deletions | additions       diff --git a/section_Building_a_Profitability_Valuation__.tex b/section_Building_a_Profitability_Valuation__.tex  index b9d39fb..3c94581 100644  --- a/section_Building_a_Profitability_Valuation__.tex  +++ b/section_Building_a_Profitability_Valuation__.tex 
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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 15  and Eq. 12, 17,  we get : \begin{equation}  IC_{t}=IC_{t-1}+NOPAT_{t}-FCFF_{t}  \end{equation}