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Pascal PIERRE edited section_Building_a_Profitability_Valuation__.tex
almost 8 years ago
Commit id: 45856bcecce4a719d31df7be633d1d126fc75bcf
deletions | additions
diff --git a/section_Building_a_Profitability_Valuation__.tex b/section_Building_a_Profitability_Valuation__.tex
index ab79f7c..331f799 100644
--- a/section_Building_a_Profitability_Valuation__.tex
+++ b/section_Building_a_Profitability_Valuation__.tex
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\begin{equation}
A_{t}=NOPAT_{t}-WACC \times IC_{t-1}
\end{equation}
where $A_{t}$ are the abnormal operating earnings and $WACC$ the Weighted Average Cost of Capital. We define abnormal operating earnings as earnings that are not discounted by shareholders and debt holders
$-WACC ($WACC \times
IC_{t-1}$. IC_{t-1}$).
\\
\\
By combining Eq. 10 and Eq. 12, we get :