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PieMan

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tT
发表于 2011-7-13 13:58 | 只看该作者

NOPLAT vs. EBIT(1-T)

like, difference, only, accounts, capital
Is the only difference NOPLAT accounts for changes in deferred taxes?

In the corp. finance section: FCF = NOPLAT + NCC - change in working capital - capex

In equity section we have: FCFF = EBIT(1-t) + NCC - FCinv - WCinv

...kinda seems like these are the exact same?
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Kapie

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2#
发表于 2011-7-13 13:58 | 只看该作者
I thought NOPLAT was EBIT(1-t). I have also seen NOPAT used as EBIT(1-t). I think all three are the same thing. But I do not think that any make adjustments due to defered taxes since they represent cash flows before taxes

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wxs1986

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3#
发表于 2011-7-13 13:58 | 只看该作者
Wow, did not catch that the first time around. That's why I joined this board. Now I know and will remember if they hit me with it on the exam.

Thanks

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defour44

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4#
发表于 2011-7-13 13:58 | 只看该作者
Thecodont Wrote:
-------------------------------------------------------
> I thought NOPLAT was EBIT(1-t). I have also seen
> NOPAT used as EBIT(1-t). I think all three are
> the same thing. But I do not think that any make
> adjustments due to defered taxes since they
> represent cash flows before taxes


It's helped me by thinking that they are all the same...the only thing is check out pg. 271 vol 3. where it gives the def of NOPLAT; Says that NOPLAT = Unlevered net income + change in deferred taxes.

Unlevered net income by itself is EBIT(1-T)

FCF looks and smells just like FCFF, only NOPLAT is used instead of EBIT(1-T) which includes an adjustment for deferred taxes...I really hope they don't get that tricky.

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chandsingh

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5#
发表于 2011-7-13 13:58 | 只看该作者
NOPLAT adjustes for the changes in deferred taxes. EBIT (1-t) does not, IMHO.

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Uranus08

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6#
发表于 2011-7-13 13:58 | 只看该作者
Just to be clear, if deferred taxes increase during the year, does this mean that NOPLAT > NOPAT? That is, NOPLAT = EBIT(1-t) + increase in deferred tax (- decrease in deferred tax)?

cheers!

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maryli

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7#
发表于 2011-7-13 13:58 | 只看该作者
Here's an example from the Corp Fin part of QBank:

Gambit Enterprises is being evaluated as an acquisition target. For the upcoming year an analyst has estimated the following values: net income = $300m, net interest after tax = $100m, change in deferred taxes = +$25m, depreciation = $200m, change in net working capital = +$30m, CAPEX = $250m. Calculate the firm’s estimated free cash flow.

A) $295m.

B) $405m.

C) $345m.


Your answer: C was correct!


Net income + net interest after tax = 300m + 100m = $400m = unlevered net income.
Unlevered net income + change in deferred taxes = 400m + 25m = $425m = NOPLAT.
NOPLAT + depreciation – change in net working capital – CAPEX = 425m + 200m – 30m – 250m = $345m = FCF.

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hassan

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8#
发表于 2011-7-13 13:58 | 只看该作者
That's really helpful - thank you. So in this example: NOPAT = EBIT(1-t) = $400m.

And adding the increase in deferred taxes: NOPLAT = 400 + 25 = $425m.

That's great, thanks again integraldx.

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tikfed

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9#
发表于 2011-7-13 13:58 | 只看该作者
in the equity book,
Real noplat= EBIT real - real taxes

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