They way they are calculating FCFE seems whack to me… they’ve got:
EBIT(1-t) + Depr(t) - FCInv - WCInv (in which they include cash and notes) - Int.(1-t) + Net Borrowing (which they calc as Chg LT Debt - Chg Notes… minus Chg Notes???), gives them 37.4
NI + Depr - FCInv - WCInv (not including cash/notes) + Net Borrowing (as Chg LT Debt PLUS Chg Notes), and I get 51.5
A) What are they doing with the Net Borrowing? and B) shouldn’t the two methods EBIT vs NI add up regardless?
Witchcraft I tell you