An investment bank is conducting an equity issuance to raise equity capital for a manufacturing firm to finance its $126 million new project that has a present value of $188 million. The firm has a debt of $52.3 million in place. The average annual earnings of the firm has been $12.8 million, and EBITDA $21 million. P/E and V/EBITDA ratios of comparable firms without debt are 14 and 12.3, respectively.