- Since Implied Equity Value and Enterprise Value are based on your views, both of them could be negative as well. Once again, however, it's rare unless you're analyzing a distressed or highly speculative company - and even if it happens, you often just set the Implied Share Price to $0.00
- Equity value, commonly referred to as the market value of equity or market capitalization, can be defined as the total value of the company that is attributable to equity investors. It is calculated by multiplying a company's share price by its number of shares outstandin
- Implied equity value (Total Consideration to Shareholders Ã· Percent Sought) + Other Consideration + Total Earnouts + Total Rights/Warrants/Options + Adjustment Size + Net Assumed Liabilities = Implied Enterprise Value. What I'm not clear on is why Options/Warrants are not included in Equity Value. I suppose you could make the same argument for earnouts. Aren't we trying to measure the value of the firm to all equity holders
- Der Equity Value ist ein Teil des Enterprise Value, auch als Bruttounternehmenswert bezeichnet. Dieser beschreibt den Wert des gesamten operativen Geschäfts und beinhaltet Eigenkapital genauso.
- 63 A(year(thatmade(adiﬀerence..(The(implied(premium(in(January(2009(Year Market value of index Dividends Buybacks Cash to equity Dividend yield Buyback yield Total yiel
- If you know the enterprise value and have the total amount of debt and cash at the firm, you can calculate the equity value as shown below. Equity value formula. If enterprise value, debt, and cash are all known, then you can calculate equity value as follows: Equity value = Enterprise Value - total debt + cash. O

Mit dem Begriff der Implied Pot Odds bezeichnen die Pokerspieler implizierte, sprich theoretische Pot Odds, die man während einer Hand bekommt. Man berücksichtigt nicht nur das Geld, welches bereits im Pot liegt, sondern auch das Geld, welches noch in den Pot gelangen könnte * Equity value constitutes the value of the company's shares and loans that the shareholders have made available to the business*. The calculation for equity value adds enterprise value to redundant.. The implied value per share calculation is $10 million minus $50,000 divided by 5 million, or $1.98. If you own 100 shares of stock, your total implied value per share is 100 shares multiplied by..

Doing the calculation In order to calculate the implied value per share of common equity in a merger situation, start with the stated buyout amount. Then subtract any portion of the buyout that.. enNre'equity'market(with'r'=costof'equity):'! You'can'solve'for'the'costof'equity'and'then'netout the'riskfree'rate'to'getto'the'implied'ERP.' ' ' **Value** today= E(CF 1) (1+r) + E(CF 2) (1+r)2 + E(CF 3) (1+r)3 +..+ E(CF n) (1+r)n + E(CF n)(1+g) (r-g)(1+r) Equity Value Enterprise Value (EV) Express the value of shareholders' claims on the assets and cash flows of the business: Cost of buying the right to the whole of an enterprise's core cash flow: Reflects residual earnings after the payment to creditors, minority shareholders & other non-equity claimant

** EV = equity value + net debt**. In its simplest form, net debt is = financial liabilities (debt + minority interests) minus the financial assets (cash/equivalents) available to repay liabilities Implied Value means, with respect to any Real Property on any date, an amount equal to the Adjusted Cash Flow of such Real Property for the four full fiscal quarters most recently ended on or prior to such date, divided by the Capitalization Rate Equity represents the true value of one's stake in an investment. Investors who hold stock in a company, for example, are usually interested in their personal equity in the company, represented.

Question about pro-forma equity value and PIPE. New Spac. Is pro-forma equity value basically the current implied post-merger market capitalization of the company the SPAC is going to merge with? A few days ago, I read about CLII entering a definitive agreement with EVgo - $2.6B pro-forma equity valuation and a $400M PIPE implied equity duration measure that provides both a theoretically justifiable and empirically powerful technique for the analysis of equity security risk.1 We begin by developing a measure of implied equity duration based on Macaulay's traditional measure of bond duration. The primary obstacle in implementing the bond duration formula for equities is in the estimation of the expected future. Next, we calculate the implied enterprise value, or total consideration, by taking the equity value and adding total debt balance minus total cash and short- term investments. According to the 10-Q filing, J.Crew had $340.5 million in cash and $49.2 million in total debt as of July 31, 2010. Thus, J.Crew's implied Enterprise Value is therefore [$3,120 + $49.2 - $340.5] million = $2,828. This represents the value of the company's core-business Assets to all investors in the company, but since Michael Hill is public, we want to find its value on a per-share basis - which means that we need its Implied Equity Value as well. Since Equity Value represents the value of all Assets but only to common shareholders, we move to Implied Equity Value by adding non-core-business Assets and subtracting items that represent other investor groups

