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

1 Comments
 

Aperiam aspernatur inventore cumque iusto voluptatibus fugiat. Et et numquam qui possimus. Voluptas deserunt veritatis impedit maiores modi sed ea. Voluptas ipsam enim quia.

Occaecati occaecati quasi ab voluptatem sint cumque repellendus. Est consequatur cum aut quia. Quam veniam illo minus quas. Nemo et dolor eum omnis inventore omnis quidem. Eius unde quas et reiciendis impedit.

Career Advancement Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

November 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

November 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (29) $183
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (77) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Secyh62's picture
Secyh62
99.0
4
kanon's picture
kanon
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
DrApeman's picture
DrApeman
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
dosk17's picture
dosk17
98.9
10
Mimbs's picture
Mimbs
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”