The next step is to estimate the market value of FVW$$s equity. The challenge here is that FVW is a private company, so the market value of its equity is not directly observable. To overcome this challenge, you decide to use a peer firm approach to estimate the market value of equity for FVW$.$ To this end, you select the following three publicly traded comparison firms:

$$ Australian Vintage Ltd $($ASX: AVG$)$

$$ Lark Distilling Co Ltd $($ASX: LRK$)$

$$ Treasury Wine Estates Ltd $($ASX: TWE$)$

Your plan is to calculate the market$-$to$-$book ratios for the comparison firms, and to use some kind of average of those values as a proxy for FVW$$s market$-$to$-$book ratio. This proxy market$-$to$-$book ratio can then be used to infer a market value of equity for FVW from the book value of its equity.

The worksheet Question $3$ provides a space for you to estimate the market value of equity for FVW$.$ You can use the Wall Street Journal pages for Australian Vintage, Lark Distilling, and Treasury Wine Estates to get the information needed to calculate their market$-$to$-$book ratios. You can also use the Yahoo Finance pages for Australian Vintage, Lark Distilling, and Treasury Wine Estates for the same purpose. State the value you obtained for FVW$$s market value of equity in your report and explain the

methodology you used to get it$.$ You should be especially clear about what kind of average market$-$tobook ratio you used for your estimate, and why you chose it$.$ Are some of the comparison firms more firms relevant than the others for estimating FVW$$s market$-$to$-$book ratio?