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Pascal PIERRE edited section_Building_a_Profitability_Valuation__.tex
almost 8 years ago
Commit id: d72a1d38f67838b4dcd4ec6d96fd3c3483bc20af
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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}
or
\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 :