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张文文 · 2023年08月18日

老师请问计算EV时怎么判断需不需要减去cash and cash equivalents呢？

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201612170200000304

问题如下：

4. Based on Exhibit 2, the multiple of enterprise value to sales for Centralino as of 31 December 2014 is closest to:

选项：

A.

0.67.

B.

0.74.

C.

0.77.

解释：

C is correct. Enterprise value (EV) is calculated as follows: EV = Market value of common equity + Market value of preferred stock + Market value of debt – Cash, cash equivalents, and short-term investments

= (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102

= €2,446 million (or €2.446 billion).

So, EV/Sales = €2.446 billion/€3.182 billion = 0.77.

老师请问计算EV时怎么判断需不需要减去cash and cash equivalents呢？

我记得在讲private company valuation时里面asset based approach是不需要减的，但是这里又需要。

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王园圆_品职助教 · 2023年08月18日

同学你好，只要是确定计算的是EV，肯定是需要减去cash的哦，你是碰到有什么题目不用减cash吗？如果有的话麻烦你提供一下题目的来源哦

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NO.PZ201612170200000304问题如下4. Baseon Exhibit 2, the multiple of enterprise value to sales for Centralino of 31 cember 2014 is closest to:A.0.67.B.0.74.C.0.77.C is correct. Enterprise value (EV) is calculatefollows: EV = Market value of common equity + Market value of preferresto+ Market value of – Cash, cash equivalents, anshort-term investments = (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102 = €2,446 million (or €2.446 billion). So, EV/Sales = €2.446 billion/€3.182 billion = 0.77.既然是从资产负债表右边来算EV，右边的数字就应该全算进去才符合逻辑，难道留存收益就不算公司价值吗？

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