26.

(Click

on the Icon located on the top-right corner of the data table below in order to copy its contents into a

spreadsheet.)

Company Name	Market Capitalization	Enterprise Value (EV)	EV/Sales	EV/EBITDA	EV/EBIT	P/E	P/Book
Delta Air Lines (DAL)	$40,857	$45,846	1.1x	6.0x	7.6x	15.0x	4.0x
American Airlines (AAL)	$27,249	$38,937	0.9x	4.5x	5.5x	6.2x	7.5x
United Continental (UAL)	$22,000	$28,522	0.7x	4.2x	5.6x	3.4x	2.6x
Southwest Airlines (LUV)	$28,499	$28,125	1.5x	6.0x	7.4x	16.1x	4.1x
Alaska Air (ALK)	$10,396	$9,870	1.8x	6.3x	7.9x	13.4x	4.4x
JetBlue Airways (JBLU)	$7,338	$8,189	1.3x	6.1x	7.9x	13.8x	2.4x
SkyWest (SKYW)	$1,039	$2,590	0.8x	5.2x	11.1x	21.2x	0.7x
Hawaiian (HA)	$1,974	$2,281	1.0x	5.3x	6.9x	15.1x	5.3x
Source: Capital IQ and Yahoo! Finance

Consider the following data for the airline industry for December 2015 (EV= enterprise value, Book-equity book value). Suppose Hawaiian Airlines (HA) has 53 million shares outstanding. Estimate Hawalian's share value using each of the five valuation multiples shown here EEB, based on the median valuation multiple of the other seven airlines shown. Calculate Hawalian's share values using each of the five valuation multiples below: (Round the median to one decimal place. Round the share price to the nearest cent. Round the EV and market cap to the nearest integer.) EVISales EVIEBITDA EVIEBIT P/E P/Book 5.3 Hawaiian Median Implied EV Implied market cap $ Implied share price $ 6.9 15.1 5.3