Net Debt Adjustment
Short definition
The net-debt adjustment is cash and financial debt (plus debt-like items) taken off EV to reach the equity price. The definition fight moves price as much as the multiple.
Detailed explanation
Debt-like: leases, factoring, a dividend payable, tax instalments, sometimes NCI. Cash-like: trapped cash and encumbered deposits may not count as cash.
The locked date and FX move the amount. The FDD bridge splits management net debt from contract net debt.
Why it matters for the CFO
If EV is right and the definition is loose, the seller takes extra cash. This line is lost more often than the multiple debate.
How it is calculated
Özkaynak bedeli = EV − kapanış net borcu (sözleşme tanımı)
Variables in the formula
- ND: contract-defined net debt
How to read it
Each item: cash, debt-like, or NWC? The wrong bucket breaks both price and close cash.
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What to learn next
Definitions are educational. They are not investment, credit or tax advice.