割引率
FCFFの場合 ：r = WACC
FCFEの場合 ：r = required return on equity
公式
FCFF = NI + NCC + [Int × (1 − tax rate)] − FCInv − WCInv
=CFO+Int(1−tax rate)−FCInv
= [EBIT × (1 − tax rate)] + Dep − FCInv − WCInv
= [EBITDA × (1 − tax rate)] + (Dep × tax rate) − FCInv − WCInv
=NI(available to common)+NCC+[Int×(1−tax rate)]+preferred dividends−FCInv−WCInv
NI = net income
NCC = noncash charges
Int = interest expense
FCInv = fixed capital investment (capital expenditures)
WCInv = working capital investment
FCFE=FCFF−[Int×(1−tax rate)]−preferred dividends+net borrowing
= NI + NCC − FCInv − WCInv + net borrowing
= NI − [(1 − DR) × (FCInv − Dep)] − [(1 − DR) × WCInv]
net borrowing = long- and short-term new debt issues − long- and short-term debt repayments
DR = target debt-to-asset ratio
