{"id":18832,"date":"2023-05-23T06:55:45","date_gmt":"2023-05-23T10:55:45","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=18832"},"modified":"2023-08-03T06:20:01","modified_gmt":"2023-08-03T10:20:01","slug":"the-art-of-assessing-enterprise-value-key-principles-formulas-and-calculation-methods","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/the-art-of-assessing-enterprise-value-key-principles-formulas-and-calculation-methods\/","title":{"rendered":"The art of assessing enterprise value: Key principles, formulas, and calculation methods"},"content":{"rendered":"
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\n\t\t\t\t\t\tThe art of assessing enterprise value: Key principles, formulas, and calculation methods\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t

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\n\t\t\t\n\t\t\t\t\"Asavin\"\t\t\t\tAsavin Wattanajantra<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

Imagine you’re in the market for a used car.  <\/p>\n\n\n\n

You’ve found 2 similar cars in terms of make, model, and year, but one is priced at $30,000 and the other at $32,000.  <\/p>\n\n\n\n

Which one should you choose?  <\/p>\n\n\n\n

At first glance, the $30,000 car is cheaper, so it seems like the better deal.<\/strong> <\/p>\n\n\n\n

But what if the $32,000 car comes with a full tank of gas, new tires, and a warranty, while the $30,000 car is on its last legs and needs a major tune-up?  <\/p>\n\n\n\n

Suddenly, the $32,000 car looks like a much better investment, even though it costs more upfront. <\/strong> <\/p>\n\n\n\n

This example may help a stakeholder visualize the concept of enterprise value (EV) when assessing your company’s value. <\/p>\n\n\n\n

What is enterprise value? <\/h2>\n\n\n\n

Enterprise value is a financial metric representing your business’s total value. <\/strong> <\/p>\n\n\n\n

EV provides a comprehensive picture of your company’s overall value and is a metric you can use for businesses of all sizes, from small startups<\/a> to large corporations.\u00a0\u00a0<\/p>\n\n\n\n

This article will explore the importance of enterprise value, including its role in financial analysis,<\/a> mergers and acquisitions<\/a>, and its impact on investor decision-making.\u00a0\u00a0<\/p>\n\n\n\n

Why do businesses use enterprise value? <\/h2>\n\n\n\n

Investors and analysts often use enterprise value to evaluate the overall worth of a company and its potential for growth and profitability.  <\/p>\n\n\n\n

Whether you are a CEO, CFO, or investor, understanding enterprise value is crucial for making informed decisions about the value and potential of your business and others. EV is a metric that helps with conducting thorough financial analysis. <\/p>\n\n\n\n

5 key facts about enterprise value<\/h2>\n\n\n\n
    \n
  1. It is a financial metric used to determine the total value of your company. <\/li>\n<\/ol>\n\n\n\n
      \n
    1. It considers a company’s equity, debt, and minority interests. <\/li>\n<\/ol>\n\n\n\n
        \n
      1. It represents the total value of a company, including the value of its operations and assets. <\/li>\n<\/ol>\n\n\n\n
          \n
        1. It is a more comprehensive measure of overall value than market capitalization. <\/li>\n<\/ol>\n\n\n\n
            \n
          1. It considers your debt and cash positions, while market capitalization does not. <\/li>\n<\/ol>\n\n\n\n

            Components of enterprise value <\/h2>\n\n\n\n

            Enterprise value is a financial metric considering a company’s market capitalization, outstanding debt, and cash holdings to determine its total value.  <\/p>\n\n\n\n

            The components of enterprise value represent the various factors contributing to a company’s overall worth. <\/p>\n\n\n\n

            The market cap <\/h3>\n\n\n\n

            Market capitalization, or market cap or value, is a key component of enterprise value.  <\/p>\n\n\n\n

            The market cap represents the total value of a company’s outstanding shares of stock, calculated by multiplying the current stock price by the number of outstanding shares.  <\/p>\n\n\n\n

            Market cap is an important metric for investors as it provides a snapshot of a company’s overall worth at any moment.  <\/p>\n\n\n\n

            Understand that:<\/strong> <\/p>\n\n\n\n

              \n
            • Companies with higher market caps are considered more valuable than those with lower ones. <\/li>\n\n\n\n
            • Enterprise value considers the market cap of a company but also its debt, cash, and other assets.  <\/li>\n<\/ul>\n\n\n\n

              In other words, EV is the amount of money required to purchase an entire business, including debt and other liabilities.  <\/p>\n\n\n\n

              The market cap represents the total value of a company’s outstanding shares, but importantly, it falls short of capturing its complete worth.  <\/p>\n\n\n\n

