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      "text": "Is enterprise value complete? Is enterprise value measured at market values? Does net debt reflect seasonal variations and changes in group composition? Have non-operating and non-core assets been treated correctly?",
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      "text": "1. Completeness. 2. Use of Market Values. 3. Seasonality. 4. Treatment of Non-operating and Non-core Assets.",
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      "text": "6 For a more detailed discussion of issues involved in calculating enterprise value, see our report Valuation and Accounting Briefing No. 1: Enterprise Value, December 1998 (reprinted November 2000), available at ubswarburg.com/research/gvg.",
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      "text": "Less distorted by non-core assets: EV multiples allow the exclusion of non-core assets, whereas the statistics used in equity multiples incorporate the net assets and earnings attributable to non-core assets.",
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