Harley-Davidson Inc. 2004 ($ millions)
Net income	$889.77
Number of common shares, millions	294.31
Earnings before interest and tax	$1,402.30
Tax rate	35.5%
Book value of equity	$3,218.47
Book value interest-bearing debt	$1,295.44
Total Sales	$5,320.45
Total Assets	$5,483.29

	Harley-	Arctic		Polaris	Marine	Winnebago
	Davidson	Cat	Brunswick	Industries	Products	Industries
			Comparison of Timberland with Comparable Companies:
			Growth Rates, Financial Risks, Size, Returns
5-year growth rate in sales (%)	15.5	6.2	4.1	6.1	15.5	10.8
5-year growth rate in eps (%)	28.1	11.1	47.1	15.9	25.1	17.2
Interest coverage ratio (x)	60.9	*	8.9	85.1	*	*
Total liabilities to assets (%)	0.4	0.3	0.6	0.5	0.2	0.5
Total assets ($ millions)	5,483	286	4,346	793	110	395
			Indicators of Value
Price/earnings (x)		16.9	17.8	27.8	28.6	18.6
MV firm/EBIT(1-tax rate) (x)		17.3	19.4	24.3	29.0	17.6
MV equity/BV equity (x)		2.8	2.8	8.0	7.7	6.5
MV firm/BV firm (x)		2.8	2.3	7.7	7.7	6.5
Price/sales (x)		0.8	0.9	1.6	2.7	1.2
MV firm/sales (x)		0.8	1.1	1.7	2.7	1.2
	* These companies have little or no interest-bearing debt outstanding.

Step 3 - Enter the estimated indicators of value for Harley-Davidson Inc.:
Price/earnings
MV firm/EBIT(1 - tax rate)
MV equity/BV equity
MV firm/BV firm
Price/sales (x)
MV firm/sales (x)

Step 4 - The implied value of HOG common stock per share for each indicator of value is:
Price/earnings
MV firm/EBIT(1 - tax rate)
MV equity/BV equity
MV firm/BV firm
Price/sales
MV firm/sales
Average implied value

What do the excel formulas for the Green boxes look like?