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An investment is expected to generate annual cash flows from the operations after the initial cash outlay has been made. Cash flow should always be estimated on an after-tax basis. However, some are advocating for cash flow before-taxes and discount them before-tax discount rate to find NPV. But, in practice there is no easy and meaningful way for adjusting the discount rate on a before-tax basis.
Net Cash Flow (NCF) = Revenue (REV) – Expenses (EXP) – Taxes (TAX)
