Suppose Moody's has a Sales of $50 million. The Cost of Goods sold is 50% of the sales and SGNA expenses are 25% of the sales. Every year Moody's has a depreciation expense of $2 million. Suppose also that Moody's also has $5 million in debt and $3 million in cash on its balance sheet. Suppose there are 10 million shares outstanding. Two comparable firms Fitch and S&P have EV/EBITDA ratios of 18.5 and 20.5 and EV/EBIT ratios of 24.6 and 28.7 respectively. What price would you estimate for Moody's stock given EV/EBITDA of the comparable companies? b. What price would you estimate for Moody's stock given EV/EBIT of the comparable companies? a.