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Pascal PIERRE edited section_Building_a_Profitability_Valuation__.tex
almost 8 years ago
Commit id: 06570c0107c1cdf859c89db2bfe050426667e2fb
deletions | additions
diff --git a/section_Building_a_Profitability_Valuation__.tex b/section_Building_a_Profitability_Valuation__.tex
index 97093ea..29c6461 100644
--- a/section_Building_a_Profitability_Valuation__.tex
+++ b/section_Building_a_Profitability_Valuation__.tex
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FCFF_{t}=NOPAT_{t}-(NetCapex_{t}+\bigtriangleup WC_{t})
\end{equation}
Where $NOPAT_{t}$ is the Net Operating Profit After Tax at time $t$ and $NetCapex_{t}$ are the Capital Expenditures Net of Depreciation and $\bigtriangleup WC_{t}$ the change in non-cash Working
Capital. Capital also at time $t$. Over one period, the change in Invested Capital $IC$ is equal to :
\begin{equation}
IC_{t}-IC_{t-1}=NetCapex_{t}+\bigtriangleup WC_{t}
\end{equation}