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9 Cards in this Set
- Front
- Back
- 3rd side (hint)
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FCFF starting with net income
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FCFF = NI + NCC + [Int(1-tax)] - FCInv - WCInv
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FCFF starting with EBIT
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FCFF = EBIT*(1-tax) + Dep - FCInv - WCInv
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FCFF starting with EBITDA
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FCFF = EBITDA*(1-tax) + (Dep*tax) - FCInv - WCInv
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FCFF starting with CFO
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FCFF = CFO + [Int*(1-tax)] - FCInv
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FCFE from FCFF
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FCFE = FCFF - [Int*(1-tax)] + net borrowing
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FCFE from net income
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FCFE = NI + NCC - FCInv -WCInv + net borrowing
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FCFE from CFO
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FCFE = CFO - FCInv + net borrowing
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FCInv
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FCInv = capital expenditures - proceeds of sales from LT assets
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Capital Expenditures
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CapEx = ending gross PP&E - beginning gross PP&E
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CapEx = ending net PP&E - beginning net PP&E + depreciation
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