SpyAli

why B or C?

can you care to elaborate?

WCInv is removed uniformly for computation of either. (If you start with NI - you remove it manually, if you start with CFO - it is already removed).

Operating Expenses are also removed uniformally (if you consider you started from Net Income).

In either case - starting with NI or from CFO -> you add back I*(1-T) for FCFF, and do not do the same for FCFE.

CP