Kellogg Co. has yearly sales of $13,547 million and costs of $11,325 million. The company's balance sheet shows debt of $8,207 million and cash of $321 million. The current stock price in the market is $68.21. There are 341.09 million shares outstanding, and the industry EV/EBITDA multiple is 15.6.

a. What is Kellogg's enterprise value and implied stock price per share based on the industry multiple?

b. Is the common stock of Kellogg fairly priced in the market? Explain.

Please show in excel.