Free Cash Flow to The Firm (FCFF)
Based on: 10-K (reporting date: 2023-12-31), 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).
Item | Description | The company |
---|---|---|
FCFF | Free cash flow to the firm is the cash flow available to the Coca-Cola Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Coca-Cola Co. FCFF decreased from 2021 to 2022 but then slightly increased from 2022 to 2023. |
Interest Paid, Net of Tax
Based on: 10-K (reporting date: 2023-12-31), 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).
2 2023 Calculation
Interest paid, tax = Interest paid × EITR
= 1,415 × 17.40% = 246
Enterprise Value to FCFF Ratio, Current
Selected Financial Data (US$ in millions) | |
Enterprise value (EV) | 300,082) |
Free cash flow to the firm (FCFF) | 10,990) |
Valuation Ratio | |
EV/FCFF | 27.31 |
Benchmarks | |
EV/FCFF, Competitors1 | |
Altria Group Inc. | 11.14 |
Mondelēz International Inc. | 24.62 |
PepsiCo Inc. | 25.70 |
Philip Morris International Inc. | 26.41 |
EV/FCFF, Sector | |
Food, Beverage & Tobacco | 22.79 |
EV/FCFF, Industry | |
Consumer Staples | 34.81 |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Enterprise value (EV)1 | 291,706) | 287,975) | 302,010) | 250,062) | 285,330) | |
Free cash flow to the firm (FCFF)2 | 10,990) | 10,304) | 11,948) | 9,601) | 10,162) | |
Valuation Ratio | ||||||
EV/FCFF3 | 26.54 | 27.95 | 25.28 | 26.04 | 28.08 | |
Benchmarks | ||||||
EV/FCFF, Competitors4 | ||||||
Altria Group Inc. | 9.55 | 11.86 | 13.00 | 11.79 | 12.41 | |
Mondelēz International Inc. | 31.39 | 34.05 | 31.98 | 30.11 | 30.51 | |
PepsiCo Inc. | 28.63 | 40.39 | 33.08 | 30.09 | 35.72 | |
Philip Morris International Inc. | 20.71 | 19.53 | 16.35 | 16.31 | 16.47 | |
EV/FCFF, Sector | ||||||
Food, Beverage & Tobacco | 22.28 | 24.71 | 22.27 | 21.35 | 23.19 | |
EV/FCFF, Industry | ||||||
Consumer Staples | 27.56 | 28.19 | 20.26 | 22.05 | 22.42 |
Based on: 10-K (reporting date: 2023-12-31), 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).
3 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 291,706 ÷ 10,990 = 26.54
4 Click competitor name to see calculations.
Valuation ratio | Description | The company |
---|---|---|
EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Coca-Cola Co. EV/FCFF ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level. |