The Equity valuation cash flow for a venture is given by = Net income plus Depreciation and amortization expense minus the change in net operating working capital plus capital expenditures plus net debt issues Depreciation and amortization expense minus the change in net operating working capital plus minus capital expenditures plus net debt issues Depreciation and amortization expense plus the change in net operating working capital plus minus capital expenditures plus net debt issues Depreciation and amortization expense minus the change in net operating working capital plus capital expenditures minus net debt issues Depreciation and amortization expense minus the change in net operating working capital plus capital expenditures plus net debt issues