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Subject 3. Cash Flow Statement Analysis 3;
The add-back is after-tax, because the discount rate in the FCFF model (WACC) is also calculated on an after-tax basis. FCInv: Investment in fixed capital. It equals capital expenditures for PP&E minus sales of fixed assets. <span>WCInv: Investment in working capital. It equals the increase in short-term operating assets net of operating liabilities.
Quinton is evaluating Proust Company for 2014. Quinton has gathered the following information (in millions):
last interval [days]
repetition number in this series
scheduled repetition interval
last repetition or drill
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