When looking at the bridge between EV (enterprise value) or equity value, we need to understand that there are two different things. The enterprise value focuses on operations and it's unaffected by financing decisions. If your debt goes up or down, it doesn't really matter to the operations of the business. So the value of your enterprise value is driven by company performance, industry dynamics, general economic factors, what makes sales go up? What makes your cost go up? Alternatively, look at your equity value. This focuses on ownership of the business, and it is affected by financing decisions. If the owners decide we need more money, if they get that from a bank debt, then they don't have to give up ownership, which they would have to do if they got in new shareholders. So the value of your equity is still driven by company performance, industry dynamics, and general economic factors. So sales go up or costs go up, that is affecting your equity value as well as your enterprise value, but it's also affected by financing decisions. If you change the level of debt, or particularly if you change the number of shareholders, that does affect your equity value. So if I was trying to appraise a company, if I'm thinking of buying a company in its total, then my focus might be more on the enterprise value. I want to ignore how it's funded. I want to look at the products it sells. I want to look at its sales. I want to look at its cost structure, and that is going to be captured within the enterprise value. I don't care how it's financed. I'll change the financing when I buy the company.