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?
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