Debt-like items
Items that behave like debt without being loans: lease liabilities, pension obligations, deferred consideration on acquisitions, guarantees given.
How to read the number
They are included in net debt for valuation — otherwise the value of the shareholders' share comes out overstated.
When the metric lies
There is no agreed list: what one analyst treats as quasi-debt another leaves in operating liabilities. Somebody else's valuation cannot be compared without that list.
Also known as: quasi-debt