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I can explain Unlevered Free Cash Flow
Cash available to all capital providers before debt interest is paid.
Unlevered free cash flow is the cash a business generates from operations after reinvestment, before interest payments - what is available to both debt and equity holders.
Sticky trick
Unlevered FCF ≈ NOPAT + D&A − Capex − Δ working capital. Think 'before the bankers take their cut.'
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In plain English, what is Unlevered Free Cash Flow?
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