Reynolds American Inc., current enterprise value calculation

Current share price (P)	$64.47
No. shares of common stock outstanding	1,426,711,959
US$ in millions
Common equity (market value)¹	91,980)
Total equity	91,980)
Add: Current maturities of long-term debt (per books)	501)
Add: Long-term debt, less current maturities (per books)	12,664)
Total equity and debt	105,145)
Less: Cash and cash equivalents	2,051)
Less: Short-term investments	—)
Enterprise value (EV)	103,094)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 64.47 × 1,426,711,959

Reynolds American Inc., EV calculation

	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012
Share price^1, 2	$60.54	$48.50	$35.15	$24.04	$21.97
No. shares of common stock outstanding¹	1,425,934,305	1,427,341,341	1,062,567,026	1,073,894,304	1,105,896,384
US$ in millions
Common equity (market value)³	86,326)	69,226)	37,349)	25,816)	24,297)
Total equity	86,326)	69,226)	37,349)	25,816)	24,297)
Add: Current maturities of long-term debt (book value)	501)	506)	450)	—)	60)
Add: Long-term debt, less current maturities (book value)	12,664)	16,941)	4,633)	5,099)	5,035)
Total equity and debt	99,491)	86,673)	42,432)	30,915)	29,392)
Less: Cash and cash equivalents	2,051)	2,567)	966)	1,500)	2,502)
Less: Short-term investments	—)	149)	—)	—)	—)
Enterprise value (EV)	97,440)	83,957)	41,466)	29,415)	26,890)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Reynolds American Inc. Annual Report.

³ 2016 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 60.54 × 1,425,934,305

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Reynolds American Inc. EV increased from 2014 to 2015 and from 2015 to 2016.

Reynolds American Inc. (NYSE:RAI)

Enterprise Value (EV)