Is Depreciation Included in Nopat?

Net Operating Profit After Tax
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			            	dev chandra
Management Consultant, India
			            
Is Depreciation Included in Nopat?

	          		Nopat = EBIT - taxes...

Is depreciation also excluded from NOPAT?
				      
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		                          	Dealing with Taxes in Calculating NOPAT
Is Depreciation Included in Nopat?
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