BTech is a privately owned firm, which has been operating in the biotechnology industry. The firm aims to raise capital through an Initial Public Offering (IPO) to expand its operations. ABN Investment Bank has undertaken the management of the share issue. Being a junior analyst, you are supposed to use a simple valuation technique to determine the share value. You decided to begin with 'comps' and collect financial data from 2020 annual reports of six companies similar to BTech. Given the nature of the business, you have included R&D as a measure in addition to commonly used measures such as sales, book value and earnings. BTech had a book value of $1,100 million in 2019. In addition, BTech had 3,975 million shares outstanding throughout the year. The market value of equity for five comparable companies is also given. All numbers are in millions of dollars. Company Actino Exincan SenAnti Xtel Ronco BTech Market value of equity 8,096.71 1,379.00 2,233.60 925 588.53 ? Book value 1700 400 600 350 125 ? Sales revenue 1,571.00 200 350 150 115 700 R&D 307.00 105 127 75.5 50.8 300 Net Income 406.00 56 33.5 17.5 12 115 Using the above details: a) Calculate relevant average multiples. (6 marks) b) Estimate a value for B Tech. (3 marks) c) What should be the value per share of BTech? A market analyst speculated that BTech share price should be around $1.20 per share. If the analyst's statement is true, what is your view on the value of the share