Ungeared cash flow

The recalculated cash flow from a firm or a project, assuming that it was all-equity financed.

(Regardless of the actual or proposed capital structure.)

For a steady state business, a quick estimate of it would be:

Profit before interest and tax x (1 - corporate tax rate)

( PBIT x (1 - T) )

See also

• Geared cash flow
• Gearing