don't most companies have a minimum cash balance that they need to keep throughout the yr to purchase inventory, use or sg&a, LC's, etc? it wouldn't make sense to include that in net debt as the restricted cash could not be touched in an acquisition scenario.

 
ib07:
When calculating enterprise value, do you include restricted cash? For my particular company, the restricted cash serves as cash collateral for its outstanding LCs

When subtracting out cash from the total enterprise value I would only remove the cash portion that is a current/liquid asset. If it's restricted for a specific use I would classify that as Cash for X or Collateral Against Outstanding LCs or something. So I guess it's like Debt+Equity+Preferred Stock+minority interest, etc-NET CASH(Free Cash-Less Restricted Cash)

 

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