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lxwarr30

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tT
发表于 2013-4-28 09:07 | 只看该作者

help on question 1 pg 240 vol 4 equity - possible error ?

possible, question, equity, change, error
on question 1 if FCFF is defined as
FCFF= NI + NCC+ INT ( 1-tax rate) -FC INv - WCinv
how is it when “int Exp” goes up by 100 the change in FCFF is 0 . makes no sense? Must be an error ?

 

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slackeranalyst

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发表于 2013-4-28 09:08 | 只看该作者
int exp goes up - net income goes down by the int (1-T) factor.
you are adding the same int (1-T) back as part of fcff terms.
so net impact is 0.

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