For the calculation of EBITDA, would one use Net income to shareholders rather than net income (without including the impact NCI and redeemable NCI)? They use the latter for the cash flow statement. Thanks!
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That depends on what you're using EBITDA for. To value the equity of a business, you're going to have to exclude the non-controlling interests since that's a part of the business someone else owns. Typically, you'd work with an EBITDA that is 100% consolidated (i.e. including NCI contributions) and then adjust out the value of NCI in your bridge to equity value.
But if you want to find to use EBITDA as a metric for all investors (debt, equity, govt.) you would use the figure without the adjustment, right? Thanks.
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