08-03-Unlevered-FCF-Part-1

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1、DCFAnalysis:HowtoModifytheCashFlowStatementtoCalculateUnleveredFreeCashFlowSteelDynamics:SteelDynamics:WorkingCapital–Why?•Inventory=Useofcash,butnotontheincomestatement•AccountsReceivable=ListedasrevenueonIS,butnocashyetWorkingCapitalRules:•AssetUp:CashFlowDown•AssetDown:CashFlowUp•LiabilityU

2、p:CashFlowUp•LiabilityDown:CashFlowDownWhatItemstoInclude?•Assets:AllCurrentAssetsEXCEPTforCash&Cash-Equivalents•Liabilities:AllCurrentLiabilitiesEXCEPTforDebtSteelDynamicsWC:WorkingCapital–HowDoYouKnow?SteelDynamics:•CapExisusuallytheonlyrequired,recurringitemhere.SteelDynamics:•Mostitemsaren

3、on-recurringandoptional(exceptmandatorydebtpayments).WhattoInclude?•Corebusiness-related•Mandatory•RecursfromyeartoyearNow:ToAnExampleofUnleveredFCF,forSteelDynamics…