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  "notes": "Includes a table for FCF calculation and qualitative guidance on non-cash transactions and historical FCF usage.",
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      "kind": "callout",
      "text": "Some transactions result in effective cash flows that should be included in FCF",
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      "text": "Historical FCF can be problematic in valuation because of its volatility",
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      "text": "Share option schemes, Capital (finance) leases, Unfunded pensions, Investment where the consideration is in securities",
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      "text": "FCF Should Include Effective Cash Flows: Errors can arise if FCF only reflects strict cash movements. Some transactions have operating and financing effects but no actual cash movement.",
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      "text": "When to use it: FCF is similar to OpFCF but is calculated using actual working capital changes, capital spending and other non-cash adjustments.",
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      "text": "Table 13: Enterprise Free Cash Flow Calculation",
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      "text": "Valuation Multiples: A Primer",
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