为什么要减掉6

问题如下：

Schwalke is currently valuing LPE, a private furniture manufacturing company based in France. Given the availability of similar publicly traded furniture manufacturing companies, Schwalke uses a market approach to value LPE. He finds an average EV/Sales multiple of 0.60 from these public comparable companies. Schwalke notes that LPE’s debt is currently EUR 6 million and LPE’s base year sales of EUR 30 million. Which of the following is closest to the proper calculation of LPE’s equity value using the EV/Sales multiple?

选项：

A.

EUR 18 million

B.

EUR 12 million

C.

EUR 24 million

解释：

B is Correct. Applying the EV/Sales multiple of 0.60 to LPE’s base year sales of EUR 30 million results in an EV of EUR 18 million. To calculate equity value from EV, we deduct the debt of EUR 6 million to arrive at an equity value of EUR 12 million