is notes payable included in EV calculation?

CFA Level II Equities
#1

According to a CFAI practice question (Metiu Metev Case Scenario) it is not part of the EV, but isn’t note payable a financial liability and needs to be included?

#2

EV = (MV Equity + MV Long Term Debt + MV Preferred Stock + Non Controlling Interest) - (Cash & Cash Equivalents + Marketable Securites)

#3

So only the long term debt?

#4

Yes only debts. Debt is a subset of liabilities. You don’t add all kinds of liabilities