b. Conglo Plc is a retailer with a financing arm. In the most recent year, the firm reported the following breakdown of key operating items (in millions): The company has 500 million shares outstanding, faces a 20% tax rate and is expected to grow at 3% a year. The regression for the EVIEBITDA multiple across retailers gives EV/EBITDA =4+26 (Return on capital) +40 (Expected growth) 30 (Cost of capital) The regression for the Price to Book equity ratio across financial service firms gives P/BV=0.70+9.0 (Return on equity) 5.0 (Cost of equity) i. Estimate the value of equity per share for the firm, using relative valuation. (All percentages are entered as decimals in the regression. Thus, 15% would be 0.15) (10 marks) ii. Why might this regression based approach be superior to simply taking the average of multiples for the company's industry