EV to Equity Value Bridge
Two analysts can agree on EBITDA, agree on the multiple, and still be a long way apart on the share price — because the bridge is where the disagreements actually live. Walk it one component at a time. Every bar opens to show the inputs underneath it, and the treatment decisions that change the answer are choices you make rather than defaults you inherit.
Covers the pension deficit net of tax, why NCI is added when EBITDA is consolidated, the IFRS 16 versus ASC 842 lease argument, and the treasury stock method.
Type a US ticker and the balance-sheet side of the bridge fills from the company's latest 10-K, every figure linked to the filing. Enterprise value and share price stay yours — neither is filing data.
The bridge
Equity Value = EV − Net Debt − Pensions − Preferred − NCI − Leases + JVs. Click any bar to open the inputs that build it.
Start
Short-term $400m + long-term $3.2bn less usable cash $1.2bn. Restricted cash of $80m is excluded — cash the business needs to trade is not available to repay debt.
From equity value to a share price
Equity value divided by diluted shares, not basic. Options, RSUs and in-the-money convertibles are claims on that value whether or not they have been exercised yet.
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