Choose 1 alternative:

A company you are valuing is expected to incur a one-time charge of USD 100m next year. In your valuation, you should:

a. add it back to next years cash-flow, since it is a one-time charge

b. include it in your cash flow estimate for next year, but take care that it doesn't affect cash-flows in the years that follow

c. Spread the cost over 3-5 years, depending on the likelihood this will happen again

d. Subtract it from next years cash-flow, since it is a one-time charge