Best way to model non-wholly owned subsidiaries?
Imagine a company that has 2 segments that are wholly owned and 2 segments that are 60% owned, but fully consolidated in its financial results. 3 of the segments report financials to the EBIT level, and 1 publishes full financials separately. The other partially owned segment has debt that is non recourse to the parent. Generally, what is the best way to approach modeling this? And what is the best way to express these financials in a summary form in a writeup or deck? I'm mainly thinking about how you'd express this to your PM in a brief, comprehensible form since the consolidated financials aren't a great reflection of reality given the significant minority interests. Thanks!
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