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The table above shows the stock prices and multiples for a number of firms in the newspaper ...

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The table above shows the stock prices and multiples for a number of firms in the newspaper ...

Use the table for the question(s) below.

Name

Market

Enterprise

Capitalization

Value

Price/

Value/

($ million)

P/E

Book

Sales

EBITDA

Gannet

6350

10,163

7.36

0.73

1.4

5.04

New York Times

2423

3472

18.09

2.64

1.10

7.21

McClatchy

675

3061

9.76

1.68

1.40

5.64

Media General

326

1192

14.89

0.39

1.31

7.65

Lee Enterprises

267

1724

6.55

0.82

1.57

6.65

Average

11.33

1.25

1.35

6.44

Maximum

+60%

112%

+16%

+22%

Minimum

-40%

69%

-18%

-19%

The table above shows the stock prices and multiples for a number of firms in the newspaper publishing industry. Another newspaper publishing firm (not shown) had sales of $620 million, EBITDA of $84 million, excess cash of $66 million, $14 million of debt, and 120 million shares outstanding. If the average enterprise value to sales for comparable businesses is used, which of the following is the range of reasonable share price estimates?

▸ $1.12 to $1.68

▸ $5.72 to $8.09

▸ $6.07 to $8.59

▸ $6.00 to $9.04

Textbook

Fundamentals of Corporate Finance

Edition: 2^nd

Authors: Berk, DeMarzo, Harford

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