I have built an integrated operating model and am coming across a problem. Can you discount Unlevered Free Cash Flow directly from the cash flow statement? When I calculate Unlevered Free Cash Flow from EBIT, I am getting a different result than what is on the Cash Flow Statement. Part of the reason I believe is because on the CF Statement I start with NI that accounts for interest expenses, whereas I exclude them on the DCF and later subtract net debt to reach equity value.
Thanks!
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