Implied equity duration In this section, we present a measure of duration for equity securities, the so-called implied equity duration. Next, we discuss the method of computing implied equity durations for listed firms. This measure is used in the empirical investigation in the next section In financial mathematics, the implied volatility (IV) of an option contract is that value of the volatility of the underlying instrument which, when input in an option pricing model (such as Black-Scholes), will return a theoretical value equal to the current market price of said option Equity value is the value of a company available to owners or shareholders. It is the enterprise value plus all cash and cash equivalents, short and long-term investments, and less all short-term debt, long-term debt and minority interests.. Equity value accounts for all the ownership interest in a firm including the value of unexercised stock options and securities convertible to equity

The equity indices to which the implied volatilities refer are the Dow Jones [...] EURO STOXX 50 for the euro area, the Standard & Poor's 500 for the United States and the Nikkei 225 for Japan Instead, we'll make it simple here and use the following information from Vivendi's filings and Google Finance to calculate Equity Value: Therefore, Equity Value = 23.60 EUR * 1,268.6 million diluted shares = 29.9 billion EUR Since you're reading about Series 79: Implied Equity Value, you might also be interested in: Series 79 - collateralized mortgage obligation (CMO) Series 50 - zero coupon bond. Series 99 - corporate bonds. Series 82 - pass-through security. SIE - Treasury Receipts. Series 24 - Auto-Ex order. Series 79 - non-operating income . SIE - merger. Series 7 - catch-up contribution. Series 79.

- e the value per share of common equity for publicly traded companies since you can find the market price of their stock. It's more difficult for private companies, since there's a not much of a market for shares. With some companies, you can take the proposed purchase price and divide it by the number of.
- But Implied Equity Value could be negative for the same reasons as described above: It indicates that the market expects the company will keep burning through cash and that even if a turnaround happens, it may not be enough to justify that early burn. Fine Print and Qualifications While these scenarios are possible, they are pretty rare, and they tend not to last for very long. A company with.
- Many translated example sentences containing implied equity value - French-English dictionary and search engine for French translations
- us (C) consolidated Debt of Borrower (including the Loans) and the Stated Value of Preferred Stock (if any), divided by (ii) total outstanding shares of Common Stock of Borrower calculated on a fully diluted.
- Implied equity value (Total Consideration to Shareholders Ã· Percent Sought) + Other Consideration. + Total Earnouts. + Total Rights/Warrants/Options. + Adjustment Size. + Net Assumed Liabilities. = Implied Enterprise Value. What I'm not clear on is why Options/Warrants are not included in Equity Value
- Equity Value, Implied Cost of Equity and Shareholders' Real Options. Accounting & Finance, Vol. 52, Issue 2, pp. 519-541, 2012. 23 Pages Posted: 21 Apr 2012. See all articles by Byungcherl Charlie Sohn Byungcherl Charlie Sohn. University of Macau - Department of Accounting and Information Management. Date Written: June 2012 . Abstract. This study investigates the effects of shareholders.
- Equity value, implied cost of equity and shareholders' real options. Byungcherl Charlie Sohn. Department of Accountancy, City University of Hong Kong, Kowloon Tong, Kowloon, Hong Kong, China. Search for more papers by this author.

Excel Modeling Course. Foundation for All Finance Career Where the stock market will trade today based on Dow Jones Industrial Average, S&P 500 and Nasdaq-100 futures and implied open premarket values. Commodities, currencies and global indexes also shown

