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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 44.1155.2079.4159.91132.32300.20475.64753.611,194.011,891.792,997.36
EBITDA 40.1534.7875.2855.10120.15263.43411.71652.321,033.541,637.542,594.51
EBIT 40.1334.7675.2655.06119.78260.85410.67650.661,030.911,633.372,587.92
Tax Rate 32.20%32.41%33.53%32.40%36.29%19.87%31.12%31.12%31.12%31.12%31.12%
EBIAT 27.2123.5050.0237.2276.31209.01282.89448.20710.131,125.141,782.67
Depreciation 0.020.020.020.040.372.581.051.662.634.166.59
Accounts Receivable -0.51-0.57-2.76-11.66-30.551.19-27.80-44.04-69.78-110.56
Inventories -----------
Accounts Payable --0.040.04-0.044.784.900.346.3410.0415.9125.21
Capital Expenditure --0.00-0.17-0.75-17.77-29.1322.34-14.93-23.65-37.47-59.37
UFCF 27.2323.9949.3533.7152.03156.81307.80413.48655.111,037.961,644.54
WACC
PV UFCF 307.80413.48655.111,037.961,644.54
SUM PV UFCF 4,402.00