              Total debt <\/h3>\n\n\n\n

              Total debt is another key component of enterprise value.  <\/p>\n\n\n\n

              It represents the total money you owe your creditors, including short-term and long-term debt. This money can include bank loans, bonds, and other forms of debt financing.  <\/p>\n\n\n\n

              Total debt is important because it represents a company’s financial obligations that must be repaid over time. It can affect their ability to invest in growth opportunities or pay dividends to shareholders.  <\/p>\n\n\n\n

              Remember that:<\/strong> <\/p>\n\n\n\n

                \n
              • When calculating Enterprise Value, total debt is added to market capitalization to provide a more complete view of a company’s overall value, as it considers both the claims of equity and debt holders.  <\/li>\n<\/ul>\n\n\n\n
                  \n
                • Understanding a company’s total debt is essential for evaluating its financial health and stability. <\/li>\n<\/ul>\n\n\n\n

                  Cash <\/h3>\n\n\n\n

                  Cash is another important component of enterprise value.  <\/p>\n\n\n\n

                  It represents the amount of money a company has on hand that can be used for investment, paying off debt, or other purposes.  <\/p>\n\n\n\n

                  Cash can come from various sources, including revenue generated from operations and financing activities such as issuing stock or taking out loans.  <\/p>\n\n\n\n

                  Cash is important when evaluating a company’s overall value because it reflects its liquidity and ability to meet short-term financial obligations. <\/p>\n\n\n\n

                  Remember that:<\/strong> <\/p>\n\n\n\n

                    \n
                  • Cash is subtracted from market capitalization and total debt to determine a company’s net value when calculating EV. You have a more accurate view of a company’s overall worth as it considers its debt and cash holdings.  <\/li>\n<\/ul>\n\n\n\n
                      \n
                    • Understanding a company’s cash position is essential for evaluating its financial strength and stability. <\/li>\n<\/ul>\n\n\n\n

                      Minority interest <\/h3>\n\n\n\n

                      Minority Interest refers to the part of a subsidiary company owned by shareholders other than the main parent company. It’s the stake in a company the parent company doesn’t own. <\/p>\n\n\n\n

                      Minority Interest is important when evaluating a company’s overall value because it represents an ownership interest not reflected in the parent company’s market cap.  <\/p>\n\n\n\n

                      Remember that:<\/strong> <\/p>\n\n\n\n

                        \n
                      • When calculating enterprise value, minority interest is added to total debt and subtracted from cash to determine the company’s net value.  <\/li>\n<\/ul>\n\n\n\n
                          \n
                        • This gives you a more accurate view of a company’s overall worth as it considers its subsidiary ownership interests.  <\/li>\n<\/ul>\n\n\n\n

                          How to calculate enterprise value <\/h2>\n\n\n\n

                          The formula to calculate enterprise value is as follows: <\/p>\n\n\n\n

                          Enterprise value = Market cap + total debt – cash + minority Interest. <\/p>\n\n\n\n

                          Here are some examples: <\/p>\n\n\n\n

                          Example 1:<\/strong> <\/p>\n\n\n\n

                          Market capitalization: $500 million <\/p>\n\n\n\n

                          Total debt: $100 million <\/p>\n\n\n\n

                          Cash: $50 million <\/p>\n\n\n\n

                          Minority interest: $25 million <\/p>\n\n\n\n

                          Enterprise value = $500 million + $100 million – $50 million + $25 million <\/p>\n\n\n\n

                          Enterprise value = $575 million <\/p>\n\n\n\n

                          Example 2:<\/strong> <\/p>\n\n\n\n

                          Market capitalization: $1 billion <\/p>\n\n\n\n

                          Total debt: $500 million <\/p>\n\n\n\n

                          Cash: $250 million <\/p>\n\n\n\n

                          Minority interest: $50 million <\/p>\n\n\n\n

                          Enterprise value = $1 billion + $500 million – $250 million + $50 million <\/p>\n\n\n\n

                          Enterprise value = $1.3 billion <\/p>\n\n\n\n

                          This formula provides a good picture of a company’s value, allowing investors to make informed decisions about investing. <\/p>\n\n\n\n

                          EV to EBITDA ratio <\/h3>\n\n\n\n

                          The EV to EBITDA ratio is a financial metric used to evaluate a company’s valuation in relation to its operational earnings.  <\/p>\n\n\n\n

                          What is EBITDA? <\/h3>\n\n\n\n

                          EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. <\/p>\n\n\n\n

                          EBITDA measures a company’s profitability, excluding non-operational expenses such as interest\u2014it’s a figure that provides a clearer picture of a company’s financial performance by isolating its operating profitability.  <\/p>\n\n\n\n

