Price to FCFE (P/FCFE)
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e.l.f. Beauty, Inc. pages available for free this week:
- Income Statement
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2016
- Analysis of Revenues
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
e.l.f. Beauty, Inc., FCFE calculation
US$ in thousands
Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities shows a fluctuating trend over the analyzed period. Starting at $44,313 thousand in March 2020, it decreased significantly to $29,475 thousand in March 2021, and further declined to $19,513 thousand in March 2022. However, there is a notable recovery beginning in March 2023, with the figure increasing sharply to $101,883 thousand, followed by a decline to $71,154 thousand in March 2024. This pattern suggests variability in operational cash generation with a marked recovery phase in recent years before experiencing some reduction, yet still remaining above the earlier lower levels.
- Free Cash Flow to Equity (FCFE)
- Free cash flow to equity exhibits considerable volatility and a dramatic upward shift towards the end of the period. Initially, FCFE decreased from $25,403 thousand in March 2020 to $10,911 thousand in March 2021, and subsequently turned negative at -$15,313 thousand in March 2022. This negative FCFE indicates a period where cash outflows to equity holders exceeded operating and investing cash inflows. A significant turnaround occurs in March 2023 with FCFE climbing to $70,160 thousand, followed by a substantial increase to $258,455 thousand in March 2024. This surge reflects an improved capacity to generate cash flows available to equity holders, suggesting enhanced financial health and potential distribution capabilities.
Price to FCFE Ratio, Current
e.l.f. Beauty, Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Procter & Gamble Co. | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2024-03-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
e.l.f. Beauty, Inc., historical P/FCFE calculation, comparison to benchmarks
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Procter & Gamble Co. | ||||||
| P/FCFE, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of e.l.f. Beauty, Inc. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
Over the five-year period ending March 31, 2024, the share price demonstrated a significant upward trajectory, increasing from $16.57 to $184.77. This represents a substantial growth, particularly notable beginning in the year ending March 31, 2023, where the share price jumped sharply from $24.63 to $104.15, and then continued rising to $184.77 the following year.
Free Cash Flow to Equity (FCFE) per share experienced notable fluctuations across the same timeframe. It started at $0.51 in 2020, decreased to $0.21 in 2021, and turned negative at -$0.29 in 2022, indicating a temporary period of negative cash flow generation attributable to equity holders. However, FCFE per share recovered strongly in subsequent years, reaching $1.30 in 2023 and further increasing to $4.62 in 2024. This positive recovery aligns with the significant increase observed in the share price during these years.
- Price-to-FCFE Ratio (P/FCFE)
- The P/FCFE ratio exhibited substantial volatility. Starting at 32.62 in 2020, it escalated sharply to 135.01 in 2021, reflecting a relatively high valuation compared to free cash flow generation. The ratio was not available for 2022, likely due to the negative FCFE per share, which makes the ratio undefined or not meaningful. In 2023, the ratio declined to 79.96 and further decreased to 39.99 in 2024, indicating a movement toward more reasonable valuation levels relative to free cash flow as the FCFE improved.
In summary, the data reveals a company undergoing a phase of variable cash flow generation, including a period of negative free cash flow, followed by strong recovery and improving fundamentals. The share price growth significantly accelerated concurrent with the improvements in free cash flow, while the valuation multiple (P/FCFE) adjusted from exceptionally high levels toward more moderate levels as the financial performance strengthened.