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EBIAT? Earnings before interest and tax? (EBIT) or Earnings before interest amortization and tax?
EBIAT - Earnings Before Interest After Taxes
are you adding back any abnormal expenses/income. Tax rate can also make a difference. Is the tax rate the effective rate or the marginal rate.
Well does operating cash flow - capex give you the Bloomberg number? If it does, then you are probably not adding back any of the non-cash items flowing through the PnL
could it be that you are calculating unlevered FCF and they are calculting levered? Check that.
OP,
Been looking at it and it's weird, the difference of magnitude between FCFE and FCFF is pretty big... However, they did raise a huge amount of LT debt (a few lines up).
Bloomberg number for FCFE is off; it should be lower than FCFF to reflect higher interest expense associated with their total debt.
OCF - capex is not really used in banking as a true measure of FCF.
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