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I am evaluating several companies that have made acquisitions through the year. If I take working capital numbers from the balance sheet, am I double-couting the acquistions (since cash acq's are included in fixed capital)? Cash Flows from Ops. on the Statement of Cash Flow excludes acquisitions and divestitures. Therefore, the changes in working capital in my spreadsheet do not match what the company list under Op. CF.

Any help would be greatly appreciated.

Hewitt- Terrific book! I've included your Earnings Power methodolgy in my firm's investment process.
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