Hey guys,
I just wondering the suitability of free cash flow model for a corporation with a lot of investment in associates and joint ventures. As we all know, the FCF starts from EBIT which does not include the shared profit from associate and JV. However, if the shared profit from JV and associate deliver a very important portion to the group's net profit. Is it suitable that we still keep using the FCF model to value a firm?
Or is there any other better model to tackle this kind of coy?
Many thanks,
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