Scenario 1

Ratio of price to book value should not exceed 22.5
If: Price/BV = 20-->
Enterprise Value	$20,407,410.61	$28,388,406.98	$15,194,283.04	Absurdly high valuations
Price/BV = 10-->
Enterprise Value	$10,203,705.30	$14,194,203.49	$7,597,141.52	Not much more realistic
	Factors for PBV
	12.75	10.5	9	7.5
50% of total multiple	50%	50%	50%	50%
60% of total multiple	60%	60%	60%	60%
Full data set	$3,902,917.28	$3,214,167.17	$2,755,000.43	$2,295,833.69
Post-2023	$5,429,282.83	$4,471,174.10	$3,832,434.94	$3,193,695.78
2023-2028	$2,905,906.63	$2,393,099.58	$2,051,228.21	$1,709,356.84
Range of valuations for PBV method:
Min	$2,399,629
Average	$3,179,508
Mid-range	$4,151,805
Max	$5,429,283
Since we have some actual performance data (2021 and 2022) and relatively short0range forecast for 2023, some investors will focus on post-2023 valuations.
Shorter term investors would focus on narrower range of estimates.

Scenario 2

Ratio of price to book value should not exceed 22.5
If: Price/BV = 20-->
Enterprise Value	$13,885,942.95	$19,481,625.74	$10,248,605.03	Absurdly high valuations
Price/BV = 10-->
Enterprise Value	$6,942,971.48	$9,740,812.87	$5,124,302.52	Not much more realistic
	Factors for PBV
	12.75	10.5	9	7.5
50% of total multiple	50%	50%	50%	50%
60% of total multiple	60%	60%	60%	60%
Full data set	$2,655,686.59	$2,187,036.02	$1,874,602.30	$1,562,168.58
Post-2023	$3,725,860.92	$3,068,356.05	$2,630,019.47	$2,191,682.90
2023-2028	$1,960,045.71	$1,614,155.29	$1,383,561.68	$1,152,968.07

Range of valuations for PBV method:
Min	$1,635,607
Average	$2,167,179
Mid-range	$2,849,188
Max	$3,725,861
Since we have some actual performance data (2021 and 2022) and relatively short0range forecast for 2023, some investors will focus on post-2023 valuations.
Shorter term investors would focus on narrower range of estimates.

Scenario 3

Ratio of price to book value should not exceed 22.5
If: Price/BV = 20-->
Enterprise Value	$8,505,028.68	$12,140,235.06	$6,047,890.48	Absurdly high valuations
Price/BV = 10-->
Enterprise Value	$4,252,514.34	$6,070,117.53	$3,023,945.24	Not much more realistic
	Factors for PBV
	12.75	10.5	9	7.5
50% of total multiple	50%	50%	50%	50%
60% of total multiple	60%	60%	60%	60%
Full data set	$1,626,586.73	$1,339,542.02	$1,148,178.87	$956,815.73
Post-2023	$2,321,819.95	$1,912,087.02	$1,638,931.73	$1,365,776.44
2023-2028	$1,156,659.05	$952,542.75	$816,465.22	$680,387.68
Range of valuations for PBV method:
Min	$1,000,993
Average	$1,326,316
Mid-range	$1,775,509
Max	$2,321,820
Since we have some actual performance data (2021 and 2022) and relatively short0range forecast for 2023, some investors will focus on post-2023 valuations.
Shorter term investors would focus on narrower range of estimates.

Scenario 4

Ratio of price to book value should not exceed 22.5
If: Price/BV = 20-->
Enterprise Value	$4,553,329.35	$6,761,205.47	$3,063,356.15	Absurdly high valuations
Price/BV = 10-->
Enterprise Value	$2,276,664.68	$3,380,602.73	$1,531,678.08	Not much more realistic
	Factors for PBV
	12.75	10.5	9	7.5
50% of total multiple	50%	50%	50%	50%
60% of total multiple	60%	60%	60%	60%
Full data set	$870,824.24	$717,149.37	$614,699.46	$512,249.55
Post-2023	$1,293,080.55	$1,064,889.86	$912,762.74	$760,635.62
2023-2028	$585,866.86	$482,478.59	$413,553.08	$344,627.57
Range of valuations for PBV method:
Min	$539,171
Average	$714,401
Mid-range	$988,826
Max	$1,293,081
Since we have some actual performance data (2021 and 2022) and relatively short0range forecast for 2023, some investors will focus on post-2023 valuations.
Shorter term investors would focus on narrower range of estimates.

Scenario 5

Ratio of price to book value should not exceed 22.5
If: Price/BV = 20-->
Enterprise Value	$1,375,047.06	$2,442,875.69	$718,593.57	Absurdly high valuations
Price/BV = 10-->
Enterprise Value	$687,523.53	$1,221,437.85	$359,296.79	Not much more realistic
	Factors for PBV
	12.75	10.5	9	7.5
50% of total multiple	50%	50%	50%	50%
60% of total multiple	60%	60%	60%	60%
Full data set	$262,977.75	$216,569.91	$185,631.35	$154,692.79
Post-2023	$467,199.98	$384,752.92	$329,788.22	$274,823.52
2023-2028	$137,431.02	$113,178.49	$97,010.13	$80,841.78
Range of valuations for PBV method:
Min	$170,119
Average	$225,408
Mid-range	$357,271
Max	$467,200

Since we have some actual performance data (2021 and 2022) and relatively short0range forecast for 2023, some investors will focus on post-2023 valuations.

Shorter term investors would focus on narrower range of estimates.

