Consider the following data for the airline industry for July 2018 (EV=enterprise value, Book=equity book value). Suppose Alaska Air (ALK) has 123123 million shares outstanding. Estimate Alaska Air's share value using each of the five valuation multiples, 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	Forward P/E	Total Shares
Alaska Air (ALK)	7,286	8,207	1.02	5.1	6.7	7.7	12.5	123
Peer Data
American Airlines (AAL)	17,879	37,327	0.87	5.7	8.2	10.5	8.2
Delta Air Lines (DAL)	35,580	44,164	1.02	5.7	8	10.8	8.8
Hawaiian (HA)	2,023	2,057	0.73	3.4	4.1	5.8	7.2
JetBlue Airways (JBLU)	5,450	5,814	0.8	4.1	5.9	4.9	10.8
SkyWest (SKYW)	2,909	5,040	1.56	7.2	12.6	6.6	11.8
Southwest Airlines (LUV)	30,318	30,691	1.44	6.9	8.9	8.6	12.3
United Continental (UAL)	21,961	31,393	0.8	5.7	9.2	11.4	9.3
Source: CapitalIQ