Price to FCFE (P/FCFE)
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Kimberly-Clark Corp. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
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Free Cash Flow to Equity (FCFE)
Kimberly-Clark Corp., FCFE calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2016-12-31).
The analysis of the cash flow data over the five-year period reveals distinct trends and changes in the company's operational and free cash flow performance.
- Cash provided by operations
- This metric demonstrates a fluctuating pattern with a general decline from 2016 to 2019, followed by a notable increase in 2020. The cash flow started at $3,232 million in 2016, decreased each year to reach $2,736 million in 2019, and then rose significantly to $3,729 million in 2020. This indicates some operational challenges or changes in working capital management during the initial years that were effectively addressed by 2020, resulting in stronger cash generation from core operations.
- Free cash flow to equity (FCFE)
- The FCFE also showed a similar trend, with an initial decline from 2016 ($2,271 million) to 2017 ($1,963 million), followed by recovery and growth over the subsequent years. Although there was a slight decrease in 2019 ($2,071 million), the FCFE surged in 2020 to $2,973 million, marking the highest value in the period analyzed. This increase suggests improved net cash available to equity shareholders, possibly due to better operational cash flows and/or changes in investment and financing activities.
Overall, the data illustrates a period of adjustment or pressure on cash flows between 2016 and 2019, with both operational cash and FCFE declining. However, 2020 marked a significant turnaround, highlighting enhanced cash generation capacity and improved financial flexibility. The strong increase in operational cash inflows and FCFE in 2020 is a positive signal for the company's liquidity and ability to return value to shareholders.
Price to FCFE Ratio, Current
Kimberly-Clark Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Procter & Gamble Co. | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2020-12-31).
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
Kimberly-Clark Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Procter & Gamble Co. | ||||||
| P/FCFE, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 Data adjusted for splits and stock dividends.
3 2020 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Kimberly-Clark Corp. Annual Report.
5 2020 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the five-year period ending in 2020.
- Share Price
- The share price experienced a decline from 122.93 US$ in 2016 to 111.69 US$ in 2017, followed by a slight recovery to 113.36 US$ in 2018. In 2019, the share price increased significantly to 144.74 US$, before falling again to 132.09 US$ in 2020. Overall, the share price exhibits moderate volatility with an upward tendency in 2019 but faced a decline in the final year observed.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share shows a fluctuating trend over the period. Starting at 6.37 US$ in 2016, it dropped to 5.6 US$ in 2017, increased to 6.42 US$ in 2018, decreased slightly again to 6.06 US$ in 2019, and then rose markedly to 8.79 US$ in 2020. This indicates variability in the company's ability to generate free cash flow available to equity holders, with a significant improvement in 2020.
- Price-to-FCFE (P/FCFE) Ratio
- The P/FCFE ratio shows considerable fluctuations throughout the period. It was 19.29 in 2016, increasing slightly to 19.95 in 2017, then declining to 17.67 in 2018. A sharp increase to 23.89 occurred in 2019, followed by a substantial decrease to 15.03 in 2020. This suggests changes in market valuation relative to the company’s free cash flow, with the stock appearing most expensive in 2019 and relatively undervalued in 2020 when compared to FCFE.