Is LFCF the same as FCFE?
Is levered free cash flow the same as free cash flow to equity holders? I am a bit confused as to the difference
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yes.
Yes. Levered means it applies to equity investors only, not all shareholders, which includes debt holders --- that would be unlevered FCF.
Actually, LFCF is also used in a slightly different second way. Often see TMT and other cash generative companies benchmarked on LFCF yield where LFCF is often defined as EBIT net taxes paid, change in WC, capex and interest paid. Key difference to the typical FCFE is that debt repayments are not factored in (often based on assumption that debt will be refinanced). Please correct me if I am mistaken here, not a pro in this sector.
No they are not the same！！ Levered FCF=CFO-Capex FCFE=Levered FCF+net borrowing
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