ABSTRACT
The analysis carried out in Chapter 2 has allowed the identifi cation of a basic formula for the calculation of goodwill:
s keU CkeUy
Gn )1(
×− =
¦ [2.34] in which:
ys: operating profi t after tax in the accounting period s, i.e., operating profi t multiplied by (1-t);
keU: cost of unlevered equity; Cs-1: operating capital invested at end of period s-1. Excluding other ac-
tivities from the analysis (see Chapter 2), the value of the invested operating capital is equal to the sum of equity book value (B) and fi nancial debt (D).
