deletions | additions       diff --git a/section_Building_a_Profitability_Valuation__.tex b/section_Building_a_Profitability_Valuation__.tex  index 087dbc8..628f4cd 100644  --- a/section_Building_a_Profitability_Valuation__.tex  +++ b/section_Building_a_Profitability_Valuation__.tex 
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\subsection{Identifying the main components of the model}  We will be using the Discounted Free Cash-Flow to Firm model (\textit{FCFF} hereafter). As its name suggests, this model effectively discounts all the cash-flows that are/can be distributed to the shareholders and debt holders of the firm. Applying (1) to the firm, we get :  \begin{equation}  EV_{t}=\displaystyle\sum_{i=1}^{K}\frac{FCFF_{t+i}{(1+R)^i}+\frac{EV_{t+K}{(1+R)^K} EV_{t}=\displaystyle\sum_{i=1}^{K}\frac{FCFF_{t+i}{(1+R)^i}  \end{equation}  where $EV_{t}$ is the enterprise value of the firm receiving the free cash-flows ($FCFF$).  \\