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definition

New Constructs
November 1, 20170Comments

Markets Need a Single, Official Definition of “Fiduciary”

Differing definitions only add to the uncertainty and anxiety surrounding the debate over the Fiduciary Rule. Regulators need to put forward a unified definition of the fiduciary duty so that investors and advisors can have a fully informed debate on the matter.
by Sam McBride
New Constructs
April 12, 20160Comments

Free Cash Flow (FCF): Explanation & Examples

There are many ways to calculate free cash flow. Most approaches are short cuts to our more comprehensive approach to the calculation. The formula for FCF can be seen in Figure 1. For more on FCF, see within.
by Kyle Guske II, Senior Investment Analyst, MBA
New Constructs
April 12, 20160Comments

Economic Earnings: Explanation & Examples

To derive economic earnings, 30+ adjustments must be made to accounting earnings. These adjustments remove items hidden in the footnotes and MD&A of annual filings and close loopholes within GAAP accounting.
by Kyle Guske II, Senior Investment Analyst, MBA
New Constructs
April 12, 20160Comments

Weighted Average Cost of Capital (WACC): Explanation & Examples

WACC plays a key role in our economic earnings calculation. It is hard to be 100% certain about the exact cost of a company’s capital. Our guiding principle when calculating WACC is that it is better to be vaguely right than precisely wrong.
by Kyle Guske II, Senior Investment Analyst, MBA
New Constructs
April 12, 20163Comments

Net Operating Profit After-Tax (NOPAT): Explanation & Examples

We calculate NOPAT in two ways, from an operating and financing perspective. See Figure 1. Figure 1 shows the basic calculations. On page 2, we share the complete calculations for specific companies.
by Kyle Guske II, Senior Investment Analyst, MBA
New Constructs
April 12, 20162Comments

Invested Capital: Explanation & Examples

We calculate invested capital in two mathematically equivalent ways: financing and operating approach. Figure 1 shows the basic calculations. On page 2, we share the complete calculations for specific companies.
by Kyle Guske II, Senior Investment Analyst, MBA

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