Calculating Market Value of Debt from a 10-K report

Question

When calculating enterprise value, I can find the market value of equity for a firm using various websites, but cannot find the market value of debt. I have been looking through the 10-K report for the firm and cannot find the factors needed to calculate it (interest, % current cost of debt, weighted average maturity). Any recommendations for calculating market value of debt? Or how to estimate it? Thanks in advance!

Goldmonkey Sachs · Accepted Answer

Well, to be sure, you are going to want to find the capital structure broken down by tranche of debt.

Goldmonkey Sachs · Answer

Actually, just to make it easy, try to look at Comcast’s most recent 10-Q (https://www.cmcsa.com/static-files/c25a1dea-cce8-425d-bf78-bc841d7bf984). Page 33 in the Q (37 in the PDF).

There you have a clear example of what I’m trying to say. They show you debt per entity (Comcast, NBCU, Comcast Cable, Sky, etc.). At the bottom, you have a total debt number ($103.6Bn), which as you can see, if net of Debt Issuance Costs, Premiums, Discounts, Fair Value Adjustments for Acquisition Accounting and Hedge Positions, Net ((-$1.7Bn)).

Goldmonkey Sachs · Answer

What I’m saying is, think about what you really need. Sounds from your original post that what you want is just the amount of debt to build a bridge to Enterprise Value (let me know if this is not correct). If that is the case, you do not need market value of debt. All you need is the principal amount of the long term debt per the latest filing (again, principal amount, not carrying value since that is net of amortization, fees, etc.). That’s what 99% of people are going to use to value the business (as long as it’s not distressed/special situation).

loanboy043 · Answer

10K - "tranche by tranche" - can help here
If you want to go through long-term debt tranche by tranche - which I agree, I can help there and give some good examples & things to keep in mind (altho I agree w all the posters - in terms of I don't see the value in what you are doing and think about the goal of the analysis.)
I think the better analysis would be spreading capital structures for diff companies, w pricing and tenor in the columns too (Tranche / Pricing / Tenor / Amount)
Anyways here's also to keep in mind
Revolver - if partially drawn at L+400, don't forget the commitment fee of

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Calculating Market Value of Debt from a 10-K report

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Calculating Market Value of Debt from a 10-K report

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