EV-to-equity bridge and value per share

Methods and settings

Read the signs

Common equity value = EV + cash − gross debt − lease liabilities − minority interests/NCI − pension deficit + non-operating assets + investments/associates − simple preferred/senior equity claims + other signed adjustment. Named claims are amounts to subtract; a negative Other also reduces equity. Avoid including a claim in both operating EV and the bridge. In a supported listed if-converted case, corresponding debt is removed once, as described below.

Follow the model or override deliberately

Open EV → Equity bridge within the method. Cash and gross debt use the selected bridge year unless overridden; gross debt includes the model’s revolver. Clear a cash or debt override to restore the linked source. Other bridge items are explicit assumptions. Each valuation method has its own bridge settings, so comparing methods also requires comparing their bridges.

Supply the correct denominator

Without the optional listed operator, positive Shares outstanding is an explicit independent denominator; blank shares leave per-share value unavailable without invalidating EV. The generic Cap Table's Basic/FD counts are not automatically synchronized.

With Listed Shares & Capital Returns active, DCF, Trading Comparables and Precedent Transactions use its selected Basic, TSM, if-converted, supported Fully Diluted or disclosed manual count at the bridge year and scenario. The old manual bridge-share control is replaced by that link. LBO retains its separate acquisition/exit assumptions. Currency per share is not divided by the thousands/millions scale used for total money.

Check a complete bridge

With EV of EUR 1,000,000, cash of EUR 100,000, debt of EUR 300,000 and leases of EUR 50,000, equity is EUR 750,000 if other items are zero. At 100,000 shares, value is EUR 7.50 per share. Changing the display to EURk shows EV 1,000 EURk; cash 100 EURk; debt 300 EURk; leases 50 EURk; and equity 750 EURk. The economics and EUR 7.50 per-share result remain the same.

Keep converted debt and shares in one economic case

Basic/TSM keeps fixed convertible principal in debt. Listed if-converted/fully diluted adds principal divided by fixed conversion price to shares and removes the same principal from gross debt. Principal must already be in the bridge debt; an excess blocks valuation. A 100 million bond at conversion price 10 adds 10 million shares and removes 100 million debt. This is hypothetical valuation treatment, not a statement repayment or full complex-security model. The conversion reference explains interest and unsupported rights.