Have you unwittingly double-counted value in circumstances where there are cross-holdings? When undertaking a valuation, we sometimes come across companies within an organization structure that have cross-holdings in each other. In this article, we explore the valuation of such companies (the “cross-holdings companies”), including the valuation of the pro-rata common equity ownership interests held by individuals or entities above the cross-holdings companies. After arriving at the en bloc value of the common equity of the cross-holdings companies within the organization structure, we then examine what these calculated values truly represent and the anomalous value “double-count” indicated at first blush.