{ "media_type": "text", "post_content": "How does Net working capital & Net debt used in FDD?", "post_id": "610bda43bd4650001b786fbc", "reply_count": 2, "vote_count": 1, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting" }

How does Net working capital & Net debt used in FDD?

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If you think about buying a car. You need gas in the tank to run the car. You need NWC to run the company. If you have a full tank of gas, the value of the car is higher than the same car with an empty tank. Does the car have any existing liens against it? That would lower the value of the car. That is similar to net debt in a way. You separate out the debt mainly because the new owners will choose to finance the car in their own way.

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This is a great analogy. Only thing I’d add is that buyer and seller agree a certain amount of gas in the tank prior to the sale based on historical levels. Then when buyer gets the car, if it has more gas, buyer pays seller more. Less gas, buyer pays less.

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