Current EV
Historical EV

YUM! Brands Inc., current enterprise value calculation

Current share price (P)	$88.25
No. shares of common stock outstanding	367,005,511
US$ in millions
Common equity (market value)¹	32,388)
Add: Noncontrolling interests (per books)	58)
Total equity	32,446)
Add: Short-term borrowings (per books)	923)
Add: Long-term debt (per books)	3,054)
Total equity and debt	36,423)
Less: Cash and cash equivalents	737)
Enterprise value (EV)	35,686)

Based on: 10-K (reporting date: 2015-12-26).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 88.25 × 367,005,511

YUM! Brands Inc., EV calculation

	Dec 26, 2015	Dec 27, 2014	Dec 28, 2013	Dec 29, 2012	Dec 31, 2011
Share price^1, 2	$69.52	$76.05	$73.24	$64.56	$65.50
No. shares of common stock outstanding¹	408,711,522	433,115,252	442,931,286	450,729,244	460,414,239
US$ in millions
Common equity (market value)³	28,414)	32,938)	32,440)	29,099)	30,157)
Add: Noncontrolling interests (book value)	58)	57)	63)	99)	93)
Total equity	28,472)	32,995)	32,503)	29,198)	30,250)
Add: Short-term borrowings (book value)	923)	267)	71)	10)	320)
Add: Long-term debt (book value)	3,054)	3,077)	2,918)	2,932)	2,997)
Total equity and debt	32,449)	36,339)	35,492)	32,140)	33,567)
Less: Cash and cash equivalents	737)	578)	573)	776)	1,198)
Enterprise value (EV)	31,712)	35,761)	34,919)	31,364)	32,369)

Based on: 10-K (reporting date: 2015-12-26), 10-K (reporting date: 2014-12-27), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of YUM! Brands Inc. Annual Report.

³ 2015 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 69.52 × 408,711,522

Common Equity (Market Value): The common equity market value shows a fluctuating trend over the five-year period. Starting at $30,157 million in 2011, it declined slightly to $29,099 million in 2012. It then increased significantly to reach a peak of $32,440 million in 2013, followed by a modest rise to $32,938 million in 2014. However, in 2015, the value dropped notably to $28,414 million, indicating a decrease in shareholders' market valuation in the final year.
Total Equity: Total equity closely mirrors the pattern observed in common equity market value. It began at $30,250 million in 2011, dipped to $29,198 million in 2012, rose to a peak of $32,503 million in 2013, and experienced a small increase to $32,995 million in 2014. Similar to common equity, total equity declined in 2015 to $28,472 million. This parallel movement indicates that book equity and market value of equity maintained a consistent relationship during these years.
Total Equity and Debt: Combined total equity and debt demonstrate a general upward trend from 2011 through 2014, increasing from $33,567 million to $36,339 million. This suggests the company expanded its capital structure during this period. However, there is a retraction in 2015 to $32,449 million, representing a contraction in the overall financing or a possible reduction in liabilities or equity.
Enterprise Value (EV): The enterprise value follows a pattern similar to total equity and debt, initially increasing from $32,369 million in 2011 to a high of $35,761 million in 2014. In 2015, the EV declines to $31,712 million. This fluctuation implies changes in the company's perceived total valuation, likely influenced by both market conditions and capital structure adjustments.

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YUM! Brands Inc. (NYSE:YUM)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)