Enterprise Value (EV)
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Current Enterprise Value (EV)
Time Warner Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interest (per books) | |
| Total equity | |
| Add: Debt due within one year (per books) | |
| Add: Long-term debt, excluding due within one year (per books) | |
| Total equity and debt | |
| Less: Cash and equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2017-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Time Warner Inc., EV calculation
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
= ×
- Equity Trends
- The common equity based on market value showed significant volatility over the analyzed period. It increased from approximately $57.7 billion in 2013 to about $68.5 billion in 2014, followed by a notable decline to $52.7 billion in 2015. This was succeeded by a sharp recovery, reaching $75.2 billion in 2016, before slightly decreasing to around $73.6 billion in 2017. The total equity mirrored this pattern exactly, indicating no material difference between the common equity market value and total equity figures.
- Total Equity and Debt
- The aggregate of total equity and debt also exhibited fluctuations aligned broadly with the equity movements but with differences in magnitude. Starting at $77.9 billion in 2013, the figure rose to $90.9 billion in 2014. This was followed by a reduction to $76.5 billion in 2015. The total then climbed to almost $99.5 billion in 2016 and slightly declined to roughly $97.3 billion in 2017. This trend suggests that the company’s capital structure experienced shifts, possibly influenced by changes in debt levels alongside equity fluctuations.
- Enterprise Value (EV)
- The enterprise value moved in a similar pattern as total equity and debt, but consistently remained marginally lower in every reported period. Starting at $76.0 billion in 2013, it increased to $88.3 billion in 2014, then decreased to about $74.3 billion in 2015. Thereafter, it expanded significantly to nearly $98.0 billion in 2016 before falling moderately to $94.7 billion in 2017. The parallel movements of EV with total capital suggest that market perceptions of the company and its financing were closely aligned during this timeframe.
- Summary Insights
- Overall, the data depicts a company undergoing substantial valuation and capital structure changes between 2013 and 2017. The striking volatility in common equity and total equity indicates market or operational factors impacting investor confidence or financial performance. The concurrent shifts in total equity and debt, alongside enterprise value, imply that both market valuation and liabilities contributed to these variations. The pattern of increased values in 2014 and 2016 followed by declines in 2015 and 2017 may reflect cyclic or event-driven influences affecting the firm’s financial position.