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)

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

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)

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

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Time Warner Inc. EV increased from 2015 to 2016 but then slightly decreased from 2016 to 2017.

Time Warner Inc. (NYSE:TWX)

Enterprise Value (EV)