How do you treat cash flows from an NCI subsidiary in valuation, especially trapped cash?

The group consolidates 100% of subsidiary cash flows, but the parent does not own 100% of the economics and may not be able to access all cash. For valuation, account for minority leakage through NCI and assess trapped cash from legal, tax, FX, covenant, or local regulatory restrictions. Cash trapped in an NCI subsidiary may not be fully available to repay parent-level debt.