Ecolab Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss) attributable to Ecolab	1,129,900)	(1,205,100)	1,558,900)	1,429,100)	1,508,400)
Net income attributable to noncontrolling interest	14,100)	17,400)	17,300)	11,200)	14,000)
Net noncash charges	917,300)	3,138,700)	923,900)	1,157,200)	529,200)
Changes in operating assets and liabilities, net of effect of acquisitions	600)	(209,200)	(79,400)	(319,800)	39,700)
Cash provided by operating activities	2,061,900)	1,741,800)	2,420,700)	2,277,700)	2,091,300)
Net interest paid, net of tax¹	168,838)	222,600)	157,202)	163,469)	162,963)
Capital expenditures	(643,000)	(489,000)	(800,600)	(847,100)	(868,600)
Free cash flow to the firm (FCFF)	1,587,738)	1,475,400)	1,777,302)	1,594,069)	1,385,663)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Ecolab Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Ecolab Inc. FCFF decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.

Ecolab Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR¹	19.10%	15.20%	17.00%	20.80%	31.90%
Interest Paid, Net of Tax
Net interest paid, before tax	208,700)	262,500)	189,400)	206,400)	239,300)
Less: Net interest paid, tax²	39,862)	39,900)	32,198)	42,931)	76,337)
Net interest paid, net of tax	168,838)	222,600)	157,202)	163,469)	162,963)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ See details »

² 2021 Calculation
Net interest paid, tax = Net interest paid × EITR
= 208,700 × 19.10% = 39,862

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Ecolab Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	60,128,502)
Free cash flow to the firm (FCFF)	1,587,738)
Valuation Ratio
EV/FCFF	37.87
Benchmarks
EV/FCFF, Competitors¹
Linde plc	38.96
EV/FCFF, Industry
Materials	23.18

Based on: 10-K (reporting date: 2021-12-31).

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.

Ecolab Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	60,128,501)	65,306,947)	58,207,834)	55,962,006)	44,975,738)
Free cash flow to the firm (FCFF)²	1,587,738)	1,475,400)	1,777,302)	1,594,069)	1,385,663)
Valuation Ratio
EV/FCFF³	37.87	44.26	32.75	35.11	32.46
Benchmarks
EV/FCFF, Competitors⁴
Linde plc	23.60	34.03	44.72	—	—
EV/FCFF, Industry
Materials	18.19	36.43	79.74	—	—

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ See details »

² See details »

³ 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 60,128,501 ÷ 1,587,738 = 37.87

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Ecolab Inc. EV/FCFF ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Ecolab Inc. (NYSE:ECL)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical