L2，FCInv的算法的疑惑 capital, assets

giraffe_lisa

公式不是 capital expenditures － proceeds from sale of long－term assets吗？
为什么Notes， Book3， Equity， Free Cash Flow Valuation后面 22题里 FCInv 不是 65－8 呀？
不懂啊，求解。。。。。。

giraffe_lisa

没有，我不在中国

冰晶火

Are you in China or some other country?

You guys are working so hard.

giraffe_lisa

好的，谢谢了！
我也不知道怎么提行。。。

冰晶火

Gosh.
Why I couldn't break up the text into multiple lines?! Any help?

冰晶火

QUOTE:

以下是引用冰晶火在2011-6-3 1:28:00的发言：
Sorry, I should notice that. OK, my solution is like this FCFE=NI+Depr Exp-exp in Working capital-exp in FCInv+book value of Long-term asset sale Which is FCFE=50+27-4-65+2 You don't want to add the whole sale price of the assets because the profit is already included in the NI.

It's OK. So the formula is like this. FCFE= NI+NCC-FCInv-WCInv+Net Borrowing Where: NI=50 NCC=27 FCInv=65-(10-8) cause $8 profit is already in NI. WCInv=4 Net Borrowing=0

giraffe_lisa

我懂你的意思了，我觉得这样解释很合理，不过和公式不一样啊，如果硬要套公式应该怎么套呢？
sorry 我是不是太刨根问底了

冰晶火

Sorry, I should notice that.

OK, my solution is like this
FCFE=NI+Depr Exp-exp in Working capital-exp in FCInv+book value of Long-term asset sale

Which is FCFE=50+27-4-65+2

You don't want to add the whole sale price of the assets because the profit is already included in the NI.

giraffe_lisa

example就是我1楼说的notes后面那道题啊，请看1楼

冰晶火

The whole proceeds you get from the sale can be used to reduce the FCInv, so here you should use the sale price rather than the profit of the sale.

For the NCC, It makes little sense to me to just talk about he concept. A example is better to help explain it.