Consider the following data for the airline industry for December 2015 (EV=enterprise value, Book=equity book value)

Suppose Hawaiian Airlines (HA) has 53 million shares outstanding. Estimate Hawaiians share value using each of the five valuation multiples in Table, based on the median valuation multiple of the other seven airlines shown.

	Market Capitalization	Enterprise Value (EV)	EV/Sales	EV/EBITDA	EV/EBIT	P/E	P/Book
Delta Air Lines (DAL)	40857	45846	1.1x	6.0x	7.6x	15.0x	4.0x
American Airlines (AAL)	27249	38937	0.9x	4.5x	5.5x	6.2x	7.5x
United Continental (UAL)	22000	28522	0.7x	4.2x	5.6x	3.4x	2.6x
Southwest Airlines (LUV)	28499	28125	1.5x	6.0x	7.4x	16.1x	4.1x
Alaska Air (ALK)	10396	9870	1.8x	6.3x	7.9x	13.4x	4.4x
JetBlue Airways (JBLU)	7338	8189	1.3x	6.1x	7.9x	13.8x	2.4x
SkyWest (SKYW)	1039	2590	0.8x	5.2x	11.1x	21.2x	0.7x
Hawaiian (HA)	1974	2281	1.0x	5.3x	6.9x	15.1x	5.3x

Calculate Hawaiian's share values using each of the five valuation multiples below: (Round the median to one decimal place. Round the share price to the nearest cent. Round the EV and market cap to the nearest integer.)

Solve for Median, Implied EV, Implied market cap, and Implied share price for EV/Sales

		EV/Sales
Hawaiian		1.0
Median
Implied EV	$
Implied market cap	$
Implied share price	$