ModeldrillUnlevered free cash flow
A financial modeling exercise from Modeldrill. Solve it with a live spreadsheet grid in your browser, with Fill right and Fill down, and it is checked the moment you submit.
The task
Fill NOPAT (row 6: EBIT after tax at the rate in B2) and unlevered free cash flow (row 10: NOPAT plus depreciation, less capital spending, less the increase in working capital).
What this exercise teaches
Unlevered free cash flow is the cash the business produces before any payments to lenders or owners, which is why it starts from EBIT and ignores interest.
A hint if you get stuck
NOPAT = EBIT x (1 - tax rate). The spending and working capital rows are positive amounts here, so subtract them.
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