A little question on Damodaran's sales to capital ratio

Dear all,

I have a question regarding Damodaran's sales to capital ratio. I found it very useful as it is very difficult to estimate capex, d&a and working capital.

But as far as i'm concerned, the sales to capital ratio does NOT include working capital (only net capex). Am I correct?

Thanks for you time,


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Nov 3, 2021 - 10:00pm

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