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Question		Answer
FCFF wychodząc z NI start learning		FCFF = NI + NCC + [Int × (1 - tax rate) - FCInv - WCInv
FCFF wychodząc z EBIT start learning		FCFF = [EBIT × (1 - tax rate)] + Dep - FCInv - WCInv
FCFF wychodząc od EBITDA start learning		FCFF = [EBITDA × (1 - tax rate)] + (Dep × tax rate) - FCInv - WCInv
FCFF wychodząc od CFO start learning		FCFF = CFO + [Int × (1 - tax rate) - FCInv. \\CFO = NI + NCC - WCInv\\
FCFE wychodząc od FCFF start learning		FCFE = FCFF - [Int × (1 - tax rate)] + net borrowing
FCFE wychodząc od NI start learning		FCFE = NI + NCC - FCInv - WCInv + net borrowing
FCFE wychodząc od CFO start learning		FCFE = CFO - FCInv + net borrowing \\CFO = NI + NCC - WCInv\\
FCFE forecast start learning		FCFE = NI - [(1 - DR) × (FCInv - Dep)] - [(1 - DR) × WCInv]

R28 Free cash flow valuation