                          What is the EV to EBITDA ratio? <\/h3>\n\n\n\n

                          The EV to EBITDA ratio is a valuation metric that compares a company’s enterprise value to its EBITDA.  <\/p>\n\n\n\n

                          You can use the EV to EBITDA ratio to evaluate a company’s financial health and investment potential.<\/strong> <\/p>\n\n\n\n

                          How to calculate the EV to EBITDA ratio <\/h2>\n\n\n\n

                          To calculate the EV to EBITDA ratio, you first need to calculate the enterprise value and the EBITDA for the company in question. <\/p>\n\n\n\n

                          How to calculate the EBITDA <\/h3>\n\n\n\n

                          To calculate the EBITDA, you must add the company’s earnings before interest, taxes, depreciation, and amortization. <\/p>\n\n\n\n

                          The formula for calculating EBITDA is as follows: <\/p>\n\n\n\n

                          EBITDA = Revenue – Expenses (excluding interest, taxes, depreciation, and amortization)<\/strong> <\/p>\n\n\n\n

                          Once you have calculated the EV and EBITDA, you can divide the EV by the EBITDA to get the EV to EBITDA ratio.  <\/p>\n\n\n\n

                          How to calculate the EV to EBITDA ratio <\/h3>\n\n\n\n

                          The formula for the EV to EBITDA ratio is as follows: <\/p>\n\n\n\n

                          EV to EBITDA ratio = Enterprise Value \u00f7 EBITDA<\/strong> <\/p>\n\n\n\n

                          The resulting number represents the number of years of EBITDA it would take for the company’s enterprise value to be paid off, assuming the EBITDA remains constant.  <\/p>\n\n\n\n

                          What is a good enterprise value? <\/h2>\n\n\n\n

                          A good enterprise value is subjective and depends on the industry, company size, and market conditions.  <\/p>\n\n\n\n

                          However, you can use EVs to calculate important financial ratios, such as EV to EBITDA, which you’ve already seen can help assess a company’s financial health and profitability. <\/p>\n\n\n\n

                          You can generally consider a lower EV to EBITDA ratio better as it indicates that a company is undervalued relative to its earnings. A ratio below 10 is considered attractive. <\/p>\n\n\n\n

                          A high EV to EBITDA ratio could suggest a company is overvalued or its earnings are low quality.  <\/p>\n\n\n\n

                          It’s best to compare a company’s EV to EBITDA ratio to the industry average to determine if it’s good value. <\/p>\n\n\n\n

                          Enterprise value in practice <\/h2>\n\n\n\n

                          Enterprise value is a widely used financial metric in practice, particularly in investment. <\/p>\n\n\n\n

                          You can use EVs to compare companies of different sizes and industries, allowing you to decide which companies to invest in.  <\/p>\n\n\n\n

                          Enterprise value limitations <\/h3>\n\n\n\n

                          It is important to keep in mind that enterprise value has some limitations.  <\/p>\n\n\n\n

                          Enterprise value: <\/p>\n\n\n\n

                            \n
                          • Does not consider certain intangible assets or potential future growth opportunities that a company may have.  <\/li>\n\n\n\n
                          • Can be affected by fluctuations in the stock market and changes in interest rates, making it less reliable in certain situations.  <\/li>\n<\/ul>\n\n\n\n

                            Therefore, it is important to use EV in conjunction with other financial metrics and to consider a company’s overall financial health when making investment decisions. <\/p>\n\n\n\n

                            How you might use enterprise value <\/h3>\n\n\n\n

                            Let’s say you want to acquire a company. You want to determine whether this company is worth the price that they’re asking for.  <\/p>\n\n\n\n

                            To help make your decision, you would calculate this company’s EV by adding its market cap to its total debt, subtracting its cash and cash equivalents, and adding any minority interests. <\/p>\n\n\n\n

                            Once you’ve calculated this EV, you can compare it to other companies in the same industry to determine whether the price asked is reasonable.  <\/p>\n\n\n\n

                              \n
                            • If the EV of the company you want to acquire is like other companies in the industry, it could be a good investment. <\/li>\n<\/ul>\n\n\n\n
                                \n
                              • But if this company’s EV is significantly higher than other companies in the industry, you may decide that the acquisition is not worth the price asked. <\/li>\n<\/ul>\n\n\n\n

                                You determine the total value of the possible acquisition and decide whether to acquire it.  <\/p>\n\n\n\n

