Who the hell is buying ??, page-121

The Calculation
Simply put, EV is the sum of a company's market cap and its net debt. To compute the EV, first calculate the company's market cap, add total debt (including long- and short-term debt reported in the balance sheet) and subtract cash and investments (also reported in the balance sheet).
Market capitalization is the share price multiplied by the number of outstanding shares. So, if a company has 10 shares and each currently sells for $25, the market capitalization is $250. This number tells you what you would have to pay to buy every share of the company. Therefore, rather than telling you the company's value, market cap simply represents the company's price tag.


Read more: Using Enterprise Value To Compare Companies | Investopedia http://www.investopedia.com/articles/fundamental/04/031004.asp#ixzz4YzM2wkJ2
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From looking at the FY16 report I come to an EV of about $826M for SGH. Which is net borrowings plus current market cap less cash on hand. However, the cash on hand is also debt so the based on the facilities utilised plus the working cash debt takes the total debt to around $843m.

Hoefully this explains that statement made in the update. If someone thinks I am on the wrong track feel free to help me out.