Equity Value = Share Price × Fully Diluted Shares Outstanding. Share price comes from the most recent close (or the ``unaffected'' price before any deal rumor in M&A contexts). FDSO uses point-in-time basic shares from the most recent 10-K/10-Q/8-K plus dilution from options/warrants (Treasury Stock Method), in-the-money convertibles (If-Converted or Net Share Settlement), RSUs (added 1-for-1 with no TSM offset), and mandatory convertibles (always equity). Equity Value is the correct numerator for levered multiples (P/E, P/FCFE).