Do you find BBG/CIQ/sellside's historical FCF calculation often wrong?
I calculate FCF by going EBIT * (1 - t) + Recurring Non-Cash Expenses - CapEx - Change in Working Capital which I believe is the best way to make sure that I am only including cash from recurring core operations.
I find that my historical FCF figures are quite far off from both the historical FCF figures given by BBG/CIQ/sellside ER (which I believe is from CFO-Capex, which includes a bunch of nonrecurring items and sometimes even includes interest).
I was wondering, in the cases where management does not provide their FCF figure, do you often find your calculated figures quite different from the BBG/CIQ/sellside ER figures, and if so, what do you do?
Officia veniam tenetur sed. Inventore unde eum quia animi eos. Qui rem voluptas et nisi ut sed. Minima earum est et sunt distinctio. Quo rerum quas ut id facilis enim vel consequuntur.
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...