Equity Value, also known as market capitalization, is the sum-total of the values the shareholders have made available for the business and can be calculated by multiplying the market value per share by the total number of shares outstanding. It is very important for a business owner, especially when he plans out to sell his business, as it gives a good measure of what a seller of business. Again, a public market overview calculates a company's equity value, enterprise value, and implied trading multiples. This might sound simple, but calculating equity and enterprise values can involve a surprising degree of nuance. Okay, let's create a new tab. The shortcut to create a new Excel tab is SHIFT + F11. Now, let's rename the new tab PMO. The shortcut to rename an Excel tab is. Implied Equity Risk Premium Update. Implied ERP on June 1, 2021= 4.10% (Trailing 12 month, with adjusted payout); 4.20% (Trailing 12 month cash yield); 6.59% (Average CF yield last 10 years); 3.61% (Net cash yield); 3.77% (Normalized Earnings & Payout); 4.24% (COVID Adjusted) (COVID ERP with updated earnings for 2020 & expected recovery of 25% in earnings in 2021) Implied ERP in previous month. Posts about implied equity value written by mozoz. It's now been 6 weeks since Level3 and TW Telecom announced their intention to merge, as per a previous post.Without any other bidder emerging and with the announcement of the merged entity's intended management team, basically the existing L3 team with TW senior managers running the US business and the IT side, the deal looks like going.

- 估值建模中的implied EV implied equity value, implied什么意思? 总是在投行文件中的估值页看到，implied有什么特定含义吗？谢谢大家 显示全部 . 关注者. 2. 被浏览. 551. 关注问题 写回答. 邀请回答. 好问题. 添加评论. 分享. . 1 个回答. 默认排序. 金融如来佛. 投资银行、私募股权融资、金融. 2 人 赞同了该回答.
- Enterprise value (EV) = Equity value (QV) + Net debt (ND) Enterprise value example. An easy way to think about the difference between enterprise value and equity value is by considering the value of a house: Imagine you decide to buy a house for $500,000. To finance the purchase, you make a down-payment of $100,000 and borrow the remaining $400,000 from a lender. The value of the entire house.
- Investors use the value per share of common equity when evaluating a company's performance. Firms must list this value, also known as earnings per share (EPS), on earnings statements, and companies also use it when calculating shareholders' dividends. The implied value per share depends on the number of outstanding shares and the net earnings available to shareholders. This latter value is.

This study investigates the effects of shareholders' real options on (i) firm financial performance and (ii) estimations of the implied cost of equity. After measuring the equity value of steady-state operations using the residual income model, and the abandonment and expansion options using the Black-Scholes option pricing model, I find that firms with a large expansion (abandonment) option. Keywords: equity duration, value premium, analysts' forecasts, B/M ratio, cashflow risk, discount rate risk, implied cost of capital We are grateful to conference participants at the SGF 2009 meeting in Zürich, the European meeting of the FMA 2009 in Torino, the ESEM 2009 in Barcelona, and the SAE 2010 in Madrid for helpful comments and suggestions. Moreover, we would like to thank. The following table provides an overview of aggregate statistics for the German market as of March, 31st, 2013: 1. Applying equation (3) using g=0% results in implied cost of capital of 9.14%. The 10-year German government bond yield was 1.28% as of end-of-March 2013, resulting in an implied equity risk premium of 7.86%

In financial mathematics, the implied volatility (IV) of an option contract is that value of the volatility of the underlying instrument which, when input in an option pricing model (such as Black-Scholes), will return a theoretical value equal to the current market price of said option.A non-option financial instrument that has embedded optionality, such as an interest rate cap, can also. The value of implied volatility has been factored in after considering market expectations. Market expectations may be major market events, court rulings, top management shuffle, etc. In essence, implied volatility is a better way of estimating future volatility in comparison to historical volatility, which is based only on past returns. Math behind IV. We will now move forward and understand.

Muchos ejemplos de oraciones traducidas contienen implied equity value - Diccionario español-inglés y buscador de traducciones en español We compute the implied equity duration of Japanese equity securities. While growth stocks have long duration, value stocks have short duration. The duration risk factor model has similar performance to the Fama-French model. The duration model and the Fama-French model have better performance than the CAPM Equity value accounts for all the ownership interest in a firm including the value of unexercised stock options and securities convertible to equity Enterprise Value (also known as EV) is a metric that attempts to reflect the market value of a firm. It can be used as an alternative to market capitalization. Essentially, Enterprise Value attempts to provide a more accurate valuation aimed at a.

