How Extra Cash Impacts Enterprise Value

the net assets of a corporation are equal to: This is a topic that many people are looking for. star-trek-voyager.net is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, star-trek-voyager.net would like to introduce to you How Extra Cash Impacts Enterprise Value. Following along are instructions in the video below:

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u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 value represents the total value of the house and specifically if you buy a house regardless of the mortgage. And the down payment you use enterprise value is sort of like the total value of the. House so if you buy a house for 500000 with a 50 percent. Mortgage and 50.

Percent down. Payment. Split you have 250000 of mortgage and 250 thousand of equity and. Total the houses total value is still.

500000. Now if you have an 80 mortgage and a 20 down. Payment now you have a 400000. Mortgage.

And a hundred thousand dollars of equity. But the houses value is still five hundred thousand dollars and then finally if you have no mortgage and a 100 percent down payment. You have no mortgage you have equity of five hundred thousand. But the house is still worth five hundred thousand so this is a common analogy that is used to explain this concept and i m going to give you an extension of this analogy to explain this particular question.

What if when you re going to buy a house. You in the existing owner of the house..


Find an extra room. So maybe you measure the house and you figure out that it has more space than you originally thought or there s some kind of hidden extra room underground or something of that nature. What would happen to the home s price. If you find that extra room somewhere an answer is that of course.

The home s price is going to go up its total value is going to go up because the house is now worth more intrinsically. It has more space. It has more square feet or more square meters. And so it s worth more and buyers should be willing to pay more for it and this is sort of like what happens when a company s enterprise value increases something about its core value proposition to potential buyers goes up its core business.

Is worth more and so its enterprise value increases. But here s the scenario. We re talking about here. We re not talking about finding extra room when a ceo finds.

A hundred dollars lying on the ground and puts it in the bank account. It s sort of like when you go to buy a house and you find some extra supplies or gardening tools somewhere on the property. Maybe in the forest behind the house maybe in a shed or the basement or something like that and you find them. But you re gonna go and sell them anyway what happens in this scenario to the total value of the house.

Well the answer going back to the logic. We just learned is that these tools and supplies are not core to the home s value..


No one goes to buy a house. So they can get extra gardening supplies or extra tools or anything. Like that and so. If the owner finds out about it yes.

He may charge you more upfront because he s saying. Oh i forgot about those tools. But you know what you can have them just pay a little bit extra for this house so we may charge you something extra. But you re going to sell those tools and supplies anyway.

You re gonna get the cash back. And so to you the effective price of this house has not changed because this is not a core part of what you re actually buying it s something that you pay a little bit extra for and you get it back and then you sell it and it works out to be basically no difference anyway. And that s what the scenario is like the homes enterprise value stays. The same when you have some kind of tangential or side activity relating to item like that that you get that you re not going to use you re not buying the house for that anyway so the enterprise value in this case would stay the same and it s really just like what happens.

When that ceo picks up a hundred dollars of cash on the ground and puts it in the company s bank account. It s not core to the company s business. And so the company s value its enterprise value stays. The same so the moral of the story with these types of questions and i m mentioning this year.

Because they re so common in interviews you ll often get these questions that are phrased as what happens to enterprise value when x or y or z. Changes to answer..


This type of question. I would urge you to not think about the formula for enterprise value. Because that can really lead you astray unless you really know this concept well and you understand exactly what you re talking about what i would recommend instead is to think about whether or not whatever change. They give you is related to the company s core business operations.

And i think that s a much easier way to think about it and a much easier way to answer. These questions. One test you can do to check. This is to think about whether or not this change could potentially affect.

The company s revenue or ebit. Ah. So picking up something. Like cash is clearly not going to affect.

Revenue or ebit ah. At best. All it s going to do is increase. The company s interest income maybe it ll increase their dividend in commerce.

Something like that but neither one of these metrics will be affected something like raising debt or preferred stock. It s gonna affect the company s interest expense or dividend payments..


But it s not going to affect these core business metrics. And that s the best way you can decide what happens here. If the core business value changes. Then enterprise value will change in some way.

If the core business value does not change then enterprise value will stay the same so a few other examples of this would be cash debt. Preferred stock. The company s share count a lot of what we went over in that previous tutorial issuing shares raising debt repurchasing shares repaying debt getting extra cash anything like that that is more related to the company s capital structure and the cash debt. Preferred stock.

The number of shares. They have none of these are going to impact enterprise value now one footnote here is that s not quite true in real life. Because the cost of debt cost of equity and whack could potentially be affected by all these. But for this style of questions effectively enterprise value is not going to change because the company s core business value does not change and that is really the key takeaway from this lesson.

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