In a 3-statement model, how would you go about Projecting net income attributable to non-controlling interests?
Initially I was assuming I could take it as a % of revenue but that doesnt seem to be true. Any advice?
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It's tough. Disclosure on unconsolidated joint ventures can be very limited.
-Worst case, put a growth rate on it. -Best case (see example AHT) they'll give you tons of supplementary info for your model.
I wouldn't forecast it as a pct of revs, because it isn't driven by consolidated sales. If it's hugely material, you'll have to dig through the footnotes and such...
Be careful with EBITDA, leverage and EBITDA multiple calculations! You're going to want to adjust for JV share of EBITDA and JV share of net debt. They'll generally give you these items, but there could be exceptions to the rule.
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