Enterprise Value to EBITDA (EV/EBITDA)
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LyondellBasell Industries N.V. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2011
- Operating Profit Margin since 2011
- Return on Equity (ROE) since 2011
- Price to Sales (P/S) since 2011
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
LyondellBasell Industries N.V., EBITDA calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2014-12-31).
- Net Income Attributable to the Company Shareholders
- The net income showed a general upward trend from 2014 to 2017, increasing from 4,174 million USD in 2014 to a peak of 4,879 million USD in 2017. However, in 2018, net income experienced a slight decline to 4,688 million USD. Despite this decrease, the 2018 figure remained higher than the 2014 and 2016 levels.
- Earnings Before Tax (EBT)
- EBT followed a similar pattern to net income, rising from 5,712 million USD in 2014 to 6,209 million USD in 2015, then declining to 5,233 million USD in 2016. It recovered moderately in 2017 to 5,493 million USD but decreased slightly again to 5,311 million USD in 2018. The fluctuations suggest variability in profitability before tax across the years, with no clear sustained growth after 2015.
- Earnings Before Interest and Tax (EBIT)
- EBIT increased from 6,064 million USD in 2014 to a high of 6,519 million USD in 2015. It then declined steadily over the following years, falling to 5,555 million USD in 2016, then slightly increasing to 5,984 million USD in 2017, before another decline to 5,671 million USD in 2018. This pattern indicates some volatility in operating profitability with a peak in 2015 followed by generally lower values.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA displayed an increasing trend from 7,083 million USD in 2014 to 7,566 million USD in 2015. Subsequently, it declined to 6,619 million USD in 2016 before rising again to 7,158 million USD in 2017. In 2018, EBITDA decreased to 6,912 million USD. Overall, EBITDA shows cyclicality with peaks in 2015 and 2017, followed by decreases the year after each peak.
Enterprise Value to EBITDA Ratio, Current
LyondellBasell Industries N.V., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Linde plc | |
| Sherwin-Williams Co. | |
Based on: 10-K (reporting date: 2018-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
LyondellBasell Industries N.V., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Linde plc | ||||||
| Sherwin-Williams Co. | ||||||
Based on: 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), 10-K (reporting date: 2014-12-31).
3 2018 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value experienced fluctuations over the period. It decreased from $47,425 million in 2014 to $39,738 million in 2015, showing a notable decline. This was followed by an increase to $44,380 million in 2016, further rising to a peak of $49,514 million in 2017. However, in 2018, the EV decreased again considerably to $40,964 million. The overall trend indicates volatility with an initial decline, a subsequent recovery, and another drop by the end of the period.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA showed variability but remained relatively stable with minor fluctuations. It increased from $7,083 million in 2014 to $7,566 million in 2015, then declined to $6,619 million in 2016. The value recovered to $7,158 million in 2017 before slightly decreasing to $6,912 million in 2018. The changes suggest some operational volatility but without drastic shifts over the five years.
- EV/EBITDA Ratio
- The EV/EBITDA ratio demonstrated fluctuations reflecting the combined effects of enterprise value and EBITDA changes. It decreased from 6.7 in 2014 to 5.25 in 2015, indicating a relatively lower valuation compared to earnings. This ratio increased back to 6.7 in 2016 and further to 6.92 in 2017, suggesting a higher valuation relative to EBITDA. In 2018, the ratio fell again to 5.93. The ratio pattern aligns with the enterprise value volatility and has implications for perceived valuation multiples in relation to earnings capacity.