÷ =

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.

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