For What It's Worth

FWAAA said:
I wonder how they ranked the companies, since WN was ranked 664th largest:

http://www.forbes.com/static/for2k2005/ran...r=yahoo&id=0440

Odd, since AA is larger than WN by every metric except profit.
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Likely based on Enterprise Value = Value of Equity + Value of Debt.

Since Value of Equity is derived from future free cash flow to equity and value of debt is based on the volatility of free cash flow available to pay, I would imagine AA doesn't have a very high EV.