Price to FCFE (P/FCFE)
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LyondellBasell Industries N.V. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2011
- Return on Assets (ROA) since 2011
- Price to Book Value (P/BV) since 2011
- Analysis of Revenues
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
LyondellBasell Industries N.V., FCFE 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 cash provided by operating activities
- The net cash generated from operating activities shows a declining trend over the analyzed period from 2014 to 2017, beginning at $6,048 million in 2014 and decreasing to $5,206 million in 2017. There is a minor recovery in 2018, where cash provided by operations increases slightly to $5,471 million. Overall, the operational cash flow declines by approximately 9.5% over the five-year span.
- Free cash flow to equity (FCFE)
- The free cash flow to equity also exhibits a downward trajectory, starting at $5,785 million in 2014 and falling sharply to $3,083 million by 2017. A modest increase to $3,782 million occurs in 2018. This decline is more pronounced than that observed in operating cash flow, with FCFE decreasing by approximately 34.6% over the five-year period. The larger drop in FCFE relative to net operating cash flow suggests increased capital expenditures, changes in working capital, debt repayments, or dividend payments impacting the free cash available to equity holders.
Price to FCFE Ratio, Current
LyondellBasell Industries N.V., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Linde plc | |
| Sherwin-Williams Co. | |
Based on: 10-K (reporting date: 2018-12-31).
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
LyondellBasell Industries N.V., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| 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 | ||||||
| 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).
1 Data adjusted for splits and stock dividends.
3 2018 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of LyondellBasell Industries N.V. Annual Report.
5 2018 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The analysis of the financial trends over the five-year period reveals several insights about the subject's market performance and cash flow dynamics.
- Share price
- The share price exhibited fluctuations throughout the period. It started at a high level, followed by a decline in the subsequent year. The price then experienced a notable increase, reaching its peak in the fourth year before declining again in the final year. This indicates variability in market valuation, with a significant peak in the penultimate year.
- Free Cash Flow to Equity (FCFE) per share
- FCFE per share showed a somewhat declining trend initially, dropping steadily over the first four years. However, there was a partial recovery in the final year, suggesting improved cash flow generation capacity relative to equity toward the end of the period.
- Price to FCFE (P/FCFE) ratio
- The P/FCFE ratio followed an inconsistent pattern. It decreased in the second year, indicating that the share price was lower relative to FCFE per share. Subsequently, it increased sharply in the fourth year, peaking significantly, which reflects a premium valuation compared to cash flow during that period. In the final year, the ratio receded but remained elevated compared to the earlier years, implying sustained market optimism or expectations despite the drop in share price.
Overall, the data indicates a market behavior characterized by fluctuating valuation metrics, with the share price and P/FCFE ratio peaking concurrently in the fourth year. The decline in FCFE per share over most of the period followed by an increase might suggest operational challenges initially, with some recovery toward the end. The higher valuation multiples in the later years hint at positive investor sentiment or growth expectations not fully matched by cash flow metrics.