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I'm not sure if you're alluding to the fact that Venezuelan operations could be nationalized or shut down or some such, but that risk is somewhat smaller than the currency risk the company had been carrying.

Yes I was alluding to Venezuela as a business risk. Thanks for your reply on this.

You're right that FCF has been lumpy, the general direction is a good one. In terms on building a model, you might ignore the receivables stuff on the front end and opt to build a valuation off of owner earning's and then at the end dock OE some percentage for working capital since based on last year's action, using last year as a guide to say they take a $3mm hit to turn $30mm of receivables into cash.

Thanks for answering about receivables and what to do as far as valuation is concerned. I was wondering and will determine how a variation of earnings would be to my MELI FCF number. I was thinking

earnings variant = NOPAT (using higher tax rate) + Depreciation and amortization - CapEx

This would penalize by not taking good capital management into account but would show a "normalized" growth rate over time. I'll see how that changes things on my FCF.
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