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leadcfa

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tT
发表于 2013-8-9 10:59 | 只看该作者

Enterprise Value Question

accounts, common, equity
When calculating it with debt and common stock (and then subtracting cash and short term), does that mean all liabilities and equity? Or is it specifically just debt and common stock, and stuff like accounts payable would be excluded bc it’s not debt and retained earnings wwould be excluded bc it’s not on stock

 

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kingstongal

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发表于 2013-8-9 11:00 | 只看该作者
debt is not the same as liabilities.

Total debt = The total of interest-bearing short-term and long-term debt, excluding liabilities such as accrued expenses and accounts payable

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neil1234

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发表于 2013-8-9 11:01 | 只看该作者
Think about EV in terms of Market Values.  It’s total Market Value of equity, debt, preferred, plus minority interest (if there is any) and then minus cash and cash equivalents.
It’s essentially how much you would have to pay to buy the company at market value.

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bodhisattva

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发表于 2013-8-9 11:02 | 只看该作者
Don’t we only LTD in Enterprive Value calculations?

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smuggycfa

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5#
发表于 2013-8-9 11:03 | 只看该作者
You use short-term debt as well. The reason being that Enterprise Value, as stated before is essentially the total cost to take over the firm. Total cost to take over the firm includes the entire market cap, and all the debt you have to pay off. Whether the debt is short-term or long-term you still have to pay it off so it should be included in the EV calculation.
Side note: Make sure to also subtract cash/cash equivalents/marketable investments from EV as those accounts reduce your total cost for taking over the company

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ohai

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发表于 2013-8-9 11:04 | 只看该作者
why is minority interest added ?

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sabre

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发表于 2013-8-9 11:06 | 只看该作者
Stuff like accounts payable is ignored as it is part of working capital, smth which relates to mainstrem revenue-generating activities, rather than financing.
I guess minority interest (NCI) is added to account for the cost of 100% acquisition of all the subs down the group structure. Or to ensure consistency of ratios as Aether mentioned.
Without subs’ financial statements you cannot calculate the parent’s share of Revenues or EBITDA in the subs. The only items disclosed are P/L attributable to owners of the parent and non-controlling interest. As such EV/EBITDA or EV/Sales can be calculated only for the group as a whole (before deducting NCI from the P/L and after adding NCI to equity and debt)
I believe the last idea is the basic reasoning behind adding NCI.

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HuskyGrad2010

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8#
发表于 2013-8-9 11:06 | 只看该作者
EV already include Minority interest. Why would one add it again?

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