How is minority interest factored into a DCF?

If a company has stakes in subsidiaries that they don't fully own, that is usually reflected when you subtract minority interests from Net Income to get Net Income After Minorities. Every line item before that (revenues, costs) are

Now when calculating the FCFF, I usually start with EBIAT (Earnings Before Interest After Taxes) then add/subtract D&A, change in WC, and CAPEX. This means I'm not factoring in the minorities interests in the DCF calculation right? Because EBIAT includes revenues/costs attributable both to the company AND to minorities.

Am I not supposed to be factoring that in? Is it as simple as subtracting the book value of minority interests from the Enterprise Value to arrive at Equity Value?

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Hey charlie the unicorn, I'm here to break the silence...any of these links help you?:

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Or maybe the following WSO members have something to say: Rajesh-Kumar WillC Ander-Thompson

Hope that helps.

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