Doing the calculation. In order to calculate the **implied** **value** per share of common **equity** in a merger situation, start with the stated buyout amount. Then subtract any portion of the buyout that. The number of shares issued is based upon an implied equity value of Topgolf of $1.986 billion6 (including Callaway's ownership position). The number of shares issued is also based upon a fixed. Some of these cookies are essential to the operation of the site, while others help to improve your experience by providing insights into how the site is being used When I value individual companies, I do compare my estimates of cost of equity with the market-implied estimates. Finally, when I am concerned that the beta for a firm is not reflecting its underlying risk, because the sector itself has changed, I compute a market-implied cost of equity for the sector. For instance, after the banking crisis in 2008, I felt that using the beta for a bank or. Bird to go public via SPAC, at an implied value of $2.3B. Bird, the shared electric scooter startup that operates in more than 200 cities across three continents, said Wednesday it is going public.

In this tutorial, you'll learn about whether or not Enterprise Value and Equity Value can be negative, the conditions that might cause them to be negative, a.. Calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit.. In this step, companies must allocate the fair value of the reporting unit to all of the reporting unit's assets and liabilities, which is akin to a hypothetical purchase price allocation Look at what an implied ERP is and how best to compute it. It is a central input into corporate finance and valuation

* This paper compares the performance of asset pricing models, the CAPM, the Fama-French three-factor model, and a model including a risk factor related to equity duration*. To construct the duration-risk factor, we compute the implied equity duration of Japanese equity securities. We obtain the following empirical results. While growth stocks have long duration, value stocks have short duration CDS-Implied EDF TM Measures and Fair Value CDS Spreads - At a Glance What Are CDS-Implied EDF Measures and Fair Value CDS Spreads? CDS-Implied EDF (CDS-I-EDF) measures are physical default probabilities derived from credit default swap (CDS) spreads. For entities with both publicly traded equity and liquid CDS transactions, CDS-I-EDF measures provide an alternative assessment of default risk.

- How do implied odds work? Imagine you're playing a $1/$2 cash game and you have K ♥️ Q ♥️ on the turn in position. The board is A ♥️ 6 ♦️ 2♠️ 9 ♥️ — giving you the nut flush draw — and your opponent bets $15 into a $20 pot.. A quick pot odds calculation ($15 to call / ($15 bet + $20 pot + $15 call) = 0.3) shows that you need more than 30% equity to profitably call
- P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept X Variable 1 X Variable 2 Year Earnings Yield Dividend Yield S&P 500 Change in Earnings Change in Dividends T.Bill Rate T.Bond Rate Bond-Bill Smoothed Growth Implied Premium (DDM) Analyst Growth Estimate Implied Premium (FCFE) ERP/Riskfree Rate Earnings* Dividends* * Earnings and dividends numbers each year reflect the estimated.
- al value (TV) captures the value of a business beyond the projection period in a DCF analysis, and is the present value of all subsequent cash flows. Depending on the circumstance, the ter
- Equity Value, Implied Cost of Equity and Shareholders' Real Options. Accounting and Finance. 34 Pages Posted: 13 Jun 2008 Last revised: 7 Feb 2011. See all articles by Byungcherl Charlie Sohn Byungcherl Charlie Sohn. University of Macau - Department of Accounting and Information Management. Date Written: January 18, 2011 . Abstract. This study investigates the effects of shareholders' real.
- The importance of implied equity value in multiple modelling and valuation structuring for the biggest Croatian chocolate confectionery producer // Book of Proceedings, Economic and Social Development, 53rd International Scientific Conference / Klopotan, Igor ; Czako, Katalin ; Beker, Victor (ur.). Čakovec, Sveti Martin na Muri, Croatia: Varazdin Development and Entrepreneurship Agency.

- In calculating the implied equity value per share for the Company JP Morgan from FINANCE 300 at University of California, Berkele
- gs of many other approaches
- Equity value, implied cost of equity and shareholders' real options | Byungcherl Charlie Sohn | download | BookSC. Download books for free. Find book

* For all purposes, implied equity risk premium and equity risk premium are essentially the same concepts*. The minor difference is in the way they are calculated and interpreted. Let us look at the two concepts in detail. Equity risk premium - Equit.. Search Results for: implied equity value. Search for: Search. Popular search terms (1/3) Below are some of the most frequent used search terms on this site. business value calculator discounted cash flow method. Continue reading. Popular search terms (2/3) Below are some of the most frequent used search terms on this site. how much is a company worth calculator . Continue reading. Popular. 1/ Traders sold on the news AH, with $24B implied PIPE equity value seen as too dilutive. 2/ CCIV/LUCD Implied equity value $54B EV ($9.65B/.178) seems low. 2023 prod'n of 85K ($8.5B Revs) just 6x 2023 Revs (vs TSLA 8.7x) 算equity value的原因是要算implied share price. 看个例子： 大概率上市公司的估值示意图，AKA football field，最后都需要以股价来显示，举个例子. 阿支问PDD的股票多少价格买合适，投行的精英们总不能回答几万亿这个数字吧？ 编辑于 03-02. 赞同 14 添加评论. 分享. 收藏 喜欢 收起 . 继续浏览内容. 知乎. 发现.

