Remove Dividends Remove EBIT Remove Equity Multiples Remove Market Capitalization
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Earnings and Cash Flows: A Primer on Free Cash Flow

Musings on Markets

Thus, we start with operating income or earnings before interest and taxes (EBIT) replacing net income. (I An intuitive reading of the FCFE is that it is cash available to be returned to equity investors, either in the form of dividends or as cash buybacks.