Here we have to calculate the equity value. So I know that's going to be the share price times by the number of shares The question mark is, which number of shares? So we've got a share price of 4, I need to multiply that by number of shares Do I include common A shares outstanding and B? Yes we do, we include both of those If we read through, common B shares have super voting shares rights and on transfer convert into low voting shares Ah fantastic! So if they were to bought or transferred, they would transfer into regular shares ADRs, so American depository receipts, we know they are just copies of regular shares We are not going to include them, if we included them, we would be double counting some shares So my equity value is going to be four multiplied by your common A shares outstanding plus your common B shares outstanding Giving you an eventual equity value of 4,064,568 We carry on into the next question Similar question, calculate the equity value. We've now got the share price for common shares and the share price for preferred shares I know that we're not going to include preferred shares outstanding, they are not part of your normal equity capital So we can ignore the preferred shares I know that I'm going to take the share price for common shares but what am I going to multiply it by? Well we've got a few options, we've got shares outstanding We've got diluted shares outstanding And then we've got average common and then average diluted Well I know I always want the diluted rather than the basic, so that gets us down to just two different figures Diluted shares here and weighted average diluted shares here And I also know that I don't want to go with the average figure, the average figure is a theoretical figure If we were to have looked at the shares at the start of the period, the end of the period and then weighted the number of shares according to the time. We would have got to that weighted average diluted number We don't want that, we don't want that! We want the most recent number of shares, so we'll multiply that by 1,026,430 If we multiply them through, that gets me an equity value of 9 million 443,156