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1、P1:OTA/XYZP2:ABCc12JWBT347/MckinseyJune9,201014:39PrinterName:Hamilton12MovingfromEnterpriseValuetoValueperShareWhenyouhavecompletedthevaluationofcoreoperations,asdescribedinChapter6,youarereadytoestimateenterprisevalue,equityvalue,andvaluepershare.Enterprisevaluerepresentsthevalue
2、oftheentirecompany,whileequityvaluerepresentstheportionownedbyshareholders.Todeter-mineenterprisevalue,addtothevalueofcoreoperationsthevalueofnon-operatingassets,suchasexcesscashandnonconsolidatedsubsidiaries.Toconvertenterprisevaluetoequityvalue,subtractshort-termandlong-termdebt,
3、debtequivalents(suchasunfundedpensionliabilities),andhybridse-curities(suchasemployeestockoptions).Finally,toestimatevaluepershare,dividetheresultingequityvaluebythemostrecentnumberofundilutedsharesoutstanding.1Whenconvertingcoreoperationstoenterprisevalue,besuretofollowthesetwogui
4、dingprinciples:(1)avoiddouble-counting,and(2)evaluateinterde-pendenciesbetweenthevalueofcoreoperationsandthevalueofnonoperatingassets.Toavoiddouble-counting,takecarenottovalueseparatelyanyassetorliabilityembeddedinfreecashflow.Forinstance,nonconsolidatedsub-sidiariesaretypicallytrea
5、tedasnonoperatingbecauseanyincomegeneratedbynonconsolidatedsubsidiariesappearsintheparentcompany’snonoperat-ingincome,notinearningsbeforeinterest,taxes,andamortization(EBITA).ThatincomemustthereforebevaluedseparatelyfromEBITA.Conversely,ifyouchoosetoincludenonoperatingincomeasparto
6、fEBITA,donotvaluethenonconsolidatedsubsidiaryseparately.Double-countingcanalsooccurwhenmovingfromenterprisevaluetoeq-uityvalue.AnyfinancingexpenseincludedinEBITA,suchasrentalexpense1Estimatingthevaluepersharecompletesthetechnicalaspectofthevaluation,yetthejobisnotcomplete.Itistimeto
7、revisitthevaluationwithacomprehensivelookatitsimplications.WeexaminethisprocessinChapter13.273P1:OTA/XYZP2:ABCc12JWBT347/MckinseyJune9,201014:39PrinterName:Hamilton274MOVINGFROMENTERPRISEVALUETOVALUEPERSHAREEXHIBIT12.1SampleComprehensiveValuationBuildup$millionDCFvalueofoperations5
8、,000Excesscashandmarketabl
