Corp Finance: Confusion btw After-Taxed CF, FCF and TNOCF

CFA Level II Corporate Finance
#1

Hi,

I have a hard time to distinghuish between After-taxed Cash Flow and Free Cash Flow in Corp. Fi terms.

From my understanding:

After-taxed Cash Flow (Expansion Project) = (Sales - opex) (1-t) + (D&A) (t) or NOPLAT + D&A

and

FCF = NOPLAT + D&A - Change in NWC - Capex (Mock Exam 2015 Afternoon Q 14)

and

TNOCF = Salvage Value - (Salvage Value - BV) (t) + Change in NWC

Am I correct ?

Thanks,

Alex