That's wrong. As you say later, the Enterprise Value (= Market Cap - Cash + Debt) doesn't change when the company accumulates cash. But the Market Cap increases. Otherwise, how do you balance the equation to keep the Enterprise Value unchanged?
That's wrong. As you say later, the Enterprise Value (= Market Cap - Cash + Debt) doesn't change when the company accumulates cash. But the Market Cap increases. Otherwise, how do you balance the equation to keep the Enterprise Value unchanged?