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Free Cash Flow Build Up

TD Ameritrade Holding Corporation

TD Ameritrade Holding Corporation (AMTD)

Financial Services

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,764.003,123.043,247.033,326.913,675.905,451.726,304.927,291.648,432.789,752.5111,278.78
EBITDA 1,289.961,480.011,512.141,496.111,646.072,269.012,858.023,305.303,822.584,420.815,112.67
EBIT 1,113.061,295.131,331.281,318.121,465.211,986.062,507.472,899.883,353.723,878.574,485.57
Tax Rate 37.96%38.03%36.88%33.44%37.45%21.94%34.28%34.28%34.28%34.28%34.28%
EBIAT 690.55802.57840.32877.36916.551,550.331,647.851,905.732,203.982,548.902,947.81
Depreciation 176.90184.88180.86177.99180.85282.94350.55405.42468.86542.24627.10
Accounts Receivable --2,406.99-875.92471.92-5,398.85-5,649.02-2,756.33-4,257.01-4,923.23-5,693.71-6,584.78
Inventories -----------
Accounts Payable -1,762.181,867.002,284.056,865.76-1,729.8611,521.305,998.076,936.778,022.389,277.88
Capital Expenditure --0.03-72.8634.0291.9019.9540.2640.2646.5653.8462.27
UFCF 867.45342.611,939.393,845.332,656.20-5,525.6510,803.644,092.474,732.955,473.656,330.28
WACC
PV UFCF 10,803.644,092.474,732.955,473.656,330.28
SUM PV UFCF 35,558.33