medium · Investment Banking implied-share-price

How is Restricted Cash typically handled in an Enterprise Value calculation?

  1. It is disregarded entirely in both the Equity Value and Enterprise Value bridge calculations.
  2. It is subtracted from the debt balance in exactly the same manner as any other unrestricted cash balance is treated.
  3. It is added onto the total debt balance because restricted cash is effectively treated as a liability of the company.
  4. It is not subtracted from Equity Value because it is not readily available to offset the acquisition cost.

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