Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

Allergan Inc., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010
Net earnings attributable to Allergan, Inc.	1,524,200)	985,100)	1,098,800)	934,500)	600)
Net earnings attributable to noncontrolling interest	4,600)	3,600)	3,700)	3,600)	4,300)
Net noncash charges	592,200)	659,900)	326,000)	306,300)	527,000)
Changes in operating assets and liabilities	(193,200)	46,800)	171,400)	(162,500)	(68,000)
Net cash provided by operating activities	1,927,800)	1,695,400)	1,599,900)	1,081,900)	463,900)
Additions to property, plant and equipment	(243,900)	(171,900)	(143,300)	(118,600)	(102,800)
Additions to capitalized software	(19,000)	(11,800)	(13,900)	(11,200)	(13,300)
Additions to intangible assets	(15,000)	(300)	(4,100)	(300)	(40,900)
Proceeds from sale of property, plant and equipment	500)	500)	1,800)	1,200)	400)
Repayments of convertible borrowings	—)	—)	—)	(808,900)	—)
Net borrowings (repayments) of notes payable	16,500)	6,800)	(35,100)	30,700)	6,600)
Debt issuance costs	—)	(4,800)	—)	—)	(6,100)
Proceeds from issuance of senior notes, net of discount	—)	598,500)	—)	—)	648,000)
Free cash flow to equity (FCFE)	1,666,900)	2,112,400)	1,405,300)	174,800)	955,800)

Based on: 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).

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Price to FCFE Ratio, Current

Allergan Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	300,237,694
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,666,900)
FCFE per share	5.55
Current share price (P)	231.12
Valuation Ratio
P/FCFE	41.63
Benchmarks
P/FCFE, Competitors¹
AbbVie Inc.	26.78
Amgen Inc.	90.83
Bristol-Myers Squibb Co.	16.29
Danaher Corp.	24.57
Eli Lilly & Co.	63.65
Gilead Sciences Inc.	24.48
Johnson & Johnson	22.11
Merck & Co. Inc.	15.39
Pfizer Inc.	17.84
Regeneron Pharmaceuticals Inc.	21.92
Thermo Fisher Scientific Inc.	21.05
Vertex Pharmaceuticals Inc.	41.05

Based on: 10-K (reporting date: 2014-12-31).

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

Allergan Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010
No. shares of common stock outstanding¹	300,237,694	298,467,649	298,083,478	304,442,771	305,677,123
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,666,900)	2,112,400)	1,405,300)	174,800)	955,800)
FCFE per share³	5.55	7.08	4.71	0.57	3.13
Share price^1, 4	231.12	125.54	107.05	88.82	72.90
Valuation Ratio
P/FCFE⁵	41.63	17.74	22.71	154.69	23.31
Benchmarks
P/FCFE, Competitors⁶
AbbVie Inc.	—	—	—	—	—
Amgen Inc.	—	—	—	—	—
Bristol-Myers Squibb Co.	—	—	—	—	—
Danaher Corp.	—	—	—	—	—
Eli Lilly & Co.	—	—	—	—	—
Gilead Sciences Inc.	—	—	—	—	—
Johnson & Johnson	—	—	—	—	—
Merck & Co. Inc.	—	—	—	—	—
Pfizer Inc.	—	—	—	—	—
Regeneron Pharmaceuticals Inc.	—	—	—	—	—
Thermo Fisher Scientific Inc.	—	—	—	—	—
Vertex Pharmaceuticals Inc.	—	—	—	—	—

Based on: 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2014 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,666,900,000 ÷ 300,237,694 = 5.55

⁴ Closing price as at the filing date of Allergan Inc. Annual Report.

⁵ 2014 Calculation
P/FCFE = Share price ÷ FCFE per share
= 231.12 ÷ 5.55 = 41.63

⁶ Click competitor name to see calculations.

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Allergan Inc. (NYSE:AGN.)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical