deletions | additions       diff --git a/section_Building_a_Profitability_Valuation__.tex b/section_Building_a_Profitability_Valuation__.tex  index 777bce7..3f7da21 100644  --- a/section_Building_a_Profitability_Valuation__.tex  +++ b/section_Building_a_Profitability_Valuation__.tex 
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Where $NOPAT_{t}$ is the Net Operating Profit After Tax at time $t$ and $NetCapex_{t}$ are the Capital Expenditures Net of Depreciation and $\bigtriangleup WC_{t}$ the change in non-cash Working Capital. Over one period, the change in Invested Capital $IC$ is equal to :  \begin{equation}  IC_{t}-IC_{t-1}=NetCapex_{t}+\bigtriangleup WC_{t}  \end{equation} Just as in the \textit{RIM} approach, we introduce the notion of abnormal operating earnings :   \begin{equation}  A_{t}=NOPAT_{t}-WACC*IC_{t-1}  \end{equation}  where $A_{t}$ are the abnormal operating earnings and $WACC$ the Weighted Average Cost of Capital.