deletions | additions       diff --git a/section_Building_a_Profitability_Valuation__.tex b/section_Building_a_Profitability_Valuation__.tex  index c8c38e5..d1589ac 100644  --- a/section_Building_a_Profitability_Valuation__.tex  +++ b/section_Building_a_Profitability_Valuation__.tex 
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\end{equation}  We can now transform Eq. 9 by replacing the $FCFF$ with its equivalent identified in Eq. 17.  \begin{equation}  EV_{t}=\displaystyle\sum_{i=t+1}^{t+K}\frac{FCFF_i}{(1+R)^i}+EV_{t+K} EV_{t}=\displaystyle\sum_{i=1}^{K}\frac{FCFF_{t+i}}{(1+R)^i}+\frac{EV_{t+K}}{(1+R)^K}  \end{equation}  becomes  \begin{equation}  EV_{t}=\displaystyle\sum_{i=t+1}^{t+K}\frac{IC_{i-1}(1+WACC)+A_{i}-IC{i}}{(1+WACC)^i}+EV_{t+K} EV_{t}=\displaystyle\sum_{i=t+1}^{t+K}\frac{IC_{i-1}(1+WACC)+A_{i}-IC{i}}{(1+WACC)^i}+\frac{EV_{t+K}}{(1+WACC)^K}  \end{equation}  This can be simplified so that finally we get :