BUD market cap question, page-8

You really need to include the performance shares in any market cap calculation in my opinion.  Assuming they don't get issues means a smaller market cap and you own less of the company, however the milestones required to achieve the performance targets must be hit for the company to succeed and be successful + profitable.

If those shares are never issued, it means the company will have floundered and the current shares on offer will quite possibly be worth be less than what they are now.