Price to FCFE (P/FCFE)
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Albemarle Corp. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
Albemarle Corp., FCFE calculation
US$ in thousands
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).
The analysis of the provided financial data reveals notable fluctuations in the cash flow metrics over the observed periods.
- Net cash provided by operating activities
- This metric demonstrates an overall upward trend despite some variability. Starting at approximately 546 million US dollars in 2018, it shows a significant increase to around 719 million in 2019 and further growth to nearly 799 million in 2020. However, there is a marked decrease in 2021, with net cash from operations falling to approximately 344 million. This decline is quickly reversed in 2022, which records a substantial rise to nearly 1.91 billion, the highest value in the period analyzed. The pattern indicates volatility but an underlying capacity to generate strong operating cash flows by the end of the period.
- Free cash flow to equity (FCFE)
- The FCFE metric exhibits considerable variability and even volatility across the years. It begins with a negative value of approximately -267 million in 2018, indicating a cash outflow to equity holders during that period. In 2019, FCFE spikes sharply to about 1.16 billion, reflecting a robust cash flow available to equity after investments and financing activities. This is followed by a decline to 288 million in 2020, still positive but substantially lower. In 2021, the metric sharply reverses to a large negative value of roughly -1.75 billion, suggesting significant cash outflows to equity. The trend recovers in 2022 with a positive FCFE of around 1.5 billion, indicating strong cash flow support to equity holders in that year.
Overall, the data presents a picture of fluctuating operational cash generation and equity free cash flows. The dramatic swings in FCFE suggest significant changes in either capital expenditures, financing activities, or working capital affecting cash available to shareholders. The strong recovery in both operational cash flow and FCFE by 2022 could indicate improved operational efficiency, asset management, or changes in financing structure contributing positively to the financial position.
Price to FCFE Ratio, Current
Albemarle Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Linde plc | |
| Sherwin-Williams Co. | |
| P/FCFE, Sector | |
| Chemicals | |
| P/FCFE, Industry | |
| Materials | |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Albemarle Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Linde plc | ||||||
| Sherwin-Williams Co. | ||||||
| P/FCFE, Sector | ||||||
| Chemicals | ||||||
| P/FCFE, Industry | ||||||
| Materials | ||||||
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.
3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Albemarle Corp. Annual Report.
5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The data presents several key financial metrics over a five-year period, reflecting notable fluctuations and trends.
- Share Price (US$)
- The share price experienced a decline from $92.28 at the end of 2018 to $85.65 in 2019. Subsequently, there was a significant increase to $156.17 in 2020, followed by continued growth to $191.85 in 2021, and further appreciation reaching $272.79 by the end of 2022. Overall, the share price demonstrated a strong upward trajectory after the initial decrease in 2019, with a nearly threefold increase from 2019 to 2022.
- Free Cash Flow to Equity (FCFE) per share (US$)
- FCFE per share showed considerable volatility throughout the period. It started negative at -$2.53 in 2018, then rose sharply to $10.92 in 2019. In 2020, this metric declined to $2.47, followed by a steep drop to -$14.93 in 2021, marking the lowest point in the series. However, it recovered positively to $12.83 in 2022. This irregular pattern suggests variability in the company's cash flows available to shareholders, potentially influenced by operational performance, investment activities, or financing decisions.
- Price to Free Cash Flow to Equity Ratio (P/FCFE)
- The P/FCFE ratio, which was not reported for 2018 and 2021, displayed significant variation in the available years. In 2019, it was at 7.85, indicating a relatively modest valuation of the company's free cash flows. The ratio spiked dramatically to 63.19 in 2020, reflecting a high price level relative to FCFE, which corresponds with the decline of FCFE per share that year. By 2022, the ratio moderated to 21.26, suggesting a normalization of valuation metrics though still higher compared to 2019.
In summary, the period saw a general strong increase in share price despite fluctuating free cash flow per share. The volatility in FCFE and corresponding P/FCFE ratio points to uneven cash generation capabilities and valuation challenges, with the company exhibiting recovery in cash flow generation by 2022 after a trough in 2021. Investors appeared willing to pay a premium reflected in rising share prices, particularly notable given the variability in underlying free cash flow metrics.