Calculating/Projecting Capex in PP&E Schedule

Hi All,

Working on a three-statement model on a private company for a case study and had a question. All I was provided was P&L's and BS. When calculating CapEx for most recent year, Fixed Assets decreased from 2021 to 2022, and so when calculating CapEx (End PP&E - Beg PP&E + Depreciation Expense) Capex is coming out negative. Without management provided guidance on future CapEx, how do I go about projecting CapEx in the PP&E schedule? This is tough because obviously I need this schedule so I can also project D&A that flows back into the IS, as well as projecting future Fixed Assets in the BS. Would love any guidance on solutions here and if there is an issue somewhere.

Thanks!

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