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      "text": "Enterprise Value = Equity Value + Debt + Preferred Stock + Unfunded Pension + Non-Controlling Interest - Cash - Marketable Securities - NPV of Tax Shield - Equity Investments.",
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      "text": "Marketable Securities: Companies can easily liquidate them into cash. You should treat this like you would Cash.\nNPV of Tax Shield: This is the value of potential tax savings, which would save the company cash. You should treat this like you would Cash.\nEquity Investments: This is the value of investment in other companies. You should treat this like you would Cash.\nPreferred Stock: For public companies, Preferred Stock is basically a debt tranche with a fixed dividend payment. You should treat this like you would Debt.\nUnfunded Pension: This is a company-sponsored retirement plan that has more liabilities than assets. You should treat this like you would Debt.\nNon-Controlling Interest: This is a portion of the value in the consolidated company that belong to other equity investors. You should treat this like you would Debt.",
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      "text": "119. What is Fully-Diluted Shares Outstanding (FDSO)?\n\"Fully-Diluted Shares Outstanding is the number of shares a company has after dilution.\"\nFinancial Modeling Course References:\nCourse 3, Lessons 6-11 (Shares Outstanding; Dilutive Securities)\n\n120. What’s the difference between Basic Shares Outstanding and Fully-Diluted Shares Outstanding?\n\"Basic Shares Outstanding is the number of shares a company has before dilution. It’s the company’s share count right now.\nFully-Diluted Shares Outstanding is the number of shares a company after dilution. It’s what the company’s share count will be after dilution occurs.\nFully-Diluted Shares Outstanding = Basic Shares Outstanding + Dilution.\"\nFinancial Modeling Course References:\nCourse 3, Lessons 6-11 (Shares Outstanding; Dilutive Securities)\n\n121. Should we calculate Equity Value using Basic Shares Outstanding or Fully-Diluted Shares Outstanding?\n\"We should calculate Equity Value using Fully-Diluted Shares Outstanding.\"\nFinancial Modeling Course References:",
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      "text": "With that, a more extended Enterprise Value / Equity Value formula becomes as follows.\nEnterprise Value = Equity Value + Debt + Preferred Stock + Unfunded Pension + Non-Controlling Interest – Cash – Marketable Securities – NPV of Tax Shield – Equity Investments.",
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