CoStar Group Inc., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income	369,453)	292,564)	227,128)	314,963)	238,334)
Net noncash charges	314,695)	331,909)	272,864)	229,768)	178,427)
Changes in operating assets and liabilities, net of acquisitions	(205,528)	(154,742)	(13,886)	(86,951)	(81,303)
Net cash provided by operating activities	478,620)	469,731)	486,106)	457,780)	335,458)
Proceeds from sale of property and equipment and other assets	30,097)	612)	—)	—)	—)
Purchases of property and equipment and other assets	(58,574)	(65,220)	(48,347)	(46,197)	(29,632)
Proceeds from long-term debt	—)	—)	1,744,210)	—)	—)
Payments of long-term debt	(2,155)	—)	(745,000)	—)	—)
Payments of debt issuance costs	—)	—)	(16,647)	—)	—)
Free cash flow to equity (FCFE)	447,988)	405,123)	1,420,322)	411,583)	305,826)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to CoStar Group Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	CoStar Group Inc. FCFE decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

CoStar Group Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	408,336,600
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	447,988)
FCFE per share	1.10
Current share price (P)	84.38
Valuation Ratio
P/FCFE	76.91
Benchmarks
P/FCFE, Industry
Industrials	30.52

Based on: 10-K (reporting date: 2022-12-31).

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.

CoStar Group Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	406,772,431	394,987,704	394,104,410	366,447,340	364,518,290
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	447,988)	405,123)	1,420,322)	411,583)	305,826)
FCFE per share³	1.10	1.03	3.60	1.12	0.84
Share price^1, 4	72.13	53.50	83.62	68.23	45.75
Valuation Ratio
P/FCFE⁵	65.49	52.16	23.20	60.75	54.53
Benchmarks
P/FCFE, Industry
Industrials	23.85	—	49.40	28.48	—

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 447,988,000 ÷ 406,772,431 = 1.10

⁴ Closing price as at the filing date of CoStar Group Inc. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 72.13 ÷ 1.10 = 65.49

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	CoStar Group Inc. P/FCFE ratio increased from 2020 to 2021 and from 2021 to 2022.

CoStar Group Inc. (NASDAQ:CSGP)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical