Unlevered FCF help

Hey guys,

I know that there are a lot standard explanation on the web regarding to FCF, but I´m struggling with a DCF model that I build by myself.

When I want to calculate a DCF model with unlevered FCF do I take the NOPAT and then go to the CF statement and add back / deduct everything that´s in the CF statement above "net cash provided by operating profits" (see morningstars CF statements).

Then I move on and deduct Capex from the CF to get the unlevered FCF, am I right?

For example on morningstars CF statement they start with the net profit and calculate the FCF from that which would be a LEVERED FCF (as interest expenses are included).

Thank you for your answers!!
Chris

 
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