need question 21 answered from the table above.

= 20. Consider the following data for the airline industry for April 2019 ( EV = enterprise value, Book equity book value). Discuss the potential challenges of using multiples to value an airline. Company Market Enterprise Name Capitalization Value (EV) EV/Sales EV/EBITDA EV/EBIT P/Book P/E 39,057 47,060 1.1x 6.0x 8.6x 10.2x 2.9x Delta Air Lines (DAL) 15,295 33,745 0.8x 6.3x 10.5x 11.2x 1.3x American Airlines (AAL) 22,648 32,143 0.8x 5.8x 9.7x11.0x 2.3x United Continental (UAL) 29,431 29,119 1.3x 6.5x 8.9x12.4x 3.0x Southwest Airlines (LUV) Alaska Air 7,236 8,103 1.0x 7.7x 12.3x 16.6x 1.9x (ALK) JetBlue 5,008 5,791 0.8x 7.3x 19.2x 27.7x 1.1x Airways (JBLU) 3,000 5,471 1.7x 6.7x 11.3x 11.0x 1.5x SkyWest (SKYW) 1,366 1,575 0.6x 3.4x 4.8x 6.1x 1.4x Hawaiian (HA) Source: Morningstar and Yahoo Finance, April 2019. 21. Suppose Hawaiian Airlines (HA) has 50 million shares outstanding. Estimate Hawaiian's share value using each of the five valuation multiples in Problem 20 9, based on the median valuation multiple of the other seven airlines shown. = 20. Consider the following data for the airline industry for April 2019 ( EV = enterprise value, Book equity book value). Discuss the potential challenges of using multiples to value an airline. Company Market Enterprise Name Capitalization Value (EV) EV/Sales EV/EBITDA EV/EBIT P/Book P/E 39,057 47,060 1.1x 6.0x 8.6x 10.2x 2.9x Delta Air Lines (DAL) 15,295 33,745 0.8x 6.3x 10.5x 11.2x 1.3x American Airlines (AAL) 22,648 32,143 0.8x 5.8x 9.7x11.0x 2.3x United Continental (UAL) 29,431 29,119 1.3x 6.5x 8.9x12.4x 3.0x Southwest Airlines (LUV) Alaska Air 7,236 8,103 1.0x 7.7x 12.3x 16.6x 1.9x (ALK) JetBlue 5,008 5,791 0.8x 7.3x 19.2x 27.7x 1.1x Airways (JBLU) 3,000 5,471 1.7x 6.7x 11.3x 11.0x 1.5x SkyWest (SKYW) 1,366 1,575 0.6x 3.4x 4.8x 6.1x 1.4x Hawaiian (HA) Source: Morningstar and Yahoo Finance, April 2019. 21. Suppose Hawaiian Airlines (HA) has 50 million shares outstanding. Estimate Hawaiian's share value using each of the five valuation multiples in Problem 20 9, based on the median valuation multiple of the other seven airlines shown