Last minute brain dump

Net Operating Asset (NOA) for calculating accruals

NOA = Operating Assets – Operating Liabilities

Operating Assets = Total Assets – cash – equivalent of cash – marketable securities

Operating Liabilities = Total Liabilities – Total Debt, where Total Debt = short term debt + long-term debt

Working Capital Investment (WCInv) for calculating FCFF/FCFE

WCInv = change (current assets – current liabilities) excluding cash, cash equivalent, notes payable and current portion of long-term debts.

Capital budget outlay

Net working Capital investment (NWCInv) used to calculate capital budgeting outlay = FCInv + NWCInv. Working capital not entirely defined.