Enterprise Value Definition
Value of the operating business (operating assets minus operating liabilities)
Operating assets
All assets except for cash & other investment assets
Operating liabilities
Usually all liabilities except for debt & debt-like liabilities
Enterprise Value Formula Note
Enterprise value - net debt(debt - cash) = Equity value is just a reformulation of Assets - liabilities = equity
EV Formula
Market Value of Equity + (debt - cash) = EV