A Fantasia do EBITDA
They point out that EBITDA is inadequate to measure cash flow, mainly because it doesn't count for financial expenses. Besides that, I add the following EBITDA flaws:
- Ignore tax payments
- Ignore investments in work capital (inventories and receivables) as revenue grows
- Ignore investments made by the company
- Count all account trick as being cash (like reversal of provisions or gain on biological assets)
Yes, EBITDA was created on purpose to overvalue companies real gains!
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