Technical question about treasury shares

Hi all,

I recently had an interview and received some questions I didn't answer clearly. Can you guys help me out?

So this was the question: 

1. When calculating equity value why are treasury shares excluded? 

2. Let's say firm A has 9 common stock and 1 treasury stock and firm B has 1 common stock and 9 treasury stock. Considering other things are equal and they all have same share price, do two firms have same value?

Have a good day

2 Comments
 

1) bc their shares bought back by company therefore are not shares outstanding so equity value would decrease

2) 9 shares ourstandinfb

 

Aut qui qui quia omnis. Dolores facere aliquid non tempora. Itaque repellat at repellat qui est.

Est ad repudiandae et. Veritatis occaecati rerum ipsam quam vel et. Sit placeat numquam exercitationem.

Enim iste non quaerat dolorem. Vitae aut est eius animi quia. Ut adipisci itaque ducimus. Nihil sed impedit sequi nam corrupti qui voluptatum. Aut quos delectus non et quasi voluptatum. Tempora perspiciatis aliquam quia omnis officia.

Laborare Pugnare Parati Sumus

Career Advancement Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Goldman Sachs 01 97.9%
  • Morgan Stanley 07 97.3%

Overall Employee Satisfaction

September 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 03 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 12 97.3%

Professional Growth Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 07 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.3%

Total Avg Compensation

September 2026 Investment Banking

  • Vice President (16) $429
  • Associates (51) $260
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (26) $182
  • Intern/Summer Associate (15) $159
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $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
dosk17's picture
dosk17
98.9
6
GameTheory's picture
GameTheory
98.9
7
Betsy Massar's picture
Betsy Massar
98.9
8
DrApeman's picture
DrApeman
98.9
9
CompBanker's picture
CompBanker
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...”