3. Do Higgins, Chapter 9, #14. In this problem you are being asked to use your judgment about calculating the right multiples, so after calculating multiples from the data, you may want to adjust them upward or downward based on Harley Davidson's performance relative to the comparables. Of course, we'll all make different judgment calls, so there is not going to be one right answer to this question. The important thing that you should take away from the problem is an understanding of how the process of valuation using multiples works. 4. Do Higgins, Chapter 9, #9, parts (a) through (c). Answers in the back of the book