Apple EV Bridge / Cash

Hey guys,

I am trying myself on some multiple valuation and I am a little confused regarding the bridge. As Apple has a huge cash pile overseas, do you deduct taxes when use this cash for your net debt calculation?

Also, I have some Bloomberg EV/EBITDA 15A and 16E multiples, but I am not even close to those multiples with my current EV bridge. Can anybody tell me how Bloomberg did the bridge? Mine is: Market cap + short/long term debt + commercial papers - domestic/foreign cash + lease adj (As far as I can see, Apple does not have any non-controlling interest, associates or pension deficit)

Thanks for the help

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