Name: LyondellBasell Industries N.V. (NYSE:LYB) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

LyondellBasell Industries N.V., current enterprise value calculation

Current share price (P)	$76.14
No. shares of common stock outstanding	335,248,065
US$ in millions
Common equity (market value)¹	25,526)
Add: Non-controlling interests (per books)	23)
Total equity	25,549)
Add: Current maturities of long-term debt (per books)	5)
Add: Short-term debt (per books)	885)
Add: Long-term debt, excluding current maturities (per books)	8,497)
Total equity and debt	34,936)
Less: Cash and cash equivalents	332)
Less: Restricted cash	69)
Less: Short-term investments	892)
Enterprise value (EV)	33,643)

Based on: 10-K (reporting date: 2018-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 76.14 × 335,248,065

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LyondellBasell Industries N.V., EV calculation

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Share price^1, 2	$88.50	$110.83	$92.91	$77.93	$89.94
No. shares of common stock outstanding¹	371,156,998	394,556,328	402,531,335	432,200,532	477,142,443
US$ in millions
Common equity (market value)³	32,847)	43,729)	37,399)	33,681)	42,914)
Add: Non-controlling interests (book value)	23)	1)	25)	24)	30)
Total equity	32,870)	43,730)	37,424)	33,705)	42,944)
Add: Current maturities of long-term debt (book value)	5)	2)	2)	4)	4)
Add: Short-term debt (book value)	885)	68)	594)	353)	346)
Add: Long-term debt, excluding current maturities (book value)	8,497)	8,549)	8,385)	7,671)	6,757)
Total equity and debt	42,257)	52,349)	46,405)	41,733)	50,051)
Less: Cash and cash equivalents	332)	1,523)	875)	924)	1,031)
Less: Restricted cash	69)	5)	3)	7)	2)
Less: Short-term investments	892)	1,307)	1,147)	1,064)	1,593)
Enterprise value (EV)	40,964)	49,514)	44,380)	39,738)	47,425)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of LyondellBasell Industries N.V. Annual Report.

³ 2018 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 88.50 × 371,156,998

The Enterprise Value (EV) and associated equity metrics exhibit a cyclical trend between 2014 and 2018, characterized by a significant decline in 2015, a recovery peaking in 2017, and a subsequent sharp contraction in 2018.

Enterprise Value Fluctuations: The Enterprise Value decreased from 47,425 million USD in 2014 to 39,738 million USD in 2015. A period of growth followed, with the value rising to 44,380 million USD in 2016 and peaking at 49,514 million USD in 2017. However, this upward trajectory reversed in 2018, with the EV falling to 40,964 million USD, representing a decrease of approximately 17.3% from the previous year's peak.
Equity Valuation and Market Alignment: A strong correlation is observed between the market value of common equity and total equity. Throughout the five-year period, these two figures remained nearly identical, indicating a market-to-book ratio consistently close to 1.0. The market value of common equity followed the same volatile path as the EV, dropping to 33,681 million USD in 2015 and 32,847 million USD in 2018, while reaching a high of 43,729 million USD in 2017.
Capital Structure Trends: Total equity and debt mirrored the fluctuations seen in equity and enterprise value. The combined value of equity and debt reached a five-year high of 52,349 million USD in 2017, coinciding with the peak in EV. The subsequent drop to 42,257 million USD in 2018 suggests a contraction in the overall capital base or a significant reduction in debt and equity levels during that fiscal year.

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LyondellBasell Industries N.V. (NYSE:LYB)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)