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  "documentTitle": "Bear Stearns | Investment Banking Pitch Book | 36 slides",
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  "notes": "Bear Stearns DCF Primer slide 26.",
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      "text": "As a general matter, all foreign cash flows should be assumed to be available for distribution and included in discounted cash flows. However, under certain circumstances, there may be a cash cost to repatriation of foreign earnings.",
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      "text": "If dividends are paid (i.e., not reinvested in the firm), a withholding tax may apply to distributions outside the country. Under certain circumstances, taxes paid due to foreign withholding taxes may be credited as a reduction to US federal income taxes.",
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      "text": "Forecast all cash flow in terms of the currency where it originates, including inflation expectations. Inflation predictions may be based on the term structure of interest rates. Risk is greater in markets with price controls.",
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      "text": "Currency exchange rates may be predicted based on implied forward foreign exchange rates or, alternatively, a comparison of long-term nominal risk-free rates to determine the currency depreciation rate.",
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      "text": "DCF is a useful tool in global analysis as long as assumptions are consistent and the market is properly defined.",
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      "text": "Application of DCF to Foreign Investments",
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