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- 2014-8-6
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The formulas presented are correct but give me a tough time in memorizing the +/- signs and which way they go. I prefer to do it the grade school way of a vertical Equation and then solve for FCInv. It feels more intuitive that way.
Beg Net PPE
(-) Depreciation
(?)FCInv
——————————-
=Ending Net PPE(usually given on a b/s statement or its just End Gross PPE less End Accumulated Dep)
Whatever gives you FCInv you then plug into your FCFF or FCFE formulas e.g
FCF= CFO + int(1-t) - {(?)FCInv you solved }
It dosn’t matter if they sell an Asset for a gain or loss or whateva because the equation still holds. Just rember to hold what ever sign you get once you plug it into your respective FCFF/FCFE calculation.
The only way this method fails is if they ask specifically for the FCInv in a question. If that happens then FCInv is just Capex - Proceeds from sale. |
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发表于 2013-4-22 08:14
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