May i know the exact definition of ‘Total Invested Capital’?
In Volume 4, page 446,
Total invested capital (TIC), sometimes also known as the market value of invested ca pital, that is an alternative to enterprise value. Similar to EV, TIC includes the market value of equity and debt, but does not deduct cash and investments. On the other hand, for (return on invested capital or ROIC), the invested capital = operating assets - operating liabilities. – The 2 definitions of invested capital does not seem the same to me.