Impact of preferred dividends on equity value and EV

The way I understand it, there are really two reliable ways for assessing the impact of some transaction on enterprise value. 1 is to feed it through the standard (equity value - cash + debt + preferred stock + minority interest) formula, and the other is to determine the change in net operating assets.

Let's say a company issues $100 in preferred dividends. Let's start with the second method of calculating impact on EV. This $100 is deducted from cash and from net income attributable to common, but neither of these items are operational so in theory EV is unchanged.

However, using the formula, that $100 deduction from net income attributable to common should drag down equity value by $100. The corresponding $100 drop in cash should offset that. HOWEVER, wouldn't the $100 issuance of preferred dividends also drag down the market value of preferred stock by $100? And therefore, why wouldn't overall EV drop by $100?