The following information is computed from Fast Food Chains annual report for 2006.

2006 2005

Current assets	$ 2,731,020	$ 2,364,916
Property and equipment, net	10,960,286	8,516,833
Intangible assets, at cost
less applicable amortization	294,775	255,919
	$13,986,081	$11,137,668
Current liabilities	$ 3,168,123	$ 2,210,735
Deferred federal income taxes	160,000	26,000
Mortgage note payable	456,000
Stockholders' equity	10,201,958	8,900,933
	$13,986,081	$11,137,668
Net sales	$33,410,599	$25,804,285
Cost of goods sold	(30,168,715)	(23,159,745
Selling and administrative expense	(2,000,000)	(1,500,000)
Interest expense	(216,936)	(39,456)
Income tax expense	(400,000)	(300,000)
Net income	$ 624,948	$ 805,084

What is book value in 2006? In 2005?

Assume depreciation and amortization expense of $1,096,029 in 2006 and $851,683 in 2005. What is EBITDA for 2006? For 2005?

What multiple of EBITDA do you believe is suitable to value this business, and why?

What would you determine the value of this business to be at the end of 2006? 2005?