Consider the following data for the airline industry for July 2018 (EV=enterprise value, Book=equity book value). Suppose Alaska Air (ALK) has 124 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.

Company Name Market Capitalization Enterprise Value (EV) EV/Sales EV/EBITDA EV/EBIT P/E Forward P/E Alaska Air (ALK) 7286 8207 1.02 5.1 6.7 7.7 12.5 American Airlines (AAL) 17879 37327 0.87 5.7 8.2 10.5 8.2 Delta Air Lines (DAL) 35580 44164 1.02 5.7 8 10.8 8.8 Hawaiian (HA) 2023 2057 0.73 3.4 4.1 5.8 7.2 JetBlue Airways (JBLU) 5450 5814 0.8 4.1 5.9 4.9 10.8 SkyWest (SKYW) 2909 5040 1.56 7.2 12.6 6.6 11.8 Southwest Airlines (LUV) 30318 30691 1.44 6.9 8.9 8.6 12.3 United Continental (UAL) 21961 31393 0.8 5.7 9.2 11.4 9.3 Source: CapitalIQ July 2018