oneboy

Thanks Folks.

The company's balance sheet shows notes receivable and notes payable seperately, with notes that the QSPE received the notes receivable and used them as collateral to borrow funds, which are non-recourse note payable. Cash flows from the notes receivable are used to repay the debt.

My question is, for the purpose of calculating Enterprise Value, whether I should consider the full amount of notes payable as debt, or offset the notes payable and the receivable. The latter scenario will result in a lower EV due to the lower debt as a result of the netting.

Thanks