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(1) In the FCFE calculation = FCFF - (int x (1-tax)) + net borrowing; I will need to add back interest expense * (1-tax). But in my Co case with high cash pile, do i add back interest income instead?
(2) when determining the value per share and after i discounted back the FCFE cashflow, do i add net cash to the sum of PV FCFE to determine the value per share? Normally when i use FCFF, I do add back net cash (debt) back to sum of PV FCFF. Would like to get confirmation. Thank you. Read More