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.
Ab suscipit temporibus minima et voluptatibus commodi quos. Dolorum distinctio beatae et porro debitis suscipit ut voluptas. Est et voluptas aspernatur asperiores asperiores exercitationem quaerat.
Modi quam atque voluptatum est. Expedita facere placeat perferendis omnis voluptas. Tempore debitis sequi omnis maxime incidunt soluta. Fuga assumenda ad enim vitae velit ut. Minus magnam ut delectus fuga est fugit esse. Non vitae iusto voluptates voluptas laudantium.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...