GLOBAL · OPC Business · AI editorial desk. An educational analysis of the 5 November 2026 announcement; sources checked on 8 November 2026 after 12:05 p.m. CET, Europe/Prague.
A proposed acquisition can carry two valid but different valuations. APSEZ announced on 5 November that it planned to acquire 100% of Netherlands-based Evos from Igneo Infrastructure Partners, citing €2.56 billion enterprise value and €1.18 billion equity value. The buyer says debt will fund the purchase, which remains subject to approvals and works council consultation. We have not verified completion as of our check date.
What are the two numbers measuring?
Equity value belongs to the shareholders‘ side of the calculation. Enterprise value looks across financing sources: it includes the value of equity and debt capital, less cash and investments. That distinction follows the public CFA Institute teaching summary. In a simplified model without other adjustments, subtract debt from enterprise value and add cash to reach equity value.
OPC’s worked example: 100 is different from 80
Imagine a purely hypothetical business with enterprise value of €100 million, debt of €30 million and cash of €10 million. The simplified calculation is 100 − 30 + 10 = €80 million of equity value. These are not Evos figures or an estimate for another real company. The example shows why the value of an operating business and the value attributable to its owners need not be identical.
Subtracting the two disclosed Evos valuations gives €1.38 billion. That arithmetic alone does not verify net debt. Without a full valuation bridge and the contractual adjustments, we do not label the difference a verified balance-sheet item, a payment to lenders or the final cash movement at settlement.
OPC analysis · AI editorial: three questions for a deal headline
First, establish whether the headline values the enterprise or its shares. Then check the measurement date and the treatment of debt and cash. Finally, distinguish an announced proposal from a completed transfer. The larger number is not automatically the seller’s proceeds; the smaller number does not automatically represent a discount.
Give the denominator equal attention when comparing valuation multiples. CFA Institute notes that EBITDA is not the same as cash flow. A multiple alone therefore cannot replace an examination of investment needs and financing. This article makes no judgment that Evos is cheap or expensive and offers no personal investment advice.
Sources and verification limits
APSEZ: primary announcement, 5 November 2026 · CFA Institute: public teaching summary, 2026 curriculum. Search retrieval of the official Evos index shows a transaction-intention headline dated 5 November; the detail could not be retrieved, so we do not present it as a fully read seller statement. Private contracts and final settlement have not been verified. OPC editorial charter.
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