Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Walgreens Boots Alliance Inc., EBITDA calculation

US$ in millions

12 months ended:	Aug 31, 2019	Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014
Net earnings attributable to Walgreens Boots Alliance, Inc.	3,982)	5,024)	4,078)	4,173)	4,220)	1,932)
Add: Net income attributable to noncontrolling interest	(20)	7)	23)	18)	59)	99)
Add: Income tax expense	588)	998)	760)	997)	1,056)	1,526)
Earnings before tax (EBT)	4,550)	6,029)	4,861)	5,188)	5,335)	3,557)
Add: Interest expense, net	704)	616)	693)	596)	605)	156)
Earnings before interest and tax (EBIT)	5,254)	6,645)	5,554)	5,784)	5,940)	3,713)
Add: Depreciation and amortization	2,038)	1,770)	1,654)	1,718)	1,742)	1,316)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,292)	8,415)	7,208)	7,502)	7,682)	5,029)

Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31).

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Walgreens Boots Alliance Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	50,256)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,292)
Valuation Ratio
EV/EBITDA	6.89
Benchmarks
EV/EBITDA, Competitors¹
Costco Wholesale Corp.	29.95
Target Corp.	9.88
Walmart Inc.	19.45

Based on: 10-K (reporting date: 2019-08-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Walgreens Boots Alliance Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Aug 31, 2019	Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	66,257)	81,590)	80,464)	97,390)	104,315)	59,181)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	7,292)	8,415)	7,208)	7,502)	7,682)	5,029)
Valuation Ratio
EV/EBITDA³	9.09	9.70	11.16	12.98	13.58	11.77
Benchmarks
EV/EBITDA, Competitors⁴
Costco Wholesale Corp.	—	—	—	—	—	—
Target Corp.	—	—	—	—	—	—
Walmart Inc.	—	—	—	—	—	—