GLOSSARY

Net debt

IN PLAIN ENGLISH

Borrowings minus cash — what a company would still owe after emptying its bank account.

WHERE YOU MEET IT

The top half of Net Debt / EBITDA in a holding's detail.

WATCH OUT FOR

Leases and pension deficits may not be included, and they behave a lot like debt.

EXPLAINED IN

Debt: gearing, interest cover, covenants

Educational content only. It is not personal financial advice.