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To avoid spreadsheets, we can write Free Cash Flow as follows: a. Free Cash Flow=EBIT x (1+ tax rate) + capitalexpenditure b. Free cash flow

To avoid spreadsheets, we can write Free Cash Flow as follows:

a.

Free Cash Flow=EBIT x (1+ tax rate) + capitalexpenditure

b.

Free cash flow = (revenue - costs - depreciation) x (1 -tax rate) + depreciation - Cap Exp

where Cap Exp = Capital Expenditure

c.

Free cash flow = (revenue -costs) x (1 - tax rate) + depreciation - CapExp

d.

None of these

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