The tax shield from debt represents a significant proportion of total value for many companies, projects, and transactions. Accurate valuation of the debt tax shield is of more importance than ever as leverage is now commonly used as a source of value added, and there is growing competition in...

This note discusses the choices involved in estimating sustainable normalized operating free cash flow, which is the single most important driver of enterprise value. Being able to make a well-justified estimate of sustainable free cash flow is a basic skill in enterprise valuation. Heinz in...