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Free Cash Flow Build Up

Booking Holdings Inc.

Booking Holdings Inc. (BKNG)

Consumer Cyclical

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 6,793.318,442.049,223.7710,742.9312,680.9514,527.3016,927.2119,723.5922,981.9226,778.5431,202.35
EBITDA 2,497.903,285.643,561.303,230.405,016.595,530.546,263.077,297.738,503.319,908.0611,544.87
EBIT 2,379.703,077.973,289.202,921.004,653.915,104.895,816.196,777.027,896.599,201.1110,721.13
Tax Rate 17.58%18.99%18.44%21.30%46.78%17.31%23.40%23.40%23.40%23.40%23.40%
EBIAT 1,961.312,493.462,682.572,298.692,476.654,221.174,455.075,191.046,048.607,047.838,212.14
Depreciation 118.20207.67272.10309.40362.68425.65446.88520.70606.72706.95823.74
Accounts Receivable --108.14-0.61-215.77-356.86-305.0995.50-235.73-274.68-320.05-372.93
Inventories -----------
Accounts Payable -33.8441.7196.14249.31466.30-359.32128.07149.23173.88202.61
Capital Expenditure -47.4642.6393.1720.36153.77-89.5458.1667.7778.9792.02
UFCF 2,079.522,674.303,038.402,581.632,752.144,961.804,548.585,662.256,597.657,687.598,957.58
WACC
PV UFCF 4,548.585,662.256,597.657,687.598,957.58
SUM PV UFCF 51,541.44