Once we've calculated our EV or enterprise value, we then want to get to our implied share price via the EV equity bridge There's our EV, there's our equity value. So how do we do this? Well we start with the enterprise value and we add on non-core assets (assets not valued by the DCF) This might include associates, equity affiliates, equity investments We then subtract off net debt, that's your total debt minus cash You then subtract off debt equivalents or debt like items and subtract off your non-controlling interest NCI, sometimes called minority interests That will then get us to our equity value Once we're there, all we need to then do is divide by the number of shares outstanding and that will get us to an implied share price