Building CIM Case / Downside Case LBO

Hey!

When building the CIM case and Downside case, I have trouble understanding what to do with NWC / CAPEX? ( in context of interview case study)

For the CIM case, do I take the NWC/ Change NWC assumptions (same for Capex) from the CIM? And only in my case, I build my own elements of NWC / CAPEX?

In my opinion, its mixing apples with oranges when taking everything from the CIM but building own NWC assumptions for the CIM case.

Ive seen a lot of people just taking everything from the CIM for CIM case, and then building their case with just decline in Sales growth / Margin as the downside case

Thank you!!

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