Monsanto Co., FCFE calculation

US$ in millions

12 months ended:	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Net income attributable to Monsanto Company	2,260)	1,336)	2,314)	2,740)	2,482)	2,045)
Net (income) loss attributable to noncontrolling interest	13)	(23)	11)	22)	43)	48)
Net noncash charges	1,042)	1,233)	956)	924)	728)	1,070)
Changes in assets and liabilities that provided (required) cash, net of acquisitions	(89)	42)	(173)	(632)	(513)	(112)
Net cash provided by operating activities	3,226)	2,588)	3,108)	3,054)	2,740)	3,051)
Capital expenditures	(1,240)	(923)	(967)	(1,005)	(741)	(646)
Net change in financing with less than 90-day maturities	(695)	676)	45)	38)	104)	(116)
Short-term debt proceeds	72)	49)	57)	50)	22)	30)
Short-term debt reductions	(54)	(272)	(36)	(24)	(29)	(42)
Long-term debt proceeds	601)	9)	1,279)	5,479)	32)	499)
Long-term debt reductions	(1,019)	(306)	(107)	(7)	(2)	(629)
Payments on other financing	—)	—)	—)	(39)	—)	—)
Debt issuance costs	(2)	—)	(12)	(53)	—)	(5)
Free cash flow to equity (FCFE)	889)	1,821)	3,367)	7,493)	2,126)	2,142)

Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31).

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Monsanto Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	441,283,987
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	889)
FCFE per share	2.01
Current share price (P)	118.05
Valuation Ratio
P/FCFE	58.60
Benchmarks
P/FCFE, Competitors¹
lululemon athletica inc.	12.29
Nike Inc.	24.49

Based on: 10-K (reporting date: 2017-08-31).

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.

Monsanto Co., historical P/FCFE calculation, comparison to benchmarks

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
No. shares of common stock outstanding¹	440,199,969	437,982,595	439,837,164	484,073,332	525,837,818	534,598,091
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	889)	1,821)	3,367)	7,493)	2,126)	2,142)
FCFE per share³	2.02	4.16	7.66	15.48	4.04	4.01
Share price^1, 4	121.52	102.49	93.73	112.18	107.62	88.69
Valuation Ratio
P/FCFE⁵	60.17	24.65	12.24	7.25	26.62	22.14
Benchmarks
P/FCFE, Competitors⁶
lululemon athletica inc.	—	—	—	—	—	—
Nike Inc.	—	—	—	—	—	—

Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2017 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 889,000,000 ÷ 440,199,969 = 2.02

⁴ Closing price as at the filing date of Monsanto Co. Annual Report.

⁵ 2017 Calculation
P/FCFE = Share price ÷ FCFE per share
= 121.52 ÷ 2.02 = 60.17

⁶ Click competitor name to see calculations.

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Monsanto Co. (NYSE:MON)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical