Very good contribution. Nevertheless, the basis for calculating the CFC is EBITDA. You have an uncertainty factor right from the start because, as you rightly write, EBITDA can be influenced by accounting tricks. A margin of safety is therefore absolutely necessary.
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@Phil_86 Correct. As you say, EBITDA is not ideal, but we adjust it for the biggest influencing factors (capex, taxes, stock-based compensation) so that it is closer to the real free cash flow than just EBITDA.
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