Why are notes payable not included in the EV, is it because we include marketable dent only in other words, loans, bonds, and capitalized leasing? If so, is not capitalized leasing considered as notes payable?
You don’t add notes payable to EV calculations, you don’t have to add “all” kind of liabilities just the long term debt used to finance the EV (in addition to the MVE, PE, and Minority)
Only long term, so if I’m using Short term borrowing, I am not gonna add it?