No debt, highly positive cash balance. Equity Value > Enterprise Value?

As can be seen in Year 19 for example. If a company has zero debt, but big cash balances ($7,105 in this case), would equity value be larger than enterprise value?

How can I make sense of this logically?
Would it be that if the company were to sell on a multiple, the retained earnings (the source of cash) would be returned to the equity holders in addition to the sale price, whereas the buyer would just pay the EV?

If a company has excess cash and not debt, its equity value will be higher than its enterprise value because the shareholders could distribute that excess cash and still sell the company at its enterprise value.

If I sold you a car worth $10,000 that has a briefcase in the trunk containing $5,000 in cash, how much would you pay me for the car with and without the briefcase? The same logic applies to companies with excess cash on their balance sheet.

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Perfect, confirms my logic. Just first time I’ve seen equity value surpass EV, so had to double check! Thank you for replying.