                                Without EV, you would have a less comprehensive view of your target’s total value and may not be able to make an informed decision, <\/p>\n\n\n\n

                                How does enterprise value differ from other business values? <\/h2>\n\n\n\n

                                Understanding how EVs differ from other financial business values is important to make informed investment decisions. <\/p>\n\n\n\n

                                Remember that EV is a more comprehensive measure of a company’s overall value because it:<\/strong> <\/p>\n\n\n\n

                                  \n
                                • Considers a company’s equity and debt, while other metrics, such as market cap, do not.  <\/li>\n\n\n\n
                                • Includes the value of a company’s minority interests, which are ownership stakes in subsidiaries the parent company does not own.  <\/li>\n<\/ul>\n\n\n\n

                                  Other financial metrics, such as price to earnings ratio (P\/E ratio) and return on equity (ROE), are also commonly used to evaluate a company’s financial health and performance. However, these metrics focus on different aspects of a company’s financials than EV. <\/p>\n\n\n\n

                                  What is enterprise value VS market value?\u2014EV versus market cap <\/h3>\n\n\n\n

                                  Enterprise value and market capitalization are 2 common financial metrics used to evaluate the overall value of a company.  <\/p>\n\n\n\n

                                  While they may seem similar, EVs and market caps have some key differences. <\/p>\n\n\n\n

                                    \n
                                  • The market cap provides a snapshot of a company’s overall equity value but does not consider any debt like EV. <\/li>\n<\/ul>\n\n\n\n
                                      \n
                                    • EV provides a more comprehensive view of a company’s overall value than market cap, as it considers a company’s total equity and debt value.  <\/li>\n<\/ul>\n\n\n\n
                                        \n
                                      • EV is a more useful metric when comparing companies of different sizes and industries.  <\/li>\n<\/ul>\n\n\n\n
                                          \n
                                        • Market cap is more useful for evaluating a company’s overall market value and growth potential. <\/li>\n<\/ul>\n\n\n\n

                                          In summary, EV and Market Cap are useful financial metrics but serve different purposes.  <\/p>\n\n\n\n

                                          EV versus P\/E ratio (Price-to-Earnings ratio) <\/h3>\n\n\n\n

                                          You commonly use enterprise value and price-to-earnings ratio financial metrics to evaluate a company’s overall value and financial performance.  <\/p>\n\n\n\n

                                          What is a P\/E ratio? <\/h3>\n\n\n\n

                                          The P\/E ratio is a financial metric used to measure the valuation of a company’s stock.  <\/p>\n\n\n\n

                                            \n
                                          • You calculate the P\/E ratio by dividing a company’s current share price by its earnings per share (EPS).  <\/li>\n\n\n\n
                                          • The P\/E ratio gives you an idea of how much you would need to pay for each dollar of earnings.  <\/li>\n\n\n\n
                                          • A high P\/E ratio indicates that investors have high expectations for a company’s future earnings potential. <\/li>\n<\/ul>\n\n\n\n

                                            What are the differences between the EV and P\/E ratio? <\/h3>\n\n\n\n

                                            EV and P\/E ratios serve different purposes, so you must understand their differences. <\/p>\n\n\n\n

                                              \n
                                            • P\/E Ratio focuses solely on a company’s earnings potential, while EV considers a company’s total equity and debt value.  <\/li>\n<\/ul>\n\n\n\n
                                                \n
                                              • Because it considers both equity and debt, EV gives you a more comprehensive view of a company’s overall value than its P\/E ratio. <\/li>\n<\/ul>\n\n\n\n
                                                  \n
                                                • While a high P\/E ratio may indicate that investors have high expectations for a company’s future earnings, it does not necessarily reflect its overall financial health and value. <\/li>\n<\/ul>\n\n\n\n

                                                  Relevance of enterprise value for business <\/h2>\n\n\n\n

                                                  You now know that enterprise value is a critical financial metric relevant for businesses of all types and sizes.  <\/p>\n\n\n\n

                                                  We’ve already outlined how EV provides a comprehensive view of a company’s overall value by considering its equity, debt, and minority interests.  <\/p>\n\n\n\n

                                                  By understanding a company’s EV, investors interested in funding it can determine how much equity it has and how much debt it carries.  <\/p>\n\n\n\n

                                                  Use of enterprise value when you want to sell a company <\/h3>\n\n\n\n

                                                  By comparing the EV of your company to an offer price of an acquisition, you can determine whether the offer is reasonable and whether it considers your total value. <\/p>\n\n\n\n

