Walgreens Boots Alliance Inc., current enterprise value calculation

Current share price (P)	$39.01
No. shares of common stock outstanding	866,534,089
US$ in millions
Common equity (market value)¹	33,803)
Add: Preferred stock $.01 par value; none issued (per books)	—)
Add: Noncontrolling interests (per books)	640)
Total equity	34,443)
Add: Short-term debt (per books)	5,738)
Add: Long-term debt (per books)	11,098)
Total equity and debt	51,279)
Less: Cash and cash equivalents	1,023)
Enterprise value (EV)	50,256)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 39.01 × 866,534,089

Walgreens Boots Alliance Inc., EV calculation

	Aug 31, 2019	Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014
Share price^1, 2	$55.80	$70.90	$69.36	$81.02	$84.95	$60.20
No. shares of common stock outstanding¹	892,541,146	949,164,514	1,009,549,218	1,083,282,661	1,088,793,571	950,386,889
US$ in millions
Common equity (market value)³	49,804)	67,296)	70,022)	87,768)	92,493)	57,213)
Add: Preferred stock $.01 par value; none issued (book value)	—)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	640)	682)	808)	401)	439)	104)
Total equity	50,444)	67,978)	70,830)	88,169)	92,932)	57,317)
Add: Short-term debt (book value)	5,738)	1,966)	251)	323)	1,068)	774)
Add: Long-term debt (book value)	11,098)	12,431)	12,684)	18,705)	13,315)	3,736)
Total equity and debt	67,280)	82,375)	83,765)	107,197)	107,315)	61,827)
Less: Cash and cash equivalents	1,023)	785)	3,301)	9,807)	3,000)	2,646)
Enterprise value (EV)	66,257)	81,590)	80,464)	97,390)	104,315)	59,181)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Walgreens Boots Alliance Inc. Annual Report.

³ 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 55.80 × 892,541,146

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Walgreens Boots Alliance Inc. EV increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.

Walgreens Boots Alliance Inc. (NASDAQ:WBA)

Enterprise Value (EV)