标题: Net operating cash flow [打印本页] 作者: badonkus 时间: 2011-7-13 14:32 标题: Net operating cash flow
is net operating cash flow=EBIT(1-T)+D or EBIT(1-T), when we calculate EVA, we use EBIT(1-T), is it net operating CF?作者: b_sea93 时间: 2011-7-13 14:32
I would imagine net operating CF is after all deductions are taken off CF, such as Dep. and taxes. So yeah I believe it is EBIT(1-T). Can anyone confirm?作者: genuinecfa 时间: 2011-7-13 14:32
so in net operating cash flow, there is no tax shield, and borrowing under MM theory with tax will not increase net operating cash flow?作者: ap0258 时间: 2011-7-13 14:32
EBIT x (1-T) is (net) operating profit after taxes, it is not cash flow作者: busterbluth 时间: 2011-7-13 14:32
I got this concept fixed the past 2 days
EVA after cashflow is NOPAT + Depreciation (and NCC - non cash charge I presume)
Operating Cashflow = NI + Int(1-t) - NWC + NCC
Cashflow from Operations = NI +NCC - NWC
