Question Three (a) "Relative Valuation is more receptive to many audience compared to the discounted cash flow approach to valuation", Do you agree? Provide a justification for your answer (5mks) (b) Assuming that you have been given some assignment by Nyayo enterprise. The assignment is to estimate the value per share of its common stock using the relative valuation approach. Nyayo enterprise is a private company that undertakes mining! operations in the county of Taita Taveta. You have been provided with the P/E ratios of three comparable companies (publicly listed companies) as follows: Company Savvy Legam Yetu P/E Ratio 1.43 1.67 2.40 Required: i Estimate the industry Price Earning ratio. (5mks) ii. Given that the average earnings per share for Nyayo Enterprises is Sh.15, estimate the market value per share of the company (Smks) (Total 15 Marks)