Assume the parent company of Apparel and Footwear had the following financial performance in 2019 ($ in millions): 2019 $ in millions Revenue EBITDA Apparel Division 100 20 Footwear Division 300 80 The average Enterprise Value/EBITDA valuation multiple for comparable apparel companies is 9x and for footwear it is 10x. Perform a sum of the parts analysis using the market approach for valuation. What is the estimate for the parent company's implied value of equity using the comps approach? Assume the parent company has debt of $200 million, preferred stock $100 million and cash of $100 million. Implied value of equity is ($millions) is: O $3,900 h of $100 million, int company's implied valcompanies is 9x and for 0 $980 0 $880 O $780 0 $3,800