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CFA4Techie

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tT
发表于 2011-7-13 16:21 | 只看该作者

Enterprise value

value
I know the formula, EV = MV of ttl SE + MV of debt - cash and short-term investment

But with debt, we should include both LTD and current portion of LTD (including notes payable), right?

This year's sample exam 1, Q22, notes payable is not included in EV calc, is that right?

Also, Q20, when use CCM method to calc equity value, I only deduct notes payable and LTD from the total firm value, while the answer also deduct AP? what's the deal?

Thanks all!
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MiniMe7

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2#
发表于 2011-7-13 16:21 | 只看该作者
help please...

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mengxu

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3#
发表于 2011-7-13 16:22 | 只看该作者
should include current portion of LTD as far as i know.

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jarobi04

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4#
发表于 2011-7-13 16:22 | 只看该作者
EV = SE + LTD + STD + MI + Preferred - Cash

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redskins44

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5#
发表于 2011-7-13 16:22 | 只看该作者
Thank you, so i ignore what does sample answers say

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profil

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6#
发表于 2011-7-13 16:22 | 只看该作者
Yes, ALL debt... and Chuckrox8 is correct on accounts of MI and Preferred...

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ninja1024

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7#
发表于 2011-7-13 16:22 | 只看该作者
Account payable shouldn't be included, right? We don't need to deduct that from firm value to get equity value

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senlinlang

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8#
发表于 2011-7-13 16:22 | 只看该作者
Payables is not considered debt.

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firat

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9#
发表于 2011-7-13 16:22 | 只看该作者
I believe you should deduct long term debt for CCM and for EV the formula says MV of debt but it doesnt specify.. i guess we're gona enjoy doing trial and error on the exam.

that's just stupid.

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flyinggirl

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10#
发表于 2011-7-13 16:22 | 只看该作者
the question wanted Value of Equity extracted from EV/EBITDA (adjusted)

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