Remember that implied odds change the game of No-Limit Hold'em greatly. In fact, having a very large amount of implied odds can render a call correct even though pot odds would render it absolutely incorrect. To learn more about implied odds and how they can affect the choices of you and your opponents check out this Implied Odds article here. For another method of calculating your equity in a. Accounting and finance : journal of the Accounting Association of Australia and New Zealand.. - Richmond, Vic. : Wiley-Blackwell, ISSN 0810-5391, ZDB-ID 852471-3 Value 14500 Net Debt 123103A 3801 Implied Equity Value 10699 FD Shares from FIN 396 at Columbia Colleg Payments Company Worldline Agrees to Acquire Ingenico for Implied Equity Value of $8.7B Worldline SA (OTC: WRDLY) and Ingenico Group SA (OTC: INGIY) announce today that their respective Boards of Directors have unanimously approved a business combination agreement pursuant to which Worldline would launch a tender offer for all Ingenico shares, co. Benzinga · 02/03/2020 10:40 . Worldline SA.

Betting for value because of pot equity. For example, on the turn in the last example where we held A K against our opponents J T on a board of J T 2 Q , we had the nut straight and equity of 91%. This means that for every extra dollar that we can get into the pot, we will be winning 91 cents of it Implied volatility is a measure of what the options markets think volatility will be over a given period of time (until the option's expiration), while historical volatility (also known as. Lesezeichen und Publikationen teilen - in blau! Melden Sie sich mit Ihrem OpenID-Provider an terprise value (debt plus equity), rather than equity alone, for those two value drivers we also consider multiples based on enterprise value (market value of equity plus book value of debt). Finally, we consider short-cut in-trinsic value measures based on the residual income model that have been used recently in the academic literature (e.g., Frankel and Lee [1998], and Gebhardt, Lee, and.

The investor should measure the initial value for an equity method investment in the common stock of an investee at cost, according to the guidance in ASC 805 Business Combinations, specifically section 805-50-30. Under ASC 805, the cost of an asset acquisition includes the consideration paid and transaction costs incurred by the investor directly related to the acquisition of the asset or. Value the project or firm as if it were 100% equity Add the value of the tax shield of debt. This is simply applying MM-Theorem with taxes APV = Valuation by Components = ANPV 24 • • • equity financed. • → → equity financed. Finance Theory II (15.402) - Spring 2003 - Dirk Jenter Step 1: Value as if 100% Equity Financed Cash-flows: Free Cash Flows are exactly what you need. You. Implied equity value of the combined company at closing is approximately $1.9 billion; Top-tier institutional investors have committed to a $250 million PIPE at price per share of $10.00; Management, founder and Blackstone to remain closely aligned with shareholders at transaction close; Transaction is expected to close in the first half of 2021 ; Investor call scheduled for October 13, 2020.

Valuation multiples are the quickest way to value a company, and are useful in comparing similar companies (comparable company analysis). They attempt to capture many of a firm's operating and financial characteristics (e.g. expected growth) in a single number that can be mutiplied by some financial metric (e.g. EBITDA) to yield an enterprise or equity value What is the implied equity value per share, if the present value of their unlevered free cash flows is $270 million and their EBITDA exit multiple is 8.5x? You also know the following: the present value of the terminal value is $2,400 million, net debt is $314 million, the cost of equity is 8.5% the weighted average cost of capital is 6.0% and there are 120.000 million diluted shares. Implied Financing in S&P 500 Futures August 9, 2012 Page 1 of 3 A confluence of market shaking events have come together to introduce significant volatility in the domestic equity and other markets in recent months. These events include the European sovereign debt crisis, the ongoing fiscal debate in the U.S. and a general shift in the nexus of economic activity from the developed to the. Kirkland Lake Gold Reports Purchase Of Detour Gold; Exchange Ratio Implies C$27.50/Detour Gold Share, Or Implied Equity Value ~C$4.9B Benzinga · 11/25/2019 11:05 Relate

