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In corporate finance, free cash flow to equity (FCFE) is a metric of how much cash can be distributed to the equity shareholders of the company as dividends or stock buybacks—after all expenses, reinvestments, and debt repayments are taken care of. Whereas dividends are the cash flows actually paid to shareholders, the FCFE is the cash flow simply available to shareholders.〔(【引用サイトリンク】title=Free Cash Flow To Equity - FCFE )〕〔(【引用サイトリンク】title=Free Cash Flow - Valuation )〕 The FCFE is usually calculated as a part of DCF or LBO modelling and valuation. The FCFE is also called the levered free cash flow. ==Basic formulae== Assuming there is no preferred stock outstanding: : where: * ''FCFF'' is the free cash flow to firm; * ''Net Borrowing'' is the difference between debt principals paid and raised; * ''Interest *(1–t)'' is the firm's after-tax interest expense. or : where: * ''NI'' is the firm's net income; * ''D&A'' is the depreciation and amortisation; * ''Capex'' is the capital expenditure; * ''ΔWC'' is the change in working capital; * ''Net Borrowing'' is the difference between debt principals paid and raised; * In this case, it is important not to include interest expense, as this is already figured into net income.〔(【引用サイトリンク】title=Free Cash Flow to Equity )〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Free cash flow to equity」の詳細全文を読む スポンサード リンク
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