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Revenue EST 2023 EBIT (after-tax) EST 2023 + Depreciation EST Maintenance capital spending (long asset) EST Maintenance working capital (short asset) EST = Free Cash
- Revenue EST 2023
- EBIT (after-tax) EST 2023
+ Depreciation EST
- Maintenance capital spending (long asset) EST
- Maintenance working capital (short asset) EST
= Free Cash Flow 2023 EST
- Forecast Free Cash Flow for 2024, 2025, 2026, and for 2027 and beyond
- For 2027 and beyond, use the constant growth formula
FCF (2028) / Discounted by CAPM RR
- For 2023-2024-2025-2026-2027, calculate FCF and discount by CAPM
- + Cash
- Debt
- / Shares Outstanding
- = Equity Value per Share
- = Absolute Value
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