二级 2019 MOCK B PM 40题 权益 MEITIU case 第四题
Q4. Using Nenkov’s findings from his search of the database, his suggestions regarding appropriate adjustments, the information in Exhibits 1A and 2, and the EV/EBITDA multiples approach, RRBL’s value of equity is closest to:
A. BGN966 million.
B. BGN916 million.
C. BGN946 million.
A is correct. Adjusted EV/EBITDA multiple = 7.2 × (1.25) = 9.0
EV = EBITDA2013× Adjusted EV/EBITDA = 105.1× 9.0 = 945.9
| ValueofequityValueofequity | = | EV+Cashandshort−terminvestments−Long−termdebtEV+Cashandshort−terminvestments−Long−termdebt |
| = | 945.9+50.0−30.0945.9+50.0−30.0 | |
| = | 965.9 |
EV 李老师讲 EV=ST +LT+普+you优-cash
这个题目fansuan反算EQUITY，为什么不减去NOTESPAYABLE？
