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1、P1:OTA/XYZP2:ABCc25JWBT347/MckinseyJune9,201014:40PrinterName:Hamilton25TaxesInChapter7,thecompanysincomestatementandbalancesheetarereor-ganizedintooperatingitems,nonoperatingitems,andfinancingitems.Us-ingthereorganizedfinancialstatements,webuildreturnoninveste
2、dcapital(ROIC)andfreecashflow(FCF),whichinturndrivethecompanysvaluation.Onecomplexlineitemthattypicallycombinesallthreecategories(operating,nonoperating,andfinancingitems)isreportedtaxes.Unfortunately,companydisclosuresrarelyprovidealltheinformationrequiredtobu
3、ildtheoperatingtaxesnecessarytoprojectfreecashflow.However,youcanreverseengineeroperatingtaxesbycombiningassumptionsaboutmarginaltaxrateswithacleveranalysisofthecompanystaxreconciliationtables.Onceyouhavecomputedoperatingtaxes,werecommendconvertingthemfromanac
4、crualbasistoacashbasisforvaluation,becauseaccrualtaxestyp-icallydonotreflectthecashtaxesactuallypaid.Forinstance,growingcom-panieswithfixedassetstendtopaylowercashtaxesthanthosereportedontheincomestatement,sincethegovernmentallowsaccelerateddepreciationonnewfixe
5、dassets.Toconvertoperatingtaxestooperatingcashtaxes,ad-justoperatingtaxesbytheincreaseinoperatingdeferredtaxliabilities(netofoperatingtaxassets).Toassurethatoperatingcashtaxesareindependentofnonoperatingitems,suchastaxesrelatedtounfundedpensions,youneedtosepa
6、ratedeferredtaxesintooperatingandnonoperatingcategories.Again,companydisclosuresdonoteasilylendthemselvestodeterminingoperating-relateddeferredtaxassetsandliabilities.Anydeferredtaxesyouclassifyasoperatingwillflowthroughcashtaxes,netoperatingprofitlessadjustedt
7、axes(NOPLAT),andconsequentlyfreecashflow(FCF).DeferredtaxesclassifiedasnonoperatingwillnotbeincludedinanFCFvaluationandthereforemustbevaluedeitheraspartoftheircorrespond-ingaccounts(asinthecaseofpensions),valuedseparately(asinthecaseofnetoperatinglosscarry-forw
8、ards),orignoredasaccountingconventions(asinthecaseofnondeductibleamortization).543P1:OTA/XYZP2:ABCc25JWBT347/MckinseyJune9,201014:40PrinterName:Hamilton544TAXESInthischapter,wegothroughth