Scenario 6

Ratio of price to book value should not exceed 22.5
If: Price/BV = 20-->
Enterprise Value	($457,241.55)	($27,400.52)	($569,482.96)	Absurdly high valuations
Price/BV = 10-->
Enterprise Value	($228,620.78)	($13,700.26)	($284,741.48)	Not much more realistic
	Factors for PBV
	12.75	10.5	9	7.5
50% of total multiple	50%	50%	50%	50%
60% of total multiple	60%	60%	60%	60%
Full data set	($87,447.45)	($72,015.54)	($61,727.61)	($51,439.67)
Post-2023	($5,240.35)	($4,315.58)	($3,699.07)	($3,082.56)
2023-2028	($108,913.62)	($89,693.57)	($76,880.20)	($64,066.83)
Range of valuations for PBV method:
Min	($39,530)
Average	($52,377)
Mid-range	($4,007)
Max	($5,240)
Since we have some actual performance data (2021 and 2022) and relatively short0range forecast for 2023, some investors will focus on post-2023 valuations.
Shorter term investors would focus on narrower range of estimates.

Scenario 7

Ratio of price to book value should not exceed 22.5
If: Price/BV = 20-->
Enterprise Value	($1,299,848.92)	($1,139,491.89)	($1,441,633.36)	Absurdly high valuations
Price/BV = 10-->
Enterprise Value	($649,924.46)	($569,745.95)	($720,816.68)	Not much more realistic
	Factors for PBV
	12.75	10.5	9	7.5
50% of total multiple	50%	50%	50%	50%
60% of total multiple	60%	60%	60%	60%
Full data set	($248,596.11)	($204,726.20)	($175,479.60)	($146,233.00)
Post-2023	($217,927.82)	($179,469.97)	($153,831.41)	($128,192.84)
2023-2028	($275,712.38)	($227,057.25)	($194,620.50)	($162,183.75)
Range of valuations for PBV method:
Min	($145,537)
Average	($192,836)
Mid-range	($166,651)
Max	($217,928)
Since we have some actual performance data (2021 and 2022) and relatively short0range forecast for 2023, some investors will focus on post-2023 valuations.
Shorter term investors would focus on narrower range of estimates.

Scenario 8

Ratio of price to book value should not exceed 22.5
If: Price/BV = 20-->
Enterprise Value	($1,967,546.56)	($2,013,648.41)	($2,161,513.33)	Absurdly high valuations
Price/BV = 10-->
Enterprise Value	($983,773.28)	($1,006,824.21)	($1,080,756.66)	Not much more realistic
	Factors for PBV
	12.75	10.5	9	7.5
50% of total multiple	50%	50%	50%	50%
60% of total multiple	60%	60%	60%	60%
Full data set	($376,293.28)	($309,888.58)	($265,618.79)	($221,348.99)
Post-2023	($385,110.26)	($317,149.62)	($271,842.54)	($226,535.45)
2023-2028	($413,389.42)	($340,438.35)	($291,804.30)	($243,170.25)

Range of valuations for PBV method:
Min	($230,352)
Average	($305,216)
Mid-range	($294,496)
Max	($385,110)
Since we have some actual performance data (2021 and 2022) and relatively short0range forecast for 2023, some investors will focus on post-2023 valuations.
Shorter term investors would focus on narrower range of estimates.

Scenario 9

Ratio of price to book value should not exceed 22.5
If: Price/BV = 20-->
Enterprise Value	($2,499,748.70)	($2,704,003.78)	($2,753,425.53)	Absurdly high valuations
Price/BV = 10-->
Enterprise Value	($1,249,874.35)	($1,352,001.89)	($1,376,712.77)	Not much more realistic
	Factors for PBV
	12.75	10.5	9	7.5
50% of total multiple	50%	50%	50%	50%
60% of total multiple	60%	60%	60%	60%
Full data set	($478,076.94)	($393,710.42)	($337,466.07)	($281,221.73)
Post-2023	($517,140.72)	($425,880.59)	($365,040.51)	($304,200.42)
2023-2028	($526,592.63)	($433,664.52)	($371,712.45)	($309,760.37)
Range of valuations for PBV method:
Min	($298,394)
Average	($395,372)
Mid-range	($395,461)
Max	($517,141)
Since we have some actual performance data (2021 and 2022) and relatively short0range forecast for 2023, some investors will focus on post-2023 valuations.
Shorter term investors would focus on narrower range of estimates.

Scenario 10

Ratio of price to book value should not exceed 22.5
If: Price/BV = 20-->
Enterprise Value	($2,923,319.90)	($3,247,435.89)	($3,238,178.99)	Absurdly high valuations
Price/BV = 10-->
Enterprise Value	($1,461,659.95)	($1,623,717.94)	($1,619,089.49)	Not much more realistic
	Factors for PBV
	12.75	10.5	9	7.5
50% of total multiple	50%	50%	50%	50%
60% of total multiple	60%	60%	60%	60%
Full data set	($559,084.93)	($460,422.88)	($394,648.19)	($328,873.49)
Post-2023	($621,072.11)	($511,471.15)	($438,403.84)	($365,336.54)
2023-2028	($619,301.73)	($510,013.19)	($437,154.16)	($364,295.14)
Range of valuations for PBV method:
Min	($352,835)
Average	($467,506)
Mid-range	($474,937)
Max	($621,072)
Since we have some actual performance data (2021 and 2022) and relatively short0range forecast for 2023, some investors will focus on post-2023 valuations.
Shorter term investors would focus on narrower range of estimates.