为什么不能用shares outstanding * stock price 来求MV?

问题如下：

Vita, a consultant in an international banking group, has been assigned a task to analyze the value of a high-tech company. Information about the company she collected is shown below:

The company has 500 million common equity shares outstanding.

The current stock price is $7.

The company has reported debt of $3500 million, and the market value of the debt is equal to this number.

The company has a reported cash of $1500 million.

The company has $50 million in preferred equity.

The company has $100 million short-term investments.

The reported net sale this year is $3000 million

According to the information above, what is the EV to sales ratio?

选项：

A.

1.82

B.

2.35

C.

1.88

解释：

A is correct

考点：考察EV-to-sales比率的计算，考察EV的计算。

解析：按照定义，EV等于公司的total company value（包括Debt, common equity, preferred equity）减去现金及其等价物，再减去short-term investments。

按照本题信息：本题的Common equity=7×500=3500million

Common equity +MV of debt + preferred equity = 3500+3500+50=7050

从7050中减去cash以及investments = 7050 – 1500-100=5450

除以Net sales可得EV/Sales ratio = 5450/3000 = 1.82