Price to FCFE (P/FCFE)
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Express Scripts Holding Co. pages available for free this week:
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Free Cash Flow to Equity (FCFE)
Express Scripts Holding Co., FCFE calculation
US$ in thousands
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).
- Net cash flows provided by operating activities
- The net cash flows from operating activities demonstrated relative stability over the five-year period. It started at approximately 4.77 billion US dollars in 2013, slightly declined to 4.55 billion in 2014, then recovered in subsequent years to reach a peak at 5.35 billion in 2017. Overall, the trend indicates a moderate upward movement in cash generation from core operations despite minor fluctuations early in the period.
- Free cash flow to equity (FCFE)
- The free cash flow to equity showed a generally increasing trend but with greater volatility compared to operating cash flows. Starting at about 2.41 billion US dollars in 2013, FCFE rose substantially to 3.77 billion in 2014, surging further to approximately 6.66 billion in 2015. There was a notable decline to 4.64 billion in 2016, followed by a recovery to 5.55 billion in 2017. This pattern suggests variability in the company's financing and investment activities, impacting the cash available to equity holders despite overall growth in FCFE across the timeframe.
Price to FCFE Ratio, Current
Express Scripts Holding Co., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Abbott Laboratories | |
| CVS Health Corp. | |
| Elevance Health Inc. | |
| Intuitive Surgical Inc. | |
| Medtronic PLC | |
| UnitedHealth Group Inc. | |
Based on: 10-K (reporting date: 2017-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Express Scripts Holding Co., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
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.
3 2017 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Express Scripts Holding Co. Annual Report.
5 2017 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited fluctuations over the reported periods. It increased from $77.12 in 2013 to a peak of $86.72 in 2014, followed by a notable decline to $68.65 in 2015. Subsequently, a modest recovery occurred with the price rising slightly to $69.63 in 2016 and further to $78.64 in 2017.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed a consistent upward trend across the five-year span, starting at $3.11 in 2013 and progressing to $9.84 by 2017. The most significant jumps were observed between 2014 to 2015 and 2016 to 2017, indicating improving cash generation available to shareholders.
- Price-to-FCFE Ratio (P/FCFE)
- The P/FCFE ratio declined sharply from 24.79 in 2013 to 6.88 in 2015, suggesting that the market price became more attractive relative to the cash flow generated per share. Although it rose slightly to 9.08 in 2016, it decreased again to 7.99 in 2017. This pattern reflects the interplay between decreasing share prices in early years and rising FCFE, leading to lower valuation multiples overall.
- Summary of Insights
- Overall, the data indicates an improving cash flow position per share, while the share price experienced volatility with a partial recovery by 2017. The lowering of the P/FCFE ratio over time points to an improved valuation multiple from the perspective of cash flow, potentially signifying growing investor confidence in the sustainability of cash flows or an adjustment of market pricing to align better with fundamental financial performance.