If a company's capital structure has equity , debt and preferred stock, would you add the preferred stock to get from the implied enterprise value to the implied equity value in a DCF analysis? And explain it.

a. Yes, always, because Preferred Stock is a part of Enterprise Value.

b) Only if you are not counting Preferred Dividends in the FCF projections.

c) You never add Preferred Stock to go from Enterprise Value to Equity Value you subtract it, and only if FCF excludes Preferred Dividends.