2.) Consider the following data for the airline industry (EV= Enterprise Value). United Continental has 800 million shares outstanding. Estimate Continental's share value using average valuation multiple of the other two airlines shown.

Delta Air Lines: Market Cap = 28,932M EV = 47, 040M EV/EBIT = 8.3X P/E = 10.7X

American Airlines: Market Cap = 15,431M EV = 33,742M EV/EBIT = 10.7X P/E = 11.5X

United Continental: Market Cap = 22,576M EV = 32,198M EV/EBIT = 9.8X P/E = 10.8X

a. United Continental's stock price is estimated to be ________ based on the comparable analysis on P/E.

b. United Continental's stock price is estimated to be ________ based on the comparable analysis on EV/EBIT.