Enterprise Value (EV)
Current Enterprise Value (EV)
Mosaic Co., current enterprise value calculation
| Current share price (P) | $52.22 |
| No. shares of common stock outstanding | 345,267,189 |
| US$ in thousands | |
| Common equity (market value)1 | 18,029,853) |
| Add: Preferred stock, $0.01 par value, none issued and outstanding (per books) | —) |
| Add: Non-controlling interests (per books) | 144,400) |
| Total equity | 18,174,253) |
| Add: Short-term debt (per books) | 302,800) |
| Add: Current maturities of long-term debt (per books) | 596,600) |
| Add: Structured accounts payable arrangements (per books) | 743,700) |
| Add: Long-term debt, less current maturities (per books) | 3,382,200) |
| Total equity and debt | 23,199,553) |
| Less: Cash and cash equivalents | 769,500) |
| Enterprise value (EV) | 22,430,053) |
Based on: 10-K (reporting date: 2021-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 52.22 × 345,267,189
Historical Enterprise Value (EV)
Mosaic Co., EV calculation
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Mosaic Co. Annual Report.
3 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 45.20 × 368,309,275
The enterprise value (EV) exhibited a volatile but overall upward trajectory between 2017 and 2021. After an initial period of growth, a significant contraction occurred in 2019, followed by a robust recovery and expansion through 2021, resulting in a final valuation that exceeded the 2017 baseline by approximately 49.6%.
- Enterprise Value Trend
- Enterprise value rose from 14,060,312 thousand US$ in 2017 to 15,543,777 thousand US$ in 2018. A sharp decline followed in 2019, with the value dropping to 12,013,679 thousand US$. This downturn was reversed in 2020 as the value climbed to 16,076,972 thousand US$, culminating in a peak of 21,047,779 thousand US$ by the end of 2021.
- Common Equity Market Value Analysis
- The market value of common equity mirrored the volatility of the overall enterprise value. A notable devaluation occurred in 2019, where market value fell to 6,995,779 thousand US$ from 11,082,277 thousand US$ the previous year. This representes a contraction of approximately 36.8%. Subsequent years saw a rapid acceleration, with the market value reaching 16,647,579 thousand US$ in 2021, indicating a strong restoration of investor confidence and market capitalization.
- Equity and Debt Relationship
- Total equity and debt consistently remained higher than the calculated enterprise value across all periods. For example, in 2021, while total equity and debt stood at 21,817,279 thousand US$, the enterprise value was 21,047,779 thousand US$. The persistent gap between these two figures suggests the presence of significant cash and cash equivalents that offset the total debt load when determining the total enterprise value.
- Book Value Correlation
- A close correlation is observed between the market value of common equity and total equity (book value). Throughout the five-year period, these two metrics moved in tandem, suggesting that the market valuation of the company remained closely aligned with its accounting equity, with minimal premiums or discounts applied by the market during the observed timeframe.
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