Investments in associates for enterprise value

Hey all,

Having trouble finding online: with investments in associates, when are the scenarios where they’re included in EV of a business, and what’s the general impact?

Ie am I right in saying that if we don’t include income from investment in associates in EBITDA, that we just deduct that investment from debt for the enterprise value? And that if it is included in EBITDA (as is standard in Australia, my country) then we need to ensure that the investments in associates value is part of enterprise value?

Appreciate the help

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