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Capital budgeting

Insights on capital allocation and investment decision-making, focusing on how CAPEX and working capital are shaped by internal budgeting processes, financing constraints, and management judgment — and why these variables cannot be mechanically inferred in cross-border valuation.

Funding Cost & WACC

+4

Why I deliberately exclude CAPEX and working capital assumptions

Dec 22, 2025

•

3 min read

Why I deliberately exclude CAPEX and working capital assumptions

Why management-driven decisions do not belong in cross-border valuation.

Dai Kadomae
Dai Kadomae

GARYO FINANCE Insights

Financial visibility → investor-ready decisions.
For ASEAN dealmakers, CFOs, and investors.

Dai Kadomae, CFA, CPA
ASEAN Deal Advisory | M&A, IPO, Fundraising, Valuation | Ex-CFO & Citi Investment Banker | Op-ed Contributor (Nikkei, Bangkok Post, Asia Times, The Business Times Singapore)

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