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Pavel Korchagin · 2024年01月22日

EV里为什么不加上current liability？

  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.

rt

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王园圆_品职助教 · 2024年01月22日

同学你好，EV的定义里就规定了只需要加上debt(有利息的负债）

”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“

而current liabilities（一般是指经营性负债，如应付账款等，都是无息负债）一般认为是无息负债，所以不需要在计算EV的时候加上

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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. 老师请问计算EV时怎么判断需不需要减去cash ancash equivalents呢？我记得在讲private company valuation时里面asset baseapproach是不需要减的，但是这里又需要。

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0.74. 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.MV of bt这块为什么没有包括current liability这点看了解析还是不理解

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