- , .
. :
1. . , 5-10 , , 8 . , , . , . , % .
2. EBIT, EBIT (OP)
OP = S * OM (OP , EBIT )
, , .
3. NOPAT . , .
4. , Am (∆ Fai). , Am , , , , Am . Am , .
FAi * am = Am
, .
∆ FAi = FAi-1 * (1 + Gs) - FAi-1
. , , .
5) FWC ( ). : . / S
FWC / S
6) FCF
FCFI = NOPATi + Ami - ∆FAi - ∆FWCi
OCFi
7) FCF. FCFi . , , , , .. FCF . 3% 2-3%, .. FCF 5% .
8) n ( ).
9) PV (FCF)