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

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

Common Equity (Market Value): The common equity (market value) exhibited a downward trend from 2014 to 2015, declining from $42,914 million to $33,681 million. After this decrease, it experienced a moderate increase in 2016 and 2017, reaching $37,399 million and $43,729 million respectively. However, in 2018, the value fell again to $32,847 million, indicating volatility and a net decrease over the five-year period.
Total Equity: Total equity closely mirrored the pattern observed in common equity (market value), starting at $42,944 million in 2014 and experiencing a significant decline to $33,705 million in 2015. Subsequent years saw a recovery to $37,424 million in 2016 and $43,730 million in 2017, followed by a drop to $32,870 million in 2018. The fluctuations suggest variations in the company’s retained earnings or other equity components.
Total Equity and Debt: The combined total of equity and debt demonstrated a similar trend, decreasing from $50,051 million in 2014 to $41,733 million in 2015. It then increased steadily through 2016 and 2017, peaking at $52,349 million, before falling again to $42,257 million in 2018. This pattern indicates significant changes in the company’s capital structure, with possible adjustments in debt or equity financing.
Enterprise Value (EV): Enterprise value decreased from $47,425 million in 2014 to $39,738 million in 2015, reflecting a reduction in the company's total valuation. It then rose to $44,380 million in 2016 and further to $49,514 million in 2017, showing improved valuation or market conditions. Despite this recovery, EV declined again to $40,964 million in 2018, consistent with the trend observed in equity and total capital metrics.
Overall Trends and Insights: The financial data reveal cyclical fluctuations in equity, debt, and enterprise value over the five-year span. The sharp decline in 2015 across most key metrics suggests a significant adverse event or market condition impacting the company’s valuation and capital structure. The rebound from 2016 to 2017 indicates recovery, possibly driven by operational improvements or better market sentiment. However, the subsequent declines in 2018 point to renewed challenges or market volatility. The parallel movements in total equity and enterprise value suggest that changes in shareholder value were closely linked with overall company valuation and financing strategy during this period.

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LyondellBasell Industries N.V. (NYSE:LYB)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)