The incorporators of Beta Corporation would like to make a counter offer to an angel investor. The latter is offering P4,000,000 for a 50% share in the business. They would like to make a direct comparison with Epsilon Corporation for valuation purposes. Beta will be simulating Epsilon Corporation's business model but will be operating in another geographical area, hence they are comparable. The following were gathered: Beta Epsilon 8,700,000 3,800,000 3,500,000 Based on relative valuation, the angel investor is under/(over) valuing his potential share in the Beta equity by what amount? Current market value of ordinary shares Forecasted Annual Revenues P