In addition to the historical data provided in the GHC Free Cashflow Data workbook, you make the assumptions found in this file: GHC Assumptions (download the file by clicking the link and open it to answer this question).
Question: What is the 2021 unlevered free cash flow?
- 161,288.2
- 186,438.3
- 190,140.5
- 221,312.7
- 578,479.5
B 5.00% $0.00 5.00% 5.00% 5.00% 1 Assumptions, DCF valuation for Graham Holdings 2 3 Growth of EBIAT() through 2021 4 Nonrecurring non-operating income/expense) 2017-2021 5 Growth of every other income statement item through 2021 6 Growth of cash and equivalents, marketable securities, working capital assets and liabilities, debt (current and long term) through 2021 7 Growth of common dividends through 2021 8 Capital expenditures and purchases of intangibles in 2017 (2) 9 Growth of capital expenditures, intangible purchases 2018-20212) 10 Terminal growth rate 11 12 13 Operating income x (1-tax rate) 14 Assume no asset sales for PP&E or intangible assets 15 Average of 2014-2016 5.00% 3.00% (2) B D 1 Free cash flow buildup 2 12/31/2014 12/31/2015 12/31/2016 2,737,032.00 2,504,312.00 2.136 35,533 778,010 312,300.00 2,586,114.00 2.666,939.00 1,909.00 32,654.00 -8,623.00 20,500.00 2,481,890.00 2,178,356.00 3,093.00 35,390.00 -12,642.00 81,200.00 249,457.00 428,437.00 92.894.00 3 Fiscal year end date 4 Select Income Statement Data 5 Revenue 6 COGS, SG&A and other operating expenses 7 Interest income 8 Interest expense 9 Nonrecurring non-operating income (expense) 10 Provision for Income Taxes 11 Memo 12 Depreciation & amortization (included in COGS, SG&A and other operating expenses) 13 14 Fiscal year end date 15 Cash and equivalents 16 Investments in marketable equity securities 17 Working capital assets 18 Intangible assets (including goodwill) 19 PP&E 20 21 Working capital liabilities 22 Current portion of long-term debt 23 Long-Term Debt 24 25 Fiscal year end date 26 Cash flows from investing activities 27 Capital expenditures and purchases of intangible assets 28 Common dividends 29 12/31/2015 774,952.00 379,445.00 706,325.00 1,146,589.00 231,123.00 12/31/2016 670,816.00 448,241.00 752,289.00 1,296,919.00 233,664.00 928,429.00 0 399,800.00 1,008,743.00 6,128.00 485,719.00 12/31/2015 12/31/2016 237,292.00 68,114.00 136,859.00 53,721.00 66,612.00 27,325.00 B 5.00% $0.00 5.00% 5.00% 5.00% 1 Assumptions, DCF valuation for Graham Holdings 2 3 Growth of EBIAT() through 2021 4 Nonrecurring non-operating income/expense) 2017-2021 5 Growth of every other income statement item through 2021 6 Growth of cash and equivalents, marketable securities, working capital assets and liabilities, debt (current and long term) through 2021 7 Growth of common dividends through 2021 8 Capital expenditures and purchases of intangibles in 2017 (2) 9 Growth of capital expenditures, intangible purchases 2018-20212) 10 Terminal growth rate 11 12 13 Operating income x (1-tax rate) 14 Assume no asset sales for PP&E or intangible assets 15 Average of 2014-2016 5.00% 3.00% (2) B D 1 Free cash flow buildup 2 12/31/2014 12/31/2015 12/31/2016 2,737,032.00 2,504,312.00 2.136 35,533 778,010 312,300.00 2,586,114.00 2.666,939.00 1,909.00 32,654.00 -8,623.00 20,500.00 2,481,890.00 2,178,356.00 3,093.00 35,390.00 -12,642.00 81,200.00 249,457.00 428,437.00 92.894.00 3 Fiscal year end date 4 Select Income Statement Data 5 Revenue 6 COGS, SG&A and other operating expenses 7 Interest income 8 Interest expense 9 Nonrecurring non-operating income (expense) 10 Provision for Income Taxes 11 Memo 12 Depreciation & amortization (included in COGS, SG&A and other operating expenses) 13 14 Fiscal year end date 15 Cash and equivalents 16 Investments in marketable equity securities 17 Working capital assets 18 Intangible assets (including goodwill) 19 PP&E 20 21 Working capital liabilities 22 Current portion of long-term debt 23 Long-Term Debt 24 25 Fiscal year end date 26 Cash flows from investing activities 27 Capital expenditures and purchases of intangible assets 28 Common dividends 29 12/31/2015 774,952.00 379,445.00 706,325.00 1,146,589.00 231,123.00 12/31/2016 670,816.00 448,241.00 752,289.00 1,296,919.00 233,664.00 928,429.00 0 399,800.00 1,008,743.00 6,128.00 485,719.00 12/31/2015 12/31/2016 237,292.00 68,114.00 136,859.00 53,721.00 66,612.00 27,325.00
