Net operating cash flow

is net operating cash flow=EBIT(1-T)+D or EBIT(1-T), when we calculate EVA, we use EBIT(1-T), is it net operating CF?

I would imagine net operating CF is after all deductions are taken off CF, such as Dep. and taxes. So yeah I believe it is EBIT(1-T). Can anyone confirm?

so in net operating cash flow, there is no tax shield, and borrowing under MM theory with tax will not increase net operating cash flow?


EBIT x (1-T) is (net) operating profit after taxes, it is not cash flow

I got this concept fixed the past 2 days EVA after cashflow is NOPAT + Depreciation (and NCC - non cash charge I presume) Operating Cashflow = NI + Int(1-t) - NWC + NCC Cashflow from Operations = NI +NCC - NWC Correct me if I’m wrong.