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Normalised capital normally refers to working capital.

Normalised working capital is the average working capital requirements of a firm for ordinary trading using the past 12 months as a guide. It is used by financial buyers of a firm to determine the cashflow of the business which will have a direct impact on the ability to pay for the purchase and hence the value placed on the business.

R. Terhorst

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Q: What normalized means in financial term eg normalized capital?
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