Unrestricted cash - CIQ MktCap to TEV bridge
Hello,
CIQ defines TEV as:
MktCap - Cash & ST invest + Total Debt + Pref. equity + Total Min. Interests - LT Mktable Securities and I then adjust it for several other items (pensions, deferred tax assets & liabilities, ...).
In the Cash & ST invest part, I realise that it includes restricted cash. I know that in a perfect world I should analyse on a case by case basis, but let's say I'm trying to build a quick-win template, shouldn't I deduct the restricted cash part and add it back with a positive sign because it's wrongly considered as a cash asset by CIQ?
Thanks for your help
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