向我解释我五：杠杆和未杠杆FCF之间的区别
I've seen textbook definitions of levered andunleveredFCF但是我不确定我真的很直观地理解它。杠杆和未杠杆有什么区别FCF(formula and philosophy). Why does it matter? Which should be used in aDCF?
Aug 05, 2020
Aug 05, 2020
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Comments (15)
Leverage just means debt, unleveredFCFis theFCFnot accounting for debt structure/capital structure. You would do this in aDCFif you would like to compare companies with different capital structures, ie the value of the business/operations as opposed to how much of their cash is coming from raised capital.
Either can be used in aDCF, depending on if you are trying to solve for权益价值或企业价值。未杠杆现金流（用于DCFto find enterprise value) is a cash flow that is attributable to all investors in a company (both debt and equity holders) bc it is calculated before subtracting mandatory debt repayments. A levered cash flow (used in aDCF要找到权益价值）是一种现金流，仅归因于公元前公司中的股本投资者，它是在减去强制性债务还款后计算的。
UFCF = EBIAT + non cash expenses - increases in net working capital - CapEx
LFCF = Net income + non cash expenses - increases in net working capital - CapEx - mandatory debt repayments
As the formulas indicate, the biggest difference between the two is that you must subtract interest expense and mandatory debt repayments when calculating levered自由现金流.
这是旧的，但是为了将线程带有正确的信息 - 我相信您忘了在那里添加D＆A。
I would summarize for UCFC as: NOPAT+ D&A and other non-cash adjustments +/- Change in WC –Capex.
D&A is a non cash expense
This is pretty on point, but I'll add that on leveredDCFthe discount rateisjust the cost of equity
Unlevered = debt unpaid Levered = debt paid
and interest
levered =FCFavailable to equity holders b/c this is whats left after debt holders have been paid -> you start at NI instead of NOPAT / EBIAT so you take into account interest expenses
Unlevered =FCF所有资本持有人可用。起点是eBiat，请注意这尚未考虑利息费用
Array
A company sells goods or a service and makes some cash. But not all that cash is available to use, they have to account for all of their little expenses to keep selling that good or service. The cash left over is what we call their "profit" or cash to do whatever else they need to run or grow the business.
Cash flow is describing the actual dollars coming in and out of the business.
Unlevered free cash flow, is the amount of cash we have前we have to pay back anyone who has invested outside capital into our company. This is cash that isavailableto all investors, both who has issued debt (before利息支付/income) and those who have issued equity (preferred stock and common stockholders who only get paid, after we pay off our debts).
Levered free cash flow，现金可用仅有的to our equity investors, since we have taken out the cash necessary to pay off our debts.
Can you now explain it like I am three and am going into a top feeder preschool?
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