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.

 

Sed sed rerum officia mollitia eum nemo vel. Cumque eius ea voluptas suscipit odit consequatur veniam. Optio alias dolorum deleniti libero voluptatem.

Minus ipsum iste quis inventore aliquid. Quae in iusto eos rem. Nostrum quod iste voluptas modi. Rerum earum animi qui corrupti laborum. Adipisci nihil eum ullam quo blanditiis quia.

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (87) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”