The Difference Between NWC, EFN and Working Capital Requirement

A newbie here.. please help..

What are differences between NWC, External Financing Needed (EFN) and Capital Working Requirement? Which one really shows the needs for working capital from M&A view?

NWC = CA - CL EFN = Capital Working Requirement = COGS * {(DIH + DSO - DPO)/365 }

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