Paramount Global, FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net earnings attributable to Paramount	1,104)	4,543)	2,422)	3,308)	1,960)
Net earnings attributable to noncontrolling interests	110)	88)	279)	31)	—)
Net noncash charges	15,323)	11,696)	11,494)	11,928)	472)
Change in assets and liabilities	(16,679)	(15,492)	(11,980)	(14,037)	(1,007)
Net cash flow provided by (used for) operating activities	(142)	835)	2,215)	1,230)	1,425)
Capital expenditures	(358)	(354)	(324)	(353)	(165)
Proceeds from (repayments of) commercial paper borrowings, net	—)	—)	(698)	25)	(5)
Proceeds from issuance of debt	1,138)	58)	4,375)	492)	—)
Repayment of debt	(3,140)	(2,230)	(2,909)	(910)	—)
Free cash flow to equity (FCFE)	(2,502)	(1,691)	2,659)	484)	1,255)

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 Paramount Global equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Paramount Global FCFE decreased from 2020 to 2021 and from 2021 to 2022.

Paramount Global, current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	651,557,231
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(2,502)
FCFE per share	-3.84
Current share price (P)	16.40
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
Alphabet Inc.	31.88
Comcast Corp.	10.75
Meta Platforms Inc.	23.26
Netflix Inc.	38.65
Walt Disney Co.	60.45
P/FCFE, Sector
Media & Entertainment	40.43
P/FCFE, Industry
Communication Services	50.49

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

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.

Paramount Global, 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	650,516,853	648,584,674	619,606,133	613,739,990	372,969,983
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(2,502)	(1,691)	2,659)	484)	1,255)
FCFE per share³	-3.85	-2.61	4.29	0.79	3.36
Share price^1, 4	23.50	35.99	65.60	29.29	50.64
Valuation Ratio
P/FCFE⁵	—	—	15.29	37.14	15.05
Benchmarks
P/FCFE, Competitors⁶
Alphabet Inc.	22.91	29.75	26.58	32.39	—
Comcast Corp.	12.26	27.57	18.17	64.70	—
Meta Platforms Inc.	17.26	16.84	32.77	28.91	—
Netflix Inc.	176.91	—	81.38	116.48	—
Walt Disney Co.	—	—	18.20	55.35	23.22
P/FCFE, Sector
Media & Entertainment	23.67	29.77	27.24	36.47	—
P/FCFE, Industry
Communication Services	31.82	26.52	20.51	33.69	—

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
= -2,502,000,000 ÷ 650,516,853 = -3.85

⁴ Closing price as at the filing date of Paramount Global Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 23.50 ÷ -3.85 = —

⁶ Click competitor name to see calculations.

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Paramount Global (NASDAQ:PARA)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical