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Free Cash Flow Build Up

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 469.42634.56797.071,035.001,100.101,064.561,264.061,500.951,782.232,116.212,512.79
EBITDA -20.61134.02309.42482.31319.47281.04332.07394.30468.19555.93660.11
EBIT -54.4578.05210.43386.47187.24154.47202.25240.15285.16338.59402.05
Tax Rate -14.90%159.68%15.92%36.93%-37.36%21.37%30.27%30.27%30.27%30.27%30.27%
EBIAT -62.57-46.58176.92243.75257.18121.46141.02167.45198.83236.09280.33
Depreciation 33.8555.9799.0095.84132.23126.58129.82154.15183.03217.34258.06
Accounts Receivable -14.70-17.37-10.29-37.58-37.05-31.87-49.98-59.35-70.47-83.68
Inventories -----------
Accounts Payable -182.0249.3756.66-50.38257.599.64147.84175.55208.44247.50
Capital Expenditure -503.79-196.61-555.61280.46323.1391.51134.31159.48189.37224.86
UFCF -28.72709.90111.30-169.65581.91791.72340.11553.77657.54780.77927.08
WACC
PV UFCF 340.11553.77657.54780.77927.08
SUM PV UFCF 5,255.74