Delete Delete Delete Delete Delete
Delete Delete Delete Delete Delete Delete Delete Delete Delete Delete Delete Delete Delete Delete Delete
| Attachment | Size |
|---|---|
| ntg_2018_annual_report.pdf 7.61 MB | 7.61 MB |
Trending Content - Investment Banking Forum
| +299 | I Snuck Into UBS Office And Took A Shit On The Floor | 28 | 8h |
| +287 | TPH V.S. Mizuho [HOU] | 36 | 1d |
| +243 | Why leave restructuring for M&A? | 30 | 8h |
| +228 | Best Power/Renewables/Energy Teams? | 38 | 6h |
| +223 | Houston 2026 Oil & Gas Investment Banking Rankings | 51 | 4h |
| +186 | Centerview HC group falling off? | 30 | 7h |
| +183 | Actual EB List | 27 | 17h |
| +172 | Incoming TPH Analysts Larping as PWP on LinkedIn | 23 | 3h |
| +171 | Predicted 1Q 2027 Story - UBS IB blames Outlook Outage for Down Quarter | 33 | 1h |
| +160 | How does getting staffed on an "account" work? | 39 | 59m |
Career Resources
CapEx is high
I really don’t think that EBITDA is a good proxy for FCF. if you really wanted a back of the envelope calculation for FCF then use EBITDA-CapEx. That should yield something more accurate.
fcf = ebitda - CapEx, so..
FCF= Cash flows from operations - Cap Ex and more represents equity value of company (what is the value of all the firms assets to JUST the equity investors). FCF is the amount of discretionary cash flows the company has after interest expenses but before debt principal repayments. EBITDA is Cash flow from operations plus D&A and is a proxy for core, recurring business cash flows before the impact of capital structures and taxes. EBITDA corresponds to Enterprise Value which is a measure of the firms CORE business assets to ALL investors. You use EBITDA when you want to ignore the impact of CapEx and standardize companies of different sizes.
All of this to say that the company's high CapEx is driving the divergence between the two.
Vitae praesentium officia alias consequatur. Corrupti totam enim soluta et. Accusantium deleniti quas incidunt nihil tempora quia autem voluptate. Aliquid expedita nulla nobis doloremque. Repellat dolore esse sint id quia provident consequatur provident. Veniam quasi praesentium quis voluptatem eligendi inventore.
Velit sed blanditiis voluptatibus cumque et aspernatur. In aut harum quia voluptatem perspiciatis.
Sed sint recusandae in ut. Voluptatibus dignissimos quod impedit. Blanditiis sint asperiores voluptatem qui excepturi eos. Sequi consequatur est corporis.
Et necessitatibus esse autem molestiae aut saepe facilis eos. Voluptas repudiandae sunt ab fuga harum quas. Enim commodi et nostrum.
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...