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The Art and Science of Valuing a Middle-Market Business
M&A Talk (Mergers & Acquisitions), by Morgan & Westfield
CapEx and Working Capital
It's EBITDA and then you're adding back in the non-cash expenses of depreciation and amortization. Then you're making deductions based on any changes in working capital as well as capital expenditures. Now when we go to working capital there, what is the scenario? Is it the same growth? What's the scenario for the working capital additions? This is probably the most heavily contested part of a trip,. At least in my experience, has become one of the more heavily contested kind of normalizations that take place during transactions.
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