When calculating diluted equity value, what factors must be considered?

When calculating diluted equity value, it is essential to consider shares that can potentially be converted into common equity. This includes shares from options, restricted stock units (RSUs), and convertible bonds, as these represent the potential dilution that could occur if all convertible instruments were exercised or converted into shares.

Incorporating these factors provides a more comprehensive view of a company's actual equity value, reflecting the total potential claims on the company's assets from all equity-like instruments. This approach ensures that the valuation accounts for scenarios where existing shareholders might face dilution, thereby providing a more accurate assessment of the company’s worth to investors.

The other options do not encompass the full picture needed to determine diluted equity value. For example, focusing solely on outstanding shares overlooks the impact of other instruments that can contribute to dilution. Similarly, considering market cap and cash equivalents or debt obligations alone also misses the critical aspect of potential dilution from equity-linked instruments. Thus, the inclusion of options, RSUs, and convertible bonds is necessary to effectively calculate diluted equity value.