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2 . 4 . Estimate the project's Cash - Flows applying the Free Cash - Flow to Equity ( FCFE ) Net Income Depreciation &
Estimate the project's CashFlows applying the Free CashFlow to Equity FCFE
Net Income
Depreciation & Amortization
Working Capital Changes
CAPEX: Capital Expenditures
Net Borrowing
FCFF Free CashFlow to Equity
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