In forecasting free cash flow, the analyst must integrate the cash flows from the companys operations with those from its investing and financing activities.

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FCFF (Free Cash Flow to the Firm) can be correctly computed as cash provided by operations (from the statement of cash flows) plus capital expenditures.

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A forecasted statement of cash flows should accurately reflect forecasts of the balance sheet and income statement for the company.

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Computing FCFF based on the statement of cash flows works very accurately even if the forecast statement of cash flows is inaccurate.

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Estimating FCFF or FCFE requires a complete understanding of the company and its financial statements.

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Net additional borrowing can calculated by netting an increase in notes payable and a decrease in long-term debt.

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