AAUsing your valuation for Clarkson at the end of $1995,$ compute the following

multiples:

a$.$ V$($Operations$)/$Sales $($based on estimated enterprise value$).$ Compute this as

a forward multiple.

b$.$ V$($Operations$)/$EBIT $($based on estimated enterprise value$).$ Compute this as

a forward multiple.

c$.$ In principle, how might you use these multiples to test the reasonableness

of your valuation? What other data would you need?ssume Discount Factor $12\mathrm{.}5\%$