Has anyone done this test? In Q3 FCFE is 46.24 and the answer uses the EBITDA method.
I do the NI method and get 51.50 (120+82.5-165.30+1.8+12.5)
yup…so strange
Good thing is, it’s still the closest answer 
Bump. Same problem. It was driving me crazy.
Update, the tax rate is different so you need to start with EBITDA
Because you have to use the tax rate suggested by Jatin. Under NI method, the tax rate is not 35%. This question is really TRICKY