FCF per share - does it include all capex or just maintenance capex?
When you're looking to derive an FCF per share for the business to then put a multiple on it, where FCF = NOPAT - WC investment - Capex... do you typically include all of that year's capex or just the maintenance capex? Let's assume topline is growing 10%+, so the company is in growth mode.
All capex.
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