deletions | additions       diff --git a/section_Building_a_Profitability_Valuation__.tex b/section_Building_a_Profitability_Valuation__.tex  index de343d4..fa086b3 100644  --- a/section_Building_a_Profitability_Valuation__.tex  +++ b/section_Building_a_Profitability_Valuation__.tex 
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\end{equation}  \\  \\  If we define Enterprise Value as the market value of Debt and Equity minus the casha cash a  firm holds, it appear appears  clear from these accounting identities that Enterprise Value is the market value of the operating assets. \begin{equation}  EV_{t}= toto  \end{equation} We define Invested Capital as the book value of the operating assets, equal to the book value of Debt and Equity. Following the Profitablity-Valuation framework based on earnings and equity, the challenge is to link the DCF defined in (9) to a Profitablity-Valuation relationship where valuation is a ratio that relates the market value of operating assets $EV_{t}$ to the book value of the operating assets $IC_{t}$.  Thirdly, we need to identify a certain number of accounting identities similar to the ones we used for the \textit{RIM} in order to link cash-flow generation, the balance sheet and the market value of the balance sheet.  \\