FCFE, Формула расчета
Cвободный денежный поток компании доступный для акционеров или кратко FCFE. Обычно отсутсвует в отчетности компании в явном виде и вычисляется на основе других данных по формуле:
FCFE = Net Income + Depreciation and Amortization + net borrowing — CAPEX — changes in Working Сapital
где:
Net Income — чистая прибыль
Depreciation and Amortization — амортизация финансовых и не финансовых активов
net borrowing — чистые заимствования
CAPEX — чистые капитальные затраты
changes in Working Сapital — изменения оборотного капитала
Данные FCFE используются для оценки справедливой стоимости акционерного капитала по различным моделям, например, расширенная версия Gordon Growth Model.
Пример расчета FCFE для компании GAP (тикер GPS).
1. Сперва рассчитаем неизвестные значения для подстановки в формулу:
Net borrowing: (920+1249+5508) — (1249) = 6428
Capex: 702+343-220=825 (из таблицы №3 сложим сумму покупки оборудования и зданий, и вычтем доход от продажи зданий)
Changes in Working Capital: (13679-3209-7154) — (8049-2174-2322) = -237 (данные взяты из таблицы №2, Working Capital = Total Assets — Total Liabilities)
2. Теперь перейдем к расчетам по основной формуле:
+351 (Net Income, данные из таблицы №1)
+557 (Depreciation, Amortization, данные из таблицы №3)
+(6428) (Net borrowing) мы вичислили выше, в 1 пункте)
-825 (Capex мы вичислили выше, в 1 пункте)
-(-237) (changes in Working Capital мы вичислили выше, в 1 пункте)
FCFE = 351 + 557 + 6428 — 825 +237 = 6748
Таблица 1:
| CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |
|---|---|---|
| Feb. 01, 2020 | Feb. 02, 2019 | |
| Revenues | $ 16 383 | $ 16 580 |
| Cost of goods sold and occupancy expenses | 10 250 | 10 258 |
| Gross profit | 6 133 | 6 322 |
| Operating expenses | 5 559 | 4 960 |
| Operating income | 574 | 1 362 |
| Interest expense | 76 | 73 |
| Interest income | -30 | -33 |
| Income before income taxes | 528 | 1 322 |
| Income taxes | 177 | 319 |
| Net income | $ 351 | $ 1 003 |
| Weighted-average number of shares - diluted (in shares) | 378 | 388 |
| Earnings per share - basic (in dollars per share) | $ 0.93 | $ 2.61 |
| Earnings per share - diluted (in dollars per share) | 0.93 | 2.59 |
| Common Stock, Dividends, Per Share, Declared | $ 0.97 | $ 0.97 |
Таблица 2:
| CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 1 364 | $ 1 081 |
| Short-term Investments | 290 | 288 |
| Merchandise inventory | 2 156 | 2 131 |
| Other current assets | 706 | 751 |
| Total current assets | 4 516 | 4 251 |
| Property and equipment, net of accumulated depreciation of $5,839 and $5,755 | 3 122 | 2 912 |
| Operating Lease, Right-of-Use Asset | 5 402 | 0 |
| Other long-term assets | 639 | 886 |
| Total assets | 13 679 | 8 049 |
| Current liabilities: | ||
| Accounts payable | 1 174 | 1 126 |
| Accrued expenses and other current liabilities | 1 067 | 1 024 |
| Operating Lease, Liability, Current | 920 | 0 |
| Income taxes payable | 48 | 24 |
| Total current liabilities | 3 209 | 2 174 |
| Long-term liabilities: | ||
| Long-term debt | 1 249 | 1 249 |
| Operating Lease, Liability, Noncurrent | 5 508 | 0 |
| Lease incentives and other long-term liabilities | 397 | 1 073 |
| Total long-term liabilities | 7 154 | 2 322 |
| Stockholders' equity: | ||
| Common stock $0.05 par value, Authorized 2,300 shares | 19 | 19 |
| Additional Paid in Capital | 0 | 0 |
| Retained earnings | 3 257 | 3 481 |
| Accumulated other comprehensive income | 40 | 53 |
| Total stockholders' equity | 3 316 | 3 553 |
| Total liabilities and stockholders' equity | $ 13 679 | $ 8 049 |
Таблица 3:
| CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |
|---|---|---|
| Feb. 01, 2020 | Feb. 02, 2019 | |
| Cash flows from operating activities: | ||
| Net income | $ 351 | $ 1 003 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 557 | 578 |
| Amortization Lease Incentives | 0 | -61 |
| Operating Lease, Impairment Loss | 239 | 0 |
| Share-based compensation | 68 | 91 |
| Other Asset Impairment Charges | 98 | 14 |
| Gain (Loss) on Disposition of PPE, Excluding Oil, Gas and Timber Property | 70 | 4 |
| Non-cash and other items | -10 | -10 |
| Gain (Loss) on Disposition of Property Plant Equipment | -191 | 0 |
| Deferred income taxes | -81 | 65 |
| Changes in operating assets and liabilities: | ||
| Merchandise inventory | 4 | -154 |
| Other current assets and other long-term assets | 105 | -18 |
| Accounts payable | 66 | -78 |
| Accrued expenses and other current liabilities | 110 | -196 |
| Income taxes payable, net of prepaid and other tax-related items | 86 | 113 |
| Lease incentives and other long-term liabilities | 0 | 30 |
| ChangeOperatingLeaseAssetAndLiabilitiesNet | -61 | 0 |
| Net cash provided by operating activities | 1 411 | 1 381 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | -702 | -705 |
| Payments to Acquire Buildings | -343 | 0 |
| Proceeds from Sale of Buildings | 220 | 0 |
| Payments to Acquire Short-term Investments | -293 | -464 |
| Sales and maturities of short-term investments | 293 | 177 |
| Payments to Acquire Businesses, Net of Cash Acquired | -69 | 0 |
| Insurance proceeds related to loss on property and equipment | 0 | 0 |
| Other | 0 | -9 |
| Net cash used for investing activities | -894 | -1 001 |
| Cash flows from financing activities: | ||
| Payments of debt | 0 | 0 |
| Proceeds from issuances under share-based compensation plans | 25 | 46 |
| Withholding tax payments related to vesting of stock units | -21 | -23 |
| Repurchases of common stock | -200 | -398 |
| Cash dividends paid | -364 | -373 |
| Other | 0 | -1 |
| Net cash used for financing activities | -560 | -749 |
| Effect of Exchange Rate on Cash, Cash Equivalents, and Restricted Cash | 4 | -10 |
| Net increase (decrease) in Cash, Cash Equivalents, and Restricted Cash | -39 | -379 |
| Cash, Cash Equivalents, and Restricted Cash at beginning of period | 1 420 | 1 799 |
| Cash, Cash Equivalents, and Restricted Cash end of period | 1 381 | 1 420 |
| Non-cash investing activities: | ||
| Purchases of property and equipment not yet paid at end of period | 85 | 93 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest during the period | 76 | 76 |
| Cash paid for income taxes during the period, net of refunds | 176 | 143 |
| Operating Lease, Payments | $ 1 244 | $ 0 |
