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The Howard Hughes Corporation

The Howard Hughes Corporation (HHC)

Real Estate

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 474.61634.55797.061,034.991,100.091,064.551,260.861,493.361,768.742,094.892,481.19
EBITDA 148.22227.74223.97427.76355.00244.42402.97477.28565.29669.53792.99
EBIT 111.20166.76118.76326.75218.48106.88264.91313.75371.61440.14521.30
Tax Rate -15.07%159.66%15.92%36.93%-39.38%22.13%30.03%30.03%30.03%30.03%30.03%
EBIAT 127.96-99.4999.85206.07304.5283.22185.35219.52260.00307.95364.73
Depreciation 37.0260.98105.21101.01136.52137.54138.06163.52193.68229.39271.69
Accounts Receivable --8.0726.941.57-5.731.15-16.37-3.88-4.60-5.45-6.45
Inventories -----------
Accounts Payable -182.0149.3656.66-50.27257.486.26144.85171.56203.19240.66
Capital Expenditure -23.25-6.965.842.692.46-20.62-4.63-5.48-6.49-7.69
UFCF 164.98158.68274.41371.15387.74481.85292.68519.39615.16728.60862.95
WACC
PV UFCF 292.68519.39615.16728.60862.95
SUM PV UFCF 4,857.58