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Notes:
After-tax Salvage Value Market Salvage Value Tax Rate Gain on Sale
Depreciation Tax Shield Tax Rate Depreciation
Free Cash Flow Operating Cash Flow NWC CAPX After-tax Salvage Value where:
NWC = year-over-year change in net working capital (where net working capital is current assets minus current liabilities);
Operating Cash Flow EBIT 1 Tax Rate Depreciation
.
EBITDA 1 Tax Rate Deprecation Tax Rate .
For the Groupe Ariel case, EBITDA in the operating cash flow formula above corresponds to pre-tax cost savings.
Interest rate parity a la the Fischer effect: