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How do I value this preferred stock in my EV calculation


How should I value the following preferred stock in my EV calculation?

Series J 8.38% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847. 

The balance sheet shows $42,748 against the above entry.  I am not sure if I should use the liquidation value, the balance sheet number or some other value in my Enterprise Value calculation for this company.  


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You need market value, so liquidation value makes more sense.