Below you have financial information of two similar companies ( the company listed and  non-listed on the stock exchange).
	The company listed on the stock exchange	The company non-listed on the stock exchange
Market capitalization	50		mln zł
Number of issued shares	19	5.7	mln
Market value of bonds	7	-	mln zł
EBITDA	19	12	mln zł
Profit after tax	15	7.6	mln zł
Sales	110	70	mln zł
NOA (cash)	2.5	2.8	mln zł
Liabilities
Book value of equity	14	15	mln zł
Book value of bonds	6	-
Book value of investment credit	3	7.5	mln zł
Book value of other financial liabilities	4.1	1	mln zł
Trade payables	10	7.5	mln zł
Total Liabilities	37.1	31	mln zł
a)      Please estimate the price of shares of the company non-listed on the stock exchange using the following valuation multiples:
-    V / EBITDA ( 2,5 points)
-    P / E  ( 2,5 points)
-    P / BV ( 2,5 points)
-    V/S ( 2,5 points)
b)      Explain why there is a difference in received value when you apply different multiples. (2,5 points)
c)       What multiples and why is most reliable? (2,5 points)