EV/EBITDA · enterprise and common equity

Operating EV is not common-share value

Operating EV = annual consolidated EBITDA × your selected multiple. It excludes cash and nonoperating assets. Common equity = EV − debt + cash − preferred claims − noncontrolling claims − additional nonoperating claims + nonoperating assets excluding cash. Each amount enters exactly once. Net debt = debt − cash and may be negative.

Additional claims exclude routine operating payables and claims already deducted. Debt and consolidated EBITDA definitions are your consistent assumptions; the model supplies no leases, options or accounting adjustments. Do not apply this bridge to already-equity values from FCFE or DDM.

Only positive complete equity and a known positive share count produce model per-share value, a MOS threshold and optional price ratios. Zero or negative equity is preserved as a diagnostic. MOS and three independent labels are neither recommendations, proof of safety nor a consensus of methods.