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Stocks in the pipeline industry are currently valued at EV/EBITDA of 15 . The riskiness and growth of these businesses is similar, but the capital structure differs substantially. Transylvania Pipelines Inc. (TPI) has 100 million shares outstanding, debt of $400 million, and no cash. TPI has EBITDA of $200 million. Estimate the value of Transylvania shares. (Closest answer) $26 $28 $30 $32 EverGrow is a consumer-packaged goods business that has been able to raise prices and unit volumes every year for 70 years. Based on this track record we expect their annual dividend to continue to grow at 4% per year forever. A dividend of $1.50 was paid yesterday. Use a discount rate of 9% to value the shares using the dividend discount model. (Closest answer) $28 $29 $30 $31