Question B2 Technocrat is a privately owned firm operating in the IT industry. The firm expects to expand its operations and intends to raise capital through an Initial Public Offering (IPO). The investment bank managing the issue has assigned you as a junior analyst to use a simple valuation technique to determine the share value of TechnoCrat. You decided to begin with comparables and collect financial data from the 2020 annual reports of six companies similar to the firm. TechnoCrat had a book value of $1,250 million in 2019. In addition, TechnoCrat had 4,650 million shares outstanding throughout the year. The financial information of the comparable firms is given below (All numbers are in millions of dollars). < W The market value of Book Company equity value < Sales revenue R&D < Net Income Actino 7,096 1,100 1,410 403 < 5354 Exincan < 1,379 450 < 200 < 105 667 SenAnti < 2,233 600 < 350 127 35 E Xtel 925 350 170 82 < 187 Ronco 588 125 115 50.8 12 < TechnoCrat ? < ? 900 450 < 225 Using the above details: