Below is the proxy-model of potential future FCF
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= Total Revenue - COGS - SG&A |
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...
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Cash Expenses - Interest - δWC - Income Tax - CAPEX + |
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IncomeFA |
δWC = δ (Total Revenue - COGS - SG&A) · KWC |
D&A = CAPEX · KDA |
Interest = L · rL |
Income Tax = (Total Revenue - COGS - OPEX) · KTAX |
where
L | Loan-in |
|---|---|
rL | Loan interest annual rate |
KTAX | Income Tax Rate |
+ -
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+
+ Changes in Fixed Assets
See also
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Business / Business Administration / Financial Management / Financial Planning