So I understand the differences between unlevered FCF and levered FCF, but what's the difference between levered FCF and normal FCF? they both take net interest into consideration as well as mandatory debt repayment do they not? What's the difference?
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FCF means many things and I wouldn’t be too concerned about Semantics. a lot of times management will say FCF = EBITDA less Capex. which is super far off any reasonable metric of FCF used in valuation. if you’re referring to normal Free Cash Flow as something that you derive from the cash flow statement, I think that’s the same thing as levered free cash flow. otherwise it can be considered CFO less Capex. in which CFO has a bunch of other little adjustments that you don’t usually account for when calculating a levered free cash flow for valuations purposes or something
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