The FCF is equal to the sum of
1. The operational cash flow.
2. The ing capital investment/divestment in work- investment/divestment in tan
3. The gible fixed assets.
4. The corporate tax that would be owed if the enterprise was financed solely with equity.
Step 1: operational Cash Flow. The operational cash flow is the net cash flow before taxes. It is obtained from the company's activities without tak investments or ing into account divestments in working capital and tangible fixed assets. The operational cash flow is equal to the company profit corrected for costs that are not a cash outflow.