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You are supposed to calculate the equity value of a private firm. Here is the financial statements of the private firm ( in thousands) :
2016
Current Assets
Cash and equivalents
$20,000
Receivables
40,000
Inventories
29,000
Other current assets
23,000
Total current assets
$112,000
Noncurrent Assets
Property, plant, and equipment
$145,000
Less: Accumulated depreciation
43,000
Net property, plant, and equipment
102,000
Investments
70,000
Other noncurrent assets
36,000
Total noncurrent assets
208,000
Total assets
$320,000
Current Liabilities
Accounts payable
$41,000
Short-term debt
12,000
Other current liabilities
17,000
Total current liabilities
$70,000
Noncurrent Liabilities
Long-term debt
100,000
Total noncurrent liabilities
Total liabilities
170,000
Shoreholders' Equity
Common equity
Retained earnings
110,000
Total equity
150,000
Total iabilities and equity
Sales
$250,000
Cost of goods sold
125,000
Gross operating profit
Selling, general, and administrative expenses
50,000
EBITDA
75,000
Depreciation and amorization
10,500
EBIT
64,500
Interest expense
11,000
Pretax income
53,500
Income taxes
16,050
Net income
$37,450
Shares outstanding
13,000
EPS
2.88
You also find the following four competitors and their enterprise value and EBITD:
($ millions)
APU
PRAX
AIT
ARG
Enterprise Value
31,140
47,400
2,010
10,454
2,481
3,703
197
943
A) What is the enterprise value of the private firm based on the EBITDA multiple valuation?
B) What is the equity value? What is the equity value per share?
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