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Do you know how the 2018 Tax Cuts and Jobs Act will impact your financial projections and DCF calculations? Establish a foundation on the key components of cash-flow projections used in discounted cash flow analyses. Join expert Gilbert Matthews for an examination of the often-misunderstood relationship between capital expenditures and depreciation and the appropriate treatment of limited life items such as amortization in DCF analyses. Learn how changes in the corporate tax rate and capital expenditures impact the fundamentals of your DCF, and tackle your 2018 engagements with confidence.
Program Agenda
Why capital expenditures must be greater than depreciation in most DCF analysis
Illustrative explanatory exhibits
Examples of court decisions that have failed to recognize this fact
Why amortization and other limited life items must be excluded from terminal value calculations
Discussion of how they should be handled in DCF analyses
A court decision that missed this point
The 2018 Tax Cuts and Jobs Act:
Lowers the corporate tax rate
Permits 100% write-offs of many capital expenditures
Discussion of the impact of these changes on DCF analyses
Learning Objectives
Explain the impact of capital expenditures, depreciation and amortization on terminal value
Describe the relationship between capital expenditures and depreciation
Explain how to account for amortization and other limited life items in a growth model
Understand the impact of the new tax law on DCF calculations
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