What do we do when valuing a company's stock using a DCF regarding their net debt (debt-cash)? Do we simply run our DCF (unlevered) to get the present values of all future cash flows, then subtract the net debt? Or do we leave net debt out of the picture?
I'm trying to do a DCF with DPZ, but their high net debt figure is depressing their stock price and I don't know if I should be including it or not.
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