DuPont de Nemours Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net income attributable to DuPont	498)	3,844)	1,460)	4,318)	7,685)
Net income attributable to noncontrolling interests	102)	155)	132)	86)	98)
Net noncash charges	4,789)	6,021)	5,447)	322)	(2,194)
Changes in assets and liabilities, net of effects of acquired and divested companies	(3,980)	(5,289)	1,656)	752)	1,927)
Cash provided by operating activities	1,409)	4,731)	8,695)	5,478)	7,516)
Capital expenditures	(2,472)	(3,837)	(3,570)	(3,804)	(3,703)
Investment in gas field developments	(25)	(114)	(121)	(113)	—)
Purchases of previously leased assets	—)	(26)	(187)	—)	(46)
Changes in short-term borrowings	2,735)	223)	(2,248)	(33)	(82)
Proceeds from issuance of long-term debt	4,005)	15,455)	499)	32)	1,383)
Payments on long-term debt	(6,900)	(9,009)	(663)	(588)	(1,114)
Debt extinguishment costs	(104)	(555)	—)	—)	—)
Free cash flow to equity (FCFE)	(1,352)	6,868)	2,405)	972)	3,954)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to DuPont de Nemours Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	DuPont de Nemours Inc. FCFE increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.

DuPont de Nemours Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	739,388,462
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(1,352)
FCFE per share	-1.83
Current share price (P)	53.10
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
Linde plc	30.71
Sherwin-Williams Co.	45.96
P/FCFE, Sector
Chemicals	116.08
P/FCFE, Industry
Materials	172,442.66

Based on: 10-K (reporting date: 2019-12-31).

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.

DuPont de Nemours Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
No. shares of common stock outstanding¹	739,388,462	751,587,353	776,341,159	404,437,193	372,370,816
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(1,352)	6,868)	2,405)	972)	3,954)
FCFE per share³	-1.83	9.14	3.10	2.40	10.62
Share price^1, 4	53.10	52.00	71.85	60.26	46.01
Valuation Ratio
P/FCFE⁵	—	5.69	23.19	25.07	4.33
Benchmarks
P/FCFE, Competitors⁶
Linde plc	89.72	—	—	—	—
Sherwin-Williams Co.	40.27	—	—	—	—
P/FCFE, Sector
Chemicals	63.65	—	—	—	—
P/FCFE, Industry
Materials	88,121.39	—	—	—	—

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -1,352,000,000 ÷ 739,388,462 = -1.83

⁴ Closing price as at the filing date of DuPont de Nemours Inc. Annual Report.

⁵ 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= 53.10 ÷ -1.83 = —

⁶ Click competitor name to see calculations.

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DuPont de Nemours Inc. (NYSE:DD)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical