Hello monkeys,
Doing one of my very first valuations and running across some valuation conundrums. I am valuing Airbus and I am having a bit of a hard time switching from EV to EqV I see an DBO of 19bn while plan assets are at 11 leaving us with a Net pension liability of 8 that should be subtracted from from EV to arrive at equity value. Thing is, if Net Cash already includes marketable securities (13bn) from plan assets, and I subtracted the unfunded pension, am I not double counting the the securities and wrongfully increasing equity value?
Thank you!
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