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Seems like capital leases is the missing ingredient...
EV is generally equal to the following:
EV = equity value + Net Debt + Other stuff
Where:
Other stuff = Preferred stock + Capital Leases + Noncontrolling interest
So if equity = 0, then:
200 = 0 + 400 + Other stuff
You said no preferred stock or minority interest, so capital leases would need to be -200.
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