Value of Equity using EV/EBITDA Multiple Investment, question, getting, helping, should

Mechanic

Hi all,
If anyone did sample test 2011 then you should have saw this question already.
V1 Q22.
Asking to calculate Value of Equity using EV/EBITDA Multiple.
After getting EV, the answer added Cash & ST Investment and minus LT Debt only to get Value Equity.
My question is I though that to get Value of Equity from EV, we can simply subtract Value of Debt. Why do we need to added Cash & ST Inve? And why do we only minus the LT Debt?
Thanks for helping in advance.

SeanWest

Thanks PuneCFA,
I always thought that EV value already eliminated Cash and add LT debt in. So to do it one more time for getting value of equity is confusing……
But, I guess you are right.