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Consider the following balance sheet and income statement for Tasty Brands, Inc., in condensed form, including some information from the cash flow statement: Tasty Brands,

Consider the following balance sheet and income statement for Tasty Brands, Inc., in condensed form, including some information from the cash flow statement:

Tasty Brands, Inc. (in millions except per share data)
Balance Sheet 2016
Cash and short-term Investments $ 590
Accounts receivable 336
Inventory 311
Other current assets 590
Long-lived assets 7,106
Total assets $ 8,933
Current liabilities 2,350
Total liabilities 6,461
Noncontrolling interest 56
Shareholders equity 2,416
Total debt and equity $ 8,933
Income Statement
Sales $ 13,254
Cost of sales 9,586
Gross margin $ 3,668
Earnings before interest and taxes $ 1,815
Interest 264
Taxes 504
Noncontrolling interest (44 )
Net income $ 1,091
Share price $ 91
Earnings per share 4.11
Number of outstanding shares (millions) 444.7
Cash Flows
Cash flow from operations $ 2,156
Capital expenditures 903
Dividends 700

Determine the valuation of the company at the end of 2013 using each of the following three methods. Assume earnings and cash flows for the coming 10 years are equal to the earnings and cash flows in 2013; the appropriate free cash flow multiple is 23.4; and while the earnings multiple is 21.7. (Enter your answers in millions rounded to nearest whole number.) a. Market capitalization b. Enterprise value c. Free cash flow multiple

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