Hans Inc. for the last 12 months has the following financial information:

Balance sheet Total Liabilities - Php 9,000,000

Income Statement Sales - Php 20,000,000 Gross Profit - Php 5,000,000 OPEX - Php 2,000,000

Financial Ratios Debt to Equity Ratio - 3:1 Dividend Yield Ratio - 10% Dividend Pay-out Ratio - 0.20:1

Hans Inc. is planning to sell 20% of its business and would like to calculate the value of its business using various valuation methods.

How much is the value of 20% of the business using Multiples of Earning Valuation Method assuming appropriate multiplier of 1.5? a. Php 4,500,000 b. Php 1,200,000 c. Php 600,000 d. Php 900,000