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。