easy · Investment Banking implied-share-price

When bridging from Equity Value to Enterprise Value, how should the company's Cash and Cash Equivalents be treated?

  1. They should be subtracted because cash is a non-operating asset that offsets the cost of an acquisition.
  2. They should be added back only if the company reports negative net working capital on its books
  3. They should be ignored since cash is already fully reflected in the company's market capitalization
  4. They should be added because holding cash increases the total asset base reported on the company's balance sheet

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