1. JTM Airlines is looking to buy Jaguar Airlines. Your boss, the CFO, wants a quick and dirty valuation of Jaguar. You choose to look at past transactions in the airline industry to get some numbers and put them in an Excel spreadsheet. For Jaguar, you find out the firm's key financial values and put them in the spreadsheet. To remind yourself that they are inputs, you should color them red.

   Using EPS, Book Value (BV), Sales, EBITDA, Premium and Synergy over stock price,what should be Jaguar's prices per share?

2. PLEASE SHOW IN EXCEL FORMULAS!

D F G H Synergy 24.8% 24.5% Jaguar shares o/s (M) 88.33 1 Equity Valuations using Multiples and Transactions 2 EPS BV Sales EBITDA Premium 3 Historical Multiples: 4 - Average 17.19 3.63 2.41 10.57 53.3% 3 - Median 18.13 3.69 2.37 9.91 53.0% 5 7 EPS Last 40 Est. 2021 Est. 2022 3 Jaguar EPS 4.84 4.91 5.69 9 Maximum 87.75 89.02 103.16 10 Minimum 83.20 17.82 13.71 Book Value 12 Jaguar Book Value 32.46 13 Maximum 588.50 14 Minimum 557.99 15 Sales Jaguar Sales (Last 40) 3,722 17 Average Sales Multiple 18 Firm Value 9 Debt Value 2,094 20 Equity Value Maximum Minimum 0.03 EBITDA 24 Jaguar EBITDA (Last 40) 1,017 Average EBITDA Multiple Fimm Value 27 Debt Value 2,094 es Equity Value 8,656 Maximum 97.99 10 Minimum 0.12 Premium 2 Pre-Announcement Stock Price 71.00 3 Maximum 108.63 4 Minimum 108.84 5 Synergy 6 Pre-Announcement Stock Price 7 Maximum 8 Minimum 71.00 88.40 88.61 9 D F G H Synergy 24.8% 24.5% Jaguar shares o/s (M) 88.33 1 Equity Valuations using Multiples and Transactions 2 EPS BV Sales EBITDA Premium 3 Historical Multiples: 4 - Average 17.19 3.63 2.41 10.57 53.3% 3 - Median 18.13 3.69 2.37 9.91 53.0% 5 7 EPS Last 40 Est. 2021 Est. 2022 3 Jaguar EPS 4.84 4.91 5.69 9 Maximum 87.75 89.02 103.16 10 Minimum 83.20 17.82 13.71 Book Value 12 Jaguar Book Value 32.46 13 Maximum 588.50 14 Minimum 557.99 15 Sales Jaguar Sales (Last 40) 3,722 17 Average Sales Multiple 18 Firm Value 9 Debt Value 2,094 20 Equity Value Maximum Minimum 0.03 EBITDA 24 Jaguar EBITDA (Last 40) 1,017 Average EBITDA Multiple Fimm Value 27 Debt Value 2,094 es Equity Value 8,656 Maximum 97.99 10 Minimum 0.12 Premium 2 Pre-Announcement Stock Price 71.00 3 Maximum 108.63 4 Minimum 108.84 5 Synergy 6 Pre-Announcement Stock Price 7 Maximum 8 Minimum 71.00 88.40 88.61 9