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.
Solution
A is correct. Adjusted EV/EBITDA multiple = 7.2 × (1.25) = 9.0
EV = EBITDA2013× Adjusted EV/EBITDA = 105.1× 9.0 = 945.9
Value of equity=EV+Cash and short - term investments -Long - term debt
= 945.9 + 50.0 -30 = 965.9
题目还给了note payable=8,请问为什么在EV减债务的时候，债务只考虑Long - term debt=30不考虑note payable=8，是不是漏了，应该是减（30+8）吧。我们在做经典题的时候，算FCFE的时候，note payable可是算进NB里面的，所以note payable是有息债务才对啊，这题怎么不算呢？
