The Adelaide Estates is a family-owned company producing and exporting premium wine. The company has issued shares to the family members and is not a listed firm. Recently, directors decided to expand the operation and expect to raise capital in the open capital market by issuing shares. The Adelaide Estates has appointed the PJ Morgan Bank to manage the share issue. The bank has decided to use a comparable method for the firm's valuation due to the unavailability of market data and assigned you, a junior analyst, to collect data from comparable firms and calculate the value. You have collected financial data of five companies similar to The Adelaide Estates from 2022 annual reports as follows: The Adelaide Estates had a book value of $2,450 million in 2021 and 4,975 million shares outstanding throughout the year. All numbers are in millions of dollars. Using the above details, you are required to a) Calculate relevant average multiples. (6 marks) b) Estimate a value for The Adelaide Estates. (2.5 marks) c) What should be the value per share of The Adelaide Estates? A market analyst speculated that The Adelaide Estates' share price should be around $1.20 per share. If the analyst's statement is true, what is your view on the value of the share? (3.5 marks)