For a study rapport we have to make a full fledged valuation of Ralph Lauren using the standardapproach. In the course we work with invested capital, noplat and work that out to FCFF.
I've set up a small spreadsheet with the financial statements of the past 5 years and the calculations for invested capital, NOPLAT and..
Now obviously the change in cash calculated should match the change in cash on the, yet I get differences between 28% and 81% for 2009 and 2010 with the actual change in cash.
I was wondering if perhaps some modeling experts/experienced analysts could shine their light on the situation and offer some advice on how to get the numbers to match up.
Thanks for any help in advance