M&A并购交易中的Equity Bridge: 1. EV(Enterprise Value 企业价值): 交易中一般采取 EV/EBITDA倍数,或者DCF测算得出; 尽调中进行会计调整、正常化调整、profoma调整等等,试图得到未来可持续recurring口径下的EBITDA、Net profit等KPI,作为估值模型的历史财务起点(未来预测比例、金额等假设,与历史期间直接相关); 2. Net...
Enterprise Value vs. Equity Value is an often misunderstood topic, even by newly hired investment bankers.
企业价值：Enterprise Value=EBITDA*Mutiple 股权价值：Equity Value=Enterprise Value+Cash-Debt 交易对价：...
Equity value constitutes the value of the company's shares and any loans that the shareholders have made available to the business. The calculation for equity value adds enterprise value to redundant assets ornon-operating assetsand then subtracts the debt net of cash available. Total equity ...
同学你好,“这个FFC的折现求和以及减掉net pension liabilities是不是计算enterprise value的两种不同的方法?”——不是,估值的终极目的是求股权价值,而FCFF求到的是公司整体价值,要求股权价值的时候,需要再减去debt才可以——而net pension liabilities本身就是一种debt,本身就是在求equity value的时候从FCFF折现求到的...
Equity Value = Enterprise Value – Net Debt – Preferred Stock – Minority Interest The image below illustrates the relationship between enterprise value and equity value (i.e. “market cap”). How to Calculate Enterprise Value Multiples One of the most common valuation multiples is the TEV/EBITD...
Because EV serves as the cost to acquire a business, debt would be an added cost to the acquisition while cash would be deducted from that cost. Can enterprise value be less than equity value? Enterprise value can be less than the equity value for companies with net negative debt, or ...
As shown above, if two companies have the same enterprise value (asset value, net of cash), they do not necessarily have the same equity value. Firm #2 financed its assets mostly with debt and, therefore, has a much smaller equity value. ...
1. Equity Value Vs Enterprise Value- Differences The ‘Equity Value’ refers to the value held by its equity holders. In contrast, the ‘Enterprise Value’ refers to the total value of the business, including the value held by its equity owners and debt owners. ...
Net debt is not dependent on the assumptions used in the DCF valuation, so you can subtract the constant net debt value from the range of EVs calculated as described above to arrive at a range of equity values. As an additional step, divide the equity value by the current diluted shares ...