Market cap is only the value the market has put on the assets to date. You have to go backwards before one can go forward let me give you an example you buy a chunk of land and put in a foundation for a home what's it worth "nothing"
The foundation has now devalued the land by the amount borrowed to purchase land and foundation.
Now you can say value has been added but has it and what would that value be for a chunk of cement in the middle of a piece of land that now the ones next door are up set about until someone comes along to purchase foundation and land.
Now you can argue it's worth what was invested but that is not always the case.
So let's look at the action of forward splitting the equity, it does not change the assets value it is what it is but it does change the value of the collateral that was put up
but does not change what is owed.
How is collateral obtained by the issue of equity that dilutes the share holder increasing the value of the collateral as the asset values drop as you are proceeding backwards to go foward into the future.
So when does one want to buy equity well when there are earnings that will drive up the value of the assets and the capital that was used to create the assets.
Liability is a much better gauge of asset value then what the market claims the value is. It is often under valued as my example here can show.
Is the collateral worth the price that had been put on it well there is where value is often over valued due to the dilution and the forward splitting of the shares, thank god that is the risk of the lender not the equity holder granted they often end up with zip.
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