uFCF Question
I’m trying to get uFCF for NLSN so i can see what it trades at on an ev/uFCF basis:
I understand how to get NOPAT, but I’m a bit lost on the cash adjustments for things on the CFS. On NLSN’s CFS, under the changes in WC line above OCF, they have break out “interest payable” and “income taxes” — do i exclude these when I project working cap chgs? Do i need to do something with these?
Also there is a Deferred tax asset on the balance sheet, and at the bottom of the CFS, as an additional disclosure, they disclose cash income taxes and cash interest. I haven’t built out a DTA build in my I/S model. For the purposes of this exercise I’m just assuming no tax shield and am fully taxing the company for the next few years.
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