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Free Cash Flow Build Up

Texas Pacific Land Trust

Texas Pacific Land Trust (TPL)

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 44.1155.2079.4166.10154.62300.20468.50731.141,141.021,780.672,778.91
EBITDA 40.1651.4575.3162.94145.44264.33434.44677.991,058.061,651.222,576.89
EBIT 40.1451.4375.2862.89145.07261.75433.46676.451,055.671,647.482,571.05
Tax Rate 32.20%32.41%33.53%32.79%32.97%19.87%30.63%30.63%30.63%30.63%30.63%
EBIAT 27.2234.7650.0442.2797.24209.73300.70469.27732.351,142.901,783.61
Depreciation 0.020.020.020.050.372.580.981.542.403.745.84
Accounts Receivable -0.51-0.57-2.76-11.22-30.994.48-24.82-38.73-60.45-94.33
Inventories -----------
Accounts Payable --0.040.04-0.044.794.89-0.435.658.8113.7521.46
Capital Expenditure --0.000.170.7617.7729.13-24.5213.0820.4131.8549.71
UFCF 27.2335.2549.7040.28108.95215.35281.21464.72725.231,131.801,766.29
WACC
PV UFCF 281.21464.72725.231,131.801,766.29
SUM PV UFCF 4,846.01