deletions | additions       diff --git a/section_Building_a_Profitability_Valuation__.tex b/section_Building_a_Profitability_Valuation__.tex  index 331f799..649f4f8 100644  --- a/section_Building_a_Profitability_Valuation__.tex  +++ b/section_Building_a_Profitability_Valuation__.tex 
...
This can be simplified (with alot of terms cancelling out) so that finally we get :  \begin{equation}  EV_{t}=IC_{t}+\displaystyle\sum_{i=1}^{K}\frac{A_{t+i}}{(1+WACC)^i}-\frac{IC_{t+K}}{(1+WACC)^K}+\frac{EV_{t+K}}{(1+WACC)^K}  \end{equation} If we assume that at a period sufficiently far out in the future $t+k$, abnormal earnings have been  arbitraged away and disappear, then market value of invested capital ($EV$) must equal book value ($IC$) then the formula becomes :   \begin{equation}  EV_{t}=IC_{t}+\displaystyle\sum_{i=1}^{K}\frac{A_{t+i}}{(1+WACC)^i}  \end{equation}  become