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标题: L2 EV/EBITDA中的disadvantages [打印本页]
作者: 5teawty    时间: 2011-5-31 23:20     标题: L2 EV/EBITDA中的disadvantages

if working capital is growing,EBITDA will overstate CFO,这句话该怎么理解？
作者: gotbelief    时间: 2011-5-31 23:58

An equation can be derived from the FCFF formulas: CFO = EBITDA*(1-T) + dep*T - Int*(1-T) - WCInv, when WCInv increases, CFO decreases. If you use EBITDA as an estimate of CFO, it does not account for the decreased portion in WCInv, and therefore results in an overestimate value. 

作者: vivianshiyao    时间: 2011-6-2 04:02

CFO是要由EBITDA中刨除WC得到，如果WC上升，CFO应该要变低，而还是用EBITDA去作为CFO的estimate的话，就要oeverestimate





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