EBITDA, FCFF, change in working capital

EBITDA: earning before interest, tax, depreciation and amortization

= 영업활동으로 창출할 수 있는 현금흐름

 

공식

= 손익계산서상 영업이익 + 현금흐름표의 감가상각비 

 

감가상각비 찾는 법

1) 손익계산서의 판관비 중, 감가상각비(depreciation) 및 대손상각비(amortization)

2) 현금흐름표의 당기순이익(net income) 아래, '현금유출이 없는 비용'(depreciation/armotization으로 기입)

 

Linkedin @Brian Feroldi

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Cash flow operation

= Net income + depreciations - change in working capital 

 

<change in working capital> 

1) change in account receivable: 증가하면(>0), CF 감소 영향

2) change in inventory: 증가하면(>0), CF 감소 영향

3) change in account payable: 증가하면(>0), CF 증가 영향

 

<working capital> 

: Working capital is calculated as current assets minus current liabilities and represents a company's short-term liquidity and operational efficiency. (단기적인 재무 건전성 및 효율성)

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FCF: Free cash flow (잉여현금흐름) 

= Cash from operation - CAPEX

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FCFF: Free cash flow to Firm 

기업가치 평가시 FCFF 이용

채권자와 주주들에게 귀속되는 현금흐름

= EBIT - Tax ('세후영업이익') + DA - increase in working capital - CAPEX

= Net income + interest + DA - increase in working capital - CAPEX

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FCFE: Free cash flow to equity holder 

주주잉여현금흐름

= Cash from operation - CAPEX + net borrowing(차입원금 증가분)

= Net income + DA - increase in working capital - CAPEX + net borrowing

= FCFF + net borrowing - interest*(1-t)