So we've got the diluted equity.

We now need to get from that down to EV or enterprise value. At the bottom, the kind of items we're going to be looking for are going to be debt or debts like items.

So I'm going to start my labels off here.

And then cash or any other kind of asset that's financial in nature.

So I've got cash and short term investments as my example.

To start us off, I'm going to go to Felix and find that information.

I'm back on the Coca-Cola tab here. I've got a couple of things I could do.

First of all, I could go straight into the 10 Q and if I click on that 10 Q, it would take me to the front page here.

I'm going to find the vast majority of the things I need on the balance sheet. So I'd go to sections, and in the financial statement part here, I'd go down to balance sheets.

Great. An alternative I could go for, again, I'm looking the 10 Q, but I could just go for the bs.

The balance sheet extracts here, brings all of my items there.

I could even copy it and put it into Excel.

Alternatively, I could go to the valuation section and I can see my various items getting me from my diluted market cap down to enterprise value. Here. It includes things such as NCI, debt, et cetera.

I definitely want to use this as my guidance or at least my starting point.

So if I click into the debt, I can see we've got quite a few items here, and as I click on them, it'll take me to the balance sheet.

I can then investigate, make sure those numbers are correct, and they're tagged correctly by Coca-Cola.

Here's our first one, so loans and notes payable yet. That's great. I'm very happy with that one.

The next items that we saw here is 1 6 3 long-term debt and finance lease, and then 43,530 long-term debt and finance lease.

If I go back to the balance sheets, I can see I've got, there's the 1 6 3 of the current maturities, which is great, and there's the 43,530.

Brilliant. Let's go take all of them and put them into the Excel. So I've saved that.

Then I'll put the other labels in as well.

Grab those numbers, save, copy, paste, and the long-term debt as well. There it is, save and then paste. Fantastic.

Now there's another item that I'm thinking that's as a source of funds here.

All my debt's a source of funds. There's one more that I think Coca-Cola might have, and if I scroll down, I can see in their equity section they've got equity to NCI and it's 1 5 5 2.

I'm gonna save that, but let's just check if that was in Felix as well.

There it is, my NCI 1 5 5 2. Great.

So I'm feeling very confident about my numbers here.

So paste that in NCI.

Now I want to go looking for any financial assets such as cash and short-term investments.

If I have a look at what's already in my EV bridge in, Felix can click on the number.

I can see the breakdown here.

So 1.79, 3.57, and 8.4.

Again, let's go see if we can find all of those in the company's balance sheets, and I can see it with a red line around it here. So that's my marketable securities. Click save.

Brilliant, great cash and short term investments.

There are the numbers, the eight four, and the three five.

Great. I'm going to sum them together because we've handly been given this total cash number.

Save. Put that in my cash item. Great.

Now I'm wondering about any others that might be here.

So I want to look at the balance sheet. I want to scan it and see if there's any others that I notice and equity method investments come to mind.

They are not part of my operations.

They are a financial assets. So I'll grab that number.

The 18,369. Let's just check if it was in Felix.

Let's look at these long-term financial asset. There we go.

Fantastic. 18,369. So we'll put that one in.

Great, The long-term marketable securities. Let's click on them and see where they've come from.

Normally we'd have to be searching through the financial statements to try and find these kind of things, and I see they've come from note four investments.

Let's check where these securities are kept.

These were included in the following line. Items in the balance sheet are, so we may have included them already.

I've got a number at December 24, but I've got a more recent number.

So these are the ones I want to look at.

Marketable securities, we've already got them, so that 4 0 5 is already included, but the 1 6 5 1, we need to include that.

So let's save that back to the Excel 1, 6, 5, 1. That's fantastic. Now I see we've still got two more items here. Long-term marketable securities 3 7 7 and other instruments 42.

If I click on them and where they've come from, I can see there's my 42.

Very good. I definitely want to include that.

And just a little bit further down the same page, there's the 3 7 7 and that's debt securities that we own.

I want to include both of these.

If I go back to my Excel, I'm ever so slightly running outta room in my template.

I really should insert some new rows and then link them up properly.

I'm going to be a bit naughty and I'm just going to add them to the items that we've already got here.

So add the 3, 7 7 and the 42.

Now I can come up with my EV, so I press equals, I'm gonna start with my equity, add on the debt, and NCI then subtract off the financial assets.

Gets me to 326 7, 7 3.

Let's check that to Felix, but there will be a difference.

So the EV we've got to here is 327 5 10, whereas we had 326, 7 7 3.

What's the difference? The difference I notice is this after tax pension liability.

It has been included in Felix.

I haven't got a problem with that, but our question explicitly told us to ignore pensions.

We've also ignored operating leases.

The operating leases, they are included.

A little bit further down though, you've got an operating lease liability there, which you can include if you so wish.