Question: 1. How does the DCF model change when you are valuing equity versus valuing the firrm? 2. In a DCF model, how does depreciation relate

1. How does the DCF model change when you are valuing equity versus valuing the firrm?

2. In a DCF model, how does depreciation relate to CapEx?

3. How do you deal with the commodity cycle in building a DCF for a company that has sensitivity to a particular commodity?

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