Non-Controlling Interest (NCI)
Also called minority interest. The portion of a consolidated subsidiary that the parent does not own. It is added in the EV bridge because the income statement consolidates one hundred per cent of that subsidiary’s EBITDA, so the enterprise value has to reflect the full claim on it for the multiple to be internally consistent.
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This term comes up constantly in accounting interviews and on the desk.
IB technical questions guideRelated Accounting terms
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