6.1. .
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CFt = OCFt - NCt - NWCt, (6.1)
CFt - t;
OCFt - t;
NCt - t;
NWCt - t.
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(Discounted Cash Flow, DCF) , .
(6.2)
DCFt - t;
CFt - t;
r .
(Net Cash Flow, NCF), (Discounted Net Cash Flow, DNCF), , .
(NCF) , ( ), , . , . , .
(DNCF) , .
(6.3)
DNCFt - t;
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NCFt t;
r .
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(6.4)
CumCFt k;
CFt - t.
t , , t .
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6.2. .
OCF (Operating Cash Flows) - , , .
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OCIF (Operating Cash In-flows) :
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OCOF (Operating Cash Out-flows) :
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OCFt=OCIFt - OCOFt - tax×(OCIFt-OCOFt-Dept), (6.5)
OCFt t;
OCIFt - t;
OCOFt - t, ;
tax - :
Dept - t.
. (OCIFt-OCOFt) EBITDA (Earnings Before Interest Taxes Depreciation Amortization).
EBITDAt= OCIFt-OCOFt, (6.6)
EBITDAt - t;
OCIFt - t;
OCOFt - t, .
, , EBIT (Earnings Before Interest Taxes).
EBITt=OCIFt-OCOFt-Dept = EBITDAt- Dept (6.7)
EBITt= , t;
EBITDAt - t;
OCIFt - t;
OCOFt - t, .
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OCFt=(1-tax)×(EBITDAt -Dept)+Dept= (1-tax)× EBITt+Dept, (6.8)
OCFt t;
tax - :
EBITDAt - t;
Dept - t;
EBITt= , t.
:
OCFt=(1-tax)×(OCIFt -OCOFt -Dept)+Dept, (6.9)
OCFt t;
tax - ;
OCIFt - t;
OCOFt - t, ;
Dept - t.
, EBIT. (1-tax), . . , . , .
.
OCFt=(1-tax)×(OCIFt -OCOFt)+Dept × tax, (6.10)
OCFt t;
tax - ;
OCIFt - t;
OCOFt - t, ;
Dept - t.
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6.3. .
NC (Net Capital) - , () , () .
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6.4. .
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6.5. .
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