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Free Cash Flow Build Up

Graham Holdings Company

Graham Holdings Company (GHC)

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 2,600.602,737.132,586.322,482.092,592.052,696.252,718.622,741.192,763.942,786.882,810.01
EBITDA 578.111,891.09380.96378.02329.45473.46686.72692.42698.17703.97709.81
EBIT 313.371,641.73-47.59285.19216.18361.30468.69472.58476.50480.46484.45
Tax Rate 14.60%19.44%-25.58%32.51%-65.65%16.11%-1.43%-1.43%-1.43%-1.43%-1.43%
EBIAT 267.611,322.51-59.76192.48358.09303.07475.37479.32483.30487.31491.35
Depreciation 264.74249.35428.5592.83113.27112.16218.03219.84221.67223.51225.36
Accounts Receivable --142.66-1.11-42.71-5.2137.89-5.65-4.88-4.92-4.96-5.00
Inventories --8.36-20.85-2.68-25.90-8.9132.86-0.30-0.31-0.31-0.31
Accounts Payable --41.60-36.1872.6025.81-39.7718.454.194.234.264.30
Capital Expenditure -30.82-100.49-70.30-6.1337.7540.231.151.161.171.18
UFCF 532.361,410.07210.16242.23459.92442.19779.30699.32705.12710.97716.87
WACC
PV UFCF 779.30699.32705.12710.97716.87
SUM PV UFCF 6,908.51