NCI in EV calculation
From the Eq V to EV bridge we have EV = Eq V - CC&E + Debt + Pref stock + NCI But what does this NCI mean ? If a company A acquires 80% of B, that itself owns 65% of C, should we add in the EV both the 35% NCI from C and the 20% not acquired from B, or only one of the two ? Thanks in advance
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