Constellation Brands Inc., current enterprise value calculation

Current share price (P)	$208.68
No. shares of common stock outstanding	184,550,904
US$ in thousands
Common equity (market value)¹	38,512,083)
Add: Preferred Stock, $0.01 par value; Issued, none (per books)	—)
Add: Noncontrolling interests (per books)	315,900)
Total equity	38,827,983)
Add: Short-term borrowings (per books)	323,000)
Add: Current maturities of long-term debt (per books)	605,300)
Add: Long-term debt, less current maturities (per books)	9,488,200)
Total equity and debt	49,244,483)
Less: Cash and cash equivalents	199,400)
Enterprise value (EV)	49,045,083)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 208.68 × 184,550,904

Constellation Brands Inc., EV calculation

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Share price^1, 2	$254.21	$238.31	$153.02	$207.48	$228.26	$171.06
No. shares of common stock outstanding¹	188,217,466	194,027,715	192,840,856	191,349,811	191,391,478	194,800,645
US$ in thousands
Common equity (market value)³	47,846,762)	46,238,745)	29,508,508)	39,701,259)	43,687,019)	33,322,598)
Add: Preferred Stock, $0.01 par value; Issued, none (book value)	—)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	315,900)	330,200)	342,500)	286,200)	16,600)	(6,400)
Total equity	48,162,662)	46,568,945)	29,851,008)	39,987,459)	43,703,619)	33,316,198)
Add: Short-term borrowings (book value)	323,000)	—)	238,900)	791,500)	746,800)	606,500)
Add: Current maturities of long-term debt (book value)	605,300)	29,200)	734,900)	1,065,200)	22,300)	910,900)
Add: Long-term debt, less current maturities (book value)	9,488,200)	10,413,100)	11,210,800)	11,759,800)	9,417,600)	7,720,700)
Total equity and debt	58,579,162)	57,011,245)	42,035,608)	53,603,959)	53,890,319)	42,554,298)
Less: Cash and cash equivalents	199,400)	460,600)	81,400)	93,600)	90,300)	177,400)
Enterprise value (EV)	58,379,762)	56,550,645)	41,954,208)	53,510,359)	53,800,019)	42,376,898)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Constellation Brands Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 254.21 × 188,217,466

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Constellation Brands Inc. EV increased from 2020 to 2021 and from 2021 to 2022.

Constellation Brands Inc. (NYSE:STZ)

Enterprise Value (EV)