Price to FCFE (P/FCFE)
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Baxter International Inc. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Analysis of Debt
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
Baxter International Inc., FCFE calculation
US$ in millions
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).
The financial data reveals certain trends in the company's cash flow performance over the five-year period from 2011 to 2015.
- Cash Flows from Operations
- The operating cash flow shows a generally increasing trend from 2011 to 2014, rising from $2,817 million to $3,215 million. However, there is a noticeable decline in 2015, with the figure dropping sharply to $1,129 million. This indicates a potential disruption or change in operating performance in the final year observed.
- Free Cash Flow to Equity (FCFE)
- The FCFE demonstrates more variability. It increased steadily from $2,590 million in 2011 to $4,769 million in 2013, representing a strong surge in free cash available to equity holders. However, a significant drop occurred in 2014 to $1,204 million, followed by a recovery to $2,735 million in 2015. Despite this recovery, the FCFE did not return to the peak level observed in 2013, indicating fluctuations that may be related to changes in capital expenditures, financing activities, or other equity-related transactions.
Overall, the data suggests stability and growth in operating cash generation through 2014, with a marked downturn in 2015. The FCFE figures highlight more pronounced volatility, with a peak in 2013 and a significant dip in 2014 before partial recovery in 2015. These patterns may warrant further investigation into the underlying causes, including operational challenges, investment decisions, or capital structure changes during this period.
Price to FCFE Ratio, Current
Baxter International Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Abbott Laboratories | |
| CVS Health Corp. | |
| Elevance Health Inc. | |
| Intuitive Surgical Inc. | |
| Medtronic PLC | |
| UnitedHealth Group Inc. | |
Based on: 10-K (reporting date: 2015-12-31).
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
Baxter International Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
1 Data adjusted for splits and stock dividends.
3 2015 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Baxter International Inc. Annual Report.
5 2015 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated an overall upward trend from 2011 through 2014, increasing from 56.59 US$ to a peak of 69.29 US$ in 2013, followed by a slight decline to 68.67 US$ in 2014. However, in 2015, a significant drop to 39.43 US$ was observed, representing a notable downward adjustment in market valuation.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed variability over the period. From 2011 to 2013, there was a strong increase, rising from 4.62 US$ to 8.78 US$. This was followed by a sharp decline to 2.22 US$ in 2014, before recovering to 4.99 US$ in 2015. The fluctuation in FCFE indicates inconsistent cash flow performance across these years.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio reflected significant volatility corresponding to the changes in both share price and FCFE. It increased gradually from 12.24 in 2011 to 13.38 in 2012, then declined sharply to 7.89 in 2013. In 2014, it surged to 30.95, driven largely by the decline in FCFE despite relatively stable share prices. In 2015, it reverted to a lower level of 7.9, indicating a market price closer to the free cash flow on equity basis.
- Summary Insight
- The period from 2011 to 2015 was characterized by notable fluctuations in both market valuation and cash flow generation. The share price initially trended upwards but suffered a major decline in the final year. Free cash flow per share was volatile, peaking in 2013 and then significantly dropping before partial recovery. The P/FCFE ratio’s sharp spike in 2014 suggests market concerns likely influenced by the cash flow downturn, while the lowering ratio in 2015 indicates a possible market correction. Overall, the data indicates instability in company performance and market perception during these years.