FCF multiple with growth capex

Earnings are here and it appears every company is having an investment year. How do analysts do comps on a FCF multiple basis if a name has elevated near term capex? Some ideas:

Eliminate growth from the capex total
Smooth out growth capex over a 10 yr horizon
Look in years further out when growth capex lowers so you can see a cleaner 2026 FCF multiple
Do nothing and just assume growth capex for META is the same as growth capex for GOOGL

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FCF multiple with growth capex

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