Name: Time Warner Inc. (NYSE:TWX) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Time Warner Inc., current enterprise value calculation

Current share price (P)	$93.67
No. shares of common stock outstanding	782,319,431
US$ in millions
Common equity (market value)¹	73,280)
Add: Noncontrolling interest (per books)	1)
Total equity	73,281)
Add: Debt due within one year (per books)	5,450)
Add: Long-term debt, excluding due within one year (per books)	18,294)
Total equity and debt	97,025)
Less: Cash and equivalents	2,621)
Enterprise value (EV)	94,404)

Based on: 10-K (reporting date: 2017-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 93.67 × 782,319,431

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Time Warner Inc., EV calculation

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Share price^1, 2	$94.37	$97.06	$66.66	$82.42	$64.69
No. shares of common stock outstanding¹	779,851,623	774,334,281	790,154,346	830,521,982	892,661,216
US$ in millions
Common equity (market value)³	73,595)	75,157)	52,672)	68,452)	57,746)
Add: Noncontrolling interest (book value)	1)	2)	—)	—)	—)
Total equity	73,596)	75,159)	52,672)	68,452)	57,746)
Add: Debt due within one year (book value)	5,450)	1,947)	198)	1,118)	66)
Add: Long-term debt, excluding due within one year (book value)	18,294)	22,392)	23,594)	21,376)	20,099)
Total equity and debt	97,340)	99,498)	76,464)	90,946)	77,911)
Less: Cash and equivalents	2,621)	1,539)	2,155)	2,618)	1,862)
Enterprise value (EV)	94,719)	97,959)	74,309)	88,328)	76,049)

Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Time Warner Inc. Annual Report.

³ 2017 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 94.37 × 779,851,623

The financial trajectory of the enterprise value and associated equity components between 2013 and 2017 is characterized by significant volatility, with a notable peak in 2016 followed by a slight contraction in 2017.

Enterprise Value (EV) Trends: The enterprise value experienced an initial increase from 76,049 million US$ in 2013 to 88,328 million US$ in 2014. A subsequent decline occurred in 2015, where the value dropped to 74,309 million US$, marking the lowest point in the analyzed period. A sharp recovery followed in 2016, reaching a period high of 97,959 million US$, before receding slightly to 94,719 million US$ by the end of 2017.
Market Value of Common Equity: The market value of common equity closely mirrors the fluctuations seen in the enterprise value. After rising to 68,452 million US$ in 2014, it decreased to 52,672 million US$ in 2015. The most substantial growth occurred between 2015 and 2016, with the value increasing by approximately 42% to reach 75,157 million US$.
Equity and Debt Correlation: Total equity and debt maintained a consistent correlation with the overall enterprise value. This figure rose from 77,911 million US$ in 2013 to a peak of 99,498 million US$ in 2016. The narrow margin between the total equity and debt and the enterprise value suggests a relatively stable cash position or minimal impact from non-operating assets relative to the total capital structure.

The overall pattern indicates a cyclical movement in valuation, where the significant dip in 2015 was fully recovered and exceeded by 2016, establishing a higher valuation baseline toward the end of the five-year period compared to the 2013 starting point.

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Time Warner Inc. (NYSE:TWX)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)