September 2012
Intermediate to advanced
216 pages
5h 59m
English
Content preview from Financial Times Guide to Corporate Valuation, The, 2nd Edition
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148 The Financial Times Guide to Corporate Valuation
For Mobitronics, no non-operating cash flows exist and we simply add the
cash flows together:
Mobitronics’ theoretical enterprise value (EV) =
–1,461 + 2,893 + 12,674 = 14,106 (em)
Deduct the market value of debt to receive equity value
Thereafter, the market value of the company’s liabilities, minority interests
and pension provisions and other claims is subtracted from the enterprise
value. This gives the value of the shareholders’ equity, i.e. the capital that
belongs to the company’s shareholders, also called market value (MV) or
equity value.
Since Mobitronics has no minority interests or any pension provisions or
other claims, we simply subtract the market value of the debt from the
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