Page
98 of
141 + Noncash Charges (Amortization,
Depreciation, Deferred Taxes)
‐ Capital Expenditures (Net changes in Fixed/Other Non‐Current Assets)
‐ Changes
in Net Working Capital +
Changes in Long Term Debt ‐
Preferred Stock Dividends = Net Cash Flow to Equity As noted in Section 4.8
Financial Forecast, a weighted average of the last three years of operating results was considered appropriate to develop the income stream to be capitalized using the Single Period Capitalization Method. These
NCFE calculations are
summarized in the table below Share with your friends: 
