The enterprise value (which can also be called firm value, or asset value) is the total value of the assets of the business (excluding cash).
If you already know the firm’s equity value as well their total debt and cash balances, you can use them to calculate enterprise value.
Enterprise values is more commonly used in valuation techniques as it makes companies more comparable by removing their capital structure from the equation.
In investment banking, for example, it’s much more common to value the entire business (enterprise value) when advising a client on an M&A process.
In equity research, by contrast, it’s more common to focus on the equity value, since research analysts are advising investors on buying individual shares, not the entire business.