MSCI World Value Index (USD) MSCI World Value Index (USD) | msci.com The MSCI World Value Index captures large and mid cap securities exhibiting overall value style characteristics across 23 Developed Markets (DM) countries*. The value investment style characteristics for index construction are deﬁned using three variables: book value to price, 12-month forward earnings to price and dividend. Equity duration measures the sensitivity of an equity price to changes in the discount rate [here a bond yield plus a risk premium]. By focusing on duration, our assumption is that when QE is scaled back, bond yields will rise. Equity duration depends on three things: the discount rate, the growth rate of dividends and the volatility of dividend growth long duration stocks are low beta. An implied contract is legally enforceable, even though it is not put into writing. It arises from intentions that are assumed due to the relationship between the parties, or from the principle of equity — a party accepts an item or service of value that is not considered a gift. In that case, the accepting party is obligated to provide fair. To construct the duration-risk factor, we compute the implied equity duration of Japanese equity securities. We obtain the following empirical results. While growth stocks have long duration, value stocks have short duration. The duration model has similar performance for Japanese stock returns to the Fama-French model

Equity Value is one of the components of Enterprise Value and represents only the proportion of value attributable to shareholders. Author Andrew Posted on October 12, 2007 October 6, 2009 Categories Enterprise Value and Equity Value. How to Be An Investment Banker - Buy the Book! FAQ Categories . About Investment Banking. Banking Lifestyle. EconomicsFAQ. Exit Opportunities. For further. Present value = value of the analysed asset (e.g. a company) CF t = cash flow that the asset will generate in period t k = asset-specific discount rate The discount rate is an important input parameter to any valuation based on the discounted cash flow methodology (DCF). All else equal, a higher discount rate will lead to a lower asset value and vice versa. k rfr Eu MRP D While there are. implied equity value是净资产账面值吗 . 我来答. 1个回答 #热议# 开放三孩政策你怎么看？ 匿名用户 2017-02-17 展开全部. 不是，是隐含的股权价值 已赞过 已踩过. 你对这个回答的评价是？ 评论 收起. 其他类似问题. 2015-09-25 QUESTION：会计上的book value是不是就是Eq... 2013-04-13 比如说一个公司具有523万的. Implied Equity Risk Premiums & First steps on relative risk measures. In this session, we looked at the mechanics and intuition behind implied equity risk premiums and how they have varied over time as a function of other macro variables. We took our first steps in assessing the relative risk in a company. Author . VW Staff. The post above is drafted by the collaboration of the ValueWalk Team.

BEIJING and BETHESDA, Md., April 21, 2014 /PRNewswire/ -- Chindex Signs Amended Merger Agreement with TPG and Fosun Pharma -- Increases Consideration from $19.50 to $24.00 per Share in Cash and Implied Equity Value from $369 Million to $461 Millio Chindex Signs Amended Merger Agreement with TPG and Fosun Pharma -- Increases Consideration from $19.50 to $24.00 per Share in Cash and Implied Equity Value from $369 Million to $461 Millio

- This corresponds to the value of equity. On the same date the dividend yield was 3.45%. Given that we do not have an analyst consensus on a different figure, and for the purposes of this example.
- Equity (fair value) = No. shares of common stock outstanding × Current share price = × = Debt (fair value). See details » 2 Required rate of return on equity is estimated by using CAPM. See details » Required rate of return on debt. See details » Required rate of return on debt is after tax. Estimated (average) effective income tax rate = (+ + + + + ) ÷ 6 = WACC = FCFF Growth Rate (g.
- Updated April 28, 2021. Enterprise value (EV) is a measurement of the total value of a company. It includes the market capitalization of a company and any cash on the balance sheet, as well as both short-term and long-term debt. Enterprise value is often used as an alternative to equity market capitalization. It is often part of the discussion.

Bank equity values, bank risk, and the implied market value of banks' assets, liabilities and deposit insuranc Under the terms of the agreement, Callaway and Topgolf will combine in an all-stock transaction creating a global golf and entertainment leader. The number of shares to be issued is based upon an implied equity value of Topgolf of approximately $2 billion, including the 14% already owned by Callaway