Price to FCFE (P/FCFE)
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Time Warner Cable Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Selected Financial Data since 2006
- Net Profit Margin since 2006
- Price to Earnings (P/E) since 2006
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
Time Warner Cable Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
Over the five-year period ending in 2015, the cash provided by operating activities for the company demonstrates a generally positive trend with some fluctuations. Starting at 5,688 million US dollars in 2011, this cash flow slightly declined to 5,525 million in 2012. However, it recovered to 5,753 million in 2013 and continued to increase more substantially in subsequent years, reaching 6,350 million in 2014 and 6,539 million in 2015. This indicates an overall strengthening of the company's core operational cash generation capabilities.
In contrast, free cash flow to equity (FCFE) shows a markedly different pattern. The FCFE begins at a high level of 5,862 million in 2011 but experiences a significant decline to 795 million in 2012. Although there is a gradual improvement in subsequent years, with values rising to 877 million in 2013, 971 million in 2014, and 1,035 million in 2015, FCFE remains considerably lower compared to the initial 2011 figure. This suggests that despite increases in operating cash flows, factors such as capital expenditures, debt servicing, or other financial obligations may have constrained the free cash available to equity holders in the years following 2011.
Overall, while the company’s operational cash flow position has strengthened steadily from 2012 onwards, the free cash flow to equity reveals ongoing challenges in translating operational success into equity cash returns, reflecting possible strategic reinvestments or financial structuring decisions affecting available equity cash flows.
Price to FCFE Ratio, Current
Time Warner Cable Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Alphabet Inc. | |
| Comcast Corp. | |
| Meta Platforms Inc. | |
| Netflix Inc. | |
| Take-Two Interactive Software Inc. | |
| Walt Disney Co. | |
Based on: 10-K (reporting date: 2015-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Time Warner Cable Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Alphabet Inc. | ||||||
| Comcast Corp. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
1 Data adjusted for splits and stock dividends.
3 2015 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Time Warner Cable Inc. Annual Report.
5 2015 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The data reveals a notable evolution in the share price, free cash flow to equity (FCFE) per share, and the price-to-FCFE ratio for the periods ending from 2011 through 2015.
- Share Price
- The share price exhibits a consistent upward trajectory over the five-year period. Starting at $77.66 in 2011, it increased to $86.94 in 2012, followed by a more pronounced rise to $144.98 in 2013. The price continued to climb to $149.74 in 2014 and reached $184.99 by the end of 2015. This strong growth reflects increased market valuation or investor optimism.
- FCFE per Share
- The FCFE per share shows a contrasting pattern compared to the share price trend. It begins at $18.66 in 2011 but sharply declines to $2.69 in 2012. Subsequently, there is a modest increase each year with values of $3.16 in 2013, $3.46 in 2014, and $3.65 in 2015. Despite the improvement, FCFE per share remains significantly lower than the initial 2011 value throughout the period, indicating constrained or reduced free cash flow generation relative to equity.
- P/FCFE Ratio
- The price-to-FCFE ratio, which measures how much investors are willing to pay for each dollar of FCFE, shows a marked increase. It starts at a low ratio of 4.16 in 2011, then surges to 32.32 in 2012. The ratio continues to rise, reaching 45.87 in 2013, 43.32 in 2014, and finally 50.63 in 2015. This increasing ratio alongside declining FCFE per share and rising share price suggests a valuation expansion possibly based on expectations of future growth or other non-cash-flow factors.
In summary, while the share price rose substantially over the period, the FCFE per share declined sharply and only slightly recovered, leading to a significant increase in the P/FCFE ratio. This divergence possibly indicates heightened market expectations or valuation multiples not directly supported by current free cash flow performance.