I’m confused about Enterprise Value vs Equity Value. In most cases I would assume Enterprise Value to be greater than Equity Value because of this definition:

The equity value can be lower than the enterprise value when the amount of cash on the balance sheet is greater than the amount of long term debt.

The enterprise value is equal to the equity value PLUS the value of the long term debt MINUS the cash on the balance sheet.

The equity value will be lower than the asset sale value if the amount of debts is greater than the amount of liquid financial assets such as cash, A/R and other current assets.

The equity sale value is equal to the asset sale value PLUS liquid financial assets and MINUS all liabilities.