08-03-Unlevered-FCF-Part-1英文学习资料.pdfVIP

DCF Analysis: How to Modify the Cash Flow Statement to Calculate Unlevered Free Cash Flow Steel Dynamics: Steel Dynamics: Working Capital – Why? • Inventory = Use of cash, but not on the income statement • Accounts Receivable = Listed as revenue on IS, but no cash yet Working Capital Rules: • Asset Up: Cash Flow Down • Asset Down: Cash Flow Up • Liability Up: Cash Flow Up • Liability Down: Cash Flow Down What Items to Include? • Assets: All Current Assets EXCEPT for Cash Cash- Equivalents • Liabilities: All