Valuing firm with large intra group accounts payables

Hi everyone,

Can you help me with the following question: if a jsc company has a large intra group accounts payables should we make an adjustment of its value? My co-workers finally made it up like 2 equity values - for the existing investor and for outside investor (with the adjustment - minus its intra group accounts payables). As for me , I thought it would be more accurate to just get rid of that amount calculating working capital and don't make any Equity value adj in the end.

Thanks!

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