Equity: Reading 38 Emerging Market Valuation EOC #3 understand, available, problem

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CFAI Equity page 191

CFAI has calculated NOPLAT based on the given Nominal forecast for tax:
Real NOPLAT = real EBITDA - Dep - Tax
real EBITDA =  813,126
Dep = 214,286
Real Tax = 238,000 (given) / 1.10 (based on 10% inflation)
So, real NOPLAT =  813,126 - 214,286 - 216,364 = 382,476

I understand how they did this and makes sense to me. However, we can also calculate Real NOPLAT using real EBITDA, Dep AND a given statutory tax rate (all of this information is available in the problem set):

real EBITDA = 813,126 (same as above)
Dep = 214,286  (same as above)
Real Tax = (813,126 - 214,286) * 35% = 209,594
Real NOPLAT = 813,126 - 214,286 - 209,594 = 389,246

Can someone please explain what is wrong in doing this the second way?

anshultongia

Tax is always nominal isnt it.

DarienHacker

tax is always real…there is no nominal to it. However, the other components in EBITDA are subjective valuation measures. So tax% on real IDA (in EBITDA) are real taxes.