Company X is expected to have $$15\mathrm{.}0$ milion in net earnings in the next $12$ months, Forecastsfor sales and EBITDA are $$100$ million and $$24$ million respectively for the next $12$ months.Debt outstanding is $$30$ million. The company has no excess cash on the balance sheet.Comparable public companies that specialize in a similar product are trading at a price toearnings ratio of $12\mathrm{.}0$ times. The average enterprise value to EBITDA multiple for the samelist of companies is $8\mathrm{.}0$ times.

What is the implied equity value for a minority interest holding in Company X using therelative value method?