Hi Monkeys,
Quick question. When calculating UFCF and UFCF yield, you obviously back out financing impact. My question is, if debt is used to fund M&A, do you also back out EBITDA associated from M&A? In my experience, several sponsors don't, so cashflow impact of debt is ignored but the benefit of M&A is still in place (which effectively overstates UFCF / UFCF%). Is this just a simplifying assumption?
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