deletions | additions       diff --git a/section_Building_a_Profitability_Valuation__.tex b/section_Building_a_Profitability_Valuation__.tex  index 77ceb91..ab79f7c 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 $-WACC \times IC_{t-1}$.  \\  \\  By combining Eq. 10 and Eq. 12, we get :