Company with EV $10bn (equity value 6, debt 6, cash 2)
What happens to EV if Company uses $2bn cash to invest in a new project with an NPV of $2bn?
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Nothing, 2bn of equity value attributable to cash becomes 2bn of equity value attributable to the project.
Enterprise Value equals the Operating Value of the company.
Since, like you said, 2bn of value shifted from a non-operating asset (cash), to a operating asset (the project), enterprise value increases by 2bn.
Can also be derived from the fact that Net debt increases by 2bn.
I agree. The source claims $12bn
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