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They are not adjusting the share issuance there
they are using the (1-DR) variant of the FCFE Formula and accounting for the Net Borrowing figure...
NI + Depr - FCInv - WCInv + DR(FcInv - Depr + WcInv)
= NI - (1-DR) ( FCInv - Depr + WcInv)
since DR=0.2, 1-DR=0.8
CP |
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发表于 2011-7-13 13:29
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