                                                  It’s important to use a combination of financial metrics, including EV, price-to-earnings ratio, and return on investment, to make your decision.  <\/p>\n\n\n\n

                                                  These metrics can provide additional insights into a company’s financial health and potential for growth. <\/p>\n\n\n\n

                                                  Use of enterprise value when you want to buy a company <\/h3>\n\n\n\n

                                                  Evaluating and buying a company can be complex and challenging, requiring a thorough understanding of your target’s financial health and overall value.  <\/p>\n\n\n\n

                                                  Enterprise value is one of the key metrics you’ll want to use. Some steps when evaluating and buying a company include: <\/p>\n\n\n\n

                                                    \n
                                                  1. Conduct thorough due diligence<\/strong> <\/li>\n<\/ol>\n\n\n\n

                                                    This involves gathering and analyzing all relevant information about the target company, including financial statements, tax returns, legal documentation, and other important records. <\/p>\n\n\n\n

                                                      \n
                                                    1. Understand the target company’s financials<\/strong> <\/li>\n<\/ol>\n\n\n\n

                                                      This includes analyzing the company’s revenue, profits, cash flow, debt, and other financial metrics. With EV, you’ll comprehensively view a company’s overall value. <\/p>\n\n\n\n

                                                      As we said, a low EV to EBITDA ratio is generally considered healthy\u2014below 10 is considered attractive. <\/p>\n\n\n\n

                                                        \n
                                                      1. Assess the company’s growth potential<\/strong> <\/li>\n<\/ol>\n\n\n\n

                                                        Investors should evaluate the target company’s market position, competition, and potential for growth in the future. Again, some of the metrics we’ve already outlined will help. <\/p>\n\n\n\n

                                                          \n
                                                        1. Determine a fair price<\/strong> <\/li>\n<\/ol>\n\n\n\n

                                                          Compare your target company’s EV to the acquisition price you’re offering. You can work out whether the offer is reasonable and lines up with its total value. <\/p>\n\n\n\n

                                                            \n
                                                          1. Look at other factors<\/strong> <\/li>\n<\/ol>\n\n\n\n

                                                            Other factors to consider when evaluating and buying a company include the company’s management team, employee culture, and overall strategic fit with the buyer’s existing business. <\/p>\n\n\n\n

                                                            Final thoughts on enterprise value <\/h2>\n\n\n\n

                                                            If you’re a CFO, understanding enterprise value is critical. <\/p>\n\n\n\n

                                                            EV is a metric that gives you a holistic view of your company’s true value, factoring in equity, debt, and cash reserves.  <\/p>\n\n\n\n

                                                            Being aware of your company’s EV is essential for strategic decision-making. It can help you with: <\/p>\n\n\n\n

                                                              \n
                                                            1. Assessing your financial stability<\/strong> <\/li>\n<\/ol>\n\n\n\n
                                                                \n
                                                              1. Planning for acquisitions or mergers<\/strong> <\/li>\n<\/ol>\n\n\n\n
                                                                  \n
                                                                1. Managing debt levels<\/strong> <\/li>\n<\/ol>\n\n\n\n
                                                                    \n
                                                                  1. Identifying areas for value creation. <\/strong> <\/li>\n<\/ol>\n\n\n\n

                                                                    Furthermore, EV will help you communicate a comprehensive picture of your company’s worth to shareholders, potential investors, and other stakeholders.  <\/p>\n\n\n\n

                                                                    Have a strong grasp of your company’s EV. It’ll help you make informed, strategic financial decisions. <\/p>\n\n\n

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                                                                    Explore enterprise value in our comprehensive guide. Learn the fundamental principles, essential formulas, and understand various calculation methods to accurately assess a company’s true worth. <\/p>\n","protected":false},"author":356,"featured_media":18833,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[44],"tags":[170],"business_type":[41],"lilypad":[],"context":[],"industry":[],"persona":[],"imagine_tag":[242],"coauthors":[586],"class_list":["post-18832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy-legal-operations","tag-business-strategy","business_type-growing-business"],"sage_meta":{"region":"en-us","author_name":"Asavin Wattanajantra","featured_image":"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/05\/GettyImages-1171809453-1.jpg","imagine_tags":{"242":"Financial services"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice US","distributor_original_site_url":"https:\/\/www.sage.com\/en-us\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/18832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/users\/356"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/comments?post=18832"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/18832\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media\/18833"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media?parent=18832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/categories?post=18832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/tags?post=18832"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/business_type?post=18832"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/lilypad?post=18832"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/context?post=18832"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/industry?post=18832"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/persona?post=18832"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/imagine_tag?post=18832"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/coauthors?post=18832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}