Homework Answers
Firms’ Free Cash Flow (FCF)
Firms’ Free Cash Flow (FCF) = Net Operating Profit After Tax(NOPAT) + Depreciation Expenses - Capital Expenditures – Changes in Net Working Capital
= EBIT(1 – Tax Rate) + Depreciation - Capital Expenditures – Changes in Net Working Capital
= $275 Million(1 – 0.35) + $52 Million - $42 Million - $5 Million
= [$275 Million x 0.65] + $52 Million - $42 Million - $5 Million
= $179 Million + $52 Million - $42 Million - $5 Million
= $184 Million
“Hence, the Firms’ Free Cash Flow (FCF) will be $184 Million”
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