Enterprise Value (EV)
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Baxter International Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
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Current Enterprise Value (EV)
Baxter International Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Short-term debt (per books) | |
| Add: Current maturities of long-term debt and lease obligations (per books) | |
| Add: Long-term debt and lease obligations, excluding current maturities (per books) | |
| Total equity and debt | |
| Less: Cash and equivalents | |
| Less: Investment in Baxalta common stock | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2015-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Baxter International Inc., EV calculation
Based on: 10-K (reporting date: 2015-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Baxter International Inc. Annual Report.
3 2015 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
- Equity Trends
- The common equity (market value) showed a steady increase from 31,710 million US dollars in 2011 to a peak of 37,637 million US dollars in 2013. However, after 2013, there was a slight decline in 2014, followed by a sharp reduction to 21,603 million US dollars in 2015. Total equity values mirrored this pattern closely, increasing from 31,953 million US dollars in 2011 to 37,660 million US dollars in 2013, then slightly declining and experiencing a significant drop in 2015 to 21,622 million US dollars.
- Debt and Total Capital Structure
- Total equity and debt combined increased consistently from 37,148 million US dollars in 2011 to 46,826 million US dollars in 2013, followed by a minor decrease in 2014 to 46,600 million US dollars. In 2015, this composite value decreased sharply to 28,142 million US dollars. This indicates a substantial reduction in the company’s overall capital structure by the end of 2015.
- Enterprise Value (EV) Developments
- Enterprise value showed a steady upward trend from 34,243 million US dollars in 2011 to a peak of 44,093 million US dollars in 2013. There was a slight decline in 2014 to 43,675 million US dollars, then a significant drop in 2015 to 20,781 million US dollars. The pattern suggests a contraction in market perception of the company’s overall valuation and potential generating capacity during the last year of the period.
- Summary of Observations
- From 2011 through 2013, all key financial metrics related to equity and valuation demonstrated consistent growth, indicating a period of expansion or improving market conditions. Beginning in 2014, the values plateaued or slightly declined before experiencing pronounced decreases in 2015. The magnitude of the decreases in 2015 across market value of common equity, total equity, total capital, and enterprise value suggests a major event or shift impacting the company’s financial standing and market valuation during that year.