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Is (PBIT/Shareholders’ equity+NCL) correct or (PBIT/Shareholders’ equity+ Long term debt) ?
This is a vague area!
For example, do you include deferred tax in long term debt? Is deferred tax really an element of capital employed?
I’m honestly not sure whether there is a strictly correct answer to this question
I believe that, so long as you’re consistent, then anything will do!
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